Ukrainian parliament adopts the bill on “virtual assets”, Panama introduces the draft law to legalise crypto, while Salvadorans are buying coffee with bitcoin. Meantime, the crypto market registers a correction amid positive news. Read the Weekly recap to find out more about the main events of the crypto market that happened between 2nd to 8th September 2021.
Over the past week, the crypto market capitalisation managed to grow to almost $2.4 trillion only to fall below $2 trillion, nullifying the two-week growth. According to CoinMarketCap, the market cap is estimated at $2.04 trillion as of 8th September.
Daily trading volumes grew by 90% to $244.3 billion in a week, according to CoinMarketCap. The trading volume increase began with a gradual market correction, with the main spike occurring immediately after the market fall when bitcoin’s price dropped below $45,000.
The Fear and Greed Index remained in the “Greed” during the entire week. On 7th and 8th September, it was in the “Extreme greed” zone at 79 points, but amid market correction, the index dropped to 47 points on 8th September. It is still above the “Fear” zone, demonstrating uncertainty of the market.
Bitcoin and Ethereum shares did not witness any change significantly when compared to the previous week and currently hold 42.5% and 19.4% of market share, respectively.
The Bitcoin 30-day volatility index dropped from 3.24% to 3.05% between 2nd and 6th September, according to CryptoCompare. But on 7th September, it jumped to 3.7% – for the first time since mid-July.
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▼ 03.09.2021 – The U.S. SEC is reportedly making broad inquiries into a number of DeFi platforms beyond Uniswap.
▲ 03.09.2021 – Bloomberg Intelligence analyst, Mike McGlone, stated: “We see Ethereum on course toward $5,000 and $100,000 for Bitcoin. Portfolios of some combination of gold and bonds appear increasingly naked without some Bitcoin and Ethereum joining the mix.”
▲ 06.09.2021 – Tether issues an additional 1 billion USDT on the Tron network.
▲ 07.09.2021 – CoinShares: Last week, the altcoin market share hit a record 35% of investment products – a peak set in May. Almost 40% of the inflows to digital asset investment products were allocated to altcoins.
▲ 04.09.2021 – A movement across Reddit called for Bitcoin fans to buy $30 of the cryptocurrency on 7th September in honour of El Salvador becoming the first country to accept the coin as legal tender. The post got over 9,000 likes.
▲▼ 05.09.2021 – Cryptanalyst, Lex Moskovski, noted that Bitcoin transfers between exchanges’ internal wallets hit ATH.
▲ 06.09.2021 – Glassnode: on-chain transaction volumes are showing continued growth in dominance by large, institutional sized capital.
▲ 06.09.2021 – MicroStrategy’s CEO, Michael Saylor, has called on Twitter to join the Reddit community in buying $30 in BTC on 7th September. About 73,000 people participating in Saylor’s poll said they would support this initiative.
▲ 07.09.2021 – The law establishing bitcoin as legal tender in El Salvador has finally come into force. Earlier, the country purchased 400 bitcoins (around $21 million) to allow for BTC exchange operations. In total, El Salvador approved a $150 million public fund in bitcoin.
▲ 07.09.2021 – The President of El Salvador, Nayib Bukele, tweeted that on 7th September, the country acquired another 150 BTC amid the market correction.
▲ 02.09.2021 – Santiment: 1st September has become the fifth busiest day in the entire history of the Ethereum network.
▲ 03.09.2021 – American actress and businesswoman, Reese Witherspoon, has revealed on Twitter that she has bought her first ETH.
▲ 04.09.2021 – The amount of Ether issued on 3rd September was 333 less than the amount of ETH burnt. The daily issuance of the second-largest cryptocurrency has gone negative for the first time since the London upgrade.
▲ 07.09.2021 – Ethereum futures open interest reaches an all-time high of $11.7 billion, surpassing the previous record of 11.6 billion set on 10th May 2021.
▲ 07.09.2021 – Analysts at Standard Chartered estimate Ether to reach $35,000 in the long term.
▲ 02.09.2021 – Cardano developers have successfully deployed smart contract functionality on the testnet.
▼ 07.09.2021 – Critics have cast doubt on Cardano’s ability to process a large number of transactions for smart contracts due to multiple bugs in the Minswap protocol launched on the Cardano testnet.
▼ 02.09.2021 – Whale Alert has spotted two massive crypto transactions carrying a whopping 100 and 174 million XRP.
▲ 02.09.2021 – Japanese crypto-asset exchange “Rakuten Wallet” will resume XRP margin trading from 8th September.
▼ 03.09.2021 – A U.S. judge ordered Ripple to provide the U.S. SEC with the missing Slack messages between its employees.
▲ 06.09.2021 – According to the newly released documents, the SEC only listed XRP in the list of securities in April 2018. This contradicts the regulator’s initial claims that the co-founders of Ripple have been engaged in illegal securities sales since their early days in 2013.
▲ 02.09.2021 – Elon Musk noted the progress made by the developers of Dogecoin (DOGE) with the release of the new version of the client.
▲ 03.09.2021 – The Dallas Mavericks owner, billionaire Mark Cuban, announced that the NBA franchise will offer cashback rewards on merchandise and ticket payments in Dogecoin.
▼ 03.09.2021 – The SEC is reportedly investigating Uniswap Labs, developer of the decentralised exchange Uniswap.
