HomeCryptoThis Week in Crypto - 19th Sep 2021

This Week in Crypto – 19th Sep 2021

Ethereum Creator Landed Position In TIME 100

One of the most popular news that made its rounds the past week was about Vitalik Buterin. He is a big name in the crypto industry as he created the popular cryptocurrency Ethereum. 

Due to his success, Vitalik managed to get his name “engraved” in the TIME 100 list. This list is that of the influential people who changed the world in 2021. He was dubbed in the weekly rendition of the list. 

Either way, this event was one of the highlights of this week. Due to his nomination, the world is now extra aware of cryptocurrency’s cultural relevance! 

The Ethereum creator has successfully highlighted the specialty of digital currency and its influence in today’s world. Indeed, Vitalik has showcased a true builder’s personality by offering the world a possibility. 

This mention has opened up a door of new possibilities. It could only give rise to numerous blockchain technologies by influencing people globally. 

He deserves this mention because Ethereum has given traders a way to leverage digital currency. 

The Coinbase Controversy 

Coinbase, a leading cryptocurrency exchange platform, had some trouble with the US government. As per their blog, the Coinbase administration finds it difficult to comprehend the reason behind the US Securities and Exchange Commission (SEC) interference. 

This commission has threatened to sue the company based on their new product related to interest-lending crypto offering that Coinbase was planning to introduce. 

This product was planned to allow people to earn interest only on a few assets on Coinbase. They were calling this innovative technology Coinbase Lend. 

According to that post, Coinbase has been actively engaging with the government for the last six months. 

They have remained transparent in the communication and have explained every step of the project. Therefore, this legal action has come to the Coinbase owners as a shock and remains unexplained. The SEC has remained quiet and refused to pass a comment. 

Other cryptocurrency platforms offer similar programs but remain active. Hopefully, the industry will get some answers in the coming week. 

El Salvador’s Bitcoin Acquisition 

After recently making Bitcoin an official currency, the country of El Salvador has surprised the world yet again! 

Nayib Bukele, the president of El Salvador, revealed that the country had purchased 400 Bitcoins. What is more surprising to the industry is the total amount – $20.9 million. Bitcoin is a legal tender in the country now, which means people can use Bitcoin to do anything. 

The economy of El Salvador will change drastically as people can now buy groceries and pay taxes using this digital currency. 

The $20.9 million will get saturated in the economy for the citizens to use. Therefore, El Salvador is officially the first country to legalize a digital currency and integrate it with the economy.  

The Bitcoin-Induced Revenue Generation

Even with Ethereum’s dominance, Bitcoin remains the highest-grossed cryptocurrency. It has the largest market capitalization and is a good indicator of the state of the crypto market. 

This week, Bitcoin managed to cross a threshold of $50,000! 

Due to this, the market has witnessed a 50% increase in its value since July. However, the normal fluctuations have affected the investments. Bitcoin is set to have an outsized impact on investors either positively or negatively by the end of 2021. 

Either way, the rise from $30,000 revenue in July still calls for a celebration! 

SEC Trying To Serve Digital Justice

Along with suing Coinbase, SEC also charged BitConnect and the executives with fraud. It came as a recent development to the defrauding claims from retail investors back in 2017 to 2018. 

Allegedly, BitConnect defrauded these crypto investors and claimed $2 billion. The real money was from fraudulent digital assets. Therefore, SEC is aggressively pursuing these claims and will hold the people accountable for this misconduct. 

Rapid Shut-Down Of Korean Crypto Exchange

The cryptocurrency exchanges in South Korea will be discontinued by next Friday. However, there is an order of stringent financial rules that the operators are trying to meet. 

Even so, all operations will be closed by September 24th if they fail to regulate with financial and internet rules. The operators are fighting against time to get their licenses. There are 63 operating services in the country, and 28 received the certification from KISA and FSC. 

The looming deadline is likely to get the community to comply with South Korean law. 

Disclaimer: All information in the site is provided for informational and educational purposes only. We are not a financial advisor. The information in this article is not intended to imply any recommendation or opinion about a financial product and is not a financial product advice. You should obtain independent advice before making any investment decisions.

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