Key Takeaways

• The Chinese government announced further crackdowns on cryptocurrency trading on Friday (09/24/2021). This is the latest in a series of restrictions, following the ban on financial institutions providing services related to cryptocurrency transactions in May this year.

• Huobi announced on Sunday that it had stopped taking new mainland customers and would end contracts with mainland clients by the end of the year to comply with local regulations.

• The Federal Reserve Bank leaving policies unchanged (especially interest rates) had a positive signalling effect on the market. However, market watchers are wary of comments from the SEC chair and the White House proposed nominee to the top banking regulator.

Highlights

• Crypto.com expands insurance program to cover $750M

• China issues tougher measures to keep cracking down on crypto trading

• El Salvador Buys the Bitcoin Dip as Top Coins Tumble

• USDT sell-off against yuan intensifies on crypto OTCs after China's crackdown

• Over $1 Billion in Crypto Futures Liquidated Amid Evergrande Concerns

• Cryptocurrency exchange Huobi to clean up existing mainland clients by end-2021

• Solana Blames ‘Denial of Service Attack’ for Last Week’s Downtime

• DeFi platform Vee Finance exploited for $35M on Avalanche blockchain

• DeFi Bridging Protocol pNetwork Suffers $12 Million Hack

• OpenSea CEO: Exec's NFT Trades Were 'Misframed' as Insider Trading

• Twitter rolls out bitcoin tipping for IOS users via Lightning, looks to NFTs for the future

• Ethereum forming a double top? ETH price loses 12.5% amid Evergrande contagion fears

• Sorare scores $680M funding led by SoftBank to grow its NFT sport portfolio

Check the latest prices on crypto.com/price.

Notable events

Bitcoin (BTC) and Ethereum (ETH) saw another sell-off after China announced a crackdown on crypto trading on Friday (ref), with some recovery in the markets on Sunday.

Twitter announced Bitcoin (BTC) tipping, and Twitter users will have access to their NFT wallets in their Twitter accounts. ( ref)

Tezos (XTZ) has managed to rebound strongly after a steep correction, suggested by investors’ notice on its achievements in the NFT market. (ref)

Monero (XMR) experienced some volatility this week, likely reacting to news that maintainer Riccardo Spagni (AKA Fluffy Pony) has been released from custody by US authorities. (ref)

Deutsche Boerse launches Solana and Polkadot ETNs by VanEck. (ref)

Stellar-Polygon bridge goes live to expand XLM usage in DeFi. (ref)

Notable events

Defi tokens Chainlink (Link), Uniswap (UNI), and Maker (MKR) saw double digit gains on Sunday. (ref)

Hydra, a key layer two scaling solution, upgrade is going to be announced in the Cardano Summit 2021. (ref)

Loopring (LRC) is supporting NFTs on layer 2 (ref) hit #1 for overall TVL, according to DeFi Llama. (ref)

Notable events

Binance has completed its integration with the Fetch.ai (FET) mainnet. (ref)

Illuvium (ILV) and YGG are now tradable on Binance. (ref)

Axie Infinity (AXS) has sold $2 Billion worth of Ethereum NFTs. (ref)

Shiba Inu (SHIB) adds over 100,000 new holders in three months. (ref)

Dogecoin Could be accepted by movie theater giant AMC. (ref)

Thank you for reading! We hope you find our Weekly Market Update enlightening!

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