THE US Federal Reserve revealed Monday that all federal banks are going to use the ISO 20022 system for Fedwire Funds Service, and rumors ran rampant the Robinhood may start listing Shiba Inu coin.
“The Fed Board asks the public to comment on its plan to enable the FFS to start running on ISO 20022,” U.Today reported.
Meanwhile, Shiba Inu coin saw more gains today after unconfirmed rumors that Robinhood might begin listing it spread, according to Stockhead.
Federal Reserve chair Jerome Powell also announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.
Meanwhile, in El Salvador, the country has made its first forays into Bitcoin mining using power generated by a volcano, according to a video released by state-owned geothermal electric company, LaGeo SA de CV.
The first Bitcoin mining rigs have been installed in an energy factory there, where weeks ago, President Nayib Bukele made the cryptocurrency legal tender.
Plus, Bitcoin and Ethereum are going to be traded on Wall Street and Coinbase is now allowing deposits in its accounts from users.
Read our cryptocurrency live blog for the latest news and updates…
EL SALVADOR’S CRYPTO ADOPTION
El Salvador’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.
But President Nayib Bukele has argued that adopting Bitcoin will allow more Salvadorians, about 70 percent of whom don’t have bank accounts, into the formal economy.
“Who’d be against something that helps the people and doesn’t do any harm?” he said of his critics. “They’re probably politically motivated.”
EXPERTS WARN AGAINST CRYPTO APPS
Cyber experts have told users to delete several cryptocurrency apps after they were branded “malicious”.
Users should remove apps including Bitcoin Miner – Cloud Mining, Ethereum – Pool Mining Cloud, Bitcoin 2021, and Crypto Holic – Bitcoin Cloud Mining.
The cryptocurrency apps are fake and trick victims into watching ads and paying money, according to TrendMicro.
WHAT IS ALGORAND?
Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.
It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).
The computer scientist has also won the Turing Award for his work in the area of cryptography.
The Algorand Foundation based in Singapore is behind the project.
BLOCKCHAIN.COM PASSES $1TRILLION IN CRYPTO TRANSACTIONS
The world’s oldest crypto platform crossed the $1trillion line on its wallet product.
In just the last six months $200M in bitcoin was transacted, per Market Screener.
“This milestone isn’t just a monumental feat for us, but for the entire industry – demonstrating the sheer magnitude of interest in crypto across the world,” said CFO Macrina Kgil.
‘MUSK EFFECT’ HITS SHIBA INU
Shiba Inu soared 40 percent in September, days after the billionaire tweeted about his Shiba Inu puppy named ‘Floki’.
It’s not the first time the Tesla founder afcets the value of crypto through his Twitter use, something now know as the “Musk effect.”
WHO ARE DOGECOIN’S FOUNDERS?
The most popular meme coin was founded by software engineers Billy Markus and Jackson Palmer.
At the time, Markus was working for IBM from Portland, Oregon, while Palmer was a member of the Adobe Systems Marketing Department in Sydney.
Markus then reached out to Jackson Palmer and jokingly tweeted, “Investing in Dogecoin, pretty sure it’s the next big thing.”
Ten days later, the pair were in touch about developing it together.
WHAT IS BABYDOGE?
BabyDoge was created by the Dogecoin community which designated DogeCoin as the “father” of BabyDoge.
But unlike other cryptocurrencies, BabyDoge isn’t used as currency.
DogeCoin has no limit on the amount that can be mined, but only a certain amount of BabyDoge exist, and no more can be created.
WHAT IS SOLANA (SOL)?
Often described as an Ethereum rival, Solana is a blockchain platform for decentralized apps maintained by the Geneva-based Solana Foundation and developed at San Francisco’s Solana Labs.
According to its developers, Solana is “the fastest blockchain in the world” Last week it hit an all-time high on Thursday, peaking at $214.96.
ROBINHOOD TO ALLOW RECURRING INVESTMENTS IN CRYPTO
The financial services company will let users set up recurring investments. incryptocurrent.
