Thursday, 11 November 2021

Market Summary

Market Summary 11 November 2021

‘Sinister’ debanking of crypto traders is often anti-competitive says Senator Bragg

  • Australian banks have been dressing up anti-competitive behavior as regulatory compliance when de-banking crypto customers, Senator Andrew Bragg said.
  • “I believe many banks have been dressing up de-banking as a regulatory necessity. In fact it is often anti-competitive behavior and far more sinister and threatening than it appears on the surface,” the Liberal Senator for New South Wales said in a prepared address to the Tech Council of Australia tod.
  • In today’s address to the Tech Council, Senator Bragg condemned the practice of debanking, saying it “undermines Australia as a crypto hub.”
  • “I believe it would be hypocritical to allow and encourage customers to use crypto in the app, and then de-bank other customers for doing the same. I am pleased to see banks getting on board with cryptocurrency”.


Axie Infinity co-founder joins early-stage token fund 1kx as venture partner

  • Jeffrey Zirlin, also known as Jiho, the co-founder of the company that made the popular NFT-based play-to-earn game Axie Infinity, has joined the early-stage token fund 1kx as a venture partner. 
  • According to a tweet thread from 1kx, Jiho will guide the firm’s investment strategy for emerging play-to-earn media. 


Fresh Bitcoin price highs put bulls in profit for Friday’s $1.2B BTC options expiry

  • Bitcoin’s surge to $69,000 took bears by surprise and cemented bulls expected $400 million profit at Friday’s $1.2 billion options expiry.


‘We’ll see about 200 chains connected through Cosmos’ IBC next year,’ says Tendermint CEO Peng Zhong

  • Ever since the launch of the inter-blockchain communications, or IBC, protocol in March, which enabled the communication and transfer of digital assets across different blockchains, development activity seems to have picked up pace on the Cosmos (ATOM) network.
  • Transaction volumes, the creation of decentralized applications and the number of chains connected via IBC have all been trending upwards in recent months. Speakers at the Cosmoverse Conference, which took place last week, presented many of the latest technologies under development on the blockchain. Its biggest-ever hackathon will also take place in Lisbon tomorrow.
    • CT: Interesting, so where do you see the IBC ecosystem heading, say, five years from now?
    • PZ: That’s very far in the future. I was going to present tomorrow that we are seeing 22 chains today, and next, we’ll see about 200 chains connected through IBC next year. I haven’t thought about five years out, but my long-term vision running Tendermint and with our focus on bringing more users to Cosmos and a better development experience to the Cosmos Stack. We’ll see a million blockchains in the future. Five years from now, I would expect that number to be tens of thousands, if not hundreds of thousands of chains linked through IBC. And that’ll be absolutely spectacular, but we have a lot of work to do on the infrastructure side to handle all that encrypted data.


Twitter forms new crypto team to incorporate decentralized tech into the platform

  • The social media firm Twitter is building out a new crypto team to add crypto, blockchain and decentralized technology into the popular social media platform. 
  • The Financial Times reported Wednesday that Twitter has hired Tess Rinearson to be its crypto engineering lead.
  • Rinearson also took to Twitter to reveal plans for what the crypto team will focus on in the near future. First, they’ll grow decentralized apps (DApps) for creators to manage virtual goods, currencies and ways for their fans to support their community.


Trader Joe Native Integration now live on Rome Terminal

  • Trader Joe is delighted to announce the integration of a native service on the Rome Terminal platform. Rome Terminal, is a multi-network and multi-dApp trading terminal, giving users the ability to create and utilize a completely bespoke DeFi management suite.


Bitcoin tops $69,000 after hot inflation numbers released

  • The price of bitcoin surged Wednesday morning after the U.S. Department of Labor released data showing a sharp rise in the price of consumer goods—stoking investor fears about mounting inflation.
  • Bitcoin traded above $69,000 after the department said that the consumer price index (CPI) increased at its fastest clip since 1990. The CPI—which tracks the pricing of goods and services ranging from gasoline to rent—picked up 6.2%, while the CPI increased 0.9% on a monthly basis.
  • Stocks, meanwhile, kicked off Wednesday’s trading session in the red, with the benchmark S&P 500 trading down 0.29% at the time of writing. At last check, bitcoin was trading at $68,356.


Tether Token (USDt) Launches on Avalanche


Huobi Global exits Singapore to form new local entity

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