Here’s what happened in crypto today 📑
🔺 Bitcoin price drops below $59,000 as institutions stop buying stablecoins
Institutional investors have halted their accumulation of stablecoins over the past two days, causing Bitcoin’s price to drop below a key psychological level. During the past 24 hours, the Bitcoin price fell 3.9% to trade at $58,930 as of 08:03 am UTC on Aug. 12, falling from a weekly high of $62,510. The lack of institutional stablecoin inflows to crypto exchanges can signal a lack of buying pressure and investor appetite for the underlying asset, as stablecoins are the main on-ramp from the fiat to the crypto world used by investors.
🔺 Crypto user fat fingers $90,000 fee for a $2,000 ETH transfer
An unknown crypto user appears to have accidentally spent $90,000 in gas fees in what should’ve been a simple transfer of $2,200 in Ether.
The user spent 34.26 Ether worth $89,200 at current prices — in gas to transfer 0.87 ETH, worth just $2,262, according to Etherscan data cited in an Aug. 11 post to X by pseudonymous user DeFiac.
🔺 Hashdex crypto ETF decision postponed
According to an Aug. 9 regulatory filing, US regulators have postponed their decision on whether to approve the listing of the Hashdex Nasdaq Crypto Index ETF — a portfolio that includes ten of the largest crypto assets, including Bitcoin and Ether. The ETF proposal is significant because, if approved, it would become the first diversified spot crypto fund trading on US markets. It would also become the first spot US ETF to hold altcoins, including Litecoin, Chainlink, Uniswap, and Filecoin.
