Gate.io Blog Instant Sold Out of Time Magazine NFT Led to a Sudden Increase in Gas Fees_ Coinbase Forced To Stop the Loan Product

Instant Sold Out of Time Magazine NFT Led to a Sudden Increase in Gas Fees_ Coinbase Forced To Stop the Loan Product

24 September 16:03

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Important Announcement From Gate.io
Since Gate.io launched the new liquidity pool on 1st August 2021, it has received an overwhelming response from users. To meet the users’ demands of investment, Gate.io has now launched a new feature named Lending & Liquidity Mining (By pledging one asset to lend another or pledging an idle currency to lend a portion of another currency for increased leverage or other purposes of gain), which allows users to earn income by depositing tokens to provide liquidity. You can deposit or withdraw at any given time.Presently, Gate.io has 347 single-asset lending liquidity pools, and more pools being added, so stay tuned.

You can experience Lending & Liquidity Mining here: https://www.gate.io/en/article/22754

Cryptocurrency Market
The price of the crypto coin has generally been bumpy this week due to the rumor that the U.S. government may strengthen supervision of the cryptocurrency market.

The BTC spot price of 47,236.99 USD drops to 43,018.00 USD, and the ETH spot price of 3328.6 USD drops to 2978.21 USD. From the perspective of technical indicators, the BTC spot price deviated from the 20 days moving average again. The price moved to the lower track of the Bollinger Band, and fell below the lower track of the Bollinger Band on the 21st, then rebounded again to the midline.

The ETH spot price trend is consistent with BTC, although much more volatile. Before September 10th, the overall technical strength of ETH spot was higher than BTC, but after several flash drops, the rebound of ETH price was significantly weaker than BTC’s.

Currently, although the spot price of ETH is still moving towards the midline of the 20 days Bollinger Bands, the momentum is significantly weaker than that of BTC.

Since September 7, the MACD indicator of BTC has been showing a bearish state, and the DIF line has continued to move below the DEA. At the same time, the momentum indicators ROC and WILLR indicators both show that the current price trend of BTC and ETH is in a low momentum state, and the market has not shown obvious upward momentum.

In addition, momentum indicators and price movements have remained basically unchanged, and no sign of market reversal has been seen yet.

Crypto News
Adam Aron, CEO of AMC, an American movie theatre chain, publicly confirmed on Twitter that AMC will accept Dogecoin (DOGE) payments. Aron wrote in his tweet that the Dogecoin poll was the most read of all his tweets, with over 140,000 people voting, and 77% of which said they support the inclusion of Dogecoin. Now AMC needs to find a technical solution that allows consumers to use dogecoin for payments. The plan has also received public support from Tesla CEO Elon Musk.

TIME magazine announced the creation of the NFT community "TIMEPieces" and released the "Building a Better Future" NFT series on the 24th, which were sold in blind boxes at 0.1 ETH each, totaling 4,676 pieces. It was sold out within 1 minute. During the period, the EtherGas fee once rose to 45,000 Gwei, and some people even paid over $70,000 in fees to buy NFT.

Coinbase, a NASDAQ-listed cryptocurrency exchange, has publicly announced that it has canceled plans to launch its crypto lending program, noting in a blog update that the U.S. Securities and Exchange Commission has been critical of plans for the lending program and that the SEC has a key influence on their product. Last week Coinbase wrote in a blog post that it was threatened with a lawsuit from the SEC.

News in the Financial Market
Cambrian Asset Management, a U.S. quantitative investment firm announced on Wednesday that it will launch the Cambrian Bitcoin Systematic Trust and the Cambrian Ethereum Systematic Trust to provide investors with investment opportunities that manage downside risks and maintain substantial upside potential. Over the past three years, the firm had used the same strategies to run another digital asset-related fund that trades on about 50 digital assets with leverage, which had a whopping 76% ROI ending in August, outperforming Bitcoin's ROI at 62% during the same period.

The Federal Reserve has recently made public the September interest rate resolution. Chairman Powell added that the Fed will gradually reduce its bond purchases, ending around mid-2022. There were some substantial changes in the Fed’s economic forecasts, with a decrease in the growth outlook and higher inflation expectations which may reach the conditions for a rate hike in 2022. In addition, the Fed is already evaluating whether it needs to issue a central bank digital currency, and a related report will be released soon.

Big News
As of the release of this article, only five exchanges and one wallet provider have submitted registration documents to the Korean Financial Intelligence Unit. Upbit, being the first to do so, has received formal approval from the Financial Services Commission, according to the September 24 deadline set by the South Korean regulator for crypto exchange registration. The other 29 exchanges that received certification for their information security management systems may continue to operate, but are not allowed to offer transactions in Korean Won, and will also need to submit registration documents in the future.

The Central Bank of Ukraine has publicly stated that technological innovations related to cryptocurrencies and virtual assets may offer better access to financial services for many Ukrainians, and that it will support the development of the cryptocurrency industry. However, the regulator has also stated that it will not allow cryptocurrencies to replace legal tender.

The Independent Corruption Investigation Commission (ICPC) in Nigeria has called for the regulation of cryptocurrency trading in the country to prevent the public from being defrauded, with ICPC Chairman Professor Bolaji Owasanoye commenting that some of the transactions in cryptocurrencies use such currencies and assets to finance corruption, money laundering, and terrorism, which are not yet easy to track. Azuka Ogugua also said in a public statement that the ICPC emphasizes the need for the legislature to place more regulations to address related crimes and that the current lack of a regulatory framework encourages perpetrators to continue their criminal activities.

Since Bitcoin became a legal tender in El Salvador, the rollout of practical applications has not been entirely satisfactory. President Nayib Bukele revealed that the country's government recently acquired another 150 bitcoins, bringing the total number of holdings to 700. And 1.6 million Salvadorans have already registered to use the Chibo wallet and Bitcoin. However, due to the country's inadequate smartphone infrastructure, 65% of the phones are actually unable to support the official Chivo wallet, and a number of nationals have even reported that their identities have been stolen and they cannot even collect the $30 setup bonus.

Gate.io Weekly Blogs:

Science: From Market Maker to Liquidity Mining, How Important is Liquidity?

Why is Gate.io Liquidity Mining Great for Low Volatility?

[Tutorial] Dual Currency Product: An Awesome Option in a Shaky Market

Gate.io AMA: ETH Perpetual Contract Analysis

Author: Gazer. C & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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Instant Sold Out of Time Magazine NFT Led to a Sudden Increase in Gas Fees_ Coinbase Forced To Stop the Loan Product

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