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Weekly Crypto News (October 10, 2021)

Users of Bakkt can now use Google Pay to spend Bitcoin:

Bakkt, a digital asset marketplace, announced that its customers would be able to use Google Pay to make daily transactions using their Bakkt Visa Debit Cards.

The firm intends to expand its use of Google Cloud’s capabilities by adding additional analytics, as well as artificial intelligence (AI), machine learning (ML), and geolocation features, to its platform. “Digital assets such as bitcoins will be converted to fiat currency for these payments to occur”,  Bakkt announced. 

Securities and Exchange Commission has approved a Bitcoin-related ETF:

The US Securities and Exchange Commission has authorized a new bitcoin (BTC)-related Exchange-Traded Fund (ETF). According to Tad Park, CEO and creator of Volt Equity, the new ETF intends to follow companies that have a majority of their assets in bitcoin or earn a majority of their revenue from related activities such as Bitcoin mining, mining hardware manufacture, or loan services.

The Volt Crypto Industry Revolution and Tech ETF was authorized by the Securities and Exchange Commission on October 5 and is expected to launch on the New York Stock Exchange within the next three weeks.

BTC rises 25% in a week:

According to statistics from crypto exchange OKEx, Bitcoin (BTC) futures traders are becoming negative on the number one cryptocurrency, favoring short positions over longs, once again. Traders on the rival exchange Binance, on the other hand, were less gloomy about the coin’s near-term prospects.

According to an OKEx futures market report released a few days ago, the ratio of long to short holdings on its bitcoin futures market has decreased since the end of September, following an increasing trend throughout the majority of August and September. 

Bitcoin was trading at USD 54,664 at 15:10 UTC on last Friday, up more than 1% in the previous 24 hours. After breaking above the USD 55,000 barrier on Wednesday, the price has risen by 25% in the last seven days.

Coinshares invests in a Swiss Bank:

CoinShares, a digital asset investment firm, is increasing its presence in the world of regulated financial institutions by investing in Swiss-based online bank FlowBank, gaining a stake of more than 9% in the company. 

Caroline Puder, Head of Marketing and Communications at FlowBank, told that the Swiss bank has noticed “a dominating trend of [customers] interested to invest in [cryptocurrencies], and we are here to satisfy the need”. 

Spear-Phishing Attacks to Target Crypto Users:

According to a UN report, North Korea is launching spear-phishing attacks on the cryptocurrency users and is targeting crypto users in a number of countries, including across the border in South Korea.

The UN claims that Pyongyang-linked hackers and state-sponsored crypto thieves are “primarily exploiting social media platforms to identify targets and initiate first contact” with crypto holders, according to Newsis and SBS.

NFT project ‘Evolved Apes’ Developer disappears with USD 2.9 million:

Investors in the Evolved Apes non-fungible token (NFT) project have been kept in the dark after the project’s mysterious creator vanished with ETH 798 (USD 2.9 million) in project money.

The creator, who goes by the pseudonym ‘Evil Ape,’ has previously stated that the NFT collection will be included in future combat game involving apes. According to a report from Vice, the game has yet to be released, and the developer has gone. 

The project’s official Twitter account and website, both of which could not be accessible at the time of writing, disappeared along with Evil Ape and the USD 2.9 million in sales revenue. The Evolved Apes NFT collection is described on NFT marketplace OpenSea as “a collection of 10,000 unique NFTs trapped inside a lawless land.”

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