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Home Blog Gate.io Weekly Newsletter: Global Cryptocurrency Market Capitalization Continues to Soar_ Vitalik Buterin Believes that NFT is Ethereum’s Most Surprising Use Case


03 September

Gate.io Weekly Newsletter: Global Cryptocurrency Market Capitalization Continues to Soar_ Vitalik Buterin Believes that NFT is Ethereum’s Most Surprising Use Case

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Cryptocurrency Market

This week, the cryptocurrency market has diverged in the trend. The price of cryptocurrencies such as BTC remained stable in a sideways trend during the week, still fluctuating slightly around the 20-day moving average. The second-generation public chains represented by ETH saw a price spike this week. On the 1st, the price of ETH rose by $399.06 in a single day, soaring from $3,428.86 to $3,827.92, a one-day increase of 11.64%. Thanks to the renewed strength of the DeFi project, the price of ETH successfully broke through the upper limit of the Bollinger band, achieving an upgrade in the price range. Currently, the total locked position of DeFi project on Ethereum has returned to the pre-May level. After the price surge on the 1st, the spot price of ETH has also entered a sideways adjustment phase, with the price currently stabilizing at around $3,800. If the DeFi lockup continues to increase, the ETH price may rise further.

Crypto News

Vitalik Buterin, the creator of Ethereum, replied in a Twitter AMA that NFT is the most surprising use case on Ethereum. According to the cryptocurrency analysis website CoinGecko, NFT market cap has surpassed $29.5 billion, with trading volume exceeding $3 billion in 24 hours. Among the NFT tokens, Theta Network (THETA), Axie Infinity (AXS), and Chiliz (CHZ) currently hold the top three spots in the ranking of market capitalization.

According to blockchain security company PeckSheild, there were 35 security incidents related to DeFi security(22), frauds(7), major exchange security events(3) and smart contracts security(2) as well as a major ransom(1) in August. Excluding the Poly Network heist where the full amount of the stolen funds was returned, the total loss still amounted to $413 million among which $240 million was attributed to baneful fraud involving cryptocurrency.

Since September, Twitter has officially launched a new feature named Tip Jar that all eligible Twitter users can apply for. Earlier this year, Twitter introduced the Tip Jar to support users tipping creators they like, and the CEO of Twitter John Dorsey, an avid supporter of Bitcoin, said the Tip Jar will support Bitcoin bounty payments in the future. The two features could potentially be combined in the future, with creators receiving bounties and sub_script_ion rewards from their followers paying BTC.

News in the Financial Market

Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), while sharing policy recommendations for the regulation of crypto assets with the European Union recently, said that the changes underway may be as significant as the Internet boom in the 1990s and that the cryptocurrency market, which now has a market capitalization of $2.1 trillion, is already a real asset class. He also reckoned that DeFi and cryptocurrencies are "rife with fraud and abuse" and that a strong public policy framework is needed to strike a balance between supporting crypto-asset and DeFi innovation and maintaining investor protection.

Former U.S. President Donald Trump recently warned in a Fox Business interview that investing in cryptocurrencies could be a disaster waiting to happen. Trump said he likes the U.S. currency and that the others (cryptocurrencies) are probably fake and a scam. The world's currency should be the U.S. dollar rather than bitcoin which should receive extremely strict regulation.

Bloomberg reports that Japanese financial giant SBI Holdings plans to launch a digital asset fund by November this year to invest in cryptocurrencies such as Bitcoin, Ether, Ripple, Litecoin. The fund will be launched for investors with certain knowledge and experience, with a minimum purchase threshold estimated at $9,000-$27,000, and the fund size is expected to reach hundreds of millions of dollars, with a second fund expected to be launched if it runs successfully.

According to a report by CoinShares, the number of publicly listed digital asset companies worldwide has increased to 57 since 2021, and the total market cap has soared from $25 billion to $100 billion. The report also makes a point of noting that Coinbase has led the way with a market cap of more than $56.5 billion since its IPO. Additionally, the industry's total market cap at the beginning of 2020 was less than $3 billion.

Big News

The Securities and Exchange Commission of Thailand has released new draft regulations aimed at protecting investors. The draft proposes more stringent regulatory requirements for trustees, including the requirement that withdrawals and transfers of fiat currency from accounts opened for clients should be subject to decentralized approval authority, multi-signature approval authority as well as the principle of checks and balances while prohibiting trustees from using clients' assets for the benefit of other clients. This is widely interpreted by outsiders as a first step in tightening the Thai regulator's grip on crypto lending.

According to regional media reports, the Financial Administration of the Republic of Slovenia, or FURS, is planning to impose a 10% taxable income bill on cryptocurrency asset activity. The authorities explained that it is not profit that would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.

Iran's Ministry of Industry, Mining and Trade has publicly denied previous allegations by Tavanir that it’s the cryptocurrency mining that caused power shortages, claiming that the actual consumption was significantly lower than the company's estimate of 2,000 megawatts. In response to the surge in electricity demand over the summer, Iranian President Hassan Rouhani issued a temporary mining ban in May, which will be lifted on September 22.

Despite the fact that bitcoin has been officially recognised as legal tender in El Salvador since September and that president Nayib Bukele has introduced a series of supporting policies to ensure the implementation of the bitcoin bill, 70% of Salvadoran nationals want the bill repealed, according to a poll by IudopUCA. 45% of those surveyed identified that the severest issues facing the country are poverty and development. This comes after Salvadoran trade unionists and members of various organizations took to the streets in protest against the bill.

Gate.io Weekly Blogs:

Author: Gazer. C & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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