Daily news update: November 05th, 2021

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Here you will find our daily update, which will provide you with all the main information and events on the crypto markets for the previous day.

Crypto market update

Despite dipping below $61,000 once more, Bitcoin has bounced off and has calmed around $62,000. While its consolidation continues, Binance Coin has gone on a tear and has neared $600 for the first time since mid-May.

Bitcoin (BTC) is now trading at 62,161 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,557 USD

PlatonCoin (PLTC) is now for 0,546 USD

Total marketcap is currently at 2.859 trillion USD

Daily news update

Bitcoin and Taproot: Taproot is one of Bitcoin’s most impactful improvements in years, and it’s here in less than two weeks (at block height 709,632 expected on November 16). The upgrade makes Bitcoin transactions more private and compact, plus new features like time-decaying multisig wallets. Once that block has been mined, the majority of the world’s Bitcoin node operators — running Bitcoin Core 0.21.1, 22.0, and related releases — will enforce new Taproot rules.

Peter Thiel and inflation: Serial investor, Peter Thiel says Bitcoin’s recent prices are a testament to the growing problem of inflation. He stated this at the National Conservatism Conference on Sunday amid a star-studded lineup of speakers. “You know, $60,000 Bitcoin, I’m not sure that one should aggressively buy,” said Thiel. “But surely what it is telling us is that we are having a crisis moment.”

Bakkt and Ethereum: Wall Street’s Bakkt crypto custodian platform is expanding from Bitcoin to also include Ethereum, the company said in a statement. They will soon offer their customers the ability to buy, sell or send ETH alongside BTC, bringing the second biggest cryptocurrency to a new infrastructure.

JP Morgan and inflation: JP Morgan pointed out that Bitcoin, which acts as a hedge against inflation, thrived in the low-interest-rate environment that exposed the risks of the financial system. However, now that central banks are starting to dial back their immense support, Bitcoin might take a hit, together with gold, due to rising bond yields.

European central banks and DLT: European central banks have been ramping up their efforts to utilize distributed ledger technology (DLT), the foundation of blockchain, in central bank money settlements. Banca d’Italia and Deutsche Bundesbank, the central banks of Italy and Germany, respectively, joined forces to work on settlements in central bank money of DLT-based asset exchanges.

Spanish central bank and crypto: The Bank of Spain is asking the country’s leading financial institutions to provide information on their crypto-related plans for the next three years, the newspaper El Pais reported Thursday.

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