WEEK 48: India takes a bold step towards restricting cryptocurrency 🚫; Bitcoin and Dogecoin recovering 🐶

November 29, 2021

Bitcoin is currently trading at $58,734, which is an 8% recovery since its impulse short on Black Friday when it fell -9.6% to $53,709. Dogecoin was another victim and during the London session, it fell -17.82% to $0.18846. DOGE later made a 12.2% recovery and is now trading at $0.21454.

Finance Minister of India Nirmala Sitharaman said on Monday that the government will not recognize Bitcoin as a currency. This has instilled fear in the 100 million and odd crypto holders in India, the highest anywhere in the world. The Indian parliament will discuss the bill for cryptocurrencies, which will ban all private cryptocurrencies. RBI is looking into the technology to set up a digital currency as it is a step towards the new RBI-backed digital currency is on the way.

Top 5 cryptos of the day:

  • BTC -2.02%
  • ETH 1.51%
  • SOL -1.18%
  • XRP -0.96%
  • AVA -1.81%

Biggest gainers:

  • SHIB 21.91%
  • XTZ 15.00%
  • OMG 8.96%
  • LUNA 6.34%
  • AAVE 5.40%

Biggest losers:

  • LRC -8.28%
  • AMP -8.26%
  • BAT -7.93%
  • ZEC -7.54%
  • GRT -6.06%

Why is the crypto market down?

The crypto market is taking a blow, especially from India after the government announced a bill that will ban all cryptocurrency, aside from a few exceptions.

Twitter gets a new CFO

Twitter CEO Jack Dorsey steps down and Parag Agarwal takes his place. The latter was a former Twitter chief technology officer. Dorsey will however be a member of the board until his term expires in mid-2022. After the announcement, Twitter stocks jumped 11%.

Bitpanda and Lydia pave a new path

Lydia, the French mobile payment app has collaborated with Bitpanda, the Austrian crypto exchange to offer 5.5 million users the ability to invest in any of their over 170 digital assets, ETFs, precious metals, and cryptocurrencies.

Crypto for a $10 million Yacht

The Italian superyacht Vianne is now on sale and the owners will accept DOGE. The 170 ft. yacht owners prefer a 10% fiat deposit. The owners also stated that the yacht can be bought with Ethereum, Bitcoin, SOL, NFT, and such cryptos.

Indonesia fights cryptocurrency

The assistance governor of the bank of Indonesia announced in parliament that their digital rupiah would address the effects of crypto. Religious leaders in the country have banned Muslims from using crypto due to its element of wagering.

Omicron making its way around the world

After WHO announced the name for the new COVID-19 variant, the cryptocurrency with the same name skyrocketed from $65 to $689 in 2 days, a whopping 945% jump.

NYC, the crypto

Perhaps the world's most popular city New York City gets its own digital token. Mining will begin once 20 independent wallets are set up. NYCCoin is currently trading at $0.0000554.

Interesting financial reads:

Sneaker Giant Adidas Reveals Partnership With Coinbase

Infrastructure bill to be signed, bitcoin Taproot upgrade

US Congress is bringing partisan politics to crypto

US selling seized cryptocurrency in BitConnect fraud case

What Jerome Powell'S Renomination As Us Fed Chair Means For Crypto


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