On Monday morning, the price of bitcoin, the most valuable cryptocurrency by market capitalization, hit $57,000, continuing a two-week rise. It's risen more than 30% in October, and it's currently worth roughly $57,442.
The rally is likely due to a number of factors, including optimism that a bitcoin futures ETF will be approved by the Securities and Exchange Commission soon, as well as excitement following Federal Reserve chair Jerome Powell's clarification that he has no plans to ban bitcoin in the United States, which appeared to "embolden" investors, according to Ned Davis Research.
Other altcoins, including meme-coin shiba inu, which wants to compete with dogecoin, have also risen in value this week. However, the Shiba inu has a long way to go. It is now ranked 16th, with dogecoin ranked 10th.
Aside from price fluctuation, here are 5 other key things that happened in crypto this week.
1. Last quarter's NFT trading volume was $10.7 billion
NFT (nonfungible token) trading volume increased to $10.67 billion in the third quarter of 2021, according to a research from analytics platform DappRadar. This represents a 704% increase over the previous quarter.
August, in particular, was a driving force behind this expansion. According to DappRadar, the month had a record-breaking trade volume of nearly $5.2 billion. Even while trading volume dropped marginally in September, it still accounted for approximately $4 billion.
In-game products, in which users can buy things like skins or accessories to use in blockchain-based video games, are a current profitable usage for NFTs. According to DappRadar, in-game products generated $2.3 billion in trading volume in the third quarter of 2021 alone. This accounts for 22% of the overall amount of NFT trading.
2. A new bitcoin custody service has been launched by a US bank
U.S. Bank, the country's fifth-largest retail bank, revealed on Tuesday that its bitcoin custody service is now available to fund managers. NYDIG, the sub-custodian, will lend a hand.
Managers can use this service to store private keys for bitcoin, bitcoin cash, and litecoin. Private keys, or a string of letters and numbers that resembles a password, are used to get access to a cryptocurrency holder's funds.
Other cryptocurrencies, like as ether, are expected to gain support in the future.
3. Dogecoin is accepted as payment for gift cards at AMC
AMC Entertainment CEO Adam Aron also tweeted on Tuesday that AMC theatres will start accepting dogecoin as payment for gift cards.
"As we work to accept online crypto payments, you may now buy @AMCTheatres digital gift cards (up to $200 per day) using a BitPay wallet with dogecoin and other cryptocurrency," Aron said. "Welcome to our website, mobile app, and cinemas," says the company.
Aron announced a few weeks ago that AMC will accept bitcoin, ether, litecoin, and bitcoin cash for online payments before the end of 2021.
4. Senator Cynthia Lummis discloses a bitcoin purchase worth up to $100,000
Senator Cynthia Lummis, R-Wyoming, purchased bitcoin worth between $50,001 and $100,000 on August 16, according to a filing on Thursday. The transaction was made after the Stop Trading on Congressional Knowledge (STOCK) Act's 45-day reporting deadline had passed.
The delay in disclosing was due to "a filing error," according to a spokesman for Lummis' office.
The spokeswoman said, "Once we noticed it, we worked with the ethics committee to remedy it." "It was an honest blunder, and the matter was settled without repercussions."
Lummis has long been a bitcoin advocate. In fact, she and two other senators attempted to change the Senate's infrastructure bill in August to address the definition of who qualifies as a bitcoin broker. The amendment, however, was ultimately rejected.
5. The Biden administration weighs issuing an executive order to regulate cryptocurrency
Bloomberg reported on Friday that the Biden administration is considering issuing an executive order directing federal agencies to research and make suggestions on the cryptocurrency market.
The order would define the roles of various departments, such as the Treasury Department, Commerce Department, National Science Foundation, and national security agencies.
While a draught of the prospective order has been circulated around officials and regulators, no decision has been made to move further, according to Bloomberg.