Daily update: October 5th, 2021

scamwatch, week 38, daily, news

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

Bitcoin continued to climb higher in the past 24 hours and reached a new multi-week high, exceeding briefly $50,000. Most alternative coins on the other hand have lost value against their leader, and thus BTC’s dominance has increased slightly.

Bitcoin (BTC) is now trading at 49,936 USD (all data from Coingecko.com)

Ethereum (ETH) is now at 3,444 USD

PlatonCoin (PLTC) is now at 0,549 USD

Total marketcap is currently at 2.269 trillion USD

Tip: Do you know what are the three generations of cryptocurrencies?

Daily news update

Asia and adoption of cryptocurrencies: Central and Southeast Asia has emerged as one of the fastest-growing regions for cryptocurrency adoption, according to global blockchain analytics firm Chainalysis, which found the region saw a 2% growth in global market share between July 2020 and June 2021. With a 706% growth in terms of raw value, the region was just behind the Middle East and Central, Northern, Western Europe for total crypto growth for the year, according to the firm’s 2021 Central and Southern Asia and Oceania (CSAO) report.

TikTok and NFTs: TikTok, an app that is popular for making and sharing short videos, is jumping onto the non-fungible token (NFT) bandwagon. TikTok placed a full-page advertisement in the New York Times to promote its entry into that market. It plans to mint the content of some of its top creators, including Lil Nas X, Grimes, Bella Poarch, Rudy Willingham and Gary Vaynerchuk into NFTs.

NFTs in Q3: Trading volume of non-fungible tokens (NFTs) hit $10.67 billion in the third quarter of the year, an increase of 704% from the previous quarter, according to data from analytics platform Dappradar.

BIC and CBDCs: A Bank for International Settlements (BIS) working group of seven central banks has determined the impacts of a central bank digital currency (CBDC) on crowding out banks as middlemen in transactions and as facilitators of lending could be manageable for the industry if given the time and flexibility to adjust.The working group published not one but three new reports on Thursday exploring customer needs, technological design alternatives and financial stability implications of a general purpose or “retail” CBDC – meaning a digital currency issued directly by a central bank – that would coexist with private payment systems.

Fed, ISO and Ripple: According to a press release that came out on Monday, the U.S. Federal Reserve spread the word that all Fed banks are going to implement the ISO 20022 system for Fedwire Funds Service (FFS). Curiously, Ripple’s blockchain-based payments are already compliant with ISO 20022.

IMF and cryptocurrencies: International Monetary Fund (IMF) has come up with some policies that would help authorities in emerging markets and developing economies ensure financial stability. A document shared by the IMF – ‘The Crypto Ecosystem and Financial Stability Challenges’ – noted the efficiency of this technology to perform cross-border payments very quickly and at low costs. It also looked at the dramatic rise in the value of crypto-markets, even though the price of most digital assets has been stumbling since May 2021. As per the organization, the reasons mentioned for this drastic hike in interest were the potential for high returns, low transaction costs, speed, and anti-money laundering standards.

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