Daily news update: November 11th, 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

Price volatility at crypto market continues. After setting a new all-time high at $69,000, bitcoin dumped by more than $6,000 in hours before calming around $65,000. Most alternative coins experienced similar price fluctuations, with ETH plummeting from $4,875 to $4,450.

Bitcoin (BTC) is now trading at 65,257 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,714 USD

PlatonCoin (PLTC) is now for 0,385 USD

Total marketcap is currently at 2.994 trillion USD

Daily news update

Bitcoin a inflace: Early Wednesday morning, Bitcoin’s price jumped to $69,044. Over the course of the day, the price of Bitcoin fell to roughly $64,500, a value last seen just days ago on Nov. 7. The new high occurred as various sources reported that the United States had reached its highest inflation level in three decades. The U.S. Department of Labor placed the Consumer Price Index (CPI) for October at 6.2% higher than it was one year ago, representing the “fastest 12-month pace since 1990.”

Crypto and Evergrande: The crypto market was rocked this morning Asia time as news that indebted Chinese property giant Evergrande may default on a US$148 million bond payment sent prices dropping around 5% across the board. Prices stabilized throughout the day, however, after the firm was able to make the payment at the last moment as the grace period deadline expired yesterday. With the company around US$300 billion in debt, there are concerns over the effect the company defaulting would have on global markets, both crypto and otherwise.

Ethereum and fees: The cost of using the Ethereum network has surged to its second-highest level ever and the hype over the ENS airdrop may be driving it higher. Gas prices for layer 1 Ethereum can only be described as insane at the moment. According to Bitinfocharts, the average transaction fee on Ethereum spiked to $63 on Nov.9, its second-highest level in network history. The peak came on May 12 when the average gas price hit $70. The current average cost of a transaction at the time of writing is around $57.

Shiba Inu coin drops: Meme cryptocurrency Shiba Inu (SHIB) continues to undergo a week of heightened volatility losing $7.26 billion from its market cap over the period. As of November 3, the market cap was at $35.14 billion plunging to $27.88 billion at the time of writing. The coin that has experienced unprecedented success this year was also trading at $0.000048, having dropped 10% in the last 24 hours while the seven-day losses stand at 21%.

Grayscale and crypto: Cryptocurrency money manager Grayscale now controls $60 billion worth of digital assets, according to the firm’s Wednesday update. It has now surpassed SPDR Gold Shares, the biggest and most liquid gold exchange-traded fund in the world, in terms of assets under management.

Indonesia and crypto: The use of cryptocurrency assets has been banned for Muslims, according to the Indonesian Religious Council, Bloomberg reports. The National Ulema Council has stated that all operations with cryptocurrencies are now considered haram, or banned. The head of religious decrees made this statement after the expert hearing that was held on Thursday. The main issue with cryptocurrency is its ability to show a clear benefit; hence, it should not be traded and is strictly prohibited by Sharia.

Zimbabwe and crypto: Zimbabwe’s government is considering making Bitcoin (BTC) a legal payment option in the country. According to local news, this is to meet this growing demand then, leverage on the technology.

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