It looks like Tuesday's crash was a case of buy the rumor, sell the fact.
Today’s Top Crypto News Stories
But first — subscribe to our newsletter here.
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.
Not a Black Tuesday… But Close 😱
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.
Coinbase Says SEC Plans to Sue 🚨
The U.S. Securities and Exchange Commission is threatening to sue Coinbase over its plans to launch a lending program. Paul Grewal, the exchange's legal officer, says the company is in the dark over why. Coinbase's CEO has described the SEC's behavior as "sketchy," adding: “Regulation by litigation should be the last resort for the SEC, not the first.” The latest.
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.