8 September

“Bitcoin was sharply lower on Tuesday, at one point declining nearly 19% from the $52,000 resistance level. The drop occurred after El Salvador bought 200 BTC on Monday ahead of the Central American nation’s Bitcoin Law going into effect.

The sharp BTC decline triggered about $3 billion of trading position liquidations. Bitcoin was trading around $47,000 at press time and is down 10% over the past 24 hours.

The market’s been overextended for the last six weeks without any significant pullback.

From a technical perspective, bitcoin briefly dipped below the 200-day moving average and found support just above the $42,000 breakout level. The sell-off occurred after multiple signs of upside exhaustion and slowing momentum ahead of the $52,000-$55,000 resistance zone.”

See Also: Analysts point to overleveraged traders after Bitcoin flash crashes to $43K
See Also: Ethereum layer-twos reportedly processing more transactions than Bitcoin

“El Salvador’s legislature passed the Bitcoin Law on June 9 by a supermajority, with 62 members voting in favor of the bill, while 19 opposed and three abstained. The crypto officially became legal tender on Tuesday.

Bitcoin is now on equal footing with the U.S. dollar, which has been in circulation throughout the country since 2001. Goods, services and even taxes can now be paid using the world’s oldest crypto. “Every economic agent” must accept the use of bitcoin as a legal form of payment under the law.

We must break the paradigms of the past. El Salvador has the right to move toward the First World.

This is an historic day and a great opportunity for the people of El Salvador to build financial freedom.

A day before the law came into effect, El Salvador purchased its first 200 BTC, with Bukele saying the country’s brokers would be buying a lot more.”

See Also: El Salvador’s Bitcoin Law Is About Self-Determination
See Also: Flexa Hops Into El Salvador With Lightning Payments as Bitcoin Law Goes Live
See Also: McDonald’s now accepts Bitcoin, but only in El Salvador

It’s vanishingly rare for a country as small as El Salvador to find leverage where they can actually play a leading role on the world stage. So while this is a ridiculously gutsy move for the country, especially given the pushback they’re receiving from world powers like the IMF, it’s an asymmetrical bet that is likely to garner huge rewards.

El Salvador’s economy depends on money sent back from workers abroad. As such, it suffers greatly from predatory bank and wire transfer fees.

The implementation of bitcoin stands to have a revelatory and positive impact on the lives of those protesting its arrival. Cryptocurrency promises both accessibility and freedom from the arbitrary tyranny of both international borders and bank fees.”

See Also: Republic of Panama introduces bill for regulating crypto
See Also: Visa reportedly aims to integrate Bitcoin payments in Brazil

Bitfinex is moving into the security token offering (STO) industry by launching a new STO platform regulated in Kazakhstan. The new STO platform will operate under the AIFC Fintech Lab, a regulatory sandbox established in the AIFC by the Astana Financial Services Authority.

This meaningful step for the industry will widen access to a variety of innovative financial products, including notably blockchain-based equities and bonds, along with investment funds.

Kazakhstan is an emerging hub in Asia well placed geographically to service our Asian and European markets and it’s poised to play an important role in this emerging alternative financial system.

The exchange then expects to debut trading with Exordium (EXO), a security token “representing equity and profit sharing rights” on Liquid Securities, a platform built on top of Bitcoin (BTC) sidechain Liquid Network. According to a legal statement, Bitfinex Securities has an extensive list of jurisdictions and persons prohibited from trading on the platform.”

“The highest bid for a non-fungible token (NFT) collection of 101 bored-looking apes has fetched $19 million at Sotheby’s, surpassing the auction house’s original estimate of $12 million to $18 million. The auction – set to close in just under two days – features NFTs from Yuga Labs’ Bored Ape Yacht Club (BAYC).

The project highlights the community-building aspect that has become increasingly important to new NFT projects. Each Bored Ape doubles as a “Yacht Club” membership card, granting the holder to members-only benefits, including access to the BAYC Bathroom, a “dive bar bathroom” where each ape-holder will be able to paint a pixel on the digital bathroom wall every 15 minutes. BAYC envisions the Bathroom as ‘a members-only canvas for the discerning minds of crypto twitter.'”

See Also: Litecoin Enthusiasts Can Now Create NFTs, Tokens With OmniLite

China’s highest economic planning body gave the go-ahead for trials using blockchain for green power trading to start across the country. State Grid, the world’s largest utility operator, has applied for a patent for blockchain-based certificates of green power transactions.

The NDRC hopes that trading system will not only help China hit its carbon goals by incentivizing the use of green energy, but will be a Chinese solution to global energy problems.”