Crypto.com Weekly Market Update (Week 34, 23/08/2021 - 29/08/2021)
BTC climbed above $49,000; ETH soared above $3,300; Price index grew by 0.03%.
Highlights
Bitcoin climbed above $49,000 at the end of last week following the announcement of Fed Chairman Powell that the Fed could keep interest rates lower for longer last Thursday (ref). However, Bitcoin failed to extend to $50,000 and consolidated to a $48,000 level with a dominance of 43.9% at the time of writing.
Ethereum soared above $3,300 last Monday but retraced sharply on Tuesday to a $3,100 level. It dropped and renounced over 4% from Thursday to Friday, trading between $3,180 and $3,280 during the weekend. The price consolidated around $3,200 at the time of writing.
Overall, the price index grew by 0.03%; while the volume declined by 9.21% and the volatility index rose 8.81%.
Check the latest prices on crypto.com/price.
Price Index
Overall trend
There was a mixed bag for tokens’ prices.
Top 3 price gainers
XTZ (+56.12%), ADA (+10.94%), XMR (+3.48%)
Top 3 price losers
LINK (-7.28%), XLM (-6.19%), DOT (-5.57%)
Benchmark: BTC (-0.53%)
Volume Index
Overall trend
There was a mixed bag for tokens’ volumes.
Top 3 volume gainers
XTZ (+354.61%), XMR (+32.12%), ADA (+27.05%)
Top 3 volume losers
DOT (-33.40%), ATOM (-33.07%), LINK (-24.36%)
Benchmark: BTC (-5.89%)
Volatility Index
Overall trend
Tokens’ volatility was also a mixed bag.
Top 3 volatility increases
XTZ (+120.17%), XMR (+116.59%), ADA (+40.20%)
Top 3 volatility decreases
ATOM (-19.93%), XLM (-18.11%), LINK (-15.19%)
Benchmark: BTC (-3.22%)
Notable events
The top price gainers XTZ, ADA and XMR were supported by their surged trading volume.
Cosmos integrated Sifchain with the Inter-Blockchain Communication protocol (IBC), which made the Sifchain the first decentraliszed exchange to enable trades between the Cosmos ecosystem and the Ethereum network (ref). Additionally, Cosmos collaborated with Interlay to bring Bitcoin to the Cosmos ecosystem via interBTC (ref).
Swiss business-to-business bank InCore announced on Tuesday a new collaboration with Deutsche Boerse-backed digital asset firm Crypto Finance AG and Swiss IT consulting firm Inacta to introduce new digital financial products based on Tezos (ref). Besides the partnership, the surge of XTZ also contributed to its protocol upgrade and reduced circulation caused by staking rewards according to the report (ref).
Cardano Foundation partnered with Coinfirm to conduct Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) analytics for Cardano’s native cryptocurrency ADA (ref). Additionally, Cardano entered the final stage of smart contract rollout as it announced that the main Cardano testnet has been hard forked to the Alonzo era (ref).
Monero Project officially announced a rollout of the Atomic Swap implementation developed by the cross-blockchain protocol COMIT Network, aiming to simplify trades between XMR and Bitcoin (ref).
Solana integrated Chainlink to offer crypto price feeds (ref).
Following the success of the first Parachain auction, Polkadot planned to commence the next phase of the Parachain auction on Kusama (ref).
Top Industry News
Visa Buys a CryptoPunk as it Takes First Steps into 'NFT Commerce'
90 CryptoPunks Get Snapped up in One Hour Following Visa's $150,000 Purchase
Coinbase Announces $500 Million Investment into Bitcoin, Ethereum, and other Crypto Assets
Morgan Stanley Buys 6.5 Million Grayscale Bitcoin Trust Shares
MicroStrategy Bought an Additional $177M of Bitcoin, Now Holds $2.34B Worth Of Crypto
PayPal Launching UK Crypto Service This Week, But Community Remains Split
DeFi News Spotlight
1inch Network is Looking to Raise Series B at a $2.25 billion Valuation
Cosmos (ATOM) Rallies after Launching a Cross-Chain Bridge and Wrapped Bitcoin
Hacker Returns all Stolen Assets from $643,000,000 Crypto Heist
Kava Swap Mainnet Launch Aims to Build DeFi HubsLuna Yield Executes First Major Rug Pull on Solana
Cardano (ADA) to launch Ethereum ERC-20 convertor on Testnet Shortly
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