Evening Hivians/Hivers!
Seems like I need to stay up to date in what’s happening each month within the crypto world, since the environment around us changes at a super high level! So, what would not be better than to write a short summary of what is happening out there each month? I stay up to date, you stay up to date, everyone wins! Let’s go through some of the main events during September and ye I know I am late, but as we say, “better to be lait than never”. Also feel free to add comments if I forgot to mention VERY important topics that I SHOULD have included in this article.
September… as probably most of the readers know started of with El Salvador allowing that bitcoin (BTC) became an official and legal payment method, cheers to that! As I recon the day got its name “Bitcoin Day” and was happening 7th of September 2021. On the other hand, BTC, at the present day, did not do as good as we hoped. BTC fell through the floor hitting the lowest within the last month. It was weakening 10% against the US dollar and fell even more the days after. Not only did we see a little plunge but the app wallet “Chivo” (which is El Salvador official BTC wallet) had huge problems in terms of the increase of the numbers of users. As we also could read in many news articles the president of El Salvador, Nayib Bukele, took advantage of the situation and “bought the dip” and acquired 150 BTC, bringing the country’s total holding of BTC to 700 (around $22 million) [Source]
As we also could read in the news September was a month characterized by increased regulatory pressure from the authorities. This concerns especially China who intensifies crypto crackdown and vows to root out trading activity and ban mining… [Source] The United States has also made some increase within the regulatory pressure. The world largest crypto platform Coinbase, and which I use myself, have been hit by uncertainty around regulations. And it is not only companies like Coinbase which are experiencing increase pressure from the authorities. Stablecoins have gotten a lot of attention lately and the authorities sees it necessary to do something here. For your knowledge Stablecoins tends to follow the value of a dollar and they allow you to quickly switch between different cryptocurrencies whenever you want. The latter functions are the reason why authorities are anxious, and they believe that this development is very difficult to control, regulatory vice… they are certainly right about that.
Anyways, one of the biggest events in September month was that the government wanted more regulations towards the “crypto world”. And as we all have read in here and on other platforms one can see that there is a lot of disagreement when it comes to increased regulations and will it affect the crypto world in a positive or negative way(?) A clear set of rules around the sector may in the long run lead to a steeper adoption curve. On the other hand, the regulations need to be somewhat reasonable, and I do not think that this is in place within the coming year. It is needed that the government have an active dialog with the biggest players within the crypto environment. Either way it will be hard for the government to follow what happens here at Hive mowing forward and other platforms if you like. The technological advancement is superfast, is the government superfast? With all that bureaucracy, lol! Even Hivians/Hivers are finding it hard to have an overview of the entire crypto space, why should the government have? It is very unlikely that the bureaucracy will have an effective solution for us any time soon. But they will try, that’s for sure…
However, September showed us that we have survived the biggest corrections for now and are most likely resuming the bull run. What can stop Bitcoin and Ethereum from achieving record highs from now on and until Christmas? The demand for crypto and the adoption we see now a days is unstoppable!
At last, throwing in a screenshot of BTC future, current rolling contract form Infront, and I can tell you… IT IS LOOKING GOOD! In time of writing, we are over 60k worth of BTC again! 😊
Stay tuned for the upcoming monthly crypto reports written by me!
Cheers
-Olebulls