Industry news — Page: 10

For years stablecoins have been recognized as a threat to a traditional economic system by official governments. The US Securities and Exchange Commission came up with a decision that such assets need to be strictly controlled on the territory of the USA.

Rhodium Enterprises, a mining company from Delaware, sent an application to the Securities and Exchange Commission to run an IPO. The company is going to enter the Nasdaq exchange under the ticker RHDM.

Puerto Rico is the most crypto-favorable US territory, due to Act 22. According to this local act, US residents living in Puerto Rico for at least six months are not charged taxes related to crypto incomes. The law covers different categories of gains. Furthermore, a person is able to live in Puerto Rico, having US residency (there is no necessity to renounce the status).

The first BTC-based ETF entered the Middle East - the Dubai financial regulator approved the application of the Bitcoin Fund to list on Nasdaq Dubai.

Burger King added crypto payments in January 2020, being among the earliest crypto-supportive retailers. Meanwhile, the fast-food chain expands its involvement into the crypto world, offering digital assets to its US customers.

Earlier, three Bitcoin ETFs debuted in the US market. The local fin regulator approved 3 applications sent by ProShares, Valkyrie Investment, and VanEck. James Seyffart, a Bloomberg analyst, disclosed the information about more than 40 exchange funds based on digital currencies waiting for approval.

Avalanche Foundation introduces the run of a development fund worth $200 million to speed the Avalanche blockchain’s growth and development up. Furthermore, the non-commercial company is going to welcome innovations and updates.

On October 29, Ethereum reached another all-time high at $4400 per coin. The crypto community considers the Altair Beacon Chain update as the major driving factor for the coin's price. This upgrade started successfully with more than 98% of already updated nodes.

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

The NEAR Protocol team announced the run of an investment fund worth $800 million to develop the project's ecosystem.

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.

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.

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.

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.

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.

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.

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.”