Daily news update: November 24th, 2021

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Crypto market update

Bitcoin’s volatility continued in the past 24 hours, but now the asset seems to be calmed down below $57,000. Most alts are slightly in the green now, except for Cardano (-4%), Avalanche (-6%), and Shiba Inu (-7%), which have lost the most in a day. The cryptocurrency market cap is up by around $50 billion in a day and stands around $2.7 trillion on CoinGecko. Fear and greed index dropped from neutral levels to fear yesterday at 33 points and today at 42 points.

Bitcoin (BTC) is now trading at 56,575 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,278 USD

PlatonCoin (PLTC) is now for 0,387 USD

Total marketcap is currently at 2.696 trillion USD

Daily news update

Charity and crypto: Fidelity Charitable, the largest grantmaker in the US under the Fidelity Investments banner, has reportedly accepted approximately $270 million via crypto donations since the beginning of 2021, it said in a release. The figures represented are also displaying an 860% increase from the $29 million in cryptocurrency that it had previously received in 2020.

U.S. Senate and stablecoins: The U.S. Senate Banking Committee has requested further information on stablecoins and how companies that issue them are protecting consumers. Senator Sherrod Brown penned a letter to the industry’s leading stablecoin issuers seeking further information on Nov. 23. The letter was sent to the chief executives of Tether and Circle. A copy was also delivered to Coinbase, Centre, Gemini, Paxos, TrustToken, and Binance.US according to the Senator’s official website. It stated that a recent President’s Working Group on Financial Markets report highlighted that “stablecoins present investor protection risks and raise several market integrity concerns.”

India and crackdown on crypto: India is looking to ban most crypto assets when it introduces a new bill to regulate the industry this coming winter. The agenda for the session lists “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.” The bill also addresses the framework for the official central bank digital currency that will be issued by the Reserve Bank of India. India is now following in the footsteps of China in attempting to eradicate the use of decentralized crypto assets in favor of its own state-controlled CBDC.

New Fed chief and CBDC: Although the re-nominated Fed chief has been cautious about the development of a digital dollar, Lael Brainard, picked as the Fed’s vice chair, is well-known for her support for a U.S. central bank digital currency (CBDC), which could help still-hesitant investors overcome lingering doubts about cryptocurrencies.

Palau and Ripple: Ripple, the digital payment network, has partnered with the Republic of Palau to help the Pacific island nation develop its own digital currency. The initial focus of the partnership will see the development of a USD-backed digital currency to help facilitate cross-border payments for the nation. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple’s announcement.

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