CoinMarketCap Daily, Sept. 8: Picking Up the Pieces After a Terrible Tuesday
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CoinMarketCap Daily, Sept. 8: Picking Up the Pieces After a Terrible Tuesday

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3 years ago

It looks like Tuesday's crash was a case of buy the rumor, sell the fact.

CoinMarketCap Daily, Sept. 8: Picking Up the Pieces After a Terrible Tuesday

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Bitcoin Bounces Back… Slightly 😬

After a peak-to-trough plunge of 18% yesterday, Bitcoin is dusting itself off. As of Wednesday lunchtime in the U.K., it was trading at $46,595 — up 7.64% on 24-hour lows of $43,285. Undaunted, crypto enthusiasts in El Salvador are in a celebratory mood after a historic day. It looks like Tuesday's crash was a case of buy the rumor, sell the fact. Read more.

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Yesterday was a messy, messy day. Bitcoin's market cap ended the day down about $300 million — having dipped as low as $400 million. Much of Crypto Twitter seemed fairly quiet despite it being a historic day, including MicroStrategy's Michael Saylor. Tuesday saw $660 million wiped off the value of the company's 105,084 BTC. Our analysis on Bitcoin Day.

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ETH Could Hit $35,000, Bank Says 💰

Standard Chartered hasn't been daunted by yesterday's crash, it seems. The investment bank has predicted Bitcoin could hit $100,000 later this year, or in early 2022. Long-term, it believes BTC could achieve a valuation of $175,000. And, if it hits this level, analysts think that Ether could end up trading in a range between $26,000 and $35,000. What they said.
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