Monthly Newsletter The Digital Asset Landscape November 2021
This post was originally published on Trademakers
courtesy of trademakers
November 2021 in Review
Going against most of the guidance and predictive models being bantered about throughout October, the month of November saw red in the crypto world, for the most part. What happened? We were expecting a soaring black arrow propelling most crypto to new heights, but instead we got more volatility and negativity. Despite huge whale purchases early in the month for many of the most popular coins, which temporarily eased the minds of most investors, then came the cascading euphoria and price predictions to the moon, more buying at the top, and then the waning tears of deflating prices. Most crypto turned negative halfway through the month, even though new all-time highs had just been reached during the weeks prior for Bitcoin, ETH, and SHIB.
You just can’t make this stuff up, and that’s why we have come to expect the volatility and to embrace it as we would embrace the uncertainty of a child having a tantrum. You don’t know if you want to love it or give it a time-out, but either way, you find you can’t resist doing something about it! Just when you thought you had it figured, the market proves just how wrong you had been, but that’s what keeps us invested. Once properly nurtured, the rewards can be endless. As the month began, SHIB seemed unstoppable, Goldman Sachs priced ETH to go to $8K, and BTC soared to another new ATH, leaving many to predict $100K by the end of the year. Then came the red tide which sank all boats. We had large transfers out of ETH, bears jumping in to drive BTC to the ground, SHIB declining by 30%, and more FUD, this time from India. Throw in the glitch on Binance which prevented investors from being able to sell their DOGE, the ongoing SEC lawsuit against XRP, new mutant viral strains in Africa, and investors began wondering how to make money should crypto endure a long downturn. It’s no wonder many new investors began to question the value of any of it.
Will Shiba Inu Keep Rising?
Shiba Inu did surpass the expectations of many cryptocurrency traders during the beginning of the month, and everyone wanted to know if it could keep growing. So far, the coin has managed to birth a $5.7 Billionaire, who invested $8000 in 2020. Therefore, the question on everyone’s mind was: will Shiba Inu keep rising? Looking at the charts and analysis, here were some of the few reasons why it seems the coin will keep growing. Bullish Market: As of the first week of November, Shiba Inu was painting the markets green, disappointing the bears. The coin has managed more than a fifty percent gain from its previous All-Time High (ATH) of $0.000060 to $0.000084, which has now become its new ATH. Believe it or not, this is a +150,000,000 percentage since its launch in 2020. The coin has had a total of 900% gains just within the past month. Increase in Shiba Inu’s Market Cap: The coin has had massively exponential growth compared to any real-world tokens, including the stock market. It now holds a larger market cap and trading volume than its inspiration, Dogecoin. Dominant Memecoin: Shiba aims to be a dominant meme coin, and from the way the charts are rising, that seems to be in the cards. Even though the currency has no use case, for now, there are speculations for transaction functions.
Shiba Inu had massive whale buying late last month, which shows that the large institutions could be looking to make real value off the coin. Even though, admittedly, the cryptocurrency market is highly unpredictable, and anything is possible; it is easy to turn a coin with no use case into a real-value asset. Daily Analysis by Crypto Experts: Many cryptocurrency and trade analysts have taken a keen interest in this coin, and its massive gains last week leave many questioning, predicting, and analyzing price charts. There is speculation about a massive correction coming soon. However, constant analysis of a coin is usually a bullish sign. Even when the currency experiences a bear market, if past patterns hold true, it will only be for a short period due to cashing out and the coin will soon shoot up again. Shiba Inu Projects: LEASH and BONE are two projects on ShibaSwap, a Shiba Inu Dex. The tokens are among the reasons Shiba will keep rising – LEASH is a scarce token used for offering incentives on ShibaSwap, whereas BONE is used for holders as a governance token to vote for Doggy DAO proposals.
Simply put, new cryptocurrency technologies make coins rise in price; additionally, the bullish market has made the coin popular for listing in most exchanges. Exchanges like to list coins with a massive trading volume if for no other reason, because the traffic of the currency yields profit. Listings usually lead to an increase in the price of any crypto coin; therefore, all of these reasons point to a bullish projection. $1 Shiba Possibility? Finally, the Twitter community in the crypto space greatly affects the rise and fall of a coin. Testimonies from Shiba Inu millionaires are influencing an increase in buying, hence a price rise. Many people in the crypto space speculate that the coin will reach $1, and the number one rule is always to buy the rumors. Therefore, it does not seem like anything will come in the way and buying will not stop anytime soon. Most likely scenarios play out, and it seems that Shiba Inu will keep rising, especially in the coming months.
Goldman Sachs predicts $8,000 per Ethereum (ETH) by the end of 2021
As the year gradually draws to a close, a number of high-profile analyst predictions have begun to emerge about where the value of some of the leading digital assets will be at year’s end. The latest is from leading investment bank Goldman Sachs, who predicted that Ethereum’s value could rise to $8,000 before the end of the year. Ethereum to hit $8,000: According to a research note, attributed to Bernhard Rzymelka, who is Goldman Sachs’s Global Markets managing director, the second largest crypto asset by market cap could be a viable hedge against inflation. As such, this knowledge will likely lead investments in ETH, which would raise its value to as high as $8000. The note continued: crypto assets generally tend to trade in line with inflation break evens since 2019. This trend has often played a role in pushing the price of digital assets higher in the market. The bank’s statement aligns with an age-long belief in the crypto community that rising inflation in the world would lead to an upsurge in the value of digital currencies.
Ether could hedge against inflation, and while many analysts have repeatedly chosen Bitcoin as their most preferred asset to hedge against inflation, Rzymelka declared that one possible use case for Ethereum could be as a hedge against rising inflation. Using the Bloomberg Galaxy Crypto Index and a USD 2-year forward 2-year inflation swap as a point of reference, the Goldman Sachs’s Managing Director noted that: “The local backdrop looks supportive for Ethereum… the latest spike in inflation break evens suggests upside risk if the leading relationship of recent episodes was to hold.” Ethereum’s value has risen by over 30% within the last 30 days, and it is now priced over $4,600. Goldman Sachs predicts $8,000 per Ethereum (ETH) by the end of 2021.
Bitcoin Price Hits 1 Week High as it Soars $1,500 in Minutes
That first week of November saw BTC trading at $62,341, up about 0.87% from the week prior. During the preceding thirty days, Bitcoin was up by over 30%, and the days of sideways movements at least temporarily ended with a brief but strong breakout. Bitcoin’s price surged to a weekly high as the Premier Cryptocurrency grew by approximately $1,500 in just minutes. Analyst Filbfilb stated, “We haven’t lost the MR line & found resistance there, but I’m expecting the next move to happen in the next 48 hours.” The analyst based his projection on the relative strength index, noting that the coin’s RSI is above 70, which is a classic “prelude” to an impending extended rally. RSI levels are important both for projecting multi-months highs and potential market exit opportunities. Bitcoin to Reach $100k: Many crypto enthusiasts, including Graham Jenkins, CEO at CoinList, seem to be backing the commonly held projection that BTC will cross $100,000 by the end of the year.
