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Bitcoin fall scare crypto traders

The world's biggest and best-known cryptocurrency is in decline. It's now down 31% from the year's high of $69,000 on Nov. 10.

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Bitcoin dropped 6.13% to $47,606.92 on Tuesday, losing $3,111.19 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 31% from the year’s high of $69,000 on Nov. 10.

Read More: Bitcoin heads for worst week in months

Ether, the coin linked to the ethereum blockchain network, dropped 5.57 % to $3,812.6 on Tuesday, losing $224.8 from its previous close.

Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to become a crypto-asset service provider in the kingdom, the company said on Monday.

Binance, the world’s biggest cryptocurrency exchange by trading volume, said the in-principle approval came after the company applied for a licence from the CBB as part of its plans to become a fully regulated centralised cryptocurrency exchange.

Binance still had to complete the full application process, the company said in a statement, which it said it expected to happen in due course.

The crypto world has been in the spotlight since the U.S. government’s approval of the first Bitcoin ETF, with a myriad of trendy concepts blowing people’s mind and vying for more users and funds. As the overall industry escalates to new heights in terms of its size and clout, stablecoin, the “holy grail in the crypto world” known for its role in value benchmark, traffic inflow, and risk avoidance, has also embraced unprecedented growth this year.

Russia’s Hermitage to sell digital art as NFT tokens

Russia’s Hermitage Museum, the largest art collection in the world, announced Tuesday it will sell several masterpieces, including a work of Leonardo da Vinci, in the form of non-fungible tokens (NFT).

The Saint Petersburg-based museum in partnership with the Binance NFT marketplace will run the auction starting Tuesday and until September 7, the Hermitage said in a statement.

Read more: After banning crypto in 2018, Visa finally launches crypto facility

An NFT is a digital object with a certificate of authenticity created by blockchain technology that underlies cryptocurrency. It cannot be forged or otherwise manipulated.

Reuters with additional input by GVS News Desk