Crypto Market Weekly Summary: September 27 - October 1, 2021
Crypto Market Highlights
XRP Lawsuit: SEC says ‘no need’ to Ripple’s request seeking more docs
Cardano-Based DEX SundaeSwap partners with China's leading public blockchain
Coinbase announces new feature allowing users to convert paychecks into crypto
Polkadot's DEX Polkadex goes live, teases ERC-20 token migration
First crypto assets fund gets green light In crypto-friendly Switzerland
Ripple launches $250M fund for NFT creators
Avalanche (AVAX) launches on Coinbase Pro
Biden nominates crypto skeptic Saule Omarova to lead OCC
Ethereum devs schedule Altair Upgrade for October 27th ahead of ETH 2.0
China reportedly preparing more anti-crypto policies
Compound supply bug mistakenly rewarded users with $70M in tokens
Polygon’s MATIC surpasses Ethereum in daily active users (DAU) for the first time
Judge dismisses some claims against Bitfinex & Tether but class-action lawsuit continues
Infrastructure bill with cumbersome crypto provisions delayed in House
U.S. Fed won't ban crypto, but stablecoins need regulation says Chairman Powell
Terra Blockchain completes Columbus-5 Upgrade for cross-chain interoperability
Popular play-to-earn game Axie Infinity rolls out staking
Steve Cohen's Point72 Ventures leads $35 million Series C round for Zero Hash
COTI to release bank accounts and Visa debit cards
TikTok is launching a creator-curated NFT collection
Visa announces Layer 2 payments channel for CBDCs and Stablecoins
*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 $1.82 trillion to $2.07 trillion over the past seven days and as of this writing is sitting near the $2.05 trillion mark. Each of the top ten cryptocurrencies are currently in the green, with Bitcoin leading the surge. The market experienced some volatility earlier in the week as concerns grew over raising the debt ceiling in the U.S. with Treasury Secretary Yellen warning of ““catastrophic economic consequences” if the debt ceiling is not raised in the coming weeks. However, the historically bad month of September is over and most analysts expect positive crypto returns for the remainder of the year.
The Heavy Weights
As of this writing, Bitcoin is trading at just over $47K, up 10% over the past seven days. It had a major break out upwards this Friday going as high as $47.8K. Previously BTC was moving range-bound between $42.8K-$44K for most of the week. Yesterday BTC created a bullish candlestick as it moved towards the $44K resistance which would now act as a support area. The largest cryptocurrency continues to benefit from a lack of supply on exchanges coupled with the Bitcoin hodler mentality.
Source: CoinMarketCap
Ethereum followed Bitcoin’s lead for most of the week and has also surged higher today, currently trading at $3,200 and up 9.7% on the week. ETH's week was volatile, dropping to the $2,800 support area multiple times and even briefly falling below $2,700 for the first time in two months. Rival layer 1 blockchains continue to grow, but ETH continues to also benefit from a declining exchange supply as well as DeFi and NFT applications.
Source: CoinMarketCap
The third largest cryptocurrency (with Binance Coin and Tether now close behind) Cadano is currently trading at $2.20, down 1.5% on the week. It also fell earlier in the week, but has only returned to the level it started at seven days ago with today’s surge. With little price gains coming from the Cardano Summit from last weekend where many major partnerships were announced, it will be interesting to see which events impact its price going forward.
Source: CoinMarketCap
High Flyers
The DYDX token has been a big winner this week, rising 84% to sit at $22.75 as of press time. The native token for the decentralized margin trading platform dYdX saw its price skyrocket as a result of China’s recent crypto ban, with dYdX volumes rising to record highs as Chinese investors flee to decentralized exchanges. On Sept, 27, volume on the dYdX exchange exceeded every other DEX combined, dYdX founder Antonio Juliano tweeted.
Uniswap also had a strong showing this week, gaining 28% to sit at $25.09. UNI, as the premier DEX, also benefited from the Chinese crypto ban.
The Fallen
Huobi Token again took a fall this week, declining by 15%, currently trading at $8.55. HT has recovered somewhat with the market rising this Friday, but is still feeling the pain of losing its Chinese customers.
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