China and Malaysia discuss Asian Monetary Fund

In recent years, a number of Asian countries have shown an interest in distancing themselves from the United States dollar and the International Monetary Fund (IMF), both of which have long had a preponderant position in the international monetary system. One of these nations is Malaysia, and the Malaysian central bank has been collaborating with the People’s Bank of China to facilitate trading in both of their countries’ respective currencies.

Anwar Ibrahim, the Prime Minister of Malaysia, made the announcement on April 4 that China was willing to consider the possibility of establishing an Asian Monetary Fund. The concept of such a fund was discussed during a meeting that took place the week before in Hainan, which is located in China.

The proposed fund will assist Asian countries in reducing their reliance on the United States currency and the International Monetary Fund (IMF). This action is being seen as a reaction to worries about the economic hegemony of the United States and the dangers connected with the use of the dollar as the reserve currency of the world.

Reportedly welcoming negotiations on the plan, which may pave the way for a more autonomous Asian financial system, China’s President Xi Jinping is said to have shown enthusiasm about the topic. The establishment of an Asian Monetary Fund has the ability to make available financial resources for the region’s infrastructure development projects, therefore fostering economic expansion.

In recent years, there has been a discernible uptick in the momentum around the movement toward a stronger role for Asian currencies in international commerce. In March, China and Brazil reached an agreement to conduct commerce exclusively in their own national currencies, so fully excluding the use of the US Dollar.

The Asian Monetary Fund that is being suggested is not the first effort that has been made to establish a regional financial organization. The Asian Development Bank (ADB) was founded in 1966 with the purpose of fostering economic growth and alleviating poverty across the region. On the other hand, the Asian Development Bank (ADB) has come under fire for being controlled by the United States and Japan and for having a limited effect in tackling the economic difficulties facing the area.

In conclusion, the proposed establishment of an Asian Monetary Fund is a major step forward in the continuing transition away from the predominance of the United States dollar in the international monetary system. Even though the creation of such a fund would be met with a number of obstacles, there is a possibility that it would provide a method of fostering more monetary autonomy and stability across the Asian area.

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RBI and Central Bank of UAE sign MOU on CBDC bridge

The Reserve Bank of India and the Central Bank of UAE have signed a memorandum of understanding (MOU) on collaboration and innovation in financial services, with a focus on central bank digital currency (CBDC) interoperability. The parties will develop a proof-of-concept and pilot program for a CBDC bridge to facilitate remittances and trade, which would reduce costs and increase efficiency of transactions, as well as strengthen economic ties between the two countries.

India and UAE banking officials had discussions in February regarding a rupee-dirham payment system using correspondent banks, which has been under development for a year. The countries currently use US dollars to settle payments. The UAE remains a major source of remittances to India, accounting for 17-18% of the total of around $87 billion, as of July 2022.

India has a domestic digital rupee pilot project with 50,000 users and 5,000 participating merchants, and has been testing its CBDC’s offline functionality. The RBI has also reported that it completed around 800,000 transactions worth $134 million with its wholesale CBDCs.

The UAE launched a nine-part financial transformation program and announced its intention to launch a CBDC for domestic and cross-border use in February. Emirati banks had already participated in the mBridge pilot project, along with banks in Hong Kong, China and Thailand, to use CBDC for cross-border transfers. Additionally, the UAE expects cryptocurrency to “play a major role for UAE trade going forward,” according to the UAE minister of state for foreign trade, Thani Al-Zeyoudi, who spoke at the World Economic Forum in January.

Overall, the MOU between the RBI and Central Bank of UAE will facilitate the development of a CBDC bridge that will enable easier and more cost-effective remittances and trade between India and the UAE. Both countries have been exploring the potential of CBDCs for some time, with India having already launched a domestic digital rupee pilot project and the UAE launching a financial transformation program and mBridge pilot project.

