The week has been an interesting one. The market leader BTC, has been able to hold its range, trading between C$58,500- C$63,500 this week, along with good volume support. ETH however, seems to be witnessing a big rally, up by 20% compared to the same time last week. ETH is turning out to be the most favoured asset from an institutional inflow perspective, despite the surge, which is a good sign fundamentally for the asset. XRP has witnessed a spike too, crossing the C$1.5 mark, and currently trades around C$1.6, a gain of more than 20% week on week. Cardano has been witnessing good volumes too, and is treading its way towards becoming a more mainstream and mature asset, and institutional and retail interests in the asset continue to rise.
This week has been eventful for BTC with Salvador’ announcement of bullying a country-wide infrastructure which will enable bitcoin adoption. The parliament approved US $150 million for the formation of a BTC trust. In addition, Jeremo Powell’s comments after the Jackson Hole event, saw stocks hitting highs and the US dollar value falling, which in turn led to a favourable rise for BTC. The major BTC ATM operators in the US have joined forces with the launch of Cryptocurrency Compliance Cooperative (CCC) to wrestle against illicit business and establish compliance standards, a strong move towards making BTC transactions more regulation friendly. The large liquidity provider, FTX, acquired LedgerX for an undisclosed amount to deepen its involvement in BTC and ETH future trading. Despite the rally seen this week, BTC whales were seen accumulating, stretching the fundamental belief in the asset. Bloomberg’s investor note released recently suggested that SEC approval can be expected as early as October 2021. This could be the key factor in making BTC adoption even more widespread.
ETH has had an interesting week too. Bilaxy , a small cryptocurrency exchange confirmed a theft and transfer of 295 different ERC-20 tokens due to a hacking that took place on a hot wallet. The aftermath of the London Hard fork can be observed as the ETH2 staking contract with 1.7 million ETH tokens became the largest Ethereum holder. The Ethereum Foundation received a donation of $250,000 from a DeFi project too. The Ethereum blockchain successfully averted a potentially catastrophic event, when the main blockchain was forced to split due to the severity of a known bug found in the Geth software, but then rectified in time. There is some good news too though, after VanEck and ProShares reveal their plans for institutional products on ETH, indicating that institutional presence in the asset is only likely to increase, which will further enhance its value proposition. ETH has rallied significantly this week, hitting a high of over C$5,000 at the time of writing, up 25% week on week.
XRP, has also impressed. In the ongoing legal battle between SEC and Ripple Labs, the judge has sided with the latter, approving its request for "fair use" access to internal documents from the U.S. regulator. This has resulted in a significant rally in the asset, as it crossed the C$1.6 mark yesterday. XRP also witnessed a spike in volume, and has been in the green for multiple trading sessions now. The rally might continue, as major altcoins are riding the upward trend, so C$2 level does seem achievable.
Cardano continues to expand its roots after capturing the 3rd rank in market capitalization bypassing the binance coin (BNB). Cardano announced that it has partnered with Confirm or Financial Action Task Force’s & 6th Anti-Money Laundering Directive. This attracted a lot of negative comments, even Weiss Crypto slammed the partnership. ADAX is trying to create a suite of Cardano-based DeFi answers and a trading area that facilitates token exchange, trading of NFT and much more. Cardano addresses with a balance which is greater than US $1 million have surged around 173% during the last ADA price increase. The asset has seen good inflows this week, second to only ETH. The institutional interest in the asset is growing significantly too.
Interestingly, MATIC is flourishing silently with a recent rally in prices pushing the token’s price above C$1.8 over the span of 2 months. Even the MATIC/USDT exchange increased by about 20.6% in 2 days due to the announcement of Polygon creating a DAO for its community members focusing mostly on the Defi space. Data shows that the network currently has become the 4th number in terms of TVL with around US $4.93 billion funds locked in the network itself.
Weekly Snapshot:
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