9/24 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:
Fears of Chinese real estate conglomerate Evergrande defaulting on it’s debt obligations sent shockwaves throughout global finance markets this week.
Crypto Markets Fumble As China Concerns Grow
Cryptocurrency markets have seen severe losses this week as part of the global market reaction to Chinese property giant Evergrande’s debt crisis. Fears that the real estate giant would default on its debt obligations caused an upheaval in financial sectors, where the S&P and other indexes suffered losses. On Monday 9/20 Bitcoin fell from a high of about $47,000 to $42,500, and continued its downtrend into Tuesday where it fell to just under $40,000 per coin. For more information on the market downturn and the Evergrande situation, check out the full analysis here.
The Chinese government has recently doubled down on its stance against the cryptocurrency industry, where on September 15th the People’s Bank of China (PBoC) declared new measures to combat crypto adoption in China. The PBoC and other state agencies have announced new systems to track and prevent citizens from participating in any cryptocurrency transactions. These latest actions add to the growing list of crypto restrictions China has implemented in the past decade such as the mining ban in May of this year and the crypto exchange ban in 2017. For more information, check out the full analysis here.
Market Update - Bitcoin
Bitcoin is currently sitting at about $42,000 per coin after a tumultuous week of price action resulting from the Evergrande situation. A market recovery was observed mid week but has been somewhat erased due to recent news of China banning crypto transactions. For a more indepth analysis, see our article found here.
SEC Head Speaks On Crypto Regulation
U.S. Securities and Exchange Commission Chair Gary Gensler spoke to Washington Post columnist David Ignatius on the state of cryptocurrency regulation on Tuesday. Gensler stated that most projects in the crypto space can be considered securities and fall under SEC regulation. He also stated that some projects would be better suited falling under the jurisdiction of the Commodity Futures Trading Commission (CFTC). Gensler highlights the need for Congress to assist in regulation and enforcement of the cryptocurrency and stablecoin spaces, stating that the laws currently in place are far too broad to properly regulate modern financial instruments such as crypto. For more information, please read our full article here.
NFT Project Partners with Afghanistan Organization to Help Women Access Education
Non-fungible token (NFT) company Bookblocks.io has partnered with a New York based group to help Afghan women access education during the Taliban takeover. Bookblocks.io announced it will release an NFT collection on October 5th where all proceeds will be donated to Women for Afghan Women, a charity organization that helps provide women with access to education and vocational training. The artwork will consist of 2,200 NFTs in recognition of the estimated 2.2 million girls currently unable to receive education in Afghanistan. For more information, please see our in-depth article found here.
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