Crypto News: A Weekly Review

Traders demanded new signs following a session of selling in most risky assets, including stocks, throughout the world. Cryptocurrency prices were relatively lower.

Bitcoin dropped another 1% after hitting all-time highs. Ethereum’s price remained stable from the previous day.

In comparison to the previous day, the worldwide crypto market value increased 0.06 percent to $2.57 trillion. Meanwhile, the entire crypto market volume increased by nearly 7% to $115.90 billion.

Here are a few captivating stories on what started the crypto market:

Australian Senator Says DeFi Is Here To Stay, And Australia Must Not Be Left Behind


Jane Hume, an Australian politician, spoke about Decentralized Finance (DeFi) on Monday at the Australian Financial Review Super & Wealth Summit in Sydney. Hume’s speech comes just days after the Reserve Bank of Australia’s outgoing head of payments policy called crypto a fad. Crypto is here to stay, says Commonwealth Bank of Australia CEO Matt Comyn. Senator Marise Hume argues that banks need to get involved in the sector. Other Australian Senators have also been pushing for crypto regulations. This report estimated that about 17% of Australians are investing in cryptocurrency.

DAO To Make Jodorowsky’s Dune Manuscript Public: Member Won $3M Bid


A group called DuneDAO bid for a copy of Alejandro Jodorowsky’s Dune manuscript at a Christie’s auction. They hoped for $500,000 in contributions and actually hit $700,000. Since distribution rights are not granted with the purchase, they must investigate legal ways to make it accessible. “The Dune Bible” sold for $3,160,062 at auction by Christie’s. The auctioneer claims the winning bid was $2,4M plus VAT. Members of DuneDAO raised their target to $4,200,000 so they can obtain a copy.

Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic


Cardano (ADA) has been experiencing struggling prices since it hit its all-time high above $3 back at the start of September. Despite some important announcements and strides on the part of the project, the token has not seen much recovery, leading to panic among its holders. The founder of Cardano, Alex Hoskinson, has called for the community to stop looking at price and instead focus on impact. Hoskinson sees Cardano as being “the biggest preserver of human rights the world has seen”. He also believes Cardano could be part of many nation-states in the future.

200k Ethereum Flows Into Exchanges, More Downside Ahead?


More than 200k ETH entered exchange wallets yesterday. At the current rate, this amount is worth about $839 million. The inflow seen yesterday can cause a decline in the price of crypto. However, in the long term, signs for the coin are still bullish.

Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years


A whale wallet has been reactivated after almost a decade of dormancy. These whale wallets usually carry tens of millions to hundreds of millions of BTC by the time the owners of the wallet reactivate them. Bitcoins like these were acquired at very low prices but the market uptrend in the past couple of years has turned what were initially thousands of dollars into millions. With $77 million in tow, there have been speculations as to whether the owner of the whale wallet would sell their bitcoin after moving it out. The coins were moved to another private wallet, not an exchange, which means that the holder was not sending off the coins to be sold directly. However, it is important to look at the impact such a sale could have on the market.

How Litentry’s Innovative Crowdloan Program Gives DOT Holders A Chance To Maximize Their Rewards


Polkadot and its unique approach to governance and interoperability are quickly becoming the hub for the projects that could usher the future of the industry. The Crowdloan launch by Litentry offers a dynamic and versatile program with adaptive rewards, bonuses, and other opportunities for its supporters. Crowdloan Program will be live from the first slot to the fifth auction and will remain active until Litentry secures a place on the network. Each investor will receive their LIT rewards linearly in each block for the duration of the Slot leasing period: 96 weeks. Investors will be compensated with additional LIT tokens until the program’s target is met. Compensations will reach an estimated 13% APY for a 5-week period.

Meet Web3.0: The New Internet, Blockchain Edition?


Web3 (also known as Web 3.0) is the idea of a version of the Internet that is decentralized and based on public blockchains. The concept has gained immense popularity in 2020 and 2021, with interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies. Web 3.0 will likely be at least somewhat decentralized, built upon a system known as the blockchain. Imagine it as bookkeeping where many computers host data that are searchable by anyone. Instead of platforms, there will be DAOs, where people are given “tokens” for participating.

El Salvador Announces World’s First Bitcoin City, Backed By $1B Bitcoin Bonds


El Salvador is currently the only country in the world where Bitcoin is legal tender. The Central American country plans to build a city based on the world’s largest cryptocurrency. The government will issue $1 billion in tokenized USD-denominated 10-year bonds to fund this project. The city will be located near a volcano and will provide energy for both bitcoin mining and energy production. Residents will not have to pay property, income, property, capital gains, or payroll taxes.

Over $10 Billion Has Been Lost To DeFi Exploits In 2021


Decentralized finance (DeFi) platforms have been the target of criminal attacks this year. Fraud and theft accounted for $10.5 billion, seven times the amount last year. DeFi exploits amounted to $12 billion this year, according to a report from Elliptic. DeFi platforms allow users to lend, borrow and save – usually in cryptocurrencies – without any involvement from middlemen like banks. There are bugs in code as well as design flaws that enable criminals to target the platforms. Regulators are now also turning attention to the sector.

Join us for more updates:  Facebook Telegram Linkedin

MX Global– Built in Malaysia for Malaysians



Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.

MX Global Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.