Crypto Flipsider News – Crypto Market Hit ATH, Ethereum Rallies While Gas Fees Drop, FBI Warns of Crypto ATM Scam -Breaking
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Crypto Flipsider News – Crypto Market Hit ATH, Ethereum Rallies While Gas Fees Drop, FBI Warns of Crypto ATM ScamThe Digest
- As BTC and XRP do well, crypto market rally is reflected in new market cap ATH.
- (ETH), New ATH in midst plummeting gas prices and spiking haveh rate
- Infrastructure Bill contains provisions regarding crypto taxes
- According to the FBI, crypto-scams using QR Codes and ATMs are on the rise.
Crypto Market Rally, New Market Cap, and XRP Performance
Three weeks have passed since the initial ETF launch, which sent the cryptocurrency market into an uproarious frenzy and has already seen another significant rally. The crypto market has now crossed the $3 trillion threshold for the first ever time.
The global cryptocurrency market has risen by 14.5% since October 20th to a peak of over $3 trillion. Bitcoin (BTC), Ethereum, (ETH) and (XRP) were the main movers of the rally. BTC prices rose up by 5.5% to $66,339 on Monday, just shy of the previous record high of about $67,000.
The price for XRP soared by over 7%, reaching $1.30. This is its highest level since September. Ether also rose by as much at 3% to $4,768. (ADA), (SOL), DOT, and (DOGE), were some of the top Altcoins.
Flipsider
- These gains were mostly lost as the market experiences brief corrections.
- As major cryptos fall, the global market capital is currently valued at $2.84 trillion.
One-week chart of market capitalization for Global Crypto Market. Source: Tradingview
Care is a must
Due to growing interest from the public in emerging developments, such as NFTs or the metaverse, the value of crypto markets is increasing.
Ethereum (ETH) hits a new ATH amid soaring gas prices and spiking hash rate
Leading the rallying crypto market, the world’s second-largest cryptocurrency, Ethereum (ETH), has reached a new all-time high. The price for Ethereum (ETH), which rose by nearly 4% from November 8th to $4,762, was the highest ever.
Chart showing the price of Ethereum (ETH) over 48 hours. Source: Tradingview
ETH traded at $4,733.66, a 3.3% interday gain, as of the writing. Ethereum enjoys a 19.5% market dominance thanks to its market capitalization of $558.6 million.
As the price of Ethereum hit a new all-time high, the Ethereum community was treated to a major drop in the network’s gas price. In the past week, Ethereum’s gas price has fallen by over 35%. The average transaction fees are now at $37.19.
The plummeting gas fees have been linked with a decline in Ethereum’s trading volume, which has dropped from over $20 billion on November 2th, down to $16 billion at the time of this writing. While trading volumes plunged, on Monday 8th, Ethereum’s hash rate hit its highest ever point of 812,769 GH/s.
Flipsider
- The rise in meme currencies like Dogecoin(DOGE). (SHIB), Ethereum will face greater pressure The price war for customers is intensifying
What You Need to Care About
Ethereum’s predicted value of $5,114 was originally forecasted for 2021. ETH will surpass $5,000 by 2021, taking into consideration its performance today, the upcoming 2.0 upgrade and the possibility of ETFs.
Infrastructure Bill includes Crypto Tax Provisions
On Friday, November 5th, Congress passed a $1.2 trillion infrastructure package as part of President Joe Biden’s economic agenda. Bi-partisan legislation, the historic infrastructure bill that seeks to make America’s lives better, includes controversial crypto tax reporting requirements.
The original August bill passed, and now the bill is headed to Joe Biden in Washington for his signature. The bill is a concern to crypto investors.
People who perform transactions valued at more than $10,000 will need to confirm their identity and keep track of their Social Security numbers. They also have to state the nature and type of their transaction in order to report it to the government within fifteen days.
The bill also includes a provision that all brokers in crypto would report transactions to the tax code.
Crypto advocates are concerned that the bill may include miners and other agencies that don’t directly facilitate crypto transactions without specificity in who the referenced brokers are.
Flipsider
- There are no regulatory uncertainties. The mayors of New YorkAnd Miami has renewed its commitment toTransforming their cities into cryptocurrency hotspots
What You Need to Care About
Lawyers argue that crypto investors could not comply with the law if it is passed without any amendment.
FBI warns that crypto scams using ATMs and QR codes are on the rise
Federal Bureau of Investigation warned cryptocurrency investors of an emerging type of fraud. The FBI warned crypto investors on November 5th about the growing number of criminals who use physical cryptocurrency ATMs as well as QR codes to steal people’s money.
According to the FBI’s public notice, these criminals disguise themselves as a government agency and request money from the victims in order to enter them into a lottery requiring a fee before the prize can be claimed.
The con artists direct the victims to withdraw their cash into a cryptocurrency ATM and then purchase cryptocurrency using the QR code provided to automatically populate the recipient’s address.
Bringing these scams to light, the FBI has promised to provide a QR code associated with the scammer’s cryptocurrency wallet.
Flipsider
- Kroger (NYSE :), an American retail chain, has revealed that they were swindled out of their press release about accepting crypto.
What You Need to Care About
FBI stressed that it is important to remain vigilant, not to make payments to anyone you only spoke to online.
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