Top Crypto Events GlobalBlock Trading Desk Tracks Monday Morning

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Below is a brief note on recent moves and news regarding Bitcoin (BTC / USD) and digital assets from Jonas Luethy, Sales Trader at GlobalBlock, a UK-based digital asset broker.

Evergrande will not impact the markets as far as feared, Bitcoin recovers

Bitcoin fell nearly $ 5,000 after the announcement last week that China would ban crypto again. After it emerged that the fears were overblown, most assets returned to their previous levels. Some experts have even suggested that Bitcoin is entering a bullish race and could surpass $ 45,000. Most altcoins are in the green, including Ethereum (ETH / USD), which has once again surpassed $ 3,000.

Chinese offshore exchanges do not accept new users from the mainland

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Exchanges like Huobi are not accepting new users from mainland China and are closing all Chinese accounts as of December 31. DEXs like Sushiswap and Uniswap gained popularity after China banned their centralized counterparts. DEXs can be set up in minutes as they don’t have KYC rules in place and don’t require anything from users except a crypto wallet. DYdX, a decentralized derivatives exchange, has attracted a large number of new users, for the first time surpassing Coinbase in trading volume.

Debate on the 1T dollar infrastructure bill voted on Thursday this week

The $ 1 trillion infrastructure bill that was hotly debated earlier this year will be passed on September 30. It will force all crypto related entities to report taxes. Members of the crypto community and even some lawmakers fear the legislation will stifle financial innovation. Miners, stakes, wallet providers, software developers, and node validators will all need to report transactions to the IRS. The bill aims to get $ 28 billion for Uncle Sam, which is why President Nancy Pelosi and other prominent politicians are confident it will pass.

Cardano partners with COTI, Chainlink

The Cardano (ADA / USD) use case will grow further through several exciting new partnerships. The first is with the software development company COTI. COTI and Cardano will create Djed, an algorithmic stablecoin. Cardano has also entered into a partnership with Chainlink (LINK / USD), whose native token is the 15e largest by market capitalization. The partnership could push Cardano ahead of Ethereum in terms of market capitalization.

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