What’s Happened In the Crypto World this Week?

It’s another Sunday, here are the hottest topics, headlines, and events from the world of Cryptocurrencies and Blockchain Technology in the past week.

Today’s round-up is brought to you courtesy of HCSWhisky Fund — the world’s number Whisky Investment Fund led by the legendary Whisky Connoisseur, Howard Cai.

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Now, let’s get into it.

CryptoNews Round Up — Oct 11th — Oct 17th 2021.

TL:DR

· Expectations Rise as Bitcoin Approaches new All Time High

· Malaysia Police Crackdown on illegal crypto miners

· Miami City to begin paying Employees in Bitcoin

· U.S.A Becomes Largest Bitcoin Mining Market

- Expectations Rise as Bitcoin Approaches new All Time High

Following the approval of a new Bitcoin ETF by the US Security Exchange Commission that saw the Cryptocurrency markets surge by 30% last week. Industry watchers now expect Bitcoin to sustain its recent bullish till it breach its all-time high of $63,000.

With Bitcoinlurking above $60k for the past 2 days, the global cryptocurrency market has been in a state of euphoria. However, some analysts opine that now is time for investors to exercise some caution and maybe prepare themselves for some downside.

On Friday, for the first time in 5 months, Bitcoin created a market top. Market tops occur when the profitable supply represents more than 95% of all circulating supply. And usually, such market tops are followed by sharp price falls.

- Malaysia Police Crackdown on illegal crypto miners

Countries around the world have diverse reasons to clamp down on Bitcoin mining, ranging from fears of political instability to economic destabilization. However, the Malaysian Police authorities have been cracking down on crypto mining in order to save electricity.

Malaysia is known for being highly protective of its electrical resources. Recently, a local news publication reported that authorities in the state of Sarawak had arrested two caretakers of an illegal crypto mining set-up.

While police tried to locate the owner, they reported that since starting its operations in February, the place had mined about MYR 184,000 in crypto or $44,252 at the time of writing. The report did not specify whether this was Bitcoin or a mix of coins.

Amongst other hardware, the police also confiscated 90 mining rigs. It is worth noting that the investigation charges were related to the Sarawak Electrical Ordinance.

It is important to note that Malaysia while heavily kicks against those stealing electricity or meddling with power cables, Cryptocurrency mining is also not illegal in the South Asian country.

- Miami City to begin paying Employees in Bitcoin

Miami City Mayor Francis Suarez has confirmed the city will advance a plan to pay city workers in bitcoin as part of his push to make the Florida city a major cryptoasset hub. In an interview, Suarez said:

“We’re going for a request for proposal in October to allow our employees to get paid in bitcoin, to allow our residents to pay for fees in bitcoin and even taxes potentially in bitcoin if the county allows it.”

In February, a formal solicitation was made after the city commissioners backed his resolution to direct the city manager to procure a vendor to offer employees the ability to receive a percentage of their salary in bitcoin.

Suarez also wants the city to hold bitcoin on its balance sheet but statutes at the state and federal levels do not currently allow cryptocurrencies to be owned by municipalities.

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  • U.S.A Becomes Largest Bitcoin Mining Market

The United States has become the world’s largest Bitcoin mining market with a 35.4% share of the global hashrate — following a mass exodus of miners from China after the Chinese government banned cryptocurrency mining and other activities.

Kazakhstan and Russia come behind the United States with 18.1% and 11% of the global hashrate, according to new data from Cambridge University. Michel Rauchs, Cambridge Centre for Alternative Finance’s digital assets lead, said:

“The immediate effect of the government-mandated ban on crypto mining in China was a 38% drop in global network hash rate in June 2021 — which corresponds roughly to China’s share of hash rate before the clampdown, suggesting that Chinese miners ceased operations simultaneously.”

Before China’s crypto mining ban, in April 2021, the United States only had 16.8% of the global hashrate, meaning the American market share rose 105% since then. Kazakhstan and Russia saw their shares grow 120% and 61% respectively.

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