Bitcoin (BTC) holders took profits on Tuesday, just as El Salvador moved to recognize the digital currency as legal tender in a landmark move that could have significant implications for global adoption.  After hitting local highs north of $52,800 on Monday, Bitcoin's price plunged all the way to $42,900 in Tuesday trading, according to Cointelegraph Markets Pro. Peak to trough, the flagship cryptocurrency plunged nearly 19% over the previous 24 hours. Salvadoran President Nayib Bukele confirmed that his government bought the dip by snatching up 150 BTC during the depths of the selloff. As Cointelegraph reported, El Salvador made its first BTC purchase Monday on the eve of the Bitcoin Law coming into effect. The initial purchase of 200 BTC was valued at roughly $10.4 million.

Amid El Salvador officially accepting Bitcoin (BTC) as legal tender on Tuesday, Sept. 7, the Russian government has reiterated its negative stance to a scenario where BTC could be accepted as an official currency. Dmitry Peskov, the official representative of Russian President Vladimir Putin, claimed that Russia has no reason to recognize Bitcoin as legal tender, local news agency RIA Novosti reported on Tuesday. The Kremlin representative argued that putting cryptocurrencies like Bitcoin in line with traditional money instruments would bring nothing but detriments to the country’s financial and economic system.

Following a lucrative $206,000 purchase of a popular Bored Ape Yacht Club nonfungible token, or NFT, last week, NBA all-star Steph Curry has reached out to his 15.5 million Twitter fanbase for advice on progressing in the crypto game on Tuesday. The Golden State Warriors guard tweeted: “Just getting started in the crypto game...y'all got any advice??” According to the basketball athlete's Open Sea profile, he currently owns 16 NFTs in total, including the blue-furred Bored Ape showcased in his Twitter profile.

It is Sept. 7, and El Salvador’s Bitcoin Law has officially come into effect three months after its parliament passed the historic vote. The Central American nation is now the first country to recognize Bitcoin (BTC) as legal tender. Tweeting earlier in the day, El Salvador President Nayib Bukele remarked “3 minutos para hacer historia — In 3 minutes, we make history.” However, day one of El Salvador’s Bitcoin experiment has been somewhat marred by server capacity errors suffered by the state-issued Chivo wallet. Addressing the situation, President Bukele remarked:

A senior executive for Hong Kong’s Securities and Futures Commission, or SFC, believes more needs to be done to tackle cryptocurrency fraud, offering clues about future guidance on digital asset trading in the special administrative region.  Deputy chief executive Liang Fengyi said the SFC is obligated to expand the scope of cryptocurrency supervision in the city-state, especially as it pertains to unlicensed trading, according to an English translation of an article published in local newspaper ETNet. She explained that, since crypto assets are not recognized as securities or payment methods, they fall outside the jurisdiction of the SFC. As a result, many investors who have participated in the nascent asset class have suffered significant losses. Unlike mainland China, Hong Kong permits the trading of cryptocurrencies, although the scope of transactions is under scrutiny. Government regulators in the special administrative region have put forward proposals to limit cryptocurrency trading to professional investors on top of new licensing requirements.

Bitso, a major cryptocurrency exchange in Latin America, will be the core crypto service provider for El Salvador’s official Bitcoin (BTC) wallet, known as Chivo. In conjunction with Bitcoin becoming legal tender in El Salvador, Bitso announced on Sept. 7 that the firm would assist El Salvador in launching the state-supported BTC wallet alongside companies like Silvergate Bank, digital currency company Athena Bitcoin and blockchain firm Algorand. Silvergate Bank, a California state-chartered commercial bank and a United States Federal Reserve member, will work with Bitso to facilitate U.S. dollar transactions for the Chivo wallet. Athena Bitcoin will provide some front-end services and Chivo’s ATM-related operations, while Algorand will act as the official blockchain provider.

Australian buy now pay later (BNPL) firm Afterpay believes that local merchants can slash payment costs by utilizing cryptocurrencies. In a submission to the Senate inquiry into “Australia as a Technology and Financial Center”, Afterpay stated that the use of blockchain-based transactions would cut the fees associated with traditional payment methods including card issuer, network operator and banking fees: Under the crypto model, the customer would front the cost of validating the payment on the blockchain. This could either be relatively cheap or costly depending on which cryptocurrency and blockchain the transaction is conducted with, or how congested a network is at any given time.

One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020. Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing.

According to data from eth.btc.com，ethereum network's hashrate is649,795.10 GH/s，mining difficulty is8,732.66T. ETH's price ：$ 3,538.88 Avg Gas Price：409.00Gwei Pending Txs ：70614

The United States National Football League (NFL) has reportedly barred all teams and members from crypto-related sponsorships and s, as well as nonfungible token (NFT) sales.  According to a report by The Athletic, the NFL has restricted the sale of sponsorships to cryptocurrency trading firms and NFTs until the league establishes a strategy “for sports digital trading cards and art.” The new guidelines were shared by an anonymous NFL member familiar with the matter: Going against the NFT and token sales trends from mainstream soccer teams such as PSV Eindhoven, Manchester City and Arsenal, as well as the National Basketball Association, the NFL has ruled out creating or selling team NFTs, at least for now.

