Image Source: Pexels

This Week in Crypto is a gust of cool air compared to the dumpster fire of the past few weeks, with many of the top coins rebounding by 10% and even as high as 84% in just a matter of days. 

Does this mean it’s all green grass and blue skies ahead?

Probably not, but the mood seems to have shifted favorably this week. 

This Week’s Winners:

• Storj: up 84.62% (what the heck, Storj?)

  • See our guide on Storj here.

• Synthetix: up 72.92%

• MATIC: up 50%

  • See our guide on MATIC here.

• Uniswap: up 44%. 

  • See our guide on Uniswap here.

• Waves:  up 45%

  • See our guide on Waves here.

• Compound: up 36%

Almost everything is up, seemingly indiscriminately. Even CEL, the native token for a company in literal crisis (Celsius), is up 27%.

The top of the crypto kingdom enjoyed less of a drastic upswing:

1. BTC is up 2%,

2. ETH up 10%,

3. SOL broke into the top 10 with a 29% gain, followed by, 

4. Dogecoin with an 18% gain

   (Click on image to enlarge)

Crypto News from Around the World

Celsius: The Drama Cools Off

Who could forget the ongoing story of the fate of billions in Celsius deposits resting in questionable limbo? 

Celsius potentially going under is likened to crypto’s version of the 2008 Bear Stearns going under. 

But, things appear stable. 

If the past 2 weeks were that terrible gut-lurching turbulence that makes you never want to get on a plane again, this week feels like we just might make it. We’ve yet to hear the pilot come on the intercom with a calm baritone explanation, but at least it doesn’t feel like we’re spiraling.

 Heck, people have even received a few automated emails from Celsius advertising its Celsius credit card– it’s always a good sign when the airline starts shilling you their credit card rewards program on the intercom, right?

Celsius pausing withdrawals may have been the company’s only option– a drastic, damaging bet to save the company that may pay off. 

We anticipate hearing more from the Celsius team this week.

Godfather Sam Bankman-Fried Lends a Helping Hand

“You come to me on the day of NYC NFT, and you don’t even think to call me the Gigachad.” 

- What I would say if I were SBF

FTX Founder Sam Bankman-Fried provided over $750 million to crypto companies like BlockFi and Voyager on the verge of collapse. 

BlockFi lost nearly $300 million in the past two years and recently chopped its workforce down by 20%. 

Voyager, a publicly-traded cryptocurrency brokerage, lost over $650 million in the last few weeks. 

Both companies were rumored to be in spirals towards bankruptcy, but SBF came in with a helpful line of support, giving: 

A $250 million credit line to BlockFi;

A $500 million loan to Voyager. 

SBF and FTX’s role as structural pillars in the cryptocurrency ecosystem is a new thing– FTX only launched in May 2019. 

It’s refreshing to see a new cohort of cryptocurrency heavyweights supporting its industry, but it’s not a decision solely based on altruism.

IF BlockFi and Voyager both go down, it wouldn’t be a stretch to assume many people would lose faith in the cryptocurrency ecosystem, leading to more crypto holders exiting, triggering a broader sell-off of assets. 

SBF coming in with support is an investment into the infrastructure of his industry, and the existence of such players hints at the maturation of the cryptocurrency ecosystem.