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What moved the crypto markets this week? How did the prices of Bitcoin and Co. develop? A look at the crypto week.
Bitcoin is not moving
Bitcoin, the #1 cryptocurrency with a market cap of $380 billion, fell another 2% in the past week. BTC is currently trading at around $19,660 on CoinMarketCap.
Ethereum, the #2 with a market cap of $190 billion, is up a modest 3.5% over the past week. ETH is currently trading at $1,556.
New data from the Ethereum Name Service (ENS) shows a more optimistic development. ENS was created five years ago by members of the Ethereum Foundation to allow people to register domains in memory for their crypto wallet – instead of being limited to the unwieldy string of random numbers and letters that usually make up a blockchain address representation.
ENS reported the third highest revenue in August with 2.17 million .ENS domain names created through the service. Two weeks ago, the service reported that the number of .ENS domain name registrations had doubled in the previous three months.
This significant increase in ENS activity is likely a foreshadowing of the Ethereum network overhaul this month. With the Ethereum Merge, the network will switch from the energy-intensive Proof-of-Work (PoW) consensus mechanism to the 99.95% greener Proof-of-Stake (PoS) algorithm.
Avalanche was the biggest loser among the top thirty cryptocurrencies. AVAX is down 10% for the week and is currently worth less than $20.
Two cryptocurrencies in the top 20 saw a significant increase in prices. One of them may surprise many: Litecoin (LTC) is up 15% in the past week to over $60. On the other hand, Polygon’s MATIC was up 11% and is currently trading at around $0.90. Polygon’s blistering rally came amid adoption news from trading app Robinhood and social media giant Meta.
The other leading cryptocurrencies are little changed this week.
Meta and Ticketmaster accept NFTs
The parent company of Facebook and Instagram Meta rolled out new NFT features for its objects on the day. Including the ability to post NFTs in the app for select US users.
Currently Meta supports Ethereum, Polygon, and Flow NFTs on both Facebook and Instagram. It also supports a range of crypto wallets – including MetaMask, Rainbow, Trust Wallet, Coinbase Wallet and Dapper. All of them can be connected to verify and share NFTs.
On Wednesday, ticket titan Ticketmaster announced that it will use the Dapper Labs flow blockchain to plot NFT tickets for specific events. For the past six months, Dapper Labs and Ticketmaster have been quietly piloting an NFT program where Ticketmaster NFTs are presented as souvenirs to attendees at certain events. past – like this year’s Super Bowl LVI.
More than five million NFTs were estimated to flow during the pilot, according to Dapper.
Crypto lenders are trying to manage liquidity crises
Singapore-based crypto lender Hodlnaut was granted judicial administration for organization and restructuring by the country’s top court on Tuesday. The company filed for judicial administration on August 13 for temporary protection from legal claims. Just five days earlier, it had frozen its customers’ withdrawals to “stabilize liquidity amid the ongoing liquidity crisis in the industry.”
On Thursday, bankrupt crypto lender Celsius said in a court filing that it wants to return some of its customers’ funds. The company is currently offering to release nearly $50 million in cryptocurrencies. These relate to customers who were part of the retention program. So accounts that stored cryptocurrencies but did not generate any returns.
If Celsius’ proposal is accepted, the funds back would only cover a fraction of the lender’s obligations. Custodial accounts hold $210.02 million in cryptocurrency, according to the filings.
However, clients who have invested cryptocurrencies in the popular Earn Celsius program have $4.3 billion in account assets and the expected results. It has not been announced when they will get their money back.
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