U.S. Won’t Ban Crypto | This Week in Crypto – Oct 4, 2021

The US gives a green light to cryptos, TikTok launches its own NFTs, and can professional crypto traders be outmatched…by a hamster?! These stories and more this week in crypto.

The Chairman of the US Federal Reserve, Jerome Powell said that the United States has no intentions of banning cryptocurrencies, including Bitcoin. He still asserted that some digital assets, stablecoins in particular, have to be regulated. This fresh, more optimistic US approach had an immediate positive effect on the entire market at the end of the week.

TikTok has announced that it is launching a new collection of NFTs called TikTok Top Moments that is inspired by its own top creators. TikTok NFTs will provide a way for creators to be recognized and rewarded for their content. Fans can own a selection of six culturally significant TikTok videos from celebrities and creators.

The leading payment processing company, Visa, announced that it is working on a new blockchain initiative called Universal Payment Channel. The cross-chain interoperability hub will connect different DLT networks. Described as a “universal adapter” among blockchains, it will allow central banks, businesses, and consumers to seamlessly exchange value, no matter the form of the currency.

Coinbase is unveiling a new feature that will allow customers to deposit their paychecks into their accounts as cryptocurrency. US users can choose what portions of their checks should be converted to digital assets, and all deposits can be made either in USD or in a digital currency of the customers’ choosing.

In its latest step in cracking down on crypto, China has blocked access to major cryptocurrency-related websites, including CoinGecko, CoinMarketCap, and TradingView this week. At the same time, Alibaba, the Chinese e-commerce giant decided to forbid its merchants on the wholesale platform from selling cryptocurrency-mining equipment in response to last week’s warning that China considers all cryptocurrency related transactions illegal.

Following China’s decision, several digital trading exchanges around the world are taking steps to shut out Chinese customers. Huobi will end services for Chinese customers by the end of the year and Binance will not accept any additional customers with Chinese phone numbers. Chinese crypto users are now flocking into decentralized exchanges, like dYdX, where the daily trading volume has surpassed even Coinbase.

El Salvador is testing volcano power for bitcoin mining rigs. President Nayib Bukele has released a video showing several digital currency mining rigs being installed in a factory, which is stationed in a forest near a volcano. The project aims to power bitcoin mining processes using 100 percent renewable energy.

A hamster known as Mr. Goxx has become a prominent crypto trader on Twitch. Mr. Goxx’s channel features the rodent running on an intention wheel, which eventually lands on a specific crypto. He then runs through either a sell or a buy tunnel, which prompts his owner to engage in trades of the selected asset.

A huge thanks to Unstoppable Domains for being our sponsor this week. Did you know that Unstoppable Domains is now fully integrated with Trustwallet? Compatibility with Unstoppable’s NFT domains means Trustwallet users can now easily send and receive crypto without memorizing complex addresses, as simple as sending emails. Claim your own personalized NFT domain with the link in the description.

That’s what’s happened this week in crypto, see you next week.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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