Table of Contents
Bitcoin News: 8th November 2021
- Meme tokens and dogcoins flood the market as price wars heat up [LINK]
- Bitcoin hodler Elon Musk should sell $23B of Tesla stock, Twitter survey concludes [LINK]
- ‘Bitcoin is not a digital currency, people don’t spend it’, Bank of Canada Governor says [LINK]
- ANALYSIS : Is Bitcoin back to $56,000 a real threat [LINK]
- Incoming NY mayor wants crypto taught in schools [LINK]
- Game breathes new life into digital assets by hatching living blockchain characters on Binance NFT [LINK]
- Kazakhstan Senate approves legislation regulating crypto service providers [LINK]
- Crypto market inches towards $3 trillion for the first time as Bitcoin tops $66k [LINK]
Meme tokens and dogcoins flood the market as price wars heat up
Meme tokens and dogcoins have played an important role in the cryptocurrency market’s ongoing bull run. Two of these tokens, the longer-standing memecoin Dogecoin (DOGE) and Shiba Inu (SHIB), have gained the greatest traction and popularity among the myriad of these tokens that have been flooding the market
SHIB began surging on October 23 from a low of $0.000028 to an all-time high of $0.000086 on October 28. Since then, the price of the token has dropped to $0.000052. Despite this, the token has gained 195.5 percent in the previous 30 days and a staggering 72,954,679.8 percent in the year.
The token momentarily rose to 8th place on the list of top 10 cryptocurrencies by market capitalization, but due to the price decline, it has fallen out of the top 10 and is now ranked 11th with a market valuation of roughly $32 billion at the time of writing.
Following the meteoric rise in popularity of Dogecoin, a slew of other dogecoins and meme tokens entered the market. SHIB was one of these tokens, and it has now risen to a market capitalization comparable to DOGE. SHIB’s development team has created a new token called Doge Killer (LEASH). The coin is presently trading at $3,256.73, representing a recent return of 130.3 percent.
Dogelon Mars, a token based on Tesla CEO Elon Musk’s passion for space flight, is another token attempting to cash in on the current excitement. The coin gained over 3,780 percent in October and was listed on OKEx and Crypto.com on Oct. 29, outperforming SHIB’s 850 percent rise.
Many additional currencies have been issued on other blockchain networks, distributing meme tokens around the crypto ecosystem. The Australian Safe Shephard (ASS) token, for example, is a Binance Smart Chain (BSC) dogcoin, whereas Samoyedcoin (SAMO) is a Solana network dogcoin.
“It appears that the older the coin, the stronger its position, and it is not so easy for newbies to rise to the top and claim their place beneath the sun,” Lyu explained. He went on to say that having two meme coins in the top ten is more than enough, and that other meme currencies have no chance. “But that’s the beauty of cryptocurrency – anything can happen,” he added.
The short-term potential of all the extremely speculative meme tokens and dogcoins across blockchains, according to Justin Trollip, a core team member at Pangolin, a decentralised exchange, is unpredictable:
“Because we’re in the midst of a screaming bull market, speculative assets with a lot of upside tend to do well.” We’re currently in a meme cycle, therefore I believe many of these tokens have possibility for growth. As an investor, it all boils down to your time frames. Personally, I’ve seen most people who have earned large gains on meme tokens fail to take profits and regard them as long-term investments. This, I believe, is a dangerous technique.”
Elon Musk should sell $23B of Tesla stock, the Twitter survey concludes
Elon Musk, a Bitcoin (BTC) supporter, Tesla CEO, and the world’s richest man, claims he will sell 10% of Tesla stock (TSLA) if Twitter orders him to.
Musk entered the argument over US tax policy in a Twitter poll on Nov. 6 by proposing to put it to the test with a $23 billion sale.
This year, US Treasury Secretary Janet Yellen made a stir by advocating that unrealized gains should be taxed as part of a proposal aimed at “exceptionally wealthy” individuals.
Apart from moral concerns, bitcoin proponents slammed the plan, claiming that it entails mathematics that are nearly difficult to apply to cryptocurrencies.
Musk, whose cryptocurrency holdings include Bitcoin, Ether (ETH), and Dogecoin (DOGE), skirted direct criticism by vowing to sell 10% of his Tesla stock if the survey results indicated that he should.
“I will follow the results of this poll, regardless of the outcome,” he added.
He went on to say that he doesn’t get a “cash salary or bonus from anywhere,” thus the sale would be his lone taxable event.
At the time of writing on Sunday, 57 percent of the survey’s 3.2 million respondents believed he should go ahead and sell the 19.3 million TSLA shares at $1.222 apiece, for a total of $23,582,600,000.
