QC Crypto and Fintech weekly

Qrypto Central presents to you a weekly round-up of major news in the Cryptocurrency and Fintech Industries.

Bitcoins hits $50,000

Bitcoin (BTC) price hit $50,000 once again on Oct. 5 after reaching this price a month ago, signaling an end to the bearish trend in the month of September.

Bank of America report; The Crypto Industry and DeFi are too large to ignore

The Bank of America has published a report “Digital Assets Primer: Only the first inning,”. The report provides an in-depth analysis of the current state of the blockchain industry from cryptocurrencies to Decentralized Finance (DeFi) and Non-fungible Tokens (NFTs).

According to the report the Bank of America is however not only bullish on Bitcoin but the whole crypto space, highlighting that during the first half of 2021, the DeFi ecosystem received close to $17 billion in funding from institutional investors; higher than $5.5 billion received in 2020. Additionally, acquisitions and mergers in the crypto space has risen from $940 million in 2020 to $4.2 billion in 2021.

AMC theaters now accept doge and bitcoin cryptocurrencies

American theatre chain AMC CEO, Adam Aron announced that AMC customers can now buy their digital gift cards with DOGE and BTC through their website, mobile app, and in AMC theatres using BitPay Wallet.

Brazilian congress to consider bill regulating crypto

The Brazilian congress has approved to discuss a bill presented on Sept. 29 seeking to regulate companies operating in the cryptocurrency sector and also increasing the penalties for crypto pyramid schemes.

The Bill if approved by the Brazilian House of Representatives would force virtual asset service providers to follow rules of communication of financial transactions, with identification of customers and recordkeeping.

SEC Chiefs says U.S. will not ban Cryptocurrencies like China

Gary Gensler, Securities and Exchange Commission Chair has made it clear that the U.S. will not ban cryptocurrencies like China but instead the government’s main focus is on ensuring that the industry adheres to investor and consumer protection rules, anti-money laundering regulations and tax laws.
Bitcoin market cap hits $1 Trillion
Bitcoin is once again a $1T asset after BTC price reclaimed the $55,000 spot on Oct. 6, marking its highest price ever since May 12.

MoneyGram launches USDC stablecoin settlement using the Stellar Blockchain

Financial services giant MoneyGram International has partnered with Stellar Development Foundation to allow its customers to send money using Circle’s USDC stablecoin to fund and withdraw from their accounts with United Texas bank acting as regulatory framework facilitator.

SEC finally accepts an ETF

United States Securities and Exchange Commission (SEC) has approved the Volt Crypto Industry Revolution and Tech ETF. The ETF will entities that a hold a majority of their assets in BTC or get their earnings from Bitcoin mining, transacting and lending. It will be listed on the New York Stock Exchange under the ticker BTCR.