A crypto exchange Crypto.com confirmed that hackers stole nearly $34 million during Monday's hack. In a Tuesday update, the exchange revealed that hackers stole 443.93 bitcoin ($18.7 million), 4835.25 ether ($15.2 million) and approximately $66,200 in USD. The company faced criticism over its communication after the incident. The company's CEO only confirmed the hack on Wednesday, three days after it took place. In total, the hack affected 483 users. However, Crypto.com said that they fully reimbursed all of them. The…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,588 trillion.
- Bitcoin is up by nearly 1% after a highly volatile week.
- Ethereum is up by nearly 5% and set a new all-time high record this week.
- XRP is up by roughly 1% after a mediocre week.
- Almost all altcoins have registered significant gains this week, with Shiba Inu up by 50%.
- The DeFi sector dropped below the $100 billion level in TVL after losing almost $4 billion this week.
Crypto Trends 25th – 31st of October 2021: Market Analysis and Performance
The crypto market ends a stabilizing week and a historical month for many of its assets. In the past seven days, the overall market capitalization has increased by more than $40 billion. However, throughout October, the total market cap surged by almost $700 billion.
Thirteen years after Satoshi Nakamoto mined its first block, Bitcoin is trading at around $60,600. And, it’s been an impressive journey for the king coin. At first, it was only an anonymous alternative to centralized currencies. Today, it is legal tender in one state and a futures-backed solution for ETFs in the United States.
Last week, BTC was still celebrating its new ATH at almost $67,000. However, this week it went through a hangover-like movement as it dropped as low as $58,000. Nevertheless, it closes the weekend at nearly $61,000, which is a substantial gain for the most popular crypto worldwide.
Ethereum is also riding high after setting a new ATH for the second week in a row. This time, the second crypto in command has climbed as high as $4,455.74, a record it set on Friday. Unfortunately, intense market volatility didn’t allow it to surge any higher. After a steady decrease, ETH is now trading at around $4,219.
Altcoins & DeFi
Ripple’s XRP records a small win this week following a 1% increase in value. However, it’s not much for the once-3rd crypto by market cap. Therefore, it continues to trade just a little above $1.09.
Cardano is slowly but surely diminishing in value with every passing week. This time around, it lost the $2 level after a nearly 8% weekly drop. At the moment, it is struggling to keep it together, and it is trading at $1.95.
Elsewhere, Polkadot is up by roughly 1%. Meanwhile, Binance Coin gained almost 9%, and Dogecoin is up by approximately 3%. One of the best climbers this week was Shiba Inu. The Doge-like coin surged by 150% at one point. As the weekend comes to a close, SHIBA records a 61% weekly boost, and it is now trading at $0.00006731.
Crypto Market Analysis – What’s in the News?
- Steve Wozniak, the Apple co-founder, said Bitcoin is pure, and Dollars are artificial.
- Rand Paul, the Republican senator and well-known libertarian, said that cryptocurrency could reach World Reserve status.
Next Week’s Crypto Market Forecast
The biggest news this week comes from “Land Down Under.” The Australian Securities and Investments Commission (ASIC) released new guidelines on establishing crypto ETPs in the country. This could mean the legal setting of BTC and ETH-backed ETFs. And, it would be the second big state in the world, after the U.S., to allow it. Furthermore, it could boost crypto reliability enough to lure other countries into green-lighting cryptocurrency-backed exchange-traded funds.
Overall, it’s been a successful week and month for the crypto market. And, as it gains more trust from legal authorities worldwide, we could be optimistic about its near and long-term future.