Crypto Roundup: August 16th, 2021
August 16 2021 - 1:40PM
NEWSBTC
The total value of the cryptoasset market has once again risen
above $2 trillion, as altcoins including Cardano and XRP race to
reclaim all-time highs. This bullish price action comes in defiance
of negative headlines. The Senate passed the infrastructure bill on
Tuesday without changing the requirements for crypto tax reporting,
and on the same day $611 million was stolen in the largest DeFi
hack in history (though the culprit has since returned the funds).
Nevertheless, traders were not concerned, and multiple altcoins are
now flashing high double-digit weekly gains. Beating the 3%
increases of Bitcoin and Ethereum, XRP jumped almost 60% after
forming a new partnership, closely followed by Cardano and Ethereum
Classic with almost 50% gains, and Dogecoin which leaped 33% as
Mark Cuban tweeted support for the memecoin. This Week’s Highlights
Cardano climbs 45% ahead of major upgrade S. infrastructure bill
passes Senate Cardano climbs 45% ahead of major upgrade Ethereum
competitor Cardano topped $2 last week as the developers scheduled
a highly-anticipated upgrade. Cardano project lead Nigel Hemsley
announced a September 12 release date for the planned “Alonzo”
upgrade. This would disarm critics by bringing long-awaited smart
contract functionality to the network, potentially allowing Cardano
to claim its own slice of the DeFi pie and capitalize on the NFT
mania currently sweeping over the crypto market. Elsewhere in the
proof-of-stake ecosystem, rival network Polygon (formerly Matic
Network) jumped 30% after acquiring Ethereum scaling solution
Hermez Network. U.S. infrastructure bill passes senate While the
battle may have been lost as U.S. senators failed to amend onerous
tax reporting rules in the infrastructure bill, the market appears
to be expecting that crypto will eventually win the war. Prices
continued to rise this week, despite the bill passing the Senate on
Tuesday. Commentators suggest this could be because the event is
being seen as a coming-of-age moment for the crypto industry, which
is long-term bullish. In his recap of the infrastructure bill,
Compound lawyer Jake Chervinsky said that “ultimately we will look
back on this as one of the most positive events, holistically
speaking, that we’ve had so far in terms of the industry’s
interactions with the government.” Week ahead As buyers push prices
upwards, all-time highs are appearing on the short-term horizon for
several of the top cryptoassets. In the week ahead, Bitcoin faces
resistance at $48K. How the leading cryptoasset reacts at this
level could determine if the rally of recent weeks is just a
temporary “dead cat bounce“, or a continuation of the bull market.
According to data from Glassnode, Bitcoin is flowing out of
exchanges at similar levels to the beginning of the year,
suggesting traders could be accumulating funds in anticipation of
another rally higher. Image by Buffik from Pixabay
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