US Gives Cryptocurrency Green Light, TikTok Releases Its Own NFTs, Can Professional Crypto Traders Beat Hamsters?! These stories and more are coming this week in Cryptocurrency.
US Federal Reserve Chairman Jerome Powell said that the US has no intention of banning cryptocurrencies, including Bitcoin. He still maintains that some digital assets, in particular stablecoins, should be regulated. This new, more optimistic US approach had an immediate positive impact on the entire market at the end of the week.
TikTok announced that it is launching a new set of NFTs called TikTok Top Moments inspired by the best creators. TikTok NFTs will provide a way to recognize and reward creators for their content. Fans can own a selection of six culturally significant TikTok videos from celebrities and creators.
Leading payments processing company Visa has announced that it is working on a new blockchain initiative called the Universal Payment Channel. A cross-chain interoperability hub will connect different DLT networks. Described as a “global adapter” between blockchains, it will allow central banks, businesses and consumers to seamlessly exchange value, regardless of the shape of the currency.
Coinbase is unveiling a new feature that will allow customers to deposit their paychecks into their accounts as cryptocurrency. Users in the US can choose which parts of checks to convert into digital assets, and all deposits can be made in either US dollars or a digital currency chosen by customers.
In its latest move in cracking down on cryptocurrency, China blocked access to major crypto-related websites including CoinGecko, CoinMarketCap and TradingView this week. Meanwhile, Chinese e-commerce giant Alibaba has decided to ban its wholesale platform merchants from selling crypto-mining equipment in response to a warning last week that China considers all crypto-related transactions illegal.
After China’s decision, many digital trading exchanges around the world are taking steps to keep Chinese customers away. 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 to decentralized exchanges, such as dYdX, where daily trading volume has even surpassed Coinbase.
El Salvador is testing the volcano’s energy for Bitcoin mining rigs. President Najib Bukele released a video showing several cryptocurrency mining rigs being installed in a factory located in a forest near Berkane. The project aims to operate Bitcoin mining operations using 100% renewable energy.
The hamster known as Mr. Goxx is a prominent crypto trader on Twitch. Mr. Channel shows Goxx is a rodent running the Wheel of Intent, which eventually lands on a particular cryptocurrency. Then it passes through a buying or selling tunnel, which prompts its owner to engage in trades for the specific asset.
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This is what happened this week in cryptocurrency, see you next week.
