What happened this week in the world of crypto? Crypto.com will have a stadium named after it, American officials are fighting for more appropriate crypto regulations, and the Constitution DAO fell short of its goal to own a copy of Constitution. This and more is covered in this weekly crypto news digest, so sit back and enjoy the round-up.
- Bitcoin is trending downwards after a surge to an ATH last week. The decline saw BTC reach $56,000;
- Crypto.com struck an agreement with AEG to rename Staples Centre to Crypto.com Arena. CRO surged 54% up on the news;
- In America, senators are trying to overturn the decision to subject crypto users to taxation in the same manner as brokers. All the while, the largest cinema chain AMC Theatres finally accepts cryptocurrencies for online purchases.
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Latest Crypto News Digest
Bitcoin This Week
- After failing to maintain momentum, Bitcoin shifted into a short-term downtrend. The highest level the price attempted to overcome was $66,500.
- Without any significant bounces from support levels, it went all the way down to $56,000. At the moment, the price resumed movement to an upside from there.
Latest Bitcoin News
- Newly established Tether Ltd. subsidiary Synonym Software will develop solutions for Bitcoin and Lightning Network. The first products to arrive would be BTC monetization for a social network Slashtags and Blocktank, a service for easy LN onboarding.
- VanEck’s Bitcoin spot ETF application was declined by the SEC. Nevertheless, their BTC futures ETF started trading on Cboe BZX Exchange this Tuesday.
- Galaxy Digital and Bloomberg collaborated to launch a Solana index on Bloomberg Terminal. This is the fifth altcoin index that Galaxy launched on Bloomberg Terminal, and it provides a global tracking for reference.
- The first parachain auction on Polkadot was won by the DeFi platform Acala. Even though it collected $1.30 billion in DOT, which is less than its closest competitor Moonbeam with $1.36 billion in DOT, it was in the lead 63% of the time.
- Ethereum news on institutional adoption is looking even better: TIME Magazine will hold ETH on its balance sheet. In collaboration with Galaxy Digital, the magazine will start covering the topic of metaverse.
Business Crypto News
- Singapore’s Oversea-Chinese Banking Corp., the second largest bank in South-East Asia, is considering launching a crypto exchange, their CEO Helen Wong confirmed in an interview. They cite demand and competitors offering crypto services as main reasons for the decision.
- Crypto.com secured sponsorship and naming rights to the Staples Center in an agreement with sports and entertainment giant AEG. The Los Angeles Lakers and LA Kings home arena will be called Crypto.com Arena starting Dec 25, 2021.
Crypto News on Adoption
- After an announcement in Q2, American cinema chain AMC Theatres have finally started to accept BTC, ETH, LTC and BCH for online purchases. Dogecoin, which was announced later, is said to be added soon.
- Latin American crypto exchange Bitso proposed a solution for cross-border transfers for small businesses utilizing dollar-pegged stablecoins. Unlike wire transfers, stablecoin conversions from dollar to pesos and back for Bitso users take seconds.
Regulation & Politics Crypto News
- Binance wrote up and published a manifesto of crypto rights for users and regulators alike. It calls for proper regulation of crypto markets which would not hinder individual access nor endanger privacy of users.
- After the crypto-specific amendments with the definition of brokers, which would subject individual crypto users to heavy taxation, passed, a group of American senators filed a bill with fixes to it. Senators Ron Wyden and Synthia Lummis seek to make individual users exempt from taxes that traders and brokers are obligated to pay on profits.
- On Monday, Indian parliamentarians had a meeting with the crypto industry representatives to discuss the challenges and opportunities of adoption of cryptofinance. In particular, Unocoin, WazirX and CoinDCX representatives were invited to attend on behalf of the entire region.
Social Media Digest
Video of the Week
Educational channel Whiteboard Crypto made a video explaining each current Top-50 cryptocurrency. Starting from the bottom of the list, he goes over each project explaining what it does as shortly as possible.
Crypto News from Twitter
— ConstitutionDAO (📜, 📜) (@ConstitutionDAO) November 19, 2021
This week, Crypto Twitter was following one of the most successful DAOs and crypto fundraisers in history. ConstitutionDAO was formed to buy a copy of the American Constitution off the Sotheby’s auction and raised $40 million.
Unfortunately, the DAO failed to win the auction. Even though they collected an amount equal to the winning bid, the fundraiser fell short on gathering extra funds for transportation and storage of the document.
2/ #ATM #POS #WALLET A whole new digital & physical infrastructure for sovereign nations. Who did THAT?! #elsalvador🇸🇻 had the foresight and the guts to #buidl that! Who has the experience of #buidling systems on a grand and nation size scale? @AthenaBitcoin & #athenaruru pic.twitter.com/WupXngyVaw
— Athena Bitcoin (@AthenaBitcoin) November 18, 2021
At the La Bit Conference, Athena Bitcoin CEO announced an infrastructure project for digital economies. Athena Bitcoin contributed to El Salvador’s Chivo wallet, and they plan to use this experience to help other sovereign nations onboard to the digital economy.
$98K Nov and $135K Dec prediction still in play pic.twitter.com/Df9CsxTdEj
— PlanB (@100trillionUSD) November 14, 2021
Will Bitcoin rise? Analyst Plan B, known for his Stock-to-Flow model, which predicted $100 thousand for a Bitcoin in 2021, seems to stay positive. To reach it, though, BTC will have to appreciate for about $2 thousand every day, which seems far-fetched to other users.
Influencer of the Week
Most people favor efficiency over decentralization. Decentralization is usually inefficient.
Therefore, protocols (and cultures around those protocols) that don’t put decentralization as the #1 priority, will likely trend towards greater and greater centralization over time.
— Lyn Alden (@LynAldenContact) November 12, 2021
Finance analyst and engineer Lyn Alden is not limiting herself to traditional or crypto markets only. She uses her business and finance acumen to share insights to the latest news and trends.
This Week on the Market
How is the market this week? At the moment of writing the crypto news digest, the general stats are:
- Total Market Cap: $2,582,423,065,426 (-6.69%);
- BTC Dominance: 42.4%.
7d Change in Top Coins
At the moment of writing, the weekly change of the top currencies is:
- Bitcoin (BTC) $57,994 (↓8.96%);
- Ethereum (ETH) $4,231 (↓7.98%);
- Binance Coin (BNB) $580 (↓5.83%);
- Solana (SOL) $214 (↓5.44%);
- Cardano (ADA) $1.87 (↓7.82%);
- XRP $1.10 (↓7.01%);
- Polkadot (DOT) $41.60 (↓8.17%);
- Dogecoin (DOGE) $0.2335 (↓8.49%);
- Shiba Inu (SHIB) $0.00004952 (↓6.36%);
- Terra (LUNA) $42.96 (↓9.78%).
Gainers of the Week
What is the best cryptocurrency to buy now? These altcoins survived the bloodbath of this week:
Bitcoin and the rest of the market is undergoing a lasting correction from the all-time high. Meanwhile, new breakthroughs in DAOs and blockchain businesses are being made despite it.