Weekly Market Update (Week 37, 13/09/2021 - 19/09/2021)

Price index down, volume and volatility indices are up. Dogecoin spin-off $FLOKI soars by 1000%.

Key Takeaways

  • The past week saw a continuation of the trend of price increases, however volatility and volume were down compared to the previous week.

  • Mixed signals on the regulatory front, with positive news from El Salvador, Ukraine, and Laos on mining and usage, and negative developments from Turkey and Russia, the former in particular taking a more hostile stance towards cryptocurrency.

  • Recent gains for new Layer 1 and 2 projects continued with large inflows of capital into Cosmos, Arbitrum, and Avalanche.


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Notable events

It was announced that a layer 2 upgrade for Cardano (ADA) named Hydra is being developed by Input Output Hong Kong to improve aspects of scalability and storage. (ref)

Cosmos (ATOM) rallied to an all-time high of $40.76, with a 10.74% price increase overnight. (ref)

Notable events

Curve Finance (CRV) hits #1 for overall TVL, according to DeFi Llama. (ref)

The price of Ren Protocol (REN) is up 340% from its dip in July, due in part to a cross-chain bridge to Arbitrum and a surge in network activity. (ref)

Synthetix (SNX) saw a price pump after a project called Lyra announced a rewards program tied to the protocol’s sUSD stablecoins. (ref)

Notable events

Google partnered with NFT leader Dapper Labs to support Flow blockchain. (ref)

Shiba Inu (SHIB) surged on Elon Musk’s cryptic endorsement and Coinbase listing. (ref)

Shiba Floki (FLOKI) surged less than four hours after Musk’s tweet was posted, and was currently up 1,009% in 24 hours. (ref)

Code Chain New Continent Limited (an eco-technology listed in Nasdaq) announced LOI to acquire a Filecoin Miner. (ref)

Thank you for reading! We hope you find our Weekly Market Update enlightening!

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