Wednesday, 23 September 2021

Market Summary

Market Summary 23 September 2021

Hodlers Are Unfazed Amidst Speculator Risk Off

  • Today was yet another volatile day for crypto. There was a furious leg down during the Asian open, followed by a V-shaped recovery. Since then, markets have been choppy and indecisive.
  • Despite experiencing a heavy sell-off over the last few days, long-term holders seem to be unfazed and continue to HODL.
  • According to Glassnode’s on-chain data, this cohort continues to accumulate. Therefore, this leg down was likely caused by speculators taking a risk-off stance in anticipation of macro and regulatory headline risk factors.
  • The Evergrande contagion scare has driven Bitcoin’s correlation to the S&P 500 to recent highs (1M moving average), reinforcing the fact that this move down in crypto markets was part of a wider risk-off move.

 

Bitcoin, Ethereum Recover as Evergrande Fears Subside, Fed Talks ‘Tapering’

  • The crypto market was struggling Monday and Tuesday—along with the global equities market—partly due to concerns over a potential global financial fallout related to Chinese property developer giant Evergrande. The company has $300 billion-worth of debt that some analysts say it won’t be able to pay back.
  • The situation has had some wondering whether this could amount to China’s “Lehman moment,” suggesting that the country could be on the verge of a financial crisis on par with the one caused by Lehman Brothers’ collapse in 2008.

 

Crypto markets soar after Fed commits to printing and Evergrande plans to pay its debt

  • The cryptocurrency ecosystem is showing signs of a recovery on Sept. 22 following a 48-hour corrective stint which saw Bitcoin and altcoins sell-off to their swing lows. Equities and crypto investors were clearly worried about the possible bankruptcy of China’s Evergrande real estate firm and many feared that the possible default could spark a global decline in financial markets.
  • These concerns were temporarily put to rest after the real estate firm was able to come to an agreement with bondholders and avoid defaulting on its obligations technically, and this helped to spark a recovery across the cryptocurrency market that lifted Bitcoin (BTC) to a daily high at $44,000.

 

The 1inch Network expands to Arbitrum

  • The expansion to Arbitrum is set to offer 1inch users lower transaction costs, higher transaction speeds and fast withdrawals.
  • The 1inch Network continues conquering more and more of the DeFi space and is happy to share that the 1inch Aggregation Protocol and the 1inch Limit Order Protocol have been deployed on Arbitrum One, an L2 solution on Ethereum provided by Offchain Labs.

 

NFT startup Dapper Labs raises $250 million in new funding

  • Dapper Labs, the maker of the popular basketball NFT game platform NBA Top Shot, has raised $250 million in a new funding round.
  • Coatue Ventures led the round, with participation from existing investors a16z, GV (formerly Google Ventures), and Version One Ventures. New investors, including BOND, a venture capital firm, and GIC, a Singaporean sovereign wealth fund, also backed the round.
  • The new round comes six months after Dapper Labs raised $305 million in funding, also led by Coatue at the time. The latest round reportedly brings Dapper Labs’ valuation to $7.6 billion.

 

TRON USDC now available

  • Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world’s fastest-growing, regulated dollar digital currency. 
  • USDC activity on TRON has grown rapidly since its introduction earlier this year. Businesses and individuals can leverage USDC on TRON to capture opportunities in the fast-growing NFT markets, quickly enter and exit crypto trading positions, access dynamic DeFi protocols and more.

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