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NFTs Trading Volume Between May and June Fell 74%: The Block

Non-fungible tokens (NFTs) trading volume between May and June fell 74%, data from The Block Research showed.

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According to The Block’s data, the trading volume for May was $4 billion, while June saw $1.04 billion.

The Block reported that, to date, the 74% decrease is the largest month-over-month drop in NFT marketplace trading volume; the previous low was 48%, which occurred between February and March this year.

The data showed that the dominant player in the NFT marketplace in June was OpenSea, with $696 million in total volumes for that month. It represented 67% of the month’s total monthly volume.

OpenSea’s competitor Magic Eden, which had made up 0.1% of trading volume at the start of 2022, now has over 10% of that volume, data from The Block showed. The marketplace for Solana-based NFTs has created a market share against OpenSea despite falling volumes and also after OpenSea started support for Solana in April 2022.

However, despite capturing the dominant player status, OpenSea has become the new victim of the ongoing crypto winter as it has decided to slash its workforce, Blockchain.News reported.

According to a report from the Wall Street Journal (WSJ), the non-fungible token (NFT) marketplace has announced that it will cut a fifth or 20% of its staff.

OpenSea, one of the largest marketplaces for NFTs, suggested that about 57 people will be laid off as it said it now has 230 employees.

Chief Executive Devin Finzer said in an internal memo to employees, also shared on Twitter, that the firm would provide severance and healthcare coverage into 2023 to those laid off. Finzer added that accelerated equity vesting would also be provided.

“The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume) and give us high confidence that we only have to go through this process once,” Finzer said.

Image source: Shutterstock

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Iran to Allow Digital Currency Payments for International Trade

Iran is notably about to double down on its love for digital currencies as a local media platform, Mehr News reports the country is on track to accept cryptocurrencies for international trade transactions.

Per the report, the Central Bank of Iran (CBI), and the ministry of trade have reached an agreement to link the CBI’s payment platform to a trading system in order to permit business settlements through cryptocurrencies.

According to the report, Alireza Peyman-Pak, Iran’s deputy minister of Industry, Mine and Trade and head of Iran’s Trade Promotion Organization has approved the move, noting that the new system is billed to be finalized in the next two weeks. 

“We are finalizing a mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptocurrencies in their international deals,” Peyman-Pak said.

While many governments have refused to recognize the legitimacy of cryptocurrencies for various reasons, ranging from their energy consumption during mining and volatility, Peyman-Pak advocated that watchdogs should not be ignoring the economic and business benefits the nascent asset class presents.

“All economic actors can use these cryptocurrencies. The trader takes the ruble, the rupee, the dollar, or the euro, which he can use to obtain cryptocurrencies like Bitcoin, which is a form of credit and can pass it on to the seller or importer. […] Since the cryptocurrency market is done on credit, our economic actors can easily use it and use it wisely.” 

Besides Iran, Bitcoin is being used on a national level in El Salvador as the government legalized BTC as its second legal tender back in September 2021. While the acceptance of Bitcoin for transactions does not erase its volatility, the government of El Salvador set up a $150 million BTC Trust that can facilitate the immediate conversion of Bitcoin into USD as a safeguard measure.

Despite the modalities of the Iranian crypto acceptance being unknown at this time, the news is undoubtedly a bullish one for a country whose mining industry is currently experiencing a temporary strain.

Image source: Shutterstock

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Bitcoin Hovers Below $50k After Weekend Wipeout – Crypto Roundup, Dec 6, 2021

Ethereum shows strength as MATIC rises 7%

 Global market jitters spread to crypto at the weekend, with Bitcoin falling to $42K before bouncing to almost $50K.

Markets are digesting multiple uncertainties, including the many unknowns of the Omicron variant, and the possibility of an end to pandemic-era central bank stimulus. Combined with thin weekend trading volume and the build up of leverage, this led to cascading sell orders and liquidations across the crypto market on Saturday. Nevertheless, El Salvador’s President Nayib Bukele was not deterred and joined MicroStrategy in buying the dip.

