Cryptocurrency Weekly Overview: Mixed results for altcoin mergers

Synopsis

After the first week of September, even though price movements are still limited, investors’ sentiment towards the broader market has become optimistic. As the two sides are expected to have a significant breakthrough, the exchange’s trading volume has declined. News from the encrypted world continues to be optimistic.

After a small crash on September 7, Bitcoin (BTC) experienced strong consolidation last week. The broader cryptocurrency market rose 3% this week to reach $2.17 trillion. The results for the top altcoins in the DeFi space were mixed, as Avalanche (AVAX) experienced an amazing rebound, while Cardano (ADA) and Solana (SOL) ended up being the biggest losers.

After the first week of September, although price movements are still limited, investor sentiment towards the broader market has become bullish. As the two sides are expected to have a significant breakthrough, the exchange’s trading volume has declined. News from the encrypted world continues to be optimistic.

Government and regulations Cuba’s new cryptocurrency regulations came into effect this week, recognizing cryptocurrencies as a legal payment method for commercial transactions in the country. After El Salvador announced a plan to exempt investors from paying capital gains taxes and income taxes on Bitcoin, it did so. However, in South Korea, due to the lack of registration by the financial intelligence unit, more than 60 cryptocurrency exchanges will be suspended next week.

Crypto Adoption

The Coinbase cryptocurrency exchange, which is listed on the Nasdaq, has increased its proposed bond sales to $2 billion from the initial $1.5 billion it planned to provide earlier this week after receiving a large number of offers from investors. At the same time, PayPal has officially completed the launch of its encryption service, which will allow all eligible customers in the UK to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Time Magazine recruited a crypto celebrity for the first time, Vitalik Buterin, the co-founder of Ethereum, as one of the most influential figures in the world.

Domestically, IIT Madras (IITM), India’s leading engineering college, has become a member of the Hedera Hashgraph committee for decentralized governance.

Encrypted News Summary

Solana (SOL) network was temporarily closed this week after increasing transaction load. As the centralization problem surfaced after the verifier community voted to restart the network, SOL fell by 12% in a week. The benefits of decentralized blockchain are evident in the $2 billion bitcoin transactions processed at a small fee of $0.78 this week. In contrast, the international legal transfer fee for the same amount is approximately US$20 million.

Price action

BTC hovered between US$45,000 and US$49,000 in the past week, but rebounded strongly to close above US$48,000, rising by 6% every week. Its 8-week moving average provides the next strong support at US$46,700 and may freely fall to US$42,000.

Ethereum (ETH) closed at slightly higher than $3,500 this week, up 5%, reflecting BTC for most of the week.

Among the major altcoins, Avalanche (AVAX) seems to benefit from Solana’s temporary network suspension, rising 44% in a week and ranking among the top 11 cryptocurrencies. In the top 20, Polkadot (DOT) rose 16%, while Terra (LUNA) and Algorand (ALGO) both fell more than 8%.

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