Crypto.com Weekly Market Update (Week 36, 06/09/2021 - 12/09/2021)

BTC price sat at about $46,000; ETH consolidated around $3,400; Overall price index declined by 9.28%.

Highlights

Bitcoin went through a flash crash and lost more than $7,000 on Tuesday, caused by a chain effect of overleveraged positions getting liquidated. It happened the same day when El Salvador officially acknowledged Bitcoin as legal tender. After the plunge to $43,000, bitcoin bounced back immediately to around $46,000 and has remained stable since. At the time of writing, the price sat about $46,000 with a dominance of 40.49%.

Ethereum also plummeted on Tuesday and has shrunken by more than 10% of its value during the mid-week crash. After falling as low as $3000 during the sell-off and liquidation, it has partly recovered and closed at $3428 by the end of the day. At the time of writing, the price consolidated around $3,400 with a dominance of 18.84%.

Overall, the price index declined by 9.28%, while the volume and volatility index surged by 19.88% and 140.07% respectively, according to data compiled by Crypto.com.

Check the latest prices on crypto.com/price.


Notable events

The price of Tezos (XTZ) has skyrocketed over the past week following the launch of an exclusive NFT collection from the musician Doja Cat (ref). 

KLT Protocol, an open-source blockchain protocol for self-sovereign, anonymous, and verifiable credentials has won the sixth Kusama parachain auction. This auction is the first of the second of five parachain slots on Kusama, which is Polkadot’s test network (ref).

Cardano’s native token ADA fell more than 10% on 7 Sep, after critics slammed its smart-contract testnet errors and complained that the blockchain wasn’t fit for its purpose as a DeFi platform (ref).


Notable events

dYdX, a decentralised derivatives exchange, released its governance token (DYDX) to its users. The number of tokens airdropped to each user was determined by their trading activity on the platform. According to CoinGecko, the market cap of DYDX is now $592M.

Multisignature wallets belonging to Cream Finance received 5,152.6 ETH (17.6 million) from the hacker’s address. It is unclear why the funds were returned. However, the hacker has kept a portion of the funds, around 606 ETH, which is worth about $2M.


Notable events

Chiliz (CHZ) burnt around 8,888,888 tokens in Q2 (ref).
WAX announced NFTs airdrop to WAX holders (ref).


Notable events

C.R.E.A.M. Finance bridged between NFT and Metaverse tokens and DeFi with supporting the lending and borrowing NFT tokens including AXS, YGG, OGN, MANA, SAND, and RARI (ref).


Notable events

Coinbase Pro added meme coin Shiba Inu, following on from Dogecoin (ref).



Top Industry News


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