10/1 FAL Weekly Digest
Welcome to the FAL weekly digest, a source for this week’s biggest news articles and crypto market updates.
Here is what you need to know:
U.S. Federal Reserve Chairman Jerome Powell and other government officials release statements on the cryptocurrency space this week.
Regulatory Clarity Regarding Crypto Expands
Several high ranking U.S. government officials made statements this week regarding the regulatory state of cryptocurrencies. U.S. Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen met with the House of Representatives Financial Services Committee on Thursday to discuss the Treasury Department and Federal Reserve’s pandemic response. During the meeting a representative asked Powell to clarify statements made in July regarding the development of a U.S. central bank digital currency (CBDC). When asked if he intended to “ban or limit the use of cryptocurrencies,” Powell simply responded with “No, I have no intention to ban them".” For more information, please see our in-depth article here.
U.S. Securities and Exchange Commission Chairman Gary Gensler also made comments regarding the state of Bitcoin exchange-traded funds (ETFs) on Wednesday, reiterating his support for a specific type of Bitcoin ETF that would invest in futures contracts instead of the actual cryptocurrency. Gensler stated that this process would provide significant investor protections and that he “looks forward to the staff’s review of such filings.” For more information, please see our in-depth article here.
Market Update - Bitcoin
Bitcoin is currently valuated at $47,324 at the time of publication after a volatile week resulting from investors fearing losses from the Evergrande crisis and a potential U.S. government shutdown. We observe that BTC rebounded from the $41,000 support level on 9/29 and 9/30, ultimately increasing to a high of $48,000 on 10/1. There is potential for further upside if BTC remains in the highlighted range of $46.5-$48k. The next area of major resistance would be $50,000.
Miami Generates $7.8 Million with MiamiCoin
The city of Miami has partnered with CityCoins to create MiamiCoin ($MIA) as part of Mayor Francis Suarez’ ongoing efforts to turn the city into a cryptocurrency innovation hub. The currency was launched in early August and has already generated nearly $8 million in revenue. The blockchain project allows people to invest in cities by buying or mining their created tokens, and in return earn yields in Bitcoin (BTC) or Stacks (STX). It is revealed that 1,248 miners have already started mining MiamiCoin since launch, splitting a percentage of their mining profits with the City of Miami. Suarez estimates that MiamiCoin can generate up to $60 million for the city over the next year, helping to transform the way local city programs are funded. For more information, please see our full article here.
Twitter Unveils New NFT Verification Tool
Twitter has recently previewed a new tool being developed that will allow users to display and verify non-fungible tokens (NFTs) as profile pictures. Senior software engineer Mada Aflak shared a video revealing the new system where Twitter users will be able to connect a cryptocurrency wallet to their account and import their OpenSea NFT collections. Profile pictures from these linked collections will be marked with a verified badge, signaling that the user actually owns the NFT. The new functionality is apart of Twitter’s greater adoption of cryptocurrency and Bitcoin, which includes the integration of Lightning Network payment services onto Twitter profiles enabling users to send and receive Bitcoin directly to and from their Twitter account. For more information, please see our article here.
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