Market brief: 📈
The cryptocurrency industry as a whole took a knock on Monday morning, with the price of bitcoin, the most valuable cryptocurrency by market cap, dropping below $44,000. It is presently selling at about $44,068, a 7.45 percent decrease in the previous 24 hours.
The second-largest cryptocurrency, ether, is presently trading at around $3,106, down 7.76 percent in the previous 24 hours. The worldwide cryptocurrency market value has dropped by more than 8% in the previous day (Monday).
These were the biggest movers until 19th September 2021 (last 24 hours):
- Bitcoin (BTC): -7.4%
- Ether (ETH): -8.5%
- Algorand (ALGO): -14.3%
- EOS (EOS): -13.7%
- Polkadot (DOT): -12.1%
- Chainlink (LINK): -11.8%
- The Graph (GRT): -11.7%
- XRP (XRP): -11.5%
- Aave (AAVE): -11.0%
The House Democrats have proposed a strategy to address the crypto tax loophole 🏛️
According to a published draught, the House Ways and Means Committee introduced legislation on Sept. 13 that would remove a tax loophole for cryptocurrency investors by implementing “wash sale” regulations on commodities, currencies, and digital assets.
According to the Joint Committee on Taxation, subjecting bitcoin and other assets to this proposed reform would raise $16.8 billion over a decade.
Senators want the SEC to provide guidelines on cryptocurrency regulation 📜
The Securities and Exchange Commission's chairman, Gary Gensler, told the Senate Banking Committee on Tuesday that the SEC is working around the clock to develop a set of regulations for cryptocurrency marketplaces that would safeguard investors.
Some legislators also pushed Gensler on whether some crypto assets, such as stablecoins, satisfy the definition of a security, which has long been a source of anxiety and consternation for regulators and the crypto industry.
According to Ray Dalio, if bitcoin becomes truly successful, regulators will ‘kill it' (° ͜ʖ°)⌐╦╦═─
Ray Dalio told CNBC on Wednesday that he believes regulators will eventually take control of bitcoin if it is successful. “El Salvador is taking it on, while India and China are getting rid of it. And you have the US talking about how to regulate it, so it might still be controlled,” he said.
Nonetheless, Dalio stated that he had "a certain amount of money in bitcoin," but that the allocation is smaller than his gold exposure.
Insider trading on the NFT platform is confirmed by OpenSea 📈
OpenSea, the world's largest NFT (non fungible token) platform, acknowledged that one of its workers was involved in an insider trading scam. The event was described as "extremely disappointing" by OpenSea in a written statement.
According to CNBC, because NFTs operate in a legal grey area, this occurrence does not appear to be unlawful.
Billionaire Mark Cuban urges Coinbase to go ‘offensive’ against SEC 🛡️
American billionaire Mark Cuban has urged Coinbase to ‘go on the offensive against the US market watchdog after it threatened the cryptocurrency exchange with a legal suit if it goes ahead with plans to launch a programme allowing users to earn interest by lending crypto assets.
African cryptocurrency market grows by 1,200% in one year – Report 🌍
The cryptocurrency market in Nigeria and other African countries have grown by 1200 per cent in one year, a report by Chainalysis has said.
According to the report, the African region has one of the highest grassroots adoptions in the world, with Kenya, Nigeria, South Africa, and Tanzania ranking in the top 20 of its Global Crypto Adoption Index.
The report added that Africa had the third-fastest growing cryptocurrency economy, and a bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over seven per cent, versus the global average of 5.5 per cent.
US Authorities Investigate Binance for Insider Trading and Market Manipulation: Report 📈
Binance’s troubles with regulators grow as U.S. authorities are now reportedly investigating the exchange for possible insider trading and market manipulation. The investigation involves the Commodity Futures Trading Commission (CFTC). The Justice Department (DOJ) and the Internal Revenue Service (IRS) have also been investigating Binance on a separate issue.
Robinhood to allow recurring investments in cryptos like bitcoin, ethereum and dogecoin 💳
Financial services company Robinhood Markets Inc. will now allow its users to set up recurring investments in cryptocurrency. Prior to this announcement, Robinhood users were only allowed to set up these automated buys for stocks and ETFs, not cryptocurrency.
Recurring investing, also known as “set it and forget it,” is a popular method where a specific amount of money is invested regularly on an oftentimes automated basis — this method is especially useful when markets are volatile.
Top Fintech reads of the week 📈
- Another one Buys Now Pays Later: Goldman acquires GreenSky
- Square announces Pay With Cash App
- Fintech Startup Pagaya Reaches $9 Billion SPAC Deal to Go Public
- QED Investors closes on $1.05B across two funds to invest in fintech companies globally
- CFPB small-business data plan scares banks. Activists say it should
- Capital One beta-tests BNPL option, marking turnabout
- The beguiling promise of decentralised finance
- London FinTech Curve Launches BNPL Alternative
- SpotOn raises $300M at a $3.15B valuation and acquires Appetize
- Walmart-Litecoin partnership news release pure bull
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