Bitcoin price surpasses $57.500, showing a market capitalization of almost $1,1 trillion, while the total cryptocurrency market approaches its all-time highs from May. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍Bitcoin price rises 3% to trade above $57.000 per unit. Bitcoin (BTC), the world's largest cryptocurrency, rose 3% on Wednesday, surpassing $57.000 for the first time since May. On Wednesday, the price of BTC reached a high of $57.872.
The open interest in Bitcoin futures also has to do with the recent rise in the value of the cryptocurrencyUsing data from CME Group, Forbes' director of data and analytics, Javier Paz, said that open interest in BTC futures has grown by 72% since the end of August, driven by the potential approval of a Bitcoin futures ETF by the SEC in the United States.
📍Polkadot (DOT) rebounds as new parachain auctions arrive. The developers of polkadot (DOT), the blockchain scalability and interoperability network, announced that on November 11, they will begin holding new parachain auctions on the Kusama network. As Bit2Me News explained, parachain auctions allow projects interested in the network to gain development space to build their protocols within this chain.
The news pushed up the price of DOT, the network's native cryptocurrency, which is currently trading at $41,7. In the last few hours, the price of DOT increased by 17%. Also KSM, the native token of Kusama, rose by 11%; trading above the $368 per unit at the time of this edition.
The price of other cryptocurrencies in the industry, such as XLM, VET, CRV, STX, UNI, AAVE, ICX and ATOM, also grew in the last few hours, bringing the total market capitalization of cryptocurrencies to a point very close to its historical maximum of May. To date, all cryptocurrencies in the market gather value for 2,46 trillions of dollars, according to data from CoinGecko.
Bitcoin and Blockchain Adoption
📍Bitcoin is more attractive as a reward than cashback or air miles, BlockFi said. The cryptocurrency financial services company reported a high volume of use of its Visa credit cards, which reward users with Bitcoin. According to the firm, the average usage of these cards is much higher than the average usage of credit cards from other entities, which reward their holders with airline miles, cashback programs, among others.
BlockFi data and estimates indicate that its credit card holders could spend up to $30.000 per year, while the average spending on such products is only about $5.500 in the United States. The company also reported that it already has 50.000 cardholders, who accumulate 120 bitcoins, worth more than $6,8 million.
NFT and DeFi Markets
📍Yuga Labs hires one of the most famous managers in the art world to promote its NFTs. The developers of the NFT project Bored Ape Yacht ClubYuga Labs announced the hiring of Guy Oseary, one of Hollywood’s most well-known and powerful managers, who has represented world-renowned artists such as Madonna and Red Hot Chilli Peppers. The news was shared via Twitter, where Yuga Labs welcomed Oseary to boost the growth of their company and their NFT projects across various industries.
Development and Technology
📍Banco Santander will provide blockchain scholarships for citizens of several countries around the world. Banco Santander announced a new scholarship program that will promote education and training in blockchain and other technologies. According to reported, the entity will deliver 400 blockchain scholarships to people of legal age from the following countries: Argentina, Brazil, Chile, Germany, Mexico, Poland, Portugal, the United Kingdom, the United States, and Uruguay.
The Bank will also provide scholarships for training in other areas and technologies, such as Machine Learning, Artificial Intelligence, Digital Development and Transformation, Cybersecurity, among others.
Miners
📍Cryptocurrency mining company Cipher Mining will invest up to $350 million to expand its operations in the United States. Cipher Mining has informed the US Securities and Exchange Commission (SEC) that it will make a new investment in cryptocurrency mining equipment from the manufacturer Bitfury. According to the document, shared through the social network Twitter, Cipher Mining plans to invest between 175 million and 350 million dollars for the purchase of 28.000 and 56.000 state-of-the-art equipment.
The crypto mining company reported that the maximum price of the mining equipment will be $6.250 per unit and that these will be delivered during the next year.
Rules and Regulations
📍The deputy governor of the Bank of England calls the regulation of cryptocurrencies an urgent problem. Bank of England Deputy Governor Jon Cunliffe believes that financial regulators need to urgently speak out on the cryptocurrency industry. According to his statements, cryptoassets, which are a constantly changing and growing market, can become a serious risk for the financial system, so it is imperative to establish a regulatory framework on time for this industry. Cunliffe also clarified that new approaches, such as cryptocurrencies, should not be taken as dangerous, but that it was of utmost importance to address the concerns, shortcomings and challenges surrounding this innovation in a timely manner. For the bank's deputy governor, cryptocurrencies offer a new perspective of radical improvements for traditional financial services.
The statements of the bank's deputy governor coincide with the report recently presented by the International Monetary Fund (IMF), which stated that the risks of cryptocurrencies for global financial stability have been controlled to date; but that, in the future, new challenges may arise within this constantly growing and evolving industry.
Continue reading: IMF advises regulators to keep an eye on the cryptocurrency industry
