Crypto Roundup: September 6th, 2021
07 September 2021 - 02:26PM
NEWSBTC
The crypto market is gaining momentum, with Bitcoin once again
smashing past the milestone of $50K as Ethereum rapidly approaches
all-time highs above $4K. Gains in both cryptoassets are being
driven by ongoing adoption. This includes leaked images showing
that Twitter is testing a crypto tipping service, and hints from
Securities and Exchange Commission (SEC) chair Gary Gensler that a
long-awaited Bitcoin ETF could finally be on the cards. Meanwhile,
in the altcoin universe, Chainlink and Litecoin are both
celebrating 30% wins, and Uniswap has added 10% despite news that
the SEC is investigating the startup behind the decentralized
exchange. This Week’s Highlights DeFi tokens surge on record value
locked Deflationary trend drives Ethereum towards all-time highs
DeFi tokens surge on record value locked While NFTs have captured
the crypto market’s attention with the trading of avatars and
artwork, the nascent DeFi sector has been quietly breaking records.
Total locked value in the ecosystem reached an all-time high of
almost $100 billion last week, which is reflected in the stellar
performance of DeFi tokens: Chainlink is up over 30%, and
Yearn.finance, Aave, and Compound are all enjoying double-digit
weekly gains. The rally comes in defiance of stirrings from the
SEC, as a new investigation into Uniswap Labs suggests that
discussions on DeFi regulation could be starting to translate into
enforcement action. Deflationary trend drives Ethereum towards
all-time highs After surpassing $3,500 for the first time since May
on Thursday, the price of Ethereum is now only around $400 away
from all-time highs. Along with a growing interest in DeFi and
NFTs, the upswing could be driven by a change in monetary policy.
The recent implementation of EIP-1559 means that network
transaction fees are now being burnt, which means removed from
circulation. For the first time ever last week, there was more ETH
being burnt than being created. Looking forward, this deflationary
trend is widely expected to continue, bringing increased scarcity
which could give ETH more appeal as an asset for long-term
investing. Week ahead Although Ethereum has been pulling ahead,
adding 20% this week compared to Bitcoin’s 10%, this could be about
to change. On Tuesday, Bitcoin is set to officially become legal
tender in El Salvador, and enthusiasts all over the world are
planning to celebrate by swapping $30 of their local currency for
BTC. If enough investors participate, the coordinated buying could
help send Bitcoin back towards all-time highs. Elsewhere, more
fireworks could be expected for Cardano this week before the Alonzo
mainnet upgrade is deployed on September 12th. Image by Paul
Barlow from Pixabay
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