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$30B Daily Moving On Bitcoin Blockchain-BTC Is Doing $190k Per Second Compare To $130k Per Second By Visa For US Customers

Mark Brennan
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$30B Daily Moving On Bitcoin Blockchain-BTC Is Doing $190k Per Second Compare To $130k Per Second By Visa For US Customers

The daily transaction volume on the bitcoin network has reached a record high of $31 billion.

Read: President Nayib Bukele Says El Salvador Will Use Some Of The Bitcoin Profits To Fund Pet Hospital



Investor Kevin Rook writes this is a 40x increase in settlement value since 2020. The expert emphasized that these are not trading volumes, but funds transferred on the BTC network.

 

Analyst Willie Wu noted that the first cryptocurrency blockchain processes about $190,000 per second, compared to $130,000 per second by Visa for US customers and $55,000 per second for Mastercard.

Read: Bloomberg Believes SEC May Approve Four Bitcoin ETFs For The First Time By The End Of October

 

According to BitinfoCharts, Average transaction volume has skyrocketed since August, peaking at $1.95 million.

btc average transaction volume





Journalist Colin Wu drew attention to the fact that the number of transactions worth more than $10 million on BTC has grown rapidly.

 

 

According to JPMorgan, the local rally of the first cryptocurrency was facilitated by the interest of institutions, the growing popularity of the Lightning Network, as well as assurances from the US authorities that they did not intend to ban digital assets.

Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

Republican US Senate Candidate From Arizona Has Seven Figures Worth Of Cryptocurrency Holdings

Mark Brennan
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Republican US Senate Candidate From Arizona Has Seven Figures Worth Of Cryptocurrency Holdings

According to recent filings, Blake Masters, one of the most prominent Republican candidates for the 2022 Senate race in Arizona has more than $1 million worth of Cryptocurrencies.

Read: Six New Crypto Billionaires Join 2021 Forbes 400 List Of Richest People



Masters, who is a close friend of billionaire Peter Thiel, recently suggested the US government should purchase Bitcoin as a reserve asset for strategic purposes.

Read: Blake Masters Says US Government Should Buy Bitcoin

 

Alongside bitcoins, the 34-year-old tech executive has an extensive collection of altcoins in his portfolio, which includes Ethereum, Dogecoin, Litecoin, Zcash, and more.

Business Insider Writes:

“His cryptocurrency holdings are indeed intriguing: He reported between $1.47 million and $6.19 million worth of assets across nine cryptocurrencies, including bitcoin, bitcoin cash, dogecoin, ether, file coin, litecoin, tezos, and zcash. This makes Masters one of the most heavily cryptocurrency-invested congressional candidates.”

Also, he is a holder of physical silver and gold.

“Masters also owns between $2,000 and $30,000 in gold and silver bars and coins, according to his disclosure.”

Read: Bank Of America Report Shows 27% Of The United States Population Will Be Using Crypto In 2022

 

The STOCK Act, passed in 2012, requires that candidates divulge financial information in order to prevent insider trading.

On the 7th of October, Senator Cynthia Lummis (R-WY) also made a statement about a purchase of up to $100,000 in bitcoin.

Read: Bloomberg Believes SEC May Approve Four Bitcoin ETFs For The First Time By The End Of October

The former presidential candidate Andrew Young, who recently quit his relations with the Democratic Party and founded the PAC Forward Party, described himself as a “big supporter” of Bitcoin.

Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

Texas Senator Ted Cruz has also come up as a supporter of the cryptocurrency industry.





But the former President Donald Trump, who undoubtedly is the most powerful Republican despite his unsuccessful reelection bid, is still anti-crypto. In his most recent conversation with Yahoo Finance, he suggested that crypto might threaten the US dollar’s position as the global reserve currency.

Read: Gary Gensler Confirms That SEC Has No Plans To Ban Crypto, But Congress Could

Edward Snowden: Government Digital Coins (CBDCs) Are A Conspiracy Against Society, And Will Ransom Our Future

Jakkk
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Edward Snowden: Government Digital Coins (CBDCs) Are A Conspiracy Against Society, And Will Ransom Our Future

Government digital coins or Central bank digital currencies (CBDCs) are the newest threat that society faces according to former NSA and CIA official Edward Snowden, these coins “pervert” the very nature of cryptocurrencies.

