Table of Contents
Welcome to today’s overview of crypto news:
MARKETS
After last week’s all-time high of BTC beating $ 67,000, the value of the asset began to decline. This resulted in a loss of $ 7,000 in a matter of days. BTC dropped below $ 60,000 several times, and the same thing happened over the weekend. The last such drop occurred a few hours ago, when the cryptocurrency dropped to its lowest price point in more than a week at $ 59,400.
However, the situation has changed since then. BTC rebounded and quickly recovered $ 60,000. It continued upwards and added more than $ 3,000 in value. Currently, BTC is approaching $ 63,000.
Most altcoins also retreated over the weekend, but today they are in the green. ETH slipped below $ 4,000 a few days ago, but is now at $ 4,120.
Technical analysis: BTC / USD – a significant turnover signal appeared
Cryptocurrencies
Elon Musk calls Dogecoin a “people’s cryptocurrency” and rejects Shiba Inu
In a recent tweet, billionaire Elon Musk commented on his support for Dogecoin, calling it a “people’s cryptocurrency.” Musk explains that he looks at the meme coin this way because, coincidentally, he owns a lot of people who work for Tesla and SpaceX.
Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.
– Elon Musk (@elonmusk) October 24, 2021
In early May, when Dogecoin was on the verge of reaching its current all-time high of $ 0.73, Musk agreed that the playful cryptocurrency was his “private stimulus” for people affected by the crisis. He recently reiterated the importance of scaling Dogecoin to eliminate the need for a second tier solution such as the Lightning Network.
Banks, crypto exchanges, companies
Stablecoin Diem avoids connecting to Facebook
Diem, a Facebook-sponsored crypto project, has responded to attempts by the United States Senate to stop the launch of its Novi wallet by distancing itself from the social media giant.
Yesterday, the crypto project launched the Novi wallet, which would “help people send and receive money abroad immediately, safely and free of charge.” However, this met with strong opposition from US lawmakers, who wrote an open letter to Mark Zuckerberg to end the digital wallet project.
In a letter signed by members of the US Senate Banking Committee, they said it was “their strongest disapproval of Facebook’s revived cryptocurrency and digital wallet efforts,” urging Facebook to “immediately discontinue Novi pilot and to commit that you will not bring Diem to market”.
Twitter is reportedly testing BTC Tipping on Android devices
According to Jane Manchun Wong, a Hong Kong technology researcher known for discovering hidden features in popular applications, Twitter, a social media giant, seems to be testing BTC Tipping on Android devices.
Wong shared a screenshot that allegedly shows a beta version of this feature.
Twitter is working on bringing BTC Lightning Tip Jar support to Android pic.twitter.com/5R10LltHKc
– Jane Manchun Wong (@wongmjane) October 24, 2021
Twitter began allowing its users to tip creators after launching the “tip jar” service in May. Initially, it was only possible to send money using centralized payment providers such as Venmo, PayPal and, of course, Square’s Cash app.
Remains of BTC on Binance drain: 40,000 BTC moved away from largest crypto exchange
According to CryptoQuant, the Binance crypto exchange was once again facing a massive outflow of BTC 38 246. After a significant decline in the BTC balance, the total balance on the cards is approaching 500,000.
Earlier, the Binance.us exchange faced a big mistake, which led to the so-called “slippage” – the difference between the expected trade price and the actual execution of the order.
Whenever the order book in the market is too thin and the exchange cannot provide sufficient liquidity, asset volatility tends to grow exponentially, leading to a massive decline in value.
CBDC, Regulation
The US Treasury Secretary wants to tax unrealized profits from cryptocurrencies
US Treasury Secretary Janet Yellen has announced a proposal for a new tax that could affect unrealized capital gains. Speaking on CNN’s State of the Union on October 24, Secretary Yellen said she was working on new taxes that would hit the very rich.
However, the proposals also included a tax that could apply to unrealized capital gains. This means that holders of cryptocurrencies or shares could be taxed on the increments before selling the assets. It could also mean that real estate price appreciation could also be taxed before it is sold.
She added that wealthy individuals often evade taxation until realization occurs, and this would be a way to focus on their assets. It was not clear whether the newly proposed tax would apply to all holders of liquid assets or only to those who exceed the set threshold.
Nigeria is about to launch the digital currency eNaira today
Nigerian President Muhammad Buhari will officially introduce the much-anticipated digital currency of the central bank (CBDC), known as eNaira, at the State House in Abuja on Monday, October 25, 2021.
The Central Bank of Nigeria (CBN) first announced the launch of eNaira in June 2021. It did so after previously banning banks and financial institutions from arranging crypto transactions. CBN worked with Bitt Inc, a Barbados-based fintech startup, to create the digital currency.
The launch of eNaira was originally scheduled for early October to mark the 61st anniversary of Nigeria’s independence, which falls on October 1. However, the Central Bank of Nigeria failed to implement the CBDC by this deadline.
