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Crypto Market Weekly Summary: December 6 - December 10, 2021

Updated: Dec 11, 2021

Crypto Market Highlights

  • Shiba Inu partners with PlaySide Studios, Australia’s largest video game developer

  • Gaming giant Ubisoft chooses The Tezos Blockchain to power in-game NFTs

  • CIA says it has several projects on crypto

  • DEX SundaeSwap launches on Cardano testnet

  • Nexo partners with Fidelity to expand institutional access to crypto

  • Former Google CEO Eric Schmidt to be strategic advisor for Chainlink Labs

  • Visa plans launch of crypto advisory service as adoption grows

  • Floki Inu announces sponsorship deal with Russian football club, FC Spartak Moscow

  • Cardano introduces ERC-20 converter testnet with AI tokens for trial

  • SushiSwap's CTO resigns amid infighting

  • Polygon acquires Mir in $400M deal to scale Ethereum and Web3

  • Kickstarter announces plan for decentralized crowdfunding protocol built on Celo

  • Coinbase now stores 12% of the world’s crypto, Chief Financial Officer claims

  • Florida governor proposes crypto payment pilot for businesses

  • Coinbase launches DeFi Yield Services, but not for Americans

  • MicroStrategy buys 1,434 Bitcoins for $82.4 million at an average price of $57,477

  • Parallel Finance wins Polkadot’s fourth parachain auction for over $300M

  • Meta pilots instant crypto payments on WhatsApp using its Novi digital assets 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

It has been a tough week for the crypto market. As of this writing, the total crypto market cap has fallen to $2.22T according to CoinMarketCap. This time last week, it was at $2.47T, meaning around $250B of value has evaporated. The memecoins are also losing their spark as now both Dogecoin and Shiba Inu have fallen out of the top ten cryptos by market cap with Polkadot and Terra holding the final two spots. The better than expected dialogue between the U.S. House Financial Services Committee and six top crypto executives on Wednesday also failed to lift the market. Furthermore, Chinese behemoth Evergrande did end up defaulting on its US dollar debt this week as we warned was something to monitor in this week’s outlook. Specific spillover effects remain to be seen, but investors should recall the rumors that stablecoin Tether (USDT) is partially backed by commercial paper issued by large Chinese real estate firms. Lastly, the U.S. Labor Department reported that the CPI inflation metric had reached a 39-year high of 6.8% YoY and 0.8% MoM - in line with expectations.

The Heavy Weights

Bitcoin (BTC) is down 11% on the week as of the writing, trading at $48,178. After starting the week above the key $50K level, it quickly fell below and struggled to reclaim and hold the psychologically important area - this despite the fact that Bitcoin Whales continue to accumulate. This struggle might be due to macro concerns re the Evergrande saga. However, BTC did briefly jump above $50K following the US inflation data, but fell back to where it started just as quickly. This could be because the high inflation data might convince the Fed to accelerate their pace of tapering.

Ethereum (ETH) has fared better than Bitcoin, down only 4% on the week to trade at $4,020 as of this writing. ETH quickly recovered after the weekend dip as even the CEO of Three Arrows Capital (who recently disparaged ETH) bought the weekend drop when prices fell under $4K. Helping buoy its price is the fact that over 1.15M ETH (worth over $4.7B) have been burned in base fees since the burning mechanism came into effect. Despite this, ETH was still rejected at the $4,500 level multiple times this week.

Cardano (ADA) has not been performing well price-wise as of late. ADA is down 18% on the week as of this post, with ADA trading at $1.27. Even though it’s price has been controlled by the bears, the fundamentals continue to get stronger. This can be seen in the many recent accomplishments such as a DEX launching on the testnet as well as the ERC-20 converter launching on the testnet. Not to mention, the number of Plutus-based smart contracts has risen over 200% from mid-November indicating that Cardano is becoming more accepted by developers.

Source: Cardano Foundation

The Fallen

Qtum (QTUM) had a rough week, down 29% to trade at $9.87. Counterintuitively, the fall happened in the month with Qtum’s halving, but it seems this development was a sell the news type event.

Fantom (FTM) didn’t deliver as well, losing 27% on the week, currently trading at $1.42. The layer-one blockchain just hasn’t been able to build any momentum, as many of the layer-one networks are now in the crosshairs of the bears.

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