Crypto News Daily roundup for November 25

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 25, Wednesday.

Market is greenish

Bitcoin has finally crossed the $58,000 critical level and is eyeing $60,000 level staying, due to which the market offers a greenish view to the investors. The king coin has surged its price by around 3.5% and is currently trading at $59,100. Ethereum, on the other hand, has climbed up by more than 6.5% and is currently trading at $4,516. 

Metaverse tokens are still controlling the market, with GALA, Shiba Inu (SHIB), Decentraland (MANA), and Maker (MKR) among the top gainers. GALA has climbed up by more than 40% in the last 24 hours, with SHIB surging by over 25%. 

MANA, after the recent metaverse land sale, marked a new all-time high (ATH) at $5.84 today. It, however, went down by around 9% and is currently trading around $4.85. 

WIll Animoca Brands keep its promise?

The gaming and venture capital firm Animoca Brands has declared that they will refund 265 stolen ETH ($1.1 million) in a fraudulent NFT sale on Discord to their consumers. The fraud was created on the Phantom Galaxies Discord channel, which has roughly 94,000 users, on November 19. It saw 1,571 false minting transactions in just three hours.

Animoca, after promising the compensation on the same day, repeated the reimbursement promise in a press release on November 24, asserting that compensation details would be released soon.

Regulatory activities around the world

Regulators around the world have decided not to sit silently and are taking solid steps to adopt and regulate the industry. The biggest news in this sector is from India. Indians, after the announcement about the upcoming crypto bill, are confused over what “private crypto” means to the Indian government. An Indian crypto expert has recently discovered a government document stating that private crypto implies all the crypto that is not owned by the government. While on the other hand, many politicians, along with WazirX CEO, said that crypto could not be banned; it can only be regulated.

Before this, as TheCoinRise reported, the WazirX app crashed due to heavy load after the sudden sell-off as a response to crypto ban FUD.

The famous former secretary of state Hillary Clinton is also talking about crypto regulation these days. Clinton recently said there is a strong need for crypto regulation to prevent market and technical manipulation by countries like China and Russia. 

She also noted legitimate points about non-state actors also being able to manipulate the market due to a lack of regulatory framework.

The country with a high level of economic freedom, Finland regulators, has decided to tighten the marketing structure of the crypto market. It has issued a statement in response to the massive marketing activity of digital currencies and related services in the country, saying that only registered digital currency service providing companies are eligible for the promotion of digital currencies. However, the decision will not affect the global companies.

Regulators in Spain, CNMV, have released a warning against Andrés Iniesta, the famous football player for promoting crypto exchange giant Binance. He has recently been found promoting the platform on his Instagram and Twitter. CNMV stated that crypto carries a significant level of risk due to being unregulated.

The CNMV seems pretty upset with the underlying concerns of the industry as it in February this year also issued a regulatory statement advising investors to properly understand the project before putting their money on it.

Coinbase acquires BRD

According to a recent tweet, Coinbase acquired BRD, a cryptocurrency wallet that operates in around 170+ countries. The tweet did not reveal the exact amount of settlement or other financial information. Furthermore, the users of the BRD wallet will be able to link their respective Coinbase accounts too. 

The partnership is aimed at improving the working of the Coinbase Wallet. As per the tweet, the biggest cryptocurrency exchange in the US is looking to improve the accessibility of Coinbase wallet users to their cryptocurrencies, simultaneously providing better self-custody options so that it becomes easy for investors to store their Bitcoin.

Canada finds no problem with crypto

The deputy governor of the Bank of Canada, Paul Beaudry, talked about cryptocurrencies during Ontario Securities Commission Dialogue 2021. Beaudry said that cryptocurrencies pose no major threat to the existing financial infrastructure in the nation as the crypto industry is isolated from the traditional financial system.

He also followed up this statement with another point, stating that the stablecoins which have become quite popular recently, including Tether or USD Coin, can have a huge impact because they are pegged on the US Dollar on a 1:1 ratio.

Furthermore, he said that Bitcoin is a speculative tool that does not have a much bigger role in transactions.

Thursday was full of regulatory involvement all around the world, with some being in favor and some being against the crypto industry. TheCoinRise will be back soon with another insightful daily roundup.