Crypto Market Weekly Summary: August 9 - August 13, 2021
Updated: Aug 14, 2021
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
Crypto Market Highlights
Crypto friendly compromise amendment regarding how to best tax crypto to help pay for the Infrastructure Bill failed to make it into the final version of the Senate bill
U.S. Congressman Emmer: the House of Representatives “must consider amendments that exempt entities that don’t conduct crypto transactions and keep blockchain software development, cryptocurrency mining, and more in the United States.”
Cardano Creator Wants to Organize Rally in Washington to Support Crypto
Poly Network hacked for $600M in biggest DeFi hack ever; hacker dubbed 'Mr White Hat' then returned entire haul
Private investment firm Neuberger Berman granted its commodity-focused fund the ability to invest in regulated Bitcoin and Ethereum futures
French soccer club Paris Saint-Germain’s pay package for superstar Messi to include $PSG Fan Tokens
Share of Bitcoin transactions worth $1 million or more surges by 70% within a year
Ethereum Burn Rate Could Destroy $5 Billion Ether Per Year
The entire market value of all crypto assets mostly moved in a range from $1.65T to just above $2T over the past week and as of this writing is sitting near the top end at the $1.95T mark. It had last reached these levels in May.
BTC-USD has gained around 14% over the last seven days, even reaching a 3-month high. The pair gathered most of its weekly gains early on in the week and has since been trending around the $45K level. It has partially been buoyed by the news that investors who hold less than 10 BTC (aka minnows) have been increasing their holdings and now own 14% of the total bitcoin supply, meaning ownership is becoming slightly less concentrated.
ETH-USD rose approximately 18% during the past week. The pair also gathered most of its weekly gains early on in the week with positive sentiment still being felt due to the deflationary effect of the London Hard Fork.
Movers and Shakers
ADA-USD (Cardano) has been a high flier, gaining 50% over the last week, reaching a 12-week high. This is likely in anticipation of the expected announcement today by Charles Hoskinson of the exact date of Cardano’s Smart Contract launch. As of this writing ADA is up 16% in the past 24 hours and has breached the psychologically important $2 level while also jostling with Binance Coin for the #3 spot in crypto market capitalization.
XRP-USD rallied 41% during the past seven days with its market cap surpassing $40B following the announcement that Global Money Express (GME Remittance) joined RippleNet, the global financial network of blockchain firm Ripple. This pushed XRP’s price up to $0.90 and since then it has even breached the super significant $1 level.
MATIC-USD (Polygon) gained 34% during the past week with the move apparently fueled by whales that have been accumulating tokens at a discount. According to Santiment, the number of addresses with 100,000 to 10,000,000 MATIC has surged by nearly 9.34% in the last few weeks.
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