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Crypto Market Weekly Summary: September 6 - September 10, 2021

Crypto Market Highlights

  • Crypto market flash crashes on “Bitcoin’s Day, with $380B+ in market value destroyed & most altcoins down 30%

  • Mastercard purchases crypto intelligence firm CipherTrace to boost crypto monitoring

  • Ukrainian Parliament passes law legalizing cryptocurrency

  • German asset manager Union Investment ($500B AUM) seeks Bitcoin exposure

  • El Salvador becomes first country to adopt Bitcoin

  • Crypto exchange FTX launches NFT marketplace for US-based customers

  • FTX strikes ambassador, equity deal with NBA star Steph Curry

  • Coinbase postpones launch of lending facility after SEC threatens to sue

  • Trading Bitcoin’s like trading stamps, says Swedish central bank governor

*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 $1.96 trillion to $2.37 trillion over the past seven days and as of this writing is sitting near the $2.10 trillion mark. The market was on track for another positive week until Tuesday morning when a massive flash crash led by Bitcoin caused heavy market losses across the board. Before the “Bitcoin Day” crash, the market was going strong with encouraging news such as CoinShares reporting a third consecutive week of inflows ($98M) into digital asset investment products, with Bitcoin, Ethereum, and Solana receiving the lion’s share of the new flows. By Tuesday however, according to CoinMarketCap, within two hours, the market wiped out approximately $330B in value. The carnage was wide as nearly all altcoins were down double digits. Some credit the crash to Bitcoin whales looking to cash in profits while taking advantage of over-leveraged traders. According to Glassnode, more than $4 billion in Bitcoin open interest was cleared during the crash, “the most significant leverage flush out since the sell-off in mid-May.”

Source: CoinMarketCap

The Heavy Weights

As of this writing, Bitcoin (BTC-USD) is down 8% on the week, oscillating around the $46K level. However, just a few days ago it was nearing $53K and traders were discussing the approaching golden cross as well as the one-year low Bitcoin exchange balance, both bullish signs. Not to mention Bitcoin had just seen its first positive institutional inflow in eight weeks. Then on Tuesday the price crashed 19% from a peak of $53K to a low of $42,800, the horizontal support area at the 0.382 Fib retracement. Touted as “Bitcoin’s Day,” due to Bitcoin becoming legal tender in El Salvador; it ended up being Bitcoin’s bloodiest day since May 19th. The drop was quickly followed by a 10% rebound. The current $46K level is thought to be key. Prominent traders believe that if the price moves below this area, $37K could be next.

Source: CoinMarketCap

Ethereum was not shielded from this week’s market rout. The ETH-USD price is currently sitting near $3,400, down 14% over the past seven days, although it did drop to as low as $3,009, a daily loss of 24% before starting its price recovery. Interestingly, Ethereum fees surged by 300% during the crash amid an NFT minting event.

Source: CoinMarketCap

Cardano was not immune as well. As of this writing, ADA-USD is sitting at $2.48, down 16% for the week. During the crash, it dropped 30% and bottomed at the $2 support area before recovering. Its market cap has drifted further away from the $100B level and is now listed at $79B. Before the crash, Cardano’s upcoming Alonzo upgrade was subjected to criticism due to the network's first Dapp performing poorly in the test environment due to potential scaling issues. If these issues prove to be as significant as critics claim, the upgrade could have major difficulties supporting DeFi apps. The mainnet Alonzo Hard Fork upgrade has officially been confirmed for September 12th at around 21:45 (UTC). Binance has already stated that they will support the Hard Fork. Assuming it goes smoothly, it could serve as the next major catalyst for ADA-USD as well as drum up more excitement for the Cardano Summit 2021 in later September.

Source: CoinMarketCap

High Flyers

Solana (SOL-USD) continued its gravity-defying rally in the face of the crypto bloodbath as it STILL gained about 31% on the week, currently sitting at $182, even though it has pulled back from the over $200 level it achieved earlier in the week. It also moved up to the #6 spot in market cap, now sitting near $53.5B, overtaking Ripple’s XRP. It was buoyed by the news that more institutional money is flowing into Solana as well as the news that FTX will be launching an NFT platform supported by Solana as well as Ethereum.

Algorand (ALGO-USD) was another big winner, rallying 71% on the week, currently sitting at $2.10. It even cracked the top 20 cryptocurrencies by market cap, now in the #17 spot. ALGO has recently secured multiple commercial partnerships in Latin America, but the price movement is more likely due to the upcoming rollout of governance capabilities on October 1st as well as today’s announcement that it is setting up a $330M DeFi fund.

Quant (QNT-USD) had a headline week as well, gaining 77% to sit at $329 as of this writing.

The bullishness is likely due to the recent protocol upgrade to Overledger 2.0.5, the launch of the Quant developer program, and the increased access to its supply after being listed on the top crypto exchanges such as Coinbase and Binance. According to Quant, the release of Overledger 2.0.5 marks a key milestone in the development of a “bridge that connects institutional and enterprise ecosystems with stablecoins, DeFi, NFTs and popular ERC20 and ERC721 digital assets for clearing and settlement.”

Fantom (FTM-USD) defied the market this week as well, surging to $1.60, to record a weekly gain of approximately 88%. Its performance was sparked by a new Dungeons & Dragons-inspired fantasy role-playing game called Rarity. The Fantom-supported game is a text-based role-playing game conducted by interacting smart contracts where players gain the ability to craft rare items that can then be sold to or traded to other players. The game went live on September 5th and over 120,000 players have already experienced the game.

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