With the various partnerships, listings, delistings, and controversies, along with the crypto market getting stable amidst Indian investors’ panic selling, TheCoinRise is back with a little spice from all around the world in the crypto industry for November 24, Wednesday.
BTC stable, CRO secures 12th spot
Bitcoin has not climbed very high but has at least kept itself in a “safe zone” above the Bitcoin $56,000 critical support level. The king is down by 1.8%, with a 6% decline in the last seven days. Ethereum, on the other hand, is down by 3% and is currently trading at a $4,200 zone. Crypto.com Coin (CRO) has been the hottest token today after winning the battle against Shiba Inu (SHIB) for becoming the 12th largest cryptocurrency in terms of market capitalization.
TheCoinRise’s recent CRO’s huge social volume and technical analysis show a clear indication of a bullish scenario as the bullish sentiment increased by more than 250% due to a huge 1800% surge in news volumes.
South Korean regulators creating a confusing scenario
The involvement of authorities all around the world in the crypto world is not hot news now. Many exchange platforms, including Binance, have appointed regulatory officers to negotiate and comply with the regulatory requirements. South Korean regulatory bodies top the list of most active authorities in the crypto world. After hinting at the tax imposition on crypto profits, the country is continuously altering and postponing the imposition. The investors in the country are in a confused state due to the conflicting statements by the authorities. As TheCoinRise explained, the reason behind the wave of confusion is the unclear statements around NFTs as the authorities first said that NFTs would not be taxed but later reversed their decision.
The government is also facing huge criticism from the opposition party on postponing the crypto tax imposition law.
Sudden crypto crash in India
As we covered an article around the upcoming crypto adoption activities in India, the authorities are taking surprising steps, which has created a situation of fear among the Indian investors. After meeting the crypto enthusiasts in the country, officials have decided to present a Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, under which the government will primarily ban all “private tokens.” This news, along with local media interviews saying that the “only option” investors have is selling, created a huge FUD early today and resulted in a massive market correction in the country.
The biggest Indian crypto exchange WazirX experienced an app crash due to intensified activity of sell-offs. The CEO of the platform said that people should not panic as innovation and technology will always win.
Delisting of Cardano and Tron on eToro
The regulators have been really active today and pushed Israeli crypto exchange platform eToro users in the U.S. to stop trading Cardano and Tron. The U.S. users will no longer be allowed to open new positions or stake Cardano and Tron, effectively from January 1, 2022. In the 2022’s first quarter, users will be allowed to withdraw their ADA and TRX holdings in limited amounts. The platform claimed that the decision was totally due to regulatory pressure.
Ripple’s new partnership with Palau
After yesterday’s report on Ripple’s progress in its legal fight against the U.S. Securities and Exchange Commission (SEC), the company has again gained attention by announcing its partnership with Palau, seeking to create its own climate-friendly national digital currency. Ripple revealed that it would be the first government-backed national stablecoin and is not exactly a CBDC.
Floki Inu everywhere
Amidst many believing that the meme tokens market is gone and the recent Shiba Inu and Dogecoin price decline agreeing to these statements, Floki Inu is trying hard to get attraction from the investors. The team, after using a $1.5 million fund in flooding holdings and ads all around London, has now announced its sponsorship deal with the Italian football club SSC Napoli. The SSC Napoli’s jerseys and stadiums will now contain Floki Inu’s logo. The team says that the deal is a part of its mission to become the most popular and the most used cryptocurrency.
Staking Rewards raises $3.2M
Staking has become a common source of passive income for many investors as the staking services are gaining attraction in the crypto ecosystem. Under its new capital injection, the popular yield-bearing assets data tracker Staking Rewards has pulled around $3.2 million from major industry players, including Digital Currency Group, Galaxy Digital, and CoinShares.
Wednesday contained multiple new partnerships while the regulatory pressure is frustrating the investors all around the world. We will be back soon with another insightful daily roundup.