Daily news update: October 8th, 2021

SDRs, update, daily

Here you will find our daily update, which will provide you with all the main information and events on the crypto markets for the previous day.

Crypto market update

Following the past few days of impressive gains and new monthly highs, Bitcoin’s price finally touched $56,000. Most alternative coins are somewhat stagnant in the same timeframe, with a few exceptions.

Bitcoin (BTC) is now trading at 54,949 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 3,604 USD

PlatonCoin (PLTC) is now for 0,551 USD

Total marketcap is currently at 2.405 trillion USD

Tip: What is the difference between inflation and stagflation?

Daily news update

Institutions and Bitcoin: Bitcoin (BTC) has led a 35% rally this week by soaring far above the $50,000 resistance level and restoring a $1-trillion market capitalization to the asset. According to a note shared by JPMorgan with clients on Thursday, the recent increase in price for BTC was predominantly attributed to institutional investors looking for a hedge to inflation.

Bitcoin futures ETF: While the crypto industry will have to keep holding its breath for a Bitcoin Exchange Traded Fund to be approved in the U.S., the country’s Securities and Exchange Commission has approved an ETF for companies holding large amounts of Bitcoin, called the “Volt Bitcoin Revolution ETF.”

Société Générále and MakerDAO: MakerDAO, the decentralized autonomous organization behind the $DAI US dollar-pegged stablecoin has received a historic proposal from Société Générale-Forge (SG-Forge), an affiliate of French investment banking giant Société Générale (SG). The company wants to onboard tokenized, AAA-rated euro-denominated bonds, into the MakerDAO system. Société Générale is a European banking behemoth, with 138,000 employees in 62 countries.

Ripple and Huobi: Blockchain Twitter bot Whale Alert, which regularly publishes data on recent large crypto transactions, has announced that the San Francisco fintech service provider Ripple has made several transfers to move a whopping 101 million XRP. One-fifth of this amount has been sent to Huobi trading giant over the past 10 days.

China and crypto ban: According to major news outlet China Securities Journal, the new China crypto ban is driving more than 20 companies working in cryptocurrency-related spheres (trading, mining, etc.) out of mainland China. Among them is the largest exchange in the region, Huobi. Besides, the autonomous region of China, Inner Mongolia, has recently shut down 45 crypto mining projects.

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