Cryptocurrency news

ChangeHero team is back with this week’s crypto news digest. The Indian government may not ban cryptocurrencies. Jack Dorsey stepped down as Twitter’s CEO, and Square rebranded as Block. Stay with us. We covered everything that happened in crypto.

Key Takeaways

  • Reports suggest the Indian government may not ban cryptocurrencies and instead regulate them as assets;
  • Jack Dorsey resigned as the CEO of Twitter. Digital payments company got rebranded to Block;
  • Australian researchers found that Ethereum acts as a better store of value than Bitcoin.

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Latest Crypto News Digest

Bitcoin This Week

  • Bitcoin made several attempts at $59,000 during the week and failed to break above it. The price further went down south, and Bitcoin entered a consolidation phase.
  • Will Bitcoin rise? There is a formation of a symmetric triangle pattern. If there is a breakout from the upper trendline of $57,500, Bitcoin price will go up.

Latest Bitcoin News

  • The U.S. Securities and Exchange Commission (SEC) has rejected WisdomTree’s spot Bitcoin exchange-traded fund (ETF). The ETF would have enabled both institutional and retail investors to invest in Bitcoin without directly owning it.
  • The average transaction fees on the Bitcoin blockchain fell by 57.97% to $1.80 this year. This is most possibly due to the increased adoption of the Lightning Network and HODLers holding Bitcoin and not spending it.

Altcoin News

  • Ethereum News first. A paper titled “Better than Bitcoin? Can cryptocurrencies beat inflation?” by a group of Australian researchers argue that Ethereum offers a better store of value than Bitcoin. The researchers pointed out that after the introduction of EIP-1559, the total supply increased only by 0.98%, whereas Bitcoin saw a 1.99% increase.
  • Grayscale Investments continues to expand its offerings. The asset management firm added SOL through the new Solana Trust. The crypto news does act as a booster to the already awesome year Solana is having.
  • Polygon Studios, the gaming wing of the Polygon network, partnered with GameOn Entertainment Technologies Inc. to build NFT games. Polygon announced a $100 million fund to support blockchain gaming projects, and GameOn will receive 50% of the product development costs through this fund.

Business Crypto News

  • Digital Payments company Square rebranded to Block. The change came a few days after Jack Dorsey stepped down as the CEO of Twitter. Block now shifts its focus to blockchain and cryptocurrency technologies.
  • Marketers got the crypto news they were long waiting for. Meta (formerly Facebook) lifted the ban on crypto ads and relaxed the regulations for cryptocurrency companies to advertise. The company expanded the accepted regulatory licenses for advertisements from 3 to 27.
  • According to PitchBook, venture capitalists are investing heavily than ever in crypto startups. As of November 2021, the investments reached $21 billion, which is more than the last ten years combined. Interestingly, many of these venture capital firms belong to crypto companies.

Crypto News on Adoption

  • Adidas entered the metaverse by partnering with Bored Ape Yacht Club (BAYC), Punks Comic, and Gmoney. The announcement came through a tweet, and Adidas also updated their profile picture to an image of BAYC with the iconic tracksuit. However, it is not yet clear when the NFTs will be issued and made available to the public.
  • A general population survey of Australia by Saxo Group found that 42% of the population would use cryptocurrencies if they were made a legal tender. However, only 11% of the population “fully” understands what the term “cryptocurrency” means. Bitcoin is the most popular cryptocurrency in the country.
  • Croatians can now buy groceries with crypto. The country’s largest supermarket chain Konzum is planning to accept cryptocurrency as a payment method in physical stores. Once launched, users can pay with Bitcoin, Ethereum, Bitcoin Cash, USDT and other popular cryptocurrencies. Read the crypto news digest completely before you run away to get your groceries.

Regulation & Politics Crypto News

Crypto investors in India get a slight relief as reports suggest that there will be no ban on cryptocurrencies. Instead, the government will treat cryptocurrencies as “assets”, and all the Indian cryptocurrency exchanges will be regulated by the Securities and Exchange Board of India (SEBI).

The Chinese government is also entering the metaverse. Well, not in the way you expected. The anti-money laundering head of the People’s Bank of China (PBoC), Gou Wenjun, stated that the bank will regulate NFTs and metaverse. The executive also said that NFTs could also potentially be used for money laundering.

Russian President Vladimir Putin spoke about cryptocurrencies in the Russia Calling investment forum held in Moscow. He said that cryptocurrencies do not have any backing and are highly risky due to the volatility.

Social Media Digest

Video of the Week

Here’s a clip from Anthony Pompliano’s The Best Business Show. He discusses the SEC willingness to work with crypto. Is it good? Well, you have to watch it to know.

Crypto News from Twitter

Jack Dorsey stepped down as the CEO of Twitter, and he will also leave the board in 2021 once the transition of roles is complete. We have to see if this tweet will be sold as an NFT or not.

Dogg is back! Rapper Snoop Dogg joined hands with NFT artist Coldie to launch an NFT collection. For sure, the NFT prices will go “high”.

Ross Ulbricht, the founder of the infamous Silk Road market, launched an NFT collection on SuperRare. The current highest bid is at 261 ETH. The funds will go towards supporting Ulbricht’s fight to free him from prison and also to Art4Giving charity. 

Influencer of the Week

You can find everything on MacroCRG’s feed. Bitcoin, altcoins, technical analysis and even memes. Just give them a follow if you want a complete package.

This Week on the Market

How is the market this week? At the moment of writing the crypto news digest, the stats are:

Total Market Cap: $2,637,540,026,436 (-2.79%);

BTC Dominance: 41.1%.

7d Change in Top Coins

At the moment of writing, the weekly change of the top currencies is: 

  • Bitcoin (BTC) $55,080 (↑1.07%);
  • Ethereum (ETH) $4,366 (↑6.58%);
  • Binance Coin (BNB) $602 (↑1.23%);
  • Solana (SOL) $221 (↑13.34%);
  • Cardano (ADA) $1.60 (↑1.90%);
  • XRP $0.94 (↓0.96%);
  • Polkadot (DOT) $34.21 (↓4.39%);
  • Dogecoin (DOGE) $0.202 (↓1.68%);
  • Terra (LUNA) $67.58 (↑60.53%);
  • Shiba Inu (SHIB) $0.0000411 (↑7.15%).

Gainers of the Week

Which is the best crypto to buy now? These cryptos are seeing some massive gains.

  • Terra (LUNA) $67.58 (↑60.53%);
  • Polygon (MATIC) $2.21 (↑30.23%);
  • Cosmos (ATOM) $32.69 (↑19.96%).

Conclusion

That wraps up this week’s crypto news digest. Not a bad week. Altcoins did see some gains, some relief from regulators and NFTs are going places.

We do a lot of such articles on the ChangeHero Blog. Don’t forget to follow us on Twitter, Facebook, Reddit and Telegram for regular updates on crypto.


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Crypto News Digest: India May Not Ban Crypto
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Crypto News Digest: India May Not Ban Crypto
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This week in crypto news, the Indian government may not ban cryptocurrencies and instead regulate them as an asset.
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ChangeHero
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