Crypto Headline Roundup Oct 15th, 2021

  1. China is ready to go rigid with the enforcement of cryptocurrency crackdown

After the bluster, the real Chinese crypto crackdown is set to start – with controllers, courts and law requirement agencies currently seeing how to execute the particulars of last month’s tumultuous joint declaration cryptoasset-related activities.The watershed affirmation was authored by the focal People’s Bank of China (PBoC) and approached organizations in the nation to take punitive measures against crypto-trading clients. It likewise cautioned overseas platforms focusing on Chinese clients that they could confront penalties. Per the media outlet Jiwei, these authorities and others are now reviewing the punishment system for illegal crypto mining and undeclared crypto activity.

The Securities and Exchange Commission is set to let the first U.S. bitcoin futures exchange-traded funds start trading next week, since the SEC isn’t likely to block the ETFs proposed by ProShares and Invesco, CNBC reported on Friday. But billionaire Mark Cuban won’t be investing. That makes sense for Cuban, who has previously called bitcoin “better gold than gold,” due to its algorithmic scarcity, since only a limited amount of it exists by design. The ETFs proposed by ProShares and Invesco are based on futures contracts and will follow mutual fund guidelines, which SEC chair Gary Gensler requested of any potential futures-based bitcoin ETF.

Steam has updated its game distribution agreement to include a ban on any games that are built on or feature blockchain technology and where players can exchange cryptocurrencies or NFTs. Any “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs” are now banned from Steam. The developers of Age of Rust, a first-person adventure and puzzle game where players can collect in-game NFTs, wrote a thread on Twitter addressing the change. The team said that they were upfront with Steam that their game included NFTs and that they were still removed from the store.

The CFTC’s enforcement action against Tether comes amid growing scrutiny of stablecoins over concerns that they could pose a threat to financial stability. The CFTC said that from at least mid-2016 to Feb. 25, 2019, Tether “misrepresented to customers and the market” that it held U.S. dollar reserves in bank accounts for all of its stablecoins, dubbed USDTs, in circulation. In reality, Tether held equivalent dollar reserves in its accounts “for only 27.6% of the days in a 26-month sample time period,” the CFTC said. The Commodity Futures Trading Commission accused Tether of falsely claiming that it backed each of its crypto tokens with an equivalent amount of U.S. dollars. It marked the first time the CFTC has applied to a stablecoin the broad legal definition of a “commodity,” which gives the agency authority to police fraud and manipulation.

Bitcoin Latinum is an insured asset-backed cryptocurrency based on the Bitcoin ecosystem. Developed by Monsoon Blockchain Corporation on behalf of Bitcoin Latinum Foundation, LTNM is a greener, faster, and more secure version of Bitcoin, capable of managing massive crypto transactions while being highly efficient in terms of cost and scalability. Bitcoin Latinum (LTNM), the next generation insured asset-backed cryptocurrency, continues to gain momentum and expand its global acceptance as it announced today it will be listed on Exchange (formerly known as Exchange), a top-tier cryptocurrency exchange. This represents a milestone for both parties – one where Bitcoin Latinum (LTNM) will list on one of the world’s leading exchanges, while will be the second crypto exchange to list Bitcoin Latinum.

Tesla bought $1.5 billion worth of bitcoin as an investment and announced that it would accept the digital currency as payment for cars.

That investment seems to be paying off — at least as the market stands right now. Bitcoin has soared to new heights, crossing the $60,000 threshold, making Tesla’s treasure chest of 42,902 Bitcoin worth $2.5 billion.

Bitcoin climbed above $61,000 Friday, pushing the digital coin further toward its all-time high, as traders speculated U.S. regulators would clear the first bitcoin futures exchange-traded fund. The Securities and Exchange Commission is set to allow the first U.S. bitcoin futures exchange-traded funds to start trading next week, a landmark victory for a cryptocurrency industry that has long sought permissions from Wall Street’s top regulator, according to a person familiar with the matter.

Cryptocurrency is a cash-like electronic payment system people use to pay each other for services, products — really anything — that effectively cuts out the middleman. To regulate Bitcoin transactions, they must be validated, and miners across the globe are competing with each other to validate transactions and enter them into the public ledger of all Bitcoin transactions. If miners successfully validate a “block” of transactions, they’re rewarded 6.25 newly minted Bitcoins, each worth about $50,000, according to The New York Times (though that $50,000 value often fluctuates). The process of mining consumes an enormous amount of energy, as you need highly specialized machines, lots of space and enough cooling power to keep the machines from overheating. Miners often flock to where there’s an abundance of cheap power and wide-open spaces, hence their attraction to the Lone Star State.

Solana’s price has increased 6.33% over the past 24 hours to $161.79, which is in the opposite direction of its trend over the past week, where it has experienced a 1.0% loss, moving from $163.86 to its current price. As it stands right now, the coin’s all-time high is $213.47.

The trading volume for the coin has risen 24.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.1%. This brings the circulating supply to 300.27 million, which makes up an estimated 61.45% of its max supply of 488.63 million.

  1. 21Shares Announces its Polkadot ETP (ticker: ADOT) Hit $100M AuM

As of October,1 21Shares manages more than $2 billion in 17 cryptocurrency ETPs and 77 listings. Including the world’s only ETP tracking Binance and two ETPs with investor staking rewards (Tezos and Polkadot). Its crypto ETP products are listed on eight regulated European and Swiss trading exchanges. 21Shares AG (“21Shares”), the Swiss pioneering issuer of cryptocurrency ETPs, today announced that its Polkadot ETP (ASOL) has reached the key milestone of $100M in assets under management (AUM), which makes it the 5th 21Shares ETP reaching more than $100M in AuM.