WEEK 47: Bitcoin dropped since it’s personal high 📉; El Salvadore wants to create a new city after the cryptocurrency 🏙️; SHIB drops in market volume 🐕

November 22, 2021

Bitcoin is currently trading at $57,846, which is an 18% drop since it’s record high of $68,521. After making Bitcoin as it’s legal tender, El Salvadore now plans to create a city inspired by Bitcoin, aptly named ‘Bitcoin City’.

President Nayib Bukele announced that the city will be a fully functioning metropolis with airport and rail service too. He plans to have the city laid out in a circle, like the coin and to have a plaza in the middle. But what caught people’s attention was the lack of tax on income, property, capital gains or payroll.

Top 5 cryptos of the week:

  • BTC -2.09%
  • ETH -2.75%
  • SOL 5.43%
  • XRP -1.97%
  • AVA -2.71%

Biggest gainers:

  • FET 15.91%
  • CRV 15064.30%
  • CY Finance 641.03%
  • IOTA 17.52%
  • ZEC 12.92%

Biggest losers:

  • UMA -5.59%
  • NU -5.74%
  • DNT -4.38%
  • COMP -4.50%
  • NANO -3.90%

Is cryptocurrency legal in India in 2021?

Currently there is no legislature in India about cryptocurrency. Finance minister Nirmala Sitharaman has stated that the government will keep an open mind with regards to cryptocurrency.

What is SafeMoon?

SafeMoon is a cryptocurrency on the Binance Smart Chain blockchain with a market cap of $1.79 billion as on 23th of October. It is currently trading at $0.00000307. It was founded to promote long term investment, but SafeMoon is very volatile.

Why is cryptocurrency down?

As of Monday, Bitcoin, Ethereum and dogecoin were down by about 2%. This could be impulse sells due to the recent fears about President Biden's recent infrastructure act.

Shiba Inu fails to break the downward trend

After reaching its highest price of $0.00008719 almost a month ago, Shiba Inu failed to break the constant downtrend ever since. It’s currently trading at $0.00004296.

Cryptocurrency is not a fad

Australian financial service minister Jane Hune recently stated that cryptocurrency isn’t going away anytime soon and it is not a fad.  She was wary about the decentralized currency and said we should tread lightly.

Vodafone Idea hikes tariffs

Vodafone Idea raised it’s tariff plans for prepaid users by 20-25% from November 25, 2021. The announcement came after Airtel announced that they were hiking their plans by 20-25%  for prepaid.

Interesting financial reads:

U.S. Agrees to End Fossil Fuel Financing Abroad

What is driving US inflation to a 31-year high?

Explained: US inflation and impact on India | Explained News

China downgrades diplomatic relations with Lithuania over Taiwan ties

Crypto exchange Liquid attains Japanese derivatives license

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