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In todays blog post I'm going to cover this weeks weekly dose of crypto news. Now this week hasn't had as many news highlights then we typically get in a week. Which doesn't mean nothings been happening but simply means that not to much in the terms of major adoption or innovation has happened. That however doesn't mean that nothing of importance has been happening. We can just tell from the recent pump that there's already good news for cryptocurrencies. It simply shows that we are getting out of the September cycle and getting into the bull fest that is the month October. Since we've gotten more time into the October cycle I will provide my thoughts and predictions on the market as a whole. So make sure you read the whole blog post to soak in all the information and to see where the market is heading. Now let's get into the crypto news for this week.
Is Shiba inu the king of meme coins now?
One of the biggest things to happen during the recent pump was the fact that shiba inu a meme cryptocurrency that has just recently entered the crypto market has begin to out due the de facto king of the meme coins which is doge coin. As anyone who's in crypto knows doge is one of the biggest cryptos and previously the king of the meme coins. It was super popular amongst retail investors who mostly just go after the most discussed and covered cryptos by the media. Some of those cryptos are cryptos such as bitcoin and doge to name a few. But with the recent pump shib has out done doge coin by many x's. With the recent pump pumping the price of shib up 200%. Numbers doge couldn't compete with it seemed during the pump.
Does this mean that it's the end of the reign of doge? Personally I believe it is and my reasons for this is because besides the pump there are many other reasons why shib is out doing doge. One of the most important factors is the fact that shib has better marketing then doge coin does. Which is one of the reasons why it's been having more media coverage and more retail investment recently. But another reasons why shib is doing better then doge is because the community is more tight and interactive then the doge community. whether it's through NFTS or Instagram accounts the community of shib is always trying to get there coin out in the publics view.
Crypto news happening in the U.S
U.S Bank one of the biggest banks in America says that it will now start offering cryptocurrency custody services. U.S. Bank on Tuesday (10/5/21) launched its cryptocurrency custody program with NYDIG, a major bitcoin investment firm. The new service supports institutional crypto funds invested in bitcoin, bitcoin cash and litecoin. It will only be open to private fund managers in the U.S. and the Cayman Islands. NYDIG will handle their private keys as the bank’s sub-custodian. Then we have coinbase a U.S crypto exchange company meeting with members of Congress to discuss the Cryptocurrency regulation it plans to propose as part of the infrastructure bill, according to CEO Brian Armstrong. In addition, the coinbase has met with more than 30 crypto firms, four major law firms, and three trade groups about it's crypto proposal.
A new report from Bank of America Global Research says that the U.S bank is bullish on digital assets and blockchain technology. The comprehensive report touches on cryptocurrencies, DeFi, dapps, NFTs, stablecoins, and much more. Then finally in terms of political adoption within the states we have a Missouri mayor get funding for a project. The project is giving $1,000 in bitcoin out to every household within his jurisdiction. Overall it seems that the United States is adopting more and more of crypto as time goes. Which overall has me very bullish for the future of the market.
International and global news
The U.S president joe Biden has said the U.S will bring together 30 countries to stop “the illicit use of Cryptocurrency.” In a statement the president said The United States is “partnering closely with nations around the world” to respond to the cybersecurity threats. We also have the Iranian government lifting a temporary ban on Bitcoin mining that was imposed back in May of this year. From now on, licensed Bitcoin miners will be able to operate in the country without facing any restrictions. Although a good number of miners in the country currently operate illegality and unlicensed. Further good news for miners Laos officially legalized bitcoin mining but they also made if legal to trade bitcoin as well. Then in brazil we have the government introducing a bill to make bitcoin a legal tender. It seems along with the united states that the international community is becoming more accepting of cryptos especially bitcoin.
