Bitcoin maintains gains on hopes of favorable monetary policy
Bitcoin (COIN:BTCUSD) and other cryptocurrencies remained stable after a recovery, with optimism that the Fed may stop raising interest rates. Bitcoin fluctuated slightly, staying above $35,000, far from the lows of May 2022, reflecting an increase of about 30% in weeks. Confidence is returning to the crypto sector, driven by the possibility of approval of a Bitcoin ETF and Bitcoin’s safe haven status amid geopolitical tensions. Expectations of stability in interest rates are boosting demand for higher-risk assets, such as cryptocurrencies.
XRP reaches three-month high
On November 6, the value of XRP (COIN:XRPUSD) rose over 10%, approaching $0.73, the three-month peak. The increase reflects a recovery that began on October 19 after Grayscale attempted to convert its Bitcoin fund into an ETF. Regulatory approvals in Dubai and Ripple’s Swell conference may announce an IPO, encouraging the surge. Additionally, large investors accumulated XRP, and open interest in derivatives grew. Despite the potential technical appreciation to $0.90, overbuying may suggest a future correction to $0.55.
FTX movement in Solana causes price drop
FTX, now in collapse, redistributed 750,000 SOL, valued at around $30 million, to Binance and Kraken, suggesting imminent sales and impacting the price of SOL (COIN:SOLUSD) with a 1.5% drop in 24 hours. Despite a 75% increase in the last month, the anniversary of FTX’s collapse brought a 15% drop from the 14-month peak, reflecting concerns about possible selling pressure that has not yet materialized in concrete sales.
LINK hits all-time high with growing adoption
Chainlink’s LINK token (COIN:LINKUSD) surged, recording a more than 60% increase in the last month and reaching an annual peak of $12.56. This advance is driven by expanded adoption and significant upgrade plans, evidenced by a record of active addresses and acquisitions by prominent investors.
GROK tokens soar after XAI Ventures chatbot reveals
The debut of Elon Musk’s new chatbot by XAI Ventures, staffed by tech industry veterans, caused a jump in the value of GROK tokens, a lesser-known cryptocurrency. While XAI has not launched an official token, speculation about the technology’s potential fueled the market capitalization of AI-related tokens, highlighting Musk’s continued influence in the crypto universe.
Telegram Wallet expands access to cryptocurrency with integrated wallet launch
Telegram Wallet is a bot integrated into the Telegram messaging app, which will soon allow users to buy and sell assets like Bitcoin (COIN:BTCUSD). With the price of Bitcoin above $35K, the company chose a custody wallet system to simplify the integration of new users. While current users can see the wallet bot, new users will need to wait for global implementation, starting in November 2023 in African and Latin American countries. COO Halil Mirakhmed highlights the ease of using the Telegram custody wallet over self-custody options, despite potentially higher fees and lower security. “First of all, integration is very simple. Secondly, you already have some chains there. And thirdly, when you want to send some assets to someone, you just use a phone contact. So, I can send money to you through Telegram instead of needing to know what your address is. Everything happens within Telegram,” Mirakhmed said.
Bitget injects $10 million into blockchain startups in India
Bitget, a leader in cryptocurrency trading, will boost blockchain innovation in India with its $10 million Blockchain4Youth fund. The initiative begins with the BUIDL for Web3 event, where local startups will present projects to accelerate Web3 adoption. Bitget aims to nurture Indian talent and strengthen its position at the forefront of the crypto and blockchain technology sector. Additionally, Bitget has unveiled its new gateway for euro (EUR) operations exclusively for verified institutional accounts on the platform. The announcement highlights that this service will offer enhanced facilities for financial transactions, both for deposits and withdrawals, along with a reduced fee policy starting at just 0.5%. Furthermore, the exchange emphasizes that these euro transfers will be under top-notch security protocols.
Germany’s DZ Bank launches crypto asset custody services
DZ Bank, a German bank with €300 billion in assets, has announced its new blockchain platform for cryptocurrency custody, initially targeting institutional clients. With plans to expand to serve individual investors as well, the bank has applied for regulatory licensing to manage digital assets, aligning with the trend of digitization in the German financial sector.
