This week the most discussed topic was the Ethereum fee, the high cost of transactions confused users all over the world. Some do not understand what’s going on, some blame the wallets and exchange platforms for taking their money. We are trying to help you understand the real situation and are preparing the article “Understanding Network Fees: Why Have They Been So High Lately?”, hopefully it will help the current situation be more clear to you. We also launched a series of educational videos, “Lumi Explains”, so now you will get interesting and simple content about cryptocurrency issues.  

P.S. This week we added a new asset, YFI, to our wallet, so now you can exchange Yearn’s YFI token in Lumi Wallet, enjoy a 0% fee exchange with the promo code “SEPTEMBER”.

Read about this and other news in our summary of the main and current affairs in the cryptocurrency market this week:

  1. The Bitcoin price this week dropped to $10,406 but there was a moment when Bitcoin (BTC) dipped below $10,000 for the first time in seven weeks.
  1. By the end of the week, the Ether price held on at $380, and because of user activity, the price of Ether hit a 19-month high against Bitcoin, and its fees skyrocketed. Gas prices on Ethereum posted fresh all-time highs on Tuesday as making a transaction now requires bidding more than 450 gwei. Ethereum miners should be satisfied, they earned a record $500,000 in fees just within one hour. 
  1. And other news about Ethereum, this week The Ethereum Classic (ETC) network was hit by another 51% attack, causing the reorganization of more than 7,000 blocks just weeks after proposing security upgrades. It was the third attack within August.
  1. Lumi Wallet launched its educational video series “Lumi Explains”, the first video simply explains what is Bitcoin and the Bitcoin Blockchain. From now on, every month you will enjoy a new series related to cryptocurrency explanation. If you are interested in any topic being explained in our educational videos, don’t hesitate to contact us via Telegram, Twitter, or Facebook. To celebrate the launch we prepared a promo code – SEPTEMBER – for 0% fee exchanges in Lumi till September 25.
  1. One of the best selling stablecoins in Lumi Wallet and the world’s largest stablecoin by market capitalization, Tether (UDST), has again surpassed major altcoin XRP. At press time, USDT market cap accounts for more than $13.4 billion and has become the second-largest altcoin after Ether (ETH).
  1. The porn industry keeps up with the crypto trends. Pornhub now accepts Bitcoin (BTC) and Litecoin (LTC) as payment for its premium services. Pornhub’s vice president Corey Price said “As a leader in adult content with over 130 million visitors per day, Pornhub is excited to now offer two widely-used and leading digital currencies for our users.
  1. DeFi projects, in total, reached $9.02 billion in value and the YFI token is among them.  Yearn’s YFI token surged 75% in the past day, with its price hitting $38,883. The price moved its market capitalization to $1 billion. By the way, now you can exchange the YFI token in Lumi Wallet. 
  1. Crypto scammers are not sleeping, this time the Prime Minister of India became their victim. A cybercrime group ‘John Wick’ hacked the twitter account of Indian Prime Minister Narendra Modi and posted messages asking his followers to make crypto donations.

All information stated above is provided only for general information purposes. We do not promote any cryptocurrency, do not recommend or advise anything. All decisions about investments should be made by yourself. Our team works to satisfy our clients’ needs.

Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, Reddit, and LinkedIn. Let’s learn the cryptocurrency market together step by step!