CRYPTO TODAY
10th of September, 2021
When it comes to market traders, the subject of the digital currency ecosystem’s volatility is put into proper perspective. While losses might be severe, smart traders hunt for opportunities in this fluctuating price trend of digital assets. This week has seen a lot of movement in the digital currency environment, and today is a red day in the market.
BITCOIN AND ETHEREUM THIS WEEK
BITCOIN
The entire ecosystem was anticipating the adoption of the flagship cryptocurrency as legal tender in El Salvador. Thus Bitcoin started the week on a very bullish note. On Monday, Bitcoin was trading at $52,523.53, with a flash crash thwarting an aggressive drive to test the $55,000 resistance point.
Market speculators who piled up on the euphoria of El Salvador’s Bitcoin becoming legal tender lost no time in cashing in on the gains. Since Monday, Bitcoin’s price has fallen to a low of $43,285.16 and is presently trading at $46,158.14, down 0.23 percent in the last 24 hours.
ETHEREUM
Ethereum (ETH) started the week at $3,952, indicating that it was on track to break through the $4,000 price hurdle for the first time since it fell below its all-time high of $4,362.35 in May. Ethereum, like the rest of the crypto market, succumbed to a flash crash, losing its gains and plummeting to a low of $3,062.22. While the cryptocurrency has rebounded from its low, it looks pretty optimistic to expect it to retest the $4,000 target in the near term.
ETHEREUM AND CARDANO RANKS THE MOST ACTIVE MONTHLY DEVELOPERS
With 168 and 165 monthly active developers, Ethereum and Cardano were placed first and second in terms of monthly active developers.
Cardano had the most commits per month on GitHub code repositories, according to Outlier’s most recent Blockchain Development Trends study that studied the top 50 blockchains by their native assets’ market capitalization from July 2020 to June 2021. This was a 24 percent increase over the previous year’s commitments. With 447 votes, Ethereum came in second.
THE CRYPTO COMMUNITY REACTS TO THE SECURITIES AND EXCHANGE COMMISSION’S LITIGATION AS A MEANS OF REGULATION
Market participants, legal experts, and industry insiders have criticized the Securities and Exchange Commission’s (SEC) rigorous approach, accusing the agency of being dictatorial and lacking communication.
James K. Filan, a former federal prosecutor for the US Attorney’s Office for the District of Connecticut, posited;
“The SEC will stop at nothing to control the entire crypto space. This isn’t just about Ripple. Coinbase accuses the SEC of using ‘intimidation tactics behind closed doors to stop the company from launching a lending program.”
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 8, 2021
MASTERCARD ACQUIRES CIPHERTRACE
With the purchase of CipherTrace, a blockchain analytics business, Mastercard has made a significant step toward bitcoin adoption. CipherTrace, like Chanalysis and Elliptic, develops tools to assist businesses and government agencies in detecting unlawful bitcoin transactions. The sale’s exact financial terms have yet to be revealed.
According to Mastercard, the agreement will help to address a major issue about bitcoin and other cryptocurrencies. This is due to a concern about the anonymity of those who conduct transactions. According to Mastercard, the acquisition of CipherTrace will assist consumers in protecting themselves from potential attacks.
Furthermore, the deal will help Mastercard stay compliant with regulators as it develops its own digital currency project.
CARDANO SMART CONTRACTS ARE ABOUT TO BE LAUNCHED
Cardano (ADA), a smart contract platform, has announced the debut of its highly anticipated Alonzo mainnet this month.
In a YouTube video, Cardano founder Charles Hoskinson explains that ADA’s smart contract roll-out will accept decentralized applications from developers as long as they use Cardano’s native programming language, Plutus.
[1:39] “The underlying infrastructure to run those things is now operational and running, not on a testnet, [but] running on a mainnet, which means that if you have Plutus code for your application, come the 12th, if you can submit it and get it running, it will run on the mainnet.
So smart contracts are here, congratulations.”
DESPITE IMFs WARNING, UKRAINE PASSES A DRAFT CRYPTO LAW
The Ukrainian Parliament has approved a draft bill that will make cryptocurrencies and other digital assets legal and regulated.
On September 8th, a total of 276 Ukrainian MPs voted in favor of the bill, sending it straight to President Volodymyr Zelensky’s desk.
CBDCs COULD LEAD TO NEGATIVE INTEREST RATES
According to the Wall Street Journal, CBDCs could lead to “seriously negative interest rates.”
In the Sept. 8 article, ‘Digital Currencies pave the way for Deeply Negative Interest Rates,’ senior columnist James Mackintosh suggested that the market would underline the distinction between a CBDC and cash if interest rates fell below zero. People would rather keep their actual cash to “earn zero” than risk losing money on a digital dollar issued by the central bank.
He went on to say that if the central bank issues digital dollars that can’t be buried beneath the mattress, it will have more interest rate clout.
During a recession, central banks use negative interest rates as a last resort to stimulate an economy by encouraging borrowing and spending, with interest being paid to borrowers rather than lenders.
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This information should not be used to make investment decisions, nor should it be considered advice to engage in investment activity. Trading digital assets carry a high level of risk and can result in the loss of your entire investment. Make sure you understand the risks involved and your level of experience and investing goals. Get independent financial counsel if necessary.
