Bitcoin by 12K, the growth of the capitalization of Tether, the bill on mining in the Russian Federation — the main things for the week

The value of the main cryptocurrency first approached $12,000 and then fell by almost 17% in just three days. The rate began to decline after an unsuccessful attempt to break through the $12,000 level.

On September 3, the price of bitcoin did not hold at $11,000 and rolled back to $10,720. The TradingView chart shows that transactions intensified against the background of the price drop and the market came under pressure from sellers. Another consequence was the outflow of funds from mining pools. However, it is not a fact that miners leave the market in this way, perhaps they are simply looking for opportunities to sell cryptocurrency. Traditionally, after bitcoin, most altcoins from the TOP-10 collapsed.

Before that, on September 2, the price of Ethereum updated a two-year high, reaching a level of $473 per coin. During the day, the growth of the asset amounted to almost 10%. According to the results of August, the second largest cryptocurrency by capitalization became more expensive by 25%. The average commission on the Ethereum network has reached $8. This is a new anti-record. Vitalik Buterin explained the huge commissions for transfers by the ratio of supply and demand.

On September 4, the price of bitcoin continued to decline, at times the rate was even less than $10,000. Ethereum, despite the recent growth, was unable to maintain a position of $400. Together with them, the altcoin and DeFi token market collapsed. Of the most popular coins, Binance Coin and Chainlink suffered the most, losing 17% of their price in just one day.

Analysts suspected the upcoming drawdown of the price of the first cryptocurrency after an unprecedented rally even when, from August 30 to 31, an unknown large trader sent 12,773 BTC (almost $150 million) to the Kraken cryptocurrency exchange. This is the largest replenishment of the exchange balance for the summer of 2020.

The capitalization of the stablecoin Tether exceeded $13.4 billion (Messari) and replaced XRP in the TOP-3 cryptocurrencies. If in January the capitalization of the main stablecoin Coin was about $4 billion, then it turns out that on average $1.125 billion worth of stablecoins are issued monthly. If this trend continues, we will see changes in the TOP-2 cryptocurrencies. According to CoinMetrics, the stablecoin market capitalization is growing by $100 million every day.

This week, the price of the DeFi token Yearn Finance (YFI) updated its all-time high at $38,000, which is almost 4 times higher than the current price of bitcoin.

The capitalization of the project exceeded $1 billion; in the ranking of the largest digital coins, it was ahead of the Dash cryptocurrency. Over the past 30 days, the value of the YFI altcoin has increased by 644%, since the launch of the project in July - by more than 100,000%.

The emission of the YFI token is limited to 30,000 coins. This may be the reason for a sharp increase in their value against the backdrop of an increase in speculative demand.

The income of BTC miners in August increased by 23%. According to CoinMetrics, bitcoin miners generated $368 million in revenue. To estimate miner revenue, it is assumed that mined BTC is immediately sold. Revenue from transaction fees in August was 10.7% of the total ($39 million), which was the highest figure in a year and a half. This growth in revenue is due to high commissions in the network and an increase in the volume of transactions.

The Ministry of Finance of the Russian Federation proposed a bill that prohibits miners from receiving bitcoins as a reward. Mining coins will remain allowed, but will lose all meaning. The only possible ways for Russians to receive cryptocurrencies will be inheritance, obtaining assets as part of the bankruptcy procedure and enforcement proceedings. 

The Ministry of Finance of the Russian Federation still ranks all assets that are not foreign currency as surrogates. If the amendments are adopted in their current form, this could mean the end not only for mining, but also for the cryptocurrency market of the Russian Federation as a whole. Do you think such a law will be adopted?

China's digital currency will be stored on mobile and hardware wallets, similar to cryptocurrencies. Coindesk writes about it:

“One of the advantages of the national digital currency is that users can store their own currencies digitally instead of keeping them in a bank. With the connection of a hardware wallet, users will be able to store large amounts of their digital yuan offline without relying on third-party mobile applications. "They will then be able to make smaller transactions using their DC/EP mobile app."

The huge national debt of the USA will soon reach $27 trillion. Of these, $10.5 trillion is corporate debt, which is already a record. $7.2 trillion comes from companies with top credit ratings that have taken out loans only because of painfully attractive interest rates, and their business is doing great. Those who accounted for the remaining $3.3 trillion are few, but still risk not paying their debts. A significant share of the debt is the FRS, which continues to distribute money in the hope of saving the economy. But when the "money tap" is turned off, we will face a series of bankruptcies.

Layoffs continue: Ford will send 1.4 thousand employees to early retirement.