Industry news — Page: 10

SHIBA INU, the second-largest meme coin, is paving Dogecoin's path, as the digital asset reached its ATH on October 24.

Ethereum follows the trend introduced by Bitcoin. The second-largest cryptocurrency reached its all-time high on October 21, at $4375. According to Coingecko, the Ethereum price has skyrocketed by 11% in 24 hours, while the market capitalization of Ethereum exceeded $500 billion.

The crypto boom is about to happen, as the US SEC approves two more applications to launch a Bitcoin ETF. ProShares is the industry’s pioneer, starting Bitcoin Strategy ETF, while VanEck and Valkyrie Investments join the “exclusive membership club” as well.

Crypto-skeptics are gradually turning to the light side. First, George Soros has understood the real power of digital assets, starting to invest in cryptocurrencies, and now one more US billionaire, Carl Icahn, calls Bitcoin a protective measure against inflation.

On October 19, the US crypto community celebrated the industry-changing event – shares of the first Bitcoin ETF appeared on the New York Stock Exchange.

The Forex market is characterized by exceptionally high daily trading volumes of about $6.6 – 7 trillion, while the overall turnover is calculated in quadrillions. The market is still promising for newer brokers, as the number of traders steadily grows.

In January 2018 George Soros called Bitcoin a bubble, highlighting the first cryptocurrency brought no real value. That was a hard period for the crypto market, following a descending trend.

Marathon Digital Holdings has almost doubled its Bitcoin mining volumes in Q3 2021. The corporation has mined 1254.4 BTC from July to September and expects to augment its power even more.

The USA has still been waiting for the first Bitcoin-ETF to be approved, as the Securities and Exchanges Commission needs at least two more months to come up with the decision.

The Australian government continues to work on the regulation of digital assets, making the industry safer and more available for investors.

Sandeep Nailwal, Polygon COO, expects Ethereum to become the leading layer-1 network. He outlines the explosive growth of DeFi assets as the most important catalyst for the Ethereum network development.

Jamie Dimon, JP Morgan Chase CEO, stated that Bitcoin is overestimated; meanwhile, the head of the world’s largest bank accepts the fact the first cryptocurrency is going to increase more, hitting new records. Dimon sees it possible for BTC to skyrocket by 10x.

Switzerland is among the most crypto-friendly European countries, and SEBA bank AG is about to become a pioneer in providing crypto-related services to institutional investors.

The Cardano crypto project puts it among the priorities to enhance the opportunities of its blockchain to compete with top digital assets – i.e. Bitcoin and Ethereum. COTI announced the company is close to issuing a stablecoin based on the Cardano blockchain. Such news was primarily revealed by the Cardano CEO, Charles Hoskinson.

The overall market capitalization of stablecoins has exceeded the mark of $120 billion. The Messari analyst, Ryan Watkins, highlights that “the explosive growth of stablecoins is explained by the fact these assets are the best means of storing and moving US dollars throughout the world.”

The 3-year ban for cryptocurrencies is over in Laos, as the government greenlighted mining and crypto trading related to Bitcoin, Ethereum, and Litecoin. According to Laotian Times, 6 companies have obtained access to these services. WDTL, PRBD, SCCL, Joint Development Bank, and two more companies are going to become pioneers of the crypto industry in Laos.

Fidelity Investment is on the way to bring Bitcoin-ETFs to the USA. Thomas Jessop, the Head of the corporation’s digital department, initiated a meeting with SEC representatives to explain the relevance of a Bitcoin-based ETF launch approval.

Bitcoin power consumption and its impact on ecology is the headliner of crypto news in 2021. According to the CCAF research, the annual energy conception of the first digital currency is about 67 TW/h, and this amount equals 0.43% of the global power demands.

According to Financial Times, the new FSC regulations are too severe for South Korean Bitcoin exchanges. About 40 out of 60 Korean-based BTC exchanges are about to change their location or go out of crypto business. As of today, more than 60% of crypto trading platforms are not compliant with updated norms and regulations.

Charles Hoskinson’s words are close to be prophetic – the Cardano CEO assumed crypto adoption would become mainstream after the events taking place in Salvador. According to the Sherlock Communications survey, 48% of Brazilian citizens are ready for Bitcoin adoption right now and want the government to follow the Salvadorian scenario.

According to CoinShares, institutional investors stake on altcoin-based products, as the rate of Bitcoin investments dropped to 65% (the lowest index since May 2021). The experts outline a set of altcoins as exceptionally promising assets.

Since its launch in 2009 Bitcoin has never been deprived of the crypto throne, remaining #1 according to the market capitalization; meanwhile, the crypto community considers Ethereum as the key competitor.

The British financial regulator is about to clear the crypto regulation up. According to Charles Randell, the chairman of FCA (Financial Conduct Authority), the organization aims to find the golden middle to both protect the rights of newcomer investors and avoid too severe laws that may cause the opposite effect.

Stablecoins are still controversial assets, and their fast-growing popularity is a dilemma for officials. These cryptocurrencies solve the key problem of digital assets – stablecoins are not volatile being backed by fiat currencies, metals, stocks, etc.