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Crypto Market Weekly Summary: November 1 - November 6, 2021

Crypto Market Highlights

  • U.S. Stablecoin report released - recommends broad legislative action to regulate stablecoin issuers, including enacting deposit insurance requirements

  • CME expected to launch micro ether futures on December 6, 2021

  • Federal Reserve tapers bond purchases by $15 billion each month with interest rates remaining unchanged

  • Senator Toomey promises to fix flawed crypto brokerage language in Infrastructure Bill

  • NYC Mayor-Elect Eric Adams to accept paychecks in bitcoin

  • Enjin allocates $100M to fund a metaverse

  • Acting US comptroller says both OCC crypto review and interagency 'crypto sprint' have concluded

  • Biden administration formally nominates crypto critic Saule Omarova for the Office of the Comptroller of the Currency

  • Microsoft, Nike embrace metaverse following Facebook’s name change

  • Avalanche launches fresh $220 million investment fund

  • House passes $1T infrastructure bill with crypto tax for Biden's approval

*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

  • The entire market value of all crypto assets has moved in a range from $2.55 trillion to $2.77 trillion over the past seven days (hitting a new high in the process) and as of this writing is sitting near the $2.71 trillion mark. The market has been buoyed by strong performance by the layer one alt coins as well as the continuing enthusiasm related to the "metaverse." Furthermore, the DeFi market total value locked (TVL) recently hit a new all-time high of nearly $107B.

The Heavy Weights

  • Bitcoin (BTC) had another unremarkable week, down 0.4% over the past seven days as of this writing to sit at the current price of $61,195. It had a dip earlier in the week to the key 20-day EMA area of $58,800 before recovering back above the crucial $60K level. BTC also lost its weekly gains in response to the (expected) Fed taper announcement mid-week. However, Bitcoin has generally held the key $60K level - even in the face of recent whale selling.

  • Ethereum (ETH), as of this writing, is up 3.5% over the past seven days to sit at at $4,481. It created multiple new all-time highs over the past week, with the highest being $4,674 before pulling back. Some possible reasons for the new highs are active Ethereum addresses jumping by 45% over the past month as well as Ethereum being perceived as a good asset to own in an inflationary environment. It's even being reported that Chinese traders are starting to use ETH as an inflation hedge and Goldman Sachs recently stated that ETH could rise to $8K before the end of the year due to rising inflation.

  • Binance Coin (BNB) had an impressive week, gaining 17% to sit at the current price of $618. It flew above the psychologically important $600 barrier after rising steadily throughout the week. It's still below its all-time high of $692, but momentum is clearly on its side. It's market cap is now also above the $100B level and BNB is currently the third largest crypto after displacing Cardano a few weeks prior, but others cryptos are catching up.

  • Solana (SOL) had an even more impressive week - gaining 25% over the last seven days to trade at the current price of $246.38. It also hit a new all-time high this week of $249 and its market cap is now above $70B, putting SOL in the fourth spot in the market cap rankings. Its gains were also quite steady and momentum is very much on its side. The positive price action could be do to a number of factors such as Total Value Locked hitting $13.7B as well as general positive sentiment towards layer one blockchains.

  • Polkadot (DOT), one of the other layer one blockchains, hit a new all-time high this week as well - gaining 18% to sit at $50.81 as of this writing. DOT is now in the #8 spot in the market cap rankings at $50.2B. Polkadot has been buoyed by the upcoming and long awaited parachain auctions set to start next week.

High Flyers

  • The Sandbox (SAND) was a big winner this week, rallying 135% to trade at the current price of $2.70. The Ethereum powered token has been rising due to the Metaverse hype as well as its own recent SoftBank-led funding round where SAND raised $93M. The funds will be used to support SAND's NFT-powered entertainment metaverse.

  • Loopring (LRC) was one to own this week as well, surging 110% to trade at the current price of $1.32. The positive price action is due to the rumor that Loopring will power Gamestop's NFT marketplace.

  • Decentraland (MANA) performed even better than last week where it was also a high flyer. MANA skyrocketed 86% over the past seven days to trade at the current price of $2.99. The metaverse related tokens have certainly been benefitting as of late.

The Fallen

  • Shiba Inu (SHIB) finally ran out of steam this week, losing 23.6% to sit at the current price of $0.00005614. It has recovered a bit, but it was down 50% just from its highs just a few days ago. There are multiple reasons for the drop. Cryptoexchange Kraken stated they would list SHIB earlier in the week and then they went back on their word. The super whale who become a billionaire due to SHIB has also been moving a very significant amount of his position to multiple wallets - with the likely intention of realizing some of his gains.

  • Squid Game (SQUID) also took investors on a WILD ride over the past week. As of this writing, the Netflix-inspired (and possible scam) crypto is trading at $0.39 whereas it briefly made it all the way to $2,800 before dropping down to almost a fraction of a cent minutes later. Caveat emptor.

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