Industry news: Crypto weekly Market update roundup

Top selected crypto weekly market update and industry news.

Cardano(ADA) slips to 5th- largest crypto market position 

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. Cardano became one of the most recognizable cryptocurrencies in the world in a short time. Now,it is next to bitcoin and ethereum, however, during the last trading, the worth of the coin has fallen by 1.2%. Such negative change has slipped the coin to 5th place among the cryptocurrencies.

Cardano reached an all-time high on September 2, 2021, reaching $3.09 per unit but is now down more than 30% since that day. ADA is currently swapping for prices just above the $2 handle and the crypto asset binance coin (BNB) now holds the third-largest position in terms of market cap. Despite the dip to the fifth position, Cardano still captures 2.86% of the entire $2.386 trillion crypto-economy among 10,000+ digital assets in existence.

ADA needs to gain more than 15% in value in order to contend for the third-largest market position – BNB’s $77.7 billion market valuation. The crypto asset’s market cap, however, is only 2.34% lower than tether’s overall market valuation of $69.8 billion. Moreover, ADA is not the only smart contract crypto that has taken a hit in recent times. Solana (SOL) is down 10% this week, terra (LUNA) slid by 18.7%, and Avalanche (AVAX) lost 14.3% this past week.

The price of Bitcoin skyrocketted during the course of the week – Bitcoin’s price went back over $62,000

Bitcoin’s price has hovered around and above $62,000 in recent days, according to Coindesk’s Bitcoin tracker. This latest surge — bringing Bitcoin close to it’s all-time high price record — coincides with the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange this week. The latest increase follows weeks of hovering just over $40,000 since its last push over $50,000 in early September. It also brings Bitcoin closer to it’s all-time high of $64,802 in April, a high that was followed by a decisive drop to under $30,000 as recently as July 20.

But given the crypto’s history of volatility, this increase doesn’t guarantee a long-term reversal. Bitcoin’s price is just as likely to fall back down as it is to continue climbing. The price swings are going to keep happening, and experts say they’re something long-term crypto investors will have to continue dealing with. 

Zimbabwe ready to make concessions on Cryptos

Zimbabwe’s Finance minister hinted that about 30% of the country’s youths invested in Cryptocurrencies now. Mthuli Ncube, also told his colleagues in government that it is now impossible to run away from cryptocurrencies.

According to a report by the Herald, Ncube also hinted that his ministry is now willing to make certain concessions on cryptocurrencies. However, unlike his recent comments in which he simply extolled cryptocurrencies, Ncube insists that these must not be treated as currencies.

He wants this to be an investment class, He said ‘’So through the Victoria Falls Stock Exchange platform, we will try to create crypto-based products there, which are ring-fenced within the offshore zone’’.

By referencing the Victoria Falls Stock Exchange (VFSE) as the ideal platform for cryptocurrency transactions, Ncube is echoing sentiments that were previously expressed by Zimbabwe Stock Exchange (ZSE) boss Justin Bgoni.

Ncube added that Zimbabwe has engaged investors that are working with his ministry to create crypto ETFs.

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Bitmama Team

Oct 20, 2021

3 mins read

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