Weekly Crypto Markets Digest #9 Sep 21 — Sep 27, 2020
- Two US bills set new rules for tokens and crypto exchanges.
- In the Middle East, the first crypto exchange without trading fees will be launched.
- Visa will integrate blockchain technology.
- Russian telecommunications regulator Roskomnadzor blocks the Binance crypto exchange.
- Whales move $319,000,000 in crypto in a single day.
In the new weekly crypto digest, we will tell you how the rates of cryptocurrencies have changed and what major events have occurred in the crypto market.
Cryptocurrency correction continues amid falling stock markets
Leading cryptocurrencies have fallen in price over the past week, as the dollar rose due to concerns about a slowdown in the economy and the possibility of the COVID-19 second wave. Bitcoin (BTC) fell 0.8% to $10,834.06. On Wednesday, the price of the first cryptocurrency fell to a low of $10,207.36, and the maximum was reached on Monday at $10,971.00.
Ethereum (ETH) lost 4.2% to $355.49. The cryptocurrency’s price rebounded on Thursday after falling to a two-week low at $319.88. The maximum was recorded on Monday at $374.84. The leading CMI10 crypto index fell 2.4% from $6,993.07 to $6,825.28.
Against the background of recent events, cryptowhales have become more active: in total, large holders moved Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) coins worth $319 million on September 25.
Last week, two bills were proposed to the US Congress at once. US Congressman Tom Emmer introduced a new bill, the ‘Securities Clarity Act’, which defines what an investment contract is and whether it can be considered a security. A member of the House Committee proposed ‘The Digital Commodity Exchange Act (DCEA)’.
On September 24, the largest crypto exchange Binance announced in its Russian Telegram channel that Roskomnadzor has added the exchange’s website to the register of platforms banned in the Russian Federation. The site is still available for users from Russia. In response to the notification, Binance representatives engaged lawyers to get advice.
Visa is committed to in the development of blockchain-based solutions. On Wednesday, September 23, the Forbes published an interview in which the company’s executives Terry Angelos and Kay Sheffield talk about the company’s immediate plans in the field of crypto.
In the Middle East, a new digital exchange Fasset Exchange (FEX) is being launched. This is the first crypto exchange in the world with zero fees. On Thursday, the launch of the beta version of the platform was announced.
Technical indicators:
- Bitcoin domination level: 57.8% (-0.4%)
- Market capitalization: $347 billion (+1.2%)
- Network complexity:
Bitcoin — 19.31T (+0.9%)
Ethereum — 3.23T (+1.5%) - Number of transactions:
BTC — 275K (+5.8%)
ETH — 1.095M (-11.8%) - Number of Google Trends requests: 45 (-4.3%)
Altcoins continue to fall for the fourth week in a row
It is no secret that the crypto market is closely linked to traditional markets. Stock indexes close the fourth week with losses. The same pattern is observed with cryptocurrencies. But altcoins, whose capitalization is significantly smaller than bitcoin, fall more rapidly in price.
The price of Ripple (XRP) lost 1.5% and fell to 0.24, Polkadot (DOT) fell 8.8% to $4.26, Bitcoin Cash (BCH) has raised on 3.7% to $227.33, ChainLink (LINK) has gone up 7.9% to $10.52, and Binance Coin has fallen on 1.4% to $26.07.
Meanwhile, according to the University of Cambridge, the number of cryptocurrency users reached 100 million worldwide, and up to 191 million accounts were opened on crypto exchanges. Over two years, the growth of users number is 189%, according to the researchers’ interview with Cointelegraph.
Gainers and Losers
↑ Theta Network (THETA) — 30.2%
↑ Ocean Protocol (OCEAN) — 26.8%
↑ Celsius Network (CEL) — 21.6%
↑ DxChain Token (DX) — 14.2%
↑ Solana (SOL) — 8.6%
Despite the fall of most tokens after the inflated DeFi bubble, some altcoins were able to show growth last week. Among the rest, the Celsius Network (CEL) stands out, which has grown by almost 40% due to the growing demand for crypto loans.
Ocean Protocol (OCEAN) together with the Balancer (BAL) DeFi-project plan to create something similar to Uniswap (UNI), only for data. The platforms plan to create a decentralized market that will provide users and companies with access to data and its monetization on the blockchain. BAL token reacted to the news with a drop of more than 30%.
The Theta protocol-based video platform has partnered with ChainLink (LINK) to develop a protocol to combat fraudulent video ads. ChainLink oracles evaluate Google data and translate the result into an Ethereum smart contract that advertisers can verify.
Solana closes our top-5. Earlier, on September 17, Binance.US crypto exchange added support for SOL tokens.
↓ Blockstack (STX) — 20.7%
↓ Kusama (KSM) — 14.7%
↓ Aragon (ANT) –9.4%
↓ Polkadot (DOT) — 8.8%
↓ Ontology (ONT) — 7.6%
Kusama (KSM) fell sharper than other tokens, despite the positive news background. P2p crypto exchange LocalCoinSwap announced the listing of KSM tokens on September 28. Kusama is closely followed by Ontology (ONT). Recently Citadel.One has announced that it has joined the Ontology blockchain to develop a decentralized infrastructure.
Polkadot (DOT) has released the 2.0 network update that integrates protocol-level oracles that allow decentralized applications (dApps) to interact with external data. Developers can create their own blockchains and integrate them into the Parachain network.
Aragon (ANT) suffers a fall along with the rest of the altcoins. Well-known venture investor Tim Draper has expanded his crypto portfolio by adding ANT tokens to it. It also includes Tezos (XTZ) and TRON (TRX) tokens.
Well, this concludes our cryptocurrency digest today. Subscribe and clap, and we will tell you about the most important news in the crypto trading world. Have a positive trade!
If you missed our Weekly Global Markets Digest #9:
https://medium.com/@excelsior_one/weekly-global-markets-digest-9-sep-21-sep-27-2020-94b06cc87bce
