What Happened in the Crypto Market While Everyone Was Sleeping – September 5 Review

The South Korean LG Electronics has its own NFT platform, Elon Musk’s deepfake was published on the YouTube channel of the South Korean authorities, the US Federal Reserve warned of the risks of DeFi development against the backdrop of growing capitalization of the digital asset market – these and other news on the morning of September 5 in our review

Behavior of cryptocurrencies – capitalization leaders

Bitcoin (BTC), according to CoinMarketCap, started Monday with a slight decline. As of 06:29 (UTC), the cryptocurrency is trading at $19,867. The minimum coin for 24 hours is $19,636, the maximum is $20,031.

The second largest cryptocurrency by capitalization, Ethereum, also started the day with a slight decrease. As of the time of writing the review, the coin is trading at $1575.

In the top 10 most capitalized cryptocurrencies, the best result in 24 hours was recorded by Polkadot (+3.27%), in a week – by Cardano (+14.61%). Within a day, all coins showed positive dynamics. During the week, losses were recorded only for the stablecoin USD Coin and the token of the Binance crypto exchange – BNB (-0.30%).

In the top 100 most capitalized cryptocurrencies, according to the resource CoinGecko, the best result per day was recorded by DeFiChain (+8.7%), per week – by GMX (+39.5%). Over the past 24 hours, EOS has been losing in price more actively than others (-2.6%). Helium (-28.7%) recorded the biggest losses for the week.

The main news of cryptocurrencies on the morning of September 5

South Korean financial and industrial group LG Electronics is launching the LG Art Lab NFT platform. The Hedera blockchain developers helped the company to implement the project. Information about this appeared in the South Korean media.
At LG Art Lab, users will be able to buy and sell NFTs. Also, using the platform, users will be able to display their tokens on TV screens with an operating system from webOS 5.0 and newer.

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Recall that earlier information appeared on the network that LG was preparing to release a crypto wallet.

Fraudsters hacked into the YouTube channel of the South Korean government and uploaded deepfakes to it with the founder of Tesla electric car manufacturer Elon Musk. Information about this appeared in the media.

After gaining access to the channel, the attackers renamed it SpaceX Invest. In the fabricated videos, according to media reports, Elon Musk’s deepfake discussed cryptocurrencies.

The South Korean authorities managed to regain access to the account on the day of the hack.

The decentralized finance (DeFi) segment may become a threat to the stability of the financial market. These conclusions were made by the experts of the US Federal Reserve.
Representatives of the regulator believe that DeFi can become a threat to financial stability against the backdrop of growing capitalization of the digital asset market. The main problem of decentralized finance in the Fed is the lack of clear regulations for the segment. According to the regulator, close attention to DeFi from the authorities will help reduce the risks.