The Lumi team is here again and we are ready to tell you about the main news in the world of cryptocurrencies. A week after the London Hard Fork, 31,900 ETH worth more than $100 million were burned on the Ethereum network — about 3.23 ETH (~$10,000) is burned every minute. The largest “coin eater” was the OpenSea NFT marketplace (4009 ETH), followed by Uniswap V2 (2,400 ETH) and the Axie Infinity blockchain game (1,864 ETH).
In general, everything is going according to plan and is working stably, and most importantly, the crypto market seems to have found a second wind and drifted in the green zone this week. By the way, the global crypto market cap is $1.95T. And this week we even exceeded $2T for the first time since May 2021. Now a little more detail.
Bitcoin price analysis
The price of Bitcoin at the beginning of the week was about $41k. Over the course of the week, the price of bitcoin fluctuated between $43-46k. At the time of writing, the price of the first cryptocurrency is above $46k. The dominance of BTC in the market is 44.77%.
Many traders fear a “bull trap” with Bitcoin, which can be seen if you superimpose the chart of the current Bitcoin cycle (blue curve) on the trajectory of the 2018 cycle (pink curve) when the correction from $20,000 reached $3000 (-85% of ATN). But so far, the bulls are winning the vote and they are very optimistic.
And here we can observe another bullish sign – the volume of short-term Bitcoin holders has begun to increase. The number of addresses that have held BTC for less than a month increased by 2.99% in August. There are now 2.95 million addresses with 1.55 million Bitcoin.
Ethereum price analysis
After the update, the price of ETH increased by 14%. At the beginning of the week, the price was $2772, and at the time of writing it’s $3216. By the way, if you look at the price of ETH over this year so far, the increase was by 87%. It is no surprise that many people are now talking about the fact that ETH will be even more valuable in the future. Meanwhile, The current market dominance of ETH is growing and is now 19.39%.
Well, now is the time to tell you about our top news for this week!
TOP CRYPTO NEWS
- The #dontkillcrypto campaign was launched on Twitter, which collected more than 10 thousand tweets in support of cryptocurrency. What happened? The US Senate is currently considering a new bill that will increase taxation on cryptocurrency, which will potentially bring more than $28 billion in revenue to the US treasury. According to opinion leaders such as Elon Musk, Jack Dorsey and Michael Novgorats, this project requires major improvements, and such regulatory pressure on cryptocurrencies is more like an attempt to restrict access to new financial instruments.
- This week saw two of the biggest hack attacks of all time. Poly Network was hacked and the hackers withdrew $610 million. This is now the largest hack of the crypto world ever. The most amazing thing about this story is that after a public request from Poly Network to return all stolen funds, the hacker agreed to do so. And even returned more than half. As all the analysts were trying to figure out the intruder’s motive, he replied that “it was for fun.” It looks like the project will now have to completely rethink the security quality of their network.
The second company that was also robbed was less lucky. On Thursday, more than $7million in USD Coin was withdrawn from the DAO Maker crowdfunding platform. A total of 5,251 users were affected. The platform has signed a contract with the analytical company Cipher Blade to track the hacker and return the funds. The company’s specialists have already identified the Binance account involved in the incident. DAO Maker informed exchanges about the attacker’s wallet.
- Great news for both cryptocurrency and football fans. Soccer star Lionel Messi’s left the Spanish team in Barcelona and signed a two-year contract with Qatari-owned Paris St Germain (PSG). The sign on fee at Paris St Germain includes some of the French club’s cryptocurrency fan tokens, in the latest big name endorsement of new digital assets. Against this background, the club’s token has risen in price by 160% in a few days.
- Now a little about the innovations that Bitcoin is waiting for. Jack Dorsey plans to link each Twitter account to the new Lightning Network-enabled Bitcoin wallet that his company Square is currently developing.
Earlier, Dorsey repeatedly called Bitcoin the best candidate for the role of the native currency of the Internet and said that the first cryptocurrency will be a “big part” of the future of his company.
- What’s going on with legalization there? Singapore is now licensing digital payment providers and has approved cryptocurrency exchanges. It was expected, because Singapore bears the title of one of the most technologically advanced places on the planet.
But the next example is far from being “the best place for cryptocurrencies”. Iranian Tax Authority urges regulators to legalize cryptocurrency exchanges. And all because Brazil approved Bitcoin, China banned it, and the United States is luring miners. The economic crisis and high inflation rates have prompted more and more people to look for alternative financial instruments to meet their needs. For example, a recent study showed that in Turkey, every fifth citizen owns a cryptocurrency, which prompts the authorities to make compromises or look for spots of overlapping interests.
As we remember, a couple of months ago, the Iranian government was struggling with cryptocurrencies and miners and even turned off the electricity to prevent the spread of the new finance. But now prudent decisions have been submitted to the authorities for consideration. We will follow further developments!
- There is another strange way to attract public attention to cryptocurrencies. A New York Times reporter spent a few minutes and $300 to create an “Idiot Coin” to illustrate the madness around cryptopyramids, as well as the hype and greed in the crypto markets. His marketing campaign with a pessimistic attitude eventually led to a stir. As advertisers say, bad PR is still PR.
Here’s another way to attract new crypto holders. PayPal-owned mobile payment service Venmo has launched an automatic cryptocurrency purchase with cashback. Jokes aside, it’s really cool. We often forget about bonuses, but you will definitely not forget this.
- Let’s not forget about NFTs. If you still do not believe in contemporary art, then it is worth facing the facts. CryptoPunk number 8435 was sold today for $286,480 (84.95 ETH). It was created in 2017. In February 2021, it costed 25 ETH, and in 6 months, it has risen eight times in price.
- Now the news about the LUMI company. This week, new currencies appeared in Lumi wallet – Tribe and Axie Infinity. Also, very soon, new additional functions for our users will appear on Android. Wait for even more updates from the LUMI team!
In the meantime, this is all the news that we wanted to share! See you next week! Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, TikTok and LinkedIn. Let’s learn the cryptocurrency market together step by step!