Crypto Market Weekly Summary: August 23 - August 27, 2021

Crypto Market Highlights

• Crypto ‘not protected by law,’ rules Shandong provincial high court in China

• China’s central bank: Virtual currencies such as Bitcoin aren’t legal tender, have no actual value

• Grayscale Tops Up Ethereum Investment To $10 Billion

• Stablecoin USDC to consolidate reserves into cash and US treasuries

• OpenSea NFT Platform Eclipses $1.5B in Monthly Trading Volume

• MicroStrategy Acquires Nearly 4,000 Bitcoin for $177 Million

• Japan’s Financial Services Agency Considering Stricter Crypto Regulations

• CFTC Commissioner Stump: Digital assets not regulated by the CFTC even if they are a commodity; rather CFTC regulates derivatives

• Infrastructure bill set for a House vote by S