Last week was great for the Bitcoin and crypto sphere, we had quite a few bullish news. Bitcoin's price has broken above the $60,000 milestone nearing all time high.
My read of the markets is that it looks like the bulls are in charge of the situation pushing many big steps forward for our industry.
Checking price charts? You know the drill... we got you covered! Here is a brief recap of all major Bitcoin and cryptocurrency news events of the past week.
Bitcoin's price is trading $62,367 at the time of writing. Bitcoin’s dominance is at 46.92%, an increase of 0.75% over the past day.
The latest price rally was jolted by investors hopes of the possibility of SEC approving the first futures-based bitcoin exchange-traded fund (ETF). This will make it the fourth ETF to get the greenlight EVER as back in February The Canadian Ontario Securities Commission (OSC) announced the approval of three Bitcoin exchange-traded fund (ETF).
With the latest price rally, cryptocurrencies are mostly trading higher today after a strong week. The global crypto market cap is at $2.50 trillion, increasing 0.94% from yesterday.
While the overall market volume over the last 24 hours is $89.65 billion, up 2.21%.
CFTC Slaps Tether, Bitfinx with $42.5 million over USDT Backing
The US regulator, The Commodity Futures Trading Commission (CFTC), has simultaneously charged both the crypto exchange Bitfinx and Tether, the firm behind USDT for "untrue or misleading statements and omission of material fact related to its stablecoin, USDT".
The CFTC filing also states that Bitfinex was engaged in "illegal, off-exchange retail commodity transactions" and ordered an additional $1.5 million fine on the crypto exchange.
Both of the sister companies agreed to pay a penalty of $42.5 million to settle the charges.
Steam Bans NFTs, crypto, and blockchain-Based Games
Video game platform, Steam, has announced the ban of the use of non-fungible tokens (NFTs), cryptocurrencies, or other blockchain-based technologies from its platform.
We chose to be upfront about blockchain gaming & NFTs. As a result, we finally lost the battle with Steam. While I'm disappointed for Age of Rust being removed, the point is more to the fact that Blockchain games as whole are going to be removed. This is setback for all.— Age of Rust (@SpacePirate_io) October 14, 2021
NFTs, crypto, and blockchains use in gaming have been gaining significant popularity this year.
WBS Dubai Hosts Boxing Match
The World Blockchain Summit in Dubai (WBS) hosted a charity boxing match between top crypto traders and influencers.
Amir khan crypto fight night. 2 of the biggest crypto traders @RookieXBT vs @loomdart go head to head in a exhibition fight, also the heavyweight @wbcmiddleeast title fight. Stay tuned for more info. @BillDosanjh @amirkhanpromo @SBLHitHarder @DubaiSC @dubaitourism @arabnews pic.twitter.com/6V2Yrx48SY— Amir Khan (@amirkingkhan) September 13, 2021
The winners of the event were Louis and RookieXBT with the later taking the WBS Crypto Champion belt. The friendly event featured an auction of memorabilia including digital currency assets and nonfungible tokens (NFTs), Cointelegraph reported.
WBC Crypto Champion— RookieXBT 🧲 (@RookieXBT) October 16, 2021
hits different pic.twitter.com/XXKgEEgClY
Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.
© 2000 - 2021 Al Bawaba (www.albawaba.com)