You may be surprised, but not all recent crypto news had to do with the Bitcoin rally.๐ย Among other things, Ethereum 2.0 launchpad and PayPal crypto-related news could have flown over your head in the BTC discussions. Donโt worry! As always, in this digest you will find the ChangeHero updates, cryptocurrency news recap and market dynamic summary.
ChangeHero Updates
New Coins and Tokens
Last weekโs list update was massive, but we continue to add even more assets. SwftCoin (SWFTC) and Tether USD (TRC20) are now supported by ChangeHero! As always, you can get your hands on these currencies without an account and in an instant.
Latest Cryptocurrency News
What was happening on the cryptocurrency market in the past seven days? Hereโs our summary of the latest cryptocurrency news this week!
Bitcoin News
- Bitcoin was as close as ever to its 2017 peak this week. The highest price in these seven days was $19,348.27, only $700 lower than the ATH. However, by today it has lost about $3,000 in value. The opinions in the community are split regarding whether this correction is over or not;
- Bitcoin is up, exchanges are down. This week, Poloniex experienced downtime because of an overwhelming surge of traffic. Same thing happened when the price started going down, as the traders supposedly rushed in to sell their Bitcoin. This time the largest victim was Coinbase.
Tech Cryptocurrency News
- Ethereum news: ETH 2.0 testnet has met the threshold necessary for mainnet launch on December 1st.
- As Flare platform is getting closer to launch, the enthusiasm rises. Flare is a smart contract platform that operates with the Ethereum Virtual Machine but on XRP Ledger. Earlier this week, the details of Flareโs spark token distribution were disclosed. The tokens will be given to XRP holders pro rata based on the snapshot of XRP network on December, 12. This could have driven up the demand for XRP, which outperformed most other major crypto assets this week.
Cryptocurrency News on Adoption
- A recently published report by Panter Capital suggests that Bitcoin shortage and skyrocketing demand were behind the Bitcoin rally. Last month, CashApp Bitcoin purchases accounted for 40% of newly minted Bitcoin, but with the PayPal Crypto launch, the figure soared to 70%. Together, these two apps provide a demand that is greater than incoming supply.
- Not all adoption news is always good. The other day, a story in which the user lost access to their PayPal account for day-trading crypto. If anything, this serves as an illustration that centralized services are not as reliable, especially when it comes to crypto.
Regulation & Politics Cryptocurrency News
- Chinese police have seized the funds collected by the PlusToken pyramid scheme. At todayโs prices, these assets are worth more than $4.2 billion USD. However, this is not the most surprising aspect of the story: none of the victims will be reimbursed, and the seized funds will go into the treasury.
- The British Blockchain Association managed to get the attention of Queen Elizabeth II, the story by Business Insider reports. Though it is not entirely clear whether the Queen was familiar with the topic of research, the Association received a letter of thanks on behalf of the royalty.
Twitter Crypto Digest
#Bitcoin front page of the Wall Street Journal ๐ pic.twitter.com/wD7TUuMcTp
โ WebbDesignz (@DesignzWebb) November 23, 2020
Twitter user WebbDesignz brought the attention of Crypto Twitter to the first page of The WSJ. On it, right in the middle of the page, an article about Bitcoin is featured. One of the most influential finance media recognizing the current crypto market rally is definitely a big deal, judging by the impact this news made on Twitter.
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.
โ Brian Armstrong (@brian_armstrong) November 25, 2020
Coinbase CEO, Brian Armstrong, shared his concerns over the political situation in the US the other day. In the thread, he explains that if legislation is passed, it would require crypto users in the US to verify their recipient. It is not always possible or creates unnecessary friction which would hinder adoption.
As always, everyone's trying to read the tea leaves and provide "explanation" as to the recent price movements in cryptocurrencies.
Ignore the astrology of money. No one knows anything other than "more sellers than buyers today". Use this time to learn about the technology. โ Andreas โฎ ๐ โ โ ๐ ๐ก ๐ ๐น ๐ ๐ฉ (@aantonop) November 26, 2020
โMore sellers than buyers todayโ might be the best explanation of the price movements on the crypto market. When you are in crypto for as long as Andreas Antonopoulous, you start to take dips and pumps quite indifferently.
Influencer of the Week
In the 4,344 days of #bitcoin's life, it has only spent two days above the current price.
We all know what happens next, strap in homies ๐๐ h/t https://t.co/tEqVvN2lGc @robustus pic.twitter.com/3B01NCTkW2 โ Peter McCormack ๐ (@PeterMcCormack) November 25, 2020
Peter McCormack is somewhat a celebrity on the Crypto Twitter: he is extremely active, recording a podcast of his own and frequenting the shows of his colleagues. McCormack is also a filmmaker in addition to being a podcast host. He is on many lists of essential Crypto Twitter accounts, and we recommend giving him a follow, too.
Top Coin Digest: Price Change
At the moment of writing the crypto digest, the marketโs dynamics for the last 7 days are the following:
- Total Market Cap: $483,258,733,505 (-2%);ย
- BTC Dominance: 64.72%.
7d Top Coin Digest
At the moment of writing the crypto digest, the 7-day change of the top currencies is the following:
- Bitcoin (BTC) $16,858.83 (โ9.02%);
- Ethereum (ETH) $509.56 (โ0.06%);
- XRP $0.5333142 (โ62.42%);
- Bitcoin Cash (BCH) $263.54 (โ2.34%);
- Chainlink (LINK) $12.17 (โ13.57%);
- Litecoin (LTC) $67.93 (โ18.13%);
- Binance Coin (BNB) $27.75 (โ4.27%);
- Stellar Lumens (XLM) $0.184728 (โ108.6%);
- Bitcoin SV (BSV) $160.26 (โ3.60%);
- TRON (TRX) $0.028487 (โ8.28%).
Which crypto to buy now? The selection is actually wide this week. The top capitalized altcoins might as well bounce back up soon, so the dip can be your chance to buy them during the bull market.
Gainers of the Week on ChangeHero
Which cryptocurrency will explode in 2020? Who could have seen that at the time of writing this crypto digest, the winners so far are:
- Stellar Lumens (XLM) $0.184728 (โ108.6%);
- XRP $0.5333142 (โ62.42%);
- Nano (NANO) $1.14 (โ56.25%).
The top coin digest list includes the coins that can be traded and exchanged on ChangeHero. You can buy and sell some of them (BTC, ETH, BCH, BSV, TRX) with your credit card on our website, too. Either way, it will not take more than 15 minutes, and we will find the best rate on the market for your purchase.
Key Takeaways
- Despite having neared the 2017 highs, Bitcoin corrected but its future movements are unpredictable;
- Most of altcoins also experienced losses but there are exceptions such as XRP and Lumens;
- Some experts argue that both upside rise and the following correction on the market had to do with PayPal-enabled demand for BTC in one way or another.
- Ethereum continues to deliver on the front of the tech news, and the Beacon Chain mainnet is set to launch as soon as the next week;
- American crypto holders and users will have to see whether the legislation limiting their use of cryptocurrencies in the name of their security will pass, as Brian Armstrong and other prominent members of the community warned on Twitter.
Summary
And that was it for this weekly digest. Weโll be looking forward to seeing how the stories in the cryptocurrency news develop, and where the market will move next. You can learn it in a week, too, in our blog and if you give us a follow on Twitter, Facebook, Reddit and Telegram for more news and informative content!
