Crypto Market Highlights
Crypto asset manager Osprey Funds launches Polygon trust product
SEC’s Gensler likens stablecoins to “poker chips at the casino”
SEC Chairman doesn’t see long term viability for cryptocurrencies
3rd largest Bitcoin whale purchased $13M worth of Bitcoin at $40.5K
Dfinity to launch Bitcoin smart contracts on the Internet Computer
1inch Network expands to Arbitrum to lower transaction costs
Theater chain AMC to start working on integrating Dogecoin payments
PayPal launches new digital payments app with crypto capabilities
Bitcoin wallet dormant for 9 years transfers $29.5M worth of BTC
ETF giant VanEck set to offer A Solana ETF fund In Germany
Acting OCC head Hsu warns that ‘fools gold’ in DeFi reminds him of lead-up to GFC
President Biden set to nominate crypto critic Saule Omarova as OCC head
SushiSwap denies reports of billion-dollar bug
US Federal Reserve to release CBDC research paper ‘soon’
Basel draft rules make crypto too costly for banks to trade, says industry
Crypto exchange FTX signs sponsorship deal with F1 team Mercedes-AMG Petronas
Crypto trading now official in Dubai following regulators’ agreement
Twitter Launches Bitcoin tipping feature powered by Lightning Network
Bitcoin Lightning Network hits new ATH, 226% up on open payment channels
Crypto quant hedge fund Cambrian Asset Management launches actively managed Ether and Bitcoin trusts
Solana-based DEX Orca raises $18M Series A funding
Elon Musk says it’s ‘super important’ for Dogecoin (DOGE) fees to drop further
Trading giant eToro launches DeFi portfolio
Ripple (XRP) to partner with Bhutan for CBDC development
China's Central Bank says all crypto-related transactions are illegal
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
The entire market value of all crypto assets has moved in a range from $1.72 trillion to $2.18 trillion over the past seven days and as of this writing is sitting near the $1.83 trillion mark. The volatile week started with a drop due to the Evergrande Group debt crisis fallout. The bearish news continued throughout the week with SEC head Gensler and acting OCC head Hsu both giving negative comments regarding the nature and longevity of the crypto market. Thereafter with the crypto market starting to recover, new China FUD has resurfaced with the Chinese central bank declaring that all crypto-related transactions are illegal, further tanking the market with over $400M worth of long and short positions liquidated today alone.
Also noteworthy is that the Federal Reserve announced this week that their tapering could start as early as next month and finish by mid-2022. In addition, the Fed may raise interest rates before the end of next year - sooner than most expected.
The Heavy Weights
Bitcoin (BTC-USD), as of this writing, is trading just north of $41K, down 13% for the week. The Evergrande saga pushed the BTC price down earlier in the week from $48K to around $43K. As more negative crypto news emerged over the next few days, the price kept falling, hitting a weekly low of $39,600 on Wednesday. Then the buyers pounced with some BTC whales heavily accumulating the dip. BTC reclaimed $40K and made it all the way back to $45K before the current China FUD appeared, dropping the price briefly below $41K.
Ethereum's (ETH-USD) price action largely followed that of Bitcoin's this week, with the second largest cryptocurrency down 17% over the past seven days, currently sitting slightly under $2,900. ETH hit a weekly low of $2,650 before gaining back nearly $500. Earlier today ETH seemed stable above the $3K level, but fell along with the rest of the market as a result of the China regulatory FUD.
Cardano (ADA-USD) was no exception, however it seems to have weathered this week's volatility better than most - currently down only 7% on the week, sitting near $2.20. ADA fell to the $2 level three times over the week, but buyers swooped in each time. ADA was likely supported by the positive sentiment surrounding the Cardano Summit 2021 with anticipation building for a market moving announcement over the weekend.
Celo (CELO-USD) was one of the few major cryptos in the green this week, gaining 37%, currently sitting near $6.90. Celo was largely immune from the rest of the broader crypto drama this week and was buoyed by positive news surrounding its growing DeFi ecosystem.
Huobi Token (HT-USD) took a good beating this week, down 30% and sitting just above $10. It's performance was similar to the broader market until today's China FUD which disproportionately affected Huobi due to the fact that all Chinese users are subject to the crypto transaction ban.
SushiSwap (SUSHI-USD) also had fared poorly, losing 28% for the week and currently sitting just under $10. Sushi was hurt by a white hat hacker claiming that he or she found a $1B bug, although Sushi denied the hacker's claim. U.S. regulator comments this week also didn't help Sushi's performance as DeFi appears to be a major target of regulators.
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