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Global Finance Market Falling Sharply Could Lead To Loss of Funds, Cardano Rises To 3rd Rank Behind BTC & ETH In Terms Of Market Cap
Global Finance Market Falling Sharply Could Lead To Loss of Funds, Cardano Rises To 3rd Rank Behind BTC & ETH In Terms Of Market Cap
20 August 20:01
Important Announcement From Gate.io
On August 1, 2021, Gate.io launched a new version of liquidity pool (Centralized Automated Market Maker service) which empowers small-cap coins to enjoy the same liquidity advantages as that of Uniswap, and allows users to enjoy a low-cost and high-quality user experience on a centralized platform. Gate.io will continue to add support for more tokens in the coming future. And hence,do check out our announcement board for future updates.
Click here to check our Gate.io new liquidity pool: Gate.io will upgrade some markets to automatic market maker (AMM) mode announcement(new 50% varying platform trading fee bonus)
Users can also enjoy Liquidity Mining to earn the transaction fee rewards from the pool.
Experience Liquidity Mining here: https://www.gate.io/en/liquidity
Cryptocurrency Market
This week, the crypto coin market made a slight correction to its ongoing bull movement. The price of BTC dipped four times in a row from August 14 to August 17, but the magnitude of the decline was relatively weak. The BTC spot price dropped from $47,797.43 US to $44675.28 with a decline of 6.5%. The ETH spot price dropped more relatively. After falling for two consecutive trading days on the 16th and 17th, it rebounded on the 18th. At present, the price of ETH is close to the level before the adjustment on the 13th.
From the perspective of technical indicators, the Bollinger Bands of BTC and ETH continue to narrow, and their prices are still moving along the upper track of the Bollinger Bands. This shows that the market has not yet entered a sharp decline channel. Meanwhile, the BTC spot price remained firmly holding the 14-day price moving average. On the 17th, after falling below the 14-day price moving average, the BTC spot price immediately rebounded. The 14-day moving average may be the psychologically acceptable price of the current BTC market. When the market price continues to fall below the 14-day moving average price at that time, the BTC price may enter a downward channel. Both sides of the market did not carry out much trading volumes this week, with mainly patient observation. In recent days, BTC spot prices may continue to move closer to the upper Bollinger band, while ETH prices may continue to oscillate between the Bollinger midline and upper rail.
Crypto News
After Cardano’s announcement of the successful Alonzo white hard fork upgrade, the price of ADA tokens rised another 46.5% over the last 7 days, pushing the market cap of Cardano to $790 million. Now Cardano reaches the 3rd highest market cap behind BTC and ETH. Some analysts considered the latest upgrade essential for Cardano to compete with ETH, as it improves the blockchain to better support many DeFi projects.
The Dogecoin Foundation was reorganized earlier this week. The foundation was originally established in 2014 to support the development of meme-coin through advocacy, management, and trademark protection, but it gradually became inactive until it was dissolved. The reorganized foundation recruited Ethereum co-founder Vitalik Buterin as an advisor. Meanwhile, Tesla founder Elon Musk appointed representative Jared Birchall as legal and financial advisor. Dogecoin core developer Max Keller will serve as technical advisor.
Vitalik Buterin, the co-founder of Ethereum said in an interview with Bloomberg that blockchain and cryptocurrency have developed rapidly in the past decade and have begun to challenge traditional finance, technology and consumer industries. Various traditional industry giants are working hard to incorporate blockchain into their businesses, but some of these established companies will eventually lose out to "industry upstarts." In addition, Buterin also expressed the hope that Ethereum will be able to support Metaverse in the next 5-10 years.
David Marcus, the head of Facebook Financial, said that the digital currency wallet Novi is ready to go online and is currently licensed in almost every state in the United States. Before a customer creates a new account, Novi will conduct a comprehensive (KYC) on the customer, including verification by uploading a government-issued identity certificate.
earch partner at Paradigm, a blockchain investment institution, and well-known white-hat hacker Samczsum wrote an article that disclosed the security vulnerabilities in BitDAO's Dutch auction smart contract on SushiSwap, and recorded that multiple white-hat hackers jointly rescued $350 million worth of funds of 109,000 ETH from the crowdfunding pool. Joseph Delong, CTO of SushiSwap, subsequently released a vulnerability analysis, which confirmed the existence of the vulnerability and rescue operations, and said that the current ETH is now safe.