Musk’s net worth has surpassed a quarter of a trillion dollars, according to Cointelegraph. Recent advances in Tesla shares and the company’s $1.5 billion BTC holdings have lifted Musk’s net worth over a quarter of a trillion dollars.
In October, he issued a warning about inflation, which he believes would remain in the long run.
Bitcoin markets have previously been shaken by economic decisions made by the world’s richest man, most notably when Tesla banned Bitcoin payments for its vehicles due to concerns over the cryptocurrency’s environmental credentials.
Documents suggest that the door is still open for the verdict to be overturned, as reported by Cointelegraph.
‘Bitcoin is not a digital currency, people don’t spend it’, BOC Governor says
Bitcoin, according to Bank of Canada Governor Tiff Macklem, cannot be recognised as a currency since it lacks qualities that can be used in transactions.
The Governor, who has maintained his scepticism of the commodity, told CTV News that despite countries like El Salvador recognising the first cryptocurrency as legal tender, Bitcoin is not used in daily transactions.
At the same time, more merchants are accepting Bitcoin as a form of payment. Macklem believes that the current cash system will continue longer, but he admits that the pandemic has hastened the transition to digital commerce.
“First and foremost, Bitcoin is not a digital currency. Bitcoin is not used to make purchases… We have banknotes and will continue to have banknotes for the duration of my governorship; they are not going away. At the same time, we recognise that our economy is becoming increasingly digital, and the epidemic has hastened this trend,” Macklem remarked.
Macklem stated in a prior interview that despite the presence of multiple cryptocurrencies, none of them qualify to be classified as a currency, instead arguing that they are crypto assets. He believes that further international cooperation is required to create a streamlined cryptocurrency market that facilitates large-scale transactions.
Macklem has also stated that the world monetary and financial system is undergoing adjustments. According to the Governor, the coronavirus pandemic was the driving force behind the digital shift.
Macklem also claimed that the country’s finance ministry would investigate the possibility of a digital currency issued by the Canadian central bank. The institution, on the other hand, has put money into research to see if a CBDC may be developed.
The Bank of Canada published a study in July that outlined the main reasons for establishing a CBDC. A digital currency is necessary, according to the research, because of rising competition among payment service providers and digital innovation.
The report also cited the diminishing use of cash as a driver for the planned transition, as well as the CBDC’s role in responding to the rise of alternative digital currencies.
The bank reaffirmed in October that it will not be introducing a CBDC anytime soon, but that decision may alter if physical cash usage drops.
ANALYSIS : Is Bitcoin back to $56,000 a real threat
So far, Bitcoin’s trajectory through November has fallen significantly short of predictions. While Bitcoin reached a high of $66k in late October, the world’s largest cryptocurrency hasn’t seen much action in the last several weeks. At press time, its weekly ROI was a dismal 1.7 percent, as alts like Solana, DOT, and BNB continued to see inflows.
A closer examination of its daily chart revealed a symmetrical triangle formation and the possibility of a price swing. However, a move in either way appeared to be feasible.
If the RSI, Squeeze Momentum Indicator, and DMI remain bearish, BTC will most likely revisit $56k following a downward breach. BTC was trading at $61,809 at the time of writing, up 2% in the previous 24 hours.
Bitcoin appeared to be creating a symmetrical triangle after cracking two lower highs and two higher lows following a 70% gain in October. Now, with a weak directional trend based on an ADX score of 15, BTC is likely to continue its lateral movement in the near term.
As the symmetrical triangle expands its structure, immediate resistance and support levels of $63,000 and $61,000, respectively, would confine BTC. Bulls can advance towards the 138.2 percent and 161.8 percent Fibonacci levels after manoeuvring beyond a double top at $66,664 if BTC gains power for a move above $65,000.
If BTC falls below $60,000 at any point, bears may gain momentum and launch more declines. $59,000, $57,275, and $56,425 were the next viable defences. A close below the 50-SMA (yellow) would put bullish traders in even more peril.
For the past three weeks, Bitcoin’s daily RSI has been declining. It was slightly above the half-line at the time of writing. Short-sellers can swiftly jump on board if the RSI falls below 45 while maintaining a neutral bias. According to the bearish reading of the Squeeze Momentum Indicator, momentum was already with the sellers.
Although it is too early to anticipate a breakout, market watchers must be cautious in the coming days. A sell-off could bring BTC below the 78.6 percent Fibonacci barrier before the next upcycle strikes the market if Bitcoin falls below $60,000 due to a weak RSI and SMI.
Incoming NY mayor wants crypto taught in schools
New York Mayor-elect Eric Adams appears to be digging down on his pro-crypto stance, saying that cryptocurrency studies should be taught in schools.
Adams defined cryptocurrencies as “a new way of paying for products and services over the entire globe” during a Sunday interview with CNN’s State of the Union, pushing local schools to prepare pupils for “the new way of thinking” brought about by blockchain technology and digital assets.