Recently talking to CNBC, Jenkins stated that most of his teammates are betting that Bitcoin is going to be worth over $100k by the end of this year. It has been a long-awaited target for people bullish on Crypto, and after admitting that the timing is getting rather tight, Jenkins informed that CoinList itself now suggests that the $100k target for ETH might not come until sometime in 2022. Moreover, some analysts are backing Ethereum to surpass the gains of Bitcoin percentagewise, as former Goldman Sachs executive and crypto investor, Raoul Pal, stated that Bitcoin lacks the intensity ETH has. He stated, “[Bitcoin] just doesn’t have the network intensity that Ethereum does…Bitcoin has nothing like that going on.”
Cardano Technical Analysis (November 2021)
The co-founder of Ethereum, Charles Hoskinson, is also the creator of Cardano, a decentralized blockchain that launched in 2017. Cardano’s dual mission is to become the most environmentally sustainable crypto having a blockchain network that is easily scalable. When compared to other Cryptos, Cardano’s mining process consumes less energy, and its native currency is the ADA digital token. This token gets its name from the first computer programmer – Ada Lovelace. The ADA is an open-source platform, so that anyone can develop it further. Cardano Market Analysis: Cardano launched January 2017 at $0.0024, and it was listed on the Crypto exchanges from October 2017 for $0.002. Cardano (ADA) is now trading at $2.04 with a daily volume of more than $3.7 billion and a market cap of more than 470.5 trillion. The number of ADA coins in circulation is about 33.3 billion coins, with a maximum supply of 45 billion ADA coins. Cardano can be purchased from the major Crypto exchange platforms including Binance, Coin Tiger, Coin base, and KuCoin. Incidentally, investors who bought and held Cardano from its launch have an 88650 % increase in their investments.
Cardano Short-Term Technical Analysis: taking a look at the financial charts, Cardano has been in a long-term bullish trend since July 25th. It reached an all-time peak of $3 in September, and thereafter, the price has been at a retracement. However, a closer look reveals that the bearish retracement has been reducing in energy and volume. The indicators at the bottom of the chart shows that the candles in the retracement have long wicks and small bodies, meaning the bearish rally is almost over. So far in November, there have been only very small candles, and analysis will show that Cardano’s prices are consolidating at a range between $2.2770 and $1.8300. This is a sign that the prices are collecting contracts for a long bullish trend. Currently, the price is bouncing on a support level of $1.83004 and a psychological level of $2.0000. Because the price has tested this support level twice already without breaking it, there is a likelihood that the price will bounce off this level once again and this time around, continue with the long-term bullish trend. If the price breaks the support level of $1.83004, it will go to the support level of $1.4733, where there is an unclaimed demand zone, in which case it will continue then to be bullish. However, as stated above, the price has a high chance of going bullish from the support level of $1.83004 because that level has been tested.
Cardano long-Term Technical Analysis: As per the financial charts, long-term Cardano sentiment has been bullish since July 2018. Currently, the price is in a bearish retracement after hitting an all-time high of $3. This retracement might be ending as the price is finding support at the $2.000 psychological level. Charts show a strong resistance level at $1.8300 that has been broken and has turned into a support level. Since this level has held price more than five times, there is a high probability that the price will not cross it. Long-term market sentiment is bullish and it seems then, that Cardano is a good investment for both traders and investors.
Ethereum Whale Just Purchased $6,867,089.61 Worth of SHIB
Ever since Shiba Inu’s (SHIB) total value locked (TVL) rose to $2 billion, the coin has become a bullseye for investors; and in fact, the first week of the month, an Ethereum whale purchased $6,867,089.61 worth of SHIB. This value translated to about 165 billion SHIB, and this new development, whose transaction details can be found on Etherscan, has rocked Twitter. Crypto enthusiasts on that platform cannot help but anticipate that something big is about to happen to the popular alt coin. The last time an anonymous whale bought about 6.3 trillion coins, it was a sign that something big was about to happen, because a couple of weeks later, the Shiba Inu token went bullish and hit a new all-time high. Crypto analysts now assume the new whale knows about a coming bull market to have bought such a huge amount of SHIB. This new buy comes just after another anonymous Ethereum whale went on a SHIB shopping spree, buying close to 276 billion SHIB about two weeks ago. This whale’s purchase came after SHIB experienced an impressive 340% surge during the last week of October.
That surge had the coin hit a new all-time high of over $0.000046. The specific whale who purchased the 276 billion SHIB two weeks ago is said to currently possess around $13,448,334 in Shiba Inu tokens, according to transaction details by whalestats.com. SHIB is experiencing an interesting development following the most recent surge, which had resulted in a record all-time high of 0.000057. The price increase was attributable to inflows of $4.64 billion on October 23 and 24. This then led to an increase of the total amount of money in the market from $11.02 billion to $15.66 billion. Current speculation is rife with the possible rise of the Shiba Inu token, and should this be the case, the coin will rise even further up the list of the top 10 cryptocurrencies.
BTC/USD Bulls Eyeing 64999 Technical Resistance: Sally Ho’s Technical Analysis for BTC for November 7 2021
During the first week of November, Bitcoin (BTC/USD) remained top-heavy early in the Asian session, and the pair remained at risk of encountering more selling pressure following some recent failures to test the 64793.55 and the 64999.14 levels. These levels represent a 76.4% and 78.6% retracement of the recent depreciating range from 66,999 to 57,653.88. The pair has orbited the 60804.26 area for several trading sessions, and that price represents the 23.6% retracement of the appreciating range from the 40750.12 point to the 66999. Additional downside retracement levels in this appreciating range include the 56971, 53874, 50777, 46944, and the 46367 levels. If BTC/USD is able to regain upward momentum, additional upside retracement levels include the 648989 and the 65094.61 levels. BTC/USD recently tested the 58265 level multiple times, and this represented a downside price objective related to selling pressure that recently intensified around the 63750 level. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56593, 57627, and 56293 levels.
Traders observe that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullish, indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 61605.83 and the 200-bar MA (Hourly) at 61549.72. Technical Support is expected around the levels of 53997.15, 51245.86, and 49022.22 with stops expected below. Technical Resistance is expected around 67146.16, 68515.32, and 69449.40, with stops expected above. On 4-Hourly chart, SlowK is Bullishly above SlowD, while MACD is Bearishly below MACDAverage. On 60-minute chart, SlowK is Bearishly below SlowD, while MACD is Bullishly above the MACDAverage.
