The global crypto markets have been in correction mode these past seven days, following the dramatic dip witnessed last Friday.
At US$1.03tn, market capitalisation is still trending 5% down week on week, though it has made ground since Monday’s price point of one trillion.
Bitcoin is sitting 6% down at US$21,400 against the week, while Ethereum’s US$1,660 price tag represents losses of over 8%.
EOS’ recent rally culminated in gains of 18% across the past seven days, bringing the blockchain token’s market cap up to US$656mln.
The Cosmos blockchain’s ATOM token added 16% to its now US$3.6bn market cap, whlie the Decred network and the Nexo centralised finance platform also performed well this week.
On the flipside, the US$1.7bn decentralised storage platform Filecoin suffered double-digit losses, as did the Flow network and move-to-earn (M2E) project Stepn.
In the decentralised finance space, total volumes across all protocols dropped by 3.5%, mainly due to last Friday’s market dip.
Lido and Aave both suffered around 8% in losses, while MakerDAO lost 4.5%.
In the news
A Bloomberg report suggesting that Sam Bankman-Fried’s two companies FTX and venture capital firm Alameda Research have partially merged has caused confusion, with SBF claiming that the Bloomberg article was a “big misrepresentation”.
this seems like a big misrepresentation to me!
FTX has been doing more venture recently, and I guess maybe Alameda has been doing less? That’s a really different thing than what the headline implies! https://t.co/qQUCOHtIUg
— SBF (@SBF_FTX) August 25, 2022
The confusion potentially arose from the launch of FTX Ventures, a separate investment arm of the crypto exchange, earlier this year.
India’s Enforcement Directorate (ED) is investigating Indian crypto exchange CoinSwitch Kuber on possible violations of foreign exchange laws.
“Since we did not receive the desired cooperation we have conducted searches on (residences) of directors, the CEO and the official premises,” India’s Enforcement Directorate said of the Andreessen Horowitz and Sequoia-backed startup.
