Crypto Flipsider News – September 6th – BTC + ETH Weekend Moves, SEC Uniswap + SEC Chairman, Binance Singapore, South Korea Telcos to Use Blockchain, and Zilliqa NFT
Read in the Digest
- BTC + ETH Weekend Moves, BTC Dominance Drops
- SEC Seeks Crypto Community Collaboration
- Binance Changes Offering in Singapore
- South Korea Telcos to Use Blockchain for Environmental Protection
- Zilliqa to Launch NFT Marketplace
BTC + ETH Weekend Moves, BTC Dominance Drops
Cryptocurrencies made a spectacular entrance into September, with a rising tide for all coins. Bitcoin has once again breached $50,000, for the second time in two weeks, and is now trading at $51,753. ETH was not left behind. It has climbed 24% in the last seven days to trade as high as $3,979.
Bitcoin dominance has fallen significantly, signalling the dawn of the altcoin season. Other altcoins like Ethereum, Cardano, Binance Coin, and Tether have seen their market dominance rise recently.
The 1-year index chart of Bitcoin showing a decline in its market dominance. Source TradingView
Flipsider:
- While Bitcoin market dominance has declined, it still leads the way in institutional investment
- The likes of MicroStrategy, Blackrock, Galaxy Digital, and Tesla have all invested in Bitcoin
On January 1st, the market dominance of Bitcoin reached a high of 72.6%. Depending on the crypto market price aggregator leveraged, Bitcoin’s dominance has been between 39.99% to 41.52%.
Why You Should Care
The drop in the market dominance of Bitcoin spells a complete decentralization across the crypto market. As a result, Bitcoin’s impact on the entire market will lessen.
SEC Seeks Crypto Community Collaboration
Even before his appointment as the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler has been hailed as a blockchain expert billed to take regulations of cryptos to the next level.
“Come in and talk to us,” Gensler has urged trading platforms, which make up 95% of crypto market activity. He also added that regulation would restore market trust, and crypto platforms should be appropriately registered with the SEC.
Flipsider:
- While Gary Gensler calls for the collaboration of crypto exchanges, Binance has been caught in the regulator’s webs
- In July, the SEC filed a criminal complaint against Binance
While Gensler seeks cooperation, it was revealed on Friday that the SEC has been investigating Uniswap Labs, the leading developer behind one of the world’s largest cryptocurrency exchanges, Uniswap.
According to the report, the regulatory agency is looking for more information on how investors use Uniswap and its marketing.
Why You Should Care
There has been an air of uncertainty over the crypto industry as regulators seek to tighten their grip on the industry. The SEC is currently in court with Ripple executives and Binance. Crypto enthusiasts believe these cases are significant for the future of the industry.
Binance Changes Offering in Singapore
As regulators tighten their grip on the crypto industry, crypto service providers are making adjustments to remain in line with regulatory frameworks. Following regulatory warnings in Singapore, Binance has announced changes to its offering in the country.
Flipsider:
- El Salvador has unveiled plans to make Bitcoin a legal tender on September 7th
- The move has received support from social media communities
Binance will be removing its mobile application from Singapore iOs and Google Play stores. In addition, it will be halting support for SGD (Singapore Dollar) trading pairs and payment options on the Binance platform.
Why You Should Care
As cryptocurrencies become more mainstream, we could see more stringent rules from countries controlling their potential use.
South Korea Telcos to Use Blockchain for Environment Protection
The use cases of blockchain, the technology behind cryptocurrencies, has steadily increased over the years. Since its launch, we have seen blockchain used in real estate, medicine, engineering, finance, media and entertainment, insurance, and government.
KT Corp, formerly Korea Telecom, plans to establish a digital documentation service that will utilize blockchain technology to push its ambitious green goals.
Flipsider:
- Cryptocurrencies, one of the significant utilizers of blockchain, have been criticized for being unfriendly to the environment
- Cryptocurrencies like Bitcoin that utilize proof of work have been high power consumers
In its paper titled E-documentation Digital Transformation (DX) One Team, the company reveals its plans to convert 4.5 billion paper documents into digital form each year. Achieving this feat will reduce the carbon footprint of KT Corp by 129.6 billion tons.
Why You Should Care
As concerns about the environment grow, we are likely to see more companies from around the world pursue greener goals.
Zilliqa to Launch NFT Marketplace
The euphoria of non-fungible tokens (NFTs) is back, and this time bigger than ever. The popularity of NFTs has risen to an all-time high, leading to a surge in sales and trade volumes.
Switcheo Labs has announced that its multi-purpose platform for minting, storing, and trading non-fungible tokens will launch on the Zilliqa (ZIL) Network.
Flipsider:
- The Zilliqa project was launched in 2017 and was initially called “the Ethereum killer”
- However, more recent projects like Chainlink, Solana, and Polkadot have stolen the spotlight from Zill
According to the announcement, the NFT marketplace will be housed on ZilSwap, a DeFi platform that currently commands the majority share of DEX users within the community.
Why You Should Care
While Zilliqa has been actively pushing to capture the market share of the NFT space from Ethereum, the ecosystem is still very much in its infancy. Thus, the launch of the NFT marketplace will help in accelerating Zilliqa’s growth.
Text source: DailyCoin.com