Crypto Weekly Roundup: BTC Paychecks For Mayors, $1B TRON Fund, Barca And Red Bull Racing Launch NFTs, And More
A summary of where we were at during the second week of November: A backlog of crypto transactions on Binance forced the exchange to stop withdrawals temporarily. Miami’s Mayor Francis Suarez announced his intentions to become the first politician ever to receive 100% of his paycheck in Bitcoin. Following Mayor Suarez’s announcement, New York Mayor-Elect Eric Adams reconfirmed his plans to collect his first three paychecks as Mayor in Bitcoin. Crypto exchange Binance temporarily suspended all crypto withdrawals following a backlog of crypto withdrawals right as BTC reached its all-time high. As for Ethereum – following Facebook’s brand name change to Meta, Vitalik Buterin released a proposal for something new: “crypto cities.” He did so via a paper in which he discussed the merits of using decentralized technologies in a metaverse.
Meantime, in the world of DeFi – after the meteoric rise and crash of the SQUID token last week, Binance is investigating the incident to determine which developers have abandoned the project. The Avalanche Foundation launched a new $220 million fund to support the growth of decentralized finance, NFTs, enterprise apps, and culture applications. BIFROST announced the launch of its Biport wallet, which has been designed to give users access to multichain decentralized finance. As for news regarding NFT’s themselves, Andrew Wilson, the CEO of EA, recently spoke about the gaming industry’s future. He stated that he believed blockchain-based games and NFTs would play a pivotal role in the industry going forward. FC Barcelona has collaborated with premium NFT marketplace Ownix to launch a set of digital collectibles featuring iconic moments from its history, and Red Bull Racing teamed up with official blockchain partner Tezos to launch an NFT collection based on the Mexican Grand Prix.
As for business, in general – an executive from The Australia and New Zealand Banking Group commented on the growing crypto industry at the “State of Play” forum held by Blockchain Australia. He noted there will be a “major protocol shift for financial market infrastructure.” NBA star Kevin Durant launched a Special Purpose Acquisition Company, and this proposes to look at connecting with tech-driven firms, including firms in the crypto space. As for Altcoins: TRON founder Justin Sun announced plans to establish a $1,111,111,111 fund which will power the expansion of the TRON ecosystem. The quarterly XRP Markets Report for the third quarter of 2021 indicated a total of 88.8 million transactions executed on the XRP Ledger (XRPL). And finally, in regulation news: The Commonwealth Bank of Australia, which is the first mainstream bank in the world to offer crypto trading services, will be facing examination by regulatory authorities; and DarkSide, the ransomware group responsible for the Colonial Pipeline hack, is now the subject of a $10 million bounty promoted by the US Department of State.
5 Great Cryptocurrencies to Buy on Low Prices in November 2021
Bitcoin (BTC) and Ethereum (ETH) led the surging rally in cryptocurrencies during the beginning of the second week of the month, with both coins reaching new all-time highs. Since their values are already so high, the following list comprises five cryptocurrencies one might consider buying due to their low prices. Some of these are coins have good short-term potential, and some could increase significantly over the next few years. Cardano (ADA) has come to life after several weeks of immobility. At $2.27, it was up by 16% last week. Although it is now flat compared to one month ago, ADA’s 30-day moving average is beginning to surge above its 200-day average. This indicates it might have begun a breakout to a new price level. At the same time, its relative strength index stands at 80, revealing strong momentum. While ADA has not done so well compared to the other major coins in the past few weeks, a rally now seems to be in the cards. Having successfully rolled out smart contracts in September following the Alonzo hard fork; on November 5, ADA also introduced the beta version of the Plutus Application Backend (PAB). This suite of tools will enable developers to create and test dapps, which can then be launched on Cardano, and suggests that the long-awaited moment when Cardano will start deploying actual applications is drawing nearer.
Polkadot (DOT) was basically unchanged early last week. At $53.12, however, it does remain up by 6% from the week prior, and by 46% in the past month. Many investors believe that now is a very good time to buy DOT even though its technical indicators are only mildly positive. Its 30-day average is only just above its 200-day, and meanwhile, its RSI is at around 50, indicating no great momentum. With that being said, these indicators may reveal a very opportune point of entry, since DOT isn’t overbought or overpriced. Polakdot is in the midst of opening the first of its long-awaited parachain auctions, and these will determine which projects can join the Polkadot network. They are expected to run at a rate of one per week for the next few months, and this will cause a significant amount of DOT to be taken out of circulation because projects need to bid DOT in order to win their auctions. At the same time, once projects starting building dapps on Polkadot, even more DOT will be needed.
Ripple (XRP) is another coin that appears to be seriously underpriced compared to its long-term potential. At $1.26, it was up by 15% in the past week, and also up by 8.5% in the past month. XRP’s 30-day average is rising well ahead of its 200-day average. Looking at the bigger picture, XRP’s prospects all hinge on Ripple’s ongoing battle with the SEC. At the moment, its chances look pretty good, with a recent a ruling making things more difficult for the SEC. At the same time, Ripple continues to grow in terms of its ecosystem, even with its legal battle. At the end of last month, it announced a partnership with international blockchain-based financial services company Pyypl.
VET is at $0.186250, which represents a 36% rise last week and a 57% jump in the past month. VET’s 30-day continues to climb to new heights, suggesting that its rally isn’t over yet. Indeed, it recently began the process of launching its chain extension, SURFACE (PoA 2.0). Finally, the OMG Network (OMG), at $16.44, was up by 11.5% in the past week and by 16% in the past month. Admittedly, OMG’s technicals don’t look great at the moment. However, the OMG Network is in the process of launching the Boba Network, an optimistic rollup-based scaling solution for Ethereum. It’s holding an airdrop for the Boba Network’s BOBA token, which will be dropped on a 1:1 basis to all OMG holders. In other words, people have been buying OMG in order to obtain BOBA. Anyone who has OMG will receive BOBA on November 19. However, investors have to either hold OMG on the Boba Network or hold it with a participating exchange.
Ripple launches Liquidity Hub for enterprise clients with support for Bitcoin, Ethereum, and others
Global fintech giant Ripple announced that it has launched a new service called the Liquidity Hub, and according to a blog post published last Tuesday, Liquidity Hub is a groundbreaking new way for enterprises to source digital assets easily and efficiently from the broader crypto market. This will bring cryptocurrency trading to enterprises, and Ripple’s latest service is designed specifically to help enterprises accelerate their shift into the cryptocurrency market. Liquidity Hub was designed as a turnkey solution for financial institutions and will leverage smart-order-routing, enabling them to source cryptocurrencies at optimized prices from market makers, exchanges, and OTC desks. Ripple GM Asheesh Birla stated, “We know full well the need for easy and efficient liquidity management. Crypto and financial institutions are embedded in our DNA. So, it makes perfect sense that as they prepare for a crypto-first world, our customers would want access to the same trusted one-stop-shop for buying, selling, and holding crypto assets that have powered our own extensive work with financial institutions.”
