{"id":2477,"date":"2020-08-17T23:25:53","date_gmt":"2020-08-17T21:25:53","guid":{"rendered":"https:\/\/satt-token.com\/blog\/?p=2477"},"modified":"2022-03-15T11:51:29","modified_gmt":"2022-03-15T10:51:29","slug":"crypto-highlights-week-33-eth-transaction-fees-hit-all-time-high-second-day-in-a-row","status":"publish","type":"post","link":"https:\/\/satt-token.com\/blog\/archives\/2477","title":{"rendered":"Crypto Highlights Week #33 \u2013 ETH Transaction Fees Hit All-Time High Second Day in a Row"},"content":{"rendered":"<p><b>Crypto Highlights: <\/b><i>Profitability for Ethereum Miners Hits 2-Year High, Defi Implosion: YAM Token Market Cap Plummets to Near Zero, ETH Transaction Fees Hit All-Time High, Bitcoin battles the $12k resistance area: these and more in this week\u2019s crypto highlights.<\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2480\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/7.png-1.jpg\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"880\" height=\"528\" title=\"\"><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_32 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table des mati\u00e8res<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table des mati\u00e8res\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#Top_Headlines_Of_The_Week\" title=\"Top Headlines Of The Week\">Top Headlines Of The Week<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#Daily_Profitability_for_Ethereum_Miners_Hits_Over_2-Year_High\" title=\"Daily Profitability for Ethereum Miners Hits Over 2-Year High\">Daily Profitability for Ethereum Miners Hits Over 2-Year High<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#Coinbase_to_Offer_Bitcoin-Backed_Loans_to_US_Customers\" title=\"Coinbase to Offer Bitcoin-Backed Loans to US Customers\">Coinbase to Offer Bitcoin-Backed Loans to US Customers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#Traditional_payment_systems_are_failing_Is_cryptocurrency_the_future\" title=\"Traditional payment systems are failing: Is cryptocurrency the future?\">Traditional payment systems are failing: Is cryptocurrency the future?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#More_Top_Stories_of_the_Week\" title=\"More Top Stories of the Week\">More Top Stories of the Week<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#ETH_Transaction_Fees_Hit_All-Time_High_Second_Day_in_a_Row\" title=\"ETH Transaction Fees Hit All-Time High Second Day in a Row\">ETH Transaction Fees Hit All-Time High Second Day in a Row<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#How_Taxation_Cuts_In_The_US_Could_Help_Profits_In_Cryptocurrency\" title=\"How Taxation Cuts In The US Could Help Profits In Cryptocurrency\">How Taxation Cuts In The US Could Help Profits In Cryptocurrency<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#This_Weeks_Market_Sentiment\" title=\"This Week\u2019s Market Sentiment\">This Week\u2019s Market Sentiment<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#Is_the_Bitcoin_Bull_Market_in_Jeopardy_After_Failure_to_Break_12000\" title=\"Is the Bitcoin Bull Market in Jeopardy After Failure to Break $12,000?\">Is the Bitcoin Bull Market in Jeopardy After Failure to Break $12,000?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#Biggest_Fallout_Of_The_Week\" title=\"Biggest Fallout Of The Week\">Biggest Fallout Of The Week<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/satt-token.com\/blog\/archives\/2477\/#Defi_Implosion_YAM_Token_Market_Cap_Plummets_to_Near_Zero_After_Founder_Claims_He_Failed\" title=\"Defi Implosion: YAM Token Market Cap Plummets to Near Zero After Founder Claims He &#8216;Failed&#8217;\">Defi Implosion: YAM Token Market Cap Plummets to Near Zero After Founder Claims He &#8216;Failed&#8217;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Top_Headlines_Of_The_Week\"><\/span><b>Top Headlines Of The Week<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The 11<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> of August ushered in some corrective movements in gold and silver. Similar measures were seen in the crypto-market with Bitcoin (BTC) dropping by a whopping $700 from $11,800 to $11,100 in one day.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Yield farmers excited about its recent decentralized finance project, it got a rude awakening after the YAM token\u2019s value declined to a miserable near zero.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A blockchain data platform \u2018Blockchair\u2019 revealed that the average transaction fees paid by Ethereum users have reached an all-time high above $7.50.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Daily_Profitability_for_Ethereum_Miners_Hits_Over_2-Year_High\"><\/span><a href=\"https:\/\/www.coindesk.com\/daily-profitability-for-ethereum-miners-hits-over-2-year-high\" target=\"_blank\" rel=\"noopener\"><b><i>Daily Profitability for Ethereum Miners Hits Over 2-Year High<\/i><\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2481\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/1.png\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"700\" height=\"350\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/1.png 1997w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/1-300x150.png 300w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/1-1024x512.png 1024w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/1-768x384.png 768w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/1-1536x768.png 