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In a show of strength, Ethereum outperformed Bitcoin during the downturn. The leading smart contract platform stayed above $4K, showing only 6% weekly losses compared to Bitcoin’s 15%. Even stronger, Layer 2 solution Polygon (MATIC) emerged from the downturn with 6% weekly gains.

This Week’s Highlights

  • Ethereum outperforms Bitcoin
  • Polygon’s MATIC rises against the market
  • eToro lists Celo
  • On the Digest & Invest podcast this week…

Ethereum outperforms Bitcoin

Ethereum showed relative strength during the weekend drop; losing less value and recovering faster, in line with the trend of recent months.

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Both cryptoassets have fallen significantly from the record highs set in November, yet since December 2020 Bitcoin has doubled in value, while Ethereum has gained about 530%. In response, some traders are calling for a “flippening” where Ethereum overtakes Bitcoin as the biggest cryptoasset.

The outperformance could be down to Bitcoin’s more established role as a macro asset that trades on economic data and global trends, compared to Ethereum which is more associated with the hottest crypto growth sectors such as decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse.

Polygon’s MATIC rises against the market

A flash of green in a sea of red, Polygon’s MATIC token pushed against the falling market to finish the week with 6% gains.

The buoyancy of the Layer 2 network could be attributed to the announcement of a new partnership with GameOn Entertainment to build NFT games on the network, and the recent release of a new JavaScript library.

Elsewhere, few other smart contract platforms matched MATIC’s resilience. Algorand managed to stay flat and hold against the downturn, while Polkadot and Cardano suffered double-digit losses.

eToro lists Celo

eToro’s expansion of supported cryptoassets continues with the listing of Celo.

Celo is the native token of the Celo platform, which aims to use blockchain to bank the unbanked, making it possible for anyone to settle payments in crypto between mobile devices without the need for financial institutions.

The launch brings the total number of cryptoassets available on eToro to 41.

On the Digest & Invest podcast this week…

Tune in to Digest & Invest to hear eToro’s Sam North interview the CEO of Chiliz and Socios.com Alexandre Dreyfus.

Week ahead

The swing lower has shifted market sentiment to Extreme Fear, as traders worry that more downside could be in store.

On the upside, others argue that the wipeout has washed out excess leverage in the market, potentially setting up healthier conditions for a more sustainable price rise in the near future.

In the week ahead, regulatory developments could set the tone for trading as a handful of crypto industry executives are set to testify before US lawmakers on Wednesday.

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Crypto Market Analysis: December 6, 2021

Bitcoin and ether suffered a major flash crash over the weekend, sending cryptoasset values down by some 20% at points. Prices have now recovered somewhat but both cryptos remain trading well below pre-weekend levels.

Bitcoin began last week trading in the $57,000 range, with some movement during the week, but nothing remarkable. This changed on Friday however as the cryptoasset began to fall precipitously. BTC declined to a low of $45,412 in a matter of hours – a near 20% collapse.

Ether likewise fell victim to the flash crash. Having traded up toward $4,700 midweek ETH began to fall in trading on Friday from around $4,600 to a low of $3,652 – a fall of over 20%.

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Both cryptoassets have regained a measure of stability since, with prices rebounding modestly. BTC is now trading around $47,900 while ETH is trading around $4,000.

Speculation has been rife over what caused the flash crash, with some analysts citing the expiry of leveraged positions. Other evidence meanwhile points to significant increased activity with investors moving cryptoassets from wallets to exchanges – making reaction to price movement more precipitous when it comes.

The wider backdrop of investment market fears over Omicron seems to be in play too however.

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Bitcoin spot ETF launches in Canada

Major asset manager Fidelity Investments has a bitcoin spot ETF in Canada.

The ETF – named the Fidelity Advantage Bitcoin ETF invests directly in bitcoin or through derivative instruments. At least 98% of the ETF’s holdings will be stored in cold wallets.

