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The most important crypto news of the week

5 min read

The most important crypto news of the week

In the 40th calendar week, BTC investors can cheer, because the 50,000 US dollar mark has been conquered again; there will soon be a new BTC law in Brazil and the fifth largest US bank will offer its customers crypto custody.

With the 40th calendar week, another exciting week in the crypto space is coming to an end. The most important events around BTC and Co. in a compact overview.

BTC cracks the $ 50,000 mark

After BTC fought doggedly for the US $ 40,000 line at the end of September, digital gold is now above the US $ 50,000 mark for the first time since the beginning of September. Such a development could not be seen a few weeks ago. In September, the impending insolvency and the accumulated debts of the Chinese real estate giant Evergrande shook the global financial markets. Investor tries to assess the extent to which bankruptcy of the real estate company could pose a threat to the global economy. In addition, China made it public to ban all transactions with BTC.

But at the beginning of October, the BTC bulls took over the field again and the cryptocurrency posted a green candle of 11 percent on October 1st. At the time of going to press, BTC was trading at a solid $ 54,876, which is a full 13.3 percent plus on a weekly basis. BTC is currently outstripping all financial markets.

New BTC Law in Brazil

A new BTC law is imminent in Brazil. The Brazilian Federal MP Aureo Ribeiro caused a sensation with a radio interview. Because foreign media concluded from Ribeiro’s statements that a crypto law will soon make BTC the national currency. The rumors ran wild. But it turned out: the news wasn’t quite so bullish after all.

Because the planned law does not mention “BTC” at all. Above all, the law is intended to create a better regulatory framework. It is about measures such as stricter penalties for money laundering and a KYC obligation for exchanges. This is intended to increase investor security and attract foreign investors. And so the Brazilian crypto journalist Saori Honorato ultimately sees the law as a positive impetus for the crypto scene in Brazil.

SEC boss rejects BTC ban

There is also a positive impetus for the crypto scene from the USA. Because Gary Gensler, Head of the National Securities and Exchange Commission, expressed before the US Congress on the subject of BTC, among other things. Against the background of the recent BTC transaction ban from China, the Republican MP Tedd Budd wanted to know what Gensler thought of the Chinese government’s action against cryptocurrencies. And to what extent the world’s largest economy could now also adopt a BTC transaction ban.

According to Gensler, the SEC does not have the necessary powers to issue such a ban. But he also added that the approach of the US Securities and Exchange Commission was fundamentally different from the approach of the Chinese authorities. He said:

It’s about how we can get the crypto space into consumer protection for investors, and also work with banking regulators and others – how do we make sure the Treasury Department gets the sector involved in anti-money laundering and tax compliance?

Gary Gensler, SEC chief

The news from the USA is to be understood as a positive sign for the crypto space. Because Jerome Powell, head of the Fed, spoke out against a ban on BTC and Co. And so crypto investors worldwide can be a little less relaxed: No, the USA will not ban crypto currencies.

Large US bank offers crypto custody for customers

With this in mind, more positive news from the USA: The fifth largest bank in the United States will offer customers the custody of cryptocurrencies in the future. The offer is initially aimed primarily at the target group of institutional investors such as investment managers of fund companies.

Gunjan Kedia, Vice Chairman of US Bank Wealth Management and Investment Services, commented on the new crypto custody services:

Investor interest in cryptocurrency and the demand from our fund service customers have risen sharply in recent years. Our fund and institutional custodian customers have advanced their plans to offer cryptocurrency and in response we have made it our mission to make our ability to provide custody services a priority.

Gunjan Kedia, Vice Chairman, US Bank Wealth Management and Investment Services

Above all, the news shows a growing interest in cryptocurrencies on the part of institutional investors, which ultimately bodes well for the crypto space. A Fidelity survey from July 2021 showed that institutions have a massive interest in cryptocurrencies. Furthermore, almost all large asset managers are invested in BTC – be it directly or indirectly, for example in the form of shares in mining companies. Blackrock held a $ 383 million position with mining companies Riot-Blockchain and Marathon Digital Holdings on Aug. 21. And so the “big money” should increasingly establish itself in the BTC market.

Ukraine’s crypto law is rejected

That came unexpectedly for observers of the events: Vlodymyr Zelensky returned a law that had already been passed. The law “On Virtual Assets” (draft law number 3637) was considered to have been waved through. It was only decided by parliament a few weeks ago and only one small thing was missing: the signature of the Ukrainian president. But he was apparently not satisfied with the Parliament’s proposal that he had on his table. He calls for a revision of the draft law.

More precisely, he criticized:

The provisions of the law do not create the full legal mechanisms necessary for its implementation … [Sie] do not meet the constitutional requirements for legal recognition as part of the rule of law principle (Article 8 of the Constitution of Ukraine), …
[Die Bestimmungen] also do not provide understandable and transparent conditions for participants in the virtual asset market and investors, which will not contribute to adequate protection of their rights.

Vlodymyr Zelensky

However, he not only criticized the draft, but suggested improvements. One of his proposals is for the National Securities and Stock Market Commission to become the main body for regulation. This main authority should also make decisions about the possible admission of new BTC exchanges in the future. In addition, the content remains the same in principle.

Ultimately, the news is not a major setback for the crypto scene in Ukraine. The general sentiment towards cryptocurrencies remains positive. At least positively among the country’s officials. Because these, it is rumored, should have well-filled BTC wallets.

Everything at a glance: The most important crypto news of the week

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