Welcome to today’s overview of crypto news:
In the last 24 hours, the card appeared to have turned in the cryptocurrency area. On Wednesday, BTC fell below $ 41,000 for the third time since the start of the week, and the situation looked bleak at best. However, the bulls managed to capture this decline in the same way as the previous ones and moved the asset north. The result was $ 43,000.
The cryptocurrency even tried to break through $ 44,000, but was initially stopped. In the following hours, however, BTC fired upwards and approached $ 47,000. This happened shortly after the chairman of the US Federal Reserve, Jerome Powell, stated during a two-hour meeting of the House of Representatives’ Financial Services Committee that the country did not intend to ban cryptocurrencies.
Most altcoins with larger capitalization have stagnated in recent days. However, this is not the case now. ETH fell to $ 2,900 and sought to recover $ 3,000. However, the daily increase of 8,9% has driven the second largest cryptocurrency to date above $ 3,200.
El Salvador began mining BTC using volcanoes
According to president Nayib Bukele, El Salvador has officially began mining BTC using volcanoes. So far, has mined 0.0059 BTC worth $ 260.
“We are still testing and installing, but this is officially the first volcanic extraction of Bitcoin”
– posted Bukele on Twitter and provided a breakdown of mining fees to date.
BTC is mined using geothermal energy generated by volcanoes in the region. The country relies heavily on geothermal energy and is one of its largest producers in the world.
BTC is tracking $ 45,000 as analysts predict a recovery in Q4
BTC climbed above $ 44,000 on Friday, October 1, indicating that buyers are gaining strength in the market. Historically, BTC generates positive revenues in the fourth quarter of the year.
After all, this was stated by many experts, such as the renowned full-time cryptocurrency dealer Michael van de Poppe:
“October – Q4. The party begins “
In addition, the Galaxy cryptocurrency trading analyst expects BTC to rise again in the fourth quarter, starting with a $ 100,000 bull run in November.
The US congressman suggests that the crypto should be the new gold standard
Congressman Madison Cawthorn suggested on Twitter that cryptocurrencies become the new gold standard.
Why do we not use cryptocurrency as the new gold standard?
– Rep. Madison Cawthorn (@RepCawthorn) September 30, 2021
The North Carolina Republican has joined other conservatives who have recently spoken out in favor of cryptocurrencies.
On Wednesday, Josh Mandel, one of the leading candidates for the Senate for the state of Ohio, said that America must “double” BTC. Blake Masters, another candidate for a senatorial post from Arizona, proposed adding the largest cryptocurrency to US strategic reserves.
Banks, crypto exchanges, companies
CEO of MicroStrategy: China’s ban on cryptocurrencies should not have a long-term effect on the price of BTC
In a recent interview, Michael J. Saylor, Co-Founder, Chairman and CEO of MicroStrategy Inc. (NASDAQ: MSTR) said the recent cryptocurrency ban in China was “largely irrelevant” to BTC.
In an interview with Bill Barhydt, co-founder and CEO of Abra, a cryptocurrency asset management company, Saylor said he was not concerned about China’s recent crackdown on cryptocurrencies. Saylor highlighted his early investments in Google, Facebook and Twitter, saying he was similarly concerned about Chinese regulations at the time.
Kokoa Finance received $ 2.3 million to build DeFi at Klaytn
In a September 30 announcement, Kokoa Finance revealed that it had raised $ 2.3 million in an initial investment round led by blockchain venture firm Hashed of Silicon Valley. Other investors included Sky Vision Capital, a41 Ventures and a number of individual angels.
Kokoa Finance will use the funds to create a stable Kokoa Stable Dollar (KSD), which will serve to accelerate the adoption of DeFi on Klaytn.
Klaytn was launched in 2019 and largely focuses on the South Korean market thanks to its integration with KakaoTalk and the Klip wallet. With the adoption and growth in Korea, its market capitalization has grown to $ 4 billion.
CBDC’s global bridging requires public-private partnerships, says the BIS
The Bank for International Settlements (BIS) continues to examine developments in the global digital currency of central banks (CBDCs) and has published a new joint report with seven central banks.
The latest BIS report on CBDC, published on 30 September, covers a joint effort to explore CBDC retail with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the United States Federal Reserve, the Sveriges Riksbank and the Swiss National Bank. bank.
Report contains a summary of the progress of the investigation since the publication of the October 2020 report, which highlighted the common basic principles and key features of the CBDC. The BIS also published three detailed reports on the CBDC on the design and interoperability of the CBDC system, user needs, adoption and implications for financial stability.