The fund is listed on the Toronto stock exchange with the ticker FBTC. The fund will have a 0.4% management fee for investors with customers given the option of investing via Canadian or US dollars.

Canada is a popular destination for crypto ETFs with more than 20 available to Canadian investors. Fidelity’s offering however is unique among crypto ETFs in offering physical holdings of bitcoin rather than trading on futures.

MercadoLibre to accept cryptoassets

Major Latin American online marketplace MercadoLibre now allows customers in Brazil to exchange and pay for products in cryptoassets.

The firm has announced users in Brazil will be able to buy, hold and sell bitcoin, ether and a U.S Dollar based stablecoin, Pax Dollar.

The combination of two major cryptoassets and a stablecoin on MercadoPago, the payments platform of MercadoLibre, will enable customers to conduct transactions for products priced in fiat currency using their cryptoassets.

MercadoPago is authorised by Brazil’s central bank, making it easier for the firm to begin its crypto operations there. But MercadoLibre more generally operates in many Central and South American countries, suggesting a potential customer base for new crypto payments of millions as it expands its offering.

Square rebrands in wake of Dorsey Twitter departure

Payments firm Square has announced it is rebranding to ‘Block’, days after its chief executive Jack Dorsey stepped down as head of Twitter.

The company said in its announcement the new name had many associations, but among them was the use of Blockchain technology in some of its projects.

Square Crypto, a separate initiative of the firm which aims to promote the use of bitcoin is also changing its name to Spiral.

The Square brand won’t be disappearing though – Square remains the name of the firm’s seller business, which is among a stable of brands that now also includes Cash App, TIDAL and TBD54566975.

Jack Dorsey announced his sudden departure from Twitter last week, with many speculating he would move to focus more of his time on crypto and blockchain projects, with his now rebranded firm Block at the forefront of this.

Meta crypto head departs firm

The head of Meta’s (formerly Facebook) crypto arm is departing the firm as the launch of stablecoin Diem remains in doubt.

David Marcus announced he would be departing the firm after seven years, having worked on Meta’s financial offering since May 2018, when the company’s Libra crypto project was first announced.

The project later morphed into a payments wallet called Novi with the cryptoasset to go with it called Diem. The crypto wallet has since launched, but the launch of Diem remains elusive.

Meta has faced significant hurdles in the launch of its crypto products. Commenting on the departure, Meta chief executive Mark Zuckerberg commented on Marcus’s post: “We wouldn’t have taken such a big swing at Diem without your leadership, and I’m grateful you’ve made Meta a place where we make those big bets.”

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

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Inflation fears sparks Bitcoin rally before Taproot – Crypto Roundup, Nov 15, 2021

First major upgrade in four years set to accelerate Bitcoin innovation

 After briefly eclipsing all-time highs on shocking inflation figures, Bitcoin settled down to finish the week with 2% losses as the long-awaited Taproot upgrade was activated

At its peak on Wednesday, Bitcoin flirted with the $69K level. Within a few hours however, fresh fears of an Evergrande-induced financial collapse swept over the market, dragging cryptoassets down alongside the S&P 500. Adding to the blow, the Securities and Exchange Commission then denied another spot Bitcoin ETF application on Friday.

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This volatility capped gains in the altcoin market, with most smaller cryptoassets finishing the week in the same place they started. However, Zcash, and Litecoin, which both share DNA with Bitcoin, enjoyed double-digit gains as their big brother got an upgrade.

This Week’s Highlights

  • Taproot upgrade set to accelerate Bitcoin innovation
  • Bitcoin hits record high on inflation fears
  • eToro lists SushiSwap, Axie Infinity, Quant, and Chiliz

Taproot upgrade set to accelerate Bitcoin innovation

Bitcoin’s first major upgrade in four years rolled out on Sunday, introducing Schnorr signatures and scripting capabilities to the flagship cryptoasset.

