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The Latest in Crypto News (Week ending September 26, 2021)

JP Morgan Claims Bitcoin is Losing Investors to Ethereum

According to a new report from analysts at investment bank JPMorgan, large investors and financial institutions are shifting their attention from Bitcoin (BTC) futures and toward the Ethereum (ETH) market. ETH futures are presently attracting greater attention, according to the paper, as expectations for the number one cryptocurrency have lowered (as reported by Insider). Hence, JPMorgan analyst claims that Ethereum is attracting more investors and it is a setback for Bitcoin. The analyst wrote in the report, “This is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin.” 

Central Banks consider Raising Interest Rates Testing the Price of Bitcoin:

In the next months, the price of bitcoin (BTC) and other crypto assets may face some headwinds as central banks across the world prepare to wave goodbye to the ultra-loose monetary policies brought on by the COVID-19 epidemic.  Norway’s central bank, the Norges Bank, raised its interest rate from 0% to 0.25 percent this week, becoming the first central bank in a Western industrialized nation to do so since the outbreak, citing the need to “begin a gradual normalization of the policy rate” as the economy “normalizes.”

Cryptocurrency Market Falls as China Continues its Crackdown

A group of ministries, financial regulators, and national-level courts, as well as the Chinese central bank, have released a unified statement reiterating a hardline position on cryptocurrency. Perhaps more concerning for Stablecoin issuers is the fact that the parties have specifically referenced tether (USDT) and warned that offshore exchanges that target Chinese clients may face penalties.

Following the news by the court and the central bank, the cryptocurrency market crashed. Bitcoin (BTC) fell 5% in an hour and continued to fall, Ethereum (ETH) lost more than 7% of its value, and prominent altcoins fell 6% to 9% when the news surfaced. BTC is now trading at USD 41,116 at 13:24 UTC, down over 6% in a day and 14% in a week. ETH has fallen 9% in the last 24 hours and nearly 22% in the last week.

Twitter Allows BTC Tips – Tweet and Get Bitcoin:

Twitter is introducing its Tips function, which will allow users aged 18 and above to tip one other in bitcoin (BTC) and other currencies. People may now tip with BTC on Twitter using Strike payments software based on the Bitcoin Lightning Network that is already being utilized in El Salvador, according to the company.  The new option will first be available to iOS users, with Android users receiving Twitter tips in the coming weeks.

Celebrity Endorsements Matter a Lot to Crypto Investors in the United States

According to a poll performed by the business intelligence firm Morning Consult, cryptocurrency owners collect information about possible investments differently than conventional investors. Celebrity endorsement of crypto assets, in particular, tends to matter strongly when crypto investors make investment decisions.

45 percent of those polled indicated they would purchase a crypto asset if it was promoted by a celebrity. In comparison, just 20% of respondents who classified as investors in general – including cryptocurrency holders – said the same.

Axie Infinity, the most popular blockchain game has updated its fees as the token hits an all-time low:

Axie Infinity, a blockchain-based gaming platform, has updated its “breeding costs,” partially in response to customer concerns over “an imbalance” in token issuance on the site.

According to the statement, the team behind the game is concerned about the availability of Smooth Love Potion (SLP) tokens on the platform, which has prompted the game’s pricing structure to be updated.

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