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Gate.io Blog

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Home Blog DeFi and NFTs Continue To Grow Rapidly, British Bank Optimistic About ETH Surpassing BTC in the Near Future

18:24

10 September

DeFi and NFTs Continue To Grow Rapidly, British Bank Optimistic About ETH Surpassing BTC in the Near Future



Important Announcement From Gate.io
In September, Gate.io and TRON Eco will organize the "Six Tokens in a Month-long Event" series of events. The series includes special events for six tokens: Tron(TRX), BitTorrent(BTT) and WINkLink(WIN), SUN, Just(JST), and APENFT(NFT). There will also be a separate joint event with TRON. Invite your friends to Gate.io to get airdrops and unlock even more surprises!

Details: https://www.gate.io/en/article/22464

Cryptocurrency Market
There was a sudden plunge in the cryptocurrency market earlier this week. On September 7, the price of BTC saw a sharp decline. Within an hour, the spot price of BTC dropped by $3,186, a drop of 6.30%. Under the influence of BTC's price falling, the prices of other cryptocurrencies have also fallen sharply, and their price decline has exceeded that of BTC. The price of ETH dropped by 8.75%, the price of DOT dropped by 16.89%, and the price of DOGE dropped by 13.63%. In the following hour, the market continued to be bearish and many cryptocurrencies reached their lowest point in recent times. The cryptocurrency market quickly returned to a stable state. The battle between longs and shorts reached equilibrium once more. As of 16:00 UTC on September 8, mainstream cryptocurrency prices have maintained a mostly stable sideways trend. On September 10, the longs started to overpower shorts.Although the plunge on September 7 calmed down quickly, the plunge caused huge losses to leveraged users. The liquidation amount went as high as $700 million in just one hour.

After experiencing the big dip, the 20-day moving average on both BTC and ETH broke out. The prices of both had been continuously below the 20-day moving average. The cryptocurrency market may still face a period of adjustment, and the prices of BTC and ETH may establish a new equilibrium state.

Crypto News
According to data from Google Trends for August 2021, the global search for NFTs has continued to increase sharply. It reached a peak of 100 points on August 31, which was the largest search volume so far in 2021. The score of Google Trends represents the search popularity of the highest point within the specified time. The most popular word will get 100 points, and the ones without enough data will get 0 points. By region, the most popular ones include the Philippines, Singapore, and Hong Kong.

The latest data from CoinGecko and DeBank show that the global DeFi market has gradually recovered since the plummet in May. The total market value of DeFi projects has exceeded $122 billion, and the total borrowing volume in the lending market has exceeded $29 billion. Among them, the top three DeFi projects in terms of total borrowings are Compound ($9.3 billion), Aave V2 ($9.1 billion) and Maker ($6.5 billion).

The US-listed exchange Coinbase originally planned to launch a lending product called Coinbase Lend to provide users with loans to earn interest on part of the cryptocurrency assets held on the platform, with an annualized rate of return of 4%. However, due to the US Securities and Exchange Commission (SEC), the current launch plan for October has been delayed. Coinbase wrote an article that it had previously had six months of discussions with the SEC, but suddenly received threats of prosecution from the SEC last Wednesday. Coinbase's stock price has fallen for many days and has clearly been affected by the news.

News in the Financial Market
US asset management company Invesco has submitted an application to the Securities and Exchange Commission of India. It is planning to launch a theme-specific fund that invests in blockchain. Relevant documents show that the risk level of the fund is "very high" and will be used to invest in Invesco's Elwood Global Blockchain UCITS ETF. The ETF mainly invests in companies related to blockchain technology. It currently holds positions in Coinbase and Microstrategy as well as many more. It has hada return rate of 82% in the past year.

South Korean crypto investment agency Hashed plans to launch a second blockchain fund this month with a goal of raising $173 million. The institution successfully raised the first fund in December 2020, raising a total of $120 million. It attracted up to $12 million in investment from Naver, the third largest financial institution in South Korea. Prior to this, Hashed also participated in the investment of Axie Infinity production company Sky Mavis in 2019.

The British banking Standard Chartered released a report on cryptocurrencies called "Ethereum Investor Guides" and emphasized bullish views on Bitcoin and Ethereum. The research team concluded that Bitcoin is like digital gold, but Ethereum has more extensive application possibilities so they are more optimistic about Ethereum. They think that over time, the total market value of Ethereum will catch up with Bitcoin. The report also predicts that the value of Bitcoin will be between $50,000 and $175,000, and is expected to reach a cyclical peak of $100,000 at the end of the year.

Private growth equity firm 10T Holdings' first fund for investing in cryptocurrency companies successfully raised $750 million. The company’s founder Dan Tapiero said that since the end of last year, it had begun to raise funds from investors. At present, about 80% of the funds have been invested in companies in the mid-to-late stage of development. They have equity in 11 companies with a market value of at least $500 million, including exchange Kraken, hardware wallet manufacturer Ledger SAS.

Big News
At 0:00 local time on September 7 in El Salvador, Bitcoin officially became the country's legal tender. The country passed the Bitcoin Act in June, establishing Bitcoin and the U.S. dollar as the country's legal tender. Residents can download the government's digital wallet for free and receive $30 worth of Bitcoin. The President of El Salvador, Nayib Bukele, tweeted, “We must break the paradigms of the past. El Salvador has the right to advance towards the first world.”

The Verkhovna Rada of Ukraine recently passed a bill against virtual currencies and encrypted assets. The 3637 Act, or the Virtual Assets Act, defines virtual assets, including cryptocurrencies such as Bitcoin and other tokenized assets. It also stipulates that virtual assets cannot be used as a means of payment in the country, but they can be legally held or traded. If relevant companies want to accept or operate with cryptocurrencies in the Ukraine, they need to obtain a license.

The current director of the Brazilian Central Bank, Mauricio Moura, said at a recent event of the Institute of Professionals for the Prevention of Money Laundering and Terrorism Financing that the country will introduce relevant laws and regulations to prohibit anonymous cryptocurrency transactions in Brazil. Moura also commented that “anonymity won’t be an option”, and all user transactions will be recognized by the government sooner or later. The central bank is currently working with the Brazilian Securities Commission to find a way to achieve this goal.

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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