This week has been full of drama, partnerships, and regulatory actions in the crypto industry. We at TheCoinRise are here to summarise it for you.
Bitcoin has seen a slight fall over the last two weeks, but one positive aspect is that it hasn’t crashed, indicating that demand is still strong despite the present substantial correction. If this remains the case over the following week, one can expect a price reversal to the upside in the upcoming weeks.
Crypto market this week
Bitcoin is currently trading at around $54,3000 and trying hard to keep itself above the 100-day M.A. It has lost over 20% of its worth since the ATH of November 10.
It is important for BTC to stay above 100-day M.A. to start setting a goal for $60,000. However, if the coin loses critical support, the next level for a stable spot is between $48,000 to $50,000, where its crucial 200-day M.A. should be sitting.
King coin is down by around 8% this week, while Ethereum has lost its value by 5.8% in the last seven days. Solana (SOL), Cardano (ADA), Polkadot (DOT), and Shiba Inu (SHIB) have also lost their values by around 10% and 20%, 20%, and 16%, respectively.
Amidst the major market correction, Metaverse tokens are showing a totally different attitude. Coins like Decentraland (MANA) and The Sandbox (SAND) have been up by 32% and 72%, respectively, in the past seven days. The main reason behind this sudden surge is the craze over NFTs, the gaming industry, and Facebook’s hyped jump into it.
Crypto.com Coin or CRO this week surpassed SHIB to secure 12th position in the list of biggest crypto coins in terms of market cap.
Australia’s divided views
Australia, with its strong economy and major involvement in the crypto world, is still fighting over its views over the industry. Ross Barry, Spirit Super’s officer from the Australian Pension Fund Industry, said that crypto is too volatile and risky to be included in institutional portfolios.
Senator Jane Hume, on the other hand, believes that DeFi and crypto can solidify the country’s economy.
As TheCoinRise reported, Australia’s tax office can’t rely on crypto investors and their own provided data. Commonwealth Bank of Australia said that missing out on crypto is risky. It is one of the earliest institutions to bring crypto trading to its platform yearly this November.
Is India banning crypto?
The crypto banning FUD regarding “private crypto” in India is the hottest topic this week. As TheCoinRise covered a report on the crypto adoption in India, the authorities have increased their activity which is scary for many young investors in the country. The sudden sell-off in the market also crashed the crypto exchange WazirX app due to increased activity.
The CEO of the exchange said that technology would ultimately win. Paytm CEO also joined the team of crypto supporters and said that crypto would be a mainstream payment option within five years in India.
On the other hand, the richest cricket league Indian Premier League or IPL, prohibited the teams from signing any deals with crypto companies.
Is South Korea confusing citizens?
After the boost in the prices of Metaverse tokens along with the amazing innovation, South Korea is embracing and adopting Metaverse in a totally unique way. TheCoinRise’s cover on this topic is really interesting.
The intensive adoption rate of crypto in South Korea also brings strict regulatory laws. The country’s Financial Services Commission has proposed new rules for token issuers and penalties for any non-compliance with the laws.
But it seems like the regulatory bodies in South Korea are confusing investors with their conflicting views. Earlier the country had different rules for tax imposition, which keeps on changing as the country during early November decided zero regulations on NFTs but later reversed its opinion.
Russian regulators got no chill
When it comes to regulations and taxation, Russia can’t be behind. The Federal Taxation Service (FTS) said this week that the crypto industry could cause major erosion to the tax base of the country.
Before this, AsTheCoin reported, the central bank of the country said that it would impose fees over CBDC transactions.
El Salvador flying high
We must not overlook El Salvador when it comes to BTC adoption. On November 22, the country’s USD bonds soared from $0.64 to $1 after its newest announcement on the construction of a Bitcoin City with funding from Bitcoin Bonds.
However, according to Bloomberg, the country’s debt issue has made it one of the worst performers in international trading. After the IMF declined to assist the government with development funds, it appears that Salvadoran investors are losing their faith in President Nayib Bukele.
During the recent correction, the country filled its BTC stock by adding 100 more Bitcoins for a 20% discount.
Europe’s regulators hopping
Europe, with its active investors and regulatory system, is dominating many nations in the crypto world. Recently, the European Central Bank released a new framework for the examination of the security and efficiency of electronic payments, which includes stablecoins and electronic wallets.
Another news that grabbed the attention of the crypto industry is a European country, an unnamed European investor, initiating ICC arbitration against crypto giant Binance for “unjust liquidation” of his/her assets, seeking compensation of $140 million.
