Crypto Market Weekly Summary: October 4 - October 8, 2021
Crypto Market Highlights
NFT sales surpass $10B in third quarter
Billionaire investor George Soros' family office owns bitcoin, confirms Soros Fund CEO/CIO
SEC Chairman Gensler: The SEC can’t and won’t ban crypto — it’s “up to Congress”
Ethereum miner balances (in USD) hit new all-time high at $1.85B
Stellar Foundation partners with MoneyGram to enable near-real-time settlements
Celsius reportedly borrowed $1B from Tether with Bitcoin as collateral
Crypto exchange Binance looks to Ireland for regional HQ
DeFi Total Value Locked reaches milestone high of $210B
Yearn Finance signals multi-chain entrance with launch on Fantom Network
Chinese crypto ban makes over 20 crypto-related companies withdraw from China
SEC may approve four Bitcoin ETFs in late October - Bloomberg
Société Générale proposes to back the $DAI stablecoin with $40M in bonds
Google partners with Bakkt, pushing crypto further into mainstream
50% of El Salvador now has a bitcoin wallet
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
Market Overview
The entire market value of all crypto assets has moved in a range from $2.07 trillion to $2.35 trillion over the past seven days and as of this writing is sitting near the $2.32 trillion mark. Bitcoin led the way, having reclaimed its $1 trillion market capitalization with many altcoins following its lead. Markets were also buoyed by SEC Chairman Gensler’s statement that the SEC won’t ban crypto.
The Heavy Weights
Bitcoin (BTC-USD) had a stellar week, gaining 14% over the past seven days to currently trade at $54,540. Each day brought more gains until BTC even made its way to the $55.8K level before falling back. BTC seems to have consolidated around the $54K level with $50K now acting as strong support. According to JP Morgan, this weeks rise was due to assurances from SEC’s Gensler and the Fed’s Powell that crypto would not be banned, the growing adoption of the Lightning Network, and the use of Bitcoin as an inflation hedge.
Source:CoinMarketCap
Ethereum (ETH-USD) had a solid week as well, gaining 8% to currently trade at just under $3,600, a key area. It’s still benefiting from the declining supply with close to half a million ETH burnt in two months. The current burn rate is 250,000 ETH per month, worth $900M.
Source:CoinMarketCap
Cardano (ADA-USD), on the other hand, has ended the week flat, currently trading at $2.25. It has been stuck in a range from around $2.15-$2.35. The next move higher or lower will likely take some time as no strong trend is currently present.
Source:CoinMarketCap
High Flyers
Shiba Inu (SHIB-USD) had a spectacular week, rallying 250% over the past seven days. The decentralized meme coin even made it to the top 20 cryptocurrencies by market cap. However its performance was not smooth and steady, with SHIB also losing 40% in just a few hours before rallying again. The huge move comes as the ecosystem behind the token grew to include the ShibaSwap exchange, but the surge might have started due to whales that had been big buyers over the past week.
Fantom (FTM-USD) was a big winner as well, rallying 70% on the week to sit at the current price of $2.40. FTM surged over 35% just on Thursday following the successful launch of the lending and borrowing protocol Geist Finance. This new protocol has already accumulated nearly $4B in TVL within a day of going live. FTM also benefited due to the announcement that data-analytics provider Nansen had added support for Fantom.
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