September 2021 Crypto Recap – CrossTower

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September 2021 recap

In September, we saw the price of Bitcoin (BTC) drop from around $ 52,000 to $ 40,000. Towards the end of the month, the downtrend came to a halt, with Bitcoin hitting around $ 45,000. It has been an exciting month for crypto with many developments within the industry. One of the big events of the month was Bitcoin which is legal tender in El Salvador. The country has also acquired over 150 Bitcoins. China, on the other hand, was not as crypto-friendly, and towards the end of September, the country continued its crackdown on the cryptocurrency space.

In the Bitcoin ETF space, there are many applications still awaiting SEC approval and SEC Chairman Garry Gensler has reiterated his support for a Bitcoin ETF based on futures. We have seen several companies file applications with the SEC in the hope of obtaining approval. These companies include Bitwise, Skybridge, and Amplify. Invesco and Galaxy Digital also filed a joint ETF application. Also linked to the regulation, US Homeland Security has signed a contract with Coinbase where the exchange will provide blockchain analysis software.

Cryptocurrency continues to see its institutional adoption. Ark Investment Management has revised the ARKW prospectus to allow the fund to invest in Canadian crypto ETFs. MicroStrategy also increased its holdings of BTC this month, bringing the total to 114,000 BTC. Interactive Brokers started crypto trading through Paxos, and quantitative trading firm Jump started a crypto division. PayPal also continued its involvement in crypto and released a new app for crypto, savings, and direct deposits.

The decentralized finance (DeFi) space has also been active. Societe Generale requested a $ 20 million loan on the DeFi MakerDAO platform, offering to use a tokenized bond as collateral. NFT OpenSea Marketplace confirmed that an employee used insider knowledge when purchasing NFT, and that employee has since resigned. SushiSwap co-founder 0xMaki has announced he will step down and move to an advisory role. The Solana blockchain also went down in September, with the outage being attributed to a denial of service attack targeting a DEX offering. Finally, DEX 1inch aggregator has blocked US traders but said it plans to launch a separate US platform.

CrossTower Inc. is providing this content for general informational purposes, to better inform you about your journey of investing in digital assets. We do not provide investment recommendations or tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.

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