Crypto market update
Bitcoin earlier failed to break the $59,000 resistance level and fell even further down the red numbers today. Data from Coinglass shows nearly $106 million worth of Bitcoin futures were liquidated today until press time. Following Bitcoin’s plunge were other large-cap cryptos like Ethereum (-7%), XRP (-9%), Solana (-6%), and Polkadot (-7%). Ethereum futures saw even higher liquidations than Bitcoin—at over $114 million—data from Coinglass shows.
Bitcoin (BTC) is now trading at 55,287 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 4,134 USD
PlatonCoin (PLTC) is now for 0,371 USD
Total marketcap is currently at 2.592 trillion USD
Daily news update
South Park and Bitcoin: The famous American animated sitcom South Park, in its most recent episode that takes place in the future, makes fun of Bitcoin as a payment service, calling it a “fly-by-night Ponzi scheme.” In the episode about the post-pandemic situation in the country that aired on Thursday, creators have decided to show the foreseeable future and the modern technologies evolving there. In the episode, grown-up Stan Marsh, is paying for a stay in a small motel called Super 12 by using Bitcoin. The situation takes place 40 years from now. A cashier tells Stan that they only accept Bitcoin and other cryptocurrencies because the world has decided to drop rigged centralized banking.
ETH and burning: The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. Since then, a portion of fees has been continuously burned, taking a large portion of the digital asset out of circulation. This hard fork had been implemented to combat the inflationary nature of Ethereum and it has been successful as countless blocks have been deflationary since the hard fork took place. The amount of ETH burned has risen along with fees on the network. The number had quickly hit 1 million ETH.
Grayscale and metaverse: Grayscale, the popular digital asset management company, in one of its recent reports has declared that the economic opportunities present in the metaverse could top $1 trillion within the next few years. The report, tagged “The Metaverse, Web 3.0 Virtual Cloud Economies,” noted that metaverse platforms that have been integrated with features like crypto tokens, NFTs, decentralized finance and a host of other crypto-related projects have “created a new online experience.”
Linking Park frontman and NFT: Mike Shinoda, the founding member of Linkin Park, announced that he will publish a new music project as a generative NFT series called Ziggurats. The collection of 5,000 mini mixtapes will be launched on Tezos on December 3rd.
Australia and CBDC: Interest in cryptocurrency is being driven in part by ultra-low interest rates, Reserve Bank of Australia assistant governor Michele Bullock has said, while indicating the RBA is considering the creation of a central bank digital currency (CBDC) for use in wholesale markets, according to the Australian Financial Review.