Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto Flipsider News – September 23rd – Crypto Market Recovers After Evergrande Predicament, Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund, The Dogecoin-Musk Relationship, and NFT Start-ups Boom

CryptocurrencySep 23, 2021 10:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto Flipsider News – September 23rd – Crypto Market Recovers After Evergrande Predicament, Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund, The Dogecoin-Musk Relationship, and NFT Start-ups Boom

Read in the Digest

  • Crypto Market Recovers After Evergrande Predicament
  • Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund
  • The Dogecoin-Musk Relationship – A Painful Allure
  • NFT Start-ups Boom – Raises $900 Million in Funding Rounds

Crypto Market Recovers After Evergrande Predicament

Just when we thought the crypto market had seen the worst effect from China, Evergrande came along. Along with other global markets, the crypto market fell again after reports surfaced that Evergrande could go under due to a $300 billion debt.

After losing as much as 11% of its value (over $250 million) in 24 hours, the crypto market shows strong recovery signs. Since falling as low as $39,572, Bitcoin is now trading around $44k.

The top 20 cryptos are all in the green. Solana (SOL), Avalanche (AVAX), Terra (LUNA), Cosmos (ATOM) are the stars of the comeback with 12.8%, 20.3%, 23.6% and 22.7% gains, respectively. These gains have pushed the total market cap to $1.997 trillion.

The 24 hours market cap of the crypto market. Source: TradingView

Flipsider:

  • While the crypto market recovers, the comments from the SEC chair, Gary Gensler, for increased regulation, have been weighing on the industry

Why You Should Care

The crypto market has shown it is here to stay as it continues to recover, even after being plagued with regulatory rifts, China’s crackdown, Tesla’s rejection, and now, a global downtrend.

Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund

Dapper Labs, the blockchain company behind popular fantasy basketball NFT game NBA Top Shot, has announced that it has attained a valuation of $7.6 billion. The valuation comes on the back of a $250 million funding round.

The round was led by Coatue with existing investors like Andreessen Horowitz, GV and Version One Ventures joining the raise. In addition, Dapper Labs announced a partnership with LaLiga, Spain’s top professional soccer league, to launch a soccer marketplace.

In another funding round, Kava Labs, the protocol that connects the world’s largest assets, ecosystems and financial applications, has raised $185 million.

Kava, a blockchain for cross-chain DeFi, will benefit from the ignition fund. In addition, the ignition fund will be used to finance new DeFi protocols on the platform.

Flipsider:

  • A DeFi platform under Avalanche, Vee Finance has suffered a hack of $35 million

Why You Should Care

The new funding rounds will see the development of more DeFi protocols, which could lead to the expansion and adoption of decentralized finance.

The Dogecoin-Musk Relationship – A Painful Allure

Thanks to Elon Musk, the meme coin of the industry, Dogecoin, has been one of the most talked about crypto in 2021. While the value of Dogecoin has plunged to a four year low, Dogecoin is more popular than ever.

After multiple tweets and promotions by Elon Musk, DOGE hit an all-time high of $0.7376 in May. Although transactions are at a four year low, Elon Musk believes that for the price of Dogecoin to rise, DOGE fees must drop.

As the popularity of Dogecoin increases, the CEO of the largest movie theatre chain AMC Entertainment (NYSE:AMC) Holding, Adam Aron, created a poll to ask the public if they would like to pay for tickets with DOGE.

In addition, Redswan, a commercial real estate tokenization platform, has announced that it would accept Dogecoin for two digital real estate deals on its marketplace. As a result, people can now buy properties worth $384 million in real estate with DOGE.

Flipsider:

  • While Dogecoin is now more popular than ever, it currently trades at $0.2204, 70% down from its ATH

Why You Should Care

Since Elon Musk began Tweeting about Dogecoin, the crypto has grown in popularity. The poll result showed that 68% of voters want Dogecoin as a payment option, while 16% said no.

NFT Start-ups Boom – Sports NFTs Raises $900 Million in Funding Rounds

NFTs have grown in leaps and bounds during 2021, becoming one of the most talked about topics in the crypto space. Two sport-focused NFT start-ups have raised over $900 million in funding rounds within a week.

Dapper Labs, creators of digital basketball trading card platform NBA Top Shot, just completed a $250 million funding round, pushing the valuation of $7.6 billion. The round was backed by Coatue, Andreessen Horowitz, GV and Version One Ventures.

On the other hand, Sorare raised $680 million on September 21, pushing the French fantasy soccer game valuation that incorporates NFTs to $4.3 billion. The $680 million round was backed by SoftBank, Atomico, Bessemer Ventures, IVP, among others.

Sorare is now the most valuable private tech firm in France and also one of the largest start-ups in Europe.

Flipsider:

  • While NFTs have grown in popularity and use, there have been concerns about the safety of many platforms after the $336k hack

Why You Should Care

Since the start of 2021, crypto and blockchain start-ups have received over $19 billion in venture funding, showing that crypto involvement continues to grow.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Crypto Flipsider News – September 23rd – Crypto Market Recovers After Evergrande Predicament, Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund, The Dogecoin-Musk Relationship, and NFT Start-ups Boom
 

Related Articles

The Metaverse vs. the Physical World
The Metaverse vs. the Physical World By DailyCoin - Oct 24, 2021

The metaverse is the twin reflection of our current world. New economies will be created as the digital world will become central to human socializing. A seamless...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email