Week 36, Sept. 6-12: Ukraine becomes the most recent country to legalize Bitcoin 👨‍⚖️

September 14, 2021
via Freepik

Market brief: 📈

The price of bitcoin, the largest cryptocurrency by market value, fell below $50,000 this week after reaching its highest level since May, and has since extended its losses.

The biggest cryptocurrencies by market value, including bitcoin, ether, and cardano, have declined in the previous seven days. Other cryptocurrencies, such as dogecoin and XRP, are also in the red.

These were the biggest movers until 12th September 2021 (last 24 hours):

Gainers: 😊

  • Polkadot (DOT): +4.9%

Losers: 😔

  • Aave (AAVE): -9.3%
  • Polygon (MATIC): -8.3%
  • Cardano (ADA): -8.1%
  • Uniswap (UNI): -7.4%

(Source: CoinDesk)

Elon Musk Tweets Shiba Inu 🐕

Cryptocurrency based on memes On Sunday, Dogecoin appeared to get a tiny lift after entrepreneur Elon Musk posted a photo of his shiba inu puppy.

(Via Twitter)

Ukraine becomes the most recent country to legalize Bitcoin 👨‍⚖️

The Ukrainian Parliament passed legislation legalizing and regulating cryptocurrencies on Thursday. The bill went into effect in 2020.

The Act outlines fraud safeguards for people who hold bitcoin and other cryptocurrencies. It also covers cryptocurrency terms such as virtual assets, digital wallets, and private keys.

It does not accept bitcoin as a method of payment and does not treat it on an equal basis with the country's native currency, the hryvnia.

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Sotheby's sells the Bored Ape Yacht Club NFT collection for $24 million 🖼️

A collection of Bored Ape Yacht Club NFTs, or non fungible tokens, sold for more than $24 million at Sotheby's on Thursday.

The collection contained a total of 107 NFTs: 101 Apes and six mutant serum vials, which would allow the customer to mint new Apes based on ones they already possess for free.

(Via Twitter)

In April, Yuga Labs debuted the Bored Ape Yacht Club. Initially, the club comprised 10,000 NFTs, each of which was regarded as a rare collectible with distinct features.

According to CryptoSlam, the total sales volume for Bored Ape Yacht Club NFTs is above $475 million.

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Walmart claims that the news on cryptocurrency payments is a hoax 💳

A bogus news release distributed by GlobeNewswire claimed that Walmart, the largest retailer in the United States, will accept cryptocurrency payments in the form of litecoin, an altcoin ranked among the top 20 cryptocurrencies by market value.

According to CNBC, Walmart spokesperson Randy Hargrove acknowledged that the news release is not genuine and that the store is investigating how the false statement was issued.

Intrado, GlobeNewswire's parent business, issued a "notice to ignore" the initial release, which was never posted on Walmart's official corporate website.

Although the false release caused the price of litecoin to rise, it has now fallen as a result of confirmation that the release was incorrect.

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Coinbase's stock dropped when it was reported that the SEC intends to sue it ⚖️

Brian Armstrong, the CEO of Coinbase, tweeted on Tuesday evening that the Securities and Exchange Commission (SEC) intended to sue the cryptocurrency exchange over its interest-earning product, Coinbase Lend.

(Read the complete thread 👉here)

According to the company's blog post, Coinbase Lend, which has yet to launch, would allow customers to earn interest on chosen Coinbase assets. For example, Coinbase Lend would provide customers with a 4% annual percentage yield (APY) on their USD Coin, a stablecoin that is meant to be tied to the US dollar, provided they enable Coinbase to lend their assets to borrowers.

Coinbase's stock dropped 3.2 percent on Wednesday as a result of the announcement.

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Robinhood has added a tool for recurring cryptocurrency purchases 🛠️

Robinhood, a trading app, said in a blog post on Wednesday that it is rolling out a feature for recurring crypto purchases.

It would enable users to purchase bitcoin with as little as $1 on a daily, weekly, bimonthly, or monthly basis, akin to a dollar-cost averaging approach in which individuals invest the same amount of money at regular intervals.

According to the company's blog, the functionality will be available this month.

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Top Fintech reads of the week 📈

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