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11.11.[News of the day] • Concerns about Evergrande reappear and other articles

4 min read

Welcome to today’s crypto news overview:


Until a few days ago, the situation on the crypto market seemed relatively calm, with BTC appearing stuck at around $ 60,000. But then BTC first went on the offensive and added $ 4,000 in a matter of hours. After a short BTC rejection, it surpassed this peak and set a new price record of $ 68,600.

A day later, the cryptocurrency continued in another wave, recording fresh ATH at $ 69,000. As the community prepared for $ 70,000, the situation changed again. Within hours, BTC had fallen by more than $ 6,000 and bottomed below $ 63,000.

As is usually the case with increased BTC volatility, most altcoins follow. ETH also set a new record of almost $ 4,900 yesterday, before falling to a weekly low of $ 4,450 in a matter of hours. The ETH has responded well after the slump and is now above $ 4,700.


Concerns about Evergrand reappear

The crypto market in Asian time this morning was shaken by the news that the indebted Chinese real estate giant Evergrande could have a problem repaying $ 148 million in bonds. This caused prices to fall by around 5% across all markets. However, prices stabilized during the day after the company was able to make the payment at the last minute, because yesterday the deadline for deferred payments expired. With the company owing approximately $ 300 billion, there are concerns about the impact its failure would have on global markets, both cryptocurrencies and others.

The price drop comes after days of strong price action among many leading tokens. The two largest cryptocurrencies by market capitalization, BTC and ETH, reached new all-time highs in a few hours tonight, each losing more than 5% this morning, according to CoinGecko. Both assets had very similar price movements, with BTC reaching $ 69,044 just after midnight, while ETH reached a new level of $ 4,878 shortly thereafter.

Banks, crypto exchanges, companies

Nigerian banks monitor clients’ accounts for cryptocurrency trading

In Nigeria, commercial banks have begun monitoring accounts that appear to be used to trade cryptocurrencies. The measure is in response to an order from the Central Bank of Nigeria (CBN), which requires all commercial banks to freeze accounts belonging to at least two people involved in cryptocurrency trading.

According to a report by a local Leadership publication, an internal statement at one of the banks instructed employees to start monitoring accounts with a significant volume of transactions or those that are assumed to be used to trade cryptocurrencies.

Hong Kong company offers crypto insurance for the first time in Asia

Hong Kong-licensed licensed OneDegree has entered into an agreement with the local digital asset exchange HKbitEX to insure crypto assets worth up to $ 100 million, according to the South China Morning Post.

It will cover losses that may result from malware attacks, employee theft and physical damage.

OneDegree expects more insurance companies to follow suit, making it easier to mitigate the risks associated with the volatile asset class. The company is willing to discuss its risk management practices with other players in the industry. HKbitEX co-founder Ken Lo says he wants more institutional capital to flow into the cryptocurrencies.

CBDC, Regulation

Crypto is now banned for Muslims, according to the Indonesian Religious Council

Ulema National Council said that all cryptocurrency operations are now considered haram, or banned. The head of the religious decrees made this statement after a hearing of experts, which took place on Thursday.

The main problem with cryptocurrencies is their ability to show a clear benefit, so they should not be traded and Sharia strictly forbids them.

The MUI is considered a Sharia authority in Indonesia, the country with the largest Muslim population in the world. The country’s regulators, such as the Ministry of Finance and the central bank, always work with the Council on financial issues.

Bank of England says the CBDC could be launched by 2030

The Treasury and the Bank of England will launch consultations in 2022 to assess the possibility of introducing the digital currency of the British Central Bank (CBDC). Although both bodies have not yet made a final decision, this consultation will decide whether it will be possible to start the development process in the future. This development phase would include the creation of technical specifications and design testing.

This phase would also last several years. If successful, it would lead to the launch of the CBDC between 2025 and 2030.

The Bank of England writes that the CBDC would serve as a “new form of digital money” and that it would be used by individuals and businesses “for their day-to-day payment needs”. It would not replace cash and bank deposits, but it would work alongside them.

The French central bank has published the results of wholesale experiments with the CBDC

The French central bank has published some results of its experiments with the central bank’s digital currency.

In a report released on Monday focusing on its efforts to wholesale CBDC, the French central bank said the attempts focused on trading and settling financial assets that are represented in a distributed ledger. The tests were launched in 2020, with the first details being released earlier this year.

“These experiments with the wholesale CBDC were conducted in record time, in less than a year, and show how much market participants are interested in the subject, as well as their expectations of public authorities,” said Nathalie Aufauvre, Chief Financial Officer. and operations. “With the advent of financial assets in tokenized form, we have shown that CBDC, combined with the potential of new technologies, can ensure the secure settlement of transactions with these assets and thus contribute to the secure development of these innovations.”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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