Crypto.com Weekly Market Update (Week 24, 14/06/2021 - 20/06/2021)
BTC at $35.3K, ETH at $2,286; price, volume and volatility index all dropped.
Market Recap
Bitcoin retracted sharply after breaking the $40,000 level on Wednesday, and dropped by more than 5% on Sunday to $33,600. The crash is mainly attributed to shutdowns of BTC mining operations in China and a rise in Fed projected interest rate. Bitcoin dominance is currently sitting at 45.44% at the time of writing.
Meanwhile, Ethereum has declined by more than 5% on Friday to $2,234. It slid to $2,069 on Sunday after following a short recovery and it was up to $2,100 at the time of writing.
Overall, the price, volume and volatility index dropped by 7.30%, 12.72% and 28.01% respectively.
Check the latest prices on crypto.com/price.
Price Index
Most token prices declined except XMR (+6.53%) and ATOM (+2.03%).
Top 3 losers: XLM (-11.08%), ETH (-10.99%), EOS (-10.62%)
Benchmark: BTC (-6.03%)
The developers at Cosmos (ATOM) are preparing to introduce DeFi to the network through their inter-chain exchange Gravity (ref). Umess, a start-up that aims at connecting and expanding DeFi activities between Cosmos and Ethereum, has raised a $6.3 million seed led by Polychain Capital (ref).
On the Ethereum Network, the DeFi and NFT transactions have declined with the recent crypto sell-offs, pulling gas fees to a six-month low (ref). Meanwhile, Ethereum’s London hardfork has been set to go live on three testnets starting June 24. This upgrade includes the prominent EIP-1559 that seeks to improve the transaction fee model (ref).
Volume Index
All token volumes plunged.
Top 3 decrease: XTZ (-42.18%), EOS (-33.60%), ADA (-24.70%)
Benchmark: BTC (-4.95%)
The Formula One team McLaren Racing has partnered with Tezos (XTZ) in a multi-year arrangement to create a fan-focused NFT platform (ref).
The developer team behind Cardano (ADA) has successfully launched the new version of Cardano node, AlonzoBlue 2.0 to the testnet (ref). Charles Hoskinson, Cardano’s creator, suggests that Tesla start accepting ADA payments for its environment-friendly design (ref).
Volatility Index
Most token volatility declined except ATOM (+21.00%) and LINK (+4.54%).
Top 3 decrease: XTZ (-63.51%), XMR (-53.49%), BTC (-34.96%)
Top News
MicroStrategy Selling $1,000,000,000 in Stock With Plans To Buy More Bitcoin
Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes
BBVA Switzerland Opens Crypto-Asset Trading to Private Clients
Top DeFi News
Kyber Network Set to Deploy on Polygon; $30 Million in Incentives to Be Distributed
Iron Finance’s Titan Token Crashes to $0 In a Sudden DeFi ‘Bank Run’
Ethereum’s ‘London’ hardfork set to go live on testnets starting June 24
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