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Crypto Market Weekly Summary: September 13 - September 17, 2021

Updated: Sep 20



Crypto Market Highlights


  • MicroStrategy purchases an additional 5,050 bitcoin for about $242.9 million at an average price of $48,099 during the 3Q as total investment exceeds $3.1B

  • $1.2B in Ether withdrawn from centralized exchanges on Thursday in record daily outflow

  • Solana Network suffered outage that lasted for 18 hours on Tuesday due to a Denial-Of-Service

  • CoinBase to soon offer crypto futures and derivatives

  • Analysts question whether Evergrande Group’s $300B debt crisis could spread contagion to the crypto market

  • Stablecoin Tether claims to hold no commercial paper from struggling Evergrande Group

  • Theater chain AMC to accept Litecoin, Ethereum, along with Bitcoin

  • Asset manager Franklin Templeton prepping blockchain fund

  • South Korea suspends 60 crypto exchanges, postpones proposed crypto-taxation policy to 2023

  • SkyBridge Capital secures $100M for Algorand fund, files for crypto ETF

  • Sushi Launchpad MISO suffers $3M attack

  • U.S. Treasury prepping stablecoin clampdown

  • PayPal allows all U.K. users to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash

  • Crypto exchange Binance wants centralized headquarters amid regulatory pressure

  • ECB Chief Lagarde calls crypto "suspicious and speculative" assets, not currencies

  • Emurgo officially announces the launch of Astarter, Cardano’s DeFi venture


*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 $1.99 trillion to $2.2 trillion over the past seven days and as of this writing is sitting near the $2.13 trillion mark. The dip under $2T on Monday was brief and the market has since held strong and gained.



The Heavy Weights


As of this writing, Bitcoin (BTC-USD) is up 4.5% on the week sitting near $47,600. The price momentarily fell below the $44K level on Monday before rising to the $48K level on Wednesday, the same day that the BTC chart generated a Golden Cross, a very bullish technical signal. However, investors should note that the BTC Golden Cross has led to head fakes before, so nothing is guaranteed. The price then reached a weekly high of $48,500 on Thursday, but has since pulled back and has been range bound in the $47K-$48K area. Support is present at the $46K level, while $48K needs to be cleared before attacking the $50K resistance level again.


Source: CoinMarketCap



The ETH-USD price is currently sitting near $3,450, up 3.5% over the past seven days. It also fell to its weekly low of $3,100 on Monday before rebounding to $3,600 by Thursday, breaking through the $3,500-$3,550 resistance area. Since then ETH has pulled back slightly following BTC’s lead. Near term support appears to be present at the $3,400 area while major resistance is present at $3,600. In positive news for the second largest cryptocurrency, this past week’s hashrate reached an all time high of 715.4 TH/s, indicating a strong commitment from miners.


Source: CoinMarketCap



Cardano’s ADA token is current sitting near $2.40, down 1.5% on the week. After rising to the $2.75 area pre-Alonzo and dropping all the way down to the $2.30 area post-Alonzo, it has since traded range bound between $2.30 - $2.60. Traders are evidently waiting for traction or problems on the smart contract front. It should be noted that more than 200 smart contracts have been listed on the network, but they are currently time-locked and cannot be used by developers until released.


Source: CoinMarketCap



High Flyers


Hedera Hashgraph (HBAR-USD) has rallied 41% over the past week, currently sitting at $0.43, having pulled back from its weekly high of $0.56 after starting the week at $0.31. The strong gains are a result of the Hedera Governing Council voting to allocate 20% of the total HBAR supply to its ecosystem development. Half of the allocated funds will go to the HBAR Foundation, responsible for strengthening the network’s adoption across the crypto world. The remainder will be put to use on gaining partnerships and driving initiatives to further the ecosystem. HBAR has also been buoyed due to HBAR introducing NFT minting capabilities earlier in the month.


Avalanche (AVAX-USD) was also a winner, gaining 33% on the week to sit at the current price of $64.50. AVAX has pulled back a bit from its all-time high of $68.89 achieved yesterday. The pop in price was due to the announcement that institutional investors including Polychain Capital, Three Arrows Capital, and Dragonfly Capital, took part in a $230M funding round for the project - the largest investment in the AVAX ecosystem to date. Also helping the price action is the fact that there’s currently a vote underway in the Aave community to determine if investors want Aave to launch on the AVAX network.