Bitcoin revisits $40K amidst bearish regulatory comments – even as developments in the industry continue to grow

22 Sep 2021

SGT 0815
📉 BTC | $41,360 (-884, -2.1%)
📉 ETH | $2,813 (-99, -3.4%)
📉 XRP | $0.89 (-0.004, -0.6%)
📉 LTC | $150 (-4.8, -3.1%)

📉 Total Crypto Market Cap: $1.80T (-4.7%)

🎢 Bitcoin briefly visited $40K briefly, coming as SEC Chair Gary Gensler called stablecoins “poker chips” and compared the current cryptocurrency boom to the “Wildcat banking era” of the 19th century, and that such private forms of money “don’t last long”.

💸 Softbank has invested heavily in a $680 million Series B fundraiser for fantasy football NFT platform Sorare, placing it at a whopping $4.3 billion valuation. The company – launched in 2018, has made $150 million in NFT sales this year so far, having grown users by 34x and revenue by 51x year-on-year for Q2.

🤔 The Ethereum DeFi wars have been quietly going on even as the markets continue to sell-off. Ethereum competitors across 7 different blockchains (such as Solana, Avalance, Celo and more), have been offering large incentives to attract developers to their networks in recent weeks, although it remains to be seen how sustainable they will be. Ethereum currently retains the largest network of DeFi developers by a large margin, and is due to further improve its network in the upcoming ETH 2.0 update.

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