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Gate.io Weekly Newsletter: AMC Accepts $SHIB, Disney May Work on Metaverse, India to ban cryptocurrency as a payment method
2021-11-19, 10:06
Gate.io Weekly Newsletter | Market trends? Global headlines? We got you covered.
TL;DR? Listen on the Go!
Updated Weekly on Buzzsprout, Apple Podcast, Spotify, and Soundcloud.
Gate.io Announcement
Gate.io Reaches 8 Million User Counts! To celebrate this significant moment, we’re doing a $100,000 Giveaway to express our sincere gratitude for all of you! New and existing users are both welcome to participate. Click here for more info
Cryptocurrency Markets
Cryptocurrencies took another collective plunge this week.
Starting on November 15th, the Bitcoin spot price declined rapidly. From the height of $66,356.58, the price of BTC lost $6,300 and closed below $56,000 in a matter of just 4 days.
The 16th was the day when the BTC spot price dropped the most, with the price falling by more than $5,300 in a single day. Also on the 16th Bitcoin spot saw a penetration of the lower 20-day Bollinger band, breaking the safety level.
On the 18th, the BTC spot price touched another significant level, the 60-day SMA.
On the 19th, BTC continued to stay below the 60-day SMA, which is the first time since September 16th that the bitcoin price fell below the significant level.
Ether, on the other hand, showed an even more pronounced decline. The highest drop in a single day reached 10%.
Currently, the price of ETH has not yet touched the 60-day SMA, but it has broken through the lower bounds of the Bollinger band.
Technical indicators have not shown any signs of a reversal just yet, and the downtrend is likely to continue.
This plunge is mainly dominated by Bitcoin and Ether, which has weakened the performance of other cryptocurrencies, although not on a significant level which is a good sign for now.
Crypto News
Mt. Gox's Plan to Settle 150,000 BTC
Mt. Gox issued an announcement that its Bitcoin rehabilitation plan has received final and legally binding approval from its trustee board.
The plan will reimburse 150,000 BTC to victims who have suffered extreme losses due to the infamous exchange hack.
AMC to Accept $SHIB by Q1 2022
AMC CEO Adam Aron announced Monday evening that AMC will soon be able to accept the memecoin Shiba Inu within the next few months.
Crypto payment service provider Bitpay will be working with AMC to implement $SHIB.
Twitter CFO: Crypto Doesn't Make Sense Right now
Ned Segal, Twitter's Chief Financial Officer, said it doesn't make sense to invest the company's cash in crypto assets like Bitcoin or Ethereum at this time.
He added that the company prefers to hold less volatile assets such as securities on its balance sheet.
News in the Financial Market
American Hedge Fund Citadel Believes Ether is the Future
Kenneth Griffin, CEO of U.S. hedge fund Citadel, argued at a summit hosted by the New York Times that Ether will eventually replace Bitcoin.
According to him, this is because cryptocurrencies implemented on the Ethereum network have higher speeds and lower costs per transaction.
Disney to Develop their own Metaverse in the Future
Disney CEO Bob Chapek held a conversation with Kraft Group CEO Robert Kraft in Boston on Monday, and both sides talked about the meta-universe, and Chapek implied that the metaverse will be the future of Disney.
He claimed that Disneyland plus the Disney+ digital platform gives the company unmatched metaverse building capabilities.
VanEck Bitcoin Futures ETF Begins Trading
The VanEck Bitcoin Futures ETF ($XBTF) officially opened for trading at CBOE with an opening price of $60.91 on November 16th.
The ETF is the third Bitcoin Futures ETF to be launched within 30 days, following the release of Proshares Bitcoin ETF.
$XBTF boasts a lower expense ratio and more efficient handling of taxes for long-term investors as compared to its peers.
Global Headlines
India to Ban Cryptocurrency Payments
India will ban the use of cryptocurrencies for payments but will allow and regulate the trading of crypto as assets, according to Indian government sources.
The Indian government plans to introduce a cryptocurrency regulation bill in the winter session of parliament, the details of which are being finalized.
Peru to Collaborate on Building CBDC
Peru will join forces with India, Singapore, and Hong Kong, to develop a central bank digital currency.
Speaking at the annual meeting of executives for business leaders in Lima on November 16, Julio Velarde, the president of the Central Reserve Bank of Peru stated that he believes the payment systems in the world will be drastically different in 8 years.
Kyrgyzstan Seized 2,500 Mining Machines
Authorities in Kyrgyzstan have discovered and shut down a large crypto mining facility in the north of the country, seizing 2,500 mining machines.
Law enforcement officials claim the illegal mining facility caused "significant damage" to the national power grid, and they are still estimating the damage and determining whether the mining hardware was legally imported into the country, where the data center was run in a greenhouse and operated by foreigners.
Gate.io Weekly Blogs:
Taproot: What Impact Will it Have on the Bitcoin Eco?
