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Greed is good
The cryptocurrency market stormed into the new month with high expectations Bitcoin could break its historically weak September performance. A look back at the monthly price data since 2013 shows that Bitcoin only closed in the green twice in eight years in September – 2015 and again in 2016 – but even then with only small profits. Cointelegraph has a full description. With Bitcoin looking healthy today, many are expecting a pump thanks to the attention Bitcoin will get from El Salvador’s adoption of the cryptocurrency tomorrow.
The crypto market continues to rise, although the mood is shifting to “extreme greed”.
Elsewhere, cryptocurrencies continue to rise across the board. Chain link, a 2020 crypto darling, has led the main market up 15% in the past 24 hours and contributed nearly 40% in profits over the past week. ether holds on to its huge gains of more than 20% over the past seven days but is unchanged at that time yesterday. Among the top ten crypto Ripple’s XRP Payment token leads the package, up 10% over the last 24 hours. Dogecoin also outperforms other tokens by 5% as an upgrade further improves confidence.
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Solana, one of the many attention-grabbing Ethereum rivals, has now climbed to seventh place among the 10 largest cryptocurrencies in the world after its price tripled in about three weeks and is worth more than $ 42 billion, according to CoinMarketCap is equivalent to. The market could get dangerously hot, however, as the Crypto Fear & Greed Index, a measure of market sentiment, shows that traders are back in the “extreme greed” mindset. At 79/100, the ad is only 16 points away from its historic peak, an area that has triggered corrective action in the past.
The New York Times Big Crypto Coverage Weekend:
– Crypto’s rapid entry into banking triggers an alarm in Washington
– Crypto banking and decentralized finance, explained
– Bitcoin uses more electricity than many countries. How is that possible?
FTX betting on NFTs
FTX CEO and crypto billionaire Sam Bankman-Fried
© 2021 Bloomberg Finance LP
NFTs for everyone: FTX, the derivatives-focused bitcoin and crypto exchange, which has skyrocketed in volume this year, is stepping up its support for NFTs – non-fungible tokens that digitize all kinds of diverse assets and have become a collector’s craze. This morning, FTX CEO Sam Bankman-Fried tweeted that the exchange will offer the opportunity to mint NFTs directly on its platform.
Embossed: FTX users, also on the US FTX.US, will be able to create their own artwork and mint them as NFTs directly on FTX and then sell them on their marketplace, with the exchange hoping to gain market share of Dedicated NFT platforms such as OpenSea are sold on its marketplace for profit. Other crypto exchanges, including Binance and OKEx, also offer NFT marketplaces to varying degrees and on a mix of blockchains. According to Bankman-Fried, FTX-NFTs will be cross-chain across the Ethereum and Solana blockchains. Ethereum remains by far the most popular NFT blockchain, despite its staggering fees. Bankman-Fried and FTX have close ties with Ethereum rival Solana.
The big question: Is Bitcoin losing its position as the leader in the crypto market?
Crypto madness 2.0: The NFT market has been declining in recent weeks, defying speculation that it bottomed out after the $ 69 million sale of Beeple in March. Last week, the sales volume of the CryptoPunks NFT collection alone hit $ 150 million in one day, according to data from NFT tracking website CryptoSlam. Last month, Visa set the market on fire when it announced it had bought CryptoPunk # 7610 for 49.50 Ethereum – around $ 150,000 at the time.
Test patience: Bankman-Fried’s scribble of the word “test” with the heading “I’m testing a DIY NFT listing on FTX.US” has already reached a price of 1,100 US dollars with 19 bids. But FTX doesn’t give out NFTs for free: it charges the buyer and seller 5% per sale – a total of 10% fee, The Block found.
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The next week
- This week will be historic for Bitcoin as El Salvador pushes ahead with its plan to make Bitcoin an integral part of its economy and society. Starting tomorrow, September 7th, Bitcoin will be used as the country’s official currency alongside the US dollar.
- On Wednesday, the Bitcoin network is expected to strengthen for the fourth year in a row as those who secure Bitcoin’s blockchain with computing power return after being driven out of China. China’s ban on bitcoin and crypto mining threw miners to the wind in May, but they have recently returned to mining all over the world.
- Gamestop GME, the meme stock king traded by users of Robinhood and other popular apps similar to Bitcoin and other cryptocurrencies, will report its winnings on Wednesday. The share price is currently up 2,500%, and significant deflation in the price could herald a crypto sell-off.
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