Before users could only set up automated buys for stocks and ETFs, according to MarketWatch.
“The crypto markets can be volatile due to the nature of the industry,” said the company in a statement.
“Investing on a recurring basis can help you focus on long-term growth, reduce risk, and reduce the stress of timing the markets.”
WHAT IS A MEMECOIN?
MemeCoins are cryptocurrencies associated with a theme or an online joke.
DogeCoin was the first of its kind – it was named after a popular internet meme of a dog, which now serves as the cryptocurrency’s logo.
Other MemeCoins include imemecrypto, pepememefrogree and jakememe70 and Shiba Inu, now the second-largest MemeCoin, after DogeCoin.
CELEBRITIES ENDORSE DOGECOIN
Dogecoin has received backing from celebrities including Elon Musk and Snoop Dog, pushing up the price.
But Musk’s appearance on Saturday Night Live in the US saw the the price of Dogecoin plummet for a brief period of time.
Dogecoin’s price was over $0.70 on the Saturday of the show, but shortly after Musk’s mention of the cryptocurrency, the price fell, hitting $0.47.
Dogecoin then hit its lowest at around $0.25 on May 23.
BABY DOGE PRICE PREDICTIONS CONTINUED
Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun in July: “Baby Doge is piggybacking on Dogecoin’s popularity to drum up interest.
“It is still in its infancy and its roadmap appears audacious at best and should be taken with a huge fist of salt.”
Charlie Barton, investment specialist at comparison site Finder, added: “These are of course risky and volatile projects.
“Your guess is as good as mine about where this particular project will go next.”
The market is unpredictable as it’s affected by a number of factors, including regulatory crackdowns and comments by high-profile individuals.
BABY DOGE PRICE PREDICTIONS
Plenty of experts and crypto fans have made price predictions for Baby Doge, although they’re nowhere near guaranteed.
Given it only launched at the beginning of the summer, it’s especially important to take the forecasts with a pinch of salt.
And fans hoping for a $1 value will likely be waiting a long time given its current price of $0.000000000469.
For example, Wallet Investor has set a one-year forecast of Baby Doge at $0.000001.
While DigitalCoinPrice expects the crypto to hit $0.0000000007 this year and $0.0000000021 in 2028.
BABY DOGE CONTINUED
Baby Doge was started by fans and members of the Dogecoin community, but the two aren’t connected.
It’s one of many cryptocurrencies that incentivize holding on to it by charging a transaction fee.
Investors who sell the crypto will be hit with a 10% fee, of which 5% is redistributed to existing holders of Baby Doge.
WHAT IS BABY DOGE?
Baby Doge launched on June 1 this year and is a “deflationary coin” set to become more scarce over time, according to its website.
It features a mascot that looks like a puppy version of its “father” – the Shiba Inu dog that is the face of Dogecoin.
The latter was first launched as a joke in 2013, but has since shot up in value.
ETHEREUM BEATS BITCOIN FOR VOLUME TRADING GROWTH
Recent date by Coinbase also found that trading volumes for Ethereum reached $1.4trillion in the first half of 2021 – an increase of 1,461% compared to the same period in 2020.
In comparison, $2.1trillion worth of Bitcoin was traded – a lower increase of 489%.
Mr Peters said: “It’s the first time Ethereum has beaten Bitcoin for trading volume growth in a sustained period.
“At the same point in their life cycles – six years in, Bitcoin had a market cap of around $5billion, whereas Ethereum has a current market cap of $300billion.
“So, you could argue that Ethereum is growing at a much faster pace.
“That being said, with a nearly $37,000 price difference, it still has a long way to go to catch up.”
ETHEREUM HAS ‘LONG WAY TO GO’
Ethereum also has “a long way to go” to overtake Bitcoin in terms of price, Simon Peters, cryptoasset analyst at eToro, said.
However, just looking at it in pure price terms may be too simpistic.
