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Shiba Inu Futures Trading Volume Up 78x in Seven Days

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Shiba Inu – a cryptocurrency nicknamed “the dogecoin killer” has seen an exponential increase in futures trading volume in recent days. This comes amidst a parabolic price run.

Read: SHIB achieved Two Major Milestones



According to data provided by IntoTheBlock, the SHIB futures trading volume began pumping on October 4th, up to $1.24B. This quickly spiraled up to above $5B today, for the first time ever.

 

It represents a 7700% increase in Shiba futures trading volume over the last 7 days. Most futures trading activity appears to be taking place on OKEx, followed by Huobi and Gate.

 

This figure dwarfs the still-massive price gains that Shiba has seen in the past few days. By October 5th, Shiba’s price had already risen 100% within days. This came after a whale purchased $44 million worth of the token in late September.

Read: Crypto Whales Purchasing Large Amounts Of Shiba Inu

More recent data from CoinGecko shows total trading volume at $18B within the last twenty-four hours. It is also the fifth most-traded cryptocurrency right now behind Tether, Bitcoin, Ethereum, and BUSD.

Read: Shiba Inu Is Now Fifth Most Traded Crypto





SHIB also became the most traded crypto on Coinbase. Ethereum co-founder, Vitalik Buterin’s burning 90 percent of his SHIB tokens, Whales buying SHIB, Musk’s recent photograph of his Shiba Inu puppy as well as rumors about Shib Robinhood’s listing is believed to be the primary reasons behind such a strong rally.

 

Michael Saylor: “The Implicit Endorsement Of Bitcoin By Major Banks And Regulators Is Going To Accelerate The Collapse Of Gold And The Rise Of Bitcoin”

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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



Microstrategy CEO, Michael Saylor’s comments came after JP Morgan said Institutional Investors Consider Bitcoin as an Inflation Hedge and favor Bitcoin over gold.

“The implicit endorsement of Bitcoin by major banks and regulators is going to accelerate the collapse of #Gold and the rise of #Bitcoin as the preferred safe-haven store of value for both institutional and retail investors.”

 

 

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.

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

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Based on Bank of America research findings, crypto is expected to expand significantly in the coming 30 years.

Read: According To Bank Of America Recent Research Report Crypto Is “Too Large To Ignore”



Bank of America has released a 140-page document on the digital asset market which includes NFT, DeFi as well as institutional investments, and crypto expansion. The crypto sector is still in its infancy and has a lot of potential for growth in the future, as per the study.

Based on the research, today 14 percent of the US population own cryptocurrency. This figure suggests that 21 million Americans use cryptocurrency as payments instruments, financial holding, etc.

Read: Arab Bank Switzerland Selects Tezos As Partner For Digital Financial Products

 

The report forecasts that 27 percent of the US population will be using cryptocurrencies in 2022.

According to the study, the average owner of crypto is a Caucasian male, 38 years young, and makes approximately 111,000 dollars per year.

bank of america report finding

Source: Bank Of America Research

 

The report shows that in the USA, 74% of crypto holders are men while female holders are only 26%.

Although this industry is regarded as “modern”, the youngest participants with the age group of 18-21 in the industry are very few with 3% average holders.

Read: Hedge Fund Billionaire Ken Griffin Sees Crypto-Mania As ‘Jihadist Call’ Against Dollar

Most crypto holders belong to the 25-34 and 35-44 age groups with 39 and 35 percent average holders respectively.

The report also shows that 10% of crypto holders are Asian Americans, 9% are African American/Black, 13% are Hispanic/Mexican, 1% are Native American, and 71% White/caucasian.

 

 

US Justice Department launches a National Crypto Enforcement Team

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Deputy Attorney General Lisa Monaco announced the launch of a National Cryptocurrency Enforcement Team at the Department of Justice Wednesday to go after criminals who target cryptocurrency marketplaces and use digital coins to launder money.



Although Monaco didn’t explain the exact structure of the team, she linked its creation to the department’s history of securities enforcement and the reliance of ransomware gangs on cryptocurrencies.

“If cryptocurrency exchanges want to be the banks of the future, we need to make sure people can have confidence in these systems,” she said during an interview at the Aspen Cyber Summit. Major cryptocurrency exchange Coinbase recently disclosed that more than 6,000 of its users were robbed after attackers leveraged a vulnerability in its SMS-based two-factor authentication process to break into their accounts.

 

Monaco also connected oversight of the sector with the rise of ransomware gangs, who typically hold systems hostage in exchange for Bitcoin or other more difficult to track cryptocurrencies. The team will seek to “strengthen our capacity to disable these financial markets that allow criminals to flourish,” according to Monaco.

Monaco said she was “struck by how broad” the ransomware threat landscape is today.

