Crypto.com Weekly Market Update (Week 32, 09/08/2021 - 15/08/2021)
BTC reached $48,100; ETH hit $3,320 on Saturday. All indices grew.
Highlights
Bitcoin surged by more than 9% on Friday and reached as high as $48,100. It retraced rapidly and closed the week at $46,000 with a dominance of 44.65%.
Ethereum has gained more than 9% to $3,180 on Monday. It corrected sharply after breaking the $3,250 resistance but recovered shortly on Friday and hit $3,320 on Saturday. The price has consolidated and sits at $3,150 at the time of writing.
Overall, all indices grew. The price, volume, and volatility index grew by7.56%, 12.56%, and 18.92% respectively.
Check the latest prices on crypto.com/price.
Price Index
Overall trend
The prices of all tokens of the index surged except for XMR (-2.53%)
Top 3 price gainers
ADA (+45.18%), XLM (+30.31%), EOS (+21.19%)
Benchmark: BTC (+4.44%)
Notable events
Cardano(ADA) launched its first fully public testnet that supports smart contracts (ref). Additionally, Cardano’s founder Charles Hoskinson has confirmed that the Alonzo hard fork will be launched on “Monday, Sept 12” in a video on Friday. The upgrade will usher in advanced smart contract solutions and DeFi protocols (ref).
Stellar(XLM) blockchain was used by Velo Lab in a collaboration with Tempo Payments and Bitazza to power the remittance corridor between 27 EU countries and Thailand, aiming to accelerate cross-border payment (ref). In addition, Chile-based firm CLPX has launched the first-ever Chilean Peso-pegged stablecoin “CLPX” on Stellar Network (ref).
Volume Index
Overall trend
There was a mixed bag for tokens’ volumes.
Top 3 volume gainers
ADA (+180.40%), XLM (+69.93%), EOS(+60.90%)
Top 3 volume losers
DOT (-6.84%), ETH (-5.58%), LINK (-5.22%)
Benchmark: BTC (+4.40%)
Notable events
Chainlink has announced its successful launch of data oracle on Arbitrum One’s Ethereum scaling solution. This will allow developers building on Arbitrum One to access on-chain financial data directly from the network (ref).
Ethereum network has burned more than $100 million of ETH in the first week after London Hardfork. According to WatchTheBurn, 32,100 ETH (around $100 million) has been destroyed since the upgrade occurred on 5th August (ref). Additionally, $430 million in ETH options expired on Friday, and derivative data has shown a bullish signal in the market (ref).
Volatility Index
Overall trend
Most tokens’ volatility surged except for BTC (-0.13%) and XMR (-0.05%)
Top 3 volatility increases
ADA (+812.72%), XLM (+113.43%), LINK (+99.05%)
Benchmark: BTC (-0.13%)
Top Industry News
Australian crypto users will have access to tax reporting services through Crypto.com
Tether significantly increased exposure to treasury bills as of June, per reserves report
Poloniex Agrees to $10M Settlement With SEC for Operating Unregistered Exchange
Crypto and blockchain investments have already doubled 2020’s: KPMG report
DBS wins regulatory approval in Singapore for crypto payment services
Top DeFi News
Cross-Chain DeFi Site Poly Network Hacked; Hundreds of Millions Potentially Lost
Poly Network hacker returns nearly all funds, refuses $500K white hat bounty
DAO Maker crowdfunding platform loses $7M in latest DeFi exploit
Uniswap has now generated more than $1B in fees for liquidity providers
Polygon acquires Hermez in $250 million deal that includes first-ever token ‘merger’
Cardano (ADA) Launches Smart Contract Public Testnet With Alonzo Purple
Ethereum network burns $100 million of ETH in first week after London upgrade
Thank you for reading! We hope you find our Weekly Market Update enlightening!
Hungry for more? Visit our Research Hub and University to access other insightful crypto research!
Share with a friend if you like our email!