Quote of the week:
“September has been a spectacular month for crypto thus far…” – Trader at Rekt Capital.
Ether Update: On August 31, Ethereum burned 12,000 coins, which is the most in a single day since the EIP 1559 activation on August 5. The coin is trading above $3,500 for the first time since mid-May. This increase in price is likely attributed to the NFT (Non-Fungible Token) hype, which primarily happens on Ethereum.
Corporate NFT Mass Adoption: Major brands like Visa and Budweiser have adopted their own NFTs in recent weeks. In this “FOMO-driven frenzy,” corporate brands are quickly entering the NFT space. In an interview between Cointelegraph and Jesse Johnson, founder, and chief operating officer of Aavegotchi creator Pixelcraft Studios, Mr. Johnson states, “the market is going to increasingly see brands, organizations, and businesses embrace NFTs over the coming months and years. It will start as a new way to connect with customers but eventually evolve entire industries.”
Rising Crypto and Blockchain Hubs: Many running for the mayor position of New York City have pledged their support for cryptocurrency in an effort to make New York City a major crypto and blockchain hub. In July, Eric Adams won the Democratic primary. Adams stated that he would make New York City the “center of Bitcoins.” Curtis Sliwa, a Republican running to be the mayor of New York City, recently said that one of the goals of his campaign is cryptocurrency and to make NYC the “most cryptocurrency-friendly city in the nation.” He plans to create greater financial inclusivity in NYC through opening more crypto ATMs and putting forth incentives for businesses to accept cryptocurrency.
International Regulation: El Salvador: On August 31, El Salvador’s Congress approved a law, 64 votes in favor and 14 votes against, to back a $150 million fund for Bitcoin to facilitate conversions from Bitcoin to United States dollars ahead of adoption. The country’s adoption of cryptocurrency as a legal tender is planned for next week, September 7. Source: https://finance.yahoo.com/news/el-salvador-congress-backs-150-190321006.html
Solana Market Update: On August 31, Solana soared approximately 30% to a high of $130.01. This jump in price amounts to a 67% seven-day gain. This explosive rally and high is attributed to investor enthusiasm around Solana’s smart contracts for dapps and NFTs.
Happy Labor Day! And, that’s a wrap!