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Crypto Market Weekly Summary: October 26 - October 29, 2021

Crypto Market Highlights

  • Facebook rebrands to “Meta” with a focus on the Metaverse/Web3

  • Movie giant AMC considering accepting Shiba Inu

  • Singapore’s DBS Bank to join Hedera Governing Council and run network node

  • Cardano founder Charles Hoskinson signs MOU with government of Burundi

  • Sotheby’s first metaverse auction sees 1,500 bids, sets NFT records

  • DeFi protocol Cream Finance loses $130 Million in latest crypto hack

  • Citigroup CEO says digital assets will be part of the future financial system

  • Ethereum undergoes its Ethereum 2.0 Altair Beacon Chain upgrade

  • 60% of cryptos are commodities says CFTC Chair

  • Biggest shopping center developer in Thailand trials crypto as payment in malls

  • Coinbase hits number 1 spot on Apple's US App Store

  • SEC will reportedly not allow leveraged Bitcoin ETF

  • SEC may soon receive “significant” authority over stablecoins

  • Major Indonesian Islamic organization declares crypto ‘haram’ — or forbidden

  • MicroStrategy increased Bitcoin holdings by 8,957 BTC in Q3

  • Australia may approve Bitcoin and Ether ETPs soon

  • DeFi protocol Aave encounters major capital flight due to vulnerability concerns

*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 $2.53 trillion to $2.68 trillion over the past seven days and as of this writing is sitting near the $2.66 trillion mark. The overall market has been supported by the major players such as Ethereum as well as the canine meme coin frenzy with Shiba Inu leading the pack. Metaverse coins also have fared extremely well due to the enthusiasm linked to Facebook's announcement.

The Heavy Weights

Bitcoin (BTC-USD) had an unremarkable week after hitting an all-time high the previous week. BTC is up 2.5% over the past seven days to currently trade at $62,350. BTC had some significant drops to the $58K level and a very brief fall to the $56.5K level, but has since recovered to the low $60K’s.

Source: CoinMarketCap

Ethereum (ETH-USD) had a quite fortunate week. ETH hit a new all-time high earlier today at approximately $4,450 although it has since pulled back slightly and is sitting at $4,416, up 11% over the past seven days. ETH is now in price discovery mode, although many analysts expected the new all-time high to burst forth higher with more fervor.

Source: CoinMarketCap

Earlier in the week, Ethereum implemented its ETH 2.0 Altair Beacon Chain upgrade successfully, but the price did not react positively to the news. This upgrade was seen as another step on the path towards ETH 2.0. However, some reasons for the new all-time high could range from a significant amount of ETH being taken out of circulation earlier in the week (1.74 million ETH on Tuesday) adding to the supply shortage as well as the total amount of ETH locked in ETH 2.0 deposit contracts hitting a new high of 8.54 million Ether. Furthermore, the amount of ETH burned due to the EIP-1559 mechanism has set a new record for two days straight. 14, 820 ETH was burned on October 27th while 16,800 ETH was burned on October 28th. This resulted in negative ETH creation for both days - supporting the deflationary narrative of ETH. ETH’s daily net issuance has been on a disinflationary path since the EIP-1559 was implemented in August as seen in the first chart below.

High Flyers

Shiba Inu (SHIB-USD) had another MONSTER week, gaining 170% over the past seven days to sit at the current price of $0.00007515. SHIB has pulled back slightly from its previous high of $0.000087, but is still up significantly for the week and is even up over 1,000% on the month. It even stole the #9 spot in the market cap rankings from Dogecoin making SHIB the official “DOGE Killer.”

Metaverse token Decentraland (MANA-USD) also had a major rally this week amid the Facebook metaverse hype. It’s up 70.5% over the past seven days to currently trade at $1.35.

Recently created meme coin Squid Game (SQUID-USD) was a major winner as well (if you could sell). The unique token is based on the hit Netflix show Squid Game. It’s up about 97,000% over the past seven days and is currently priced around $12. However, it appears that investors are having difficulties selling SQUID on the Pancakeswap platform according to CoinMarketCap.

Best Trade Ever?!?!

This week it was also learned that one lucky investor put $8K into SHIB around 400 days ago. That position is now worth more than $4.45 BILLION!!!!!!!

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