Interestingly, Birla noted that the same crypto sourcing technology employed in the Liquidity Hub has been in use in Ripple’s On-Demand Liquidity Product (ODL) for nearly two years. The Liquidity Hub will launch in 2022 and will initially support Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), and XRP, with more digital assets to be added over time. The company also plans on adding functionalities such as staking and yield-generating in the near future, but no specific date have yet been determined for their launch. Coinme, the first licensed Bitcoin ATM company in the U.S., will also become the first partner for the alpha version of the Liquidity Hub. The company will utilize the underlying technology platform of the Liquidity Hub for the thousands of ATMs it has across the country, with plans to unlock additional functionality as it becomes available.
Bitcoin Surges to New ATH of $68,500 with Big Money Emerging as the Largest Catalyst
Unless you’ve been living in a cave in the middle of nowhere, you most likely already know that during week 2 of November, BTC surpassed its previous record of $66,900 set on October 20 to hit a new all-time high (ATH) of 68,500. Throughout this year, Bitcoin (BTC) has undergone both ups and downs, and remember back in May, when the leading cryptocurrency experienced a 50% daily loss to bottom at lows of $30K when Chinese authorities intensified the crypto mining crackdown? Nevertheless, Bitcoin has silenced the skeptics and scaled to great new heights not seen thus far in its dazzling twelve-year journey. Big money moves have contributed to last week’s price surge because the search volume is at rock bottom. Market analyst Lark Davis explained: “Bitcoin closing on a new all-time high and the search volume is insanely low. Seems like this rally is not being led by retail, looks like big money quietly buying.”
Institutional investments have now all but cemented Bitcoin’s status as a notable investment vehicle, and they had played an instrumental role when BTC breached its previous ATH of $20,000 in December 2020. At that time, the ATH had not been broken for more than three years. All of this momentum leaves one wondering, could this be the start of a new Bitcoin era? Much evidence supports this notion. Despite Bitcoin surging to historic highs, the relative unrealized profit/loss is still at low levels, and on-chain analyst Matthew Hyland noted: “The Bitcoin relative unrealized profit/loss is at the same levels it was in January of 2017 and October of 2020 right before the massive bull runs. With all-time highs broken, we can now confirm, we are just getting started.” He added that the pressure witnessed in Bitcoin’s Bollinger Bands (BB) indicator is about to be released since they had recently shrunk to levels last seen in October 2020 when the price was just at $10,000. With crypto trading emerging as a lucrative business, former Citigroup CEO Vikram Pandit believes that all big banks will start seriously considering joining the ride.
ETH/USD Extends Torrid Upside Gains: Sally Ho’s Technical Analysis 10 November 2021 ETH
Ethereum (ETH/USD) also had extended recent gains early in the Asian session as the pair continued to appreciate above the 4700 level, and that was even after recently establishing a fresh all-time high around the 4842.54 level. Stops at that time were elected above the 4671 area during the upward range expansion, which was the previous all-time high established earlier in the month. Strong demand had then emerged during a pullback to the 4329 area, and this represented a test of a previous upside price objective around the 3643 area in October. Additional upside price objectives were considered to be at the 4895.12, 5035.94, 5060.87, and 5268.46 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support will now include the 4617, 4478, 4365, 4253, 4114, and 4093 levels.
Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 4557.88 and the 50-bar MA (Hourly) at 4727.28. Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below. Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 with Stops expected above. On the 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage. On the 60-minute chart, SlowK is Bearishly below SlowD, while MACD is Bearishly below MACDAverage.
Moonshot to $90K? After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally
Bitcoin Upgrade Taproot was expected to activate and go live on the main network on Saturday, November 13, 2021, following the lock-in period this past summer. The upgrade is considered one of the largest changes the protocol has seen since Segregated Witness (Segwit) went live in 2017. When activated, Taproot is expected to enhance the digital currency network’s scripting capacity as well as its ability to leverage Schnorr signatures (BIP340) which will be made available. Taproot is also expected to amplify Bitcoin transactions by allowing certain types of complex, ‘smart’ transactions. Schnorr signatures can help transactions to scale as they are more compact than ECDSA. Schnorr can also allow key aggregation, which provides a slew of multi-signature transaction schemes. While Taproot (BIP341) creates new rules for a new Pay-to-Taproot (P2TR) output type, the upgrade is a soft fork and is entirely opt-in like its predecessor Segwit.
“Taproot-Activation” documentation notes state that: “Taproot is a proposed Bitcoin protocol upgrade that can be deployed as a forward-compatible soft fork. By combining the Schnorr signature scheme with MAST (Merklized Alternative Script Tree) and a new scripting language called Tapscript, Taproot will expand Bitcoin’s smart contract flexibility, while offering more privacy by letting users mask complex smart contracts as a regular bitcoin transaction.” Discussions concerning the Taproot upgrade were all over cryptocurrency forums and social media platforms during much of last week. The highly anticipated Taproot upgrade will officially go live at block height 709,632, and the activation of this specific upgrade has caused people to speculate that BTC’s price may spike significantly higher after a successful soft fork. On November 12, a Bitcoin market update blog post published by decentrader.com said that market sentiment could spark a rally after the Taproot upgrade. Despite bitcoin’s (BTC) current volatility after the crypto asset tapped $69K, Decentrader explained the analysts are still “bullish” about BTC’s price rising higher. The market update states: “We remain bullish on high time frames and continue to expect price to rally up to the $85,000 – $90,000 region in the coming weeks, which aligns with the 1.618 fib retracement level.”
How And Why to Make Profits Off the Downside
Just about the entire cryptocurrency market experienced a free fall at the start of the third week of November, with Bitcoin falling more than 10% to $58,500 and ETH to $4,100. Sometimes you have to ask yourself, is high level of volatility necessarily a bad thing? The answer is, when understood and used correctly, Bitcoin’s wild gyrations could be golden opportunities to make money. Futures trading is a tool created to hedge loss and make profits out of Bitcoin’s price swings. With it, traders can either long or short Bitcoin, and if the price goes as they had predicted, traders can make money when the price moves in their direction. In addition, traders are afforded the opportunity to borrow money from exchanges to increase their leverage and positions. As an example, let’s say you have 0.1 BTC and want to short Bitcoin at the price of $55,000. You would then open a short contract at an exchange where leverage is available, such as in the Bexplus exchange. Since Bexplus allows you to use 100x leverage, your investment could be worth up to 10 BTC. When the price declines to $50,000, your profit will be the decline times 10 BTC ($55,000 – $50,000) = $50,000 = 1 BTC altogether. Without leverage, your profit would only be 0.01 BTC, or $500.
