Cryptocurrencies: Crypto Week at a Glance: Crypto Fix after El Salvador’s Adoption of Bitcoin

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It was one of the most volatile weeks for the cryptocurrency market in months. The markets started the week on a positive note, with Bitcoin first crossing the $ 50,000 mark, then $ 51,000 and then $ 52,000. The overall market capitalization had exceeded $ 2.3 trillion.

However, the market took a drastic U-turn on Tuesday as Bitcoin went from nearly $ 53,000 to around $ 43,000. In one of the biggest liquidation events in months, more than 328,000 traders were liquidated. The total value of liquidations exceeded $ 3.54 billion.

The crash coincided with El Salvador’s implementation of Bitcoin as legal tender. Before the crash, several Redditors launched a campaign to buy $ 30 worth of Bitcoin to show their support for El Salvador. El Salvador President Nayib Bukele tweeted that the country has added 550 Bitcoins to its treasury.

After the crash, the crypto heavyweights briefly recovered. It was a fairly flat week for Bitcoin and Ether after that. The third largest crypto by market cap, Cardano, which had a fantastic rally earlier this month, remained in the grip of the bears last week.

However, it was not all gloomy for investors. Solana, Ethereum’s closest competitor, has recently been a favorite with several investors. A fantastic rally propelled it into the position of the sixth largest cryptocurrency by market cap.

Another interesting crypto project that has seen spectacular success is Algorand. Its native token, ALGO, managed to catch the eye and climb to the seventeenth position. ALGO has not stood up, even during some of the severe market crashes over the past three months. The total crypto market cap was around $ 2.07 trillion as of September 11, 2021.

The United States Securities and Exchange Commission appears to have locked the horns with cryptocurrency exchanges lately. The United States Securities and Exchange Commission (SEC) has threatened to sue Coinbase if the cryptocurrency exchange goes ahead with its plans to launch a program that allows users to earn interest by lending crypto assets.

The SEC is also investigating cryptocurrency exchange developer Uniswap Labs, the lead developer of one of the world’s largest cryptocurrency exchanges, Uniswap, the Wall Street Journal reported on Friday, citing people familiar with the case.

Among the top 10 cryptocurrencies, the best performing of the week was Solana. All the other top 10 pieces ended the week in the red. The worst coin in the top 10 of the last week was the coin itself, Dogecoin.

Reports suggest that institutional investors have continued to increase their Bitcoin holdings. Asset managers have accumulated over 4% of the total Bitcoin supply, while private and public companies both hold over 1%.

Additionally, investment bank Morgan Stanley bought $ 240 million worth of Grayscale Bitcoin Trust (GBTC) shares. Investors are still hoping that the SEC will approve several Bitcoin ETFs in October.

Top 5 winning crypto of the week: Algoran (ALGO) 71% Quant, (QNT): 60% Elrond (EGLD): 50% Harmony (ONE): 47% NEAR Protocol (NEAR): 46%

Top 5 crypto losers this week: eCash (XEC): 31% Revain (REV): 27% Internet Computer (ICP): 26% Polygon (MATIC): 25% Telcoin (TEL): 23%

(The author is Edul Patel, CEO and co-founder of Mudrex. The opinions are his.).

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