Bitcoin
BTC$23 396.59

-0.27%

Ethereum
ETH$1 657.83

1.20%

Tether
USDT$1.000118

0%

Binance Coin
BNB$330.60

3.36%

USD Coin
USDC$1.000017

0%

XRP
XRP$0.409253

0.39%

Bitcoin bounds upwards in October 2021


11 Oct 2021

#Bitcoin

Bitcoin continues its big comeback by reaching five-month highs in trading this morning. The Bitcoin rally looks like it’s got some teeth. The token reached its highest levels since May on Monday morning after clearing the $57,000 mark. Prices have subsequently pulled back, leaving BTC at around $56,500, but the coin is still up around 4.75% on the day. This comes after Bitcoin notched 14% gains across last week. For the last two consecutive weeks, BTC has made double-digit gains. Things are bullish in Bitcoin town.

For now, Bitcoin appears to be more resilient against potential macro trends that usually send the token’s price on a wild spiral. For example, China’s continued crypto crackdown does not seem to have blunted Bitcoin’s edge at all.

Other revelations like the Soros Foundation announcing it had started investing in Bitcoin have helped. These include US SEC Chairman Gary Gensler coming out and saying the Securities and Exchange Commission has no plans to pull a Beijing and ban Bitcoin transactions in the US. Even the anti-crypto comments JPMorgan CEO Jamie Dimon made last week were not enough to knock BTC of its stride.

However, regulatory reform is probably on its way. Certainly, the perceived threat digital token traders have felt regarding tighter regulation has caused price wobbles in the past. Will a White House executive order waylay Bitcoin’s progress? Reports indicate that reform could be closer than it looks.

Is the White House planning a crypto regulation surprise?

Reports from Washington suggest the Biden administration is working on an executive order that could lead to wider crypto industry regulation. According to White House insiders speaking to Bloomberg, the order would see the creation of federal agencies tasked with making recommendations on Bitcoin and Crypto. It would also touch on financial regulation, economic innovation, and national security. A new crypto Czar could even be appointed if the order goes through.

That said, there is no hard or fast date attached to this measure. A White House spokesperson told Bloomberg that, regardless of the order making it into law, the US’ crypto strategy will be made public. It’s just a question of when.

Pressure has been building on US financial authorities to make some sort of noise regarding crypto. The market has been burning white-hot for the past couple of years, and with markets caps zig-zagging between $1.5 and $2 trillion given BTC’s performance, it’s clear something has to budge. 

Treasury Secretary Janet Yellen has been agitating for a regulatory framework for digital currency regulation for some time now. Elizabeth Warren is also one of the influential voices calling for more to be done. We don’t know when regulation will be stepped up in the US – but if these reports are accurate then we may see some sort of framework or regulatory tightening in the near future.

Blockchain firm ConsenSys announces funding round

ConsenSys, a blockchain firm specialising in Ethereum-based projects, is in talks for a new funding round. The Brooklyn-based business is hoping this fresh cash injection would take its value up to $3bn. If it does reach this valuation, then ConsenSys would be a good case study in just how much blockchain and digital finance systems have expanded over the past 18 months.

In April, the business acquired $65m from the likes of JPMorgan and Mastercard in April. According to reports, ConsenSys is looking to raise $250m in its current funding round. Golden Tree Asset Management and Arca are alleged to be holding talks with ConsenSys. ConsenSys mostly operates on the Ethereum platform, which is fuelled by the token of the same name.

Its projects have been used in several major Decentralised Finance (DeFi) operations. The most prominent of these is MetaMask – an important gateway for the DeFi ecosystem. More than $9bn has been facilitated by MetaMask via its token swap feature across its lifetime so far.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.8% 76 $23 396.59 -0.27% 1.23% $451 107 099 851 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 64 $1 657.83 1.20% 3.76% $202 875 422 612 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000118 0% -0.01% $68 036 636 818 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 76.8% 39 $330.60 3.36% 7.50% $52 201 447 647 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000017 0% 0.01% $41 963 522 546 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 75.6% 51 $0.409253 0.39% -0.52% $20 789 661 448 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000189 0.04% 0.02% $16 275 345 911 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.8% 69 $0.401320 0.57% 2.97% $13 885 724 489 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 48 $0.093563 3.08% 6.89% $12 413 030 793 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 66.8% 64 $1.23 4.16% 7.23% $10 735 757 319 MATIC 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 Solana (SOL) SOL Solana predictions 59.2% 88 $24.53 1.61% 0.31% $9 140 950 218 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 65.2% 74 $6.90 5.36% 4.77% $7 960 238 223 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 79 $0.000014 17.92% 21.32% $7 857 412 436 SHIB 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 76.8% 38 $99.43 0.66% 12.27% $7 179 111 477 LTC 7 days price change

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