GB Market Commentary 07/10/2021
by Freddie Williams
Bitcoin prices have rallied more than 32% in the past seven days to the highest since May, adding to gains this month on mounting institutional interest. The world's largest and most popular cryptocurrency today surged over 7% to trade at $55,100, after rising above the level on Wednesday. The Bitcoin Fear & Greed Index is currently at 76, indicating extreme greed. This suggests a period of accumulation which puts us in a bullish phase. Other cryptocurrencies have had a mixed performance over the last 24 hours. Ethereum, the second largest crypto by market cap, is around $3,550, up over 3%. Fantom is up 35%, Stellar is up 14% and Dogecoin is down 5%.
Financial services company, MoneyGram International, has partnered with the StellarDevelopment Foundation to enable consumers to send money using Circle’s popular stablecoin, USD Coin (USDC) and convert directly to and from fiat. MoneyGram has integrated support allowing crypto wallets connected to the Stellar Network to access its global retail platform. Working alongside Circle, MoneyGram will also enable “near-instant backend settlement”, account funding, and local fiat withdrawals using the USDC stable token.
FinTech firm Spartan Hill has announced it is integrating Chainlink Price Feeds to help power a new decentralised Colombian Peso stablecoin called Daily (DLY). The stablecoin will establish an easily accessible digital asset for users around the continent looking for stable crypto payments or stable collateral within DeFi protocols like money markets. The firm said it chose Chainlink PriceFeeds because they were optimised around several important features, such as high-quality data, secure node operators, a decentralized network, and a strong on-chain reputation.
Shiba Inu (SHIB), a cryptocurrency inspired by the breed of hunting dog from Japan, has now entered into the top 15 biggest cryptocurrencies by market capitalization. The cryptocurrency has now surpassed Litecoin, Chainlink and Bitcoin Cash, according to data provided byCoinMarketCap. The coin has soared more than 300 percent in just a week and its daily volume has reached $19.4 billion.
NFT trading volume surged in Q3 to $10.67 billion. That’s a 704% increase from Q2. August, in particular, fuelled this growth. It was a record-breaking month, with over $5.2 billion in trading volume. In my opinion, the NFT space is going to grow considerably, it's definitely worth investing time into this sector, with some significant gains to be made. GlobalBlock will be releasing an NFT report soon.