Demand for cryptocurrency and blockchain is growing. This week again, the news highlighted the government's interest to step forward in the cryptocurrency market.
Over the last week, the IMF cited the rapid growth of the crypto ecosystem and all the opportunities that this system offers. However, they are still cautious about how these digital assets can threaten financial stability.
To pass a bipartisan infrastructure bill, the U.S. House of Representatives voted to pass a bipartisan infrastructure bill that includes a controversial cryptocurrency tax requirement. Last Friday, amid controversy over whether an accompanying Democrat-led bill would also move forward, the House voted in favor of the bill with at least 218 yes. The bill now goes to the U.S. President, Joe Biden for his signature.
Australia again showed green light about cryptocurrencies and digital assents. Reuters reported that Australia's largest bank offers crypto services to its 6.5 million customers. Commonwealth Bank of Australia will become the country's first to offer retail clients crypto services. Australia's largest bank said on Wednesday, making a change from the sector that had refused to do business with cryptocurrency providers. On the other hand, after months of industry consultation, the Australian Securities and Investments Commission (ASIC) showed positive signals to long-awaited spot exchange-traded funds (ETFs) in the world's two largest cryptocurrencies, Bitcoin and Ethereum.
In China, following the ban of cryptocurrencies, its impact on the cryptocurrency market keeps reducing. This time around, it barely lasted a day because of the significant place of digital assets in the last years. The statistics of Linkedin can confirm this assertion.
“Big banks getting in the game of hiring crypto talent. U.S. job postings for "crypto" and "blockchain" positions have rocketed 615% in August, compared to the same period last year.”
The steady stream of news, including the launch of bitcoin futures-based U.S. ETFs, growth of non-fungible tokens on virtual gaming platforms, cryptocurrency adoption by banks, and a need among investors for diversification in an uncertain interest rate environment has led to an increase in the price of several blockchain tokens in the cryptocurrency market. During last week, Polkadot's native coin (DOT) has risen over 16 percent over 24 hours, beating its previous record of $49.35, which was a new All-Time High. Moreover, Shiba Inu outpaces Dogecoin. On October 28, the meme token touched All-Time High at $0.00008616 after a Change.org petition urged crypto trading platform Robinhood to list Shiba Inu.
Also, Ether scales $4,600 to record high, catching up with bitcoin's rally and riding on news of wider blockchain adoption. Ethereum has been the clear winner of the Layer-1s. Ethereum will also continue to play a significant role in the NFT and metaverse ecosystem build-out. The second-largest cryptocurrency traded above $4600 before paring those gains but has logged record highs over the past week — thanks in part to the rising popularity of non-fungible tokens (NFT) and Decentralized Finance (DeFi) projects.
In the first week of November, we had some green signals from the US government and other countries about cryptocurrencies, all implying the recognition of this market by the governments and their endeavour to keep pace with this rapidly evolving market.
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