Week 35, Aug. 30 to Sept. 5: Bitcoin tumbles nearly 10% as El Salvador adopts it as legal tender 🚀

September 8, 2021
by Freepik

Market brief: 📈

These were the biggest movers on 6th September 2021 (last 24 hours) :

Gainers: 😊

  • Chainlink (LINK): +17.5%
  • Bitcoin Cash (BCH): +8.3%
  • XRP (XRP): +7.2%
  • Filecoin (FIL): +7.1%
  • Stellar (XLM): +7.0%
  • EOS (EOS): +6.2%

Losers: 😔

  • Polygon (POLY): -2.7%
  • Litecoin (LTC): -2.1%
  • Aave (AAVE): -1.8%
  • The Graph (GRT): -1.7%

Bitcoin tumbles nearly 10% as El Salvador adopts it as legal tender  🚀

The price of bitcoin fell Tuesday after breaking through $52,000 late Monday, reaching its highest level since May. The price action comes on the day El Salvador is set to adopt the largest cryptocurrency by market cap as legal tender, becoming the first country to do so. 

Bitcoin dropped as much as 16% on Tuesday morning. It was last down about 9.5% and trading at $46,892.04, according to Coin Metrics.

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SFC chair Gensler reaches out to European Parliament on crypto regulation 🏛️

Speaking virtually before the Committee on Economic and Monetary Affairs, Gensler highlighted financial technologies that are breaking down borders and bringing European and American markets together.

Specifically, Gensler highlighted the importance of "the field of crypto assets." "This $2.1 trillion asset class is truly global. It has no borders or boundaries. It operates 24 hours a day, 7 days a week," he explained.

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El Salvador Congress backs $150 min fund for Bitcoin ahead of adoption 💰

El Salvador's Congress on Tuesday approved a law to create a $150 million fund to facilitate conversions from bitcoin to U.S. dollars ahead of the Central American country's planned adoption of the cryptocurrency as legal tender next week.

With 64 votes in favor and 14 votes against, Congress approved the fund as El Salvador, which already uses the U.S. dollar, prepares to officially adopt bitcoin on Sept. 7.

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MetaMask sees user count surge 1,800% in a year top 10m as Ethereum booms 🥳

The number of monthly active users of crypto wallet MetaMask has grown 1,800% over the last year to top 10 million, its parent company ConsenSys said on Tuesday, in a sign of the booming interest in decentralized finance and the ethereum network.

MetaMask had 545,000 monthly active users in July 2020, but that shot up to 10.35 million by August 2021, ConsenSys said. MetaMask's breakneck growth has been driven by a surge in interest in decentralized finance or DeFi.

(Via Twitter)

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Ethereum scaling solution Arbitrum launches mainnet and raises $120 m in new funding 🆕

Offchain Labs, the developer of Ethereum scaling solution Arbitrum, which uses optimistic rollups technology, has launched its mainnet, dubbed Arbitrum One. The project has also raised $120 million in a Series B funding round.

The mainnet launch means the public can now interact with decentralized apps on Arbitrum, Offchain Labs co-founder Steven Goldfeder told The Block. Until now, only developers could launch and test their apps on Arbitrum, but now their users can use apps, said Goldfeder

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FTX acquires the first U.S.-approval crypto derivatives platform 💸

FTX.US announced this week that it will acquire LedgerX, a U.S.-licensed crypto derivatives exchange. If the deal goes through, it will pave the way for FTX.US to expand its offer and allow its American retail investors to access more derivatives products.

(Via Twitter)

FTX is currently the sixth biggest cryptocurrency exchange in the world, according to CoinMarketCap data. It operates a separate site in America -- FTX.US -- to comply with U.S. regulations. The product range on FTX.US is limited in comparison with its global counterpart.

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BBVA Swiss includes a crypto wallet via its new digital investment account 👛

The Swiss subsidiary of Spain’s banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the launch of a “100% digital investment account.” With the offering, the bank is trying to meet the needs of a new type of tech-savvy clients who want to invest “in more innovative, sustainable sectors and even in crypto-assets.”

The ‘New Gen’ account, BBVA Switzerland explained, offers access to a catalog of companies and funds. They are organized into 11 themes including climate change, and by disruptive technologies like robotics, 3D printing, and autonomous vehicles.

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Top Fintech reads of the week 📈

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