The danger is that you go in the wrong direction and then your losses would be multiplied by just as much. However, since Bexplus offers 100x leverage and perpetual contracts on BTC, ETH, ADA, DOGE, XRP, and others, no matter whether the market is rising or falling, the potential is there for you to use leverage to earn more money than you would otherwise. The other positive aspect of this is that all orders on Bexplus are executed immediately with low latency, so traders will not miss out on the next blast of volatility. Bexplus was registered in Saint Vincent and the Grenadines in late 2017, and many traders use it due to its no-KYC policy, a free demo account, 100% bonuses and their efficient mobile app. They only require an email address in order to open an account and once registration is complete, a trading account and a demo account with 10 BTC will be opened automatically. With the demo account, you can practice your skills before actual trading begins. Successful traders are those who learn to analyze the market and could always keep a clear head. The best way to improve your skills and mindset is by practicing in the free demo account. Every user is given 10 BTC at the beginning and they are replenishable, so you can try out different strategies as much as you like. No deposit fee is needed, and you can start your deposit at 0.001 BTC. One last benefit is that, to help traders earn more profits, Bexplus offers a 100% deposit bonus to every trader. Deposit 1 BTC and you will get 2 BTC, and up to 10 BTC is available for each deposit. The bonus is not withdrawable, but it is used as margin.
Another potential benefit of using this platform to trade, is that when you are not trading, you can transfer your BTC to the interest-bearing wallet and enjoy up to 21% annualized interest. The interest is calculated daily, and the revenue of the deposit will be settled monthly. With the crypto market being full of opportunities, this offers traders one more possible tool to use in market volatility.
Large Transfers of Ethereum Cause Unease as Market Watchers Anticipate Selloff
Ethereum started strong, inching back to the $4,800 mark, but then several long-lasting divergences began pointing to an upcoming correction, and now market watchers anticipate an impending sell-off. At the end of the prior week, the Ethereum Foundation transferred 20,000 Ethereum, worth roughly 9.5 billion, to Kraken. The Ethereum Foundation made similar sales in the past, when the price was peaking, according to Colin Wu, who brought attention to this most recent transaction. Wu stated that, “On May 17, the cold wallet of the Ethereum Foundation transferred 35,000 ETH to Kraken. Vitalik once persuaded the Ethereum Foundation to sell 70,000 ETH (maybe around $1,400 in January 2018) to support the development.” Wu is a popular Chinese journalist. David Iach noted that the Ethereum Foundation currently owns just 3% of the Ethereum that it used to own and had sold most of it at prices below $10. Iach, who is a popular crypto investor, said, “the idea that it’s a top signal when they sell is highly idiotic.” He concluded by completely dismissing the sale’s potential to be regarded as a price movement indicator. The prior week’s Ethereum transfer to Kraken added to market unease, even though all the funds were transferred from the exchange’s cold wallet.
Santiment recently reported that Ethereum’s supply on exchanges dropped to 15.66%, while a year ago, this number was at 23.29%. According to the data platform, the current trend of Ethereum moving into cold wallets for DeFi-related activity and ‘hodling’ can be interpreted as a sign for long-term price prospects. Others believe that on-chain metrics call for caution, and since Ethereum crossed the $4,800-mark last Wednesday, recording a new all-time high (ATH), it witnessed a price correction by the end of the day, dropping as low as $4,485. Following the ATH, Santiment’s analysis addressed some of the on-chain metrics which indicated that a price correction is soon to come. The analysis warned about network activity going down, despite the price pushing upwards. Ethereum’s daily active addresses, the main user participation indicator, has been in decline since late October, diverging from the price. Additional bearish divergences were recorded in the case of daily trading volume and the network profit loss (NPL), as both metrics struggle to go up, despite the price increase.
“People are too relaxed to take profits even though ETH is going up (visible in NPL). There is a good chance they will be punished,” concluded Santiment’s analysis. However, to conclude on a more optimistic note, Colin Wu recently pointed out that the “current amount of ETH burned by EIP1559 has exceeded the number of ETH held by miners.” These numbers are painting a bullish outcome for ETH, at least in the context of long-term price prospects.
Shiba Inu Whale Buys 170 Billion SHIB Coins Worth $8 Million During Recent Dip
A brand new Shiba Inu whale was born in the midst of all of this with his or her first SHIB transaction, and the amount is staggering. The mysterious and unidentified Shiba Inu whale purchased 170 billion SHIB coins worth an astonishing $8.1 Million during the recent dip. SHIB was on a downside swing most of last week, and the whale made the most out of it by scooping up masses of coins. In fact, the whale converted Ethereum (ETH) to buy SHIB with a transaction fee of all of $88. SHIB has remained one of the hottest-selling tokens in the whale community for just over a month now. In the last three weeks alone, individual whales have purchased more than 20 billion SHIB coins during various dips, giving Shiba Inu the top spot in the leading ERC20 tokens (despite the latest dip in price). Looking back to understand how the pattern of whale movements have affected the coin, we can make some definitive insights. Ethereum is the second most-loved crypto among the whales, but SHIB has not moved out from the top spot, and whale dominance in Shiba Inu arguably began as far back as June 2021. Whenever whales took entry position in the coin, it ended up getting listed on exchange platforms a month later.
Whales who picked up SHIB in June saw the coin getting listed on eToro in July. Whales who purchased SHIB in July saw it being listed on WeBull and Coinbase Pro in August. Similarly, whales who bought SHIB in August saw the coin getting listed on Binance and Coinbase in September. Whale dominance in SHIB has increased again in October and November and hopes of a new listing could be in the cards. Rumors are afoot that Robinhood will get SHIB, and as such, a Robinhood listing will give Shiba Inu a boost in price since it would literally open the floodgates for new customers. So, what are the latest price predictions for SHIB? Experiencing a dip since its ATH two weeks ago, whales are thirsty, lapping up SHIB like a bowl of ice water after a long walk on a hot summer day. Slumps such as these are healthy, and the correction is rightful since every token dips after climbing the ladder. Investors are indulging in profit bookings. However, these swings are customarily the best opportunity to buy once again, since inevitably the price will soon shoot up further. Looking at professional investor expectations, SHIB is projected to knock out a zero from its trade by the end of 2021. Also, if the Robinhood listing gets confirmed, the token could delete two ‘zeroes’ from its trade from last week’s closing price.
