The Ledger: stuff that matters

September, part one: Market update, NFT mania, crypto-adoption and El Salvador. Your dose of crypto news. Stay in the know.

Kyle Turnbull

September 13, 2021 · 4 min read

The Ledger September Part 1

The Ledger September Part 1

One fortnight feels like a year in crypto. 

What did you miss? Let’s cut through the noise. What has happened in the first two weeks of September? 

🔥 Crypto legitimacy and regulation

🔥 Market Watch: BTC passes 50,000USD once again, Ethereum gains momentum.

🔥 NFT Mania: Where do we go from here?

🔥 The road to crypto adoption: who's using it?

🔥 El Salvador embarks on its crypto-journey: how are they faring?

The never-ending search for legitimacy 

It’s not only regulators having a difficult time keeping up. The banking sector is scrambling to protect its revenue streams, calling on regulators to take action. Recent news from India indicates a new classification for digital currencies. “Cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation, payments, investment or utility.” As one of the largest countries on earth, this is fantastic news for the industry, as billions of people will have greater clarity around their obligations when purchasing or spending digital currencies. 

New York Times  👉 Crypto’s Rapid Move Into Banking Elicits Alarm in Washington 👉 India Has New Plan to Regulate Cryptocurrencies

Market watch

Bitcoin passed $50,000 for the second time in two weeks. While notable for its volatility, gains in the largest cryptocurrency may have gotten lost in the swell of rising prices across the entire asset class.

AS (NFT) trading reached their highest ever levels, with most of it occurring on the Ethereum (ETH-USD) blockchain, the second-largest cryptocurrency by market capitalization rose by over 30%, from $2,700 to $3,900, meaning it has outperformed Bitcoin for the same time period. With the gap between ETH and BTC closing (BTC market dominance down to 40%), analysts are interested to see if BTC loses further ground as the market leader over the coming months.

This was followed by a period of consolidation as the market cooled off somewhat. Bitcoin currently sits at $45,400 USD, and Ethereum at $3,375 USD. 

Yahoo Finance 👉 August's record-breaking month for crypto flows means for bitcoin

Forbes 👉 Is Bitcoin Losing Its Position As The Crypto Market's Leader? 👉 Bitcoin Market Dominance Dips Down to 40%

Keeping an eye on NFT mania 

We may or may not be at peak NFT. Nobody knows. What we do know is that the market continues to attract obscene money, as crypto-enthusiasts seek out new avenues to spend and invest. 

NFTs from the Bored Ape Yacht Club series trade above the $150,000 USD, and some of the biggest news of the week came as Sotheby’s listed a collection of NFTs that could fetch anywhere between 12 and 18 million USD. 

Blockonomi 👉 Bored Ape NFT Collection May Pull $18 Million at Sotheby’s Auction

Market Watch 👉 OpenSea records $3.4 billion transaction volume in August

Hypebeast 👉 Steph Curry Just Bought a Bored Ape Yacht Club NFT for $180,000

The road to adoption…

Moving forward, we’ll attempt to bring stories of real-world use cases on the path toward adoption. As a project, we’re here to create financial freedom, and won’t stop until that goal has been realized. We love it when we see digital currencies creating more inclusive financial systems! 

According to blockchain data firm Chainalysis, adoption in 2021 is being led by frontier markets. Asia makes up over half of all cryptocurrency users. Vietnam ranks first for crypto-adoption worldwide. We’re seeing business owners and freelancers in Ghana, Brazil, and India, settle in Bitcoin to avoid costly transfer fees and poor exchange rates. 

The Financial Times 👉 Cryptocurrencies: developing countries provide fertile ground

El Salvador becomes the first country to make Bitcoin legal tender. 

One of the most anticipated moments in crypto-history occurred this week to mixed reviews. Many are wary of digital currencies, whilst others see significant potential. Banks and money transfer companies charge huge fees on remittances (upwards of 10 percent cent). Some estimates show that the adoption of bitcoin could save Salvadorans $400m in commissions a year. Our chairman Geoff McCabe had his comments picked up by the Scotsman, as he talked about the importance of this moment. 

“Success in El Salvador will likely trigger a domino effect...People are tired of the oversized power of the US dollar and of the bullying that has gone on for decades. The Delegation has been contacted by 20-30 countries who want to understand more about what’s going on in El Salvador and how they can replicate it in their own country.”

Geoff McCabe comments in the Scotsman 👉 Bitcoin prices drop along with Ethereum, Cardano and XRP in latest crypto crash - here's what you need to know

Costs? 👉 El Salvador bitcoin move could cost money providers $400 million a year

Bumpy start 👉 El Salvador endures bumpy first week with bitcoin as legal tender 

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Kyle Turnbull

September 13, 2021 · 4 min read

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