1536w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/1-1100x550.png 1100w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><a href=\"https:\/\/bitinfocharts.com\/comparison\/ethereum-mining_profitability.html#2y\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BitInfoCharts<\/span><\/a><span style=\"font-weight: 400;\"> shows the daily profitability for Ethereum miner operators is at $5.8 per 100 megahashes second (MH\/s) of computing power \u2013 a level not seen since early May 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This increasing profitability is expected to see the recent price rise of the <\/span><a href=\"https:\/\/www.coindesk.com\/price\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ether<\/span><\/a><span style=\"font-weight: 400;\"> (ETH) cryptocurrency and a surge in transaction fees brought on by increasing levels of decentralized finance (DeFi) activities on Ethereum. Ethereum mining equipment now runs with a profit margin above 90% even at an electricity cost of $0.05 per kilowatt-hour.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coindesk highlighted that July saw the profitability metric soar by over 60%. Also in July, ETH was traded at around $320 and daily mining profitability was about $3.27 per 100 MH\/s. In the last two weeks, ETH prices have been closer to $400 per token.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Coinbase_to_Offer_Bitcoin-Backed_Loans_to_US_Customers\"><\/span><a href=\"https:\/\/www.coindesk.com\/coinbase-to-offer-bitcoin-backed-loans-to-us-customers\" target=\"_blank\" rel=\"noopener\"><b><i>Coinbase to Offer Bitcoin-Backed Loans to US Customers<\/i><\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2482\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/coin.jpg\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"700\" height=\"368\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/coin.jpg 1200w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/coin-300x158.jpg 300w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/coin-1024x538.jpg 1024w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/coin-768x403.jpg 768w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Coinbase announced on Wednesday that it will allow U.S. retail customers to borrow fiat loans against as much as 30% of their bitcoin holdings in the fall. The exchange is setting conservative parameters on the product by capping credit lines at $20,000 per customer and offering an interest rate of 8% for <\/span><a href=\"https:\/\/www.coindesk.com\/price\/bitcoin\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">bitcoin-backed<\/span><\/a><span style=\"font-weight: 400;\"> loans with terms that are a year or less.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Within 2 or 3 days customers get to access their loans after filing a brief application but will not have to go through a credit check. The product is available in only 17 states to wit: Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin, and Wyoming.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, Coinbase is also pursuing licenses in other states and countries to be able to expand its lending service. Therefore it is captured in the top crypto highlights for this week.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Traditional_payment_systems_are_failing_Is_cryptocurrency_the_future\"><\/span><a href=\"https:\/\/cryptodaily.co.uk\/2020\/08\/payment-systems-and-crypto\" target=\"_blank\" rel=\"noopener\"><b><i>Traditional payment systems are failing: Is cryptocurrency the future?<\/i><\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2483\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/8.jpg\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"750\" height=\"301\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/8.jpg 796w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/8-300x120.jpg 300w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/8-768x308.jpg 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The 21st century is characterized by many strategic revolutions e.g. a digital payments system. The improvements in the payments system brought with it the use of ATM cards, POS machines, and online payment models.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notwithstanding, this paradigm shift is not exempt from a myriad of limitations, including corporate fraud, scams, and endless regulations. Just recently, on June 25, Wirecard, an electronic payment service, went down the drains when its CEO was called out for a \u201csophisticated and elaborate fraud\u201d of almost 3.5billion euros.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This and many more are evidence to show that the traditional financial system is plagued by corporate fraud that renders the system somewhat fruitless. It also appears that the advent of cryptocurrencies which is backed by a distributed ledger technology offers some, if not all, the <\/span><a href=\"https:\/\/cryptodaily.co.uk\/2020\/08\/payment-systems-and-crypto\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">answers<\/span><\/a><span style=\"font-weight: 400;\"> to the problems of the current payments system e.g. a secure peer-to-peer network, immutability, and decentralization.