Pro-crypto senator Cynthia Lummis has invested between $50.001 and $100.000 in Bitcoin again, while El Salvador is working on building a veterinary hospital with its BTC earnings. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍The crypto market was led last week by altcoins, with returns of up to 220%. altcoins SC, FTM and SHIB grew by 20%, 46% and 220% respectively in the last week, dominating the crypto marketSiacoin (SC)'s bullish momentum is related to the token burn announcement, while Fantom (FTM)'s is related to its entry into the NFT world.
Shiba Inu (SHIB) soared following a Twitter post by Elon Musk. Bitcoin (BTC), the world's leading cryptocurrency, grew by 15% and is currently trading above $55.800 per unit. Ethereum (ETH), the second-largest cryptocurrency on the markets, rose nearly 1% to over $3.400 at the time of writing.
Bitcoin and Blockchain Adoption
📍Cynthia Lummis, US Senator for Wyoming, revealed a new investment in Bitcoin. In a recently filed document, pro-crypto Senator Cynthia Lummis revealed that she had expanded her Bitcoin investments, making a new purchase worth between $50.001 and $100.000. Lummis made this investment in mid-August, according to explains CNBC cited the document, although it did not detail the exact figure for the new investment.
Had she invested $50.001 in Bitcoin by that date, the US senator would now own at least another 1,07 BTC; whereas if she had invested $100.000, she would have made around 2,15 BTC, based on Bitcoin’s price on August 16. Regardless, Lummis has proven to be a staunch advocate of Bitcoin and the innovation that comes with it, and her commitment to it is a testament to that. The senator revealed that she made her first BTC investment in 2013, when the cryptocurrency was trading well below $1.000. Since then, she has defended Bitcoin as an investment asset and a long-term store of value.
📍Banks in El Salvador are working on Bitcoin solutions. El Salvador’s state-owned bank, Banco Hipotecario, will begin working with other financial institutions and platforms to develop an infrastructure that will boost the adoption of Bitcoin at the banking level in the country. This was reported by the DeFi platform Qredo via Twitter. According to the post shared by the platform, Banco Hipotecario de El Salvador is also working with the TESOBE, API3 and Sovryn platforms on the “bitcoinization” of the country.
On the other hand, the president of the nation, Nayib Bukele, reported through his account on the social network Twitter that El Salvador is working on the construction of a veterinary hospital with the profits obtained from Bitcoin. Bukele clarified that he is not selling part of the bitcoins that the country owns, but rather using the profits generated by the trust in Bitcoin, which is now worth more than when it was created, Bukele highlighted.
NFT and DeFi Markets
📍Yat Siu, CEO of Animoca Brads, sees extraordinary potential in NFTs to store culture. In an interview with Cointelegraph, Siu said that non-fungible tokens or NFT NFTs have great potential to “store” culture on the blockchain. According to the CEO of Animoca Brands, one of the largest gaming software developers, the benefits of NFTs go beyond simple speculation.
Miners
📍Bitmain, the largest manufacturer of Bitcoin mining equipment, suspends its business in China. The company that makes ASIC equipment for mining bitcoins said it would ensure the sustainability of its business by suspending deliveries to China, the nation that imposed a blanket ban on the crypto industry.
As Bitmain explained in a release As of this Monday, October 11, Bitmain will suspend deliveries and distribution of its Antminer mining equipment in mainland China, with the exception of Hong Kong and Taiwan. Bitmain said the restrictions are in place to ensure compliance with new regulations imposed by the country’s government, as well as its zero-carbon policy. In June, Bitmain announced that it had suspended sales of its mining equipment in the Chinese market.
📍Ethereum miners hit a 5-year high of 532.750 ethers. According to the firm Santiment, Ethereum miners now have more than 532.000 ethers in their possession, worth more than $1.850 billion. Santiment noted that this is the largest amount of ethers in the hands of miners since July 2016.
Development and Technology
📍Lightning Network, Bitcoin's scalability network, will reach 700 million users in the next decade. Arcane Research, a well-known data and analytics provider in the crypto industry, noted that Bitcoin's second-layer solution, Lightning Network (LN), may reach 700 million users in the next 10 years or less. According to its report, Lightning Network is seeing parabolic growth since its launch in 2018, driven by the adoption of Bitcoin in El Salvador and by Twitter through this scalability solution.
The analytics firm noted that the recent momentum and growth seen on LN is likely just the beginning. Over the past 30 days, Lighting Network has grown by over 23%. The network’s Bitcoin capacity now exceeds 3.000 BTC, worth over $167 million.
Rules and Regulations
📍Bitcoin Chile NGO welcomes Krypto Ledgers, developer of cryptocurrency tax software. In Chile, just like in Spain, cryptocurrency holders must declare and pay taxes, under certain conditions, on their digital assets. That is why the firm Krypto Ledgers, now a member of the NGO Bitcoin Chile, has developed software that facilitates the calculation of crypto taxes.
Via Twitter, the Bitcoin NGO welcomed Krypto Ledgers, pointing out The company makes it easy to calculate cryptocurrency taxes for both retail investors and professional traders.
Continue reading: Gary Gensler approves ETF composed of Bitcoin Revolution companies
