Latest price and news from the crypto space
Latest price from our hand picked list of digital assets
 

The price of Bitcoin has moved past the $55,000 mark this week following rumors that the U.S. Securities and Exchange Commission (SEC) will approve a BTC exchange-traded fund (ETF) later this month.

Cross-border payments giant MoneyGram has started working with the Stellar blockchain to create instant, blockchain-based transactions using the Centre Consortium’s USDC stablecoin.

The U.S. Federal Deposit Insurance Corp. (FDIC), a key banking regulator, is studying whether certain stablecoins might be eligible for its coverage. The discussions are preliminary, but sources suggest the agency is analyzing what pass-through FDIC Insurance may look like for the reserves stablecoin issuers hold at banks.

In your cryptocurrency trading journey, you will find there are various types of financial products out there that go well beyond just buying and selling a cryptocurrency for a profit. Among them are perpetual swaps, a type of derivative – a futures contract – that doesn’t have an expiry date.

Sponsored: Fancy being a part of one of the world's largest decentralized autonomous organizations, BitDAO? Here's your chance. Bybit is giving away up to 600 BIT per user! As a token holder, you can make critical decisions relating to BitDAO to help shape the future of DeFi.

Top stories in the Crypto Roundup today:

  • Bitcoin Surges Past $55,000 Following ETF Approval Rumors
  • MoneyGram Partners With Stellar For Instant, Blockchain-Based USDC Payments
  • U.S. FDIC Studying Whether Stablecoins are Eligible for Deposit Insurance
  • What are Bitcoin Perpetual Swaps
  • Sponsored: Grab Up to 600 BIT on Bybit — And Be Part of BitDAO

 
24 hours chart of the price of BTC
 

Bitcoin Surges Past $55,000 on ETF Approval Rumors

 

The price of Bitcoin has moved past the $55,000 mark this week following rumors that the U.S. Securities and Exchange Commission (SEC) will approve a BTC exchange-traded fund (ETF) later this month.

A Bitcoin ETF is an investment product that would allow investors to gain exposure to the flagship cryptocurrency without having to control any public or private keys. Such ETFs have been launched in other countries, but the SEC has so far rejected every application citing concerns surrounding the crypto market.

13 high-profile companies have applied to launch a Bitcoin ETF with the SEC, all of which hare currently waiting for an answer. ETF experts reportedly say the ProShares Bitcoin Strategy ETF may be approved on October 18.

The ProShaes Bitcoin Strategy ETF, it’s worth noting, is an ETF using bitcoin futures and not tracking the spot BTC market. Bloomberg ETF analyst Eric Balchunas said, on Twitter, he believes there’s a 75% chance of approval for the futures ETF. Former banker and crypto trader Alex Kruger also agreed that if an ETF passes “it will be a futures.”

 
Read More
 

MoneyGram Partners With Stellar For Instant, Blockchain-Based USDC Payments

 

Cross-border payments giant MoneyGram has started working with the Stellar blockchain to create instant, blockchain-based transactions using the Centre Consortium’s USDC stablecoin.

According to an announcement, the firms will start with a pilot in the fourth quarter of this year and will gradually rollout the stablecoin bridge between crypto and local currencies early next year, with the goal of connecting MoneyGram’s 150 million customers to it.

MoneyGram has in the past worked with cryptocurrency payments network Ripple, but their longstanding relationship wound down after the SEC filed a suit against Ripple in December 2020. MoneyGram’s chairman and CEO Alex Holmes pointed out the partnership with Stellar is different as it touches on consumer payments directly.

 
Read More
 

U.S. FDIC Studying Whether Stablecoins are Eligible for Deposit Insurance

 

The U.S. Federal Deposit Insurance Corp. (FDIC), a key banking regulator, is studying whether certain stablecoin might be eligible for its coverage. The discussions are preliminary, but sources suggest the agency is analyzing what pass-through FDIC Insurance may look like for the reserves stablecoin issuers hold at banks.

Such coverage would insure holders of these stablecoins against losses of up to $250,000 if the banking holding the collateral were to fail. It’s also looking at what regular deposit insurance may look like for banks that want to issue stablecoins.

An insider was quoted saying it’s part of the process by which the FDIC is trying to bring stablecoins into the banking system, adding:

“It depends on what’s backing the stablecoins. If it’s backed by reserves at the Fed[eral Reserve] for cash then I think you just make the argument that it’s a deposit. If it’s backed by Treasurys, I think you’ll have a hard time treating it as a deposit.”

Coverage could pose challenges for stablecoin issuers, as these tokens run on open blockchain networks, so anyone with a crypto wallet can receive them. The issuer would, as such, have to keep track of who is holding tokens.

 
Read More
 

What are Bitcoin Perpetual Swaps?

 

In your cryptocurrency trading journey, you will find there are various types of financial products out there that go well beyond just buying and selling a cryptocurrency for a profit. Among them are the perpetual swaps, a type of derivative – a futures contract – that doesn’t have an expiry date.

When traders open a perpetual swap trade they essentially bet on whether the value of an asset will rise or fall and may have to pay funding fees.

Just like with other derivatives, traders can choose one of two directions: they can open a long position if they believe the value of the asset is going to increase, or open a short position if they believe the value of the asset is going to decrease.

Learn more about perpetual swaps and cryptocurrency derivatives on CryptoCompare.

 
Read More
 

Grab Up to 600 BIT on Bybit — And Be Part of BitDAO

Fancy being a part of one of the world's largest decentralized autonomous organizations, BitDAO? Here's your chance. 

Bybit is giving away up to 600 BIT per user! As a token holder, you can make critical decisions relating to BitDAO to help shape the future of DeFi.

To get BIT, you'll need to:

  1. Set up an account on Bybit, if you don't already have one.
  2. Trade for at least three (3) days. 
  3. Meet the minimum all-time trading volume in Spot and Derivatives combined.

And here’s a tip: Your Spot trading volume will count for much, much more. 

Only from 00:00AM UTC on Sept. 29, 2021 to 00:00AM UTC on Oct. 16, 2021. 

Terms and conditions apply. Learn more about this exclusive offer on Bybit today.

 
Learn more here
 

Press Release

State of the Crypto by Top Tier Exchange Volume

Toplist 20 coins by top tier volume

Build your project with CoinDesk Data

 
social icon twitter social icon linkedin
 

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.

 
 
Download our App from the google play store
 
 
Download our App from the apple store