Daily update: October 7th, 2021

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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’s recent bullish run continues as the cryptocurrency went to a new multi-month high of almost $56,000. Moreover, it has increased its dominance over the altcoins to nearly 45%, which is a two-month high. The alternative coins have also jumped higher against the dollar in the past several days. The cryptocurrency market cap is thus up by $150 billion since yesterday and is now above $2.3 trillion, which is also a multi-month record.

Bitcoin (BTC) is now trading at 54,196 USD (all data from Coingecko.com)

Ethereum (ETH) is now at 3,561 USD

PlatonCoin (PLTC) is now at 0,547 USD

Total marketcap is currently at 2.386 trillion USD

Tip: Do you know what are the two types of money?

Daily news update

Bank of America on crypto: Bank of America published a report on cryptocurrencies. The report states that over 20M U.S. adults own digital assets (roughly 14%) while an additional 19M+ plan on buying digital assets sometime this year. However, rising interests are just limited to individuals, but also live within corporations. Additionally, CBDCs are on the horizon. Bank of America approximates that countries encompassing roughly 90% of global GDP are reportedly exploring CBDCs. Meanwhile, engagement in NFTs and DeFi products are increasingly rapidly as well. In all, BofA is admittedly optimistic looking forward.

Mt.Gox and Bitcoin: A Mt. Gox rehabilitation proposal that deals with reimbursement to affected investors will conclude voting on Friday, Oct 8. A minimum of over 50% is required for the proposal to pass. The refund may amount to a total of 150,000 bitcoins, which could be released to the market. Mt. Gox is an infamous name in the cryptocurrency space, due to a hack that caused the collapse of the largest crypto exchange of its time. Victims of the hack are still trying to reach a compensation.

MoneyGram, Stellar and Circle: On Wednesday (October 6), MoneyGram International, Inc., one of the world’s largest money transfer companies, announced a partnership with the Stellar Development Foundation, a non-profit organization that supports the development and growth of Stellar, an open network for storing and moving money. Also, this partnership means that “settlement with MoneyGram will occur in near-real-time using Circle’s USDC,” which should allow “an accelerated collection of funds, improving efficiency and reducing risk.”

Russia and crypto investors: Chairman of the Russian State Duma Committee on Financial Markets, argued that Russia needs to adopt new laws to protect retail investors from the potential losses of investing in crypto, local news agency Interfax reported on Wednesday. To this end, lawmakers in the country’s parliament are reportedly considering new legislation to limit cryptocurrency investments by non-accredited investors, he stated.

Ukraine and crypto law: The Ukrainian president has sent the recently adopted law “On Virtual Assets” back to the country’s parliament. The head of state has come up with his own suggestions and opposed the establishment of a new regulatory body that would require additional financing.

China and metaverses: China can’t truly regulate virtual worlds. In this sense, it’s easy to see why China would want to prohibit such virtual worlds – if they can’t control them directly, then they certainly don’t want their citizens interacting with individuals and organizations that exist entirely outside of government control.

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