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

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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