Crypto market update
After Bitcoin registered its latest all-time high at $69,000, it dropped down by $6,000 hours after the peak and did not fully recover yet. As of now, Bitcoin trades at just over $59,000, and its market capitalization is close to breaking below $1.1 trillion. The altcoins also suffered just as badly as bitcoin. Ethereum went from its latest peak of nearly $4,900 to below $4,200, more than $700 in a week.
Bitcoin (BTC) is now trading at 59,361 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 4,215 USD
PlatonCoin (PLTC) is now for 0,380 USD
Total marketcap is currently at 2.715 trillion USD
Daily news update
Fidelity in Canada: Fidelity Canada has been given the green light by regulators to function as the country’s first Bitcoin custodian, reported The Globe and Mail. The Investment Industry Regulatory Organization of Canada (IIROC) approved Fidelity to launch a new Bitcoin trading and custody platform that caters to institutions such as pension funds, portfolio managers, mutual funds, and exchange-traded funds (ETFs) seeking direct exposure to BTC.
Gemini and investment: Tyler and Cameron Winklevoss, founders of Gemini crypto exchange, are in the process of their first round of capital, a $400 million investment that values the New York parent company, Gemini Space Station, LLC., at $7.1 billion. The brothers are expected to retain 75% ownership in the company after the investment, and their combined net wealth will nearly double from $6 billion in April to $10.5 billion today. “There’s these two parallel paths, in terms of technology right now,” says Cameron Winklevoss, 40. “There’s a centralized path, like Facebook or Fortnight, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized metaverse and that’s the metaverse where we believe there’s greater choice, independence and opportunity, and there is technology that protects the rights and dignity of individuals.”
South Korea and metaverse: The South Korean people and an increasing number of major companies in the country have begun to embrace and integrate the Metaverse into their everyday lives in new and unexpected ways. Two major retailers in the country have recently introduced Metaverse and AI elements to shoppers to enhance their shopping experience. Metaverse and AI (artificial intelligence) avatars are popping up in several industries including retail shopping, finance, and even public services.
India and cryptocurrencies: India appears to be taking a progressive stance on Bitcoin (BTC). Especially given the fact that the country is attempting to reach a uniform viewpoint on the categorization and legality of this new asset class. Amid a slew of cabinet meetings, industry debriefings and mounting banking issues, the country’s prime minister has grown increasingly vocal about cryptocurrencies. At the Sydney Dialogue, Prime Minister Narendra Modi called for democratic countries to work together to get the most out of cryptocurrencies and blockchain technology. He also stated that they should not be used for unethical purposes.
China and ban on crypto news: Chinese cryptocurrency news sites are currently unavailable amid the country’s ongoing clampdown on the sector. The website of ChainNews, one of China’s largest crypto news websites, was not available as of press time on Thursday. The main site of Odaily, another crypto news service, has also been unavailable and was still inaccessible on Thursday. This is not the first time China has seen crypto news portals that go dark.