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Bitcoin eyes third weekly close above $60K as Ethereum fuels new altcoin market cap record
Bitcoin (BTC) preserved $61,000 into the weekend after “aggressive” buying on Coinbase sparked multi-day highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Coinbase BTC buyers step up Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling overnight after briefly challenging $63,000. Friday saw strong performance after U.S. traditional markets opened, helping lift Bitcoin to near its minimum monthly close target. As analysts noted, major exchange Coinbase was the venue for heavy accumulation on the day. Some aggressive BTC buying on Coinbase right now pic.twitter.com/sR1eMuF2ze — Will Clemente (@WClementeIII) October 29, 2021 Popular trader and analyst Pentoshi meanwhile noted selling elsewhere, specifically from one whale whose BTC divesting has now hit ...
US Senator Hagerty to CFPB Director: Don’t Stifle Crypto Innovation
U.S. Senator Bill Hagerty (R-VA), who was elected in 2020 to represent Tennessee after a stint as Ambassador to Japan, spoke to newly appointed Consumer Financial Protection Bureau Director Rohit Chopra regarding cryptocurrencies in a banking committee hearing, saying “I just want to make certain as you exercise those oversight responsibilities that we don’t stifle innovation in this arena.” “Digital ledger technology offers a tremendous amount of promise in terms of financial innovation and inclusion. It’s an industry where I think the United States is leading, has led, and I’d like to see us continue to lead there. Especially when we look at other countries like China and the Chinese Communist Party that has moved to ban private sector activity in that arena.” Hagerty introduced le...
DeFi protocol Aave encounters major capital flight
Annual percentage yields, or APY, on crypto borrowing and lending platform Aave have surged to record levels after capital withdrawals sent the decentralized finance, or DeFi, protocol into a liquidity crunch. At the time of writing, variable APY on borrowing stablecoin Dai via Aave has surged to 24.88%, compared to approximately 6.50% the day prior. According to cryptocurrency researcher Igor Igamberdiev, blockchain personality Justin Sun was responsible for at least billions of dollars in withdrawals in the past few hours. Aave’s total value locked, or TVL, fell to $14.7 billion from $17.89 billion the day prior, based on data from DeFi Pulse. In a series of tweets, Aave developers revealed that financial modeling platform Gauntlet Network submitted an Aave Improvement Protocol, or...
Altcoin Roundup: Dogecoin, Shiba Inu and memes are hauling the dogsled to mass adoption
2021 has been a breakout year for the cryptocurrency sector, as the passage of the first Bitcoin (BTC) exchange-traded fund (ETF) is a sign that crypto is becoming more mainstream and has the potential to lead to an increase in investors’ exposure to BTC. The influx of new participants into the market throughout the year has had a profound impact on the overall culture of the crypto ecosystem. Ideas of privacy and a secure store of value have been overshadowed by the culture of memes as PePe’s and Wojacks have become endemic to crypto Twitter, where frens say “gm” to each other every day and respectfully call each other “ser.” And, now, the surging price of dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have once again captured the attention of the market, much to the chag...
Aavegotchi (GHST) gains 50% as ‘Gotchiverse’ auctions set a path to the Metaverse
The world of decentralized gaming has seen significant growth in 2021 as the rise of play-to-earn (P2E) gaming merged with NFTs to open the first pathway to the Metaverse. Aavegotchi is currently making inroads in the blockchain-based gaming sector with a somewhat novel approach that incorporates features from P2E gaming, NFTs and decentralized finance (DeFi). Data from TradingView shows that since hitting a low of $1.56 on Oct. 1, the price of GHST, Aavegotchi’s native token, has rallied 53% to a daily high at $2.40 on Oct. 29 as its 24-hour trading volume spiked 45% to $135.8 million. GHST/USDT 4-hour chart. Source: TradingView Three reasons for the building momentum in the price of GHST are the ongoing Gotchiverse land auctions that require GHST to bid, several high-profile partne...
How the Grammys Upgraded Its Voting System for the 2022 Awards
Through the voting portal, the Academy has increased the personalization of each user’s ballot. Voters can customize their ballot by clicking on the fields in which they choose to vote. That way, they can easily see and browse through the categories that are most relevant to them. Voters’ ballots now offer a search box to find the field, artist or category they are interested in. Using the search tool, voting members can more easily maneuver through the 22,000 entries on the ballot. The upgraded ballots offer more flexibility. Voters may select and de-select categories before they make their final submission. Voters are free to change their minds on which categories and fields they wish to vote in. The porta...
