Welcome to today’s overview of crypto news:
The primary cryptocurrency sank below $ 60,000 yesterday before firing above $ 63,000. However, it failed to hold there, and the bears drove it back south to values of around $ 60,500. To date, it has recovered by more than $ 1,000 and is once again approaching $ 62,000.
ETH reached a new all-time high above $ 4,450 last week, but retreated in the following days, losing more than $ 200. However, it reacted well to the latest price declines and at the time of writing these lines the price returned above USD 4,350.
ETH hash rate sets an all-time high as the price rises sharply
Ethereum’s hash speed is still growing and has now reached a new all-time high.
According to The Block’s Data Dashboard, the current ether hash rate is approximately 747 TH/s. In July, when it reached its minimum, it was around 465 TH/s. The hash rate has risen sharply since July.
Several factors appear to have contributed to the increase in the hash rate, including the steady rise in DeFi and NFT and the recent rise in the price of ETH. When the price of ETH is traded at higher levels, it is more advantageous for Ethereum miners to benefit from ETH because they receive rewards for blocks in ETH.
Polkadot is focusing on $ 75 after a new all-time high, the analyst suggests
With the upcoming expected parachain auction for Polkadot blockchain, the network’s native token, DOT, reached a new all-time high on November 1 – $ 50.87.
Polkadot is nearing the launch of parachains, also known as side chains, on its network, which has led to DOT prices reaching a new all-time high of over $ 50. In response to this increase, one of the leading cryptocurrency experts Michaël van de Poppe said:
“DOT could continue toward $ 75 if key levels are maintained.”
Polkadot is currently trading at $ 48.71, an increase of 10.66% over the last 24 hours and 11.10% over the previous seven days, according to CoinMarketCap.com, with a total value exceeding $ 48.2 billion.
Cryptoinvestors who bought the latest dog shitcoin lost nearly $ 60 million
Investors in another dog-themed crypto project lost nearly $ 60 million after the founder allegedly drained the project’s funds before the token sale was completed.
AnubisDAO, named after the dog’s head of the Egyptian god of death, went on sale last Thursday (October 28). After some hype on influencer’s social networks, the project (fork of another DAO) quickly gained popularity. In just 20 hours, more than 13,000 WETH ($ 57 million) were raised.
On Friday, however, the latest shitcoin crypto ended. All the acquired Wrapped Ether was depleted from its operating wallet (liquidity bootstrap pool), so the cryptoinvestors were left without money.
Banks, crypto exchanges, companies
Saudi British Bank launches USD settlement service for corporate clients using Ripple
Saudi British Bank has announced that it will use Ripple technology to provide its corporate clients with immediate settlement in USD. This is the third corridor to be opened with the help of Ripple.
In 2019, the San Francisco-based company Saudi British Bank also helped launch corridors for money transfers to India and Sri Lanka. Brooks Entwistle of Ripple says companies and consumers in the region will benefit from expanding the partnership.
Last month, Ripple CEO Brad Garlinghouse said the Middle East was the company’s fastest-growing region.
Coinbase acquires Indian startup with artificial intelligence to improve customer service
Coinbase, the largest crypto exchange in the United States, is looking to improve its customer support while expanding in India as it acquires a new startup.
On Tuesday, Coinbase officially announced the acquisition of Agara, an artificial intelligence support platform operating in India and the United States.
The acquisition aims to expand and automate Coinbase’s customer service capabilities by providing Coinbase’s engineering team with new tools for machine learning and natural language processing. The agreement also reaffirms the company’s strategy to expand its technology center in India.
Australian crypto companies want to pass regulations, says the senator
Australian Senator for New South Wales Andrew Bragg assured that robust regulation would “bring credibility and validity” to the country’s emerging digital asset sector.
In an interview with the local publication Finder on November 2, the chairman of the Senate Committee on Australia as a technology and financial center noted that the country’s crypto sector has shown a willingness to accept greater regulatory oversight in an effort to achieve mainstream legitimacy.
“To my surprise, I’ve never seen an industry that cares so much about regulation,”
– said Senator Bragg.
Bragg added that he expects new regulations overseeing the cryptographic industry to be introduced in Australia within the next 12 months.