Crypto Market Highlights
Latin America’s Mercado Libre to introduce crypto-offerings in Brazil
Algorand partners with AI-powered tokenized real estate platform, Lofty AI
IMF warns El Salvador against using Bitcoin, cites threats to financial stability
Bitcoin beats PayPal annual dollar processing records by 62%
$66B Australian pension fund to invest in cryptocurrencies
Linkin Park frontman Mike Shinoda to launch music NFTs on Tezos
South Korean regulator proposes strict new rules for token issuers
Auction house Christie’s partners with OpenSea to hold Ethereum NFT auction
Tether claims it will cooperate with authorities to address stablecoin concerns
Adidas partners with Coinbase & The Sandbox, few details released
Grayscale says metaverse could be worth over $1 trillion
Decentraland Virtual Land Plot Sells for Record $2.43 Million
eToro to delist Cardano and Tron for U.S. customers due to regulatory issues
Floki Inu strikes partnership with SSC Napoli, the Italian football giant
Addresses holding Shiba Inu finally surpass one million
Ripple and The Republic of Palau partner to create a digital currency
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
The crypto market took a serious beating this Black Friday after staying range-bound for most of the week. As of this writing, all top ten cryptocurrencies (excluding stablecoins) have negative weekly returns with the only exception being Binance Coin. The total crypto market cap has also fallen to $2.45T according to CoinMarketCap. The stimulant for the drop appears to be FUD regarding the new and highly mutated coronavirus strain in South Africa. The covid fears also led to drops in traditional financial markets as they looked ahead to the possibility of new restrictions and lockdowns amid the uncertainty. Over $600M worth of crypto positions have been liquidated in just the past 24 hours. Only the metaverse tokens defied the drop this week as investor interest continues to grow in this area.
The Heavy Weights
Bitcoin (BTC) went down 6.3% on the week as of this writing, trading at $54,062. The leading cryptocurrency attempted to get close to the $60K resistance three times during the week, with each attempt being met with failure. Despite the Bitcoin exchange balance hitting a three year low, selling pressure still came out on top. Earlier in the week, Bitcoin whales were moving large amounts of BTC back onto exchanges, a sign of preparing to sell. So far today, BTC has hit a weekly low of $53.5K, but many buyers stepped in at that level. There is believed to be heavy support around $53K as it corresponds to Bitcoin’s $1T market cap.
Ethereum (ETH) is down 4.7% over the past seven days as of this writing to sit at $4,063.
After seemingly finding some support after breaking above $4,500, the Black Friday drop took those gains away and swiftly pushed ETH’s price to under $4K before the buyers came in to defend the important level. In positive news for the smart contract leader, over one million ETH have now been burned, supporting its disinflationary and potentially deflationary narrative.
Cardano (ADA) was a big loser this week, and not just due today’s sell-off. It’s currently down 16.7% over the past week to trade at $1.56 as of this writing. ADA had been trending down this entire week. It certainly wasn’t helped by eToro’s announcement that they would de-list ADA for US customers due to "business-related considerations in the evolving regulatory environment.” Momentum does not appear to be on its side as it drifts closer and closer to $1 instead of $2.
Gala (GALA) was a major winner this week, gaining 230% to trade at $0.7591 as of this writing. The Ethereum-based play-to-earn platform benefited from continued investor interest in the gaming and metaverse space. Even the richest Ethereum whales were detected piling into the coin - something that the market certainly noticed.
The Sandbox (SAND) continues its bullish run as its a High Flyer for another week. SAND has rallied 67.4% over the past seven days to sit at $7.19 as of this writing. The metaverse-focused crypto was definitely helped by news of the partnership with Adidas as well as the continued bullishness in the metaverse space. Not to mention, investors are still anticipating the launch of its Alpha event - just a few days away.
Zcash (ZEC) had a nice surge this week as well, gaining 57.4% to trade at $251.50 as of this writing. The strong price performance was likely fueled by the excitement surrounding the privacy coin’s recent announcement that it would be transitioning to Proof-of-Stake.
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