Daily news update: October 29th, 2021

financial, week 40, 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 a sudden massive crash to $56,000, Bitcoin has bounced off and reclaimed back the level of $60,000. Most altcoins have marked fresh gains as well, with Ethereum finally painting a new all-time high at $4,400, where it recovered from yesterday’s crash below $3,900, thus breaking its previous record from May.

Bitcoin (BTC) is now trading at 61,055 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,350 USD

PlatonCoin (PLTC) is now for 0,544 USD

Total marketcap is currently at 2.730 trillion USD

Daily news update

Facebook rebranded: Facebook CEO Mark Zuckerberg announced the social media giant is rebranding its corporate name to Meta as it focuses on building out its metaverse vision of an embodied internet with immersive spaces and experiences where people can digitally connect.

Metaverse tokens rising: Several Metaverse-focused crypto projects have rallied following Facebook’s rebranding announcement. The Big Tech giant revealed it would be changing its name to “Meta” Thursday, explaining that it will switch its focus from traditional social media towards building out the Metaverse.

Microstrategy and Bitcoin: Business intelligence firm, MicroStrategy, added to its Bitcoin stash, yet again. This time the company added almost 9,000 BTC, bringing the total valuation of its accumulated Bitcoin to around $7 billion. The firm’s total Bitcoin holdings now stand at 114,042 BTC, with an estimated average purchasing price of $27,713 per coin.

Carbon offsets and crypto: Amber Group, a leading crypto trading and technology firm, announced today a strategic partnership with the climate tech company Moss Earth, the first and largest environmental platform in the world to tokenize carbon credits. As per the agreement, Amber Group bought 250,000 carbon tons offsets’ worth of MCO2 tokens; approximately enough to offset the cost of more than 280,000 BTC transactions.

Huobi and China: Colin Wu, a Chinese journalist and blogger that covers all things to do with blockchain and crypto, has tweeted that, in accordance with announcements made earlier this fall, Huobi will cease to trade all cryptocurrency futures and other derivatives products for users in mainland China.

FATF and crypto regulations: The Financial Action Task Force (FATF) has released guidance on virtual assets and virtual asset service providers (VASP). But the inclusion of decentralized finance (DeFi) and non-fungible tokens (NFT) have sparked a fresh debate. The guidance contains clarifications for platforms that handle virtual assets. The draft called for VASPs (platforms dealing with cryptocurrency) to conform with the standards applied to legacy financial establishments.

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