With the crypto market going slightly up with a clear indication of the uptrend along with the most important announcements, partnerships, and controversies, TheCoinRise is again here with the latest news roundup for November 23.
Market regains some of the losses
The top cryptocurrency Bitcoin finally seems to be finding a way to trek the upward hill towards the peak. With a surge of 2.5% on the daily chart, it is currently trading around $57,500. Ethereum, on the other hand, is showing the loyal signs of being a true altcoin with a surge of 6.8% in ETH price. The market is looking green, with SafePal (SFP), Loopring (LRC), and Audius (AUDIO) topping the highest gainers list.
Ripple Labs sees positive progress against SEC
Ripple Labs, one of the top firms in the crypto world, has finally shown some positive progress in its legal fight and processing against the U.S Securities and Exchange Commission (SEC). As per Brad Garlinghouse, the company’s CEO, the battle over the XRP’s status as security is turning into the firm’s side.
Throughout the continuing Ripple and SEC case, there have been a number of accusations and defenses, and one of these claims was presented by Garlinghouse himself that the SEC catalyzed ETH’s goal to overtake XRP. However, the final takeaway for industry players for this event is to push the SEC into creating structured regulations.
Whales are doing what they are famous for
The crypto adoption is at its peak, which is evident from the recent report by TheCoinRise, which reveals that the long-term BTC holders are attaining a fresh multi-year high despite the recent as well as May-June’s price correction. Bitcoin accumulation is increasing every day, with non-zero wallets also sitting at a new peak. Our recent report also mentioned the grabbing of 207 more BTC by the third-largest BTC whale.
The recent report by TheCoinRise regarding the exchange whale ratio indicator reveals that Bitcoin whales are moving a large number of coins to the exchanges. CryptoQuant’s website also reveals that just the top ten deposits on the exchanges control more than 90% of the exchange inflows.
Citibank hiring for 100 roles to support crypto-asset capabilities
The daily roundup cannot exclude the hot headline of the New York-based consumer division of financial services multinational Citigroup, Citibank hiring for 100 roles across its institutional client group (ICG) to improve its digital asset capabilities. The institution has already appointed a new head of digital assets for ICG. The primary goal of the bank behind the actions is the building of a team to collaborate with other branches for the identification and development of products and capabilities for crypto assets.
El Salvador witnesses ATH for its USD Bonds
When it comes to Bitcoin adoption, we cannot forget El Salvador. The country’s latest announcement over the building of a Bitcoin City with the funding from Bitcoin Bonds has surged the country’s USD bonds from $0.64 to $1 on November 22.
However, Bloomberg’s report also revealed that the debt situation in the country has made it one of the worst performers in international trading. It looks like the investors in the country are losing faith in President Nayib Bukele after the International Monetary Fund (IMF) declined to assist the nation with development funds.
The president of the Central Reserve Bank of El Salvador also assured the citizens that the crypto adoption would not affect the IMF talks, which was proved wrong recently.
Australia’s divided views on crypto that we covered on yesterday’s crypto roundup continue today, as well as the Commonwealth Bank of Australia said that it finds missing out on crypto riskier than the risky underlying concerns many talk about. Contradictory to that, the Securities and Investments Commission (ASIC) of Australia has warned investors in the country about the sector’s underlying issues.
The two CEO fights
Tesla CEO and DOGE lover Elon Musk and Binance CEO Changpeng Zhao have initiated a battle against the Dogecoin withdrawals issue in the crypto exchange on social media, Twitter.
When Elon took the matter to Twitter and called the situation shady, Binance came forward with the clarification that the problem was mainly due to a technical glitch after a recent upgrade process.
Elon found the answer unsatisfactory and again commented on the same. Exchange giant CEO also fired back at Tesla founder, referring to a report about Tesla software’s glitch in October, which prompted a safety recall for around 12,000 vehicles in the U.S. Tesla has to halt FSD updates on the vehicles to solve the issue. CZ found the vulnerable spot and commented, “What happened here?”
Europe’s progress in the crypto world
With the increased number of collaborations, Europe is becoming a hub for tons of investors to put their money. The European Central Bank (ECB) recently released a fresh framework for assessing the efficiency and security of electronic payments, including crypto stablecoins and electronic wallets.
The press release by ECB reveals that the organization is aiming at an assessment method to create a base for regulating the operations of related service providers in the region.
The day was filled with tons of regulatory decisions and innovations, and we will come back tomorrow with another insightful daily roundup.
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