TheCoinRise is back with a little flavor from all around the world in the crypto sector for November 29, Monday, with diverse agreements, laws and regulations, market movements, and controversies.
After bleeding for more than two weeks, Bitcoin has finally shown a bullish momentum, rising by more than 6% within 24 hours. One of the two possible scenarios that we talked about in our recent weekly roundup has been proven right as the king coin is now aiming for the $60,000 critical level for a stable spot.
Bitcoin and Ethereum have strongly recovered from the recent correction, and the top coin is currently trading above $57,000. Ethereum, on the other hand, is also up by around 8% and is sitting around $4,300. Tezos (XTZ), Ardor (ARDR), and PancakeSwap (CAKE) are some of the biggest gainers of the day. All the crypto tokens in the top 10 list of highest market cap are green with a major gain after weeks of blood.
The United Kingdom imposes a tax on crypto exchanges
Amidst the increased regulatory pressure over crypto exchanges like BInance and Coinbase, the United Kingdom regulator, Her Majesty’s Revenue and Customs (HMRC) has decided to impose digital services tax on the crypto exchanges functioning in the nation.
HMRC said that it would allow the exchanges’ operations only when they comply with the laws and pay a 2% digital service tax which was originally introduced to attack social media giants like Google and Facebook.
Earlier this year, the United Kingdom banned all the crypto derivatives even after crypto exchanges urged it not to do so.
Thailand’s private approach to crypto
As TheCoinRise already reported that the Tourism Authority of Thailand is bringing utility token of its own and is waiting for approval from the higher authorities to attract crypto enthusiasts and nomads, the governor of TAT, Yuthasak Supasorn, recently said that crypto is the future.
He further said that the country should talk to crypto holders and big names like Apple CEO Tim Cook to fly here to attract more tourists. He said that they are aiming to recover 80% of its pre-pandemic revenue from the Tourism sector by 2023. He further added that the country has a goal of recovering fully from the Covid crisis by 2024.
Is Snowdog a scam?
After its eight-day long and trendy event, SnowdogDAO or SDOG witnessed a sudden 90% crash yesterday. SDOG is the first meme token built on Avalanche Network. Investors all around the world have lost huge amounts of money and called the event the biggest rug pull on the platform.
The event was decided to end with a massive buyback opportunity through which founders were supposed to enable users to compete for a portion of the fund. The buyback event was backed by the Snowdog’s own treasury funds through the mint sale.
The primary factor behind the major failure is information hiding by founders. They didn’t notify the users that, at most, 7% of the SDOG supply was allowed to be sold above market value. The developers of the token expressed their deep regrets about the losses while users were still unsatisfied with their comments.
Coinstore opening three new offices in India
Despite the uncertainty over the regulations in the country, Singapore-based crypto exchange platform Coinstore, with its allocated $20 million funds, is opening three offices in Indian cities: Delhi, Mumbai, and Bangalore.
Binance restarts DOGE withdrawals after 17 days long wait
Binance, the biggest crypto exchange in the world, has restarted the Doge withdrawals service after 17 days of wait. It started with a simple upgrade glitch but soon turned into a big issue on Twitter after Musk’s involvement.
As TheCoinRise reported, the Tesla CEO Elon Musk called the situation shady a few days back while tagging the company’s CEO Changpeng Zhao on his Twitter post.
1634 users received old transactions, while many couldn’t withdraw any of their DOGE. However, the company’s official announcement says that everything is operating smoothly now.
The Covid strain named coin booms
The recent announcement of the new Coronavirus variant Omicron by the World Health Organization (WHO) helped the coincidentally named token price surge. While the whole market was bleeding last week, Omicron (OMIC) surged by more than 130% after the Covid variant’s news came out.
India finally cleared the clouds
The finance minister of the country today, during the parliament discussion, cleared that the country is not going to ban cryptocurrency. It will, however, regulate the crypto and prohibit its use as a payment method.
The regulatory body said that the country supports innovation amidst Prime minister Narendra Modi recently urging all democratic countries to come forward to regulate the industry.
MicroStrategy shops another 7,002 Bitcoins
The current market scenario could be the last call by Bitcoin, and the whole market as speculations say that the upward rally has just resumed after today’s greenish market. The cloud-based service provider and mobile software firm MicroStrategy has grabbed another 7,002 Bitcoins worth nearly $414 million. The recent shopping makes the total Bitcoin holdings 121,044 Bitcoins of $3.57 billion worth.
CoinDCX hints IPO
One of the biggest crypto exchanges in India, CoinDCX, revealed that it is not in any hurry for a public listing. However, the company said that one could see an IPO in the future if the regulatory decisions favor it.
Many market experts are finding the current level a safe zone as the king coin has successfully crossed a critical level recently. However, we at TheCoinRise always recommend doing your research before putting your money on a project. We will be back with another daily roundup for tomorrow.