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Vitalik Buterin Believes Ethereum May Surpass Bitcoin, Citi Acts As Crypto Trading Agent, Russia Won‘t Ban Cryptocurrency
2021-10-15, 10:25
Market trends? Latest headlines? What’s happening in the financial markets? Global news? Everything you need to know can be found here with our Gate.io Weekly Newsletter.
Important Announcement From Gate.io
In response to Chinese government regulations on crypto trading, Gate.io has blocked access to the Gate.io website from mainland China. The app has been removed from all mainland Chinese application markets. The platform will be adjusted in a graded, orderly and lawful manner under the premise of ensuring the safety of users' assets. Relevant users will be notified about the specific process and details mainly through announcements, emails and site notifications. The assets in personal accounts belong to individual users, and the platform will continuously maintain the safety of user assets so they can be accessed at any time.
Cryptocurrency Market
This week, cryptocurrencies price movements told two different stories. BTC generally continued its upward trend from previous weeks. The price rose steadily and gradually approached the upper line of the Bollinger band. The spot prices of some smaller coins showed an obvious downtrend. Some analysts believe that this is a sign of less public trust in crypto assets, and that investors are transferring their investments from smaller coins to major coins such as BTC. This results in a phenomenon where BTC “sucks the blood” from smaller tokens in terms of price.
This week, due to the slot auction, the Polkadot ecosystem was quite bullish. Polkadot had a maximum single-day increase of 17%. This week also saw the continuous implementation of China’s regulatory policies on crypto coin. Exchange platform tokens didn’t see a sharp decline. GT, for example, had a slight price rise during the week. The price ignored the stricter regulatory requirements.
BTC trend index shows that the price is still in a bullish trend, with the 20-day SMA moving steadily upward. However, the Bollinger Band has gotten wider, which implies that market uncertainty is also amplifying. Going long on BTC may not be optimal investment behavior at the moment. In terms of momentum indicators, the upward momentum in BTC price has significantly gone down. The ROC and CCI indicators are down from the peak while still maintaining a high level. It further indicates that the market is experiencing an adjustment.
Crypto News
[Vitalik Buterin: Ethereum may surpass Bitcoin] When asked about the possibility of Ethereum flipping Bitcoin not only in price value but also as a store of value asset, Vitalik Buterin simply replied “It could.” He believes that the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency, but in Ethereum the value of the currency comes from the value of the ecosystem. “Especially post-EIP 1559 when you have the fees burnt, that then becomes true in a more direct economic sense.” Said Vitalik.
[Filecoin will have its second production reduction on October 15th] According to the official release model, Filecoin will have its second production reduction on October 15th. All SAFT will be released linearly for one year. When FIL12 expires on the 15th, the daily FIL flowing into the market will be reduced by 87,183, which is 29,057 per day. The daily release of FIL will decrease by 23.8%.
[The first Polkadot parachain auction will begin on November 11th] According to an official tweet from Polkadot, Motion 118 has been submitted to the Polkadot Council so that auctions can begin on November 11th, 2021.
News in the Financial Market
[SEC to allow the first U.S. Bitcoin futures ETF] According to Bloomberg, the Securities and Exchange Commission will allow the first U.S.1635212516128982exchange-traded fund(ETF) to begin trading. It could be a major turning point for the crypto space. The regulator isn’t likely to stand in the way of trading starting immediately.
[Bitcoin mining company BitFury to go public in the next 12 months] BitFury has been seeking advice from Deloitte over a potential public listing. The company was valued at around $1 billion in its last round of fund-raising. After this listing, the valuation may reach billions of pounds, making it the largest IPO of a cryptocurrency company in Europe.
[Citi is acting as an agent for clients in cryptocurrency transactions] According to John C. Dugan, Chairman at Citigroup, Citi is acting as an agent for clients in cryptocurrency transactions without any cryptocurrency assets on its balance sheet. In addition, Dugan thinks that stablecoins should be regulated by banks.
[JP Morgan Chase CEO: Bitcoin is worthless] JP Morgan Chase CEO Jamie Dimon believes that the government will regulate cryptocurrencies, and thinks that Bitcoin is worthless. However, he does think that blockchain and stablecoins have a huge part to play in the future.
Big News
[Russia won't ban crypto trading] According to Russia's Deputy Finance Minister Alexei Moiseev, the Russian government has no plans to impose a ban on cryptocurrency trading. Citizens will be able to buy digital assets and access foreign exchanges with crypto wallets.
[El Salvador President plans to build pet hospital with Bitcoin profits] El Salvador will use a portion of their $4 million in Bitcoin profits to build a modern-looking pet hospital, according to tweets from El Salvador President Nayib Bukele.
[Swiss Think Tank launches vote to make Bitcoin one of the country's reserve assets] 2B4CH, a Swiss non-profit think tank is launching a plan to collect 100,000 signatures for the introduction of Bitcoin to article 99, clause 3 of the Swiss federal constitution. The initiative specifically proposes adding Bitcoin to the list of assets held by the Swiss central bank.
Gate.io Weekly Blogs:
Author: Byron.B & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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