🔴 Too Old for Bitcoin? | This Week in Crypto – Sep 13, 2021

Billions are liquidated
on the crypto market, El Salvador’s BTC wallet goes down and if you don’t understand Bitcoin,
are you too old? These stories and more
this week in crypto. Hi, I’m Nate Martin
from 99Bitcoins.com, and here’s what’s happened
this week in crypto. In a sudden crash this week, Bitcoin’s price lost over $7,000
in minutes, continuing downward until trading
at about $10,000 less than it had just 2 hours before. A whopping $2.6 billion was liquidated
in less than an hour as the entire market bled out with many altcoins suffering
double digit percentage losses from their value. After formally integrating bitcoin
as legal tender this week, El Salvador’s Chivo wallet system— which allows users to house
their digital assets— went down, meaning individuals were unable
to gain access to their currency to withdraw it for necessary purchases. On the same day President Nayib Bukele shared that
the country purchased 400 bitcoin in the recent dip. Popular crypto exchange Coinbase
has come under fire from the SEC for its new Lend program, which would allow crypto holders
to earn interest on any assets they lend out to borrowers.

The regulatory agency
expressed its intent to sue Coinbase should the exchange move forward
with the program given that it violates
present securities laws. Beyond El Salvador, both Honduras and Guatemala have begun
researching blockchain technology with the intent of one day releasing
bank-issued digital currencies for residents to use. Meanwhile, Panama has introduced a bill
in its Congress that if passed, would take a page right out of
El Salvador’s playbook, legalizing bitcoin as a national currency.

Ukraine is the latest country to both
legalize and regulate cryptocurrency. The nation’s parliament introduced a bill
designed to permit further crypto activity while also protecting investors
from fraud and malicious actors. The bill was passed
almost unanimously this week, and implements regulations
designed to keep crypto fans within the nation’s borders
safe from scams. One of the world’s leading banks,
Standard Chartered, said in a recent report
that it values Ethereum at price per coin of between
$26K to $35K ‘structurally.” The institution also believes that ETH
will begin gaining ground on Bitcoin but only as the latter reaches
the peak of this cycle, which it estimates to be at about $175K.

Lee Cooperman,
a US billionaire investor recently indicated that those who fail
to understand the cryptocurrency might just be too old. Speaking to CNBC, he maintained his position that bitcoin
“does not make a great deal of sense.” However, he also noted that his age
could be the factor that prevents him from understanding it. That’s what’s happened
this week in crypto, see you next week. If you've enjoyed this video,
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