Missed the ENS Airdrop? Here Are Some Potential Crypto Projects Deserving Your Attention
Far from the usual hype, what is the "Metaverse" and will it be happening?
Author: Peter.L & Byron.B & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
TL;DR? Listen on the Go!
Updated Weekly on Buzzsprout, Apple Podcast, Spotify, and Soundcloud.
Gate.io Announcement
Gate.io Reaches 8 Million User Counts! To celebrate this significant moment, we’re doing a $100,000 Giveaway to express our sincere gratitude for all of you! New and existing users are both welcome to participate. Click here for more info
Cryptocurrency Markets
Cryptocurrencies took another collective plunge this week.
Starting on November 15th, the Bitcoin spot price declined rapidly. From the height of $66,356.58, the price of BTC lost $6,300 and closed below $56,000 in a matter of just 4 days.
The 16th was the day when the BTC spot price dropped the most, with the price falling by more than $5,300 in a single day. Also on the 16th Bitcoin spot saw a penetration of the lower 20-day Bollinger band, breaking the safety level.
On the 18th, the BTC spot price touched another significant level, the 60-day SMA.
On the 19th, BTC continued to stay below the 60-day SMA, which is the first time since September 16th that the bitcoin price fell below the significant level.
Ether, on the other hand, showed an even more pronounced decline. The highest drop in a single day reached 10%.
Currently, the price of ETH has not yet touched the 60-day SMA, but it has broken through the lower bounds of the Bollinger band.
Technical indicators have not shown any signs of a reversal just yet, and the downtrend is likely to continue.
This plunge is mainly dominated by Bitcoin and Ether, which has weakened the performance of other cryptocurrencies, although not on a significant level which is a good sign for now.
Crypto News
Mt. Gox's Plan to Settle 150,000 BTC
Mt. Gox issued an announcement that its Bitcoin rehabilitation plan has received final and legally binding approval from its trustee board.
The plan will reimburse 150,000 BTC to victims who have suffered extreme losses due to the infamous exchange hack.
AMC to Accept $SHIB by Q1 2022
AMC CEO Adam Aron announced Monday evening that AMC will soon be able to accept the memecoin Shiba Inu within the next few months.
Crypto payment service provider Bitpay will be working with AMC to implement $SHIB.
Twitter CFO: Crypto Doesn't Make Sense Right now
Ned Segal, Twitter's Chief Financial Officer, said it doesn't make sense to invest the company's cash in crypto assets like Bitcoin or Ethereum at this time.
He added that the company prefers to hold less volatile assets such as securities on its balance sheet.
News in the Financial Market
American Hedge Fund Citadel Believes Ether is the Future
Kenneth Griffin, CEO of U.S. hedge fund Citadel, argued at a summit hosted by the New York Times that Ether will eventually replace Bitcoin.
According to him, this is because cryptocurrencies implemented on the Ethereum network have higher speeds and lower costs per transaction.
Disney to Develop their own Metaverse in the Future
Disney CEO Bob Chapek held a conversation with Kraft Group CEO Robert Kraft in Boston on Monday, and both sides talked about the meta-universe, and Chapek implied that the metaverse will be the future of Disney.
He claimed that Disneyland plus the Disney+ digital platform gives the company unmatched metaverse building capabilities.
VanEck Bitcoin Futures ETF Begins Trading
The VanEck Bitcoin Futures ETF ($XBTF) officially opened for trading at CBOE with an opening price of $60.91 on November 16th.
The ETF is the third Bitcoin Futures ETF to be launched within 30 days, following the release of Proshares Bitcoin ETF.
$XBTF boasts a lower expense ratio and more efficient handling of taxes for long-term investors as compared to its peers.
Global Headlines
India to Ban Cryptocurrency Payments
India will ban the use of cryptocurrencies for payments but will allow and regulate the trading of crypto as assets, according to Indian government sources.
The Indian government plans to introduce a cryptocurrency regulation bill in the winter session of parliament, the details of which are being finalized.
Peru to Collaborate on Building CBDC
Peru will join forces with India, Singapore, and Hong Kong, to develop a central bank digital currency.
Speaking at the annual meeting of executives for business leaders in Lima on November 16, Julio Velarde, the president of the Central Reserve Bank of Peru stated that he believes the payment systems in the world will be drastically different in 8 years.
Kyrgyzstan Seized 2,500 Mining Machines
Authorities in Kyrgyzstan have discovered and shut down a large crypto mining facility in the north of the country, seizing 2,500 mining machines.
Law enforcement officials claim the illegal mining facility caused "significant damage" to the national power grid, and they are still estimating the damage and determining whether the mining hardware was legally imported into the country, where the data center was run in a greenhouse and operated by foreigners.
Gate.io Weekly Blogs:
Taproot: What Impact Will it Have on the Bitcoin Eco?
Missed the ENS Airdrop? Here Are Some Potential Crypto Projects Deserving Your Attention
Far from the usual hype, what is the "Metaverse" and will it be happening?
Author: Peter.L & Byron.B & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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