Daily news update: November 25th, 2021

daily, canada, news

Crypto market update

After another volatile 24 hours in which BTC went from $56,000 to above $58,000, the cryptocurrency has stalled again around $57,500. Most larger-cap altcoins are slightly in the red, while gaming tokens, such as MANA and SAND, have produced significant gains.

Bitcoin (BTC) is now trading at 58,599 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,455 USD

PlatonCoin (PLTC) is now for 0,327 USD

Total marketcap is currently at 2.793 trillion USD

Daily news update

Bitcoin and transactions: Bitcoin is showing more signs of adoption and growth as the cryptocurrency processed 62% more transactions in terms of dollar value than PayPal in 2021. The new information comes as critics continue to discuss the viability of Bitcoin for a global level of payments. The data was revealed by Blockdata, which published a report on Nov 23.

EU Council and crypto regulation: The Council of the European Union adopted two proposals for digital assets on Wednesday, aiming to create regulatory frameworks for crypto assets focused on consumer protection and mitigating cyber threats. Both the Regulation on Markets in Crypto Assets (MiCA) and the Digital Operational Resilience Act (DORA) are part of the Council’s digital finance package. That package also contains the Council’s overall strategy related to crypto asset regulation and a proposal on distributed ledger technology.

SEC and crypto regulations: The SEC will hold a Panel discussion regarding crypto and digital assets matters. The discussion will be aimed at ensuring investor protection, which is the commission’s main goal. The SEC will also discuss the rapidly changing conditions of the market with the rapid development of new technologies. According to the official discussion page, the panel will be exploring new ways of protecting investors who are willing to receive exposure to the digital assets market. Commissioners will discuss optimization of the currently existing regulatory framework in accordance with the newly formed, decentralized market structure.

Hillary Clinton and crypto regulation: Former presidential candidate Hillary Clinton has called on the Biden administration to regulate the cryptocurrency markets. She warned that countries like Russia or China, as well as nonstate actors, could manipulate all kinds of technology to their advantage and destabilize countries as well as the dollar as the world’s reserve currency.

German chancellor and crypto: Ahead of the latest price surge—propelling the bitcoin and crypto market to around $3 trillion from lows of $150 billion in 2020—Germany’s new chancellor Olaf Scholz warned over a “tulip”-style bubble developing in the crypto market—adding “the currency monopoly” must remain in the “hands of states.”

Japan and CBDC backed by deposits: The Japan Digital Currency Forum has released a white paper examining the possibility of a new cryptocurrency backed by bank deposits. The forum consists of over 70 companies, including the country’s top banks such as MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank, Japan Post Bank, among others. Several government agencies also are part of the project. The digital currency, temporarily called DCJPY, would be issued by commercial banks as their liabilities. The currency would be backed by bank deposits and not bear interest, the white paper notes. Users would be allowed to mint the currency by withdrawing deposits from their bank accounts and posting the equivalent amount in DCJPY to a digital currency account.

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