“We know the FBI is investigating more than 100 ransomware variants” that have affected more than 1,000 victims, Monaco said. The Justice Department launched an internal task force on ransomware in April and in June, Monaco directed U.S. federal prosecutors to centrally report all ransomware-related incidents they encounter.

 

“We want the same national awareness and big picture” insight into the scope of ransomware as other key national security issues like terrorism, Monaco said Wednesday.

The White House also launched a cross-government task force in July after a series of major ransomware shutdowns, including the Colonial Pipeline attack.





Monaco also announced a Civil Cyber Fraud initiative to crack down on federal contractors who fail to follow cybersecurity best practices during her remarks. The government will be hitting contractors who falsely claim to be securing systems properly with “very hefty fines” via the False Claims Act and working with whistleblowers.

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

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Shiba Inu made it onto the list of the top 20 cryptocurrencies by market value as per data supplied by the coin tracking website Coinmarketcap.

Read: Crypto Whales Purchasing Large Amounts Of Shiba Inu, As Single Anonymous Whale Bought 6 Trillion



At the time of writing, SHIB is the 15th most valuable crypto in the world. Because of the dramatic price rally, SHIB crossed Litecoin (LTC), Chainlink (LINK), Bitcoin cash (BCH), Polygon (Matic) to take number 15 on Coinmarketcap.

 

shib now ranks as number 15 on coinmarketcap

 

SHIB current worth is $12.7 billion, the price of the coin has risen almost 230% over the last three days and has outperformed the entire cryptocurrency market.

Shiba Inu recently surpasses Bitcoin by a significant amount in terms of trading volume on Coinbase the largest US exchange.

Read: Shib Becomes Most-Traded Crypto on Coinbase





Shiba Inu (SHIB), revealed on October 6, 2021. It has now attained 1 million followers on the popular social network Twitter.

Notably, the hashtag #SHIB has been included in the top 10 tweets of Twitter numerous times in the last 24 hours, and the increasing number of searches is driving the price of the currency.

Shib Twitter account said:

“Thank you, #ShibArmy, for helping us reach yet another milestone in our history. Today, we reached 1,000,000 Followers on Twitter.”

Ethereum co-founder, Vitalik Buterin’s burning 90 percent of his SHIB tokens, Whales buying SHIB, Musk’s recent photograph of his Shiba Inu puppy as well as rumors about Shib Robinhood’s listing is believed to be the primary reasons behind such a strong rally.

Read: Shiba Inu Is Now Fifth Most Traded Crypto

Paysafe Services Skrill and NETELLER Add Support For Solana (SOL)

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Users of Skrill and NETELLER can now purchase, exchange, and sell Solana, one of the top-performing smart contract blockchains and one of the highest-rated cryptocurrencies on the market, TheCryptoBasic learned from a press release.



They can also buy or sell Solana directly for fiat thanks to integration from Paysafe, the premier payments platform, to the Skrill and NETELLER cryptocurrency services.

Seamless crypto-to-fiat modules of Skrill and NETELLER now allow all of its registered customers to purchase SOL tokens with fiat currencies.

Thus, the best performer of 2021 among all of the major altcoins is going to witness a significant inflow of fresh liquidity.

 

Jordan Stoev, Head of Crypto, Skrill and NETELLER, at Paysafe said:

“Solana is a very exciting addition to our growing crypto offering for both Skrill and NETELLER. Solana is growing at a rapid pace, not just in value but in developer attention and the variety of projects building on it. With its high performance and ecosystem support, we believe many of our users will be excited about the opportunity to buy and sell this currency.”

 

With this release, Solana becomes available for one-click buy/sell procedures along with Bitcoin (BTC), Ether (ETH), Chainlink (LINK), and Uniswap (UNI), and 37 other cryptocurrencies available in Paysafe’s products.

 

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

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The Forbes 400 list of America’s richest People includes six new members who have earned their wealth from cryptocurrency. Six of them collectively have the sum of $55.1 billion as per Forbes.



Sam Bankman-Fried, who is CEO of FTX exchange gets the majority of the pie, with an estimated net worth of $22.5 billion.

Brian Armstrong, CEO, and co-founder of Coinbase owns a 19% stake in the exchange and has a net worth of $11.5 billion.

 

Chris Larsen’s worth was 2.7 billion in the last year, This year his net worth increased to $6 billion. Larsen is the founder and the chairman of Ripple which is currently in a legal fight with the United States Securities and Exchange Commission (SEC) for violating securities law.

Winklevoss Twins, Cameron, and Tyler were also on the list, with a Net worth of $4.3 billion each. Cameron, as well as Tyler Winklevoss, are the founders of the Gemini cryptocurrency exchange.

 

Coinbase Co-founder, Fred Ehrsam is also on the Forbes 400 list with an estimated net worth of $3.5 billion. Ehrsam quit Coinbase in the year 2017 but is still a member of the company’s board.

