The market stagnates in a week full of uncertainty. An economic situation with a rather complicated outlook, very important announcements and updates for some of the most important projects in the cryptocurrency ecosystem.
We start the month of September and without a doubt it looks to be a very interesting period, since we find ourselves in a very complicated situation in the economic field, but with a large number of innovations and announcements that are about to take place in the next few days. The cryptocurrency market is completely stagnant, after Bitcoin fell back below $20,000, which shows us that there is still bearish pressure that is difficult to stop. However, we do have a lot of announcements and improvements on the way, which could shed some light on the crypto market, which has been through a completely bearish story so far this year.
A couple of days ago we talked about “The Merge”, which undoubtedly takes the title of the most anticipated event so far this year, since it could present a breakthrough in terms of the evolution of the cryptocurrency ecosystem. On the other hand, one of the most interesting and fastest growing projects in recent years, Cardano has also announced the official date of its new update through a tweet published by the company Output Global, who is behind its blockchain.
For Cardano, “Vasil” is the most important update that the network has ever had, as it will provide it with greater capacity, scalability and a significant reduction in the cost of its transactions. It should be noted that a couple of days ago its founder, Charles Hoskinson, informed the users of the community about this new update, revealing that the Vasil hard fork will finally be implemented on the Cardano mainnet at the end of this month.
As if that wasn’t not enough, one of the most controversial and hated projects by a large part of the community (and with good reason), Terra Classic (LUNC), will have a very important update, which puts the South Korean project headed by Do Kwon back on the radar. Terra Classic (LUNC) has seen a real spike since the beginning of July, thanks to the enthusiasm of its community, with a current price of $0.0003276 and a rally of 31.5% in the last 24 hours. Could this be the resurgence of Terra?
In other news, a curious case went viral this week in which cryptocurrency exchange Crypto.com sent a user a stratospheric refund. An Australian woman received such a refund from the company in a total amount of about $10 million, when she had requested a $100 refund in May last year. Crypto.com did not realize the mistake until seven months later, during an audit at the end of the year, and is now suing the woman to get them back.
Now the curious thing about the case is that the woman did not notify them about the situation, and chose to buy the house of her dreams, a multi-million dollar mansion with a home theater and gym, however, the judge has finally ordered her to sell her property and return the money to the company.
And if you thought it was a tough week for the Crypto.com company, now add that it has been announced that the five-year sponsorship deal with the UEFA Champions League, worth $495 million, has been withdrawn. . The company canceled the deal due to regulatory concerns in the UK, France and Italy, with legal issues relating to the scope of its licenses to trade and operate.
It should be noted that Gazprom, Russia’s largest state-owned energy company, was involved in this agreement. UEFA cancelled the contract in March.
This week, one of the most important NFT projects in the industry has reached maximum price levels, in anticipation of the launch of a new collection. Solana’s project, DeGods, topped the overall NFT market in late August, setting a new floor for the collection. Since last Sunday the collection reached an floor price of 748 SOL, thanks to the hype generated by the launch of y00ts, the new NFT collection by the Dust Labs team.
This new project has aroused the interest of a large number of celebrities and high-profile figures. A total of 15,000 NFTs will be minted, which seek to build a community with the most interesting people in the world of Web3. People who wanted to be part of it had to send an application, called “scolarship”, which was commissioned to curate the community and elect the coolest people in the Web3 ecosystem. In addition, all those holders of the DeGods NFTs, had the possibility to mint one of these NFTs.
Bitcoin is above $19,780, after a very calmed week and support near $19,460. If that support gets breached, it could lead to a crash near $17,100.
BTC/USDT 1D (TradingView Chart).
For its part, Ethereum is trading above $1,580, in the middle of a congestion zone, with resistance near $1,770 and support at $1,280.
ETH/USDT 1D (TradingView Chart).
September will be quite an interesting month, in which we will be able to see both sides of the coin, on the one hand an economy trying to recover with a very complex environment and situation; and on the other hand, a lot of updates and releases that bring great value to the cryptocurrency ecosystem. Remember to do your own research when entering this market, without further ado, have a great start of the week.
