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Monday Market Watch: Top Stories This Week…

“I think the transformation we’re living through right now could be every bit as big as the internet in the 1990s.” Gary Gensler, U.S. Securities and Exchange Commission chairman

Retirees in El Savador not so happy with BTC as a Nationally Accepted Currency

Apparently, the notion of a peer-to-peer decentralized currency is lost on the elder generation of El Salvador, as local retirees and veterans took to the streets to protest over the adoption of BTC as legal tender. 

The anti-Bitcoiners reportedly marched through the capital to express their dismay over fears that the asset would be used for pension payments and cited BTC’s unstable price as a reason for concern. 

A Salvadoran news outlet also reported that crypto expert Mario Gómez was arrested by local police without a warrant, with law enforcement seizing his phone and attempting to get a hold of his computer. Gómez has regularly spoken out against the adoption of BTC as currency. However, the police released a statement asserting that the arrest was part of a financial fraud investigation. 

El Salvador’s Legislative Assembly also passed legislation for a $150 million Bitcoin Trust this week, supporting the development of crypto infrastructure and services across the country.

Bitcoin becomes Legal Tender in 3 Days……

Twitter to Allow Tweets to receive BTC and ETH…..

Twitter, the social media platform led by Bitcoin (BTC) maxi Jack Dorsey, is reportedly looking at adding a Bitcoin and Ether (ETH) tipping feature for content creators on the platform. 

According to leaked screenshots posted via Twitter on Sept. 3, the latest update is believed to be a part of Twitter’s “Tip Jar” feature and adds to reports from earlier this week that the firm would enable Bitcoin tipping for content creators

While the reports are unofficial at this stage, Twitter product lead Kayvon Beykpour hinted that there may be an announcement soon when he retweeted a post about the BTC tipping feature on Sept. 1 with the lighting and “soon” arrow emojis.

Biggest GAINERS and LOSERS for the Week…

“Remarkable’ on-chain metrics could spell Bitcoin, Ethereum bull market return” — New report

Bitcoin and Ethereum each run on their own public blockchains, meaning folks can analyze BTC and ETH activity on those networks. On-chain analysis involves trying to make sense of blockchain activity and derive possible conclusions or outcomes. 

Glassnode, a blockchain intelligence company, released a report this past week that explores blockchain activity for Bitcoin and Ethereum. The report pointed out a comparison between current activity and activity back in the latter half of 2020 (which ended up in a significant price surge for both assets). 

“It is notable that current activity on both chains is similar to the stable pre-bull accumulation range established in mid to late 2020,” the report detailed. 

The report also noted that blockchain activity for ETH and BTC is low compared to what it was on both networks when BTC and ETH topped out in price earlier in 2021. Yet, price and “trends in supply dynamics” for both assets tilt bullishly, in contrast to the lessened on-chain activity — basically meaning that further bullishness could lie ahead. 

Bitcoin rallied back above $50,000 this week, although throughout Bitcoin’s price history, September has not generally proven to be a particularly bullish month.