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Gate.io Blog Christie’s Held Record NFT Auction, Coinbase to Accept Crypto Payroll, and the Tehran Stock Exchange was Caught Mining Cryptos

Christie’s Held Record NFT Auction, Coinbase to Accept Crypto Payroll, and the Tehran Stock Exchange was Caught Mining Cryptos

30 September 16:46
Market trends? Latest headlines? What’s happening in the financial markets? And global news? Everything you need to know is here at Gate.io Weekly Newsletter.

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Cryptocurrency Market

Crypto markets, especially exchanges, took a significant dive this week due to a new regulation announced by the People's Bank of China. On the 24th, the spot prices of BNB, HT, and GT all saw a significant drop. The prices of major cryptocurrencies such as BTC and ETH also saw a decline, particularly BTC has seen a plummet of 4.58% in a single day. From a technical standpoint on the daily chart, BTC is still hovering within the Bollinger bands and has not broken the lower limit. For the time being, the new regulation hasn't caused a ripple effect on major cryptocurrencies.

On the 29th, the BTC momentum index has seen a minor increase. CCI and ROC both got rid of the slump of the previous days and started to rise, and a reversal trend is starting to emerge from a market pattern view. Since the 28th, the price of GT began to pick up, returning to within the bounds of Bollinger bands. The CCI has also returned to the normal fluctuation range of -100 to 100. Although GT and other CeFi tokens are still showing weakness on the trend indicator level, a rise in the momentum index may signal a reversal.

Crypto News

Christie's, the world's largest auction house, recently held its first NFT auction in Asia, and successfully concluded on the 28th. The auction had a turnover of $15 million, nearly three times the estimated turnover before the opening, achieving a record high in the Asian markets. There were 14 NFT artworks in this round of auction, which attracted 279 registered buyers from the United States, Switzerland, Hong Kong, and China. So far, Christie's NFT auctions have totaled over $100 million in turnover.

Facebook announced the launch of an XR Programs and Research Fund that focuses on the Metaverse, and to finance Facebook's own projects and external research. The fund's initial partners include the Organization of American States, Women in Immersive Tech, and several other organizations, and the program is expected to run for at least two years.

The Block reports that Coinbase will begin supporting U.S. users to deposit payroll directly into their Coinbase accounts in the coming weeks. Coinbase has stated that users' direct deposits will be convertible to U.S. dollars or any of the other 100 cryptocurrencies currently supported by the platform. Coinbase also stated that it has partnered with a number of companies, including M31 Capital, Nansen, and Super Rare Labs, to enable employees to receive their payroll & compensation in cryptocurrencies. In addition, Coinbase announced a new feature for its Visa debit card that allows customers to earn up to 4% cryptocurrency cashback rewards.

At the CNBC Investor Summit, Katie Haun, General Partner at a16z, a VC firm, commented that the crypto coin industry is not really against regulation, but does need clarity from regulators. Global regulators need to assess the fact that we have moved beyond a purely financial use case in cryptocurrencies, and therefore regulation cannot simply be a one-size-fits-all approach. Haun also noted that the SEC's position in the traditional financial industry allows it to regulate a large part of the industry. But in reality, there are increasingly more areas within the industry that no longer fall under the jurisdiction of the SEC.

News in the Financial Market

Seven U.S. Congressmen recently sent a joint letter to Federal Reserve Chairman Jerome Powell in order to ask about the Fed's progress on cryptocurrency regulation. Among the questions are how the Fed will handle cryptocurrency custody for federal banks, including its role in establishing international standards for central bank digital currencies. In addition, the letter asks about the Fed's coordination with other financial regulators and the release schedule of a discussion paper on the CBDC.

The Swiss Financial Market Supervisory Authority (FINMA) has announced that it has approved the Crypto Market Index Fund as "the first crypto fund established under Swiss law. The fund, which was launched by Swiss asset manager Crypto Finance, will be managed by PvB Pernet von Ballmoos AG, an investment management company, and will be held in custody by regulated institution SEBA Bank AG. According to FINMA, the newly approved fund is restricted to qualified investors, and will solely focus on cryptocurrencies and digital assets based on blockchain or distributed ledger technology.


Big News
The Korea Financial Services Commission recently announced that the amendment to the Enforcement Decree of the Specified Financial Information Act was passed at the Cabinet meeting. The amendment changes include that cryptocurrency exchanges must develop and implement business guidelines to prevent exchange operators and executives from trading cryptocurrencies on the exchanges where they work. Insider trading is only allowed when converting cryptocurrencies into Korean won for tax purposes. Exchange brokers are also prohibited from selling cryptocurrencies issued by trading. The amendment aims to prevent market manipulation and unfair trading practices.


In a recent raid, Iranian authorities discovered cryptocurrency mining equipment in the basement of the Tehran Stock Exchange. The exchange initially scuffled to deny the presence of miners and claimed that the equipment was just part of an internal research project, with executive deputy director Beheshti Sarsht later saying that the company was responsible for its actions. Chief Executive Officer Ali Sahraee has now left the company. Iran's president had announced in May this year that cryptocurrency mining projects would be banned this summer, in order to reduce demand on the country's power grid.

The Bank of England (BoE), announced on Wednesday that it has now established a third-party working group to provide input as the BoE pursues initiatives related to the central bank digital currency (CBDC). The list announced by the central bank includes prominent figures from the new banking and payments sector, as well as several companies associated with the crypto space. Notable members include PayPal, Monzo, Starling, Checkout.com, ConsenSys, R3, Visa, and Mastercard, among others.

Gate.io Weekly Blogs:

Author: Gazer. C & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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