The price of Bitcoin, the largest cryptocurrency by market value, topped $ 57,000 on Monday morning, extending its two-week rally. It was up over 30% in October and is currently trading at around $ 57,442.
The rally is likely due to a number of reasons, including the hope that a Bitcoin futures ETF could soon be approved by the Securities and Exchange Commission and the excitement after Federal Reserve Chairman Jerome Powell clarified that it has no intention of banning Bitcoin in the US, which appeared to be “encouraging,” Ned Davis Research told CNBC.
Other altcoins have also risen this week, including the meme coin Shiba Inu, which is set to compete with Dogecoin. However, Shiba Inu still has a long way to go. It is currently number 16 while Dogecoin is number 10.
Aside from the price movement, here are five other key things that have happened in cryptocurrency over the past week.
1. NFT trading volume reached $ 10.7 billion in the most recent quarter
The trading volume of NFT or non-fungible tokens rose to 10.67 billion US dollars in the third quarter of 2021, according to a report by the analysis platform DappRadar. That is 704% more than in the previous quarter.
August in particular spurred this growth. It was a record month with over $ 5.2 billion in trading volume, according to DappRadar. Although the situation cooled somewhat in September, it still accounted for over $ 4 billion in trade.
A current lucrative use for NFTs is in-game items, where users can purchase things like skins or accessories to use in blockchain-based video games. In the third quarter of 2021 alone, in-game items generated a trading volume of 2.3 billion US dollars, DappRadar found. This corresponds to 22% of the total NFT trading volume.
2. US bank introduces Bitcoin custody service
On Tuesday, the U.S. bank, the fifth largest retail bank in the country, announced that its cryptocurrency custody service is available to fund managers, CNBC reported. The NYDIG sub-custodian will assist you in this.
This service helps managers store private keys for bitcoin, bitcoin cash and litecoin. Private keys or a password-like string of letters and numbers are used to unlock access to a holder’s cryptocurrency.
Support for other cryptocurrencies like ether is expected over time.
3. AMC accepts Dogecoin as a method of payment for gift cards
Also on Tuesday, Adam Aron, CEO of AMC Entertainment, tweeted that AMC theaters will start accepting Dogecoin as payment for gift cards.
“As we’re working on accepting online crypto payments, you can now buy @ AMCTheatres digital gift cards (up to $ 200 per day) of Dogecoin and other cryptocurrencies using a BitPay wallet,” Aron wrote. “Accepted on our website, mobile app and in cinemas.”
A few weeks earlier, Aron had announced that AMC would accept Bitcoin, Ether, Litecoin and Bitcoin cash for online payments by the end of 2021.
4. Senator Cynthia Lummis announces up to $ 100,000 worth of Bitcoin purchase
Senator Cynthia Lummis, R-Wyo., Bought $ 50,001 to $ 100,000 in bitcoin on August 16, according to a filing on Thursday. The purchase was announced outside of the 45-day reporting period of the Stop Trading on Congressional Knowledge (STOCK) Act.
A spokesman for Lummis’ office told CNBC that the delay in disclosure was due to “a filing error”.
“When we realized that, we worked with the ethics committee to fix it,” the spokesman said. “It was an honest mistake and the problem was resolved without penalty.”
Lummis has long been a proponent of Bitcoin. In fact, the purchase was made in August weeks after she and two other Senators attempted to amend the Senate Infrastructure Act to clarify the definition of who qualifies as a cryptocurrency broker. However, the change was ultimately rejected.