The banking capabilities of fintech have met cryptocurrencies in a new partnership between Australian crypto exchange BTC Markets and local neobank Volt. With a license to operate in Australia as an authorized deposit-taking institution since 2019, Volt will provide corporate cash management accounts for BTC Markets users to manage their Australian dollar funds. Those accounts allow real-time payments on the New Payments Platform, Australia’s national infrastructure for fast payments. “This means near-instant trading opportunities for our crypto clients, as they can rapidly fund AUD into their BTC Markets account,” BTC Markets CEO Caroline Bowler told Cointelegraph, adding that in the future, the partnership would also allow BTC Markets users to open Volt bank accounts without leaving the exchange:

Avanti Bank and Trust CEO Caitlin Long has posted a rebuttal to a recent New York Times article claiming that crypto and decentralized finance is “disrupting the banking industry” so fast regulators can’t keep up. Disrupting traditional finance is exactly what crypto and DeFi aspires to do, but the piece titled “Crypto’s Rapid Move Into Banking Elicits Alarm in Washington” published on Sept. 5 had a number of inaccuracies and omissions according to Long. The primary argument of the piece — using DeFi startup BlockFi as an example — was that crypto derivatives and highly leveraged products have become a nightmare for regulators which are scrambling to catch up. High-stakes speculation is leaving investors vulnerable to major losses according to the NYT.

United States Senator Elizabeth Warren, one of the most vocal cryptocurrency skeptics in the U.S. government, has called the cryptocurrency industry the “new shadow bank.” In a Sunday interview with the New York Times, Warren said that the cryptocurrency industry offers “many of the same services” as shadow banks but still lacks “consumer protections or financial stability that back up the traditional system.”  Warren expressed concerns over the rapidly growing market for stablecoins, a type of cryptocurrency whose value can be pegged to that of other assets, including fiat currencies like the U.S. dollar, the euro or commodities like gold.

The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin (BTC) has surged above $51,000 for the first time since May. Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in demand for crypto mining rigs in the country, local news agency VnExpress reported on Monday. Quang Thuan, owner of a chain store selling cryptocurrency miners across Ho Chi Minh City, said that the company’s sales have tripled in early September over the previous month. He noted that the mining rig market in Vietnam was down before Bitcoin surged back above $50,000 in mid-August.

Union Investment, a $500 billion asset manager, is planning to add Bitcoin (BTC) to several investment funds as part of a targeted pilot program for its institutional clients, offering compelling evidence that crypto is becoming more mainstream in Europe's largest economy.  The Frankfurt-based institution told Bloomberg on Monday that it is considering adding BTC to a small number of investment funds that will only be available to private investors. For each fund, Bitcoin exposure will be limited to no more than 2% of total assets. Portfolio manager Daniel Bathe said the new investment strategy is likely to commence in the fourth quarter, though no fixed timetable was given. Union Investment is the investment arm of DZ Bank Group, an institution with over 800 cooperative banks. As of June 30, Union Investment had $507 billion in assets under management, making it one of Germany’s largest asset managers.

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.  “Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation. El Salvador has just bought it’s first 200 coins.Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC

In a candid open letter, the lead contributor of Cover and Ruler Protocol, “DeFi Ted,” announced the protocol will close its virtual doors in the near future, citing a mass developer exit as the primary reason for the project’s conclusion. Launched earlier this year, the Ethereum-based decentralized finance (DeFi) insurance marketplace enabled users to stake Cover tokens as collateral and receive insurance payouts if their assets in other DeFi protocols are hacked or rug-pulled. In December 2020, the Cover protocol suffered a catastrophic exploit when a hacker minted 40 quintillion tokens, stratospherically increasing the token supply and effectively rendering the project valueless, a hypothesis confirmed with the consequential 97% price plummet.

Nonfungible tokens (NFT) depicting cartoon lobsters in suits have raised more than $4 million to support lobbying efforts supporting the decentralized finance (DeFi) sector. On Aug. 5, NFT platform and community Universe sold out of its Lobby Lobster NFTs in less than one hour, raising roughly $4 million. Wow Already $4m raised for lobbying efforts in DC. Let’s go Lobby Lobsters community. pic.twitter.com/VeT1XymMoL

Regulators must step up protections for consumers who invest in crypto tokens but also keep in mind that overreach could backfire, the chair of the United Kingdom’s Financial Conduct Authority (FCA) has cautioned. In a new speech written for the Cambridge International Symposium on Economic Crime, Charles Randell, chair of the FCA and Payments Systems Regulator, said that there is currently a real problem with consumers who delve into the crypto sphere without due awareness of the risks.  He singled out the role of influencers and paid-for advertising, in particular, noting that Kim Kardashian’s recent Instagram promotion of EthereumMax (EMAX), a brand-new token issued by “unknown developers,” “may have been the financial promotion with the single biggest audience reach in history.” 

Institutional demand for altcoin exposure has surged to record levels, with the altcoin market share now representing a record 35% of capital locked in crypto investment products. According to CoinShares’ Sept. 7 Digital Asset Fund Flows Weekly report, nearly 40% of the past week's inflows to digital asset investment products were allocated t instruments tracking altcoins. While $97.8 million was invested into crypto investment products combined between Aug. 30 and Sept. 3 to mark the sector’s third consecutive week of inflows, $38.9 million was invested into altcoin products.