Cryptoweek in Review: Cryptos Recover Following El Salvador’s Bitcoin Adoption

For the first time in months, the cryptocurrency market has seen one of its most tumultuous weeks. As the week got underway, the markets were upbeat, with Bitcoin first surpassing the $50,000 level, then $51,000, and then $52,000. The total market capitalisation had risen to $2.3 trillion, surpassing previous records.

The market, on the other hand, made a complete 180-degree flip on Tuesday, with Bitcoin dropping from around $53,000 levels to roughly $43,000. A total of 328,000 traders were liquidated in one of the largest liquidation events in recent months. The overall amount of liquidations exceeded $3.54 billion, which is an all-time high.

The crash occurred at the same time as El Salvador legalised Bitcoin as legal tender for transactions. Prior to the crash, numerous Redditors started a campaign to buy $30 worth of Bitcoin to demonstrate their support for the people of El Salvador, which was quickly abandoned. El Salvador’s president, Nayib Bukele, announced on Twitter that the country’s coffers has been replenished with 550 Bitcoin.

After crash effects

Following the crash, the crypto-heavyweights had a temporary resurgence. Following that, Bitcoin and Ether experienced a relatively quiet week. Cardano, the third-largest cryptocurrency by market capitalization, which experienced a spectacular spike at the beginning of the month, has remained under the control of bears for the past week.

Nonetheless, not all was bleak for the investors. Solana, the cryptocurrency that is the closest competitor to Ethereum, has recently become a popular choice among investors. A spectacular rally drove it to the sixth-largest cryptocurrency in terms of market capitalization, where it currently resides.

Algorand was a fascinating cryptographic project that performed admirably in the marketplace. Its native token, ALGO, was successful in attracting attention and rose to the sixteenth spot on the list. Even during some of the most catastrophic market collapses that have occurred over the previous three months, ALGO has not suffered a significant decline. As of September 11, 2021, the entire value of the cryptocurrency market was approximately $2.07 trillion.

The Securities and Exchange Commission of the United States looks to have gotten into a spat with cryptocurrency exchanges recently. When it comes to cryptocurrency exchange Coinbase, the Securities and Exchange Commission (SEC) has threatened to prosecute the company if it proceeds with plans to introduce a programme that would allow customers to earn interest by lending crypto assets.

The Securities and Exchange Commission (SEC) is also looking into the crypto exchange developer Uniswap Labs, which is the lead developer behind one of the world’s largest cryptocurrency exchanges.

Uniswap, according to a report published on Friday by the Wall Street Journal, citing people familiar with the matter.

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