Another week, another Evergrande-related flash crash. But it’s not all bad. Terra is terr-ing it up and SundaeSwap is bringing life back to Cardano.  For last week’s edition of Last Week On Sunday, click here. Week In Review: Evergrande Bankrupt For Umpteenth Time Stop me if you’ve heard this one: Evergrande might go bankrupt. Apparently, Evergrande […] The post Last Week On Sunday – Evergrande Everlasting, Terra Terr-ing It Up, SundaeSwap Pop appeared first on CryptosRus.

Last Week On Sunday – Evergrande Everlasting, Terra Terr-ing It Up, SundaeSwap Pop

Another week, another Evergrande-related flash crash. But it’s not all bad. Terra is terr-ing it up and SundaeSwap is bringing life back to Cardano. 

For last week’s edition of Last Week On Sunday, click here.

Week In Review: Evergrande Bankrupt For Umpteenth Time

Stop me if you’ve heard this one: Evergrande might go bankrupt.

Apparently, Evergrande going bankrupt is still newsworthy. And it may or may not be moving markets. Probably not. The latest crash seems like yet another leverage flush. The big boys took advantage of some optimism about Bitcoin all over Twitter and YouTube. As always DYOR.

Global Market Cap For May. Credit: CoinMarketCap.com

The crash was the biggest one since 5/19. Back in May, the global market cap shrank from 2.1 trillion USD to 1.4 trillion USD. This time around the market fell from 2.6 to 2.1 trillion. It has since stabilized in the 2.3 range.

It’s interesting to see how the market bounced this time from the May 18th high. It signals new low market cap-wise. But, the market continued to fall after going as low as 1.2 trillion before eventually heading upward in July.

The Good

Terra 24-hour chart. Credit: CoinMarketCap.com

Paying no mind to the rest of crypto, Terra continues to tear it up. The smart contract protocol is up 11% the last 24 hours, leading the entire market. Terra, like everyone else, fell considerably on Friday, but has since recovered far better than the majority of the market on the strength of their UST stable coin.

Also recovering nicely is Polygon. The layer-2 (and layer-1) smart contract protocol is up 8%. No surprise for Polygon considering their ZK Summit is December 9th. Rumours abound over what this “major” announcement is.

Recommended: Three Top Projects On Polygon You Need To Check Out

In underrated great news, SundaeSwap appears poised to deliver Cardano their first DEX. For whatever reason this news very underreported. Nevertheless, ADA popped this week before falling along with the rest of the market. Though, if today’s SundaeSwap testate goes well…

The Bad

Bitcoin maxis really f’ed up this week. Apparently, releasing NFTs is tantamount to treason in their world. It doesn’t matter the circumstances, too. Though, imagine it would have been okay if Ross Ulbricht released Pepe NFTs on the Bitcoin blockchain.

Another week another hack. This time BadgerDAO lost a ton of Bitcoin. For all the democratizing promise of DeFi, it sure feels like the space is just too nascent for the mainstream. But, as they say we are still early. So hacks like these are just like bank runs in the wild west. Eventually things will normalize.

The SEC rejected their second Bitcoin spot ETF this week. Just a half hour after a report surfaced that tier-one banks were looking to get into Bitcoin-backed loans. Rather curious timing as always.

Lastly, David Marcus resigned from Diem, Facebook’s crypto/stablecoin/payment processor for PAX project. By the sounds of Mark Zuckerberg’s use of the past tense, it doesn’t sound like Diem has a bright future.

Diem never seemed to know what it was. Or, at the very least got “over noted” by regulators. Trying to please regulators all over the world will never lead to anything cohesive in this space.

The Funny

Lots of good tweets this week.

 

Tim Dillon proposed a terrifying view of the future this week. Still trying to wrap my mind around what an NFT warehouse is. Just hoping Amazon doesn’t get involved.

Nayib Bukele was asked how he bought his Bitcoin for some reason. His answer should make you feel like he knows what he’s doing. Buying using your phone is a lot safer than on a desktop. 

I will end it with this gem.

Recommended: CRU Staff Reveals The Identity Of Satoshi Nakamoto

 

The post Last Week On Sunday – Evergrande Everlasting, Terra Terr-ing It Up, SundaeSwap Pop appeared first on CryptosRus.