Digest

• Bitcoin’s downward slide from its all-time high extends into fifth week.
• BBVA (MC:) adds ETH support, Germany’s savings bank considers crypto wallet, HSBC, and Wells Fargo (NYSE: ) IMF urges global regulation to resolve FX via blockchain
• Musk puts a high priority on, SHIB or Doge that are listed on Indian Exchange.
• Myanmar has adopted USDT to be its official currency.
• Nike Metaverse push by (NYSE:) to acquire virtual sneaker maker RTFKT

Bitcoin’s Downward slide from Its All-Time High Extends into Fifth Week

Investors thought that there would be an immediate correction after the November 10th high of $68,789 but this has now continued for a fifth time. Bitcoin’s value has fallen by more than 37% in five weeks of bearish momentum.

This is the Bitcoin price chart since November 10, 2010. Source: Tradingview

Bitcoin’s price has fallen by another 4% in the past 24 hours. It is now at $47k as of this writing. The market is tense as Bitcoin’s price hovers at its 200-day moving mean of $46,720.

Bitcoin could fall below the level and risk hitting its $44k support level or falling further to $41.5k. Marc Chandler is the chief market strategist for Bannockburn Global Forex. He says Bitcoin hasn’t gotten over its volatility issues, even though it matured.

He further adds that “the volatility is deadly, and its other supposed attributes, like [the asset being] a hedge against inflation, seems spurious.”

Flipsider:

• Even though the leader coin is struggling to sustain its gains Venture capitalists are still backingBitcoin is with Some people buy more Bitcoin as the price drops.

BBVA Adds ETH Support, Germany’s Savings Bank Considers Crypto Wallet, HSBC, and Wells Fargo to Settle FX with Blockchain, IMF Calls for Global Regulation

Bitcoin, the world’s most prominent crypto has led to the widespread adoption of cryptocurrency, particularly by financial institutions. Banco Bilbao, NYSE:) Vizcaya Argentaria, (BBVA), has made a dramatic change in fortunes and added, the second largest cryptocurrency in Europe, to their product range.

German financial service provider, Financial Savings Banks (a bank that holds more than 1 Trillion euros for its thrifty clients), is now considering offering a digital wallet. This is a new option due to rising customer interest in crypto services.

HSBC, Wells Fargo and other banking leaders have reached an agreement for a blockchain-based system to settle foreign currency (FX) transactions. Blockchain will be used by the banking giants to settle U.S., Canadian, British and Euro transactions.

Flipsider:

• Be concerned about the industry’s growth The International Monetary Fund (IMF), has called for “comprehensive, consistent and coordinated” global regulations for cryptocurrencies.

Why you should care

Banks all over the globe are now adopting cryptocurrency services after failing to resist cryptos. This trend could lead to greater mainstream adoption.

Musk Prioritizes Dogecoin over Bitcoin. SHIB, DOGE and Bitcoin Listed on Indian Exchange

Elon Musk, the world’s richest man, famous for prioritizing Dogecoin, a meme coin, over Bitcoin, has clarified his stance. Speaking as Time Magazine’s ‘Person of the Year,’ Musk explained that the transactions per day of Dogecoin held more potential than Bitcoin’s.

According to Elon Musk, Bitcoin is better suited as a store of value because of the network’s low transaction volume and its high fees. Dogecoin, on the other hand, is more promising because it handles transactions faster than Bitcoin and has lower fees.

In other winning news for meme coins, (SHIB) and Dogecoin (DOGE) have both been listed on India’s leading crypto-to-fiat trading platform, Unocoin.

Unocoin customers can trade DOGE for the Indian rupee. However, Shiba Inu, or SHIB, did not launch with an Indian-based pair. The second largest meme coin, can now be traded against the stablecoin number one USD-pegged.

Flipsider:

• As another mystery whale purchases 125 Billion SHIB tokens, a mysterious whale questions the centralization status Shiba enjoys.

What You Need to Care About

Although they were popularized as meme coins Shiba Inu, Dogecoin has been steadily adding value to its respective ecosystems.

Myanmar adopts USDT as its official currency, and the delisting of XRP continues

The National Unity Government of Myanmar (NUG), a parallel government in Myanmar, has installed Tether’s stablecoin ‘USDT’ as their official currency and Dollar proxy. The military removed the NUG coalition, which is pro-democratic groups.

According to the NUG, Tether’s USDT stablecoin will make it easier for pro-democratic groups to raise funds and topple the presiding government. USDT can also be used to bypass the restrictions of the military-led Government, which previously made all digital asset transactions illegal.

Flipsider:

• As Ripple’s case with the SEC drags on, XRP’s woes worsen, Canadian exchanges delist assets.
• Canadian cryptocurrency exchange Bitbuy AnnoucedIt will be delisting XRP in January 2022.
• The exchange remains open to relisting the asset, noting that it would continue to watch XRP past the delisting and, “should things change, we will act accordingly.”

Nike Buys Virtual Sneaker Maker RTFKT from Meta Push

As one of the first major sports brands to indicate interest in the metaverse, Nike is intensifying its push to expand its reach and make a foothold in the fast-growing “metaverse.” On October 27th, Nike filed seven trademark applications for metaverse-related patents.

Now, less than a month after partnering with Roblox to build the ‘Nikeland’ metaverse, the sportswear giant has announced the acquisition of virtual sneaker company ‘RTFKT’ for an undisclosed sum.

John Donahoe was the Chief Executive Officer at Nike.

“This acquisition will accelerate Nike’s digital transformation. We can now serve creators and athletes at the intersection between sport, creativity gaming and culture.”
He further explained that Nike would be investing in the RTFKT brand to serve and grow their “innovative and creative community.” The goal is to extend Nike’s digital foothold and capabilities.

Flipsider:

• Although the metaverse may be one of the most popular concepts out there, experts think it is doomed.

Why you should care

The metaverse is gaining exponentially more attention and will likely be a major part of our lives in the coming 3-5 years.

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