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Crypto Market Weekly Summary: August 16 - August 20, 2021



Crypto Market Highlights


  • Wells Fargo, JPMorgan each launch passive bitcoin fund for wealthy clients

  • Polygon to form DAO with goal to attract 100 million users

  • Japan’s Liquid Global Exchange loses $97M worth of crypto to hackers

  • SEC Chairman Gensler says DeFi systems could be subject to securities regulation

  • Galaxy Digital Launches DeFi Index Tracker Fund

  • Crypto-friendly CFTC commissioner Brian Quintenz reportedly plans to step down

  • Crypto now represents 41% of Robinhood’s revenue with 62% of its crypto revenue derived from DOGE

  • Bitcoin-Monero atomic swaps achieved for the first time

  • All Binance users now required to complete KYC registration

  • Coinbase teams up with MUFG to start Japan crypto exchange

  • Coinbase to buy $500M of cryptocurrencies and invest 10% of profits in crypto

  • Cardano’s ADA, now 3rd largest crypto, hits new all-time high at $2.55

  • Cardano developer releases Djed, an algorithmic stablecoin concept

  • Ethereum founder Vitalik Buterin joins Dogecoin Foundation Board


*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…



Markets


  • The entire market value of all crypto assets has moved in a range from $1.87 trillion to $2.05 trillion over the past week and as of this writing sits slightly above the $2.04 trillion mark, near the top of the range.


  • BTC-USD has gained around 2% over the last seven days with its performance being mostly range bound between $44K to $48K. Resistance at $48K held even after multiple attempts to breach earlier in the week. The $44K support was tested yesterday after the US Fed signaled tapering later this year, but the price has since recovered and is currently moving around the $47K level. Today is options expiration day, so volatility would not be unexpected.


  • ETH-USD fell approximately 1% during the past week. The pair fell below the important $3K level on Wednesday, but buyers offered strong support at $2,950 and it has since broken above the $3K level and is currently sitting around $3,200.



High Flyers


  • AVAX-USD (Avalanche) gained a massive 101% over the past week and is currently sitting around $36. It was buoyed by the smart contract platform’s announcement of a $180M liquidity mining incentive program, named Avalanche Rush. The price hasn’t been at these levels since May so it will be interesting to see if the bullish price action continues.


  • SOL-USD (Solana) had a weekly gain of approximately 60% and even hit a new all time high at $79, but is currently sitting around $71 after consolidating its earlier gains. The move was partially due to rising NFT and DeFi usage on the high-volume network, including the launch of Degenerate Ape Academy, a hub for NFTs. The positive momentum was also helped by the news that Solana’s TVL (Total Value Locked) recorded a new all-time high at $1.93B. The bullish price action even moved Solana into the #10 position on CoinMarketCap.


  • LUNA-USD (Terra) rallied around 68% on the week. It surpassed Polygon to get the third spot for most TVL at $6.21B, after Ethereum and Binance Smart Chain. Interest around Terra has been growing due to the upcoming network upgrade, “Columbus-5.” Following the upgrade, a myriad of new projects will go live on the network. The rally was also helped by the fact that $185M worth of LUNA had been burned in the past month.



CrowdSense.ai is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.



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