7th of October, 2021

All coins seem to be on a bullish trend as they keep up the rising pace. Bitcoin rose to $55k earlier today and is currently trading at $53,996. Ethereum keeps going towards $4k, and analysts predict that we may see a $5k price this quarter.

Below is the outlook of the crypto market today.

Lisa Monaco, the Deputy Attorney General of the United States Justice Department, announced the commencement of two projects to combat cybercrime in the nation’s decentralised sphere. Monaco introduced the National Cryptocurrency Enforcement Team, as well as a civil cyber fraud effort, at the Aspen Cyber Summit yesterday, bolstering the country’s anti-money laundering (AML) and cybercrime legal framework.

The National Cryptocurrency Enforcement Team (NCET), according to Monaco, is made up of cyber and money-laundering experts. This group will help the agency “strengthen” its ability to “dismantle” economic imposters who help criminals profit from bitcoin networks.

The NCET will also go after cryptocurrency exchanges, placing regulatory obligations on them to protect consumers. Furthermore, because cryptocurrency-related crimes are diverse and can take many forms, the NCET, in addition to defending its cases, is assisting others.

“Importantly, the NCET will draw and build upon the established expertise across the Criminal Division to deter, disrupt, investigate, and prosecute criminal misuse of cryptocurrency, as well as to recover the illicit proceeds of those crimes whenever possible… The NCET will also play a critical support role for international, federal, state, local, tribal, and territorial law enforcement authorities grappling with these new technologies and new forms of criminal tradecraft.”, stated the Department of Justice Press Release.

Bitcoin’s price is skyrocketing, and some attribute it to the SEC’s impending approval of a Bitcoin ETF. Bitcoin’s price jumped 8% yesterday, passing $55,000, owing to expectations that the SEC will approve a BTC ETF on October 18, according to analysts.

An exchange-traded fund, or ETF, for Bitcoin, is an investment instrument that allows investors to purchase shares that reflect a digital asset without having to deal with the cryptocurrency directly. Because the SEC has repeatedly rejected applications for the product, citing worries about price manipulation in the crypto market, one does not yet exist in the United States.

The crypto sector has awaited the approval of a Bitcoin ETF in the United States for years, and the anticipation is that if one is granted by the SEC, it would result in a flood of institutional money streaming into the crypto market, pushing the price of Bitcoin even higher.

At least 13 high-profile organisations have applied to the Securities and Exchange Commission (SEC) to launch a Bitcoin ETF and are awaiting a response. Experts predict that an exchange-traded fund (ETF) will be approved on 18th of October. The ProShares Bitcoin Strategy ETF is the one with a deadline of October 18th.

MoneyGram International, Inc., one of the world’s leading money transfer providers, has teamed up with the Stellar Development Foundation, a non-profit organisation dedicated to developing Stellar, a blockchain network that allows for cross-border transactions. The Stellar network runs on the XLM token, currently trading at $0.3554 and has a market capitalisation of $7.8 billion.

According to Denelle Dixon, CEO and executive director of the Stellar Development Foundation, MoneyGram’s network will integrate with the Stellar blockchain to enable cash funding and payout in multiple currencies, including the US dollar and the Japanese yen, using USD Coin (USDC), a stablecoin governed by Coinbase and Circle through the Centre consortium. USD Coin was launched on Stellar in February after being designed on the Ethereum network.

Customers will be able to convert cash into and out of USDC at MoneyGram locations for immediate pickup. United Texas Bank, a Dallas-based FDIC-insured bank, will handle settlement between Circle and MoneyGram on the backend. The service is set to start in a few locations by the end of the year, with a wider international deployment in 2022, however no other specifics, such as pricing, have been revealed.

“We’re enabling consumers to bridge crypto assets and fiat currency,” says Alex Holmes, chairman and CEO of MoneyGram International, “and we think that we can be a pioneer and a leader in that opportunity.”

What’s crucial, according to Dixon, is that a large number of cash users would gain access to cryptocurrency services that were previously unavailable.

“You can bring in your cash into a MoneyGram location and bring it onto the blockchain, and you don’t have to have a bank account to do that,” Dixon explains.

“And the same is true if you don’t have a bank account to pull your assets off of the blockchain like Stellar. [Now] you can do that by going into a MoneyGram location and picking up your cash there.”

Stellar Lumens (XLM) has increased by 12% following the announcement of a partnership with Moneygram.

This would be Moneygram’s second attempt to improve its service using blockchain. Stellar is a direct competitor to Ripple, founded after Jed McCaleb, a co-founder of Ripple, left the firm owing to philosophical differences and focused solely on his project.

Stellar Lumens (XLM), Stellar’s native cryptocurrency, saw a significant increase, completing the day with a 12 percent+ gain, aided by Bitcoin’s stellar performance. With a daily high of $0.364 and a low of $0.31, XLM opened the day at $0.31 and closed it at $0.357.

Mark Cuban, the billionaire, has once again chimed in on why people prefer Dogecoin to other cryptocurrencies like bitcoin. Cuban, who owns the Dallas Mavericks professional basketball team, has been outspoken in his support for Doge as a payment mechanism. After Cuban stated eight months ago that they will begin accepting Dogecoin payments, fans of the club may now purchase tickets and items from the team’s website using Doge.

Cuban discussed why the Dallas Mavericks chose to accept Dogecoin payments on their website to Fox Business. For tickets and goods, the basketball team has accepted and continues to accept Bitcoin payments. But, according to the millionaire, bitcoin payments haven’t gained much traction. Individuals are less likely to pay with bitcoin because “it’s actually an appreciable asset,” according to Cuban, and people are more likely to store their bitcoins in order to profit from them.

The Dallas Mavericks have reaped the benefits of Cuban’s drive for Dogecoin payments. The basketball team’s Dogecoin sales increased by 550 percent in its first month, and the billionaire affirmed that Dogecoin sales have continued to expand. People prefer to pay for items and tickets using Dogecoin rather than Bitcoin. This is due to the fact that bitcoin is considered a “store of value,” but Doge is more of a short-term investment for most cryptocurrency users.

Because Dogecoin has a lower value than bitcoin, it is easier for users to use it to make payments. Furthermore, it is a more practical means of trade than bitcoin because of its low transaction fees and endless supply.

“A lot of people pay in Dogecoin. We sell thousands and thousands of dollars per month during the off-season. And once the season starts, I expect that to happen per week in Dogecoin.”

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This information should not be used by readers to make investment decisions, nor should it be considered advice to engage in investment activity. Trading digital assets carry a high level of risk and can result in the loss of your entire investment. Make sure you understand the risks involved and your level of experience and investing goals. Get independent financial counsel if necessary.

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