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The Latest in Crypto News (Week ending September 19, 2021)

Solana Moves into the Week’s Top 100 Worst Performer 

The native SOL token of smart contract platform Solana was the poorest performer among the top 10 currencies by market capitalization today, as well as the worst performer in the top 100 for the week. Solana has had a difficult week with a total network outage and subsequent restart.  CoinGecko’s list of the top 100 most valuable crypto assets by market capitalization shows that during the previous seven days, the currency has dropped by approximately 26%. Solana is now the week’s worst performer in Top 100 after their network restart.

Anti-Bitcoin Protest in El Salvador:

The restriction on the presidential re-election was lifted in El Salvador on September 7.  Since then, the administration has proposed more than 200 constitutional amendments. Associated Press (AP) has reported that thousands of people demonstrated against President Nayib Bukele yesterday in San Salvador’s major square.  Many of the protestors who were part of the march against bitcoin wore ‘No to BTC’  t-shirts or carried placards saying ‘no to tyranny’ and ‘we were scammed by Bitcoin’ to voice their displeasure with the decision to make BTC legal money. 

Mark Cuban’s take on how crypto regulations:

The owner of Dallas Mavericks “Mark Cuban” took to Twitter and shared with his followers his views on how crypto sectors should be regulated. According to him, the first regulated cryptocurrency will be stablecoins. He shared worry about smart contracts which he feels are often a target of scammers. He also shared views on tokenomics, his Five Crypto Regulation Commandments, fraud, and the possibility that crypto anonymity will be compromised. 

Bitcoin and Ethereum both are struggling again:

The price of bitcoin is battling to break key hurdles to stay over USD $48,500. The price of Ethereum fell below the USD $3,500 support level, while the price of XRP is currently well below the USD $1.12 mark. SHIB and AUDIO are still up by more than 25%.  SOL, PERP, SNX, RUNE, SUSHI, ICX, HBAR, REN, ALGO, ONE, XEC, CRV, and COMP are among the altcoins that have fallen more than 5%. SOL was the biggest loser, falling almost 13% and breaching the USD 140 mark. Learn more about the market capitalization: 

Gaming Attracts the Attention of Blockchain Users:

Gaming industry is increasingly attracting the attention of blockchain users, as seen by the 64 percent month-on-month growth in the number of unique active wallets linked to them, according to DAPP Intelligence source DappRadar. The transition to blockchain-based gaming is now confirmed by the most recent data.  According to DappRadar’s audience data from May, 55% of Blockchain users interacted with DeFi application Gaming with the remaining 45% interacting with NFTs and games. While games and NFTs combined to make up the remaining 46% of all clickouts in June, DeFi accounted for 54% of them. 

Institutions have given Coinbase’s Junk Bonds success an “endorsement.”

Coinbase sold over $2 Billion USD of Junk Bonds and has proven itself and been ‘endorsed’ by Institutions. After selling USD 2 billion in junk bonds to a variety of institutional investors, the US-based crypto exchange Coinbase has proven that “strong demand” exists among financial institutions to acquire exposure to the crypto industry.  More than $7 billion in orders came in for the USD 2 billion in debt available for sale, Bloomberg said, citing an unidentified person “with information of the subject.” The demand from debt investors much exceeded what could be fulfilled. 

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