Bitcoin Turns Red, Why Bears Aim for A Retest Of $55k
Bitcoin started a fresh decline below the $65k and then even the $62k support levels. At the end of last week, the price was trading below $60,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses below the $58,500 and $57,500 support levels in the near term. Since Bitcoin price extended its decline below the $60k support against the US Dollar, BTC could extend losses towards $55k in the coming sessions. Once the price traded below the main $60,000 support zone, a low is formed near $58,630 and the price is now consolidating losses. On the upside, an immediate resistance is near the $60,000 level, with the first major resistance being near the $60,450 level. This is close to the 23.6% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low.
As stated above, there is also a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair. This means that a clear break above the $61,000 resistance may possibly open the doors for a steady recovery. The next major resistance would then sit near the $62,500 level, since the 50% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low is also near the $62,500. This is a level which acts as a key hurdle, and any move above the $62,500 level might start a fresh rally. However, if Bitcoin fails to recover above the $61,000 resistance zone, it could extend declines and an immediate support on the downside is near the $58,800 level. The first major support is, in fact, now forming near the $58,650 level, with the next major support near the $58,000 level, below which the bears might aim a retest of the $55,000 support zone in the near term. Finally, a review of the technical indicators reveal the following: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $58,500, followed by $58,000. Major Resistance Levels – $60,450, $61,000 and $62,500.
Online Casinos Accept Digital Payments Which Opens Opportunity for Ripple to Reach More People
Since online casinos are now accepting digital payments due to the high demand of their markets, this opens up an opportunity for Ripple to reach more people. With more and more people holding onto their digital assets, this is a vital sign for many industries, and experts feel that cryptocurrency will only get bigger and bigger and will become one of the main payment systems accepted in the future for all online casinos. The entertainment value of casino games and the possibility to win some money from them are great incentives for many people to engage in it. With the combination of a huge gambling market and crypto tech, many entrepreneurs are trying to find ways of creating new casinos that also accept digital currencies. Up until now, the most obvious choice had been the great number one cryptocurrency out there, Bitcoin. Many online casinos offer games you can play with BTC and some even exclusively for this type of currency.
However, it has not been very common to see casinos where you can make deposits using Ripple. Since this is one of the biggest crypto giants out there and it has some great benefits compared to Bitcoin, even though Ripple has not been as popular as many other currencies, all of that could be changing rather quickly. Ripple is constantly growing and reaching new people with its proposition of a fast and easy payment system. It is one of the Stablecoins which has kept its position since January 2018, and now it is slowly and steadily growing. Ripple (XRP) is trading at $1.06 with a market cap of $49 Billion. Due to its high market cap, many online casinos have begun accepting this coin as their payment method. Ripple casinos such as the BitCasino.io and Earnbet are not only satisfying their customers by allowing them to use Ripple for online gaming, but they are also helping fulfill a growing consumer demand.
With an increasing number of traditional casinos adding Ripple (XRP) to their payment options, experts say that soon enough, it could be the future of casinos. Bitcasino.io is the first licensed crypto casino to start to use Ripple (XRP) as its primary cryptocurrency for both players and gaming sites alike. Players who choose Bitcasino are allowed to deposit, play, withdraw and receive winnings with XRP directly. There is no longer a need to convert from BTC or LTC. Earnbet is another casino which is accepting Ripple as its default option for deposits, withdrawals, and bets. Ripple is a currency that was originally created as a replacement for Bitcoin, which had problems in the past due to high transaction fees and slow processing times. The idea behind Ripple was to create stability by providing transactions with low fees and fast processing times. Currently, the casinos which are accepting Ripple are relatively new. However, they are already growing in popularity due to their convenience and fast transactions.
By choosing casinos that use XRP as their main currency, players can now experience faster betting times than when using traditional casinos where gambling is done online in fiat currencies such as USD or GBP. As more casinos continue to add Ripple as a payment option, the rest of the casinos such as Dogecoin Casino will certainly follow suit. The casinos that are accepting Ripple will help contribute to the increasing popularity of this cryptocurrency by generating more users. Now that some industries start to adopt Ripple in their payment options, many are hopeful that soon enough, it will be the future of gambling. The focus on providing an environment where users can have fun and gamble safely is one factor that differentiates Ripple from other cryptocurrencies in the market today.
Weekly Roundup of Cryptocurrency News 19/11/2021
The top cryptocurrencies were still grabbing headlines following a market-wide sell-off which saw over $250 billion wiped off the sector. Bitcoin slid below $60,000 early on Tuesday and despites effort to bounce back, the crypto coin continued floundering and will begin the new week trading around $58,000. Ether followed a similar path, dropping to around $4,200. The tokens are down 8.31% and 7.75% in the last 7-days respectively. Some other exciting events outside the market itself included: India officials are bullish on a CBDC pilot program to begin early next year. In a week where a parliamentary panel concluded that cryptocurrencies would not be banned but instead be regulated, it has also been reported that India is planning to launch a CBDC pilot program early next year. Last Monday, a group of crypto experts from the IIM Ahmedabad, the Blockchain and Crypto Assets Council (BACC), and top crypto exchanges, met with the Parliamentary Standing Committee on finance. The meeting, led by BJP MP Jayanth Sinha, discussed the crypto situation, and concluded that crypto cannot be stopped but will rather be regulated.
Then last Thursday, reports confirmed that India could launch a CBDC pilot program as soon as Q1 2022. P. Vasudevan, the chief general manager at the Department of Payment & Settlement of the Reserve Bank of India, was quoted saying this, adding that the central bank was also exploring “various issues and nuances related to CBDC.” Speaking at an online event hosted by the Australian Strategic Policy Institute on Thursday, Prime Minister Modi took a combative approach when talking about crypto. He complained that crypto, more particularly Bitcoin, was a threat to the younger population. This was not the first time the Prime Minister was expressing discontent. Just this month, he led a meeting that resolved youth should be protected from any overpromising and false advertising on cryptocurrencies.
Winklevoss-founded Gemini raised $400 million to build a metaverse. Towards the end of last month, the social networking firm Facebook paved the way for a spree of investments by several firms entering the metaverse. The announcement and resultant transformation saw startups raise more than $4 billion in an attempt to rival contemporary big tech in the idea of a metaverse. For the first time, Gemini’s twin-brother owners, Tyler and Cameron Winklevoss, received external capital into their company with the $400 million raise that saw the crypto exchange’s valuation rise to a significant $7.1 billion. The pair will still retain a huge chunk (75%) of ownership of the firm. The Winklevoss brothers have popularly in the past challenged Facebook boss Mark Zuckerberg and will be seeking to go head-to-head with his company’s planned metaverse. In addition to offering exchange services, Gemini also has $30 million of crypto assets under its custody. The exchange also runs an NFT marketplace and facilitates users to lend their crypto.
