Bitcoin is rallying above $57,000 in Crypto Past week

On Monday morning, the price of bitcoin, the largest cryptocurrency by market capitalization, hit $57,000, extending its two-week rise. It has gained over 30% in October and is currently trading at over $57,442.

The rally is likely due to a combination of factors, including optimism that a bitcoin futures exchange-traded fund will be approved by the Securities and Exchange Commission soon and excitement following Federal Reserve chair Jerome Powell’s clarification that he has no intention of banning bitcoin in the United States, which appeared to “empower” investors, Ned Davis Research told CNBC.

Other altcoins also saw gains this week, including meme-coin Shiba Inu, which is vying for market share against dogecoin. However, Shiba Inu has a long way to go. It is presently rated 16th, behind dogecoin, which places tenth.

Apart from price fluctuation, here are five more significant developments in crypto this week.

1. The volume of NFT trading reached $10.7 billion last quarter.

The trading volume of nonfungible tokens, or NFTs, increased to $10.67 billion in the third quarter of 2021, according to research by analytics platform DappRadar. This is a rise of 704 percent over the previous quarter.

August, in particular, was instrumental in this expansion. According to DappRadar, it was a record-breaking month, with over $5.2 billion in trade volume. Though trading volume decreased marginally in September, it still exceeded $4 billion.

A lucrative application of NFTs at the moment is in-game products, in which players may purchase items such as skins or accessories for use in blockchain-based video games. DappRadar discovered that in-game items generated $2.3 billion in trading activity in the third quarter of 2021 alone. This accounts for 22% of the overall NFT trading volume.

2. A US bank announces the establishment of a bitcoin custody service.

According to CNBC, U.S. Bank, the nation’s fifth-largest retail bank, revealed Tuesday that its bitcoin custody service is now available to fund managers. NYDIG, the sub-custodian, will aid in the initiative.

This service enables administrators to securely store bitcoin, bitcoin cash, and litecoin private keys. Private keys, or a string of letters and numbers like a password, are used to access a cryptocurrency holder’s funds.

Support for additional cryptocurrencies such as ether expects in the future.

3. AMC now takes dogecoin for gift cards.

Additionally, AMC Entertainment CEO Adam Aron tweeted that AMC theaters will begin accepting dogecoin for gift cards on Tuesday.

“As we continue to develop our ability to accept online cryptocurrency payments, you may now purchase @AMCTheatres digital gift cards (up to $200 per day) using dogecoin and other cryptocurrencies via a BitPay wallet,” Aron stated. “Welcome to our website, mobile application, and cinemas.”

A few weeks ago, Aron revealed that by the end of 2021, AMC would allow online payments in bitcoin, ether, litecoin, and bitcoin cash.

4. Senator Cynthia Lummis discloses a bitcoin purchase in the amount of up to $100,000.

According to a Thursday filing, Senator Cynthia Lummis, R-Wyo. Purchased bitcoin worth between $50,000 and $100,000 on Aug. 16. After the 45-day reporting period mandated by the Stop Trading on Congressional Knowledge (STOCK) Act expired, the transaction discloses.

According to a spokeswoman for Lummis’ office, the delay in disclosing was due to “a filing issue.”

“Once we became aware of it, we collaborated with the ethics committee to rectify the situation,” the representative stated. “It was a genuine error, and the matter has rectified without consequence.”

Lummis has been a proponent of bitcoin for an extended period. Indeed, she made the August purchase weeks after two other senators attempted to change the Senate’s infrastructure bill to clarify who qualifies as a cryptocurrency broker. Ultimately, though, the amendment was rejected.

5. The Biden administration considers issuing an executive order regulating bitcoin.

Bloomberg reported on Friday that the Biden administration is considering an executive order that would force federal agencies to conduct research and make suggestions on the cryptocurrency market.

The order would delineate the roles of many departments, including the Treasury Department, Commerce Department, National Science Foundation, and national security agencies.

While a draft of the proposed order has circulated officials and regulators, Bloomberg reports that no decision takes to proceed.

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