Crypto.com Weekly Market Update (Week 39, 27/09/2021 - 3/10/2021)
Price and Volatility Indices Up, Volume Index Down. El Salvador Mines BTC Using Volcanic Energy.
Key Takeaways
El Salvador has successfully mined Bitcoin (BTC) using volcanic geothermal energy, a sustainable and green energy source.
Visa is rolling out its own layer 2 payment solution for stablecoins and central bank currencies.
Terra’s new Columbus 5 Upgrade will provide a direct supply and demand linkage between its Luna and UST. In the new upgrade, LUNA will be permanently burned when converting to UST. This is in contrast with the previous mechanism that tokens were transferred to the ‘community pool’.
Immutable X, a layer 2 solution for NFTs, is partnering with Tik Tok to bring NFTs to Tik Tok users.
Comments from Mr. Jerome Powell, the chair of the United States Federal Reserve Bank, and Mr. Gary Gensler, the Chair of the U.S. Securities and Exchange Commission, and the temporary prevention of a government shutdown in the U.S. could possibly ease investors’ concern in regulations and macroeconomic outlook.
Compared to last week, the general price index and volatility index increased while the volume index decreased.
Highlights
Algorand launches virtual machine to increase smart contract capabilities
New Zealand central bank releases issue paper on digital currency
Visa unveils 'Layer 2' network for stablecoins, central bank currencies
Cardano to receive $100 million from EMURGO to develop DeFi, NFTs
Coinbase reports at least 6,000 user accounts compromised through exploited authentication bug
TikTok uses Ethereum layer-2 solution to drop its first NFTs collection
Tesla CEO Elon Musk says it’s ‘not possible’ to destroy crypto
Terra implements Columbus 5 upgrade, trends positive, but fails to reach ATH
Hackers exploit MFA flaw to steal from 6,000 Coinbase customers — Report
Check the latest prices on crypto.com/price.
Notable events
Bitcoin (BTC) rallied to over $49K USD, while several altcoins also reached new highs. (ref)
Terra’s Columbus-5 could potentially impact prices of Solana (SOL), Polkadot (DOT), and Cosmos (ATOM). (ref)
Notable events
Compound (COMP) has accidentally dropped $90M into users’ hands after a buggy software upgrade.(ref)
Curve Finance (CRV) announced its second peg insurance. (ref)
Whales reportedly has stocked up another $1.45 Billion USD worth of Chainlink (LINK). (ref)
Cardano (ADA) is working with Chainlink (LINK) for Oracle Services. (ref)
JPEG’d is launching CryptoPunks with Chainlink (LINK) integration. (ref)
Altcoins equipped with cross-chain bridges rally after last week's crackdown of the cryptocurrency market in China by the Chinese government. (ref)
Notable events
The Worldwide Asset eXchange (WAX) has reached a market capital of $2.5 Billion USD of non-fungible tokens (NFTs). (ref)
Axie Infinity (AXS) is planning to launch a decentralised exchange (dex). (ref)
An anonymous whale purchased $276 Billion USD worth of Shiba Inu (SHIB) tokens over the weeked. (ref)
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