Crypto market update
Bitcoin fell below $47,000 again in the past 24 hours, but the Fed’s rates announcement about the change in its policy sent it back up again. Most altcoins also registered nice price increases when Ethereum reclaimed the $4,000 level. The cryptocurrency market cap dropped down to $2.1 trillion yesterday, but it’s up also to almost $2.400 trillion.
Bitcoin (BTC) is now trading at 48,808 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 4,066 USD
PlatonCoin (PLTC) is now for 0,641 USD
Total marketcap is currently at 2.390 trillion USD
Daily news update
Bitcoin and panic selling: Nigel Green, founder and CEO of global financial advisory Devere Group, says bitcoin panic-sellers might be making wealthy buyers richer. According to Green, the sellers are “practically giving away” their crypto to the rich, who in turn use the accumulated BTC, as an inflation hedge. Devere Group is an independent financial advisory firm with offices throughout the world. Headquartered in Dubai, UAE, the company has over $10 billion assets under management.
Reddit and SEC: Reddit has announced that it had submitted a filing to go public with the U.S. Securities and Exchange Commission. The number of shares and price range have not been determined, and the IPO will only take place after the SEC has completed its review
Fed and crypto: United States Federal Reserve chair Jerome Powell hinted that though the government agency should consider monitoring developments in the crypto space, he didn’t see cryptocurrencies as a financial stability concern for U.S. markets. Powell supported the conclusions of a report from the President’s Working Group on Financial Markets released on Nov. 1. The report proposed that stablecoin issuers should be subject to “appropriate federal oversight” akin to that of banks, legislation that was “urgently needed” to address risks.
Dalio and Bitcoin: Ray Dalio, one of the most successful managers of all time, said that Bitcoin is the gold of the young generation. The head of Bridgewater Associates, the world’s largest hedge fund, believes that the fact that Bitcoin has not been hacked and has managed to reach a significant level of adoption is a remarkable achievement. At the same time, Dalio sticks to his prediction that Bitcoin will end up getting banned by the government if it emerges as a serious alternative to fiat money, but he does not believe that the largest cryptocurrency will end up being prohibited throughout the world.
IMF and regulation: International Monetary Fund (IMF) chief economist Gita Gopinath has expressed her opposition towards the general banning of cryptocurrencies, but instead, she wants the sector regulated. Gopinath has, however, called for immediate enactment of standard global policies to regulate digital assets stating that they pose a challenge for emerging markets, Business Today reports. According to the executive, who was speaking at an event organized by the National Council of Applied Economic Research (NCAER), the cryptocurrency sector comes with various benefits, such as decentralized technology, hence the need for regulation.
Russia and crypto: The central bank of Russia has now decided to take a highly unfavorable approach against the cryptocurrency industry, with new reports indicating that the organization wants to prohibit local investors from allocating funds to them.