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This Week in Coins: Bitcoin Still Stuck in Rut, Polygon and Litecoin Surge

This Week in Coins: Bitcoin Still Stuck in Rut, Polygon and Litecoin Surge

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This week in coins. Illustration by Mitchell Preffer for decrypt.

Prices of crypto market leaders Bitcoin and Ethereum usually move together. But some weeks are the exception, and this was just such a week.

Bitcoin, the world’s number one cryptocurrency with a market cap of $380 billion, is down another 2% over the past week and is trading at around $19,860 on CoinMarketCap as of this writing Saturday morning.

Ethereum, the No. 2 cryptocurrency with a market cap of $190 billion, gained a modest 3.5% over the past week and is currently trading at $1,556.

New data this week Ethereum Name Service (ENS) tells a more bullish story. Members of the Ethereum Foundation launched ENS five years ago to allow people to register memorable domains for their crypto wallets, rather than being limited to the unwieldy string of random numbers and letters that typically represent a blockchain address.

ENS reported its third-highest revenue month in August, when 2.17 million .ENS domains were created for the service. Two weeks ago service reported that in the previous three months the number of .ENS domain name registrations had doubled.

This dramatic spike in ENS activity is likely to be expected due to Ethereum’s major network overhaul this month. The Merging Ethereum transform the network from an energy-intensive proof-of-work (PoW) consensus mechanism to a 99.95% greener proof of contribution (PoS) algorithm.

The biggest loser among the top thirty cryptocurrencies was Avalanche. AVAX fell 10% for the week; it’s under $20 this Saturday.

Two of the top 20 cryptocurrencies enjoyed big rallies, and one of them may come as a surprise to many: Litecoin (LTC) exploded 15% last week to over $60 Polygon‘s MATIC gained 11% and is currently trading at around $0.90. Polygon’s bubbling rally came in the midst of adoption news Trading app Robinhood and social media giant Meta.

Other leading cryptocurrencies barely moved this week.

Regulators are targeting crypto risks

On Monday, the CEO of the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, Ravi Menon, said At the Green Shoots fintech seminar, where the regulator is starting to add hoops to retail investors looking to get into the crypto space. The proposals include customer suitability tests and limiting the availability of credit lines.

Menon said the measures are aimed at protecting consumers and elaborated that while Singapore welcomes fintech innovation, investors “seem to be irrationally ignorant on the risks of cryptocurrency trading,” but an outright ban “is unlikely to work.” MAS also plans to conduct international regulatory audits and collaborate to reduce harm.

Paraguayan leaders also talked about regulation on Monday. President Mario Abdo Benítez vetoed a bill that would have regulated various crypto activities in the country, including mining. According to the implementation by regulationthe primary reason for the veto was that the energy costs allegedly outweighed the employment benefits.

In the United States, Representative Raja Krishnamoorthi – Chairman of the Subcommittee on Economic and Consumer Policy, which is part of the House that makes up the Congress along with the Senate.sent letters to the five largest U.S. crypto exchanges on Tuesday, requesting “information and documents” about their operations Thu “to fight fraud related to cryptocurrencies.”

Krishnamoorthi also sent four federal agencies US Treasury Department, Securities and Exchange Commission, Commodity Futures Trading Commissionand Federal Trade Commission– solicits policy proposals and opinions on whether cryptocurrencies should be defined as “commodities, securities or both”.

Meta and Ticketmaster accept NFTs

Meta, the parent company of Facebook and Instagram, released a new one NFT features for its properties that day, including the ability to send NFTs within the app to select US users.

Currently supported by Meta Ethereum, Polygonand Flow NFTs on both Facebook and Instagram. It also supports multiple crypto walletsincluding MetaMaskRainbow, Trust Wallet, Coinbase walletand Dapper, all of which can be combined to verify and share NFT.

On Wednesday, ticketing titan Ticketmaster announced that it will utilize Dapper Labs Flow to the blockchain mint NFT tickets for certain events. Over the past six months, Dapper Labs and Ticketmaster have been quietly piloting an NFT program where Ticketmaster issued ticket NFTs as souvenirs to event attendees. special eventslike this year’s Super Bowl VI.

According to Dapper, over five million Flow NFTs were minted during the pilot.

Cryptolenders are trying to deal with liquidity crises

Singaporean cryptolender Hodlnaut received legal administration organize and reorganize the country’s highest court on Tuesday. Company archived to legal management on August 13 seeking temporary protection from legal claims. Just five days earlier, it was frozen customer withdrawals “stabilize liquidity” during the industry’s ongoing liquidity crisis.

Celsius, the crypto lender that went bankrupt on Thursday, said a court application that it wants to come back of the funds of some of their clients. The company is currently offering to release nearly $50 million worth of crypto belonging to customers who were part of a “storage” program — accounts that stored crypto but didn’t generate revenue.

If Celsius’ proposal is accepted, the returned funds would only cover a fraction of the lender’s obligations: custodial accounts account for $210.02 million in crypto, according to the filing. However, customers expecting returns who invested crypto in Celsius’ popular “earn” program are $4.3 billion in assets; there was no word on when they will get their money back.

Bitcoin mining difficulty jumps

Bitcoin mining is getting harder and harder. According to information, from BTC.com, Bitcoin mining difficulty jumped 9.26% in the last two weeks. As the difficulty increases, miners may face lower profits as more computing power (and energy) is required to mine, while the value of Bitcoin has remained stable.

Scott Norris, founder of private Bitcoin miner LSJ Ops, told Decrypt that “difficulties in shrinking are a concern” because it would mean more miners dropping out of the network, which would reduce its efficiency.

Norris added: “The increase in difficulty is indicative of a strong and growing grid, it’s actually a good thing,” he said, adding that “sectors like gas and hydro are defending cheap energy costs and enabling a new generation of long-term mining to emerge.”

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