WEEK 45, Nov 8-14: NFT in NYC; Crypto could be taxed in the USA; bZx hacked for the fourth time in 2 years.

November 8, 2021

Market Brief:

Regulators eyeball decentralized finance, after crackdown on Binance. Times Square recently saw an NFT themed facelift. bZx was hacked last week, and thrice last year. The Mayor of NYC pledges to receive his next three paychecks in Bitcoin.

 

Kroger cleared up the fraudulent news stating that they now accept BCH. Amitabh Bachchan’s NFT auctioned for $966,000. Robinhood stocks fell by 8%. Tesla Crypto Tokens drop by 6.8% after Musk suggests selling stock.

 

Here are the 24 hour summaries of the five most traded cryptocurrencies as of 8th November 2021:

 

 

Here’s a summary of the significant changes for the last 24 hours as on 8th November 2021:

Bullish:

  1. UMA 36.18%
  2. LRC 27.37%
  3. NKN 14.33%
  4. OXT 13.47%
  5. KSM 10.01%

Bearish:

  1. DNT -9.77%
  2. OMG -8.25%
  3. SHIB -6.76%
  4. STORJ -5.56%
  5. XEM -4.63%

 

FBI warns crypto users of rising scams

The Federal Bureau of Investigation has warned crypto users to be wary of the rising number of scams related to crypto currency. The scams happen on crypto ATMs and QR codes, which the scammers use to gain access to the victims account and funds from their investment or savings account

 

bZx hacked for $55 million

Popular decentralized finance lender bZx tweeted on Friday that their private key was compromised and reported a theft of $55 million. This hack happened on the Polygon and Binance block chains. This is their fourth hack since 2020, although $8 million was recovered from the September scam.

 

 

(photo from reddit)

 

Times Square, New York City’s most popular attraction was recently plastered with NFT. There were 15 NFT themed billboards in Times Square alone. Many places across New York also hosted dinners, EDM raves and digital art galleries in support of NFTs. 

 

Regulators turn their attention towards DeFi

Decentralized financing, a method of financing which involves no middlemen is catching the eyes of regulators. In June, Binance was banned from doing regulated business due to its lack of measures to control money laundering and crime. Many have even called DeFi the Wild West of crypto due to its lack of proper regulations.

 

Crypto might be taxed soon

The US House of Representatives recently voted to pass an infrastructure bill which contains requirements to report cryptocurrency tax. The bill received 218 ayes and is now sent to the President, Joe Biden for his signature. Lawyers are hesitant about the bill, saying that it will be near impossible to enforce it on cryptocurrencies and NFT.

 

NYC mayor pledges to receive salary in Bitcoin

(photo by CNBC)

 

New York City Mayor Eric Adams shows his support for cryptocurrency. In a recent interview at the Somos Puerto Rico conference, he re-emphasised a statement he made previously this week, stating that he would receive his first three paychecks in Bitcoin. He wants to further explore ways to pay New Yorkers in Bitcoin or similar cryptocurrencies.

 

Bitcoin Cash sees 4.6% rise following fraudulent press release

Bitcoin Cash(BCH) recently rose by 4.6% after fraudulent news stating that Kroger, the American retail store, would accept Bitcoin Cash. BCH touched $630.70, but retraced once the company stated that the announcement was fake.

Robinhood faces hard times

The shares of Robinhood, the popular stock trading and investing app, fell by about 8% due to not meeting revenue expectations. Robinhood revealed that their revenue fell from $233 million in Q2 to $51 million in Q3. 

 

 

 

Interesting financial reads:

 

Robinhood Shares Fall as Crypto Trading Revenue Declines Sharply

Bitcoin Cash Briefly Spikes on Fraudulent Press Release

The Coming Convergence of NFTs and Artificial Intelligence

Investors warned that crypto ‘yield’ products are not bonds

Policymakers considering 'middle path' on cryptocurrencies

5 Cryptocurrencies With a Brighter Future Than Shiba Inu

Bitcoin Dominance Weakens as Altcoins Rally

 

 

 


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