Bitcoin News 24h Market Movement October 16, 2021

Tim Beiko, Ethereum 2.0 researcher and coordinator at the Ethereum Foundation, published a summary of the launch of the Amphora Devnet network, an important milestone in the development of Ethereum 2.0.

He went to Twitter to share his blog post that the Ethereum (ETH) core developer community has entered the final stage of the “Devnets” test. Amphora’s agenda includes five milestones (M1-M5); all of them are carried out successfully. In order to achieve the M5 milestone, a network of 10,000 validators per 100 nodes was started as part of the Proof-of-Work (PoW) consensus, successfully converted to Proof-of-Stake (PoS) and the chain was completed.

Amid US President Joe Biden passing a bill that raises the government’s debt ceiling to $ 28.9 trillion, Senator Cynthia Lummis says Bitcoin (BTC) is a blessing from God

Senator Lummis delivered a speech to the Senate on Thursday setting out her views on how digital currencies like Bitcoin can help countries like the United States tackle the looming global crisis. According to Lummis, cryptocurrencies will not be hampered by governments and political elections, they will flourish and stay there, allowing people to save in the event of a government failure. On Thursday, US President Biden officially signed a law to temporarily increase the credit limit, extending the default period to just 12 months. The bill increases the debt ceiling by $ 480 billion from the current $ 28.4 trillion.

United Wholesale Mortgage (UWM), one of the largest mortgage lenders in the United States, is abandoning its Bitcoin (BTC) payment plan after testing it

UWM officially announced Thursday that the company had successfully run its first crypto mortgage pilot, accepting five crypto payments in October and one in September, and after a successful test, the mortgage lender decided to stay away from bitcoin payments and banned related issues such as regulation. UWM said the testing process helped the company learn more about cryptocurrency payment transactions and gained additional experience for the company in adopting crypto transactions as it became the driving force behind the success of the process. The company will continue to monitor developments in the cryptocurrency and blockchain industries for possible future applications.

The MakerDAO Protocol engineering team was able to return everything to an Oasis user after that user reported losing 63 ETH

With a combination of technical ingenuity and real diligence, the MakerDao Protocol development team found a way to reclaim lost ETH worth about $ 240,000 to its owners. In a Reddit post 23 days ago, a user described the uncomfortable experience of sending around 63 ETH to the wrong address. After losing ETH, users state exactly what they did to warn others. Then MakerDAO’s protocol development team used their skills to find an efficient way to undo a blockchain transaction and restore the ETH that was mistakenly sent.

On October 15, the United States Commodity Futures Trading Commission (CFTC) decided to fine the crypto companies Tether and Bitfinex with a fine of 41 million

Regulators have found that Tether, the company behind a stablecoin of the same name, had only enough fiat reserves to support dollar-pegged assets over a 26-month period from 2016 to 2016. The agency also stated that Tether violated the law by keeping some of the reserves in digital financial instruments, as well as by creating working capital and reserves. Meanwhile, the Futures Watchdog with Bitfinex has settled fees for facilitating “illegal retail goods transactions, foreign exchange in digital assets with Chinese residents Ky” on its platform. In a consistent statement, CFTC Commissioner Dawn Stump supported the move, expressing concern that the comparison “may give stablecoin users a false sense of security” as they may incorrectly conclude that the CFTC regulates stablecoins and oversees the institutions that operate them output.

Shinichi Uchida, chief executive officer of the Bank of Japan (BOJ), said simplicity will be at the forefront of the central bank’s design for the digital yen.

Uchida said in an interview on Friday that the vertical integration of the digital yen into the private sector payment matrix would require a simple CBDC design that would create a framework for all users who want both CBDC services and electronic payments from a wallet that allow seamless switching between the two channels. According to reports, the BOJ has started preliminary studies of the concept studies and the possibility of issuing CBDCs. The second phase of research on the digital yen will begin in the second quarter of 2022.

Elizaveta Danilova, head of the central bank’s financial stability department, said the Russian central bank is probing cryptocurrency investors in the country to estimate the volume of crypto investments in Russia.

“We have to work both on the data and on raising public awareness of the risks of such investments without any support,” Danilova said in a Reuters interview on Thursday.

The official argued that the cryptocurrency market lacks transparency not only in Russia but also in other jurisdictions where cryptocurrencies are riskier than derivatives like Bitcoin futures or other jurisdictions. The efforts of the Central Bank of Russia to analyze the volume of local crypto investments can be attributed to the recent reluctance of Russians to deposit their funds with banks. Danilova said up to 2.6 trillion rubles ($ 36 billion) were not returned to banks after massive withdrawals in 2020 due to the COVID-19 pandemic.

There are 3 big reasons why Bitcoin prices skyrocketed, as it rose nearly 15% in the past 7 days to hit $ 60,000

Institutional investors are a big reason for the recent bull run. The crypto markets saw inflows of over $ 600 million for eight straight weeks. Bitcoin alone recorded an inflow of $ 225 million in the past week. It signals that institutional investors are heading back to the market immediately, and this has added to the previously very low level of confidence in the cryptocurrency. Another big cause is speculation that the SEC will approve a Bitcoin ETF before the end of the month and that it is expected to do so without objection from the regulator. The SEC holder approval has important implications for the crypto market as it will bring crypto trading into the mainstream. Plus, fear of the US financial crisis is also one of the reasons investors are looking for nongovernmental assets like bitcoin and cryptocurrencies.

Mohan Bhagwat, the head of the Rashtriya Swayamsevak Sangh (RSS – a right-wing Hindu nationalist society – had asked the Indian government to follow cryptocurrency regulations “for the good of society”.

The RSS chief made these remarks in a speech at the Hindu celebration of Dussehra. Despite numerous reports of bans on cryptocurrencies, stakeholders still want the government to create a framework to regulate the market. Bhagwat’s comments come amid reports of the increasing popularity of cryptocurrencies in India, despite the lack of a clear regulatory framework for cryptocurrencies and multiple reports of a possible crypto ban. Bhagwat’s stance could point to a conservative rejection of the adoption of crypto, which is widespread in parts of Indian society.

According to a statement by analyst Christian Bolu, the leading crypto exchange Coinbase “lags behind in almost every crypto innovation (including altcoins, derivatives, NFTs)”.

In his opinion: “Coinbase is losing market share quickly and has a significant compression of the exchange rate compared to increased competition from Robinhood, FTX and Binance.” The analyst agreed that Coinbase is the leader in the exchanges that start Bitcoin trading. However, a lot has happened since then, to cite the example of the 2017 altcoin boom that Coinbase was slow to capture. This resulted in Binance Asia filling the void. A similar delay can be seen on the NFT front as well, as the exchange announced its plans for launch just this week. While OpenSea has been around for a while and Binance also launched the NFT Marketplace a few months ago. Another factor holding Coinbase back is its high price, the analyst added, adding that it was “an expensive place to trade crypto.” There are so many cheaper options out there, he added, which caused Coinbase to lose market share

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