A nice week to be in crypto: Facebook, now Meta, may join the space soon, and other platforms making further steps. What exactly happened in the cryptocurrency news this week, as well as market recap, summed up in our weekly crypto news digest.
Key Takeaways
- Bitcoin keeps hovering around $61,000. The attempt to overcome $63,500 resulted in a dip to $58,400;
- The rest of the market is outperforming BTC. Ethereum reached a new ATH at $4,388;
- Adobe and Facebook are increasing their involvement in NFTs, and Reddit and GameStop are now hiring the talent for the same purpose.
ChangeHero Updates
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Halloween Giveaway
Can you feel it? The spooky season is here!🎃 A treat (and no tricks!) of $200 in #Bitcoin is on us
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You also have some time to enter the Halloween giveaway of $200 on Twitter! Follow the instructions and bring your friends along.
Latest Cryptocurrency News Digest
Bitcoin This Week
- During the week, Bitcoin attempted to break through the resistance at $63,500. The rejection eventually took it to the weekly low of $58,400 but by now it has returned to the week’s open level.
- Will Bitcoin crash again? At the moment, not likely, as technicals suggest buying signals across the board.
Latest Bitcoin News
- Following Valkyrie and ProShares, Volt Equity launched an ETF for Bitcoin companies on NYSE. The ETF is not tracking BTC directly but rather companies with BTC holdings: MicroStrategy, Tesla, Square, Canaan, Riot Blockchain.
- The BTC dip on 27th resulted in approximately $850 million of liquidations across the market. The market cap of the entire crypto market lost $210 billion in a few hours.
Altcoin News
- Ethereum news this week reported a new ATH for the second biggest cryptocurrency: first $4,388.19 on October 28, followed by $4,447.54 today. At the same time, in the following two days, ETH burned with the fees broke all records: 30,000 ETH in two days.
- Meanwhile, the Ethereum 2.0 chain went through its first planned upgrade. Ethereum Altair upgrade improved staking reward calculation and light client usability.
- Possibly in a move to follow the competitor, an improvement proposal for Binance Smart Chain was made. Notably, the fee burns are said to continue even after 100 million BNB is burned in quarterly burn events by Binance.
Business Cryptocurrency News
- Crypto-friendly social platform Reddit is vying for the NFT market: a job posting for a senior engineer was posted in Greenhouse.
- More jobs for the now famous with the crypto community store chain GameStop were posted this week. The game stores are looking to reform with novel strategies and will attempt to enter the NFT space.
Cryptocurrency News on Adoption
- Software developer Adobe presented a new feature which will let content creators attach NFT credentials to their work. To this end, they collaborated with OpenSea and other NFT marketplaces.
- Facebook Inc. becoming Meta (literally) made news pretty much across the entire tech space. What caught the attention of the crypto community, though, was NFT capabilities teased in the presentation.
Regulation & Politics Cryptocurrency News
- USDT issuer Tether integrated payment security provider Notabene to combat money laundering and increase compliance. Notabene’s travel rule compliance solution will significantly improve Tether’s standing with the Financial Task Force, international financial watchdog.
- According to the Federal Deposit Insurance Corporation chair Jelena McWilliams, a team of U.S. bank regulators is trying to provide a roadmap for banks to engage with crypto assets. Trusting the banks with management is thought to make regulating crypto trading and mitigating its risks easier.
Social Media Digest
Video of the Week
Nathan Sloan reviews the current state of Ethereum: with the prices soaring, so do the fees. He compares pros and cons of ETH to its competitors, answering whether it will hold on until Ethereum 2.0 or will competition take over.
Cryptocurrency News from Twitter
Punk 9998 bought for 124,457.07 ETH ($532,414,877.01 USD) by 0x9b5a5c from 0x8e3983. https://t.co/dmT6jDRC1W #cryptopunks #ethereum pic.twitter.com/UQlmm1oqkj
— CryptoPunks Bot (@cryptopunksbot) October 28, 2021
Crypto Punk #9998 was sold for a whopping half billion dollars, more than the most expensive property on sale in the US, as pointed out by a reply. Users quickly found signs of wash trading and flash loans thanks to all transactions being recorded in the Ethereum blockchain.
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form. — Elon Musk (@elonmusk) October 24, 2021
Shiba Inu holders had a rough half hour after Elon Musk replied to a tweet stating he does not hold any SHIB. He disclosed that he holds BTC, ETH and DOGE only.
It was a long wait, but worth it.
We just bought the dip! 420 new #Bitcoin🇸🇻 — Nayib Bukele 🇸🇻 (@nayibbukele) October 27, 2021
The El Salvador president announced yet another purchase of the BTC dip. He also explained how the country benefited from these purchases and BTC held.
Influencer of the Week
It was a long wait, but worth it.
We just bought the dip! 420 new #Bitcoin🇸🇻 — Nayib Bukele 🇸🇻 (@nayibbukele) October 27, 2021
Anyone will tell you that CT memer extraordinaire Loom is an essential “follow” on Crypto Twitter. News pulse or charting, he wraps it all as glorious shitposting, just so you know what you will be getting yourself into.
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: $2,048,388,463,976 (+9.59%);
- BTC Dominance: 43.2%.
7d Change in Top Coins
At the moment of writing, the weekly change of the top currencies is:
- Bitcoin (BTC) $61,622 (↑0.04%);
- Ethereum (ETH) $4,366 (↑8.78%);
- Binance Coin (BNB) $513 (↑6.30%);
- Cardano (ADA) $2.01 (↓6.88%);
- Solana (SOL) $199 (↓3.28%);
- XRP $1.07 (↓1.62%);
- Polkadot (DOT) $42.66 (↓4%);
- Shiba Inu (SHIB) $0.00007388 (↑168.13%);
- Dogecoin (DOGE) $0.286 (↑19.81%);
- Terra (LUNA) $44.76 (↑2.31%).
Gainers of the Week
Which is the best crypto to buy right now? The highest returns on a weekly scale were brought to the holders of these coins:
- Shiba Inu (SHIB) $0.00007388 (↑168.13%);
- Curve DAO Token (CRV) $4.67 (↑50.12%);
- Harmony (ONE) $0.3268 (↑28.12%).
Conclusion
Bitcoin bull run looks set to keep going, and the alts are on the starting line for the alt season. Outside the market, positive news all around, as well, as it is often at the times of high “greed”. Catch our next weekly crypto news digest in our blog. Follow ChangHero on Twitter, Facebook, Reddit and Telegram for daily updates and more content.
