Crypto market update
The bears returned in the cryptocurrency space as Bitcoin dumped by more than $6,000 in hours. As it typically happens when BTC drops down, so have done the alternative coins. Ethereum is among the leaders in this adverse trend with a massive near 10% price dump. As a result, ETH currently trades around $4,300. The second-largest crypto also reached a new ATH last week at nearly $4,900. As such, the cryptocurrency market capitalization is down by more than $200 billion in a day.
Bitcoin (BTC) is now trading at 60,688 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 4,317 USD
PlatonCoin (PLTC) is now for 0,380 USD
Total marketcap is currently at 2.774 trillion USD
Daily news update
Bitcoin whales: According to the CEO of Cryptoquant.com, Ki-Young Ju, Bitcoin whale activity is building up momentum massively. He presents on-chain data that supports his claim, adding that the average Bitcoin transaction volume shot up by around 500% in a short period, with most of the big transactions not coming from cryptocurrency exchanges. As observed by the analyst, the whale activity matches with levels last seen in 2017 where it coincided with equally a large bull run for the Bitcoin market.
Twitter CFO and crypto: On Monday, Twitter’s Chief Financial Officer Ned Segal said that investing in crypto “doesn’t make sense right now” due to extreme market volatility and the industry’s lack of accounting rules, according to a report in the Wall Street Journal. Segal noted that in order for Twitter to invest in crypto, the social media giant would have to change its current investment policies, which currently only permit the company to hold stable assets like securities on its balance sheet.
Cardano founder and metaverse: The founder of Cardano (ADA), Charles Hoskinson, shared his thoughts on the Metaverse and how its link to the cryptocurrency space has piqued his attention recently. Speaking exclusively with Tony Edward on Thinking Crypto podcast that aired on November 16, Hoskinson was asked about what his Metaverse would look like in light of the increased talk around virtual reality. On this note, the mathematician indicated that interfaces are changing; there is now oculus rift, the HTC Vive, and Apple is investing heavily in augmented reality. According to the Ethereum co-founder, there will most likely be Apple glasses by 2025, and when that happens, Samsung will develop their own version, and the AR mixed reality VR revolution is on its way.
Ripple and regulations: San Francisco-based blockchain company Ripple has laid out its vision for regulating cryptocurrencies in the U.S. in its newly proposed framework, making a case for “clear communication and collaboration.” It mentions the Eliminate Barriers to Innovation Act, a bipartisan bill that was passed by the U.S. House of Representatives in late August. The aim of the legislation is to establish a joint cryptocurrency working group for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
China and digital yuan: China has seen more fraud cases related to digital yuan across the country, with this month the police in the eastern province of Jiangsu busting another case involving the country’s new digital currency. China is pioneering the world’s first major central bank digital currency. The e-CNY, alternately called the digital renminbi or e-RMB, is issued by the People’s Bank of China (PBOC). Many expect the digital currency to be formally launched in time for the Beijing Winter Olympics in February.