Paradigm revealed the largest-ever VC crypto fund at $2.5 billion. Last week saw a series of fundings by venture capital firms, and one of the highlights was Paradigm’s $2.5 billion raise. The investment firm unveiled the fund on Monday, and with the firm having a keen eye on Web3 applications and protocols of the future, it plans to put the money into supporting innovation and incubating ideas. Elsewhere, the Anoma Foundation on Wednesday confirmed that it had raised $26 million at a $260 million valuation. The round was led by California-based Polychain with additional participation from Zola Capital, Maven 11 Capital, Electric Capital, and others. On the same day, blockchain technology company, ConsenSys revealed via a blog post that it had raised $200 million at a $3.2 billion valuation. The firm plans to use the capital in making Web3 applications around Ethereum much more accessible and easier to use.
Finally, Binance published a detailed list of rights for cryptocurrency investors and users. The world’s largest crypto exchange set the rules in what was a remarkable turnaround. Binance was largely surrounded by regulators in various countries over the last few months and is working hard at compliance in its 10 Fundamental Rights for Crypto Users. The exchange pulled off what was its first-ever publication on traditional media – a full page of the fundamental rights on the Financial Times, complemented with a web posting. The rights touched on the idea that crypto was good for all, but it still needed to address certain issues. Binance advocated for a more regulated crypto space to assure ordinary user’s protections, and this is something the regulators wanted to hear. The document also detailed what Binance believes to be the required market ideals and list of user rights.
Crackdown in India Continues with Crypto Ban Planned for the Winter. What’s Wrong with This Picture?
For the final week of the month, news surfaced that India was looking to ban most crypto assets by introducing a new bill to regulate the industry this coming winter. The agenda for the upcoming winter session lists: “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.” The bill reportedly will address the framework for the official central bank digital currency that will be issued by the Reserve Bank of India. India is now following in the footsteps of China in attempting to eradicate the use of decentralized crypto assets in favor of its own state controlled CBDC. The bill also seeks to prohibit all private cryptocurrencies in India; however, it may allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
This will be the second time a bill related to cryptocurrencies has been listed for introduction in India’s parliament, even though the first time around (earlier this year), it was never actually introduced. India has a population of roughly 1.4 billion, and a large portion of them are unbanked. Consequently, crypto has become quite popular in the country in recent years, even as the state has implied it will not approve of their use. According to Reuters, there are around 15 to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees (about $5.4 billion), so it is clearly a huge market. As expected, there has been a huge public outcry against the impending crypto ban. Even some members of the parliament have given voice to the resistance. Parliament member Priyanka Chaturvedi called any such ban a “recipe for disaster,” adding that it is robbing India of creating an ecosystem for new age fintech.
Nischal Shetty, the founder and CEO of India’s leading crypto exchange WazirX, looked on the brighter side. He recently stated, “There will be speculation on both sides. The good thing is more people within Government are aware of how crypto works.” Crypto Criticism comes directly from the top of the government – indeed, the office of Prime Minister Narendra Modi tweeted this rather obscure crypto critique on Nov. 18: “Take crypto-currency or Bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth.” This comment was met with extreme vexation around the globe, and was seen as being hypocritical, since it is well-known that India’s government allows their young workers to run mass warehouses for illicit, criminal, bothersome, and fraudulent robocalling to hard-working citizens from developed nations around the world.
How is it that permitting a burgeoning fraudulent industry is okay with Prime Minister Narendra Modi, and yet investing in cryptocurrencies is not? And since when does India want to align itself with Chinese policies? Meanwhile, Reserve Bank of India Governor Shaktikanta Das has continued to express his worries. He stated last week, “When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved.” You got that right!
TVL on Ethereum Layer-2 Surges to an All Time High, as Network’s Gas Fee Continues to Increase
Ethereum Layer-2’s TVL (Total Value Locked) has doubled in the past month, despite increasing gas fees, and it has surged to an all-time high. According to the data shared by Layer-2 analytics, L2beat, the TVL across various network and layer-two protocols has gone up by 110% since the beginning of October. The market reached an all-time high of $5.64 billion recently, even though at the start of October, the TVL was merely $2.67 billion. Ethereum Layer-2 provides scaling solutions with lower transaction fees and high transaction throughput, and an overwhelming 45% of the TVL is held by Arbitrum. dYdX derivatives DEX (decentralized exchange) holds the second largest share, worth $975 million. Loopring layer-two DEX is the third largest shareholder with $580 million. The TVL surged significantly during the month despite the fact that the gas fee has been at an all-time high (on average).
According to Etherscan, the network’s gas fee varies depending on the operation at hand. The analytics platform explained that if the user transfers a simple ERC-20 token they may be charged $45, whereas if a more complex operation is executed, as in a Uniswap swap, for example, the fee might go up to a more rigorous $140. Another example of Ethereum’s high gas fee is the registration of a name on the Ethereum name service. A single name registration could cost hundreds of dollars in gas fees, though the cost of actual domain name is barely a few bucks per year.
Binance’s Dogecoin Glitch Becomes a Major Problem for Many and Sparks a Twitter War with Musk
Elon Musk wasn’t having any of Binance’s explanations regarding their suspension of DOGE withdrawals, claiming that whatever had happened, it sounded shady. CZ jumped to the defense of his exchange and then even went on to throw a jab himself at Tesla’s past glitches. Earlier this month, the world’s largest exchange revealed that it had suspended all DOGE withdrawals following a glitch with its systems. Binance claimed to be working on the glitch while warning that the outage could last for up to two weeks. Elon Musk took to Twitter to blast Binance for the continued problem, and this immediately seemed to rub Changpeng Zhao (CZ) the wrong way. In its initial statement two weeks ago, Binance claimed that the issue affecting DOGE was complex in nature. At the time, many users were extremely critical of Binance for the glitch, claiming they were going to lose money at a time when volatility was skyrocketing. These users were mostly ignored; but then, the world’s richest man started asking questions, and a man with 64.5 million followers on Twitter and worth close to $300 billion is not as easy to ignore.
Musk shot the question to CZ on Twitter, being critical and saying the glitch sounded quite shady in nature. This had been in response to comments made by CZ to the Financial Times in which he called for a more positive perception of cryptocurrencies by regulators. CZ was quick to respond, stating: “Elon, we are pretty certain it is an issue with the latest Doge wallet. We are in communications with the devs. Apologies for any inconvenience that may have caused you.” And then to add salt to the wound, CZ took the opportunity to point to Elon’s past mistakes with his electric vehicle company Tesla. He attached the link to an article by The Guardian which recounted a Tesla software glitch that prompted a safety recall for nearly 12,000 vehicles in the US and added the caption, “What happened here?” The article went on to say that a communication error “may cause a false forward-collision warning or unexpected activation of the emergency brakes,” the U.S highway authority claimed at the time.
