With the various partnerships, laws, and regulations, market movements, and controversies, TheCoinRise is back with a little spice from all around the globe in the crypto industry for November 26, Friday.
The Crypto market was doing great with a lot of greenery, but sudden news of a new Coronavirus variant somewhere in South Africa hugely dropped the market. Like many market investors who were saying that the market will be bullish today, TheCoinRise also published a bullish technical scenario of Polygon (MATIC) going up. But an unexpected correction has dropped the price of Bitcoin by around 7% and went to the $53,500 zone briefly but soon went a bit up. However, a piece of big news for crypto enthusiasts is that Bitcoin has recently surpassed the volume by the dollar value of Paypal and is now eyeing Mastercard and Visa. BTC network transacted $489 billion per quarter this year, while Paypal marked $302 billion in the same time period.
Despite the decentralized Bitcoin network being just 12 years old, it has managed to achieve huge volumes compared to the two centralized credit card giants.
Coming back to the recent correction, the largest altcoin, Ethereum (ETH), is down by around 9%, with all major alt tokens dropping by double digits. Cardano (ADA), Solana (SOL), and Polygon (MATIC) are down by 10%, 11%, and 11%, respectively.
Amidst the bleeding market, many tokens, including Request Network (REQ) and Ankr (ANKR), continue their upward rally.
Australia doesn’t rely on crypto investors
We can’t deny the fact that crypto has multiple underlying risks due to its misuse of decentralized nature by the notorious elements. Regulators all around the world are looking for ways to protect investors without snatching their financial freedom. The Australian Tax Office (ATO) stated that it could not rely on the crypto investors’ reports about their crypto transactions and profits.
The commissioner of the regulatory body stated that many investors, who are new to the crypto world, do not understand the country’s correct tax system, which is a subject of concern. Australia is collaborating with Chainalysis to bring a better structure to verify investors’ data.
Amidst intense regulatory crackdown around the world, the Financial Services Commission (FSC) in South Korea publishes a report stating a fresh definition of cryptocurrencies along with new rules for token issuers and strict penalties for non-compliance.
South Park mentions Bitcoin
South Park mentioned Bitcoin as a primary payment method in the upcoming fictional future. The TV series is known for covering current events with a humorous slant and might be the favorite of many crypto enthusiasts. The awaited episode titled “Post COVID” from the 24th season showed the main character, Stan Marsh, paying in Bitcoin for his stay in a motel in a plot set at around 40 years in the future.
Adidas Originals partners with Coinbase
Adidas Originals, the German Apparel giant, announced its partnership with the crypto exchange giant Coinbase through a tweet. The company, however, has not disclosed any details about the partnership.
Many speculations are blowing in the air due to the unclear announcement where many are suggesting that Adidas might be coming up with a decentralized payment method while some think that the step is going to be related to Metaverse exploration as The Coinrise reporting recently explained many metaverse projects seeing huge spikes amidst the bleeding market. This includes tokens like Decentraland (MANA), Gala (GALA), and The Sandbox (SAND).
Japanese companies are on their way to bringing yen-based crypto
Many countries are in different phases of the development of CBDCs. As TheCoinRise reported, nations like China, the United States, and India are exploring the potential use cases of their digital currency.
A group of 70 Japanese companies has published a whitepaper this Thursday, revealing its vision for a yen-based crypto token. It includes several high-ranking firms like Mizuho Financial Group and Mitsubishi UFJ Financial Group Inc.
The group informed that it has been working on the project in the background and plans to roll it out in 2022.
The concept is similar to stablecoins like Tether (USDT). In October, South Korea also revealed its development progress in CBDCs.
Panther Protocol raises $22M in a public sale
As per Blockworks, Panther protocol recently raised more than $22 million in a public sale. Oliver Gale, the firm’s CEO, confirmed that it happened in just one and half hours. Notably, the DeFi protocol witnessed a 1380% year-to-date increase by joining the DeFi protocols general boom in 2021.
Tourism of Thailand bringing a utility token
After Tourism of Thailand announced the development of its utility token TAT in September, it is now gearing up to launch the token, which might strengthen the Gross Domestic Product (GDP) by attracting crypto nomads. TAT is waiting for approval from the Stock Exchange of Thailand.
The token development is a part of a large “cryptourism” drive to attract wealthy crypto enthusiasts and nomads, which will enable the government to support local small businesses after the impact of COVID-19 on the country’s tourism sector.
The sudden fall in the market could be a good buying opportunity amidst the Black Friday “Sale.” However, we at TheCoinRise always recommend doing your research before putting your money on a project. The day was crazily filled with blood and regulatory statements, and TheCoinRise will be back with another daily roundup.