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Known as Taproot, the upgrade will allow for greater levels of privacy, cheaper transaction costs (particularly for more complex transactions), and improved programmability for simple applications such as multisignature schemes.

The additional functionality is expected to accelerate Bitcoin innovation over the coming years, and could boost valuations too. SegWit, Bitcoin’s last major upgrade, took place in August 2017 and was followed by a monster rally that saw prices quadruple.

Bitcoin hits record high on inflation fears

Ever since legendary investor Paul Tudor Jones said Bitcoin was the “fastest horse in the race”, the cryptoasset been more widely considered an inflation hedge and a viable alternative to gold.

This safe haven appeal was showcased on Wednesday, when Bitcoin bolted out the stable on hot inflation data, leaving gold behind as it surged beyond record highs near $69K.

Although the price fell shortly afterwards on fears of an Evergrande default, Bitcoin’s reaction to the news cemented its newfound role as an inflation hedge. This reflects the view of Bloomberg analysts, who found in a recent study that “the importance of inflation and hedging against uncertainty” have become more important drivers for Bitcoin, “accounting for 50% of price moves in the latest cycle relative to 20% in 2017.”

eToro lists SushiSwap, Axie Infinity, Quant, and Chiliz

eToro has listed SushiSwap (SUSHI), Axie Infinity (AXS), Quant (QNT), and Chiliz (CHZ), taking the total number of cryptoassets available on the investment platform to 40.

SushiSwap is a decentralized exchange based on the automated maret market model (AMM), Axie Infinity is a Pokémon-inspired blockchain-based game, and Quant is an enterprise-grade interoperability solution for connecting public blockchains.

Last but not least, Chiliz is the leading blockchain for sports and entertainment — an industry close to eToro’s heart as one of Europe’s biggest football club sponsors.

Note: These new cryptoassets are not yet available in the US.

Week ahead

As Bitcoin consolidates around all-time highs, traders are keenly awaiting a catalyst to tip prices towards $70K, or the much-anticipated meme level of $69,420.

In the week ahead, prices could be buoyed by talk of inflation, which is likely to remain a hot topic amid earnings reports in traditional markets.

Elsewhere, Stellar could be in the spotlight as the altcoin hosts its annual community conference on Wednesday and Thursday.

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Crypto Market Analysis: October 18, 2021

Bitcoin soared last week, closing back in on its all-time high (ATH) as investors bought the news of a new bitcoin ETF.

After the confirmation of a bitcoin ETF (more below) by the US Securities and Exchange Commission (SEC), the price began to pop. Having traded as low as $54,611 on Wednesday, BTC soared 14% to reach a high of $62,516.  At the time of writing the cryptoasset is trading around $61,700.

The turnaround for BTC has seen it close in on its previous ATH – $63,569 – set on 14 April this year. Investors will now be watching closely to see if momentum is sustained early this week to tip over that threshold.

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Ether meanwhile has experienced similar gains, although it is still a little further off from its previous ATH.  ETH traded as low as $3,419 on Monday before rising across the week to a high of $3,957. ETh previous ATH came on 12 May when it reached $4,177. It is currently trading around $3,820.

Grayscale drops bitcoin ETF hint

Cryptoasset management firm Grayscale has given its biggest indication yet it plans to convert its bitcoin trust into a physically settled exchange-traded fund (ETF).

While not confirmed at the time of writing, chief executive Barry Silbert hinted in a two-word tweet that the firm may soon switch up its trust to an ETF structure. The thread came as the CEO criticised futures-backed bitcoin ETFs saying: “Friends don’t let friends buy and hold futures-based ETFs.”

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The pointed remark comes after the approval of the ProShares ETF – which is a futures-based bitcoin fund. The announcement boosted bitcoin’s price as investors see support from regulators for crypto-based funds as a seal of approval for their activities.

Putin gives crypto seal of approval

Russian President Vladimir Putin has come out with a relatively dovish stance on cryptoassets.

