Forbes - Bitcoin's big week 😬

CryptoCodex


	Good Monday morning and happy Labor Day! Billy Bambrough here with the latest from crypto-land and what you should watch out for this week. Don't miss Forbes' special, holiday CryptoAsset & Blockchain Advisor offer!


	Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!

24-hour crypto market snapshot

$51,788

$3,948

$1.39

$34.62

Greed is good🕴️


	The cryptocurrency market has stormed into the new month, with expectations high that bitcoin could break its historically poor September performance. A look back at monthly price data since 2013 shows bitcoin has closed September in the green just twice in eight years—in 2015 and again in 2016—but even then with only small gains. Cointelegraph has a full write-up. With bitcoin looking healthy today, many are anticipating a pump thanks to the attention bitcoin's set to see from El Salvador's adoption of the cryptocurrency tomorrow. Elsewhere, cryptocurrencies across the board are continuing to climb. Chainlink, a 2020 crypto darling, has led the major market higher with a 15% rise over the last 24 hours and adding to gains of almost 40% this past week. Ethereum is holding onto its huge more-than-20% gains over the last seven days but is flat on this time yesterday. Among the crypto top ten Ripple's XRP payment token is leading the pack, up 10% on the last 24 hours. Dogecoin is also outperforming other tokens with a 5% gain as an upgrade continues to improve confidence. Now read this: Cryptocurrencies: developing countries provide fertile ground Solana, one of the many ethereum rivals jostling for attention, has now climbed to the seventh spot among the world’s top 10 largest cryptocurrencies, after its price has tripled in about three weeks, giving it a value of more than $42 billion, according to CoinMarketCap. The market could be getting dangerously hot, however, with the Crypto Fear & Greed Index, a measure of market sentiment, showing traders are back in the "extreme greed" mindset. With a score of 79/100, the gauge is just 16 points away from its historical top zone, an area that has sparked corrective moves in the past. The New York Times' big weekend of crypto coverage: - Crypto’s rapid move into banking elicits alarm in Washington - Crypto banking and decentralized finance, explained - Bitcoin uses more electricity than many countries. How is that possible?

When you make a purchase through links in this email, the author may earn a commission.

Labor Day Sale! Save Up To $475

Join Forbes' CryptoAsset & Blockchain Advisor premium newsletter to be among the first to access its new Crypto Accelerator Portfolio. If you're looking to gain early exposure to less mature tokens, NFTs and exciting projects that Forbes sees as worthy challengers to leading crypto assets, then this is for you.

For successful subscription, disable your adblocker

Get Forbes Crypto Asset & Blockchain Advisor

FTX bets on NFTs 🎰



	FTX CEO and crypto billionaire Sam Bankman-Fried © 2021 Bloomberg Finance LP


	NFTs for all: FTX, the derivatives-focused bitcoin and crypto exchange that's seen its volumes explode this year, is ramping up its support for NFTs--non-fungible tokens that digitize all manner of different assets and have become a collecting craze. This morning, FTX chief executive Sam Bankman-Fried tweeted that the exchange will offer the ability to mint NFTs directly on its platform. Minted: FTX users, including on the U.S. FTX.US, will be able to create their own artwork and mint them as NFTs directly on FTX and then sell them on its marketplace, with the exchange hoping to win market share from dedicated NFT platforms such as OpenSea to be sold within its marketplace. Other crypto exchanges, including Binance and OKEx, also offer NFT marketplaces to varying degrees and on a mixture of blockchains. FTX NFTs will be cross-chain, across the ethereum and solana blockchains, according to Bankman-Fried. Ethereum remains by far the most popular NFT blockchain despite its eye-watering fees. Bankman-Fried and FTX have close ties to ethereum rival solana. The big question: Is bitcoin losing its position as the crypto market's leader? Crypto craze 2.0: The NFT market has roared back in recent weeks, defying suggestions the bottom had fallen out of the market after Beeple's $69 million sale in March. Last week, one day's sales volume of the CryptoPunks NFT collection alone touched $150 million, according to data from NFT tracking website CryptoSlam. Last month, Visa set the market alight when it announced it had bought CryptoPunk #7610 for 49.50 ethereum—around $150,000 at the time's price. Testing patience: Bankman-Fried's scribble of the word "test" with the caption "I'm testing out a DIY NFT listing on FTX.US" has already reached a price of $1,100 with 19 bids. But FTX isn't giving out NFTs for free: it will charge 5% to the buyer and to the seller per sale—a 10% fee in total, it was noted by The Block. Now read this: Meet the self-hosters, taking back the internet one server at a time

The week ahead 📅


	🪙 This week will be historic for bitcoin as El Salvador moves ahead with its plan to make bitcoin an integral part of its economy and society. From tomorrow, September 7, bitcoin will be used as the country's official currency alongside the U.S. dollar. 🔗 On Wednesday, the bitcoin network is expected to strengthen for the fourth consecutive time as those that secure bitcoin's blockchain with computing power return following their expulsion from China. China's ban on bitcoin and crypto mining scattered miners to the wind in May but they've recently returned to mining in force around the world. 🎮 Gamestop, the meme stock king that's traded in a similar way to bitcoin and other cryptocurrencies by users of Robinhood and other popular apps, will report earnings on Wednesday. Its stock price is currently up 2,500% on this time last year and significant deflating of its price could herald a crypto sell-off. Don't miss: A father and son who help clients find forgotten crypto passwords estimate billions of dollars worth of lost bitcoin is recoverable

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

Follow me on Twitter or email me.

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Forbes - Bitcoin's big week 😬

Older messages

🎓 Student Loan Relief Extended One Last Time

😳 Oops - Link fixed! 🚆🚧 Time for a rebuild

💰 Biden forgives $9.5 billion in student loan debt

Solana, Cardano, Ether Surge | Simone Biles Vaults Into NFTS

Free Domestic Shipping Labor Day Weekend

You Might Also Like

Survey Results: PMS Symptoms

City council audit trail is an audit fail after disastrous Oracle ERP rollout [Fri Apr 26 2024]

Full-crime job

All of My Friends Have These Sweatpant Jeans

🌈 Live a bold & bright life

🕐 Time Is Running Out: Your $99 Offer Expires In 48 Hours

The Professor Protesting Columbia’s Own Students

Before you lose your phone ...

Friday Briefing: Supreme Court hears Trump immunity case

Microsoft results beat quarterly expectations as profits rise 20% to nearly $22B