▼ 03.09.2021 – Analysts find signs of manipulation in the $4.2 billion EOS ICO held between 2017 and 2018.
▲ 04.09.2021 – Tezos is launching a suite of lending and yield products with the leading DeFi platform, EQIFI.
▲ 03.09.2021 – Tron founder, Justin Sun, announced the launch of BitTorrent Chain (BTTC), a second-tier (L2) cross-chain solution for blockchain scaling.
▲ 06.09.2021 – Israeli Blockchain cybersecurity firm, GK8, will provide Stellar with tokenisation and XLM storage services. This can spark institutional interest in the XLM token.
📊 The People’s Bank of China reported on the implementation of its plan to limit crypto transactions in the country.
📊 According to The New York Times, the Federal Reserve and other banking regulators are facing challenges due to crypto’s rapid move into the banking sector. The authorities are concerned about the adequacy of cash reserves and algorithms that support stablecoins, in which many DeFi loans and deposits are denominated. The NYT, citing the recent statement of Fed Chairman, Jerome Powell, claims that CBDCs can make cryptocurrencies meaningless.
📊 The U.S. SEC is making broad inquiries into a number of DeFi platforms. According to lawyers and sector representatives, platforms that allow investors to borrow against cryptocurrencies to gain profit have started receiving requests from the SEC and other regulators.
📊 The US SEC has issued a fresh investor alert against investment scams related to digital assets.
📊 The law at furthering the adoption of cryptocurrencies and blockchain came into force on 1st September in the state of Texas. It forms the regulatory environment for investment in this field.
📊 Indian authorities have changed their mind about cryptocurrencies. Instead of introducing a bill banning crypto assets, they are reportedly working on a new way to regulate cryptocurrencies.
📊 On 8th September, the Verkhovna Rada of Ukraine approved the bill “On virtual assets”. According to the document, virtual assets (VA) are recognised as intangible goods. They are not an accepted means of payment in Ukraine and cannot be exchanged for property or services. Market participants have obtained the right to judicial protection of the rights to VA and are now allowed to open bank accounts for settlements on transactions with VA.
📊 El Salvador’s Bitcoin law that makes the world’s first crypto a legal tender came into force on 7th September 2021. However, a recent survey by Central American University (UCA) suggests that 70% of Salvadorans polled are not in favour of this law.
📊 Panamanian Congressman, Gabriel Silva, has introduced a bill that enables the use of cryptocurrency as a means of payment for civil and commercial operations.
📊 Visa, an international payment giant, plans to bring cryptocurrency services to traditional banking platforms in Brazil.
📊 Vast Bank became the first U.S. bank with the Federal Deposit Insurance Corporation (FDIC) insurance and a Federal Reserve charter to offer cryptocurrency services. The bank’s customers will now be able to conduct crypto transactions directly from their own accounts.
📊 Korea IT Times, citing the employment website Indeed, notes that as of mid-July 2021, the share of crypto and blockchain job postings grew by 118% compared to the beginning of September 2020.
This week, similar vacancies have been posted by Moody’s credit rating agency and global investment firm, Franklin Templeton.
📊 Prosecutor, General Igor Krasnov, reported that the Russian legislative field is ready for the introduction of the digital ruble.
At the same time, the Central Bank of Russia warned that at the initial stage of the digital ruble introduction “some increase in uncertainty for credit institutions” is possible. The regulator also suggests that client balances in bank accounts will be reduced, which in turn will lead to “a reduction in structural surplus and, possibly, a transition to a structural deficit.”
📊 Christine Lagarde, president of the European Central Bank, said that stablecoins “are not currencies at all” because they are speculative assets despite being pegged to national currencies.
📊 A Massachusetts senator called on a ban, whereby U.S. banks will be prevented from holding reserves to back private stablecoins – a move that “could effectively end the surging market.”
📊 Standard Chartered has become the first bank to join the Global Digital Finance alliance that has been created to facilitate the adoption of cryptocurrencies and the latest technologies.
📊 Japanese financial conglomerate, SBI Holdings Inc., plans to launch the country’s first cryptocurrency fund by the end of November. It will invest in a number of cryptocurrencies, including bitcoin, ether, XRP, bitcoin cash, and litecoin among others.
📊 BBVA Switzerland has launched a new generation digital account with an integrated crypto wallet.
📊 German asset manager, Union Investment, plans to add Bitcoin to several investment funds as part of a pilot program for its institutional clients.
📊 Sberbank is expected to register its blockchain platform with the Bank of Russia by mid-September. It has already developed and submitted its app for issuing digital financial assets.
📊 MyDrivers, a Chinese language tech website, reports that the supply of Nvidia graphics will drop significantly in September. Meanwhile, GPU prices are surging once again due to ETH price growth, as well as an increase in its mining profitability, which has almost doubled since the beginning of August.
📊 Vietnam’s sales of crypto mining rigs have spiked amid the crypto market rally. According to Quang Thuan, a local mining rig shop owner, his company’s sales have tripled in early September.
📊 The NFT market capitalisation has exceeded $14.2 billion. An average selling price of a CryptoPunk NFT has reached $400,000.
📊 The National Football League (NFL) recently temporarily barred its teams from being involved in Non-Fungible Tokens (NFTs) sales and releasing crypto-related ads.
📊 According to Twitter rumours, video-game retailer, GameStop, is building a non-fungible token (NFT) platform based on the Ethereum blockchain.