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    Baxia Markets
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    September 08, 2021

    Bitcoin recovery in process, hovering at $46000

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    The largest cryptocurrency by market value edged about 1.9% lower from its 5 p.m. ET level on Tuesday to trade at about $45,896.30 a piece, according to CoinDesk. It briefly dropped 17% over the course of a few minutes on Tuesday and ended the day down about 10%. Other digital assets also have lost steam: Ether, the second-largest, slid 1.1% Wednesday. El Salvador’s process for adopting Bitcoin isn’t as smooth as everyone wanted. Protestors took their frustration on the street, and El Salvador’s debt has fallen into the garbage territory.

     

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    Analysts are still optimistic about Bitcoin’s future, with Standard Chartered’s cryptocurrency forecast team believing a %115 gain late this year is on the horizon. The bank's team said it "structurally" values bitcoin between the range of $50,000 to $175,000. "Cyclically, we expect a peak around $100,000 in late 2021 or early 2022," they said in a note Tuesday. As Bitcoin was recovering from its summer swoon, two of Saylor’s top lieutenants -- Chief Financial Officer Le Phong and Chief Technology Officer Timothy Lang unloaded stock in August after exercising about 30% of the options they were awarded. Each realized cool gains of around $7 million from the sales. Saylor, one of the digital currency’s most vocal proselytizers, hasn’t sold any shares, SEC filings show.

     

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