Crypto Roundup: September 27, 2021

Another week of wild volatility has hit the cryptoasset market, as China’s latest ban collides with accelerating adoption to catalyze big market swings. First, fears of the financial collapse of Chinese developer Evergrande sent crypto sliding last Monday, before the market turned around as Twitter added Bitcoin tipping. El Salvador’s President Bukele then bought the dip, only for the gains to be erased on Friday as Chinese authorities announced yet another crypto crackdown. When the dust settled, Bitcoin and Ethereum were both sitting slightly higher with 2% and 5% weekly gains respectively. DeFi tokens however, enjoyed even bigger wins in anticipation of more Chinese users being forced into the DeFi wilderness. Exchange protocol Uniswap has risen 23%, while up-and-coming platforms Tezos and Cardano are celebrating 25% and 8% gains. This Week’s Highlights China ban fails to sink Bitcoin Twitter accelerates crypto adoption eToro launches DeFi Portfolio China ban fails to sink Bitcoin Digital asset traders were left with déjà vu on Friday as Chinese authorities announced yet another crypto crackdown. The Chinese central bank said in an announcement that all crypto-related activities are now illegal, including exchange services between cryptoassets, and between fiat currencies and cryptoassets. Bitcoin tumbled on the news, but soon recovered on a wave of optimism about the opportunity for adoption elsewhere. Weighing...