Daily news update: December 2nd, 2021

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Crypto market update

Bitcoin tested again the level of $59,000 but failed once more and dropped by several thousand dollars. Most altcoins followed the leader and are now slightly in red numbers. Total marketcap is now again well below 3 trillion USD.

Bitcoin (BTC) is now trading at 56,435 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,547 USD

PlatonCoin (PLTC) is now for 0,383 USD

Total marketcap is currently at 2.735 trillion USD

Daily news update

Facebook allowed crypto ads: Meta announced Wednesday that Facebook has dramatically expanded its eligibility for digital assets advertising as the “cryptocurrency landscape has continued to mature”. Cryptocurrency ads were virtually banned on the platform after January 2018 when the ICO bubble popped, leaving regulators scrambling and many retail investors underwater. Facebook did provide certain avenues for digital assets companies to run ads, but they needed to complete an extensive questionnaire that asked if they were publicly listed and what licenses they held.

Jack Dorsey’s Square renamed: Jack Dorsey’s financial services company Square has announced that it’s rebranding its company name to “Block”, according to a Wednesday tweet update from the company.

DeFi hacked: Badger DAO, an Ethereum based decentralized finance protocol that allows users to earn on their staked Bitcoin, has been hacked. According to reports, a single user has lost around $50 million worth of Bitcoin – 897 BTC – to the exploit.

Metaverse and land sale: Four blockchain-based metaverse projects generated more than $100 million worth of virtual land nonfungible token (NFT) sales last week, according to data from DappRadar. A Tuesday post from the decentralized application analytics firm reported that between Nov. 22 and Nov. 28, activity was “booming” on The Sandbox, Decentraland, CryptoVoxels and Somnium Space with a combined $105.8 million worth of trading volume among them from more than 6,000 traders

U.S. and crypto CEOs hearing: The House Committee on Financial Services plans to hold a panel hearing featuring six crypto executives on Dec. 8. The panel will include CEOs and executives from FTX, Circle, Coinbase, Paxos, Stellar, and Bitfury. The goal of the hearing is to hold cryptocurrency companies accountable to consumers and investors.

Vladimir Putin and Bitcoin: The President of the Russian Federation – Vladimir Putin – believes bitcoin and the alternative coins bear high risks for investors. However, he predicted that the asset class might play a significant role in the future financial network.

China and crypto mining: Qihoo 360, a Chinese internet company best known for its antivirus software programs, has built a system that could help the Chinese government track cryptocurrency mining activities, as the country continues to crack down on the sector.

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