Finland and Spain regulators
Finland regulators have announced a strict marketing structure of the crypto industry in the country. Under this, only registered digital currency service providers are allowed to promote digital assets.
On the other hand, Spanish regulators warned Andrés Iniesta for his promotion of crypto exchange Binance, which has recently promoted the exchange on its social media accounts.
Canada finds no problem with crypto
Because the crypto economy is separate from the regular banking system, according to the deputy governor of the Bank of Canada, Paul Beaudry, cryptocurrencies represent no significant threat to the country’s existing financial infrastructure.
Ripple Labs’ positive progress
One of the top names in the crypto industry, Ripple Labs’ CEO, Brad Garlinghouse, recently said that the firm is making good progress in the legal fight against SEC.
Amidst the continuous defenses and accusations, where Ripple blamed SEC for intensifying Ethereum’s goal to overtake Ripple, the firm never failed to make amazing agreements and partnerships. The company has recently collaborated with Palau to create a climate-friendly national digital currency.
The recent report by TheCoinRise mentions that the long-term BTC holders attained a multi-year high even after the recent price correction. The accumulation of king coins is not ending as the non-zero wallets also touch a new peak.
A recent report by us also mentions the recent activity by the third-largest BTC whale, grabbing another 207 BTC.
The whales are moving large amounts of Bitcoins to the exchanges with the revelation of top-10 deposits on exchanges controlling over 90% of the inflows.
Major partnerships this week
Floki Inu, after flooding London with its ads, has joined hands with SSC Napoli, the famous Italian football club. This sponsorship will allow Floki to display its logo on the team’s jersey and stadium. Floki said that it wants to become the most used crypto token in the world.
In a tweet, the German clothing giant Adidas Originals announced its collaboration with Coinbase, the crypto exchange giant. The corporation, on the other hand, has not disclosed any details regarding the agreement.
Coinbase has acquired BRD, a crypto wallet that serves in over 170 countries. The tweet did not provide the amount of the agreement or any other financial details.
The Austrian crypto exchange giant Bitpanda has partnered with Lydia, a French fintech company, to provide Lydia’s users (over 5 million) the ability to invest in digital assets.
Other spices in the industry
Newegg recently teased that it is planning to integrate SHIB payments, and finally, we have confirmation. The electronic retail giant will be allowing users to pay for products in SHIB. The firm posted on Twitter and revealed that Newegg would accept Shiba Inu from its customers.
Celsius Network’s Chief financial officer (CFO) Yaron Shalem was arrested after authorities suspected ties with Israeli crypto mogul Moshe Hogeg. He was one of the seven people arrested in Tel Aviv this month. Celsius said that it was “recently made aware of a police investigation in Israel involving an employee.”
dYdX exchange suffered a potential hack attempt which was avoided with the help of the white hat recovery process. It is a popular platform that makes use of smart contracts, enabling users to leverage trade. Following the news of the attack, the DYDX token dropped by more than 6%.
Under regulatory pressure, crypto exchange platform eToro informed that users in the U.S. cannot trade Cardano and Tron. They would not open new positions or stake the two tokens, effective from January 1, 2022.
Hillary Clinton believes in the strong need for crypto regulation to avoid technical manipulation by nations like Russia and China. The famous former secretary of state also noted the non-state actors are influencing the market.
Tesla CEO and Binance CEO started the battle against the DOGE withdrawals issue in the exchange on Twitter.
Bitcoin is featured as a primary payment method in South Park’s fictitious future on its episode named “Post COVID” from the 24th season. The T.V. show is recognized for covering current events in a joking way.
This Thursday, a group of 70 Japanese corporations released a whitepaper outlining their plans for a yen-based crypto asset. Several high-profile companies are represented, including Mizuho Financial Group and Mitsubishi UFJ Financial Group Inc. The organization stated that it has been quietly working on the project and aims to launch it in 2022.
After announcing the development of its utility token TAT in September, Tourism of Thailand is now preparing to launch the currency, which has the potential to boost GDP by drawing crypto nomads. TAT is awaiting permission from Thailand’s Stock Exchange.
Citibank is hiring for 100 roles across its institutional client group (ICG) to boost its digital asset capabilities, according to a sizzling headline. The institution has already appointed a new head of crypto assets for ICG.
Ethereum founder VItalik Buterin said that he had proposed new cap calldata per block in order to minimize the gas fees.
A recent study involving Japanese investors reveals that more than 25% of them have tried their hands on NFTs. On the other hand, Tanzania recently announced its plans for the development and launch of its CBDC.