Mauritius seeks public imput on the metaverse and financial services
The Financial Services Commission of Mauritius is soliciting public input to consider the inclusion of the metaverse in the financial sphere. During November, feedback will be collected to prepare the local regulatory and business environment in response to the global rise of the metaverse, following the initiatives of international regulators. The responses will influence the creation of a working group that will define metaverse policies aligned with the country’s digital currency pilot project.
Hong Kong sets guidelines for tokenized securities trading
Hong Kong’s regulatory authority, SFC, has set standards for trading tokenized securities and related products. In response to increasing demand for these investments and the advantages of blockchain, the November 2 circular outlines comprehensive criteria, including tokenization agreements and disclosure practices, ensuring that providers demonstrate competence and robust operational controls to manage risks.
LSEG seeks director to advance digital assets initiatives
The London Stock Exchange Group (LSE:LSEG) is recruiting a director with expertise in digital assets and blockchain, targeting candidates with expertise in cryptocurrencies and blockchain. The selected individual will guide strategies for new solutions in private digital markets, strengthening LSEG’s presence in this segment.
Roger Ver sues Matrixport
Influential crypto entrepreneur Roger Ver has filed a lawsuit against Smart Vega, a part of Matrixport, demanding $8 million after withdrawal restrictions on bit.com during a credit crisis in the sector. He alleges that Jihan Wu blocked the funds due to disputes over debts with CoinFLEX, something that Wu and Matrixport deny, attributing the issue to Ver’s margin violations. Matrixport, rejecting Ver’s accusations, argues that it is solvent and expects the action to be judged without merit, while facing Ver’s requests for its liquidation and the ongoing restructuring of CoinFLEX.
Monero crowdfunding wallet looted in cyber attack
The Monero community fund was targeted by hackers, losing 2,675.73 XMR (COIN:XMRUSD) (about $460,000). Revealed by developer Luigi on GitHub, the September 1 attack compromised the main wallet but not the hot wallet, whose origin is still unknown. The implications affect the financial support of contributors, with potential concerns about the security of the involved Ubuntu and Windows systems.
NFT market records impressive growth with 68,342 ETH in sales
NFTs have seen sustained growth in weekly ETH sales, according to Nansen. In a recent tweet, the platform noted that NFT transactions have surged to 68,342 ETH (over $129 million). The Blur market dominated the 30-day trade with 161,433 ETH, while the Bored Ape Yacht Club collection led the series with the highest volume. Despite challenges in the sector, the number of NFT traders has increased by 12%, and OpenSea is preparing for updates after a reduction in staff.
Nike and RTFKT achieve million-dollar results with NFTs in the metaverse
In a remarkable performance, the NFT collections of Nike and RTFKT reached a volume of $1.4 billion and profits of $170 million. This is noteworthy considering that the partnership was formed less than two years ago and amidst a generally unfavorable crypto asset market. These figures have been driven since December 2021, with the CloneX-Takashi Murakami series being a highlight. Even in a bear market, Nike’s NFTs (NYSE:NKE), following its acquisition of RTFKT, have shown promising results, including on its .SWOOSH platform and potential forays into the game Fortnite.
The Simpsons satirize NFTs in new ‘Treehouse of Horror’ episode
In the latest Halloween-themed episode of “The Simpsons,” Marge travels through the blockchain to rescue Bart, now a walking NFT created by Homer. Titled “Wild Barts Can’t Be Token,” the chapter pokes fun at the NFT market and its volatility, highlighting everything from Beeple artworks to the Bored Ape Yacht Club. The series had previously addressed cryptocurrency and blockchain themes in earlier episodes, maintaining its tradition of commenting on current technological trends.
Yuga Labs’ ApeFest event reports eye injuries due to light show
Over the weekend, ApeFest in Hong Kong, promoted by Yuga Labs, saw visual complications for several visitors due to an intense light show. Adrian Zduńczyk, a cryptocurrency trader, reported suffering from photokeratitis and warned other affected individuals to seek medical care. A spokesperson for Yuga Labs confirmed that the company is in contact with those affected and investigating the incident. Logistical issues were also a subject of criticism at the event.