Crypto Crunch Over the Weekend but ETF to be Launched

2021-04-20 14:58:14

Crypto Crunch Over the Weekend

The mania that drove crypto assets to records turned on itself over the weekend, sending Bitcoin tumbling the most since February. The world’s biggest cryptocurrency plunged as much as 15% just days after reaching a record. Ether, the second-biggest, dropped as much as 18%, and Binance Coin, XRP and Cardano each lost more than 12%. Dogecoin, the token started as a joke, was the only gainer among the 10 largest coins. The weekend carnage came after the direct listing of Coinbase Global, the largest U.S. crypto exchange. Elsewhere in crypto: China’s digital yuan is not intended to replace the dollar, a central bank official said Sunday.

Turkey’s Ban on


Begins on 30th April

The central bank of Turkey has banned the use of cryptocurrencies and cryptoassets to buy goods and services, citing potential “irreparable” harm and significant transaction risks. The move led to sell-off in cryptocurrency market.

Turkey's burgeoning cryptocurrency market has picked up steam in recent months as investors have joined the global Bitcoin rally, seeking to hedge against the depreciation of the lira and inflation, which exceeded 16% last month.

Cryptocurrency trading volumes in Turkey reached 218 billion lira ($27 billion) from early February to March 24, up from just over 7 billion lira in the same period a year earlier, according to American researcher Chainalysis analyzed by Reuters.

First Thereum ETF

Launched in Canada

After success with the Bitcoin exchange-traded fund (ETF), the Canadian securities regulator has now approved an Ethereum ETF, which happens to be not only the country’s but the world’s first direct custody Ethereum ETF.

The ETF has been launched by Purpose Investments, the same fund management company to launch and manage the country’s first Bitcoin ETF.

Dogecoin's Recent

All-Time High Surge

Crashes Robinhood

Whilst DOGE was hitting news highs, Robinhood, the zero-fee disrupter of the US brokerage industry, faced technical issues with its trading platform due to heightened cryptocurrency trading volumes on Friday.

The platform first officially reported the glitch at 07:19 pm (PDT). “We’re currently experiencing issues with crypto trading due to unprecedented volumes and are working to resolve them as soon as possible,” Robinhood informed its clients.

Having more than doubled on Friday, Dogecoin following more Elon Musk tweets, the crypto that started as a joke meme pulled back more than 20% on Saturday.

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