Hi, I’m Nate Martin from 99Bitcoinscom and here’s what happened this week in Bitcoin
The total value of all crypto fell sharply this week, losing over $100 billion from last week Most of the decline occurred over Thursday and Friday, as panic over the economic effects of the coronavirus spread from traditional markets into crypto Several records were set for various coins this week, such as the highest volume and the biggest downward move BTC is down about 40% for the week and ETH is down 47% Edward Snowden, who famously revealed the extent of the USA’s surveillance systems, tweeted regarding the price of Bitcoin
Referring to this week’s extreme price drop, Snowden said: “This is the first time in a while I've felt like buying bitcoin That drop was too much panic and too little reason” MakerDAO, the leading decentralized finance or “defi” project, was hit with a double whammy on Thursday First, the massive volume on Ethereum’s blockchain as trading activity spiked led to delayed or very expensive transactions, introducing issues with the oracles needed for price information Secondly, the rapidly-changing ETH price led to serious issues with the DAI stablecoin and loans, both of which depend on Ethereum’s price
Many users were liquidated as a result of this turmoil and a market halt was considered by the MakerDAO team Police in Tokyo have arrested two men for purchasing NEM, linked to the major attack on the Coincheck exchange Over half a billion dollars was lost in the hack, making it the largest exchange failure after Mt Gox Blockchain analysis revealed the two men bought the stolen coins with BTC during February and March of 2018
Before we conclude, this week’s Bitcoin quick question is: Can I buy just part of a Bitcoin? Well, yes, you can Bitcoin can be divided up to 8 decimal places The smallest unit is called a Satoshi and is worth one hundred millionth of a single bitcoin While most places won't sell you only a single Satoshi, it's definitely possible to buy only a fraction of a Bitcoin for as little as twenty dollars This means you don't need to have a large amount of money to get started with Bitcoin and invest in it
If you want to learn more about how Bitcoin can be divided into smaller units visit the link in the description Have a question you want us to answer? Just leave it in the comment section below And if you want to support our videos, consider using the Brave browser for faster, ad free browsing that can also earn you rewards Just visit the link in the description below That’s what happened this week in Bitcoin
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