Table of Contents
Welcome to today’s overview of crypto news:
MARKETS
The start of the week was quite difficult for BTC bulls, as the price of cryptocurrency dropped from $ 48,000 to about $ 43,000 in a matter of hours on Monday. Over the next two days, the situation only worsened when BTC fell another several thousand dollars.
On Wednesday, it bottomed at $ 39,600. BTC quickly rebounded, recovering $ 40,000, then continued up to $ 44,000, as reported yesterday. In the last 24 hours, the asset has recovered another $ 1,000 and the price has been around $ 45,000. Then, of course, unfavorable news came from China, and BTC headed south again, currently hovering around $ 41,600.
Most altcoins have mimicked BTC performance in recent days. ETH fell to $ 2,650, but quickly rebounded and recovered. On a 24-hour scale, however, the ETH has rather stagnated, but is still above $ 2,900.
BTC analysis – The bull flag is intact. How to identify the end of the correction?
Cryptocurrencies
BTC Lightning Network reached a new high, a 226% increase in open payment channels
According to the latest tweet from the popular on-chain data supplier Glassnode, BTC Lightning Network has now reached a new all-time high in terms of the number of open payment channels.
The new historical maximum represents 72,380 open payment channels, says Glassnode. This is 226% more than the stable default of 32,000 channels added during 2019 and 2020.
#BTC Lightning Network now at an all-time-high of over 72,380 open payment channels.
This is up 226% from the stable baseline of ~ 32k channels established throughout 2019-20.
Live Chart: https://t.co/7orl4psgJF pic.twitter.com/qufrB1gEvc
– glassnode (@glassnode) September 24, 2021
China’s central bank says all cryptocurrency transactions are illegal, BTC falls 5 percent
According to its statement of September 24, the People’s Bank of China imposed a ban on all transactions related to cryptocurrencies. BTC, Eterereum, Tether and other major coins are prohibited from moving on the market.
All digital currency business is now considered illegal in China. However, China has not gone so far as to ban the ownership of cryptocurrencies.
The PBOC claims that it will strengthen the monitoring of risks associated with the trade in cryptocurrencies, and emphasizes that it is illegal for foreign exchanges to provide services to Chinese residents.
The Huobi and OKEx tokens received the biggest hit during China’s latest raid
The prices of exchange tokens belonging to the crypto exchange Huobi and OKEx fell after the latest announcement of the raid by China was published.
Within an hour of the People’s Bank of China launching a statement on its plan to further curb cryptocurrency trading, the prices of OKEx’s huobi (HT) token and OKB’s (OKB) token fell by more than 15%. These are currently the two tokens with the largest percentage decline in the last 24 hours, according to CoinGecko.
China’s stricter measures are now targeting all cryptocurrency services, which means that any business that allows people to exchange fiat currencies for crypto assets will be considered illegal.
Banks, crypto exchanges, companies
Trading giant eToro launches DeFi Portfolio
The eToro platform for trading in various assets has launched a portfolio offering clients exposure to decentralized finances (DeFi) projects.
EToro’s “DeFiPortfolio”, announced on September 23, is an index-type investment of 11 decentralized financial assets.
These are Ethereum (ETH), Uniswap (UNI), Chainlink (LINK), Aave (AAVE), Compound (COMP), Yearn Finance (YFI), Decentraland (MANA), Polygon (MATIC), Algorand (ALGO), Basic Attention Token (BAT) and Maker (MKR).
The new product offers an easy way to diversify and gain exposure to a decentralized financial ecosystem and, thanks to regular rebalancing, automatically maintain a lead over decentralized financial innovation, explains eToro.
CBDC, Regulation
Ripple (XRP) is working with the Royal Monetary Authority in Bhutan to develop the CBDC
Bhutan’s central bank, the Royal Monetary Authority (RMA), has partnered with Ripple to use its infrastructure to pilot the central bank’s digital currency pilot project.
According to Ripple’s announcement, the move is intended to expand the country’s efforts to include financial inclusion and extend its commitment to sustainability, as it seeks to become the only carbon-negative country in the world.
RMA is going to use Ripple’s CBDC Private Ledger to gradually launch the digital currency Ngultrum (BTN). The gradual launch will help Bhutan accelerate its mission to increase financial inclusion in the country to 85% by 2023. The use of the RMA’s private ledger will also provide access to a network of other CBDC Ledgers to ensure full interoperability of settlement with other central bank digital currencies.
Kraken’s chief lawyer: The Securities and Exchange Commission is an “open for discussion” regarding cryptocurrencies
In the midst of a tense period for some high-ranking crypto firms in the United States and financial regulators, Kraken’s chief lawyer Marco Santori is calling for a dose of pragmatism in the future.
On Thursday Santori told viewers:
“You live in a fantasy world if you don’t believe that the industry will face stricter regulation by US and foreign governments that is more like Wall Street regulation.”
Santori’s comments followed threats from the US Securities and Exchange Commission, which sued the well-known crypto exchange Coinbase earlier this month over a crypto yield program that the commission considered a security. The move prompted Exchange CEO Brian Armstrong to take a militant and negative stance on social media, although the exchange has since announced that it will cancel the program in accordance with the SEC’s wishes.
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