Crypto Roundup: September 27, 2021
September 28 2021 - 12:06PM
NEWSBTC
Another week of wild volatility has hit the cryptoasset market, as
China’s latest ban collides with accelerating adoption to catalyze
big market swings. First, fears of the financial collapse of
Chinese developer Evergrande sent crypto sliding last Monday,
before the market turned around as Twitter added Bitcoin tipping.
El Salvador’s President Bukele then bought the dip, only for the
gains to be erased on Friday as Chinese authorities announced yet
another crypto crackdown. When the dust settled, Bitcoin and
Ethereum were both sitting slightly higher with 2% and 5% weekly
gains respectively. DeFi tokens however, enjoyed even bigger wins
in anticipation of more Chinese users being forced into the DeFi
wilderness. Exchange protocol Uniswap has risen 23%, while
up-and-coming platforms Tezos and Cardano are celebrating 25% and
8% gains. This Week’s Highlights China ban fails to sink Bitcoin
Twitter accelerates crypto adoption eToro launches DeFi Portfolio
China ban fails to sink Bitcoin Digital asset traders were left
with déjà vu on Friday as Chinese authorities announced yet another
crypto crackdown. The Chinese central bank said in an announcement
that all crypto-related activities are now illegal, including
exchange services between cryptoassets, and between fiat currencies
and cryptoassets. Bitcoin tumbled on the news, but soon recovered
on a wave of optimism about the opportunity for adoption elsewhere.
Weighing in on Twitter, U.S. Senator Pat Toomey said that “China’s
authoritarian crackdown on crypto” represents “a big opportunity
for the U.S.” to take part in what is “arguably the most exciting
innovation in finance in decades.” Twitter accelerates crypto
adoption Twitter has taken crypto another step closer to full-blown
mainstream adoption by enabling Bitcoin tipping, and revealed plans
to roll out an NFT authentication feature. Tipping, which is
currently only available on iOS, uses Bitcoin Lightning Network to
allow anyone to receive direct donations from profile visitors. NFT
authentication on the other hand, is expected to allow users to
connect their wallets to showcase their NFT collections. Alongside
Reddit’s Moon Tokens on Ethereum, and Facebook’s ongoing Diem
project, crypto now looks set to be a permanent feature of social
media. This could lead more otherwise uninterested social media
denizens to develop cravings for cryptoassets over the next few
years. eToro launches DeFiPortfolio The DeFi revolution has begun,
and the dizzying pace of innovation is making it difficult for even
the most informed investors to keep up. eToro is now offering an
easy way to stay ahead of the growing decentralized finance
movement. The DeFiPortfolio bundles together the top decentralized
finance projects, giving you exposure to every corner of the
ecosystem — from Uniswap to Yearn.Finance and more — without having
to spend hours on research. Learn more about eToro’s newly launched
DeFiPortfolio. Week ahead As September draws to a close, analysts
including Galaxy Digital’s Mike Novogratz are anticipating a
bullish fourth quarter. In October, the biggest upcoming price
catalyst could be the approval of a Bitcoin ETF. Bloomberg analyst
Eric Balchunas gives this a 75% chance. On the bearish side,
Washington now has crypto firmly in its regulatory crosshairs. Jake
Chervinsky, crypto lawyer at Compound, expects enforcement activity
from the U.S. Securities and Exchange Commission (SEC) and
Commodity Futures Trading Commission (CFTC) in the next two weeks
as the agencies seek to boost performance before the end of the
fiscal year. Image by Gerd
Altmann from Pixabay
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