Today, there is no doubt that innovations surround us and with each one we are approaching a new technical revolution that our children will read about. One person can open the way to space, and another person can change the financial system forever.
Vitalik Buterin, the founder of the Ethereum network, was included in the Times list of the 100 most influential people of 2021. And it’s really amazing, he also became the youngest crypto billionaire. Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion, the dazzling world of decentralized apps and this year’s boom in the trading of NFTs. What makes Vitalik so special though, is that he is a builder’s builder. No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started. From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology. And now we can thank Vitalik for his work and for his ideas. If you haven’t done it yet, it’s time to just write a couple of kind words.
Since time is moving very fast and we will celebrate Christmas in a couple of months (yes, we are serious), it is worth remembering that at the beginning of 2022 there will be a new update of Ethereum 2.0.
By the way, this is another confirmation that the modern world is changeable and we live in an era of amazing events. The latest cover of The Economist weekly was dedicated to DeFi, presented in the form of a rabbit hole. In the article, DeFi is called one of the three new trends that “destroy the traditional financial system” — decentralized finance can change the way the entire financial system works with all the circumstances that follow from this. Also, innovations in DeFi are being compared to the madness of invention at the early stage of the Internet — no one knows how the revolution will end, but DeFi will definitely change the way money works and, consequently, our entire digital world.
While Bitcoin is idle, many altcoins have soared to the moon. And also on CoinMarketCap, we have highlighted the top 10 cryptocurrencies with the biggest gains this week.
Bitcoin price analysis
At the beginning of the week, Bitcoin started at $45k. In the middle of the week, it fell to $43k. At the time of writing, BTC is holding at $48k with a 24-hour trading volume of $30,475,404,556.11. The dominance of BTC in the market is 41.98%.
According to Glassnode, 12.9 million rubles are held in the wallets of long-term investors. BTC (~$596.6 billion). This is an absolute historic record. Also, the market capitalization of Bitcoin has grown by $299B (+215%) over the past 12 months.
Ethereum price analysis
At the beginning of the week, the price was $3268, and at the time of writing it’s $3448. Meanwhile, the current market dominance of ETH is growing and is now 22.01%.
A few more brief facts. The net outflow of ether from exchanges set a new record on September 15 ($1.2 billion).
And since the London update, more than 303,000 ETH worth $1.1 billion have been burned on the Ethereum network.
TOP CRYPTO NEWS
- American Democrats want to close all tax loopholes for cryptocurrencies. House Democrats have released a set of proposed tax hikes to help meet the $ 3.5 trillion spending package and close some tax loopholes. If adopted, cryptocurrencies will be subject to a capital gains tax increase of up to 25%. In addition, cryptocurrencies will fall under the Wash Sale rule – the prohibited practice of selling an asset at a loss and buying the same asset to reduce the amount of taxes paid. Thus, it is planned to raise an additional $16 billion from the crypto industry.
- Attackers organized a fake distribution of BTC under the guise of an Apple presentation. Prior to the company’s much-awaited “California Streaming” event, fraudsters launched a fake YouTube stream that appeared at the very top of the search results (even above the official Apple channel). Roughly 165,000 users started watching an unrelated video featuring CEO Tim Cook next to a bogus announcement about Apple buying 100,000 BTC and organizing a giveaway for everyone who sends a certain amount of crypto to the scammers.
- The cryptocurrency exchange Coinbase has launched trading with a clone of the Dogecoin meme cryptocurrency called Shiba Inu (SHIBA). The price of the token soared by 33%.
- The legalization of Bitcoin in El Salvador has “immediate negative consequences” for the country’s credit rating, as “the risks of adopting a cryptocurrency outweigh the potential benefits,” said S&P Global. Some are resisting El Salvador’s move to make Bitcoin a legal tender, citing lack of education and volatility of BTC. Also, the protesters believe that BTC is useful only for large businesses. And does not take into account the interests of the common population. The whole world is watching the experience of El Salvador.
- What is happening in different countries? The Laos authorities have approved the mining and trading of Bitcoin, Ethereum and Litecoin for six companies. In Cuba, the law on the legalization of cryptocurrencies as a means of payment have come into force. Financial institutions and other legal entities of the country can officially use virtual assets between themselves and with individuals to conduct monetary and trade transactions, as well as exchange transactions and to fulfill monetary obligations. At the same time, the Cuban regulator warns that providers of virtual assets operate outside the banking and financial system, their activities are fraught with risks to monetary policy and financial stability. There is no good news from Estonia yet. Several major players in the crypto industry, including Coinbase, have called on the Estonian government to legalize cryptocurrencies, but Prime Minister Kaya Kallas has not yet supported the idea.
- The network of cinemas AMC Theaters will introduce Ethereum, Litecoin and Bitcoin Cash as a method of paying for tickets in addition to Bitcoin by the end of 2021.
- American pension funds are starting to invest in cryptocurrencies. The Pension Fund of Police Officers and the Pension Fund of Civil Servants of Fairfax County from Virginia, which manages $7.15 billion, intends to invest about $50 million in cryptocurrencies. At the moment, it will be an indirect investment through the Parataxis Capital fund, which buys digital assets and derivatives. Experts note that many pension and trust funds are studying the issue of cryptocurrencies, but only some dare to invest, taking into account regulatory uncertainty.
- A bronze statue of Satoshi Nakamoto, the creator of Bitcoin, was erected in Budapest. The statue is now open to Graphisoft Park visitors.
This is all the news, for now, we will continue to keep you informed of all the main events of the crypto market. This article is for informational purposes only and does not provide any financial advice. 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!