KW 38: Altcoins see a 35% bounce after Bitcoin reclaims $43,000, Erdogan – „We are at war with cryptocurrencies“, El Salvador takes advantage of Bitcoin decline and buys 150 BTC


Altcoins see a 35% bounce after Bitcoin reclaims $43,000: The sharp correction that threatened to pull Bitcoin and altcoin prices back toward their sing lows appears to have dissipated now that Evergrande informed investors that it intends to make an on-time payment on its debt. With global markets feeling reassured, major equities, Bitcoin and altcoins prices all saw a rebound at the market open.

Erdogan – „We are at war with cryptocurrencies“: Turkey seems eager to become a major blockchain hub as it is considered to be a nation with one leg in Europe and the other in Asia. Nonetheless, the same passion does not apply to cryptos, as Turkish President Recep Tayyib Erdogan insisted recently. The president hosted a question-and-answer event in Mersin, during which he said Turkey had absolutely no intention of embracing cryptocurrencies: „On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies]. Because we will move forward with our own currency that has its own identity.”

El Salvador takes advantage of Bitcoin decline and buys 150 BTC: El Salvador has bought 150 more bitcoins, President Nayib Bukele announced, taking the Central American country’s holdings of the volatile cryptocurrency to 700 coins. “We just bought dip,” Bukele tweeted late on Sunday, referring to a recent slump in Bitcoin prices. Earlier this month, El Salvador became the first country to adopt Bitcoin as an official currency along side the US dollar.

New DeFi hack causes millions in damage: pNetwork, a cross-chain decentralized finance (DeFi) protocol, has become the latest protocol to be targeted by hackers on Binance Smart Chain (BSC), reporting a loss of roughly $12.7 million worth of Bitcoin (BTC). According to a Twitter thread published by pNetwork on Monday, the incursion resulted in 277 pBTC being siphoned from the exchange. The hackers made off with the majority of the network’s collateral, pNetwork added. pNetwork did not detail how the attack took place but said a hacker was able to leverage a bug in its codebase and drained pBTC from the BSC blockchain.,

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Bitcoin is still down 5.8 percent compared to the previous week, and within 24 hours the loss is around 3.8 percent.


Budapest erects statue of anonymous Bitcoin creator: A bronze depiction of legendary Bitcoin creator Satoshi Nakamoto is now on display for visitors of Graphisoft Park in Budapest. The sculpture shows the upper half of a figure with a featureless face wearing a hoodie with the Bitcoin (BTC) logo. “Whoever he or she was, Bitcoin creates value, and especially the technology behind Bitcoin, blockchain, creates value,” said András Győrfi, the co-founder of the statue project and editor of crypto news site Kripto Akademia.

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Ethereum’s spot setup looks grim, but derivatives data tells a different story: Ether price is stuck in a rut, but derivatives data shows pro traders are bullish even with ETH below $3,000. ETH price fell below the $3,000 support on September 20 as global markets entered a risk-aversion mode. The Invesco China Technology ETF (CQQQ) closed down 4.2%, while the SPDR S&P Metals and Mining ETF (XME) lost 3.8%. Some analysts pointed to the potential ripple effects of the default of Evergrande, a major Chinese real estate company. In contrast, others blame the ongoing debates over the debt limit in Washington as the catalyst for this week’s volatility. As a result, the CBOE Volatility Index (VIX), usually referred to as the „stock market fear index,“ jumped by more than 30% to reach its highest level since May. On September 19, United States Treasury Secretary Janet Yellen called for Congress to raise the US debt ceiling again in a Wall Street Journal op-ed. Yellen suggested that avoiding this would risk causing the government to default on payments and generate a „widespread economic catastrophe.“


„And sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.“
Sweden’s top central banker Stefan Ingves said bitcoin trading was like dealing in stamps and suggested that non-official money will eventually fail one way or another, according to a report from Bloomberg.


Curious inheritance dispute in Saxony – man wants to bequeath property to dog: Bernd Engelmann is the owner of a river property in Löbau in the German state of Saxony. Among other things, a restaurant is located there. According to Engelmann’s will, the estate will not go to his next of kin when he dies. The 71-year-old wants his dog Anna to inherit the property. The curious plan is not particularly well received by his children. The former restaurateur takes his plans even further. Since his dog Anna does not have eternal life, he has had her mated with a purebred dog from Pilsen in the Czech Republic. So his inheritance is to enable a whole family of dogs to live carefree. How and why Engelmann came up with the idea of bequeathing his inheritance to his animal friends is unknown.

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