El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar. The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers. His brief comment…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,826 trillion.
- Bitcoin is down by over 10% after a rough week.
- Ethereum lost more than 13% of its value over the week.
- XRP has dipped by roughly 14% over the past seven days.
- Almost all altcoins are drowning in a sea of red at the moment.
- The DeFi sector lost almost $6 billion from the total value protocols (TVL).
Crypto Trends 20th – 26th of September 2021: Market Analysis and Performance
September ends in the worst possible way for the cryptocurrency market. In comparison with last Sunday, most assets have lost precious gains. Furthermore, the market capitalization dropped by almost $300 billion. At the moment, it lies a little over $1.8 trillion and well below the coveted $2 trillion threshold.
Bitcoin is undoubtedly one of the sore losers this week. Last Sunday, it was an inch away from the $50k mark. Today, it is slipping fast and closer to $40,000, which it briefly reached on Wednesday. In recent hours, the bulls have been pushing strongly to keep it trading in the green. However, it is unclear how long their surges will last. Bitcoin is trading now at around $43,200.
Ethereum has also fallen from grace and below the $3,000 level. The second crypto in the command used to slip by roughly 3% every seven days in recent weeks. However, this week it records a 13% value drop. Ethereum is now trading at around $2,970.
Ripple’s XRP continues its disappointing downfall. After struggling to remain above the $1 level for weeks, the coin finally gave up the fight. Following a 14% loss, XRP is trading now at around $0.93.
Altcoins and DeFi
Although far from this week’s winner, Cardano records one of the slightest value losses this week, roughly 4%. Nevertheless, it still cannot take pride in unanimous investors’ trust. ADA is now trading at around $2.28.
Elsewhere, Polkadot is down by roughly 14%, and Binance Coin lost almost 16% in value. And, the once-joke token, Dogecoin, is also down by approximately 14%.
Two of this month’s best performers, Avalanche and Solana, could not escape the bloodbath. As a result, they are both down by nearly 8% and 16%, respectively.
This week, the hurricane that ravaged the crypto market spurs from an announcement from the People’s Bank of China (PBoC). In a recent release, they reiterated that China will maintain a ban on all digital assets. Also, the authorities will seek and close any crypto exchange still in operation.
Crypto Market Analysis – What’s in the News?
- Twitter launches a Bitcoin tipping service for iOS.
- Senator Pat Toomey seeks clarity from SEC Chair Gensler on Crypto Regulation.
- Cardano’s IOHK to usher in a new Plutus DappStore Network.
Next Week’s Market Forecast
While we all knew how much China hates cryptocurrencies, this news made Bitcoin lose $3,000 in an hour. Like always before, the altcoins followed suit and bled heavily as well. Now, we can all hope that the investors’ trust will return in a spectacular bulls’ run and be free from FUD.