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Crypto Market Weekly Summary: November 8 - November 12, 2021

Crypto Market Highlights

  • Indian parliament to discuss crypto regulation with industry leaders Nov. 15

  • Theater chain AMC starts accepting Bitcoin, Ether, Litecoin and Bitcoin Cash for ticket purchases

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

  • Bank of England says CBDC could launch between 2025 and 2030

  • ETH flips BTC in trading volume and transaction revenue - Coinbase earnings

  • Ripple launches new product that allows financial service firms to offer crypto trading

  • Apple CEO Tim Cook reveals that he owns BTC and ETH

  • Austria considering a 27.5% capital gains tax on digital tokens from March 2022

  • SEC rejects VanEck's spot bitcoin ETF

  • Hong Kong firm OneDegree to offer crypto insurance in a first for Asia

  • US Congress plans ‘demystifying crypto’ committee hearing for Nov. 17

  • Miami Mayor says city will give every citizen BTC dividends for signing up for digital wallet

  • Bitcoin's Taproot update now expected to occur on Saturday

*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…

Market Overview

  • The entire market value of all crypto assets has moved in a range from $2.61 trillion to $2.97 trillion over the past seven days and as of this writing is trending near the $2.79 trillion mark. After steadily rising earlier in the week, the market pulled back sharply Wednesday after making new highs following the release of higher than expected inflation data in the U.S. The total crypto market capitalization even reached a high of $3.11 trillion, according to Coingecko. The pullback was likely due to heavy liquidations in the crypto derivatives market as well as renewed concerns over Chinese property giant Evergrande making its payment.

The Heavy Weights

  • Bitcoin (BTC) finished the week up about 5%, currently trading at $63,830. BTC made two consecutive new all-time highs, with the price even ticking higher than $69,000 on Wednesday before plunging several thousand dollars in a matter of hours all the way down below $63,000 before recovering somewhat. The strong performance was jolted due to the surging inflation figures in the U.S., but the jolt was temporary as over $700 million worth of liquidations tanked the BTC price along with the overall market. It has since been hovering around the $63,000-$65,000 area.

  • Ethereum (ETH), as of this writing, is up 4% on the week to trade at the current price of $4,655. ETH largely followed in Bitcoin’s footsteps and made a new high of $4,870 on Wednesday before falling down to the $4,530 area. On Wednesday, ETH futures open interest also hit an all-time high of $12.6 billion, signifying new money and possibly leverage entering the market - a bullish sign, but also a potential cause of shakeouts.

  • Solana (SOL), is down 5% on the week as of this writing, to trade at the current price of $227. It started the week off on a high note hitting its all-time high of $259, but steadily moved lower throughout the week despite the positive news that Solana had partnered with the privacy-centered Brave browser, getting access to its 40 million users and one million creators.

  • Cardano (ADA) ended the week up just over 2% to sit at the current price of $2.04. By Tuesday, ADA had rallied all the way to $2.36 in some strong price action, but the move was short-lived and ADA was back to the $2 area by Thursday.

High Flyers

  • Loopring (LRC) was a big winner over the past seven days, rallying 126% to sit at $2.81. It was also a High Flyer the previous week. Analysts have suggested that the reason for this week's move is the increasing amount of users finding out about its potential to save on Ethereum gas costs.

  • Helium (HNT) also had a nice run, jumping 46% on the week to trade at $50.69 as of this writing. The decentralized wireless network has experienced massive growth over the past thirty days starting with the partnership with Dish Network.

The Fallen

  • OMG Network (OMG) fell 26% on the week to trade at $12.36. The enterprise solution for secure and fast transfers on Ethereum crashed after its BOBA airdrop snapshot. Market analysts commented that the reason for the fall could have been attributed to OMG holders trying to get ahead of “sell the news” price action.

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