The crypto market is more calm this week but that does not mean there were no events to report. Crypto news of this week and market recap are rounded up in our weekly crypto news digest.
- Increasing total market capitalization and Bitcoin price trending sideways suggest that altcoins are outperforming BTC this week;
- El Salvador reports that the profits made from Bitcoin will be put into the education program;
- Meanwhile, Kazakhstan tries to fence retail investors from risk of volatility by limiting their permitted allocations.
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Latest Crypto News Digest
Bitcoin This Week
- Bitcoin is being compressed into a sideways trend in a wide range between $60 and 64 thousand. The trend is noticeable on hourly, 4-hour and daily charts.
- Will Bitcoin crash again? Consolidation periods usually resolve in breakouts, and the trends suggest an outbreak to the upside is more likely.
Latest Bitcoin News
- The Bitcoin whitepaper was published 13 years ago on October 13, 2008.
- Digital asset manager Genesis published a report on Q3 2021 highlighting trends in the institutional investment strategies. One of the most curious tidbits suggests that investors’ demand for Bitcoin is actually trending down, though the demand for Bitcoin-based products grows.
- Altcoins continue the run, and this time Polkadot and by association Kusama are trending. The parachain auction on Polkadot is due next week, and DOT renewed its ATH on November 4: $55.
- A project that became really popular last week, capitalizing on the popularity of the Netflix show Squid Game, pulled a rug on its investors. Despite the claims of the hack from the developers, the signs such as disabled withdrawals and lack of a real product had been pointing at fraud.
- The Dogecoin community has elected a new “CEO”: the Doge herself. Previously elected “CEO”, Elon Musk, got an honorary title of the Dogecoin chairman — all for fun only.
Business Crypto News
- Digital asset manager Grayscale has published a list of altcoins for consideration. 19 altcoins being researched include 1inch, Monero, Terra, Tezos and others.
- On Nov 1, 2021 Binance was experiencing downtimes so severe, the exchange suspended withdrawals. Reportedly, its competitors were up and running at the same time under the comparable pressure.
Crypto News on Adoption
- The Secretary of El Salvador President announced a development program for education. The 20 new schools are said to be built with $20 million made off Bitcoin in the country’s treasury.
- French game developer Ubisoft announced plans to branch into play-to-earn and utilize blockchain technology. This comes after the company invested into Animoca Brands, the company behind The Sandbox.
Regulation & Politics Crypto News
- Chairman of SEC Gary Gensler addressed the regulators underlining that the security laws will be enforced onto crypto businesses as well. “Make no mistake: regardless of the label or purported mission, we will be looking at the economic realities of a given product or arrangement to determine whether it complies with the securities laws”, he said.
- Kazakhstan is reported to limit the retail investors allocation into crypto. They can choose to report their income and invest up to 10% of their monthly income or decline and have the $1,000 monthly limit.
Social Media Digest
Video of the Week
With Facebook rebranding to Meta, the Metaverse narrative reemerged, along with Web3. Altcoin Buzz makes a suggestion of five altcoins that could soar on the sentiment: Enjin, The Sandbox, Ultra, Chiliz and Sorare.
Crypto News from Twitter
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
New York mayor-elect Eric Adams attracted a lot of attention for his pro-crypto stance. He even claims to put the money where his mouth is and vowed to receive paychecks in BTC and continue pro-crypto politics.
I’ve been tracking the income of my Ghanaian players over the past 4 months and this is the average income per month of them playing #AxieInfinity.
I don’t know about ending world hunger, but play-2-earn has proven to be an extra stream of income.
_#AxieAfrica $MC #crypto $axs https://t.co/6mjniAUrdA pic.twitter.com/V3wkJRIdt0
— Saharan-sub 🦊 🦇🔊 (@godwin_france) November 3, 2021
User godwin_france shared some insights into the usage of play-to-earn hit Axie Infinity in Ghana. According to his data, the dividends this game brings to his compatriots comprise a significant boost for the players’ incomes.
— Elijah Wood (@elijahwood) November 1, 2021
Not a week goes without a scandal of some kind in the NFT space: this time, actor Elijah Wood received an NFT by George Trosley. The illustrator had a history of being commissioned to make pieces with racist imagery for the Hustler magazine.
Despite the lapse of the commission, the situation caused a backlash. The Hollywood actor, illustrator and his son made attempts to apologize but the whole lineup of NFTs lost a significant portion of their value as a result.
Influencer of the Week
The Ethereum L2 Paradox:
a) If ETH 2.0 ships successfully, there should be no need for L2s
b) If L2s are successful, it means ETH 2.0 did not ship successfully but also L2 can’t be used due to L1 gas fees
c) If exchanges onboard directly to fast L2s then Alt-L1s just eat lunch
— _Checkmate.btc 🔑⚡🎟🌋checkonchain.com🌋 (@_Checkmatey_) November 1, 2021
Checkmatey is one of the analysts that make up the team of Glassnode, an on-chain analysis service. He routinely shares bits of valuable market data and insights.
This Week on the Market
How is the market this week? At the moment of writing the cryptocurrency news digest, the general stats are:
- Total Market Cap: $2,707,575,790,147 (+32.18%);
- BTC Dominance: 43.49%.
7d Change in Top Coins
At the moment of writing, the weekly change of the top currencies is:
- Bitcoin (BTC) $61,123.54(↑0.17%);
- Ethereum (ETH) $4,470.57 (↓0.17%);
- Binance Coin (BNB) $600.43 (↑9.69%);
- Solana (SOL) $232.29 (↓2.43%);
- Cardano (ADA) $1.96 (↓2.20%);
- XRP $1.14 (↓6.17%);
- Polkadot (DOT) $51.03 (↓3.5%);
- Dogecoin (DOGE) $0.254336 (↑0.71%);
- Shiba Inu (SHIB) $0.000058 (↓23.16%);
- Terra (LUNA) $49.06 (↑7.86%).
Gainers of the Week
What is the best cryptocurrency to buy now? The highest returns on a weekly scale were brought to the holders of these coins:
- Crypto.com Coin (CRO) $0.3885 (↑73.74%);
- OMG Network (OMG) $17.38 (↑28.60%);
- Qtum (QTUM) $15.71 (↑18.62%).
While some news of the week were controversial, there were positive developments in adoption of cryptocurrencies.