Greetings everyone,
and welcome to another episode of Brief Crypto News.
I am LeaderIcarus - with apologies, as a technical problem made me miss the last episode. It is Sep 10, 2020, 06:00 UTC and still, the market tries to correct the hard midweek price crash. Most of the cryptos have gained back some of their prices, but there are still away from the 7 days levels. Bitcoin for instance is down -9.1% from 7day price, but up +2.7% for the last 24 hours. Same, Ethereum is up 10.20% for the day, but down -15.2% from the last week, and this goes for almost every coin.
Fees
Fees in the Ethereum network were extremely high last week. Now, they are in a "normal" - for the time - range of 130 to 160 gwei. Many traders and analysts are blaming the gas fees for the last week's crash, but, even if this is true - or not - these fees are slowing down the future growth of ethereum and coins that are based on it. Also, the DeFi space seems unreachable for the small amount owners, as it requires more gas than the actual amount of crypto coins for trade, locking, or even simply send some Eth for a wallet to another.
These fees will going to be the reason for many dapps users to lose interest. Think about someone that wants to bet $10 to win $15 and pay $2-$3 for gas, or to fund a game, using Dex to exchange your coins, or retrieve your earning from a well-known publish-ing platform. You will force the platform to pay a huge amount in gas to pay its users.
Developers have to address the issue and find a temporary solution, as long as Eth 2.0 is in its early stages, to be able to help.
News
In Other news, Mastercard launches a testing platform for banks. This virtual platform will let any bank that wants to test its Central Bank Digital Currency (CBDC). Many banks, already, want to test digital currencies, and this move, from Mastercard, seems to make things easier.
British online food order&delivery platform "Just Eat" has added crypto payment support. The company operates in 13 countries, and this option will be available to France users.
Market Overview.
The market cap is $344 billion with $82 billion in volume for the last 24 hours. Bitcoin has 55.8% of the market, while Ethereum has 12.2%.
Bitcoin ($10,378), Ethereum ($372) USDT, XRP ($0.24), and Link ($13.03) are the first five cryptocurrencies - by market capitalization - while Link, Uma (%16.92), and yearn.finance ($29.92) to be the first three coins on the DeFi space.
Aave ($1.55 billion), Maker ($1.1 Billion), and Curve ($1.045 billion) are the top three DeFi - by TLV - while the Total Locked Value is $7.24 billion.
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