Crypto-Market Developments of the Week

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As we push on towards October, the cryptocurrency market continues its fight to dominate, as clearly reflects in the prices of the biggest crypto-names. For instance, BTC climbed by over 3.6% yesterday, as market participants reacted to a weakening US dollar, amidst global macroeconomic uncertainty. The month of September was extremely uncertain and pessimistic for cryptocurrencies, yet Bitcoin had dropped in price by less than 2% during this period. In this Stocks Telegraph weekly update, we go over the top stories dotting the crypto-sphere.

Crypto-Market Highlights of the week

  • After much talk in Russia regarding the wide-scale adoption of cryptocurrencies in the Federation, the country’s central bank made its first major initiative toward the move. In the recently published draft of the new financial chart of accounts, the Central Bank introduced digital assets, including the “digital Ruble”. Financial institutions will also hold authorization to gather and report data related to these transactions.
  • According to available information, Tobias Lütke, CEO of Shopify, spent nearly $3 million buying crypto-giant Coinbase stock in the prior two months. Lütke became part of the Coinbase board in February of last year, and as a Coinbase partner, he faces the obligation by law to disclose his transactions to the SEC.
  • The US celebrity, Kim Kardashian was charged on Monday by the U.S. Securities and Exchange Commission with the illegal endorsement of the cryptocurrency Ethereummax. According to the American regulatory body, Kardashian agreed to resolve the allegations, pay $1.26 million in fines, and participate in the SEC’s inquiry, which is presently in progress.
  • In the Republic of Kazakhstan, a banking institution and a crypto-based trading platform have strategically partnered up to carry out what they claim is the nation’s first collaborated venture of this kind for the purchase of digital assets. The government of Kazakhstan offers full support for the initiative, stating that it is ready to advance the development of cryptocurrency trading in the country’s financial centers.
  • The UK-based Financial Conduct Authority (FCA), the leading financial regulator in the country, has disclosed that several cryptocurrency companies continue to apply for licenses to operate in the United Kingdom. This trend comes despite most of these players being unable to comply with the legal and regulatory framework, during their first attempt at registration.

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