“We need to open our schools in order to teach technology and this new way of thinking.”
Adams also mentioned anecdotally that his young constituents were remarkably unaware about crypto. “When I talked about blockchain and Bitcoins on the street, young people stopped and asked, ‘What is that?'” the 61-year-old remarked.
He also said he would “tread carefully” and “get it right” if he encouraged New York firms to take Bitcoin (BTC) and other cryptocurrencies as a means of payment. New York must remain a “centre of innovation, no matter what that innovation is,” according to the mayor-elect.
The crypto community has reacted to Adams’ words with conflicting emotions on social media.
Cryptocurrency studies “must” be introduced into school curricula, according to Twitter user Nima Abed, who also claimed that new investors must have “an open mind and sufficient understanding” before entering the digital asset markets.
Others slammed the idea, with one user, InnocenceCapital, calling cryptocurrencies “speculative crap.” They went on to say that schools should prioritise “effectively teaching[ing] arithmetic, history, physics, language, and practical financial principles first.”
“OnlyAPrimate” twitter user, citing previous criticisms of Adams from Harvard economist Jason Furman, called the mayor-recent elect’s advocacy for digital assets “sort of grifty,” considering Adams’ intention to collect his first three mayoral salaries in BTC.
“I admire Eric Adams, but I don’t believe his job description includes pumping up a crypto-currency in which [he] is about to be paid. “It appears to be a little shady,” they commented.
The new mayor’s policy agenda includes making the city a crypto hub in the United States. In a Wednesday interview with Bloomberg Radio, Adams also stated that he intends to investigate the possibility of establishing a local crypto coin in New York, similar to MiamiCoin.
New York would not be the first city in the United States to launch a crypto-related study programme. The Georgia House of Representatives passed a bill in March requiring state education officials to develop a financial literacy programme in high schools that included cryptocurrency.
Game breathes new life into digital assets by hatching living blockchain characters on Binance NFT
Pokemon became famous as a result of its capacity to connect players, Tamagotchi as a result of its ability to care for digital pets, and CryptoKitties as a result of its ability to generate money on the blockchain. While Pokemon and Tamagotchi dominated the lives of children in the 1990s, many of them rapidly outgrew their virtual companions as they grew older and began working. CryptoKitties later attempted to address the issue of profits by using the ERC-721 (NFT) Protocol to create digital kittens with unique genetic code.
NFTs, or nonfungible tokens, ushered in a new era in gaming and collecting, allowing gamers and collectors to profit from their online activities. Because of the blockchain’s transparency, each item was fully unique and ensured ownership. While CryptoKitties raised the bar for collecting, the game was static, leaving consumers with nothing more than a lovely.png or.gif.
Krytomon was founded with the goal of bringing NFTs back to life by combining the best of Pokemon, Tamagotchi, and CryptoKitties with powerful blockchain technology, digital genetics, and location-based technologies to create the next stage in the evolution of crypto gaming. A Kryptomon is a one-of-a-kind digital creature with its own genetic code that is linked to an NFT. The notion of NFTs is taken a step further with Kryptomons, as the creatures are living and require care in addition to being fed, repaired, and taught to get stronger.
Kryptomon has recently teamed up with Binance NFT, the world’s largest cryptocurrency exchange’s official NFT marketplace, to offer an exclusive sale of 2,000 Kryptomon eggs to Binance users only. This partnership marks the Kryptomon team’s first foray onto the international arena, bringing the project to the attention of NFT gamers and collectors alike.
Trainers must first obtain an egg in order to join the Kryptomon’s world. Only 6,200 eggs are now in circulation, with 75,000 players interested in taking part, depending on the number of KMON token holders. Currently, the demand for these assets far outnumbers the supply. This is where Binance’s special sale comes into play.
Beginning at 12:00 p.m. UTC on November 8, users will have a 12-hour window to purchase customised Mystery Boxes from the Binance NFT Marketplace. The Mystery Boxes will each include one Kryptomon egg, which will retail for 95 BUSD, a relatively reasonable price considering the company estimates the resell value on secondary markets to be $325 per egg (at the time of writing).
Kryptomon’s chief strategic officer, Amit Peled, revealed the following when questioned about the new partnership:
“We are ecstatic to work with Binance NFT, since they are the premier platform with which to collaborate in the crypto market.” We hope that this relationship would be beneficial to both our users and Binance’s users. This is a one-of-a-kind offering because we’ve never done a sale of this size and at this pricing before, but we believe it’s an important one that will position us as one of the leading NFT initiatives in the crypto gaming ecosystem.”
