Digest

• Rallies up to $68.5K. ATH, BlockFi Files For Physically-Backed Bitcoin ETF. Zimbabwe To Make Bitcoin Legal Tender
• Discord teases Ethereum integration, New ATH Set at $4,837
• PayPal (NASDAQ: ) Signs a Deal With Venmo And Mastercard (NYSE 🙂 To Launch Crypto-Cards for Asia Pacific
• The OpenSea Crosses Sales Volume exceeds $10 billion
• Hackers Take Data from 7 Million Robinhood (NASDAQ) Customers

Bitcoin rallies to $68.5K, ATH BlockFi files for physically-backed Bitcoin ETF, Zimbabwe to make Bitcoin legal tender

The world’s biggest cryptocurrency, Bitcoin (BTC), is back in the news, setting another all-time high. BTC gained 5% and reached $68,530.34 as the market rallied.

This is the five-day Bitcoin price chart (BTC). Source: Tradingview

Bitcoin’s new ATH means that year-to-date, Bitcoin has gained more than 135%. Bitcoin’s market capital now stands at $1.28 trillion. This makes it even more valuable than Tesla, the electric car maker (NASDAQ:).

BlockFi, which filed for another Bitcoin ETF that is physically backed after the SEC decided to dismiss the VanEck Spot Bitcoin Exchange Trade Fund application. The filing of the BlockFi NB Bitcoin ETF by BlockFi would allow the company to become a custodian for BTC.

In line with El Salvador’s footsteps, Zimbabwe’s government is exploring the possibility of using Bitcoin to make legal payments. As Bitcoin’s adoption increases, the permanent secretary of the President has reported that Zimbabwe is already holding discussions to make Bitcoin possible.

Flipsider

• While Bitcoin continues to rally, some of the “big guys” on Wall Street still believe that Bitcoin is a bubble

Why you should care

Following the approval by the ProShares Bitcoin ETF’s approval, experts predicted that Bitcoin would rally further, reaching above $80k. If a physical-backed Bitcoin ETF was approved, they could also predict that it will.

Ethereum sets a new ATH at $4.837. Discord teases Ethereum integration

Ethereum, the second-largest cryptocurrency after Bitcoin, also saw an increase in value. Ethereum posted a 3.3% intraday gain on Tuesday to hit a new high of $4,837.

A five-day chart showing the price of Ethereum (ETH) over five days. Source: Tradingview

Ethereum is now trading at $4767, a slight decline from its previous high. It has a market cap in excess of $567.4 trillion. Ethereum’s year-to-date gains have exceeded 550% and outperformed Bitcoin.

Jason Citron is the Discord founder and CEO and has indicated that he may be open to the idea of including Ethereum in its instant messaging and VoIP networks.

Citron took to Twitter, NYSE: (NYSE 🙂 in order to tease Discord’s community by sharing an image of Discord App with Ethereum Logo and wallet connection relays. He wrote:

probably nothing pic.twitter.com/p4P6MoNGgd

— Jason Citron (@jasoncitron) November 8, 2021

Flipsider

• Many people have complained about rising Ethereum gas prices, which rose by over 2,300% between 2021 and now.

OpenSea crosses $10 billion in sales volume

Non-fungible tokens (NFT) exploded into mainstream crypto in 2021. OpenSea is a peer to-peer platform for NFTs and rare digital items. It has also helped facilitate the rise of NTFs.

OpenSea’s record-breaking sales of $10 billion has been achieved due to the high level of interest in NFTs. OpenSea reached $1 billion in August. OpenSea has seen more NFTs traded than ever before, with over $9 billion already in circulation three months later.

DappRadar data shows that the current total sales volume stands at $10.35 trillion. OpenSea’s dominance is closest attained by, which recorded total sales of $3.06 million.

Flipsider

• OpenSea failed to secure its network, with hackers discovering vulnerabilities in OpenSea’s smart contracts

Why you should care

While OpenSea has been able to fend off competition for Ethereum-based NFT transactions, Coinbase (NASDAQ:) could pose a significant threat to OpenSeas’s dominance with more people signed up on its waitlist.

PayPal’s Venmo Pens Deal with Amazon (NASDAQ:) and Mastercard to Launch Crypto-Cards in the Asia Pacific

Venmo, PayPal’s tool for crypto adoption, has penned a deal with Amazon. PayPal has announced that Amazon will add a Venmo checkout option for U.S. users starting in next year.

PayPal has been announced

“We’re excited to team up with Venmo and give our customers the ability to pay by using their Venmo accounts, providing new ways to pay on Amazon.”
Users will soon be able link their Amazon accounts with Venmo in order to purchase from Amazon. PayPal also announced strong third quarter results with an 13% increase in revenue year over year.

Mastercard is looking to expand the use of cryptocurrencies as a payment option, with merchants accepting more cryptocurrency payments. Mastercard is launching cryptocurrency-linked payment cards for Asia Pacific.

Mastercard has announced three partnerships with Thailand’s Amber Group, Bitkub licensed cryptocurrency exchange Bitkub and CoinJar. Holders will be able to instantly buy, hold and convert digital assets in fiat with the cards.

Flipsider

• Regardless of its strong Q3 performance, PayPal has released a fourth-quarter forecast that falls well short of analysts’ expectations, with 2022 even more disappointing

What You Need to Care About

Payment merchants have responded to increasing attention and interest from all corners by making it easier for users to access cryptocurrency.

Hackers take data of 7,000,000 Robinhood (HOOD), Customers

Robinhood’s commission-free investment app has experienced a network leakage. On Monday, November 8, Robinhood announced that an “unauthorized third party accessed the personal information of more than 7 million of its users.”

According to Robinhood, the unauthorized third party “socially engineered a customer support employee by phone” and stole five million email addresses. The hacker accessed another two million users’ full names from Robinhood.

According to the report, personal data (including dates of birth and addresses) for 310 more users were exposed. However, the company did not state what was revealed for ten customers whose “more extensive account details” were stolen.

Robinhood pointed out that neither the Social Security numbers, bank accounts numbers, nor the debit card numbers of any customers were exposed. In addition, no customers have had “financial loss” due to the incident.

Flipsider

• Robinhood has expanded its $2 billion IPO, allowing its investors to set aside “friends and family” shares

Why you should care

Cyberattacks have become a serious problem that has cast doubt on modern, blockchain-based financial applications’ security.

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