Welcome to today’s overview of crypto news:
In recent days, BTC has been doing well and the asset has recovered nicely from a drop in price below $ 47,000 in the middle of the week. In fact, it attacked the $ 50,000 mark several times, and even reached $ 51,000 after the last one.
This price increase was relatively short-lived because the bears did not allow it to move forward. In the following days, BTC fell below the coveted $ 50,000 mark and dropped to just over $ 49,000.
In the past 24 hours, however, the situation has changed again. In a matter of hours, BTC earned about $ 2,000. The result was a short-term exceedance of the $ 52,000 mark, which became the new highest price point since the correction in mid-May.
Most altcoins also took a day off on Sunday, which was reflected in an atypical lack of volatility. In the last 24 hours, however, the situation seems to be completely different. ETH added 2% of the value and again approached $ 4,000.
Demand for mining equipment has tripled in Vietnam
With the sharp rise in the price of BTC, mining activities are also seeing increased interest in several regions around the world. In Vietnam, demand for mining equipment has increased since the beginning of September, at a time when BTC began to establish itself above the $ 50,000 mark, according to Vnexpress.
According to Quang Thuan, the operator of mining rig stores, demand for this facility tripled in early September compared to last month.
Increased demand for mining activities points to the possibility that investors will be able to make a profit. Remarkably, since May, the value of BTC has fallen sharply as a result of increased repression by jurisdictions such as China.
Banks, crypto exchanges, companies
You can now mint NFT on the FXT crypto exchange
While most of the volume of NFT trades takes place in the OpenSea market, cryptocurrencies are beginning to realize that they can offer a similar service directly to millions of their users.
One such exchange is FTX, whose rudimentary marketplace is set to open on a larger scale. FTX CEO Sam Bankman-Fried said on Twitter today that its latest development is to offer the opportunity to mint NFTs directly on the exchange.
This means that FTX users can create their own works of art and mint them as NFTs on the exchange and sell them within its marketplace. This also applies to US users via FTX.US.
The US SEC is issuing a new warning to investors against cryptocurrency fraud
The US Securities and Exchange Commission (SEC) has released a new notice on investment fraud related to digital assets and cryptocurrencies. The announcement, shared by the SEC’s Office of Investor Education and Defense and the Law Enforcement Department’s Retail Strategy Working Group, highlights the “devastating losses” faced by retail investors as a result of fraud.
As the main cause of the growing number of frauds and abuses, the SEC has attributed the “growing popularity” of initial coin offerings, including cryptocurrencies, coins, and tokens. The SEC also said that the sharp rise in the prices of some digital assets was a key factor for fraudsters that attracted unsuspecting investors.
The SEC has opened an investigation into Uniswap Labs
In another sign of growing regulatory pressure on the crypto industry, the US Securities and Exchange Commission is investigating Uniswap Labs, which is behind the decentralized exchange of the same name, the Wall Street Journal reported on Friday.
Referring to those familiar with the matter, the report says the SEC is looking for information on how investors are using Uniswap – the world’s largest decentralized exchange – and how the platform is being marketed. The investigation is at an early stage and may not bring any allegations of any wrongdoing.
A spokesman for Uniswap said the company “is committed to complying with the laws and regulations that govern our industry and to providing regulators with information to assist them in any investigation.”
India is considering classifying cryptocurrencies as commodities
It seems that the Indian government has finally made some progress in regulating and legalizing cryptocurrencies. Local media report that the government is considering classifying cryptocurrencies as commodities. This would be accompanied by typical regulation, including taxation and analysis of how they are used.
The Economic Times was the first to report that the new bill classifies this class of assets as commodities. However, many seem unclear and are only the statements of people close to the matter.
The classification of cryptocurrencies as commodities, and not as currencies, could solve more of the problems that the Indian government has with the market. It does not consider BTC to be legal tender and strongly argues that currencies should only be issued by the central bank.