Cryptocurrency Market News: Bitcoin price flash crashes $500 in seconds but manages to recover

Here is what you need to know on Tuesday 11, August

BTC/USD is currently trading at $11,870 after climbing above $12,000 again and experiencing a $500 flash crash. Bitcoin has recovered quickly and it’s eying up $12K again.

ETH/USD continues fighting for the $400 level and consolidating on the daily chart. Bulls are happy to trade sideways even for another week.

XRP/USD has unfortunately lost the $0.30 level and is seeing a more pronounced consolidation.

The biggest gainers today were Ankr with a 54% increase and Yearn.Finance with a 60% price surge after Binance announced it would list the digital asset. MainFrame, JUST, and IRISnet also had massive pumps today. 

Chart of the day: Yearn.Finance 1-hour chart

Market

Bitcoin tested the $12,000 level again and had another flash crash, dropping $500 within seconds triggering bots to sell and longs to liquidate. The MACD is now close to a bearish cross on the daily chart while the positive sentiment is slowly slipping away. 

Grayscale, the biggest Bitcoin trust fund has bought massive amounts of Bitcoin since the beginning of 2020. Today, the fund has released ads for the American national TV, although they didn’t mention anything about Bitcoin. Unfortunately, the ad has received a lot of criticism as it seems to be of bad quality and doesn’t clearly convey any message. 

Industry

According to a blog post, KB Kookmin, one of the biggest banks in South Korea, might be planning to launch crypto custody services that include Bitcoin. Jin Kang, the legal and compliance officer at hashed said:

On August 6, 2020, Hashed formed a strategic partnership with KB Kookmin Bank, Haechi Labs and Cumberland Korea to advance the emerging market for digital assets in South Korea. Their cooperation around fundamental technologies such as blockchain will entail managing and storing digital assets, advocating for optimal regulatory developments, and transforming the traditional financial sector.

Quote of the day

As the value goes up, heads start to swivel and skeptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it because it is their use that gives the “money” value.

– Adam B. Levine