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Bitcoin crashed from almost $59,000 to $52,000 in one hour on Sunday, triggering record numbers of liquidations worth almost $10 billion. Analysts suspect a hash rate crash triggered the bitcoin price crash.

While gaining exposure to Ethereum in the U.S. is still tricky for institutional investors,  three Ethereum exchange-traded funds (ETFs) in Canada have now been approved. Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs on Friday.

The Vice Governor of the People’s Bank of China (PBOC) has said the country views bitcoin and stablecoins as crypto assets not currencies and would class them as investment alternatives. He said that China may need regulation to change their policies to “prevent the speculative nature of such assets [from creating] any serious financial stability risk.”

Top stories in the Crypto Roundup today:

  • Bitcoin Price Crashes to 3-week Low Triggering Record Liquidations
  • Canadian Regulators Approve Three Ethereum ETFs
  • China’s Central Bank Vice Governor Regards Crypto as ‘Investment Alternatives’

 
24 hours chart of the price of BTC
 

Bitcoin Price Crashes to 3-week Low Triggering Record Liquidations

 

Bitcoin crashed from almost $59,000 to $52,000 in one hour on Sunday, triggering record numbers of liquidations worth almost $10 billion. Analysts suspect a hash rate crash triggered to the bitcoin price crash.

According to some data providers bitcoin hash rate almost halved due to a mass power outage in China’s Xinjiang province. Analysts such as Willy Woo argue that “price follows hash rate” and this is what led to the drop in bitcoin price. He went on to say that the impact would be temporary and that hash rate “almost fully recovered.”

Data from Bybt shows that $8.64 billion in long liquidations occurred on April 17 with about 70% of that occurring on Binance. $4.6 billion of the liquidations were from bitcoin futures. Bitcoin’s price crash has caused a market wide sell-off with the majority of altcoins posting negative 24-hour price changes on Sunday.

 
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Canadian Regulators Approve Three Ethereum ETFs

 

While gaining exposure to Ethereum in the U.S. is still tricky for institutional investors, it's now a whole lot easier in Canada as several Ethereum exchange-traded funds (ETFs) have been approved. Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs on Friday. Gemini is acting as the sub-custodian and will keep all ETH in cold storage.

“While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Som Seif, founder and CEO of Purpose Investments, said in a statement.  “By launching the first ETF in the world that directly owns and provides exposure to ether, we are enabling every investor to have access to this unique opportunity and ecosystem.”

 
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China’s Central Bank Vice Governor Regards Crypto as ‘Investment Alternatives’

 

Li Bo, the vice governor of the People’s Bank of China (PBOC) has said the country views bitcoin and stablecoins as crypto assets, not currencies, and would class them as investment alternatives. He said that China may need regulation to change their policies to “prevent the speculative nature of such assets [from creating] any serious financial stability risk.”

Li went on to say that broadening the adoption of its central bank digital currency, the digital Yuan, was a priority. The PBOC is on track to make the e-CNY available to domestic and international consumers at the 2022 Winter Olympics. Their move to internationalise the Renminbi was not designed to replace the U.S. Dollars according to Li Bo “"Our goal is absolutely not to replace the U.S. Dollars or any other international currency. Our goal is to let the market choose."

 
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