What happened last September in the cryptocurrency world? (2021)

There was powerful news last month (good and bad) for Bitcoin and cryptocurrencies. Regulations for cryptocurrencies are booming worldwide, but the market never gives up. Let’s check this September 2021 in the cryptocurrency world!

On the markets

  • Evergrande, China’s second-largest property developer, is on the brink of bankruptcy with over $300 billion in liabilities. It already missed two payment deadlines, and it’s only 30 days far from default. As a result, markets worldwide (including cryptocurrencies) have been dragged into bearish territory.

For now, the Chinese government decided to inject over $16 billion into the banking system to prevent further global damages. The total market capitalization for cryptocurrencies decreased by over 8% in September.

Cardano (ADA) reached an ATH of $3.10 per coin at the beginning of the month. On September 12, the update “Alonzo” finally introduced real smart contract capabilities on this network.

  • Ripple has been busy: it launched a $250 fund for NFT projects and partnered with the central bank in Bhutan. They’re not planning on settling with the U.S. Securities and Exchange Commission (SEC) either. Despite the efforts, XRP decreased by 25% last month.
  • Axie Infinity already has over $2 billion in all-time sales. Now, according to DappRadar, it’s the biggest contributor to the NFT economy. Its native token (AXS) was dragged into the bearish market last month, though. But it managed to end with an increase of over 8%.

Regulations on cryptocurrencies

  • Ukraine and Cuba legally recognized the Bitcoin payments. BTC is still not legal tender in there, but now it’s protected by law. Meanwhile, Laos finally authorized Bitcoin trading and mining after three years of prohibition. Countries like Panama, Colombia, Chile, and Paraguay are preparing their own regulations for cryptocurrencies. Dubai exempted cryptocurrencies from taxes in its free zone.
  • The U.S. SEC is investigating the decentralized marketplace Uniswap. This doesn’t imply necessarily an accusation, but the users aren’t satisfied with it. Beyond these borders, the Swiss Financial Market Supervisory Authority (FINMA) established that national exchanges and ATMs should ask for identifications for every crypto transaction surpassing 1,000 francs (around $1,074).
  • Iran closed over 5,000 bitcoin mining farms for unauthorized operations. In South Korea, over 60 cryptocurrency exchanges closed for the same reason last month. For its part, the central bank in Russia issued a guide to prohibit banks and other regulated financial institutions from allowing crypto-related transfers.
  • China applied a full ban on cryptocurrencies. According to the announcement, virtual currencies and related activities (such as trading, mining, or services) are officially illegal inside the country. The government is seizing thousands of mining machines and blocking cryptocurrency sites on the Internet. However, there are at least 133 BTC nodes still online inside the territory.

Hacks and scams

  • The U.S. government is planning to sanction the companies that pay ransoms in ransomware attacks. Last May, the Colonial Pipeline suffered a high-profile ransomware attack that stopped the gas supply for a while. Since then, this malware is considered terrorism by the government.
  • Bitcoin.org, a major reference site for Bitcoin, was temporarily hacked. A pop-up appeared on the webpage offering a fake giveaway for several hours. Apparently, the hacker got around $17,600 with this trick. The other archives on the web (like BTC nodes for download) weren’t compromised.
  • Another fake giveaway is being distributed by email on behalf of Elon Musk. The scammers deceive the victims to think they’re “donating” to others, and others are donating to them. Likewise, a fake wallet extension on Firefox dubbed Safepal allowed the robbery of cryptocurrencies. At least, now it’s out of service.
  • The hacks on DeFi platforms weren’t absent this month either. The victims in September were Vee Finance (+$30 million), pNetwork (+$13 million), Zabu Finance (+$3.2 million), SushiSwap (+$3 million), and NowSwap (+$1 million).

Other news

  • Green Bitcoin mining is becoming more and more popular. The company Bitfarms will install around 3,000 machines to mine with hydroelectric energy in Paraguay. The firm Stronghold Digital Mining is using discarded coal in Pennsylvania (USA), and the government of Florida is luring miners with nuclear energy. Besides, El Salvador already started to mine BTC with geothermal energy.
  • Riccardo “fluffypony” Spagni, ex-development leader of Monero (XMR), was released by the U.S. court. Last month, he was arrested in this country, since he was being requested by the justice of South Africa, where he’s accused of fraud. Now, he’s planning to come back there and face the trial.
  • A statue in honor of Satoshi Nakamoto, the mysterious Bitcoin creator, was erected in Budapest, Hungary. The public still doesn’t know who they were, so, the statue shows a golden human figure without a particular face. It’s designed to reflect the spectators, alluding to one famous phrase by Nakamoto: “We are all Satoshi”.

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Originally published at https://blog.alfa.cash on October 1, 2021.

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