Monday, 18 October 2021

Bitcoin rises above $62,000; RSS calls for crypto regulation

 The crypto market is trading mixed on Monday morning, with Bitcoin trading nearly 2 percent higher at $62,134. The coin has surged nearly 12 percent in the past seven days, having crossed $60,000 last Saturday. The coin is close to an all-time high as investors hoped US regulators would soon approve a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

Ether, the number two coin, has also risen half a percent in the past 24 hours. While other altcoins like Binance Coin traded over 1 percent higher, Cardano and Ripple XRP declined over 1 and 3 percent, respectively.
Polkadot, on the other hand, has risen over half a percent and Dogecoin is up nearly 1 percent over the last 24 hours.

 A. Top 10 cryptocurrencies by market cap


As per data from coinmarketcap.com, the crypto market's total market cap on Monday rose nearly 1 percent to $2.50 trillion. Meanwhile, Bitcoin’s dominance in the market increased 0.45 percent to 46.85 percent.
 
B. Cryptocurrency top news
SEC set to allow Bitcoin futures
The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading next week, Bloomberg News reported Thursday. Such a move would open a new path for investors to gain exposure to the emerging asset, according to traders and analysts.
 
Bitcoin-mining power plant raises ire of environmentalists
With an aim to find a cheap energy source to mine Bitcoin, a mining operation in central New York came up with a solution to use its own power plant. However, it has alarmed environmentalists. They fear a wave of resurrected fossil-fuel plants pumping out harmful emissions is more for private profit than the public good.
 
Hindu group urges India to regulate cryptocurrency
A powerful right-wing Hindu group linked to BJP has called for curbs on cryptocurrencies, saying regulation was essential. "There is a need to regularise these things for the larger good of the society," said Mohan Bhagwat, head of the Rashtriya Swayamsevak Sangh.
 
US Treasury puts crypto industry on notice 
The US Treasury last Friday said suspected ransomware payments worth nearly $600 million were made in the first six months of 2021. This number was over $400 million in 2020. Seeking to stop this, Treasury said the crypto community is responsible for making sure they do not "directly or indirectly" help facilitate deals that are prohibited by US sanctions.
 
 
 

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