Read: President Nayib Bukele Says El Salvador Will Use Bitcoin Profits To Fund Pet Hospital



Snowden said the CBDCs are a conspiracy against society, distorting the principles of cryptocurrencies. According to the former official of the United States National Security Agency, authorities will use digital coins to deprive citizens of their right to own their money and to be free.

Read: Biden Administration Is Planning An Executive Order On Cryptocurrencies

 

Authorities are releasing state digital currencies not to support cryptocurrencies or digitize the financial sector of the economy, rather it is their use full financial tool to keep their control Snowden said.

Read: Bloomberg Believes SEC May Approve Four Bitcoin ETFs For The First Time By The End Of October

“Most of your money exists not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone. If someone else gets to decide *if* and *how* you can spend it, is it really yours?”

 

According to Snowden, CBDCs are clearly designed to deprive users of ownership of money.

Snowden wrote in his substack (Your Money AND Your Life):

“Instead, a CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction.”





 Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

Snowden pointed out that CBDCs will be used to control people’s money. He proved his point with an interesting example:

“Let’s say that his doctor has told him that the sedentary or just-standing-around nature of his work at the bank has impacted his health, and contributed to dangerous weight gain. Our guard must cut down on sugar, and his private insurance company—which he’s been publicly mandated to deal with—now starts tracking his pre-diabetic condition and passes data on that condition on to the systems that control his CBDC wallet, so that the next time he goes to the deli and tries to buy some candy, he’s rejected—he can’t—his wallet just refuses to pay, even if it was his intention to buy that candy for his granddaughter.”

Snowden is confident that banning cryptocurrencies in countries will not affect bitcoin’s growth prospects.

President Nayib Bukele Says El Salvador Will Use Bitcoin Profits To Fund Pet Hospital

Mark Brennan
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President Nayib Bukele Says El Salvador Will Use Bitcoin Profits To Fund Pet Hospital

El Salvador will invest some of the $4 million in profits it made through its bitcoin operations to construct a veterinary hospital.


 

The Bitcoin Trust, which El Salvador Congress approved in August, and which a balance of 150 million, has a “surplus” of $ 4 million, Bukele said.

President Nayib Bukele said:

“Bitcoin is good for pets.”

 

He said:

“We’ll start building this pet hospital with our BTC profits.”

 

He further explained:

“By the way, we’re not selling any BTC, we’re are using the USD part of the trust, since the BTC part is now worth more than when the trust was established.”

 





Bukele stated that the veterinary hospital will provide emergency and basic medical services in addition to rehabilitation.

“So we decided to invest a part of that money in this:

A VETERINARY HOSPITAL for all our furry friends. Which will include:

  • 12 Basic offices
  • 4 Emergency clinics
  • 4 Operating rooms
  • Rehabilitation area
  • Isolations
  • Hospitalizations
  • Recovery”

 

 

 

Biden Administration Is Planning An Executive Order On Cryptocurrencies

Mark Brennan
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Biden Administration Is Planning An Executive Order On Cryptocurrencies

Earlier this month, President Joe Biden said top US national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cybercrime.

Read: Bloomberg Believes SEC May Approve Four Bitcoin ETFs For The First Time By The End Of October



The White House is considering a wide-ranging oversight of the cryptocurrency market to combat the growing threat of ransomware and other cybercrime, a spokeswoman said on Friday.

Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

“The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals,” the White House National Security Council spokeswoman said.

Read: Bank Of America Report Shows 27% Of The United States Population Will Be Using Crypto In 2022

 

Ransom software works by encrypting victims’ data. Typically hackers will offer the victim a key in return for cryptocurrency payments that can run into hundreds of thousands or even millions of dollars.

Read: SEC Chairman, Gary Gensler Confirms That SEC Has No Plans To Ban Crypto

 

The oversight could include an executive order, Bloomberg News reported on Thursday. The spokeswoman did not comment on whether an executive order will be part of such oversight.

Bloomberg writes:

“The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter.”

Read: Federal Reserve Chairman, Said Fed Has No Intention To Ban Bitcoin Or Crypto





Earlier this month, President Joe Biden said top U.S. national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cybercrime.

