Bitcoin broke below $7,000, dropping over 3% in the last 8 hours. The move proceeds a drop three weeks ago that had BTC touch $6,500⁠—does the market have more legs down?

Bitcoin lost 3.4% of its value in 8 hours, dropping from $7,092 to $6,852 on Coinbase. The dip was accompanied by a substantial increase in volume, with 24-hour volume up 9.7%—at $19.2 billion⁠—compared to its 7-day average, according to CoinMarketCap.

The Chinese PlusToken scam may have influenced Bitcoin’s price, Chainalysis hypothesizes in a blog post. Though it’s unlikely to be the main factor, movements of stolen funds correlate very well with market downturns.

The IMF has recently recommended to central banks worldwide to explore the introduction of Central Bank Digital Currencies, but to proceed with caution.

• Chainlink has a bearish short-term and medium-term trading outlook
• The four-hour time frame shows that a bearish head and shoulders pattern has formed
• The daily time frame continues to show the price trapped within a wedge pattern

Chainlink is under increasing downside pressure, with the popular cryptocurrency on the cusp of a short-term bearish breakout towards the $1.70 support level.

No major movements were observed through the weekend, though the cryptocurrency market lost a few points and remains under pressure on Monday. The bearish trend sweeping through the digital currency market shows few signs of abating so far.

Bitcoin fell to a fresh monthly trading low over the weekend, with the BTC/USD pair testing the $7,000 support level. The top 10 cryptocurrencies also appeared technically weak and vulnerable to further declines.

Cardano’s incentivized testnet went live with promising results. Holders already staked 5.4 billion Ada, representing 17% of the coin supply. IOHK also announced that over 120 staking pools went online during the first day of operation, well on its way to its 1,000 pool target.

Every time an exchange is hacked, it seems a DEX springs up. Although these decentralized exchanges have advantages, it can be difficult to find the best one. Here are our top 10 recommendations.

DEXes seek to execute the same scale as centralized alternatives without a central authority ⁠—  or engine ⁠— to execute trades. Like many attempted blockchain solutions, this task is also incredibly challenging. By trading away speed, pair variety, and sleek interfaces, DEXes offer much more in the way of security and anonymity.

Metal wallets are a reliable way to store Bitcoin for a long period of time. These wallets are simple metal plates that hold a seed phrase – a string of words that can be used to recover a Bitcoin address. Typically, metal wallets are used to back up deposit-only addresses that have never been used for payments. Additionally, they can be used to back up active Bitcoin addresses as well. ⁠ 

The Bank of International Settlements, an international body owned by 60 worldwide central banks, published a discussion paper on treatment of crypto assets. The committee is requesting the opinion of all industry participants to develop a “prudential” treatment policy.

The announcement comes after the bank’s Committee on Banking Supervision identified the growth of crypto assets as a potential risk for financial stability and existing banks. 

Monero Compliance Workgroup published a statement suggesting that “The Funds Travel Rule” does not apply to XMR itself. Such a scenario limits scrutiny of Monero and preserves its privacy-enabling properties.