It seems that the altercation didn’t escalate further, and CZ later played it down by suggesting that he and Elon were on the same team and the exchange was just “some in-team chats.” Really? Anyone believe that? Binance was also quick to address the wallet issue preventing withdrawals by trying their best to explain the situation. They stated, “The root cause is a technical issue during the recent upgrade process that caused old transactions to be present to 1,674 users. The issue occurred on Binance – and not other platforms – because we have a different technical wallet set-up for Doge.” The exchange acknowledged that the DOGE Network has been doing their best to assist during this circumstance ever since the issue surfaced; however, Binance is being forced to rebuild the wallet entirely and this was what had caused the delay. DOGE users will have to wait for another week or so before the issue is resolved.
North Carolina Senate Candidate Shannon Bray Is Hoping to Accept SHIB for His Campaigns
The North Carolina Senate candidate Shannon Bray stated that he was open to the possibility of accepting SHIB as a contribution to his campaign. He then added that he is still looking into the legality of the idea with the Federal Election Committee (FEC). In a recent meeting, the FEC decided that political committees can only accept limited amounts of crypto to run their campaigns, but specifically addressed Bitcoin. It seems that the FEC is not yet explicit on whether altcoins, including SHIB, can be included, as well. In a recent interview, Bray said that he would be looking into means to fund his campaign, and since U.S. law prohibits foreign nationals from funding campaigns for U.S. political candidates, he stated that he has a backup plan. Bray plans to sell off products like yard signs and coffee mugs in exchange for SHIB.
This would be Bray’s second attempt at a senate seat in North Carolina, having failed in 2020. He believes strongly that cryptocurrency should be part of U.S politics, and as a SHIB enthusiast, he is hopeful that the meme coin will push his crusade to secure a victory. Bray admits that he is not a crypto expert, but that from what he has learned, he believes that crypto is the right way to go. Since September, Bray has been holding SHIB, which is continually raising his status. During the recent interview, he went on to explain that his primary focus is not on getting funds but on giving back to society. Currently, he is running a project that is raising SHIB for homeless veterans. Bray, a Navy veteran, started this funding campaign after his friend and fellow Navy veteran committed suicide. Donations to this fund are rising, along with Bray’s hopes that he will be able to achieve all of his goals.
Bray is of the strong belief that the government should incorporate crypto into its economic systems. In total, Bray had a total of BTC and ETH worth $30,000, but then China FUD and that country’s strict policies caused crypto corrections, taking some of his equity away. In time, Bitcoin began surging in price levels once again as the miners started moving to the US. This gave Bray renewed strength to engage fully in crypto, and now, he says, he is looking for crypto fans with no political passion. Recently, many investors have given Shiba Inu credibility because of how it has been moving since its launching. There are now more than a few investors who are little known who have turned into millionaires overnight thanks to SHIB. According to CertiK security firm, over 1.05 million ETH addresses have SHIB in their balances and has been increasing in users at an average rate of between 30,000 to 40,000 every day. Top SHIB whales hold around 64% of the circulating amount, and the contribution by whales is an essential reason the meme coin is growing so fast. Analysts have noted that SHIB whales influence the price whenever they make transactions above $100,000.
Morgan Stanley Increases Bitcoin Exposure, Buys More Grayscale BTC Trust Shares
Yet another recent filing with the United States Securities and Exchange Commission (SEC) revealed that the international banking behemoth Morgan Stanley (MS) had an ever-increasing appetite for BTC, despite its quite substantial volatility. According to its history of filings with the SEC, Morgan Stanley has substantially increased its BTC exposure. The company has done so through buying additional shares of the Grayscale Bitcoin Trust (GBTC). Summarizing the difference between the shares Morgan Stanley held back in June compared to its more recent holdings was a very popular Twitter post by MacroScope. Here is a summary: MS Growth Portfolio (as of June 30): 2,130,153 shares. MS Growth Portfolio (as of Sept 30): 3,642,118 shares. MS Insight Fund (as of June 30): 928,051 shares, and MS Insight Fund (as of Sept 30): 1,520,549 shares. MS Global Opportunity Portfolio (as of June 30): 919,805 shares. MS Global Opportunity Portfolio (as of Sept 30): 1,463,714 shares.
It appears that Morgan Stanley is making serious efforts towards onboarding existing and future clients to Bitcoin. CryptoPotato reported earlier that MS published a comprehensive guide detailing the intricacies of cryptocurrencies to its wealth management clients.
Ripple boss says SEC lawsuit will likely conclude next year
Finally, Ripple CEO Brad Garlinghouse stated at the end of the month that the ongoing SEC lawsuit would likely be concluded next year. It’s quickly approaching a year since the U.S. securities regulator first filed a notice accusing Ripple of selling $1.3 billion of unregistered securities. The backlash that followed has exposed the SEC on a number of fronts, including allegations of favoritism (concerning especially Bitcoin and Ethereum), while also revealing inconsistent fair notice and due process standards. Speaking to CNBC, the Ripple boss gave an update on how things seem to be progressing. Garlinghouse said the judicial process, although slow moving as expected, is still moving along nicely. “We’re seeing pretty good progress despite a slow-moving judicial process.”
He commented that he believed the court was growing in competence with coming to grips with the matter at hand, and that the judge desired to take into consideration the bigger picture in terms of how this case would affect the wider crypto market. “Clearly, we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications.” With that, Garlinghouse is still holding out some hope that the matter can be concluded by next year. Many XRP holders have been critical of the SEC’s handling and timing, arguing that the lawsuit has cost them money in terms of curbing the XRP price during a bull run. What’s the latest happening in court? As far as courtroom specifics go, the latest post by the founder of crypto-law.us, John Deaton, talks about Judge Netburn’s acknowledgment that the SEC’s “over-broad and far reaching” argument would criminalize every individual XRP seller.
“Judge Netburn recognized the SEC’s over-broad and far-reaching theory that all XRP are securities when she recognized, according to the SEC’s own argument, that every person in the world selling #xrp is committing a section 5 violation.” The SEC countered this point by saying that while the Securities Act 1933 has a requirement for all sellers to register under Section 5, there is also an exemption provision under Section 4. Which, “very generally” speaking, excludes transactions by people in the market. John Deaton has been an instrumental figure in calling out the SEC for what he deems a baseless argument lacking utility. In a bid to represent XRP holders, Deaton, along with tens of thousands of XRP holders, managed to gain Amicus Curiae (Latin for “friend of the court”) status last month. This gives XRP holders a voice by allowing the filing of an official brief in the proceedings, which the judge will consider when making her final decision.
The Digital Asset Landscape November 2021
appeared first on JP Fund Services.
The post Monthly Newsletter The Digital Asset Landscape November 2021 first appeared on trademakers.
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