Cryptocurrency News Digest: Market Slips After COVID News

India is going to discuss a ban on cryptocurrencies next week, while El Salvador is going to build a “Bitcoin city”. More news about Bitcoin, altcoins, regulations in adoption — as always, in our weekly cryptocurrency news digest!

Key Takeaways

Bitcoin continues to trend downwards, accelerated by the news. The price has slipped below $54,000 following the information on a new COVID strain;
Meanwhile, some altcoins are outperforming it on their own news: for example, Ethereum fees burned more than 1 million ETH;
American lawmakers intend to develop rules for banks to manage digital assets by 2022. Meanwhile, the winter session of Lok Sabha will decide the fate of crypto in India in December.

ChangeHero Updates

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Time is running out for the offer on Black Friday, too! The discount on fees for all exchanges is valid through 12 PM (CET) on November 26.

Latest Cryptocurrency News Digest

Bitcoin This Week

For the most part this week, BTC has been consolidating below $60,000. After the news of a new COVID-19 variant, all markets, including crypto, took a blow.
Will Bitcoin go down after breaching crucial support of $54,000? Buyers still have the chance to reclaim initiative and buy out the dip.

Latest Bitcoin News

China-based Bitcoin mining pools reported connectivity issues this week: among them are major miners such as Binance Pool, F2Pool, Poolin. The reports indicate that traffic was being misdirected with DNS pollution (a type of attack in which the DNS names of websites and servers get replaced).
In 2021, Bitcoin surpassed PayPal in terms of transferred value per quarter with $489 billion, BlockData report claims. Bitcoin only managed to reach 27% of MasterCard’s volume, but it is nonetheless impressive for a decentralized network, the author notes.

Altcoin News

Broker eToro announced that their US customers will not be able to trade ADA and TRX after December 26. As a reason, they cited the regulatory environment in the jurisdiction.
Crypto lending platform Celsius boosted their investments in Bitcoin mining by $300 million. The mining capacity is planned to be used to provide their institutional clients with Bitcoin dividends.
Ethereum news this week reported an important milestone for ETH burn: since August, 1 million ETH has been burned.

Business Cryptocurrency News

SEC filings from this week showed that Morgan Stanley has been further increasing exposure to Bitcoin. From July to September, they added $118 million in BTC shares across several funds.
Square published a tbDEX whitepaper, a protocol for liquidity discovery that would allow decentralized exchange of Bitcoin, fiat and valuables. The 18-page document outlines this vision that would be enabled by decentralized identities and verifiable credentials.

Cryptocurrency News on Adoption

El Salvador continues to develop their Bitcoin strategy: the President Nayib Bukele unveiled plans to build a “Bitcoin city” by the volcano mining plant. The construction will be funded by $1 billion in Bitcoin bonds issued with Blockstream and Bitfinex.
Payments company Stripe is considering returning Bitcoin payments to their platform. They had introduced this option back in 2018 but discontinued it citing volatility and lack of efficiency.
Collins Dictionary named “NFT” as their word of 2021. It overshadowed both related terms of “crypto” and “metaverse” and other impactful concepts of 2021 such as “hybrid working” or “climate anxiety”.

Regulation & Politics Cryptocurrency News

Speaking of El Salvador, the International Monetary Fund issued a repeated statement warning the nation of risks of adopting Bitcoin as legal tender. Citing volatility and fiscal contingent liabilities, “Bitcoin should not be used as a legal tender”, the statement concludes.
In the US, the Office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation are preparing to outline rules for the banks to handle digital assets.
In the upcoming winter session of Indian parliament, a ban on cryptocurrencies is to be discussed, the government bulletin claims. The bill to be discussed would create a framework for a CBDC but prohibit all private cryptocurrencies in India.

Video of the Week

The cryptocurrency news digest from Altcoin Buzz covered some more news about altcoins. Zcash wallet from the Electric Coin Company, metaverse tokens rallying, and more.

Cryptocurrency News from Twitter

GM!
We have great news - the BRD team will be joining @CoinbaseWallet to help accelerate web3 adoption. The team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralized world of crypto. — Coinbase Wallet (@CoinbaseWallet) November 24, 2021

Coinbase Wallet team is teaming up with BRD wallet’s team. Together, they plan to improve the self-custody of Coinbase Wallet users.

📣@Ethereum transaction fee-burning mechanism has removed 1M #ETH from the network’s circulation since it came into effect.
👉https://t.co/oLDJyg9PyC pic.twitter.com/FwkmI8lL6x — CryptoRank Platform (@CryptoRank_io) November 24, 2021

Crypto analytics CryptoRank shared some insights into the Ethereum burn. The most ETH has been burned by the OpenSea NFT marketplace.

Such a proud, and amazing milestone for the #ShibArmy!$SHIB reaches 1,000,000 holders.
Today we all cheer, and celebrate this great moment in SHIB's history.#1MFRIENDSHIBS #SHIB pic.twitter.com/T1UtMRdQ7r — Shib (@Shibtoken) November 25, 2021

Despite Shiba Inu falling 50% below its ATH, they still keep gathering a massive community even by the crypto standards. A few days ago, they passed a milestone of 1 million holders.

Influencer of the Week

The good news is there is no recorded cases of the coronavirus in the metaverse
— cobie (@CryptoCobain) November 26, 2021

If you like your news and insights in the form of shitposts — do we have a recommendation for you! There is some chance that you have not heard of Crypto Cobain, or Cobie, even though he is a pretty popular personality in the Crypto Twitter.

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: $2,582,423,065,426 (-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) $54,614 (↓5.41%);
Ethereum (ETH) $4,096 (↓2.52%);
Binance Coin (BNB) $591 (↑2.66%);
Solana (SOL) $196 (↓6.83%);
Cardano (ADA) $1.58 (↓15.22%);
XRP $0.96 (↓10.64%);
Polkadot (DOT) $36.02 (↓12.26%);
Dogecoin (DOGE) $0.204 (↓12.79%);
Shiba Inu (SHIB) $0.0000388 (↓21.29%);
Crypto.com Coin (CRO) $0.7168 (↑34.32%).

Gainers of the Week

Which is the best crypto to buy right now? Follow the news, these bags brought in profits to the holders:

Zcash (ZEC) $264.46 (↑65.65%);
Basic Attention Token (BAT) $1.56 (↑41.47%);
Crypto.com Coin (CRO) $0.7168 (↑34.32%).

Conclusion

Despite tough times on the market, companies are doubling down on their crypto strategies and holdings. Governments are showing completely different approaches to regulating and using crypto, and it is a matter of time to see whose strategies win. Tune in for our next weekly crypto news digest in our blog. Follow ChangeHero on Twitter, Facebook, Reddit and Telegram for daily updates and more content.

Key Takeaways