The cryptocurrency market is doing well right now, with Bitcoin and many altcoins seeing gains in the past few days
Bitcoin's market capitalization hits $ 1 trillion again
The cryptocurrency market got off to an excellent start to the month. Since the beginning of October, the prices of most cryptocurrencies have increased by more than 10%. Bitcoin leads the run as the cryptocurrency market recovers some of the losses suffered earlier this year. As a result of the rally, BTC has risen by more than 20% in the past week. Its price topped $ 53,000 earlier this week, bringing its total market cap to $ 1 trillion for the first time in nearly four months. Bitcoin's market capitalization reached this level despite a market dominance of 44%. Bitcoin is currently trying to break the $ 55,000 resistance and its market cap could rise even further in the coming days if current momentum continues. Other altcoins are also on the rise, with ether and some of the other leading cryptocurrencies seeing double-digit gains in the past few days. Edward Snowden believes Bitcoin will be stronger after China's ban, citing Bitcoin's price spike since China's similar announcement last year.
US Bank now offers cryptocurrency custody services
Traditional financial institutions are crowding into the cryptocurrency space. This week, the US Bank, the fifth largest bank in the United States, announced that it is now offering Bitcoin custody services. The Bitcoin custody services are available to their institutional investors in the United States and the Cayman Islands. The US Bank has partnered with NYDIG to provide the Bitcoin custody service. However, the bank said it is currently speaking to other providers and intends to bring them on board in the coming months to ensure their customers have more options to keep their cryptocurrencies safe. The US Bank said the Bitcoin custody service was launched due to the huge demand from its customers for cryptocurrency services.
US SEC summons USDC issuers
The US Securities and Exchange Commission (SEC) has been increasing the pressure on cryptocurrency companies in recent months. This time the regulator turned its attention to the USDC issuer Circle. According to the regulatory filings , the subpoena came at a time when Circle was making clear its intentions that it would become a publicly traded company. Circle said it wanted to go public through a special-purpose acquisition company (SPAC). The SEC is soliciting documents and information about Circle's holdings, customer programs, and operations. The stablecoin issuer stated that it will work with the regulator and provide them with any necessary documents to aid their investigation.
NFTs are becoming increasingly popular
The non-fungible token (NFT) market is one of the fastest growing in the cryptocurrency space. NFT trading volume topped $ 10 billion for the first time in the third quarter of the year, according to a report by DappRadar. The report shows growing demand for NFTs, with NFT sales totaling $ 5.2 billion in August alone. The Ethereum blockchain remains number one for NFTs, while Solana, Cardano and others are also catching up. CryptoPunks and Bored Ape Yacht Club are gaining popularity within the crypto space and beyond.
Sorare, one of the leading NFT platforms, announced a partnership with the German Bundesliga earlier this week. As part of this partnership , Sorare will create image and video NFTs for the Bundesliga (first division) and Bundesliga 2 (second division).
MoneyGram is partnering with Stellar to introduce withdrawal features for cryptocurrencies
Money transfer giant MoneyGram has partnered with blockchain company Stellar Development Foundation and USDC to provide cryptocurrency withdrawal services. The service will enable its customers to convert their cryptocurrencies into fiat currencies. Under the terms of the partnership, MoneyGram will use Circle's USDC stablecoin to process payments and convert withdrawals into the user's local fiat currency. The money transfer company will integrate its network with Stellar's to process USDC transactions. In addition, United Texas Bank was selected as the settlement bank between Circle and MoneyGram. MoneyGram has chosen to partner with Stellar after it ended its relationship with Ripple earlier this year. Ripple's ongoing legal battle with the US Securities and Exchange Commission is why MoneyGram and other companies ended their partnerships with Ripple.
Binance registers three companies in Ireland
Binance has been under regulatory pressure in numerous countries in recent months. Pressure has forced the company to take some drastic measures. Earlier this week , a report revealed that Binance has registered three more companies in Ireland in an effort to increase its corporate presence in that country. Changpeng Zhao is listed as the director of the three companies. However, it remains unclear how Binance will use these firms in Ireland or whether it plans to relocate its headquarters there.
Bank of America is bullish on DeFi and NFTs
Bank of America, one of the leading financial institutions in the United States, is very optimistic about decentralized finance (DeFi) and NFTs. The bank is also optimistic about the Ethereum cryptocurrency as its blockchain is home to some of the leading innovations in the field. According to Bank of America, the cryptocurrency market has grown too big to be ignored. While Bitcoin remains the leading cryptocurrency, the bank stated that there is more than just BTC in the crypto market.
Russia wants to limit cryptocurrency purchases by unaccredited investors
The Russian government is trying to limit cryptocurrency investments by non-accredited investors. This is an attempt to limit the potential losses its citizens could suffer from cryptocurrency investments. Anatoly Aksakov, chairman of the Russian State Duma committee on financial markets, is working on new laws to protect retail investors from losses on cryptocurrency investments. The draft law aims to ensure that non-accredited investors do not invest more than a certain amount in cryptocurrencies.
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