Crypto Roundup: September 13th, 2021
September 14 2021 - 2:14PM
NEWSBTC
After a flash crash, last Tuesday as El Salvador officially made
Bitcoin legal tender, the leading cryptoasset has steadied around
$45K. What was expected to be a historic day of celebration became
one of the most volatile days of the year. The party was cut short
by technical problems, and Bitcoin dropped by $10K in a matter of
hours. It then clawed back losses over the next few days as Panama
revealed its own Bitcoin legislation and Ukraine moved ahead with
legalization. Only a few altcoins had the strength to swim against
the bearish tide: Tezos pushed 30% higher on the launch of an NFT
collection from American rapper Doja Cat, and Algorand added an
astonishing 60% on the back of a new DeFi fund. This Week’s
Highlights Algorand adds 60% in defiance of market downturn Cardano
falls on smart contract debut Algorand adds 60% in defiance of
market downturn As the crypto market turned red, Algorand came up
green. The token topped $2.50 on Sunday, marking year-to-date gains
of more than 630%. The rally was driven by a flurry of positive
news, including the announcement of a DeFi fund that aims to put
$300 million towards helping Algorand contend with Ethereum and
other smart contract platforms. Only two weeks ago, Algorand was
hitting headlines for another big announcement, as it was selected
by El Salvador for the development of its government blockchain
infrastructure. Cardano falls on smart contract debut Weeks of
consecutive wins have made Cardano the third-largest cryptoasset by
market cap, but it fell 12% this week on the long-awaited launch of
smart contracts. The Alonzo hard fork went off without a hitch on
Sunday. This marks Cardano’s most significant technical upgrade yet
and lays the foundations for a new era of DeFi smart contracts and
non-fungible tokens (NFTs) on the blockchain. According to eToro
Crypto Market Analyst Simon Peters, “this critical upgrade could
lead Cardano to take some market share away from ‘competing’
networks such as Ethereum, and potentially lead to “appreciation of
the price of ADA.” Week Ahead Although Bitcoin has fallen over 10%
since last week, El Salvador’s adoption is likely to have a bullish
effect in the long term. This is the view of Bloomberg’s September
Crypto Outlook, which suggests that $100K price levels for BTC
represent “the path of least resistance.” In the short-term,
markets are braced for the release of the Consumer Price Index
(CPI) on Tuesday. This could give a clearer indication of U.S.
inflation levels, potentially revealing the macroeconomic landscape
that Bitcoin will need to navigate over the next few months.
Image by Wolfgang Borchers from Pixabay
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