Industry Offers Cautious Welcome to EU’s Landmark Crypto Law MiCA

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A compromise deal that would see the use of many stablecoins limited to 1 million transactions per day is “quite a good end result,” because it will only capture real-world payments rather than trading activity, Patrick Hansen, Crypto Venture Advisor at Presight Capital, told CoinDesk in an online interview. That view may still change, since the scope of the cap is what France objected to.



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Bitcoin Withstands Dollar Dominance Better Than Equities, Gold, Etc.

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Bitcoin, along with the majority of the crypto market, hasn’t always been friends with the month of September.

  • Bitcoin records MTD performance rate of 0.83%
  • Gold struggles along with equities such as SPX and NDQ
  • Gold’s total market value currently stands at $75.086 trillion

Historically, September is considered to be a bad one for cryptocurrencies as charts in crypto space are always in red almost every day.

But, even with one of its worse seasons so far, Bitcoin manages to outperform other prime assets like gold and equities.

The crypto king, according to tracking from CoinGecko, is trading at $18,735 and has trimmed its seven-day price drop to less than 1%. However, it is still staring at a significant 24-hour loss, currently at nearly 7%.

Although it spiraled down a bit, Bitcoin was able to make just enough recovery and have a better performance compared to gold and U.S. indexes.

How Bitcoin Edged Gold And Other Assets

The September MTD performance of various assets provides some helpful data in order to break down how the league-leading crypto managed to withstand pressure from the USD and other competing assets.

Source: Arcane Research and TradingView

As can be seen from the chart, the Dollar Strength Index (DYX) placed higher than the Bitcoin (0.83%), seeing returns at a rate of 4.24%.

But because the digital asset’s performance is measured against the USD, it follows that when the dollar outperforms all other assets, it is simultaneously being outperformed by the cryptocurrency.

Ethereum, dubbed as “king of all altcoins,” and considered as the main rival of Bitcoin, was at the tail end of the performance chart with its 10.88% MTD performance.

How Other Assets Are Performing

The total market cap of gold currently stands at $75.086 trillion. However, that value wasn’t enough to keep it from being surpassed an asset akin to Bitcoin.

The Total Crypto Cap (TCC) had an MTD performance rate of 1.77% and placed behind Bitcoin (0.83) and ahead of gold (4.24%).

The precious metal, for its part, was able to stay in front of S&P 500 (5.8%) and NASDAQ (6%).

Ethereum (ETH) is the worst performer for the month of September, with its MTD rate of 10.86% was not of any help for the case of TCC.

Experts say that all the hype about the asset’s price before the Merge happened had a big impact on how it performed for this month.

BTCUSD index shows Bitcoin losing grip on the $19k handle on the daily chart | Source: TradingView.com

Featured image from Capacity Media, Chart: TradingView.com


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US Fed Chair Powell Urges Caution on Regulating DeFi

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“I think it demonstrates the weaknesses and the work that needs to be done around regulation, carefully and thoughtfully, and gives us a little bit of time,” he said. He added that it is central bankers who, as inflation risks began to materialize, may have inadvertently triggered the collapse of many DeFi initiatives.



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Fear Makes Quick Return to Crypto Markets as Bitcoin Plunges Most in 2 Months

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Unus sed leo (LEO), which is issued by iFinex, the parent company of crypto exchange Bitfinex, was up 7% on the day and is up 16% year to date. Matteo Bottacini, an analyst at Crypto Finance AG, said the year-to-date performance is “a result of great tokenomics.”



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S. Korean Crypto Project Klaytn Will Offer Gas Fee Rebates to Gaming Firms

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Under the new gas fee rebate program, selected game companies will be eligible for a 100% offset of their gas fees incurred from January 2022 onwards for up to $100,000 worth of KLAY per month. Names of these companies were not shared with CoinDesk at writing time.



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Crypto Custody Firm Anchorage Digital to Be Preferred Custodian for Layer 1 Blockchain Aptos Labs

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As institutional adoption continues to grow, it is apparent that services for cryptocurrencies continue to have a demand. Monica noticed an increased demand for institutional adoption of crypto investments, too: “We’re led by the market; when institutional investors want to invest in something, we obviously are interested in supporting it,” said Monica.



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Jack Mallers’ Crypto Payment Firm Strike Raises $80M

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“Enabling a cheaper, faster and open payment network with some of the biggest financial institutions in the world isn’t fast and easy, but it’s happening. Every company that’s in the business of moving money is interested in superior payments, and we’re in talks with many of them. It doesn’t get any bigger and more exciting than innovating in payments for the betterment of the world,” Mallers said.



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McLaren Racing Unveils Crypto-Inspired Car Livery Ahead of Singapore GP

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The livery features McLaren’s Fluro Papaya colorway with neon pink embellishments and dynamic, cyberpunk-inspired engine illustrations. McLaren told CoinDesk that the design represented the emergence of new technologies from the region, such as cryptocurrencies and the broader Web3 sector.



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The CFTC Served Ooki DAO Papers By Posting Them in an Online Discussion Forum

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The lawsuit, announced last week, is the first to be brought against members of a DAO by the CFTC, and could have wide-ranging consequences for DAO regulation in the future. Charges were also filed and settled against a blockchain protocol, bZeroX – which the CFTC claims operated the same service before handing over the reins to Ooki DAO – and two of its founders, who settled for a $250,000 monetary penalty.



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Ethereum Merge Vaults Cryptocurrency Past Bitcoin in Hard-Money Allure

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In the days since the Merge, the annualized net issuance rate of Ethereum’s native cryptocurrency, ether (ETH), has fallen to a range of 0% to 0.7%, estimates Lucas Outumuro, head of research at crypto data and analysis firm IntoTheBlock. That compares with about 3.5% prior to the Merge. The net issuance rate, also referred to as the inflation rate, is essentially the new supply divided by the existing supply.



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