From commenting that Bitcoin is likely to lose its weekly uptrend, to Mastercard’s acquisition of CipherTrace. Here are some highlights from the crypto market.
Bitcoin (BTC) hovered below its key weekly closing target on Friday as analysis warned that its multi-week uptrend was in jeopardy.
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD trading was around $ 46,000 on Friday, after dropping the $ 47,450 area the previous day.
This level marks the lower bound of Bitcoin’s uptrend on the weekly chart, a trend that has persisted since mid-July.
According to home retailer and analyst Rekt Capital, BTC / USD will have to recapture the higher lows at USD 47,400 for the time being to maintain the uptrend.
#BTC Bounces from weekly support (blue)
However, it is still below the black Weekly Higher Low which is priced at ~ $ 47,400$ BTC has to close weekly above HL to maintain the multi-week uptrend
– Rekt Capital (@rektcapital) September 10, 2021
With Bitcoin currently trading more than $ 1,000 below its higher low, the market needs some additional upside momentum over the weekend before closing on Sunday.
Americans are in favor of Bitcoin becoming legal tender.
According to a new survey by YouGov, more than a quarter of Americans want to follow El Salvador by making Bitcoin the official currency.
Of the 4,912 American adults surveyed, 11% would “strongly support” the initiative, while 16% “partially” support the initiative.
The majority of supporters of legal money making with Bitcoin in the United States are expected to be millennials (ages 25 to 34), making up the majority at 44%.
Percentage of Americans who voted in favor of Bitcoin | Source: YouGov
Ethereum’s fee structure, which gives the network a burning mechanism, is increasing day by day due to the increased network load and the underlying fees. This has resulted in the amount of money burned on the Ethereum network in the past 24 hours reaching $ 35 million.
Amount of tokens affected burn in the network inevitably leads to the formation of deflationary blocks. From an economic standpoint, the deflation will benefit the long- and medium-term owners who were able to amass large amounts of ETH prior to the EIP-1559 update.
Previously, analysts and experts had predicted that Ethereum would become deflationary by the end of the year. However, large embossing volumes in various NFT projects and general overloads have resulted in the current state of the network. There is a chance that as soon as the NFT volume goes down, the base fee and burn rate will also go down.
Polygon, the popular Layer 2 scaling solution for Ethereum, and Mina Protocol, a hot smart contract platform, today announced a bridge to bring the two technologies together.
According to the official announcement on September 9th, Mina Protocol’s privacy technology is now supported by Polygon.
This bridge will allow developers to create dapps #Polygon to use data protection and verifiability via the zk-SNARK-based protocol from Mina. Find out more here 👉 https://t.co/HFUzXLK3uS pic.twitter.com/t1fqwn7npJ
– Mina protocol (@MinaProtocol) September 9, 2021
The Mina protocol, known as the “lightest blockchain in the world”, weighs only a few kilobytes compared to the 300 gigabyte blockchain from Ethereum. This means that syncing the Mina network is much easier even for the average user, instead of requiring massive hardware, you can run a full Mina node from your smartphone.
Immediately after the news was published, MINA’s price reacted very strongly to this event. MINA accelerated a cycle from the low of $ 2.9 since the Bitcoin crash two days ago to $ 5.86.
Algorand Foundation notification on today’s launch of the Viridis DeFi Fund.
The new fund will provide 150 million Algo to advance the initial development of the DeFi ecosystem on Algorand.
In addition, Algorand also spoke about the first two SupaGrant to help build critical DeFi infrastructure, including the $ 5 million Oracle SupaGrant and the $ 5 million SupaGrant Bridge. In it, Oracle SupaGrant searches for proposals for integrating the Oracle network with corresponding price feeds.
The Harmony Foundation is providing over $ 300 million of the network’s ONE tokens over the next four years to attract blockchain projects and startups.
Today we’re increasing our $ 10,000 home builder ecosystem fund to 10,000 home builders.
the @harmonieprotokoll The ecosystem has grown exponentially and we want to fund 10,000 more crypto founders, builders and creatives.
Let’s shape the future together: https://t.co/6Yb9DoAa65
– harmony (@harmonieprotokoll) September 9, 2021
The Harmony Foundation development team has just said that this is part of a comprehensive ecosystem development campaign to help 10,000 startups to compete with heavyweights like Avalanche (AVAX) or Fantom (FTM).
The Harmony Foundation will provide $ 180 million over the next year, with 100 DAOs providing $ 50 million to make decisions about how the funds will be used, including supporting smaller projects. An additional $ 30 million is available to partner organizations that have provided Harmony to reach end users.
With Solana emerging as a new contender in the smart contract arena, former professional boxer Mike Tyson recently asked the crypto community if the emerging venture is better than rival Ethereum.
Solana or Ethereum?
– Mike Tyson (@MikeTyson) September 9, 2021
Supporters of the two cryptocurrencies have started to comment in the comment section. Some people agree that both have their own merits, which makes them unique.
Dmitry Buterin, the father of Ethereum co-founder Vitalik Buterin, also took part in the discussion.
GameFi (GAFI) became mobilize raised $ 1.95 million in a seed and private funding round led by Icetea Labs.
Other investors are: DAO Maker, Animoca Brands, Morningstar Ventures, Kyros Ventures, Onemax Capital, Basics Capital, etc.
According to the announcement, the GAFI token will be listed on Pancakeswap on September 10th at 9:15 pm (Synthetic Team time).
Mastercard has carry out A big step forward in adopting cryptocurrencies with the purchase of CipherTrace, a blockchain analytics startup, for an undisclosed amount.
CipherTrace makes tools to help many companies and government officials deal with illegal cryptocurrency transactions, such as Chanalysis and Elliptic.
According to Mastercard, the agreement will help solve the anonymity problem of those who carry out transactions involving Bitcoin and other cryptocurrencies. The company says the acquisition of CipherTrace will help customers better protect themselves from possible attacks.
Yuga Labs’ 101 Bored Ape Yacht Club (BAYC) collection auction exceeded expectations with a profit of $ 24.39 million.
auction end 10 and organized by the renowned auction house Sotheby’s, the collection was previously valued at between $ 12 million and $ 18 million.
The collection includes 101 Bored Apes, three M1s and three M2 “Mutant Serums” NFTs. When the Bored Ape token is combined with the M1 or M2 Serum, it allows the owner to create a new mutated Ape Mutant NFT that retains the characteristics of the original Bored Ape species.
American R&B artist Jason Derulo has entered the market of CryptoPunks, one of the leading blockchain-based art projects.
CryptoPunks is a collection of 10,000 images depicting 8-bit humanoid characters developed by Larva Labs. They are auctioned as NFTs on the Ethereum blockchain.
– Jason Derulo (@jasonderulo) September 9, 2021
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