While not outing himself as an enthusiast, speaking to CNBC last Thursday the Russian leader expressed his relative amenability to crypto.

Putin said in the interview cryptocurrency: “has the right to exist and can be used as a means of payment.” He also added it was too soon to discuss the idea of trading oil and other commodities via crypto, which forms a large part of Russia’s export base.

Putin’s relative amenability to crypto likely comes as Russia struggles with difficulties in accessing international capital in the form of US dollars. The Eurasian nation has been hit by sanctions since its 2014 invasion of Crimea.

ARK Invest backs bitcoin ETF

Cathie Wood’s Ark Invest has backed a bitcoin futures ETF by putting the firm’s name to the fund.

The bitcoin futures ETF, which was filed for approval to the US SEC last Wednesday, will be called ARK 21Shares Bitcoin Futures Strategy ETF, carrying the ARKA ticker.

The ETF was filed by Alpha Architect and notes 21Shares as an investment adviser. ARK’s role in the ETF will be to provide marketing support alone, according to the filing.

Wood’s ARK firm is best known for its disruptive innovation-focused ETFs. The firm has struggled in 2021 with assets under management (AUM) plunging by some $8 billion.

ARK joins a growing list of asset managers looking to offer a bitcoin-related ETF, with more than 12 Wall Street firms now looking to offer such a product to its clients.

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

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ETF approval drives Bitcoin towards all-time high at $65K – Crypto Weekly Roundup, October 18, 2021

New eToro additions Polkadot and Solana lead altcoin rally with double-digit gains

 Bitcoin has soared above $60K, getting tantalizingly close to all-time highs on reports that the first Bitcoin futures exchange-traded fund (ETF) has been approved by the U.S. Securities and Exchange Commission (SEC).

This bombshell blasted Bitcoin 8% higher over the last week, boosted further by Russian President Vladimir Putin who told CNBC on Wednesday that he believes crypto has value. Meanwhile, JPMorgan CEO Jamie Dimon took the opportunity to assert his own view that “Bitcoin is worthless”, two weeks after his bank released a note that said institutions are replacing gold with Bitcoin.

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Elsewhere, recent eToro additions Polkadot, Polygon, and Solana pushed ahead of the market with double-digit gains all round. Shiba fell down in exhaustion with 11% weekly losses after a mega rally, and Dogecoin made a half-hearted attempt to catch up with 4% gains.

This Week’s Highlights

  • Bitcoin celebrates ETF approval
  • Polkadot pushes towards $50 on parachain milestone
  • eToro adds Solana to investment platform

Bitcoin celebrates ETF approval

In a monumental victory for crypto, the Securities and Exchange Commission (SEC) is set to let the first U.S. Bitcoin futures ETF launch on Monday after years of rejected applications.

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Sources said to be familiar with the matter told CNBC that the SEC isn’t likely to block the ETFs proposed by ProShares and Invesco, triggering a rally that saw Bitcoin break through $60K, for the first time since April of this year.

Although these ETFs have attracted criticism for being backed by futures contracts and not the underlying asset, they could still have big implications for Bitcoin — allowing tax-sheltered and retirement accounts to easily get exposure, and potentially opening the cryptoasset to a much broader audience.

Polkadot pushes towards $50 on parachain milestone

While all eyes were on Bitcoin, Polkadot quietly surged more than 20% as the blockchain platform announced it was ready to roll out the final piece of its roadmap.

On Wednesday, the team announced a date for the launch of parachains. These are independent chains that can issue their own tokens and be tailored to a specific use case, while still connecting back to the main Polkadot chain.

Slots for parachain development will be sold via auctions starting on November 11th, and are expected to reduce the circulating supply of Polkadot by requiring participants to lock up the asset for the duration of the parachain lease.

eToro adds Solana to investment platform

eToro has added Solana (SOL) to its selection of cryptoassets. The SOL token powers a blockchain platform that claims to be able to support 50,000 transactions per second without sacrificing decentralization.

