Welcome to today’s overview of crypto news:
The primary cryptocurrency was on its way to $ 60,000 yesterday. It has been about $ 500 since attacking this coveted level, but it has failed, and a few hours later the situation has changed dramatically. BTC fell $ 5,000 to an intraday low of $ 54,300 in a matter of hours.
This price drop coincides with a similar development on world stock markets. Driven by concerns about the new COVID-19 variant coming from some African countries, futures contracts for the Dow Jones, S&P 500, Nasdaq and other popular indices fell sharply.
ETH exceeded $ 4,500 at one point yesterday, but a significant correction of more than $ 400 has brought it below $ 4,100 so far.
PlanB admits $ 98,000 BTC target price for November as “first miss”
The popular cryptoanalyst has set a target of $ 98,000 for one BTC coin later this month. Last week, he insisted that this price target was still possible, even as markets fell.
PlanB correctly predicted that BTC would reach $ 47,000 in August and $ 43,000 in September. He slightly missed the $ 63,000 target for October, but said the 3 percent “rounding error was close enough.”
Now this pseudonymous Dutch investor claims that his forecast for this month of USD 98,000 “will probably be the first mistake”, he said on Twitter on November 25. He did not give the exact reason for the failure.
South Park is making fun of BTC in the latest episode
The famous American animated sitcom South Park is making fun of BTC in its latest episode. In an episode about the post-pandemic situation in the country, which aired on Thursday, the creators decided to show the foreseeable future and the modern technologies that are developing in it.
In the episode, adult Stan Marsh, one of the main characters in the series, pays for a stay at the small Super 12 motel using BTC. The situation has been going on for 40 years. The treasurer, Stan, says they only accept BTC and other cryptocurrencies because the world has decided to move away from manipulated centralized banking.
But while some blockchain-minded observers may have thought the creators in the episode would make fun of a centralized financial structure and make crypto something good, Treasurer tells Stan that the community has decided to use “Fly-by-night Ponzi schemes,” to other cryptocurrencies, which are known for being “pulled out of trouble” by their own creators overnight.
Banks, crypto exchanges, companies
Altcoin project fired 650% after crypto giant Coinbase announced the partnership
The little-known altcoin project melts portfolios after partnering with leading US crypto exchange Coinbase. In a new announcement, Coinbase says it will work with developers of the Bread Cryptocurrency (BRD) platform. As a result, existing users will soon be able to keep their holdings in the Coinbase wallet.
The team brings in-depth self-custody expertise to cryptocurrencies, which will help give more people safe and secure access to the decentralized world of cryptocurrencies.
The BRD has traded relatively steadily over the past few months, ranging from $ 0.17 to $ 0.25, after shooting more than 650% after spreading the Coinbase takeover report.
Chinese cryptocensorship is affecting intelligence channels and mining pools
Chinese Internet censorship has spread to cryptomedia and mining pools as part of an ongoing effort to minimize Chinese users’ contact with the crypto market ecosystem.
Chainnews, one of China’s main crypto media, which was founded in 2017, now closes all channels for content production and distribution.
Meanwhile, Chinese ISPs have taken further steps to expose and block miners’ domestic IP addresses so they can connect to major mining pool services, according to a China Telecom document.
Chinese regulators are asking DiDi Global to withdraw its shares from the New York Stock Exchange
The attitude of the Chinese regulators is becoming stricter after the general ban on cryptocurrencies. The Chinese government originally unveiled a five-year plan outlining tighter regulation of much of its economy.
Recently, Chinese regulators have asked senior executives of Didi Global Inc. to develop a plan to withdraw from the New York Stock Exchange. According to Bloomberg, the refusal was mainly due to concerns about the leakage of sensitive data.
The Chinese Cyberspace Bureau allegedly ordered Didi to work out the exact details, which are subject to government approval. The proposals under consideration include the direct privatization or listing of shares in the Hong Kong Stock Exchange and the subsequent withdrawal from the US market.
Australia’s central bank is considering wholesale sales of the digital dollar
Interest in cryptocurrencies is partly due to ultra-low interest rates, said Reserve Bank of Australia Assistant Assistant Michele Bullock, suggesting that the RBA is considering creating a central bank digital currency (CBDC) for use in wholesale markets, the Australian Financial Review writes.
Speaking at Women in Payments earlier this week, Bullock said CBDCs could reduce the cost of cross-border payments and that institutions’ interest in the technology is growing, due to declining banknote use and innovation by consumers, who they are looking for alternative financial products that would bring them a higher return.
The RBA is already part of an international group of central banks, as is the Bank for International Settlements, which participates in the Dunbar project, a wholesale CBDC pilot project that aims to reduce cross-border payments between multiple CBDCs. Australia has joined Malaysia, Singapore and South Africa in a group that is collaborating on the development of technical prototypes on various distributed ledger technology platforms and studying various management and operations designs that will allow the sharing of different CBDC infrastructures.