Read: US Justice Department launches a National Crypto Enforcement Team

An online session hosted by the White House National Security Council will also be aimed at “improving law enforcement collaboration” on issues like “the illicit use of cryptocurrency,” Biden had said.

Shiba Inu Took 14 Months To Hit A Market Value Of $12 Billion, It Took Dogecoin 6 Times As Long To Reach That Milestone

Albert Brown
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Shiba Inu Took 14 Months To Hit A Market Value Of $12 Billion, It Took Dogecoin 6 Times As Long To Reach That Milestone
  • It’s taken 14 months for the meme coin Shiba Inu to enter the ranks of the world’s top 20 cryptos.
  • Its market value hit $12 billion on Thursday. Dogecoin took six times as long to hit the mark.
  • Elon Musk’s tweet with a photo of his Shiba Inu on Monday appeared to trigger a rally in the coin.



Move over, dogecoin. A spin-off, Shiba Inu, is on a tear, having gained about 350% in a month – roughly what bitcoin has gained in a year.

 

The price of the dogecoin-inspired cryptocurrency has risen by over 300% in a week, pushing it into the top 20 coins by market capitalization, with a value of $12 billion, according to CoinMarketCap.

Read: Two Major Milestones: Shiba Inu Becomes The 15th Most Valuable Crypto Crossing Litecoin, Chainlink, Bitcoin Cash, Polygon On Its Way, SHIB Hits 1 Million Followers On Twitter

Read: Shib Becomes Most-Traded Crypto on Coinbase

 

It’s done this in the 14 months since its inception, in August 2020. It took dogecoin six times as long – 88 months from its launch – to reach that size.

The most recent catalyst for Shiba Inu fever appeared to be the Tesla CEO and crypto enthusiast Elon Musk’s tweet on Monday with a photo of his real-life Shiba Inu puppy and the caption “Floki Frunkpuppy.”

Since then, the coin, created by someone with the pseudonym Ryoshi, soared from $0.00001348 to about $0.00003068 on Thursday, up another 41% over the 24 hours to 6:32 a.m. ET.

Read: Crypto Whales Purchasing Large Amounts Of Shiba Inu





Crypto bulls piled in again this week after a few weeks of volatility and pullbacks. Bitcoin, the No. 1 coin, reached a market cap of $1 trillion for the first time since May. Shiba inu now ranks above polygon, stellar, and the gaming token axie infinity, which has almost doubled in value in a month.

Read: Shiba Inu Futures Trading Volume Up 78x in Seven Days

But not all market watchers believe the surge in Shiba Inu was solely because of Musk’s tweet.

“There’s no evidence that the tweet explicitly showed support of the SHIB token the same way he did in the past by posting memes for dogecoin,” Eliézer Ndinga, a research lead at 21Shares, said.

Bloomberg Believes Securities And Exchange Commission (SEC) May Approve Four Bitcoin ETFs For The First Time By The End Of October

Mark Brennan
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0
Bloomberg Believes Securities And Exchange Commission (SEC) May Approve Four Bitcoin ETFs For The First Time By The End Of October

By the end of October, the US regulator, SEC could approve four Bitcoin futures ETFs, according to Bloomberg.

Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold



A recent Bloomberg article reminds readers that the day is near on which the US Securities and Exchange Commission (SEC) headed by Gary Gensler must decide finally on the fate of Bitcoin ETF applications.

The applications were submitted in the format that is favored by the SEC. This year, SEC Chairman Gensler stated that Bitcoin ETFs applications should be submitted in compliance with the Investment Company Act of 1940 to safeguard investors.

Many Bitcoin ETFs for futures were submitted obeying this Act. Among them were filings from Mike Novogratz’s Galaxy Digital, Invesco, VanEck, etc.

Read: Bank Of America Report Shows 27% Of The United States Population Will Be Using Crypto In 2022

 

Bloomberg believes that SEC may approve four BTC ETFs by month-end.

 

Bloomberg article says:

“After years of waiting for a U.S. Bitcoin ETF, the crypto community may finally get as many as four products in a matter of weeks.”

Read: US Justice Department launches a National Crypto Enforcement Team





ETFs are expected to be approved in late October. Bloomberg writes approval dates can be 18/10, 19/10, 25/10, or 1/11.

The highest probability of approval as per the Bloomberg article is for the Galaxy Digital ETF (50-1) as well as for the VanEck ETF (20-1).

