Bitcoin Financial News

El Salvador, the first nation to make Bitcoin (BTC) a legal tender in September last year, is currently focused on building a Bitcoin City. There have been several delays and disruptions in the plans since its announcement last year owing to the bear market-led investment drought and geo-political tensions.

Private and publicly-listed bitcoin miners can now apply for loans with Binance, as the cryptocurrency exchange launched a $500 million fund on October 14 for miners unable to cope with the ongoing downturn of the crypto-market conditions.

Fabric Systems, a bitcoin mining hardware startup, has raised $13 million in a seed round fund.

The major crypto exchange Binance on Thursday completed its last BNB token burn for the third quarter, with more than 2 million BNB tokens burned at a value of well over $500 million.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. 

 

While some anticipate that more people will naturally get into crypto due to inflation, the reality is far from some community members’ expectations. A discussion in the r/cryptocurrency subreddit highlighted this topic and explored why higher inflation is not pushing more people into the crypto space. 

Bitcoin (BTC) delivered more surprises on Oct. 14 as the reaction to macro triggers saw a sudden run at $20,000.

Crypto wallet provider Blockchain.com is the latest company to soon cease to provide services to Russian nationals due to the latest sanctions by the European Union.

MakerDAO, the governing body of the Maker Protocol has seen its revenue plummet in the third quarter of 2022, caused by a fall in loan demand and few liquidations, while expenses have remained high. 

Crypto market continued its mixed trends on Thursday ahead of US inflation data following the hawkish commentary from the US fed in its last FOMC meeting. Bitcoin and other cryptos have remained range bound lately. Bitcoin held above the $19,000 mark, whereas Ethereum remained below $1,300-levels. Trading volume has remained tepid, falling regularly below 20-day averages, which suggest the lack of conviction among the investors. Barring Bitcoin, Ethereum, Tether and Tron, all top crypto tokens were trading lower on Thursday. Cardano plunged about 5 per cent, whereas XRP, Dogecoin and Polygon dropped 3 per cent each. Shiba Inu and Avalanche shed 2 per cent each. The global cryptocurrency market cap was trading flat at $915.55 billion, dropping maringally in the last 24 hours. However, the total trading volume jumped almost 20 per cent to $58.48 billion.

On October 14, the cryptocurrency market is on the rise with the total market capitalization of all cryptocurrencies increasing by 2.79% to $944.24 billion. The total volume of the cryptocurrency market has increased by 93.62% in the last 24 hours, to $2.79 billion.

Bitcoin’s [BTC] ranging performance has demonstrated a healthy demand increase every time it approached $19,000. But this time demand has dropped despite retesting the same price. Let’s look at some of the factors that have accompanied this change and what it could mean moving forward.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

The United States Financial Accounting Standards Board (FASB)’s decision to allow companies to use “fair value” to account for their crypto holdings could be seen as another step toward the wider institutional adoption of cryptocurrency. 

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MakerDAO dominated the DeFi space in terms of market cap. At press time, it was ranked number one when compared to other protocols. In spite of that, it wasn’t able to generate a profitable quarter in terms of income.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. 

Cardano was one of the biggest losers after the US Consumer Price Index was released on Thursday.

The crypto think tank Coin Center has sued US Treasury Secretary Janet Yellen over sanctions imposed on the coin mixer Tornado Cash, saying the service has legitimate use cases.

Cryptocurrency traders were caught by surprise after the Oct. 13 Consumer Price Index Report showed inflation in the United States rising by 0.6% in September versus the previous month. The slightly higher-than-expected number caused Bitcoin (BTC) to face a 4.4% price correction from $19,000 to $18,175 in less than three hours.