Week 42, Oct 18-24: USA not banning cryptocurrency says Federal Reserve Chairman

October 20, 2021

Market brief 📈

The cryptocurrency market this past week has been something to look forward to. Russian President Vladimir Putin nods to the usage of cryptocurrency, saying it “has the right to exist and can be used as a means of payment”. Bank of England officials fear that cryptocurrency could cause a 2008 level market meltdown after the crypto market grew from $16 billion in 2016 to $2.3 trillion in 2021.

Crypto giants such as Bitcoin, Ether, and Dogecoin have all seen bullish trends. US citizens breathe easy as the Federal Reserve Chairman clears the air on banning all cryptocurrency usage, like China. Bollywood icon Salman Khan launches his NFT collection and new crypto token $GARI. India is currently the world’s leader for crypto users.

These were the biggest movers until 19th October 2021 (last 24 hours):

Gainers: 😊

  • DOGE 7.56%
  • OXT  20.00%
  • DOT 18%
  • WAVES 12.08%
  • GRT 8.11%

Losers: 😔

  • OMG -2.42%
  • NMR -0.94%
  • XMR -0.77%
  • YFI -0.71%
  • PAX - 0.11%

(Source: CoinDesk)

USA won't ban crypto says Federal Reserve Chairman

Rep. Ted Budd asked Federal Reserve Chairman Jerome Powell to clarify a statement he made in July in which he said “you wouldn’t need cryptocurrencies if you had a digital U.S. currency”. Powell has stated that the United States Government has “no intention to ban [bitcoin and other cryptocurrencies]”, however, he mentioned that stablecoins need greater regulation.

India becomes a world leader in crypto users

Between June 2020 and June 2021, popular Indian cryptocurrency trading app CoinSwitch Kuber has reported a growth in cryptocurrency users by a whopping 880%. The number of active users as of August 2021 was over 15 million, and the crypto investment also increased from $923 million(April 2020) to $6.6 billion(May 2021)

Floki Inu sees a 3,40,150% increase in 2 months

Elon Musk backed crypto Floki Inu has seen massive growth since August 8, 2021. Simply put, an investment of $10 in FLOKI back in August would currently be worth $3,400,000. FLOKI is currently trading at $0.0000757.

Salman Khan and Chingari launch new crypto token $GARI

Indian Bollywood icon Salman Khan has launched India’s first crypto-token $GARI in collaboration with popular video-sharing app Chingari. He also sold 1 million of his Bolly Tokens in 3 hours.

Bitcoin is heading towards its all-time high

The world’s most traded cryptocurrency Bitcoin is inching its way towards its personal high of $64,895.22. It’s currently at $60,934.50. The last time BTC was at this price was in April of 2020. It has an overall bullish bias with some resistance between $60,000 and $61,000.

USA dethrones China as leading Bitcoin miner

After the Beijing ban on cryptocurrency back in April of 2021, China’s hashrate plummeted from 44% to 0%. USA on the other hand currently stands at 34.5% of the world's crypto hashes. Kazakhstan and Russia follow USA in monthly hash rates, with 18% and 11% respectively.

Texas Democratic Party aims to use NFT for fundraising

Front Row, a marketplace heard toward progressive oragnizations plans to partner with the Texas Democratic Party to spearhead a program to sell NFTs as an initiative for a political fundraiser, although US law limits the amount a federal office candidate can receive from one person to $5,800.

Nigerian crypto market flourishes

Despite the government's efforts at banning the usage of cryptocurrency, the Nigerian crypto market is booming. On February 5, 2021, The Central Bank of Nigeria released a ruling which orders monetary institutions from ceasing transactions with entities involved in crypto. This however had no effect on the general public of Nigeria who have already adjusted to the usage of cryptocurrency.


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