Binance Stops All Crypto Derivatives Offerings in South Africa

Mark Brennan
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Binance Stops All Crypto Derivatives Offerings in South Africa

BINANCE has stopped offering derivative products within South Africa.



Binance, the most powerful trading platform for crypto worldwide, announced modifications to its services to customers in South Africa on Friday. The company will cease offering the following services to South African users:

  • Futures
  • Options
  • Margin
  • Leveraged tokens.

 

With immediate effect, South Africa users will be unable to create new accounts for these products. Customers get 90 days within which they can reduce or end their positions for these products. Users will not be able to create new derivative positions, but they can top-up margin balances to prevent margin calls and liquidations.

Users will not manually decrease or eliminate their positions following the 6th of January, 2022, at 11:59, am (UTC). After that, all open positions will be shut down automatically.

In September, BINANCE customers from Singapore were barred from accessing certain functions on Binance.com, including Fiat’s deposit service, trading in cryptocurrency spots, purchasing Cryptocurrencies via Fiat channels, and liquid swaps.

 

The restrictions are in place when Binance faces a flurry of legal actions against it. For instance, Binance was targeted by the Malaysian Securities Commission announcing that Binance is operating illegally in the country. In addition, the Securities and Futures Commission of Hong Kong (SFC) has also warned Binance. 





Read More On Binance regulations:

Ethereum Miners Are Holding ETH As Their Holdings Reach Highest Level Ever

Albert Brown
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Ethereum Miners Are Holding ETH As Their Holdings Reach Highest Level Ever

Ethereum miners are holding their ETH assets.

Read: Ethereum Foundation Confirmed Date Of ETH 2.0 Upgrade Altair



As they are reluctant to sell, the number of Ethereum held by miners has reached new records in US dollars terms.

The Ethereum miners’ balance has grown to the highest level. According to data from analytics platform Santiment, the balance is now worth $1.85 billion when converted to USD.

Read: During One Year, 1/3 Of Ethereum Supply On Exchanges Has Been Moved Out

 

According to the Santiment, 532,750 ETH was the largest balance that miners hold since July 13, 2016. This amount is equivalent to 0.45% of Ethereum’s total circulating supply which currently stands at 117.8million ETH.

 

To cover their expenses, which include hardware and electricity costs, miners typically sell the asset frequently but in Ethereum’s case, miners might be expecting higher prices due to their reluctance in selling the asset.

Read: Bank Of America Report Shows 27% Of The United States Population Will Be Using Crypto In 2022





The hash rate of Ethereum, often thought to be a sign of health and security of the network, fell during the exodus of miners from China. The Ethereum hash rate dropped to 477 TH/s at June’s end, but it recovered fully in the past three months and hit new highs. It has risen 150% since the beginning of the year.

Recently China-based Ethereum mining pool SparkPool had to suspend mining operations but Bitinfocharts reports that there hasn’t been any noticeable decrease in the ETH hash rate, which reached an all-time high of 745 terrahashes per second (TH/s) on Oct. 5.

JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

Jakkk
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0
JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

According to a report published by Market Insider, the JP Morgan research states that institutions’ investors view Bitcoin as an effective inflation hedge over gold.

Read: Bank Of America Report Shows 27% Of The United States Population Will Be Using Crypto In 2022



JP Morgan report writes:

“The re-emergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge. Institutional investors appear to be returning to Bitcoin perhaps seeing it as a better inflation hedge than gold.”

 

The bank also highlights two more factors that are driving institution investors interest:

“The recent assurances by US policymakers that there is no intention to follow China’s steps towards banning the usage or mining of cryptocurrencies.”

Read: SEC Chairman, Gary Gensler Confirms That SEC Has No Plans To Ban Crypto

Read: Federal Reserve Chairman, Jerome Powell Said Fed Has No Intention To Ban Bitcoin Or Crypto

and,

“The recent rise of the Lightning Network and 2nd layer payments solutions helped by El Salvador’s bitcoin adoption.”

Read: President Nayib Bukele Shares First Results Of El Salvador Mining Bitcoin With Volcanoes

 

Contrary to other analysts, JPMorgan did not mention the possibility of the approval of Bitcoin ETFs as a key element in the rise of BTC prices and investors’ interests.

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