It all started back in 2019 when Jack Dorsey talked about investing in Bitcoin. For a long time, we have been watching Twitter CEO Jack Dorsey support Bitcoin and the cryptocurrency industry as a whole. But there was no hint before that his obsession with cryptocurrency and technology would be supported on platforms. Everything has changed in the last month. At first, Jack said he would develop his own cryptocurrency wallet, and now he will provide cryptocurrency integration on Twitter. Twitter is currently reportedly laying the groundwork to enable Bitcoin (BTC) tipping for content creators. According to MacRumors, the latest Twitter iOS beta includes lines of code that could see Bitcoin become a part of the “Tip Jar.” Indeed, as reported by Cointelegraph, Twitter CEO Jack Dorsey had previously hinted that Bitcoin tipping was in the works. We have already heard encouraging words about Bitcoin from the CEO of Twitter more than once.
Now Jack Dorsey is the main bitcoin optimist, who has displaced Elon Musk in the number of tweets about the first cryptocurrency. Every day it becomes more and more interesting to watch how a real BTC bull changes the rules of the game and builds a new cryptocurrency world.
And now a little about the crypto market and trends. The crypto market looks very hot, literally every day we have seen various altcoins firing. The share of altcoins on the crypto market in August increased to 33%. In early August, this figure was 22%. Analysts at investment bank JPMorgan warned that the share of altcoins approached the value that was observed in May this year before the collapse of the crypto market (37.7%).
At the moment, The global crypto market cap is $ 2.29T, with a 2.79% increase over the last day. Also, Trader Michaël van de Poppe on his YouTube channel named five altcoins, which, in his opinion, are the most promising in September. The analyst claims that the Cosmos, Mina, Chainlink, Harmony and Tezos tokens will follow the dynamics of Cardano, Solana and Avalanche, which have risen in price by 130%, 314%, and 348% over the past month, respectively.
Bitcoin price analysis
The price of Bitcoin at the beginning of the week was about $48.3k. At the time of writing, the price of the first cryptocurrency is above $51k. The dominance of BTC in the market is 41.5%. According to Glassnode, the market situation is similar to the situation in March 2020 in some respects. This may indicate that the market will grow soon.
What else are they talking about? Bitcoin mining revenue was approximately $1.41 billion during August. Up 45% from $971.83 million in July.
August also marked the fourth month in a row during which the share of transaction fees compared to total Bitcoin mining revenue fell. The share of transaction fees fell from 3.1% in July to 1.35% in August – an overall decline of 56%.
Ethereum price analysis
At the beginning of the week, the price was $3237, and at the time of writing, it’s $3978. Meanwhile, The current market dominance of ETH is growing and is now 20.36%.
Active addresses on Ethereum are down 33% from the May peak, currently sitting at around 450k addresses per day. It is notable that current activity is similar to the stable pre-bull accumulation range established in mid to late 2020.
For Ethereum, transaction numbers are also down 33% from the highs, with numbers actually declining over the course of this week to around 1100k per day.
Interestingly, in the Ethereum ecosystem, we are seeing a rather sharp discrepancy in the indicators. While the number of transactions and the number of active addresses are lower, the amount of commissions being paid is much higher. Most likely, this is due, at least in part, to the high demand for NFT trading and investing.
TOP CRYPTO NEWS
- The Biden administration plans to earn $300 billion through the crypto market. The US Treasury is requiring the adoption of an amendment to the 3.5 trillion spending plan which provides for the disclosure of accounts of foreign companies trading cryptocurrency on exchanges in the US jurisdiction, as well as users of “hot” wallets. The White House has already estimated that such an amendment will bring more than $300 billion over 10 years, instead of the planned $28 billion.
- At the same time, the Internet is being torn apart by the words of the former US president. Donald Trump warned on Tuesday that investing in cryptocurrencies is “potentially a disaster waiting to happen.” The former President of the United States stated that he likes the US dollar and believes that investing in cryptocurrencies harms the currency of the United States and everyone should only invest in the dollar. Trump also expressed his reluctance to invest in Bitcoin and other digital assets, since “they can be fake.”
- There is one more saying. The head of the SEC said: “The development of the crypto industry can become a global catalyst for changes in the field of finance.” During a video conference with the European Parliament, Gary Gensler said that the $2.1 trillion crypto asset space is a truly global product that has no boundaries and operates 24 hours a day, 7 days a week – the crypto industry can become a real catalyst for changes in the field of finance. It’s possible to stop here. But with every statement, there is also a downside.
The head of the SEC also announced the need for full regulation of the crypto sector, since any financial innovations throughout the history of mankind did not develop outside the framework of state “support”. Now judge for yourself whether the news is good or bad.
- Not without funny moments. A Reddit user shared his love story. A user with the nickname HandHoldingClub said that his engagement fell through due to the fact that instead of an engagement ring, he gave the girl an NFT. The girl was of course angry, and the whole NFT world was at a loss.
- A manufacturer of electric cars is launching an application that will allow drivers to earn cryptocurrency. The IM Zhiji app was developed jointly with Alibaba and will be available for electric vehicles of the Zhiji Auto IM brand, which will go on sale in 2022. To start earning, the driver must enter information about each kilometer of the drive, and as a reward he will receive the digital currency Stone — the issue will be halved every four years.
When the mileage exceeds 5000 km, the car owner will be able to purchase a new generation intelligent driving system for coins, increase the battery capacity to 120 kWh, or exchange it for other services of the company. The manufacturer believes that the novelty should become a worthy competitor to Tesla, because in addition to the unique application, its range is 1000 km.
- There is also a lot of news in LUMI this week. Uni Layer is available in LUMI. and now SUSHI, LINK, and COMP are available for purchase in the LUMI app.
- And finally, statistics. According to a Finder survey, one in six Australians already owns cryptocurrencies. Men are 2 times more likely to invest in cryptocurrency than women. And 56% of Australians think that Bitcoin was invented by Elon Musk.
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!