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…
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.
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.
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