Bitcoin breaks below $8,000 as free fall continues | New Ethereum ASIC dominates GPU mining performance
BTC 📉 $8,108 (-5.05%) / ETH 📉 $165 (-3.32%) / XRP 📉 $0.24 (-1.94%)
|Sep 26 at 10:04 pm||Public post|| 5|
Mario Draghi, the outgoing president of the European Central Bank, mentioned the institution is open to Modern Monetary Theory—a fiscal and monetary framework that argues governments can keep printing money so long as inflation is in check.
Bitcoin continues ripping through major support, breaching the $8,000-level support within the last hour. From open at $10,027 on Sep. 23, BTC has now fallen over 20 percent.
Subsequent to the near 20 percent pullback in the bitcoin price, trader Nick Cote said that bears won the short term fight with more room for a deeper correction in the cryptocurrency market.
Bitcoin experienced its worst plunge since January 2018, dropping as much as 18 percent on Sept. 24. The drop came shortly after the U.S. stock market experienced a similar crash, which led many to question whether Bitcoin was truly a “safe haven” asset.
Canaan unveiled a new Ethereum ASIC that’s more than 5-times more efficient than commercially available GPUs. This doesn’t bode well for small-scale miners and threatens to potentially increase centralization of the network.
London has beaten New York to become the world’s most active fintech hub by the number of fundraising deals in 2019, collecting $2.1 billion in funding from 114 deals in the first eight months of the year, CNBC reported.
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