The Digest

• Crypto Market Loses November Gains
• Senators and President Biden sign the Infrastructure Bill.
• VeChain’s MainNet Upgrade is Live. What can we expect from VeChain’s MainNet Upgrade?
• Paradigm Completes Biggest VC Crypto Fund, VanECK ETF to Launch, Valkyrie’s $100 Million DeFi Fund.
• Transactions rise, displaces the second-most active chain.

Bitcoin’s November Gains Are Lost, Crypto Market Drops In Response

Bitcoin’s November rally has been spectacular, reaching an all-time record of $68,789 November 10. However, a sharp price drop has seen Bitcoin’s (BTC) accumulated November gains wiped out.

Here is the 24-hour price chart for Bitcoin (BTC). Source: Tradingview

BTC’s value has fallen by more than 8% in the past 24 hours. Its price dropped from $66,281 down to $60,425, as of this writing. This is the lowest cryptocurrency price since November 1.

All cryptocurrencies listed in the top 10 are trading now in the red area. Cardano (ADA), DOT, and (DOGE), are among the biggest losers. They have fallen by 12.3% and 14.5% respectively over the past 24 hours.

Accordingly, the market for crypto, which reached a record high of $3 trillion in November 2017, is now worth $2.56 trillion. China said that they would keep sanitizing virtual currency mining operations within the country, which led to the market’s decline.

Flipsider:

• PlanB, a crypto analyst believes BTC will surpass $135,000 by 2021 despite its performance.

Senators and President Biden sign the Infrastructure Bill.

President Joe Biden has signed the $1.2 trillion infrastructure bill. It was a controversial issue for crypto investors and it is now almost ready to be implemented. This law will force crypto exchanges and other crypto-related entities to notify directly the IRS of any crypto transactions.

Exchanges and businesses will be required to notify the IRS whenever they receive transactions in excess of $10,000 in crypto. This law will be applicable to all digital assets, as well non-fungible tokens.

Flipsider:

• While there are concerns about the bill, Senator Cynthia Lummis and Senator Ron Wyden have moved to protect the country’s cryptocurrency industry.
• By updating the definition of “broker” in the bill, they hope to exclude cryptocurrency miners, stakers, developers, wallets, and custodials from the law.
• If it passes, it would be a huge win for the cryptocurrency industry

Why you should care

Crypto investors will need to be more transparent about crypto investments under the infrastructure bill. A tax professional with experience in crypto investment reporting could prove to be more useful.

VeChain’s Mainnet Upgrade is Live. What should we expect?

The VeChainThor upgrade v1.6.0 has been finally deployed to the mainnet after months of waiting. On Tuesday, November 16, the Mainnet upgrade went live at Block height 10,653,500

POA2.0 phase 1 activation on the VeChain Network is now possible thanks to Mainnet’s upgrade. VeChain hails the POA2.0 network update as the best protocol in its class.

POA2.0 uses Nakamoto consensus mechanisms and Byzantine fault tolerance. This allows them to overcome their weaknesses and still benefit from their strengths. POA 2.0 is a future guarantee of data being finalized instantly. In this way, accidental forks won’t be possible within the network.

VeChain’s aim is to make its network the strongest blockchain in the world, while still being eco-friendly. VeChain Foundation also partners with many global businesses to further achieve its eco-friendly goal. VeChain’s focus lies in achieving Sustainable Development Goals.

Flipsider:

• VeChain (VET), despite announcing a network upgrade has lost 13% in the last 24 hours. This was a result of strong bearish pressure.

Why you should care

VeChain will lead a new generation blockchains, which are both scaleable and non-carbon-neutral. It will also answer the question, “Is Blockchain bad for the Environment?”

Paradigm Completes Biggest VC Crypto Fund, VanECK ETF to Launch, Valkyrie’s $100 Million DeFi Fund

Projects are increasingly receiving multi-million-dollar funding rounds due to growing investor interest in the cryptocurrency space. Paradigm, a crypto VC firm founded by one of Coinbase’s co-founders, has announced a $2.5 billion venture fund, the largest such cryptocurrency venture fund ever proposed.

According to Paradigm, the fund will be used, alongside the firm’s flagship fund, to invest in cryptocurrency companies across all stages of development and geographical locations. Additionally, the fund will allow the VC company to become more involved with the cryptoverse.

VanEck, the largest crypto VC fund has just announced the VanEck Bitcoin Strategy ETF will be launched on Cboe November 16, 2021. VanEck ETF is the most cost-effective Bitcoin ETF with a net expense ratio of 30 basis points (bps).

Valkyrie Investments has launched a DeFi fund of $100 million to help manage crypto assets. Valkyrie launched the Bitcoin ETF last October. It promised investors that it would provide easy access to the growing DeFi sector.

Flipsider:

• The SEC rejected three ETFs despite having approved them all. Application for Bitcoin Spot ETF.

Why you should care

The development of many new projects will be possible with these funds, which is a first step towards mainstream adoption.

Cardano Transactions soar and displace Ethereum as the second most active chain

Cardano’s ongoing expansion has made it one the most popular projects. These developments also have led to an increase in Cardano’s activity.

Cardano Daily data shows that the Cardano Network was the second-most active cryptoverse chain on November 15, with $18.24 Billion in transactions over the 24 hour period.

Cardano, with its $9.3billion trading volume, was second active blockchain during this period. With a trading volume of $21.67 million, Bitcoin remained at the top.

Flipsider:

• Cardano is doing very well. However, ADA continues to struggle. But ADA may be able retest the $1.72 price barrier and this could change the trajectory.

Why you should care

Cardano’s development has led to significant growth in the network. Cardano total annual investment to-date has reached $108 Million

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