Bitcoin Price Has Risen Over $57,000: 5 Other Crypto-related Headlines from the Previous Week
Bitcoin price, which is the most valuable cryptocurrency in terms of market capitalization, reached $57,000 on Monday morning, continuing a two-week rise. It’s risen more than 30% in October and is presently trading at about $57,442.
The rally is likely a result of factors, including optimism that a bitcoin futures ETF will be accepted by the Securities and Exchange Commission fairly shortly and excitement following Federal Reserve chair Jerome Powell’s clarification that he has no purpose of banning Bitcoin in the United States, which appeared to “embolden” stockholders, according to Ned Davis Research.
Several cryptocurrencies rose this week, too, especially the ‘Doge Killer’ Shiba Inu, which wants to compete with Dogecoin. Shiba inu, on the other hand, has a long way to go. It is presently rated 16th, whereas Dogecoin is ranked 10th.
Aside from price movement, here are five more significant rises in crypto this week.
In the Last Quarter, the Volume of NFT Trading Reached $10.7 Billion
According to a study from advanced analytics DappRadar, NFT, or nonfungible coin, share price increased to $10.67 billion in the third quarter of this year. This indicates a 704% gain over the latest quarter.
The month of August, in particular, drove this rise. As per DappRadar, it was a record-breaking month, including over $5.2 billion in total trade. Even while the market dropped significantly in September, it still counted for more than $4 billion in trading activity.
In-game products, in which users buy products like skins or decorations to use in blockchain-based online games, are a current profitable usage for NFTs. According to DappRadar, in-game products earned $2.3 billion in trade volume in the third quarter of this year alone. This accounts for 22% of overall NFT trading volume.
The bank of U.S. has launched a Bitcoin custody service.
According to CNBC, U.S. Bank, the country’s fifth-largest regional bank, said on Tuesday that its Bitcoin custody service is now accessible to investment firms. NYDIG, the sub-custodian, will support in the attempt.
This service will assist administrators in storing secret data for Bitcoin, Bitcoin cash, and Litecoin. Private data, or a string of numbers and letters similarly to a passcode, are used to get access to a cryptocurrency traders’ funds.
Other cryptocurrencies, such as Ether, are likely to be supported in the future.
Dogecoin is accepted as payment for gift cards by AMC.
The CEO of AMC Entertainment, Adam Aron, also tweeted on Tuesday that AMC theaters will start receiving Dogecoin as payment for gift cards.
“As we work to accept online cryptocurrency payments, you can now buy @AMCTheatres digital gift cards (up to $200 per day) using a BitPay wallet with Dogecoin and other cryptocurrency,” Aron tweeted. “It has been accepted on our website, mobile app, and in theaters.”
Aron revealed a few weeks earlier that by the end of the year, AMC will take Bitcoin, Ether, Litecoin, and Bitcoin cash for payment services.
Cynthia Lummis Reveals a $100,000 Bitcoin Transaction
Sen. Cynthia Lummis reveals a $100,000 Bitcoin transaction.
As per a statement on Thursday, Senator Cynthia Lummis, R-Wyo., purchased Bitcoin valued between $50,000 and $100,000 on August 16. The transaction was revealed after the Stop Trading on Congressional Knowledge (STOCK) Act’s 45-day reporting time.
According to a spokesman for Lummis’ office, the delay in revealing was caused by “a reporting mistake.”
“When we recognized it, we worked with the ethics committee to correct it,” the spokesman added. “It was an honest mistake, and the problem was handled without consequence.”
Lummis has long been an advocate for Bitcoin. In addition, she and two other senators attempted to modify the Senate’s infrastructure bill to fix the understanding of who qualifies as a Bitcoin broker just weeks before the August transaction. The proposal, however, was eventually rejected.
The Biden Administration Considers Issuing an Executive Order on Bitcoin Regulation
Bloomberg announced on Friday that the Biden administration is considering issuing an executive order directing government agencies to do research and make suggestions on the cryptocurrency market.
The statement would define the roles of several departments, such as the Treasury Department, the Commerce Department, the National Science Foundation, and national security agencies.
As per Bloomberg, while a copy of the proposed order has been circulated around officials and regulators, no decision is taken to push ahead.