- Bitcoin plummeted to $8,200 on Binance's US platform, Coin Telegraph first reported.
- The brief decline in the cryptocurrency was an 87% fall from $65,815.
- Binance's CEO tweeted "expect very high volatility in #crypto over the next few months."
The crypto market is trading mixed on Monday morning, with Bitcoin trading nearly 2 percent higher at $62,134. The coin has surged nearly 12 percent in the past seven days, having crossed $60,000 last Saturday. The coin is close to an all-time high as investors hoped US regulators would soon approve a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.
LAGOS, Oct 12 (Reuters) - Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove.
“Crypto just allows me to transact freely and within minutes we are done with our transactions,” the 28-year-old told Reuters from a friend’s studio in Lagos where he displays his works.
Digital asset management firm CoinShares has released its weekly report on fund flows for the crypto market. The highlight of the report, published on Oct 11, is that the amount of new capital flowing in has doubled in the past week.
Bitcoin was trading at $47,473.6 by 06:42 (10:42 GMT) on the Investing.com Index on Friday, up 11.02% on the day. It was the largest one-day percentage gain since June 9.
The move upwards pushed Bitcoin's market cap up to $876.9B, or 43.37% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $1,184.9B.