This exclusive deal is only one of the game’s efforts to give NFTs a unique experience. The Kryptomon creators recently announced the release of version 2.0 of their game, which will allow users to travel the metaverse and physical world with their Kryptomon, as well as battle and breed them. Furthermore, thanks to Kryptomon’s play-and-earn game mechanics, trainers will be able to take on more creatures around them and participate in various adventures with their Kryptomon after the release of their Android and iOS games, making any Pokemon fan’s dream of becoming a true trainer for a living reality.
Kazakhstan Senate approves legislation regulating crypto service providers
Crypto firms in Kazakhstan may soon be subject to Anti-Money Laundering (AML) regulations, according to new legislation voted by the country’s upper chamber of parliament on Monday, as reported by local news site Vlast.
The new law broadens the scope of the country’s financial surveillance apparatus to include crypto service providers.
In addition, the proposed legislation would create a legal entity for public officials. A company must inform Kazakhstan’s Ministry of Digital Development, Innovation, and Aerospace Industry when it establishes a cryptocurrency trading service or issues digital assets. The institution will be in responsibility of completing a risk assessment and ensuring compliance with Know Your Customer and Anti-Money Laundering rules.
Senator Olga Perepechina told Vlast that Kazakhstan’s financial monitoring system does not now include legal firms that manage digital assets, coordinate trade, or provide services for converting cryptocurrencies into cash, tangible products, or other property.
The senator cautioned that a lack of control allows money laundering and terrorist financing to proliferate quickly, as well as the expansion of the black market. Cybercriminals, especially terrorists, are encouraged to collect their debts using digital assets and electronic techniques, she said.
The idea has yet to be authorised by Kassym-Jomart Tokayev, the country’s president. Tokayev called for the “immediate” regulation of another cryptocurrency activity, Bitcoin (BTC) mining, earlier this month, citing the country’s power shortage. Despite an enhanced Chinese crackdown, the Central Asian country, which has some of the world’s cheapest electricity, has become a Bitcoin mining hub.
Kazakhstan expects cryptocurrency mining will bring in at least $1.5 billion to the country’s GDP. After the United States, the country’s current mining hash rate is second in the world.
Crypto market inches towards $3 trillion for the first time as Bitcoin tops $66k
The aggregate market capitalization of all cryptocurrencies is approaching $3 trillion for the first time, as leading altcoins achieve fresh all-time highs.
Bitcoin (BTC) continued to surge on Monday, November 8, as Ethereum (ETH), Solana (SOL), and Polkadot (DOT) all recently pushed into previously uncharted territory.
With a market price of $1.2 trillion, the flagship digital asset BTC is currently trading at $66,094, up 6.50 percent in the last 24 hours and 6.11 percent over the previous week.
Notably, Bitcoin’s price soared from $61,7100 to $66,094 in just 24 hours, with almost $70 billion coming into the digital asset.
Michael van de Poppe, a well-known crypto trading analyst, said of the market’s meteoric ascent, “
“Crypto has surpassed $3 trillion in market capitalization. In 2000, the http://Dot.com bubble was estimated to be worth $10-12 trillion.”
Poppe also mentioned that, according to the charts, “so far, so good” for Bitcoin.
Crypto Birb, a licenced technical analyst, believes a breakthrough to $80,000 is already in the works.
Bitcoin is still the best investment for a high return on investment, according to research (ROI). This year, the return on Bitcoin has outperformed most other assets, outperforming commodities, equities, currencies, and indices by a wide margin.
Several cryptocurrency specialists expect that more milestones will be crossed in the final two months of 2021, with one well-known price prediction model projecting that Bitcoin would reach six figures by Christmas.
The total value of the cryptocurrency market is currently $2.87 trillion, up 4.49 percent from the previous day, while the total volume of the cryptocurrency market in the last 24 hours has increased by 14.73 percent to $107.77 billion.
The total volume in DeFi is currently $15.30 billion, or 14.2 percent of the total 24-hour volume, while the total volume in stable currencies is $81.55 billion, or 75.67 percent.
Despite huge price increases over the last two years, Bitcoin’s market dominance has dropped by 42.8 percent after reaching a high of 70.8 percent on September 6, 2019.
Bitcoin continues to exceed its nearest competitor in terms of market share, with 40.5 percent or $1.22 trillion vs 18.6 percent or $560 billion for Ethereum. All other cryptocurrencies, on the other hand, have a total market capitalization of 40.9 percent, or $1.24 trillion, indicating the rising diversity of the digital asset sector.
Finally, Ethereum, the second-largest cryptocurrency by market capitalization, has reached fresh highs of $4,734, up 4.60 percent on the day and 9.34 percent in the past week. On the other hand, Solana, which reached a new all-time high of $258 on November 7, is now trading at $243, down 3% on the day.
Read Yesterday’s news here.