Facebook Is Now Meta and Tesla’s Valuation Tops $1 Trillion USD in This Week’s Business and Crypto Roundup
Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before. HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries. Business 1. Facebook changed its company name to Meta Facebook on Thursday unveiled its new name, Meta, which reflects its new focus on building out the metaverse. Read more about Mark Zuckerberg’s ambitious plans for the metaverse here. Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social conne...
Price analysis 10/29: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA
Bitcoin (BTC) is still in a corrective phase but Ether (ETH) has attracted strong buying, which pushed it to a new all-time high on Oct. 29. The successful Altair Beacon chain upgrade seems to have boosted sentiment and it also paves way for the merge with the Ethereum mainnet and the change to proof-of-stake. Meanwhile, MicroStrategy has continued to add to its already impressive Bitcoin stack. The company’s Q3 report shows that it added 8,957 Bitcoin, taking its haul to 114,042 Bitcoin as of Sept. 30, purchased at an average price of $27,713. The software firm’s appetite does not seem to have been satisfied yet and CEO Michael Saylor said the company “will continue to evaluate opportunities to raise additional capital to execute” its Bitcoin strategy. Daily cryptocurrency market performa...
Cardano stablecoin protocol Ardana raises $10M in latest funding round
Ardana, a stablecoin ecosystem built on the Cardano (ADA) blockchain, received $10 million in seed capital from a group of investors led by Three Arrows Capital and Ascensive Assets. Ryan Matovu, CEO and co-founder of Ardana, issued the following statement regarding the deal: “As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive DeFi world. We are also able to leverage Cardano’s speed, scalability and security to offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain.” Users can send, receive, store, borrow and lend the stablecoin — known as dUSD — freely on the network. It will have a 1:1 ...
Ethereum’s new all-time high prepares ETH for ‘continuation to $5,000’
The cryptocurrency market is in high spirits on Oct. 29 after bulls managed to lift the price of Bitcoin (BTC) back near the $63,000 support zone and Ether (ETH) has established a new all-time high at $4,460. ETH/USDT 4-hour chart. Source: TradingView Here’s what anlaysts are saying about the market now that Bitcoin is finding support above the $60,000 level and Ether looks to enter price discovery. Bulls think BTC could hit $90,000 The bullish moves seen in BTC and Ether caused a moment of reflection for independent market analyst Crypto_Ed_NL, who tweeted that it “seems I was not bullish enough at $40,000” when a target of $73,000 was given. BTC/USD 1-day chart. Source: Twitter After taking the recent moves into account, the analyst indicated that the “target moved up to $90,...
Kazakhstan expects at least $1.5B in economic activity from crypto mining within 5 years
A report from the Data Center Industry & Blockchain Association of Kazakhstan, or NABDC, estimates that cryptocurrency mining could bring $1.5 billion in revenue for the country over the next five years. Currently, corporate digital currency mining activities generate about 98 billion tenge ($230 million) per year in the country. Alan Dordzhiev, the president of the NABDC, issued the following statement as quoted by local news outlet kapital.kz: The figure of 98 billion tenge is just an economic effect from companies that are officially involved in mining. If we take into account the “gray” miners, then this figure can be safely multiplied by 2. In context, “gray miners” refers to individuals carrying forth their own crypto mining operations — often with dispute...
Australian securities regulator issues guidelines for crypto ETPs
The Australia Securities and Investments Commission (ASIC) has issued its response to public consultation on cryptocurrency exchange-traded products (ETPs) alongside fresh industry guidance. On Oct. 29, the regulator released a set of regulatory requirements for funds looking to offer crypto ETPs, including exchange-traded funds (ETFs) and structured products, following months of industry consultation initiated in late June. According to the official guidance, ASIC has so far greenlighted ETPs based on major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) and expects more crypto assets to become a foundation for ETPs in the future: “As at October 2021, Bitcoin and Ether appear likely to satisfy all five factors identified above to determine appropriate underlying assets for an ETP...