Mr Peters added: “As the number of projects on Ethereum grows and more transactions occur, the demand for Ethereum could outstrip supply which would cause an appreciation of the token price.”
COULD ETHEREUM OVERTAKE BITCOIN?
It’s difficult to say for certain, but it’s possible Ethereum one day overtakes Bitcoin as the dominant crypto, according to Goldman Sachs.
Last month, the bank said Ether “looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications”, reports Business Insider.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, added to The Sun: “Bitcoin may boast the strongest brand in the crypto world but it doesn’t provide the same opportunities as a launch pad for decentralised apps.”
“However, the currency is still wracked with volatility and this makes it unreliable as a store of value.”
CRYPTO HOLDERS SUE APPLE FOR ALLEGED SCAM
A lawsuit filed in September claims a fake scam app available in its App Store caused Maryland resident Hadona Diep to lose 474 XRP tokens, worth about $507, according to CoinDesk.
The supposedly fraudulent app is a spoof of the legitimate Toast Wallet called Toast Plus.
The complaint says “hundreds or thousands” of users were scammed by the Toast Plus scam app and that over $5 million in cryptocurrency was stolen.
FACEBOOK TO GET INTO CRYPTO WITH ‘DIEM’ COIN
The company will get in the digital currency business with its upcoming digital wallet: Novi.
Novi will use the stablecoin Diem, as reported by Yahoo finance.
Diem was first known as Libra when it began in 2017, but rebranded after receiving backlash.
Diem operates independently from Facebook but it still has close ties to the social media giant.
Facebook Financial plans to launch Novi in the coming months.
SOUTH KOREA’S CRYPTO EXCHANGE TO SHUT DOWN
Most of South Korea’s cryptocurrency exchanges will shut down by next Friday as new rules by the nation’s financial watchdog will come into effect.
As of September 24 all exchanges in the country must get licenses from financial and Internet regulators.
And as of the week before, only 28 out of the 63 exchanges operating in the country have received certification from the Korea Internet and Security Agency, as reported by Fortune.
CARDANO PREDICTIONS PART 2
Currently, Cardano trades at $2.57.
By the end of the year, Cardano is expected to hit $5, according to CoinPriceForecast.
Then by mid 2025, the price of Cardano is forecasted to double to $10. That would give it around a $316 billion market capitalization.
In a year, WalletInvestor sees Cardano’s price hitting around $4.74. In five years, the forecast is lifted to roughly $12.51.
The question is will Cardano be able to sustain those types of gains in the future?
Lark Davis, crypto analyst and YouTuber, this week said that if Cardano quadruples its value, which may happen, it would hit the same market cap as Ethereum.
And if it rose by 10 times, then it would have the same cap as Bitcoin.
Meanwhile, another expert is skeptical about big gains for Cardano happening in the long-term.
“Cardano is a ship on a rising blockchain and wider DLT tide,” Elizabeth Hunker, an advisor at blockchain firm DecentraNET told The Sun.
“But its longevity and/or long term ‘moon potential’ is another thing altogether, and entirely dependent if its Ghost Chain ecosystem, aka, notable lack of dApps, coming to life.”
CAN CARDANO OVERTAKE OTHER CRYPTOS?
While Cardano has some advantages, it’s still much less valuable than the other two cryptocurrencies.
In terms of market capitalization, Cardano is valued at under $90billion.
Bitcoin commands a market capitalization of nearly $1 trillion, whereas Ethereum is valued at around $372 billion.
However, the gains Cardano has experienced this year have far exceeded Bitcoin and Ethereum.
Year-to-date, Cardano is up more than 1,400%, Ethereum has risen 330%, and Bitcoin has climbed 67%.
VOLATILE PRICE OF CARDANO
You could also lose a lot of money quickly – given the high volatility in the crypto space.
For example, the price of Cardano dropped to as low as $1.06 in May, down from its high of $2.46 earlier in the month.
And be sure to carefully research crypto, as the industry can be challenging to understand.