Daily news update: October 27th, 2021

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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

The cryptocurrency market has taken a steep nosedive after posting steady gains throughout October. Although some lower cap assets have rebounded, traders appear to be overleveraged, leading to another downswing. After an unsuccessful attempt to overcome $64,000, bitcoin has retraced once again below $60,000. While most alternative coins are also in the red, Shiba Inu has gone on another tear with a massive double-digit price surge.

Bitcoin (BTC) is now trading at 59,269 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,032 USD

PlatonCoin (PLTC) is now for 0,528 USD

Total marketcap is currently at 2.611 trillion USD

Daily news update

Bitcoin price dip: Bitcoin has had its ups and downs this year, but BTC/USD has all but copy-pasted its 2017 results. Astonishingly, the dates of price phenomena in September and October 2021 practically match 2017. Popular Twitter account Smart Crypto, which noticed the trend, called for an “explosion” in time for 2022.

Shiba Inu and Doge: Meme cryptocurrency Shiba Inu is now officially the biggest canine coin after surpassing Dogecoin. According to CoinGecko data, SHIB’s current market cap is $31.8 billion, which is $636 million higher than that of DOGE. However, the flippening is yet to happen on CoinMarketCap.

DeFi hack: DeFi protocol Cream Finance has been hacked for more than $130 million. The exploit was highlighted by PeckShield, who identified a large flash loan transaction that was used to carry it out. According to blockchain records, $92 million was stolen into one address and $23 million into another, alongside other funds taken. The funds are now being moved around to different wallets.

ECB and crypto: The European Central Bank (ECB) has appointed 30 members to its new “Digital Euro Market Advisory Group.” The members will advise the Eurosystem on designing and distributing a potential digital euro, a central bank digital currency (CBDC). The Eurosystem is the monetary authority of the euro area and comprises the ECB and the national central banks of the member states that use the euro.

SEC and DeFi: Remarks made by SEC Chair Gary Gensler have once again drawn general outcry from the cryptocurrency community. During Gensler’s appearance on Yahoo Finance’s All Markets Summit, the top regulator once again reiterated the need to bring the cryptocurrency industry under the purview of the SEC, describing the industry as the “Wild West.” Gensler laid some emphasis on decentralized finance (DeFi) protocols predicting that without regulations, the booming crypto sector was going to end up hurting a lot of investors.

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