Today we bring you some of the most relevant crypto news of the week, from Bitcoin to DeFi, to get you off to a good start on Monday.
Highlights of the week
Almost like a tradition, today we bring you a summary of the news that stood out the most during the week so that you don’t miss any of them and then don’t say you didn’t know. Information is essential in the crypto market!
Bitcoin price on a rocket, what happened?
On October 7, we reported in CryptoTrend that the price of Bitcoin had fallen as a result of the announcements made at that time by the president of the United States, Donald Trump, regarding the economic stimulus.
In fact, the leading crypto hit the low of $ 10,528. Likewise, traditional markets also responded negatively to the news.
However, just one day later, on October 8, we reported that Bitcoin was already flirting with the key $ 11,000 level. Why? Because that day Square announced that it had acquired $ 50 million in Bitcoin.
Specifically, the payments company acquired 4,709 Bitcoin with 1% of the company’s assets.
It was obviously a key catalyst for crypto. However, it was not the only thing that led to the price of Bitcoin skyrocketing.
On Friday, October 9, talks between Democrats and Republicans regarding economic stimulus were rekindled, with Trump willing to raise his offer a little more.
And yesterday, we watched the price of Bitcoin skyrocket without looking back. This, as we reported in CryptoTrend, analysts point out that it could be a consequence of the resumption of the conversations regarding the stimulus.
At this time, according to the CryptoTrend tool, Crypto Online, the price of the leading crypto stands at $ 11,399. What news could come next week that would send the price of Bitcoin skyrocketing again?
Volume on centralized crypto exchanges decreases, should we worry?
Another very important crypto news to watch out for next week resides in the most recent CryptoCompare report.
The report noted that trading volume on centralized crypto exchanges declined in September compared to the previous month despite hitting an annual high for single-day volume of more than $ 27.6 billion on September 3.
However, despite having shown rather disappointing numbers, the 26 centralized crypto exchanges included in the monthly report consider that they still play an integral role in the crypto economy.
What happened to DeFi?
Over the past week, the DeFi (decentralized finance) market has been stained red. In fact, the major tokens, such as COMP, YFI, and SUSHI, saw losses of up to double digits in a week.
So the question of the week was: What is happening? Is the euphoria over at DeFi?
In CriptoTendencia we inform that a report made by Santiment, a blockchain analysis firm, pointed out that the capitalization of this market has decreased by 25.1%.
The tokens that have taken the worst of this collapse have been Curve and SushiSwap.
131,455 crypto BTC are on Ethereum
Even though we have seen a slowdown in the DeFi crypto boom, the amount of Bitcoin that has been moved to Ethereum to take advantage of the boom is still impressive.
According to Dune Analytics, there are currently 131,455 Bitcoins on Ethereum. To be specific, they are a synthetic Bitcoin, that is, Bitcoin that has been converted into Ethereum-based tokens that represent Bitcoin.
John McAfee arrested
Another crypto news that gave a lot to talk about this week was the arrest of John McAfee by the authorities of Spain.
According to what was reported, the reason for the arrest was an Interpol arrest warrant for various crimes, including fraud.
But to add spice to the matter, McAfee’s wife, Janice McAfee, posted on Twitter on Friday that her husband is apparently spending a good time in prison.
In fact, John reportedly claimed to be having a “fascinating time” in prison; which was clearly a topic of conversation in the crypto community.
The SEC is willing to test a tokenized ETF
SEC willing to test a tokenized ETF?
Yes, another of the most relevant crypto news this week is that the president of the SEC, Jay Clayton, indicated that the institution is willing to test a tokenized ETF.
This means that the institution is willing to create an efficient method for tokenizing an ETF product. An interesting news for the crypto community.
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