Crypto Market Analysis: September 27, 2021
29 September 2021 - 2:05AM
NEWSBTC
Crypto markets were rocked on Friday as it emerged that China was
implementing a full ban on cryptoasset trading inside the country.
Despite it having announced the ban previously, markets reacted
badly with big falls in BTC and other altcoins. BTC entered last
week on a downward trend and had already hit a low of $40,500 by
Wednesday morning, but it was recovering steadily until the news
from China knocked it down more than 8% on Friday. The price then
stabilised before a jump on Sunday and returned to over £44,100
this morning. ETH likewise hit a weekly low on Wednesday, touching
£2,700 before a climb back up to over $3,100. Following its own
fall of over 9% on Friday, ETH then stabilised along with BTC over
the weekend and was trading again at over $3,100 this morning after
strong gains on Sunday. Twitter launches crypto features Social
media platform Twitter has launched a series of crypto-related
features on its platform. Users will now be able to tip popular
tweeters in bitcoin through Strike, a third-party payments app
built on the Bitcoin Lightning Network. iOS-based Twitter users
will now be able to access the Tips feature while the platform says
it will roll out Android functionality soon. The company is also
looking to make non-fungible tokens (NFTs) more prominent on the
platform, giving creators more tools and moderation functions.
Twitter says it is exploring NFT authentication which would let
users connect their crypto wallets directly to their social media
accounts in order to display their owned artwork on their profiles.
Sorare secures bumper $680 million SoftBank funding NFT marketplace
Sorare announced on Wednesday that it has secured a mega $680
million funding round led by high-profile Japanese tech investment
house SoftBank. Sorare is a marketplace for non-fungible tokens
(NFTs). The platform is now valued around $4.3 billion after the
Series B funding round. SoftBank led a previous round of investment
in July, injecting $532 million. The firm plans to use the fresh
cash injection to expand its sports NFT offering. The firm will
expand its football portfolio of NFTs by seeking partnerships with
football leagues and associations. It has already secured deals
with French heavyweight team Paris Saint-Germain, English Premier
League champions Liverpool and the Spanish-based La Liga league.
Sorare is also looking at diversifying its NFT offering, exploring
sports beyond football. Issues have arisen among other sports,
however, as major leagues such as the NFL in the US specifically
proscribe players and clubs from creating or selling NFTs.
Evergrande causes rollercoaster week for crypto markets The news
has been heavily focused on events in China in the past week, with
crypto not immune from the permutations. Early in the week, news
began to emerge of the Evergrande crisis which sent contagion
spiralling through all markets. Cryptoassets felt the effects as
the broad-base selloff took hold on Monday. Evergrande has massive
debt exposure – over $300 billion – and has failed to make payments
on time to its creditors. The implications for wider crypto markets
are not direct, but with debt fears looming, cryptoassets such as
Tether could be affected. Stablecoins like Tether are pegged to
fiat currencies such as the US Dollar. But to maintain the peg they
require holdings to match the value of the cryptoasset. Many can’t
hold large amounts of cash and instead use commercial paper – a
form of short-term debt – to account for the value. The issue here
is that, with Evergrande creating 2008-style contagion risk for
debt markets, stablecoins could run into trouble were the
commercial paper they hold to lose value. Unfortunately, as such a
crisis is unprecedented, it remains to be seen what will happen
next. This is a marketing communication and should not be taken as
investment advice, personal recommendation, or an offer of, or
solicitation to buy or sell, any financial instruments. This
material has been prepared without having regard to any particular
investment objectives or financial situation, and has not been
prepared in accordance with the legal and regulatory requirements
to promote independent research. Any references to past performance
of a financial instrument, index or a packaged investment product
are not, and should not be taken as a reliable indicator of future
results. All contents within this report are for informational
purposes only and does not constitute financial advice. eToro makes
no representation and assumes no liability as to the accuracy or
completeness of the content of this publication, which has been
prepared utilizing publicly available information. Cryptoassets are
volatile instruments which can fluctuate widely in a very short
timeframe and therefore are not appropriate for all investors.
Other than via CFDs, trading cryptoassets is unregulated and
therefore is not supervised by any EU regulatory framework. Your
capital is at risk. Image by Roy
Buri from Pixabay
Amp (COIN:AMPUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Amp (COIN:AMPUSD)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Amp (Cryptocurrency): 0 recent articles
More Amp News Articles