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"More_Top_Stories_of_the_Week\"><\/span><strong>More Top Stories of the Week<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"ETH_Transaction_Fees_Hit_All-Time_High_Second_Day_in_a_Row\"><\/span><a href=\"https:\/\/ct.com\/8usg\" target=\"_blank\" rel=\"noopener\"><b><i>ETH Transaction Fees Hit All-Time High Second Day in a Row<\/i><\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2484\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/23292.png.jpg\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"700\" height=\"394\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/23292.png.jpg 1280w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/23292.png-300x169.jpg 300w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/23292.png-1024x576.jpg 1024w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/23292.png-768x432.jpg 768w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><a href=\"https:\/\/blockchair.com\/ethereum\/charts\/average-transaction-fee-usd?interval=1m&amp;granularity=date\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Blockchair,<\/span><\/a><span style=\"font-weight: 400;\"> a blockchain data platform revealed that the average transaction fees paid by Ethereum users have reached an all-time high above $7.50. Vitalik Buterin, the ETH co-founder <\/span><a href=\"https:\/\/cointelegraph.com\/news\/vitalik-buterin-warns-high-fees-threaten-ethereums-security\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">called for a reform of Ethereum<\/span><\/a><span style=\"font-weight: 400;\"> from June &#8211; July suggesting that fees being this high could compromise the security of the network.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He explained that miners\u2019 increasing reliance on transaction fees may trigger selfish mining practices and consequently disrupt how transactions are processed. He offered a solution to the effect that the blockchain should burn base transaction fees to reduce the miner\u2019s reliance on them as a source of income.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Max Bronstein, a Coinbase researcher added that the high transaction fees were as a result of increased interaction with stablecoins on the Ethereum network.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_Taxation_Cuts_In_The_US_Could_Help_Profits_In_Cryptocurrency\"><\/span><a href=\"https:\/\/cryptodaily.co.uk\/2020\/08\/how-taxation-cuts-in-the-us-could-help-profits\" target=\"_blank\" rel=\"noopener\"><b><i>How Taxation Cuts In The US Could Help Profits In Cryptocurrency<\/i><\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2485\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/budget-1.jpg\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"750\" height=\"435\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/budget-1.jpg 1200w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/budget-1-300x174.jpg 300w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/budget-1-1024x594.jpg 1024w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/budget-1-768x445.jpg 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Recently, the President of the United States, Donald Trump proposed an exciting tax cut for the <\/span><a href=\"https:\/\/cryptodaily.co.uk\/2020\/08\/raoul-pal-discusses-how-bitcoin-is-set\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">crypto industry<\/span><\/a><span style=\"font-weight: 400;\">. Trump said that the administration for his presidency was seriously considering a capital gains tax cut which he said will create more jobs.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, like most of Trump\u2019s conferences, there is a debate on the extent of his ability to deliver these kinds of cuts. He would need to get lawmakers and regulators on his side through negotiation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many Americans are currently required to report their gains and losses on each transaction, especially when it comes to cryptocurrency. For the crypto space, this would mean much fewer benefits to traders as profits in crypto can make CPI look insignificant. This Executive Order promises an exciting turn of events for Crypto traders.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"This_Weeks_Market_Sentiment\"><\/span><b>This Week\u2019s Market Sentiment<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_Bitcoin_Bull_Market_in_Jeopardy_After_Failure_to_Break_12000\"><\/span><a href=\"https:\/\/cointelegraph.com\/news\/is-the-bitcoin-bull-market-in-jeopardy-after-failure-to-break-12-000?utm_source=Telegram&amp;utm_medium=social\" target=\"_blank\" rel=\"noopener\"><b><i>Is the Bitcoin Bull Market in Jeopardy After Failure to Break $12,000?<\/i><\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2486\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/3.png\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"700\" height=\"466\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/3.png 1170w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/3-300x200.png 300w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/3-1024x682.png 1024w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/3-768x511.png 768w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The 11<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> of August ushered in some corrective movements in gold and silver. Similar measures were seen in the crypto-market with Bitcoin <\/span><a href=\"https:\/\/cointelegraph.com\/bitcoin-price-index\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">(BTC)<\/span><\/a><span style=\"font-weight: 400;\"> dropping by a whopping $700 from $11,800 to $11,100 in one day. Nevertheless, with the strong surges from Chainlink <\/span><a href=\"https:\/\/coin360.com\/coin\/chainlink-link\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">(LINK)<\/span><\/a><span style=\"font-weight: 400;\"> and Tezos <\/span><a href=\"https:\/\/cointelegraph.com\/xtz-price-index\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">(XTZ)<\/span><\/a><span style=\"font-weight: 400;\">, it seems that the bull market is still scaling.