Crypto market update
Bitcoin just passed the level of $58,000, but it is not sure that BTC will be able to hold this level as the last attempts to conquer that level failed. At the same time, some altcoins have produced more significant gains, including ETH, which is just inches away from a new ATH. The second-largest cryptocurrency dipped beneath $4,000 less than a week ago. However, ETH now stands over $4,700. The crypto market cap is up by $80 billion in a day and is around $2.8 trillion.
Bitcoin (BTC) is now trading at 58,463 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 4,749 USD
PlatonCoin (PLTC) is now for 0,389 USD
Total marketcap is currently at 2.836 trillion USD
Daily news update
Institutional investors and crypto: New global research from digital institutional investment platform VALK shows professional investors are increasingly focusing on cryptocurrency and digital assets as worries about stretched equity valuations and poor yields in the fixed income markets grow. In cooperation with independent research company PureProfile, VALK interviewed 100 professional investors working for institutional investors, hedge funds, fund managers, pension funds, investment banks, private equity, and venture capital in the UK, US, France, Germany, Hong Kong, Singapore, Australia, and Brazil in October 2021. Its study among professional investors holding more than $1 trillion in assets under management in total, found a third (33%) have invested in crypto assets for the first time recently while 55% have increased their allocation to crypto.
Grayscale criticised SEC: Over the past several months, the U.S. Securities and Exchange Commission has rejected many Bitcoin spot ETFs, a type of exchange-traded fund tied to the value of Bitcoin market prices. Grayscale argues that the SEC’s decisions were “arbitrary and capricious actions” under the Administrative Procedure Act (APA).
Fidelity and Bitcoin ETF: One of the world’s largest asset managers, Fidelity Investments, is set to launch a spot Bitcoin ETF in Canada and doesn’t intend to wait for the US Securities and Exchange Commission to make up its mind.
Croatia and cryptopayments: Konzum, the largest supermarket chain in Croatia, which was founded all the way back in 1957, has begun accepting cryptocurrencies in its online store, according to a Dec. 1 report by Zagreb-based newspaper 24sata. The lineup of supported digital currencies includes Ether (ETH), Bitcoin (BTC), XRP, Stellar Lumen (XLM) and Bitcoin Cash (BCH), as well two stablecoins (Tether [USDT] and DAI).
El Salvador and FED: On Dec. 1, the outspoken Nayib Bukele responded to a Bloomberg report detailing Federal Reserve chair Jerome Powell’s comments on inflation. Interestingly, El Salvador’s president asked the Fed chief to stop printing so much money out of thin air. The figures are a clear indication that the situation is not “transitory” despite what the Fed claims. The latest Omicron strain could exacerbate America’s economic woes even further if it runs rampant and more lockdowns are enforced.
China and NFT, metaverse regulation: China’s crackdown on crypto is expanding into the metaverse and nonfungible tokens (NFT), an executive at the People’s Bank of China (PBoC) recently implied. Speaking at a national financial security summit, Gou Wenjun, director of the Anti-Money Laundering (AML) unit at the PBoC, pointed to the risks associated with leaving the new trends of the crypto ecosystem, such as NFTs and the metaverse, unregulated. He claimed that, while people would use said digital assets for privacy and wealth appreciation, they are also prone to be used for illicit purposes such as money laundering and tax evasion.