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08.11.[News of the day] • BTC outperformed Tesla in terms of market capitalization • and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

BTC has been relatively stable in recent days after failing to exceed $ 64,500 at the beginning of the month. The bears took control and gradually pushed the asset south. BTC bottomed out at $ 60,000, the last such drop came on Saturday. He then recovered and consolidated around $ 62,000.

Since then, however, the situation has changed radically. BTC has seen an impressive rise, adding more than $ 4,000 in value within hours. It culminated in a knockdown for $ 66,400. He is currently back a few hundred dollars, but still costs over $ 66,000.

However, ETH set a new record. The second largest cryptocurrency has also stagnated in recent days, but today it has seen new ATHs just below $ 4,800. Although it has receded slightly since then, the ETH is still 4.5% higher today.

BTC analysis – the price has broken through resistance and is moving towards a new ATH

Cryptocurrencies

BTC outperformed Tesla by market capitalization

After the total market capitalization rally, BTC gains another place at the top of the pile of assets by capitalization, beating Tesla Elon Musk and reaching eighth place in the ranking of assets by capitalization. It is close to silver, which remains in seventh place with $ 1.3 trillion.

As BTC regains its previous ATH, its market capitalization reaches $ 1.25 trillion, which is enough to beat Tesla and further profit against Meta (formerly Facebook).

The total market capitalization of cryptocurrencies also reached a new $ 3 trillion ATH, beating giants such as Microsoft and Apple, which currently rank 2nd and 3rd at the top of market capitalization assets.

Dogecoin on the verge of implementing an upgrade supported by Elon Musk

According to the latest update from the development team, Dogecoin Core 1.14.5, a new minority version that completes the much-publicized fee reduction for all network participants, is almost complete.

With the new update, the recommended fee for including a block in the wallet core is set at 0.01 DOGE (approximately $ 0.002) per kilobyte. While with version 1.14.4 the network has started to support low fees, it will now accept them as default, which means that third-party Exodus and Ledger wallets will support cheaper transactions.

Tesla CEO Elon Musk has repeatedly supported the reduction of Dogecoin’s transaction fees. In his opinion, such an improvement would help make Dogecoin a viable means of payment.

A Spanish businessman allegedly tortured because of his wealth in BTC

Madrid’s national police are investigating allegations of robbery and kidnapping after a citizen reported being tortured for his private keys to a BTC.

The incidents allegedly took place on October 9 in the apartment of Zaryn Dentzel, located on the main street Calle de Ruiz de Alarcon in the capital Madrid. Dentzel opened the bell because he was expecting someone, but instead was overtaken by several men in balaclavas who covered the security cameras and then attacked him and the person with him.

He was repeatedly threatened and beaten until Dentzel told them important information about the passwords for his cryptocurrencies wallets and bank accounts. Dentzel has invested in BTC for many years and reportedly amassed assets worth millions of euros. Dentzel expanded his wealth mainly by co-founding the popular Spanish social network Tuenti.

Banks, crypto exchanges, companies

OpenSea has surpassed $ 10 billion in historical sales

The OpenSea NFT marketplace has reached a new milestone, surpassing $ 10 billion in historical sales. It leads with a huge lead in sales volumes and dominates in the NFT area.

According to DappRadar, total sales currently amount to $ 10.33 billion, which is far compared to other markets and OpenSea is in the lead. This milestone is just another proof of how big a topic the NFTs are.

DappRadar also released a report last month that testifies to the popularity of OpenSea. The report said that more than two thirds of the total volume of NFTs fall under the three largest markets.

CBDC, Regulation

Senate of Kazakhstan has approved legislation regulating cryptocurrency service providers

Under new legislation passed by the upper house of the national parliament on Monday, crypto-businesses in Kazakhstan may soon be subject to anti-money laundering (AML) regulations, according to the local news portal Vlast.

The new law extends the system of financial supervision in the country to include crypto service providers.

The new legislation should also establish a legal institute for public officials. When a company launches its cryptocurrency trading service or releases digital assets, it would have to notify the Kazakh Ministry of Digital Development, Innovation and Aerospace. This institution will be in charge of risk assessment and verification of compliance with Know Your Customer and AML regulations.

The South Korean regulator has confirmed that NFTs are not virtual assets

The K-pop group BTS and its agency recently announced collectibles for fans in the form of NFT. Since then, BTS NFTs have been cited by many as evidence of the growing interest in NFT technology in South Korea, but also as an emphasis on the lack of a regulatory framework for NFTs despite growing popularity.

Last week, an unnamed FIU official told the South Korean media that NFTs would not be classified as virtual assets and therefore would not be regulated, in line with the Financial Action Task Force (FATF) Global Guidelines for Virtual Assets.

The term “virtual assets” has recently been highlighted, as assets classified under this term are to be taxed at 20% from January next year. This has led several experts and legislators to question whether NFTs will be considered virtual assets.

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