News in the Financial Market
As the world witnesses the resurgence of COVID-19, the financial markets have once again started to take a plunge.
According to the meeting minutes published by the FED, there is a thick possibility that the scale of bond purchases
will be reduced this year. This news sparked fear about shrinking liquidity which caused steep falls in commodities and
3 major U.S. indexes. The markets in the Asia-Pacific region and Europe have also taken a hit
As the number of U.S. residents claiming unemployment benefits for the first time has reached a new low since the
outbreak, the market is looking forward to more employment data to understand the impact of the new variants of
Coronavirus on the recovery of the U.S. real economy.
Palantir, an American company engaging in software technology, recently stated that in order to cope with the upcoming
"Black Swan" event, it has begun hoarding gold bars and invited customers to purchase the data analysis software via
gold. The company purchased gold bars worth $50.7 million in August this year and began accepting gold payments.
According to its investment strategy, the company also invests in startups and SPACs. It may even become a Bitcoin
holder in the future.
Robinhood, a U.S. cryptocurrency and stock encryption platform, announced its second-quarter financial report showing
the total revenue of $565 million. The transaction-based revenue was $451 million among which $165 million was ascribed
to options trading and $52 million was from stock trading. Gains from cryptocurrency transactions were $233 million, an
increase of more than 40 times when compared to the same period last year. It accounted for 41% of revenue for the
quarter, and 62% of which came from DOGE transactions.
According to a report released by KPMG, since the first half of 2021, there has been global investments of more than $8.7
billion in the blockchain and cryptocurrency market. This is double the investment ($4.3 billion) for the whole year of 2020
and exceeds the record of $7.2 billion in 2018. It has been reported that a growing number of investors are taking a keen
interest in the industry where a large amount of institutional funds are flowing into. It has also been specifically pointed out
that BlockFi, Paxos, and Blockchain. com each received an investment of $300 million or more.
Big News
Deputy Prime Minister and Minister of the Digital Transformation Department of Ukraine Mikhail Fedorov revealed that he advocates the introduction of the central bank digital currency e-hryvnia (electronic hryvnia) and plans to use it to pay salaries to employees of the department for testing and prevent improper use. Previously, the President of Ukraine Volodymyr Zelenskyy signed the payment service issue, officially authorizing the central bank of the country to issue the digital currency e-hryvnia.
The Brazilian Federal Police launched a national crackdown on money laundering eac7 related to cryptocurrencies. The operation summoned 150 federal police officers, executed 34 search and detention warrants, and issued more than 30 orders through the court to freeze relevant accounts. In July, Brazilian police seized more than $33 million related to exchanges and shell companies.
The US Department of State plans to provide cryptocurrency assets to encourage white hat hackers to submit information about various terrorists, extremist suspects, or state-backed hackers through the "Rewards for Justice" platform. The whistleblower can choose whether to receive compensation in the form of cryptocurrency assets. William Evanina, the former director of the United States National Counterintelligence and Security Center (NCSC) says that this plan made it the most public “foray into crypto assets ever made” by the US government.
The U.K.’s Greater Manchester Police announced Wednesday that the Economic Crime Unit has seized a USB stick containing Ethereum worth $9.5 million as a part of the operations targeting an international cryptocurrency scam. The USB stick was found after the arrest of two suspects for fraud and money laundering offenses. The detectives have seized $22.25 million during the operation.
Gate.io Weekly Blogs:
[Hot Spots]: Will Ethereum Continue to Soar High after the London Upgrade & with its new Burning Mechanism?
The Birth Story of ETFs🎉
Gate.io Academy | Master Leveraged ETF Token
Gate.io Observation: Use Leveraged ETFs to Earn More, With Less!
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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