- CRYPTO THIS WEEK
Crypto This Week – Week 40
What's new? Who knew? Shiba Inu - The meme coin has risen over 367% in just a week, bringing its market cap to over $12bn. Word on the street is that a whale has quietly bought and transferred $6tn SHIB ($80m) to a separate address. Buyer beware?
All eyes on BTC as the king coin pushed past the $55,000 mark in a matter of minutes. After a choppy few months, Bitcoin has surged past levels not seen since May. The move is likely centred around the optimism of upcoming ETF approvals and further validation from the S2F model calling for $63,000 in October.
U.S Securities and Exchange Commission’s Chairman, Gary Gensler told congress that the SEC will not ban cryptocurrencies but that instead it will be up to congress to decide. The SEC is looking to regulate the crypto markets and not ban it, the chainman insinuated, as he believes many of the tokens do not meet the test of being an investment contract or some form of security. He loves me, he loves me not.
It is going to be a RIOT they said - United States mining firm Riot Blockchain has revealed that its year-to-date bitcoin production has more than tripled compared to 2020. Riot has mined 2,457 BTC in 2021 so far — a 246% increase since last year. Production for September has more than quadrupled year-over-year, with Riot mining generating 406 BTC, last month. As of September, Riot is in possession of 3,534 BTC. The firm said that it has mined every bitcoin it owns.
Financial services company MoneyGram International has partnered with the Stellar Development Foundation to enable consumers to send money using Circle’s popular stablecoin, USD Coin (USDC), and convert directly to and from fiat. MoneyGram has integrated support allowing crypto wallets connected to the Stellar Network to access its global retail platform. Working alongside Circle, MoneyGram will also enable “near-instant backend settlement,” account funding and local fiat withdrawals using the USDC stable token.
KuCoin has become the latest exchange to ban all Chinese users. The exchange noted that all users from mainland China must withdraw their funds by 31 December this year. Last week, another popular exchange, Huboi, made a similar announcement. China flew over the KuCoin's nest.
Whale sightings - Ethereum whales have moved more than $2.2bn in ETH this week across 11 separate transactions. George Soros’s Family Office confirms that they hold bitcoin.
Asset management giant Invesco is partnering with digital asset firm Galaxy Digital and index provider Alerian for the Invesco Alerian Galaxy Crypto Economy ETF, which will trade on Cboe Global Markets under the ticker “SATO,” and the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, with the ticker “BLKC.”. The ETFs will track two Alerian Galaxy Global indexes. The SATO fund will include exposure to blockchain and crypto mining firms, while BLKC will track companies engaged in the research and development of blockchain technology not tied to cryptocurrency. Both will include exposure to an “investment vehicle that directly holds physical cryptocurrency,” Invesco said.
Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.