Jed McCaleb has a Net worth of $3 billion. McCaleb was an early pioneer in the blockchain space who helped launch three well-known crypto firms, including Ripple and the first major bitcoin exchange, Mt. Gox, which he sold before it got famously hacked. Most of McCaleb’s wealth comes from his XRP stake as a Ripple co-founder.




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

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U.S. Securities & Exchange Commission (SEC) Chairman Gary Gensler said the regulator is not planning to ban cryptocurrency.

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



At the House Committee on Financial Services hearing (Video Below) held on October 5, Gensler said the United States will not adopt China’s policy to prohibit digital currencies. 

 

Gensler reiterated that the focus of the government is to ensure that the cryptocurrency industry complies with consumer and investor protection laws, anti-money laundering rules as well as tax laws.

Gensler said:

“It’s a matter of how we get this field within the investor consumer protection that we have and also working with bank regulators and others. How do we ensure that the Treasury department has it within anti-money laundering, tax compliance, Many of these tokens do meet the test of being an investment contract, or a note, or security.”

Read: JPMorgan CEO Says Bitcoin Has No Intrinsic Value And Regulators Will Soon Regulate The Hell Out Of It

 

During the hearing, Gensler’s SEC chief’s remarks were a reflection of his previous thoughts about the regulation of cryptocurrency, which included the requirement for digital asset firms to sign up with the SEC. Gensler said that although crypto exchanges must sign up with the regulator, exchanges that are decentralized could as well be required to adhere to the same rules.

Read: According To Bank Of America Recent Research Cryptocurrency Market Is “Too Large To Ignore”

The SEC chairman continued to discuss his position regarding stable coins, saying that they may pose risks for the economic system. 

Gensler has previously described the stable coins as “poker chips” in the casino. With an estimated 125 billion dollars in stable coins, the market which has increased tenfold in the last year may create system-wide risk.





Gensler stressed that the SEC’s policy will be “very different” than that of the Chinese government and that the ban of any kind on digital assets would need to be enacted by Congress.

Read: Hedge Fund Billionaire Ken Griffin Sees Crypto-Mania As ‘Jihadist Call’ Against Dollar

Whether most of the crypto are securities or not he said:

“I’m not going to get into anyone token, but I think the securities laws are quite clear — if you’re raising money and the investing public, have a reasonable expectation of profits based on the efforts of others, that fits within the securities law.”

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

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Shib Becomes Most-Traded Crypto on Coinbase

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Shiba Inu became one of the top trading cryptocurrencies on Coinbase in just one month from the time it was added to the largest US exchange.

Read: Single Anonymous Whale Bought 6 Trillion SHIB Coins



shib on coinbase

 

The 24-hour trading volume of SHIB on Coinbase currently stands at around $1.6 billion, with an impressive lead over Bitcoin with 950 million dollars 24 hours volume.

Read: JPMorgan CEO Says Bitcoin Has No Intrinsic Value

 

After a climb of over 80% within 24 hours, the SHIB coin has been able to get back into the top 30 most popular cryptocurrencies by market capitalization. SHIB is currently the 22nd most valuable crypto.

Read: According To Bank Of America Recent Research Report Crypto Is Much More Than Just Bitcoin





In total, SHIB’s daily trading volume increased by 553% in one day.

Read: Shiba Inu Is Now Fifth Most Traded Crypto After BTC, ETH, USDT, And BUSD

Ethereum co-founder, Vitalik Buterin’s burning 90 percent of his SHIB tokens, Whales buying SHIB, Musk’s recent photograph of his Shiba Inu puppy as well as rumors about Shib Robinhood’s listing is believed to be the primary reasons behind such a strong rally.

Ethereum Foundation Confirmed Date Of ETH 2.0 Upgrade Altair

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The “Altair Mainnet Announcement” by Danny Ryan invites all node operators of Ethereum 2.0 to upgrade their software to avoid the validator downtime penalty.

Read: According To Bank Of America Recent Research Report Crypto Is Much More Than Just Bitcoin


 

Read: Hedge Fund Billionaire Ken Griffin Sees Crypto-Mania As ‘Jihadist Call’ Against Dollar

According to the official blog post by Mr. Ryan, the Altair beacon chain (ETH2 initial phase) upgrade will go live in mainnet at epoch 74240. This epoch is expected to come at 10:56 a.m. UTC on Oct. 27, 2021.

Read: JPMorgan CEO Says Bitcoin Has No Intrinsic Value And Regulators Will Soon Regulate The Hell Out Of It

To keep their nodes synchronized with post-Altair consensus, node operators should upgrade their clients. Software builds for all clients—Lighthouse, Lodestar, Prysm, Nimbus and Teku—are available via the links in the announcement.

Read More On Ethereum Official Blog: https://blog.ethereum.org/2021/10/05/altair-announcement/