Crypto Roundup — September 21st

Sofie Hendrick
Sep 21 · 3 min read
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Bitcoin is back in the driving seat. The leading crypto has made 2.5% gains over the past week, pushing the crypto market upwards as sentiment shifts in favor of the bulls.

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The move comes on the back of macroeconomic news. Last Wednesday, the Federal Reserve pledged to keep interest rates close to zero until 2023. Traditional safe haven gold failed to capitalize on subsequent weakness in the dollar, but digital safe haven Bitcoin moved on upwards to flirt with $11k.

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Meanwhile, Ethereum is trading sideways. The smart contract platform has passed several network milestones in the last few days, yet the price hasn’t reacted.

This Week’s Highlights

  • MicroStrategy and Grayscale Chase Bitcoin Gains
  • DeFi Drives Daily Ethereum Transactions to All-time High

MicroStrategy and Grayscale Chase Bitcoin Gains

This prompted another big buyer — Barry Silbert, founder and CEO of Grayscale — to joke of a “buying race” between the two firms. Investment fund Grayscale however, has had a significant head start. In April, the firm had already accumulated more than 1.7% of the total supply of BTC, and was later said to be buying an average of 1,190 BTC per day.

DeFi Drives Daily Ethereum Transactions to All-time High

Meanwhile, competitor NEO continues its multi-week winning streak. The “Chinese Ethereum” is showing double-digit percentage gains as traders anticipate the launch of multi-chain yield farming app Flamincome. This is released today, and will allow crypto traders to simultaneously farm yield across NEO and Ethereum.

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The Week Ahead

On Friday, traders will be braced for the expiry of a big batch of Bitcoin options contracts. Data from Skew shows the number of open contracts is almost at an all-time high, and around half of them are due to expire on Friday. This could spark a sudden move as a large number of traders reposition themselves.

Written by a team of experienced financial analysts at eToro.

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of future results.

Delta — Bitcoin & Crypto Portfolio Tracker

Delta — Keep track of Bitcoin & 5000+ other…

Sofie Hendrick

Written by

Employee at Delta Crypto Portfolio Tracker

Delta — Bitcoin & Crypto Portfolio Tracker

Delta — Keep track of Bitcoin & 7000+ other cryptocurrencies, manage your investments, get the latest coin price and more.

Sofie Hendrick

Written by

Employee at Delta Crypto Portfolio Tracker

Delta — Bitcoin & Crypto Portfolio Tracker

Delta — Keep track of Bitcoin & 7000+ other cryptocurrencies, manage your investments, get the latest coin price and more.

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