CoinCodeCap Weekly: Crashes, Metaverse, & Rug Pulls [22-27 November 2021]

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CoinCodeCap Weekly brings you entire week’s news in one article. Got no time to stay updated during weekdays? No worries, we got your covered!

Coincodecap Weekly 22-27 Nov 2021

Overview of the Market

After remaining range-bound for the majority of the week, the crypto market took a significant hit on Black Friday. With the exception of Binance Coin, all of the top cryptocurrencies have negative weekly returns as of this writing. According to CoinMarketCap, the total crypto market cap has also dropped to $104.48 Billion, which makes a 33.54% decrease.

The reason for the drop in market is the fear, uncertainty, and doubt about a new and highly mutated coronavirus strain in South Africa. Fears of new restrictions and lockdowns fueled a drop in traditional financial markets as investors anticipated new restrictions and lockdowns in the face of uncertainty.

The Metaverse tokens bucked the trend this week, as investor interest in the space continues to grow. However, this didn’t stop investors from buying the dip. El Salvador bought the dip, adding 100 BTC to its HODLings.

22nd November 2021

Overseas-Chinese Banking Corporation (OCBC) considered launching a cryptocurrency exchange. Singapore’s OCBC bank’s CEO, Helen Wong believes it is worthwhile to study cryptocurrency technology because of its potential to improve efficiency. Australian Financial Services Minister Jane Hume publicly spoke in favor of cryptocurrency. She claimed that it is not a passing ‘fad’ and is here to stay. Hume’s pro-crypto speech comes just days after a Reserve Bank of Australia (RBA) official predicted a tremendous crash in the crypto market. 

Adidas officially entered the Metaverse, which continues to be restocked by well-known names. A one-of-a-kind POAP NTF collectible was released by the corporation. Celsius Network, a cryptocurrency financing platform, aims to spend $500 million in Bitcoin (BTC) mining. This $300 million investment comes on the heels of a $200 million investment made earlier this year by Celsius. Celsius aims to increase its Bitcoin mining investment by a factor of two. The corporation plans to invest another $300 million after investing $200 million earlier this year. This, according to Celsius CEO Alex Mashinsky, will help the business expand its hash rate and power capacity in North America.

Adidas Releases Poap Nfts And Enters Metaverse
Adidas Releases POAP NFTs and Enters Metaverse

23rd November 2021

Tsuzuki Inu allegedly “carpeted” all of the liquidity of investors. Transaction history Etherscan shows that they swapped ERC-20 tokens for 265 packaged Ethereum and then converted them into USDC worth over $ 1,157,125. The IMF said El Salvador should not use bitcoin as legal tender. IMF gave this statement in its staff concluding statement of the 2021 Article IV mission. The IMF statement came only two days after President Nayib Bukele announced El Salvador was planning to build the world’s first “bitcoin city”.

Royal, a firm that created a marketplace for digital assets tied to musicians, has raised $55 million in a Series A round-headed by a16z. Users purchased NFTs, which reflect common ownership in works by musicians, through the startup’s partnership with musicians.

Musicians To Dive Into Nfts With Royal
Musicians to Dive into NFTs with Royal

Binance expands to Ireland. The exchange, which was famously decentralized until recently, has registered a new organization in Ireland, according to The Independent. When asked about the firms established in Ireland, Binance founder and CEO Changpeng Zhao said in an interview with Reuters that the company is considering Ireland as a base.

24th November 2021

Ploutozfinance exploited and it led to the gain of ~$365K for the hacker. The hack was made possible due to the price oracle manipulation of $DOP  in ploutozfinance.

Bitcoin and other cryptocurrencies trade at a discount in India. The government of India announced the introduction of a Bill in the parliament to prohibit all private cryptocurrencies in India.

Cryptocurrencies Go On Sale On Indian Exchanges
Cryptocurrencies go on Sale on Indian Exchanges

Avocado Guild, a blockchain game company similar to Yield Guild Games, which is sponsored by a16z, secured $18 million in a Series A fundraising round. The round was co-led by Animoca Brands and QCP Soteria Node (QSN), with participation from Solana Ventures, Three Arrows Capital, Polygon Studios, and others.

US banking regulators said they intend to clarify in 2022 what role traditional banks may legally play in the Bitcoin business. The authorities stated that the fast expansion of cryptocurrencies poses possible possibilities and threats for traditional banks, but did not provide any further specifics. 

25th November 2021

Days After Being Shut Down, The PEOPLE Token of ConstitutionDAO Reaches an All-Time High. ConstitutionDAO gathered massive sums of money in the Ethereum cryptocurrency to bid for an exceedingly rare privately-owned copy of the US constitution’s first printing. Collins Dictionary announced NFT as Word of the Year 2021. 

Days After Being Shut Down, The People Token Of Constitutiondao Reaches An All-Time High
Days After Being Shut Down, The PEOPLE Token of ConstitutionDAO Reaches an All-Time High

26th November 2021

El Salvador’s acceptance of bitcoin is a source of concern, as per the Bank of England chief, because BTC’s volatility would likely catch users off the edge. “It worries me that a country would choose it as its national currency,” Bailey commented in answer to a question at a Cambridge University student union appearance on Thursday.

All of the global markets witnessed a significant crash, including the cryptocurrencies market. Bitcoin was down by approximately 7%, while many altcoins were bleeding hard. ETH was down by 7%, DOT was down by 10%, and almost all the metaverse tokens were bleeding the hardest, whereas DAR was leading with almost -30%.

Why Did Bitcoin Crash Today?
Why did Bitcoin Crash Today?

27th November 2021

Avalanche’s first memecoin SDOG went down by 90%. After only eight days on the market, SnowdogDAO failed spectacularly. According to a Blockdata report, bitcoin processed more transactions than PayPal in terms of dollar value in 2021. dYdX team alerted people of a security issue. All users who have set allowance to deposit since November 24 were advised to visit the exchange and recover the funds as soon as possible. 

Another Day Another Rug Pull: Avalanche'S First Memecoin Sdog Down By 90%
Another Day Another Rug Pull: Avalanche’s First Memecoin SDOG Down by 90%

Celsius CFO was arrested on money laundering charges in Israel. Celsius responded with a tweet stating that the firm was aware of the situation, that the arrest was unrelated to Celsius, and that the employee, Shalem, had been suspended.

Cryptocurrency fraudsters made $9 million through fraudulent YouTube live streams in October by promoting bogus bitcoin giveaways on social media. Scams using Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, and Shiba Inu have been reported to the cyber expose portal. The most successful scams were Bitcoin scams, which generated an average of $1.6 million per fraud and a total of $8.2 million.

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