Crypto Market Highlights October 5, 2021

Crypto Market Highlights October 5: KuCoin users in mainland China are required to withdraw all their funds and close their accounts by the end of the year, Bank of America is researching cryptocurrencies, difficulties with Bitcoin mining, and more.

These are all the crypto market highlights that cryptonew put together on October 5th.

Highlights of the crypto market on October 5th: Attachment messages

▶ Bank of America announced that it began its digital asset research with the release of a report entitled “Digital Asset Brief: Just the First Round”. The bank added that providing an investment framework for the digital asset landscape will be looked at from different angles.

▶ Digital Currency Asset Manager Grayscale Investments said that it has adjusted the portfolio of the Digital Large Cap Fund by selling a certain number of existing fund components according to their respective weightings and using the proceeds to purchase Solana (SOL) and Uniswap (UNI) . This is the first time SOL has been included in the Grayscale investment vehicle.

▶ Major crypto lender Nexo (NEXO) said it is bringing SOL to its platform. Users can now buy, swap, earn and borrow with their SOL on Nexo.

Highlights of the crypto market on October 5th: Mining news

• Bitcoin’s Mining Difficulty (BTC), or a measure of how hard it is to compete for mining rewards, is forecast to increase by more than 3% tonight (UTC time) and hit around 19.60T according to data BTC.com. The last time it reached this level was in mid-June of this year, when the difficulty level fell from an all-time high of 25.05T reached in mid-May, which would be the sixth consecutive increase – a long series last seen in May-October 2019 .
• Greenidge Generation Holdings Inc. said that for the three months ended September 30, 2021, the company had revenues in the range of $ 33 million to $ 37 million, a net loss of between $ 19 million and $ 16 million, and Adjusted EBITDA in the range of $ 18 to 18 million expected $ 22 million. The expected net loss was caused by a fee of roughly $ 30 million related to the merger with Support.com, the company said, adding that it mined 729 bitcoins in the third quarter.
• Hut 8 Mining Corp. provided an update on the company highlighting its catches for September. According to the update, 264 BTC were mined, resulting in an average production rate of 9.11 BTC per day; the total balance of the BTC reserve as of September 30th is 4,724; and 100% of the bitcoins mined in September are in custody, in line with Hut 8’s Hodl strategy.

Highlights of the crypto market on October 5th: Exchange messages

KuCoin users in mainland China will have to withdraw all funds and close their accounts by the end of the year, the exchange said. After considering what would be most convenient for their customers, the team concluded that the only option to leave China was that subject to local rules.

Highlights of the crypto market on October 5th: Regulatory News

The Treasury Department’s Financial Markets Working Group plans to release a report on stablecoins by the end of the month, with a tentative recommendation that Congress enact a restrictive charter that would allow new crypto banks to hold stablecoins as deposits, Bloomberg reports. They are also considering asking the Financial Stability Oversight Board to look into whether stablecoins pose a systemic threat, which could also lead to the imposition of bank-like rules on stablecoins.

US President Joe Biden announced that America’s top national security advisers will bring together officials from 30 countries this month with a plan to address the growing threat of ransomware and other cybercrime. An online session hosted by the White House National Security Council is also said to aim to “improve law enforcement cooperation” on issues such as the “illegal use of cryptocurrencies,” added Biden.

Highlights of the crypto market on October 5th: News from CBDCs

The Hong Kong Monetary Authority (HKMA) has published a technical white paper on Central Bank Digital Currencies (CBDCs) entitled e-HKD: A Technical Perspective. The HKMA said it has begun a study of the prospects for a CBDC issuance in Hong Kong retail stores, including technical and policy considerations, and aims to provide an initial review by mid-next year.

The Wall Street Journal reports that the US Federal Reserve plans to conduct a review this week of the potential benefits and risks of issuing US digital currency as central banks around the world experiment with CBDCs. Fed officials will publish a report and public comment, but they are divided on the issue, making it difficult for them to decide shortly whether or not to create a digital dollar, the report added.

Highlights of the crypto market on October 5th: News about NFTs

Yield Guild Games has announced that it will acquire $ 1 million in Star Atlas NFT game assets as part of a long-term partnership between the two projects. Yield Guild entered into a strategic partnership with Star Atlas in April of this year.

Highlights of the crypto market on October 5th: Career news

Linus Jönsson has been appointed as the new Group CFO of the investment firm Arcane Crypto AB. He has previous financial leadership experience and “has a heart for fintech and crypto as well as a deep understanding of scalable business models,” according to the research team.

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