Daily news update: October 26th, 2021

adoption, Bitcoin, daily, news

Here you will find our daily update, which will provide you with all the main information and events on the crypto markets for the previous day.

Crypto market update

After retracing from last week’s all-time high at $67,000, Bitcoin lost more than $7,000 in days and dumped below $60,000 several times. BTC reached above $63,500 but failed to continue upwards. Instead, it lost over $1,500 and dipped to around $62,000. Most alternative coins also retraced during the weekend but marked minor gains in the past two days.

Bitcoin (BTC) is now trading at 62,509 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,201 USD

PlatonCoin (PLTC) is now for 0,518 USD

Total marketcap is currently at 2.735 trillion USD

Daily news update

Facebook and metaverse: Facebook will spend more than $10 billion on its metaverse division, called Facebook Reality Labs, CEO Mark Zuckerberg said during the company’s third-quarter earnings call on Monday. The money will go toward augmented and virtual reality products, services and other efforts to “develop the next generation of online social experiences,” he said. He added that a Facebook metaverse could enable “hundreds of billions of dollars of digital commerce.”

Bitcoin and on-chain volume: Researchers have found that roughly 11,000 entities are responsible for more than half of Bitcoin’s on-chain volume. According to a study 11,043 on-chain entities represent 55% of volume on the Bitcoin network. Cryptocurrency exchanges were estimated to account for three-quarters of on-chain volume. The report found that the top 1,000-largest investors control roughly 3 million BTC or 15.9% of circulating Bitcoin, while the next 9,000-largest investors hold roughly 2 million BTC combined or 10.6% of circulating Bitcoin.

Jordan Belfort and NFT: Jordan Belfort. also known as the Wolf of Wall Street, has joined the NFT craze and doesn’t plan to leave it anytime soon. The cryptocurrency space has seen numerous prominent individuals who went from criticizing it to joining it years later. Jordan Belfort, who used to bash bitcoin but later predicted it will tap $100,000, is now a keen supporter of the non-fungible token industry.

Ethereum and update: Ethereum’s main network is getting closer to the new Altair network, which means that the absolute majority of the nodes on the network have to update their clients. According to the Nodewatch service, currently around 30% of nodes remain unsynced.

SEC and crypto regulations: A highly anticipated report is expected to be issued this week by the U.S. Treasury and related agencies. It’s likely to grant the SEC and Commodity Futures Trading Commission (CFTC) authority over stablecoins and urge Congress to pass legislation that regulates stablecoins similar to bank deposits, according to the report. SEC chair, Gary Gensler, has pushed for changes behind closed doors after repeatedly referring to stablecoins as “poker chips.” The recommendations may enhance the SEC’s ability to pursue enforcement actions and policies for stablecoins and crypto assets.

Leave a Reply

Your email address will not be published.

Are you new to the world of digital currencies?

Schedule a half-hour consultation.

Schedule a consultation