With the crypto market’s ups and downs and the most important announcements, partnerships, and controversies, TheCoinRise is back with the latest news roundup for November 22.
Bitcoin and Ethereum share the same room
King of the market, Bitcoin is seeking a stable level after a slide down of 10% in the past seven days, while Metaverse tokens seem totally unaffected by the market’s correction. Bitcoin above the key $56,000 zone is a safe situation for investors. However, the $65,000 resistance level would probably limit the speculated upcoming uptrend.
As TheCoinRise reported an insightful and quick technical analysis for Ethereum, it is evident that the two major coins are walking hand in hand.
The RSI on major traditional crypto tokens is in an oversold zone, indicating a price recovery that could bring more traders into the market.
Australia’s active crypto involvement and two opposite views
With Crypto’s vulnerability to volatility, it has been criticized by many big faces. The most recent in the list is the chief investment officer of the Spirit Super from the Australian Pension Fund Industry, Ross Barry, who finds the crypto tokens highly risky and volatile to be a part of institutional portfolios.
On the other hand, Jane Hume, the senator from the same nation, believes in the DeFi system and its fast-growing nature. She advised the authorities not to ignore the potential of the industry behind the curtain of fear. The two totally opposite views imply the division of the views over the crypto industry, but the investors’ participation says something else as over 17% of the citizens are involved in crypto trading and investing.
Along with that, as TheCoinRise reported on November 19, the Reserve Bank of Australia executive mentioned the unclearness in the crypto investors statistics, which further confirm the massive crypto ownership in the country.
Metaverse is today’s hero
The adoption rate and popularity of the industry are visible with the recent upward rally of the Metaverse tokens, including The Sandbox (SAND), Decentraland (MANA), and Realm (REALM). The continuous upward motion of these tokens amidst the market correction by top coins makes them the hot and spicy stuff for the investors after the losing grace of meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB).
TheCoinRise covered the major factors contributing to this bullish thread, and the biggest factor that came into the picture is the people’s love of gaming tokens and Non-Fungible Tokens (NFTs). The contribution of the gaming industry, along with the recent major fundings, boosted the confidence of investors in the Metaverse, which offer hyper-realistic experience, including gaming adventures. Another factor attracting a major chunk of investors is the avenue offered to users to earn rewards from gameplays, strengthening users’ side hustle streams.
TheCoinRise recently reported the unique ways in which South Korea is adopting and embracing Metaverse technology. The boosting factors surged the price of MANA which surged and attained a new all-time high at $4.69 recently. On the other hand, SAND also represents a steady growth of Metaverse in the past week when it gained by over 58%.
The increased crypto adoption has been intensified by the Austria-based crypto exchange platform Bitpanda as it partners with France-based fintech Lydia to provide Lydia’s users (more than 5 million users) the facility of investing in digital assets. The product has been fully integrated with Lydia’s payment system to provide users to trade over 170 digital assets, including ETFs and fractional stocks. The announcement comes as a part of the exchange’s mission of strengthening its foundation in France and ultimately in Europe.
We have also reported a recent study by multinational professional services network Ernst & Young, which concludes that traditional alternative investors are researching and thinking to try their hands on crypto assets. The report further reveals that 31% of hedge fund managers, 24% of alternative investors, and 13% of private equity managers accepted their plans on the addition of Crypto to their portfolios in the coming one to two years.
Regulatory decisions around the world
The regulatory bodies and lawmakers around the world have been the most active these days, and the Financial Conduct Authority (FCA) of the UK is the most recent authority on the list. REgulators are highly concerned about the misuse of the industry in money laundering, tax evasion, and terrorist financing. The UK regulator is partnering with external consultants to train the staff on terrorism financing and money laundering activities to minimize the notorious activities in the nation.
The fearful behavior of the regulators is clearly visible as the Russian regulatory body, Federal Taxation Service (FTS), stated on November 22 that the industry can potentially cause huge erosion to the tax base of the nation.
Finally, the news that caught the major headlines is the Invesco exec disclosing the reasons behind the company’s decision to drop BTC Futures exchange-traded funds (ETFs). The investors are highly interested in the product by the company when the global head of ETFs and indexed strategies at Invesco, Anna Paglia, explained the company intended to make the product a combination of multiple things, instead of 100% commitment to Bitcoin future, which the SEC is looking for.
The day was filled with tons of partnerships and innovations, and we will come back tomorrow with another insightful daily roundup.
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