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It also appears that once the price of Bitcoin loses the support level at $11,100-$11,300, expectations are that the price will continue to slide down towards the $10,000 area. The next massive support zones are found at $9,700-$10,000, which is similar to the CME gap.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Open gaps are quite frequently tested and closed before the market continues to rally upwards. In this case, the price accelerated in the weekend, through which a CME gap is left open from $9,650 &#8211; $9,900. The $12k strong resistance area is the biggest stronghold, the bulls will be looking for a potential break above this region to increase momentum towards the $14k mark.&nbsp;<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Biggest_Fallout_Of_The_Week\"><\/span><b>Biggest Fallout Of The Week<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Defi_Implosion_YAM_Token_Market_Cap_Plummets_to_Near_Zero_After_Founder_Claims_He_Failed\"><\/span><a href=\"https:\/\/news.bitcoin.com\/defi-yam-token-market-plummets-near-zero-founder-failed\/\" target=\"_blank\" rel=\"noopener\"><b><i>Defi Implosion: YAM Token Market Cap Plummets to Near Zero After Founder Claims He &#8216;Failed&#8217;<\/i><\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2487\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/9.jpg\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"700\" height=\"438\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/9.jpg 736w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/9-300x188.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Yield farmers excited about its recent decentralized finance project, it got a rude awakening after the YAM token\u2019s value declined to a miserable near zero. The developers of the DeFi project discovered a major <\/span><a href=\"https:\/\/news.bitcoin.com\/new-defi-yield-farming-project-yam-finance-sees-460-million-locked-in-17-hours\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">flaw<\/span><\/a><span style=\"font-weight: 400;\"> in the rebasing contract and at 4 a.m. ET, cofounder Brock Elmore tweeted that he was sorry he \u201cfailed.\u201d&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nevertheless, many well known ETH supporters told Elmore that the project was a good attempt. As of Wednesday, over $500 million was already cashed into the project.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Immediately after this <\/span><a href=\"https:\/\/twitter.com\/yamfinance\/status\/1293608258553417729?s=21\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">bug was revealed<\/span><\/a><span style=\"font-weight: 400;\"> to the general public, the YAM token\u2019s value dropped significantly as the token touched a whopping $167.66 per token. At the time of publication, the token is only worth $0.97 per YAM.<\/span><\/p>\n<p><b>Meme Of The Week<\/b><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2479\" src=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/meme.jpg\" alt=\"Crypto Highlights Week #33 \u2013 Everything from Last Week you don\u2019t want to miss\" width=\"700\" height=\"599\" title=\"\" srcset=\"https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/meme.jpg 987w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/meme-300x257.jpg 300w, https:\/\/satt-token.com\/blog\/wp-content\/uploads\/2020\/08\/meme-768x658.jpg 768w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>We hope you enjoyed this week&#8217;s edition of crypto highlights . For a peek at our last edition of crypto highlights &amp; blockchain news, click <a href=\"https:\/\/satt-token.com\/blog\/2020\/08\/12\/crypto-highlights-week-32-everything-from-last-week-you-dont-want-to-miss\/\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto Highlights: Profitability for Ethereum Miners Hits 2-Year High, Defi Implosion: YAM Token Market Cap Plummets to Near Zero, ETH Transaction Fees Hit All-Time High, Bitcoin battles the $12k resistance area: these and more in this week\u2019s crypto highlights. Top [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[47],"tags":[],"class_list":["post-2477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-stories"],"_links":{"self":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/posts\/2477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/comments?post=2477"}],"version-history":[{"count":2,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/posts\/2477\/revisions"}],"predecessor-version":[{"id":11049,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/posts\/2477\/revisions\/11049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/media\/2491"}],"wp:attachment":[{"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/media?parent=2477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/categories?post=2477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satt-token.com\/blog\/wp-json\/wp\/v2\/tags?post=2477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}