$BTC 24 Hour High $19,639.48
$BTC 24 Hour Low $18,390.32
$ETH 24 Hour High $1,388.27
$ETH 24 Hour Low $1,287.42
Happy Monday from HKbitEX! Highlights from the week:
- ETH Merge completed
- The very-centralized crypto exchange Coinbase has proposed an investment line with MakerDAO, the organization behind the largest decentralized stablecoin
- Celsius CEO plans to restructure firm to focus on crypto custody
- NFT creator Doodles raises $54M in funding at $704M valuation
The $BTC and $ETH market
The Ethereum Merge is done, with the historic change going live on Thursday. The event was described by many as one of the most significant technical achievements in the industry. And it is. However, the total market declined by some $20 billion over the same period as many cryptocurrencies are seeing decreases. Bitcoin is obviously one of outliers in terms of price performance.
BTC increased to as much as $22,500 on September 13th, but that’s when the bears stepped in and pushed its price towards $20K. It seems that the cryptocurrency is slightly below the important psychological levels.
The cryptocurrency which mainnet went through the evet that everyone is still talking about took the implementation a negative way. ETH is down almost 8%, pushing ETH below $1,500 and charting a total decrease of 10% for the past seven days. It’s estimated that the long Merge rally hit a snag as the latest Consumer Price Index (CPI) report rose 8.3% - worse than expected. BTC and ETH both fell roughly 10%, while stocks suffered their worst day since June 2020.
Mainstream adoption & What’s in the news…
The very-centralized crypto exchange Coinbase has proposed an investment line with MakerDAO, the organization behind the largest decentralized stablecoin. The proposal would move a third of the Circle stablecoin backing Maker’s dai stablecoin, an estimated $1.6 billion, to Coinbase Prime in exchange for 1.5% yield — or an estimated $24 million of MakerDAO revenue. The proposal comes as Coinbase stock has plummeted and Maker reckons with the regulatory risk created by its USDC holdings.
According to a Tuesday report from the New York Times, Celsius CEO Alex Mashinsky and head of innovation and chief compliance officer Oren Blonstein aimed to revive the company using a project named Kelvin, storing users’ crypto and charging fees on certain transactions. Mashinsky reportedly made the announcement at a Sept. 8 meeting for employees, at which the company discussed possible scenarios for its future after filing for Chapter 11 bankruptcy in July.
Defi & NFT
Doodles announced that it had raised $54 million at a $704 million valuation in a funding round led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures. As told by Doodles, the investment will allow it to scale its growth strategy and monetize its intellectual property globally through ventures in the music, culture and entertainment industries.