Solana joins the recent additions of Filecoin (FIL) and Polkadot (DOT), bringing the total number of cryptoassets available on eToro to 32.

Week ahead

The last time Bitcoin approached all-time highs at $20K, it was beaten back fiercely for weeks before it finally broke though.

This time however, the amount of Bitcoin held on exchanges is approaching all-time lows — suggesting traders have no intention of selling and could be moving funds to wallets for long-term storage.

On the bearish side, Pantera Capital CEO Dan Morehead anticipates that the ETF launch could be a classic “sell the news” moment, and trigger a similar dump to that seen after the CME’s listing of Bitcoin futures in December 2017.

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Bitcoin Eclipses Trillion-Dollar Market Cap on Equity ETF Approval – Crypto Weekly Roundup, October 11, 2021

Shiba Inu Token runs ahead with 100% gains

Bitcoin has surpassed $56K, reclaiming its trillion dollar market cap as the U.S. treasury

rules out minting a platinum coin of the same value.

The move higher comes on a raft of positive news: the U.S. Securities and Exchange Commission (SEC) has approved an exchange-traded fund (ETF) giving exposure to companies holding crypto, the investment firm founded by billionaire George Soros has revealed a Bitcoin allocation, and Brazil is following El Salvador by preparing a bill that will make the cryptoasset a recognized currency.


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All this action has put Bitcoin center stage with over 15% weekly gains, but several altcoins have also put on a wild performance. Shiba Inu doubled in price and Stellar added 8% on a new partnership with MoneyGram. Meanwhile, Tezos gave back recent gains by sinking 14%.

This Week’s Highlights

  • Shiba shakes off the leash with 100% weekly gains
  • Regulatory fears fade as White House weighs executive order
  • eToro launches Filecoin and Polkadot on its investment platform

Shiba shakes off the leash with 100% weekly gains

Shiba Inu Token has doubled in value over the last week, running ahead of the pack to reach twelfth place in the market cap rankings.

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At its highest point, Shiba was up over 300%. This followed a tweet from Elon Musk about his dog Floki of the same breed, and the launch of 10,000 Shiboshi NFTs on the recently launched decentralized exchange ShibaSwap.

Meanwhile, Musk’s pet project Dogecoin is laying low. The rival canine-themed crypto finished the week with 4% losses.

Regulatory fears fade as White House weighs executive order

The rising prices come as the Biden administration considers an executive order to regulate the crypto industry.

This is widely expected to be bullish as it follows positive comments from the heads of U.S. government agencies. SEC Chair Gary Gensler told Congress on Tuesday that the agency has no plans to follow China into a crypto ban, joining Federal Reserve Chairman Jerome Powell, who expressed the same sentiment at the end of September.

Instead of a ban, more nurturing regulation might come in the form of the “Clarity for Digital Tokens Act of 2021.” This bill was proposed last Tuesday and would create a “safe harbor” for projects that raise funds to build decentralized networks.

eToro launches Filecoin and Polkadot on its investment platform

eToro has added two more assets to its crypto offering, bringing the total number of cryptoassets available to 31.

The new cryptos are Filecoin (FIL), which powers a decentralized storage network, and  Polkadot (DOT), a platform for cross-chain transfers.

Week ahead

As Bitcoin continues to close in on all-time highs, chatter about the approval of a Bitcoin ETF in the U.S. is reaching fever pitch.

The first ETF to be approved could be the ProShares Bitcoin Strategy ETF, backed by Bitcoin futures, which is due to be decided on October 18th.

Meanwhile, traders will be keeping their eyes peeled for broader regulatory developments from the highest branches of the U.S. government.

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Bitcoin (BTC) $ 27,117.27 2.08%
Ethereum (ETH) $ 1,866.35 1.96%
Litecoin (LTC) $ 89.48 2.68%
Bitcoin Cash (BCH) $ 112.68 1.61%