Cryptocurrencies make a comeback from last week’s turmoil

Web Desk BOL News

28th Sep, 2021. 12:09 pm
Nayib Bukele

RIYADH: The two major cryptocurrencies regained most of their losses, as the market quickly rebounded from last week’s turmoil sparked by the crackdown in China, Arab Newsreported.

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Monday, rising by 3.5 per cent to $44,008.57 at 12:32pm Riyadh time.

Ether, the second most-traded cryptocurrency, traded at $3,130.43, up 8.56 per cent, according to data from CoinDesk.

Meanwhile, the second-largest stablecoin by market valuation, USDC, has seen its capital increase significantly, rising by more than $10 billion in 125 days.

As of September 25, there are $129.3 billion worth of stablecoin assets in existence which represents 6.54 per cent of the cryptocurrency economy.

Many US lawmakers see China’s crackdown on cryptocurrencies as a perfect opportunity for American leadership in the crypto space.

“China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the US. It’s also a reminder of our huge structural advantage over China,” Sen. Pat Toomey from Pennsylvania said.

In comments to media, Indonesia’s Trade Minister Muhammad Luthfi asserted that the Indonesian government would not follow the lead of China, which has confirmed a ban on all cryptocurrency transactions.

Noting that the state will limit itself to ensuring that it is not used in illegal activities, the statement comes after local cryptocurrency exchanges reported a significant increase in trading volume this year. “We don’t prohibit it, but we will tighten the regulations,” said Luthfi

Cryptocurrency trading on 13 local exchanges licensed by the Indonesian Futures Exchange Supervisory Board also increased by 40 per cent in the first five months of 2021. During 2020, the volume of transactions reached 65 trillion rupees ($4.5 billion), according to the reports.

Crash ahead

Renowned author and investor Robert Kiyosaki, author of the bestselling book “Rich Dad Poor Dad,” predicts that a giant stock market crash is coming in October, noting that gold, silver and bitcoin may also crash.

“Giant stock market crash coming October. Why? Treasury and Fed short of T-bills. Gold, silver, Bitcoin may crash too. Cash best for picking up bargains after crash. Not selling gold, silver, Bitcoin, yet have lots of cash for life after stock market crash. Stocks dangerous. Careful,” Kiyosaki tweeted.

Tipping point

Twitter users on Apple’s iOS will now be able to link third-party tipping services to their profile on the social networking site. This will include the ability to link both Bitcoin and Lightning Network addresses.

The tipping feature will be entirely dependent on third-party payment services such as the Jack Mallers Strike app. The company said that it “is not in the flow of funds” and will not take a percentage of tipping proceeds.

Company representatives said that the Tips feature will be rolling out to the Twitter app for iOS and will be available on Android soon.

Twitter also announced that it will add non-fungible tokens verification features to the platform. No specific timeline has been set for this, which is still under development.

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