Companies adopting cryptos
The Grayscale Digital Large Cap Fund (GDLC) was launched in February 2018 and has $495 million in assets under it's management. The fund rebalances its portfolio quarterly and this time the fund decided to reduce its holdings in Litecoin (LTC) and Bitcoin Cash (BCH). Instead, it added Solana (SOL) and Uniswap (UNI), which now account for 3.24% and 1.06% of the fund’s holdings, respectively. This just shows more firms and funds are getting into altcoins to get better returns then just stickling to the conventional cryptos like Ethereum and bitcoin. Then we have coin base adding the ability for customers to know turn their paycheck into bitcoin automictically directly from their exchange. This could have the possible effect of now making the weekends which are typically short term bear cycles into now a bull run or at least now make it harder to dip. This is because the majority of workers get paid on Friday and since it's directly deposited to the exchange we should see huge buy ups of it on Fridays near the evening possibly but for now we'll just have to wait and see. Visa has been active in engaging with crypto, and this week is no exception. Reports have recently reported that the payment facilitator and financial services firm has deployed it’s first smart contract on Ethereum Testnet. Showing that even the mainstream financial services are now getting into the cryptocurrency world and market.
Cryptocurrencies news and updates
Cardano has officially established EMURGO Africa, an investment and incubation program for African blockchain and tech impact-driven startups.
The program launches with a $100 million fund, beginning its initiative in four African countries before proceeding to the rest of the continent. Which is great news for a bull market as Africa is a huge untapped sector of the cryptocurrency market. But this is even better for Africa as a whole as thing can bring in all sorts of investment into africa and jobs along with wealth. This is great news for a bullish cardano especially. The stablecoin hub Ardana, has secured a partnership with Elrond blockchain architecture. The native token of the Elrond blockchain will become one of the first cross-chain assets that will be used for collateralization on Ardana platform.
Ardana will be used to bridge the Cardano blockchain and Elrond blockchain. By connecting these two ecosystems, integration with a project on two chains will become possible. This includes token transfer between Elrond mainnet and Cardano chains. In sometime in the future it's planned to enable cross chain smart contract functionality. In the future, it will become possible to move assets from Cardano to Elrond by making them transferable with low fees. The native token, EGLD, will become available on Cardano and will be used as collateral on Ardana.
During a crypto summit held by British financial newspaper City A.M., decentralized finance (DeFi) liquidity protocol MELD has announced a three-way partnership with Tingo Holdings, Nigeria’s largest mobile network, and Ubuntu Tribe, an ethical crypto company that tokenises natural resources. As a part of the new partnership, the Cardano based DeFi protocol, which enables users to lend, borrow and stake their assets, has revealed plans to launch a gold-backed stable coin. Which is great as cardano currently doesn't have a good selection of stable coins,
Polkadots Polkastarter’s V2 update went live earlier this week on Monday. Bringing with it a host of new changes and enhancements to benefit the broader Polkadot community and cryptocurrency. The platform connects young projects with early community members through initial decentralized offerings (IDOs), creating a fair, token-based, and accessible environment for both developers to raise capital and community members to invest in ideas they find worthy. Which helps spread awareness to DeFI to the masses and public. Great news pverall it seems for polkadot and it's community which I can say Im proud to be apart of.
But moving on Axie infinity holders can now stake their tokens while the rewards will be activated in about 24 hours to ensure all time zones can stake beforehand, The team plans to give voting rights and a say on how the Community Treasury is used. There are currently more than 18 million AXS tokens worth more than $1.4 billion in the Axie Infinity’s Community Treasury. During the first month of the staking program, 2 million AXS tokens will be distributed. Approximately 58 million of the set cap of 270 million AXS tokens are in circulation, with the remainder being released through staking, game rewards, and ecosystem reward structures. It seems axie infinity is leading the way for gaming cryptos in the market.
My thoughts on the market
Now this isn't financial advice so please don't take it as such. However moving on we can see that recently the market has pumped. With the current price of bitcoin being $55,140.07 dollars. However I believe because the weekends is coming around and like I've previously stated in the blog the weekends are usually bearish. Plus we've been seeing nothing but gains the last two days so I defiantly believe there will be some sort of correction. whether it's a big correction or a little one I'm not certain of. But I can tell you That I've sold all my cryptos on my trading account in anticipation of the correction. However after that I believe we'll see gains like we've been seeing this week again.
My Final Words
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