$BTC 24 Hour High $21,283.31
$BTC 24 Hour Low $20,860.64
$ETH 24 Hour High $1,565.58
$ETH 24 Hour Low $1,565.22
Happy Monday folks! Highlights from the week:
- Visa planning to launch its own cryptocurrency wallet
- Meta to bring NFT minting and trading to Instagram
- World Bank backs blockchain project to harmonize carbon registry data
- Twitter will allow users to buy and sell NFTs through tweets
The $BTC and $ETH market
It seems that the bearish market has ended for most of the top coins over the weekend…
Bitcoin traded sideways as the Bank of England boosted its interest rate by 75bps, in tone with recent US hikes. The Bank of England’s 0.75 percentage point rate hike is its biggest in 33 years, and BoE has warned that the economy was heading for a protracted recession.
Dogecoin gained more than 115% over the week since Elon Musk’s acquisition of Twitter. The meme-inspired cryptocurrency was trading at $0.1235 as of Monday 31 October, having stood at $0.0602 seven days earlier, representing a 105% increase. SHIB is slowly rising after the bounce back from the support level at $0.00001157.
As for the second largest cryptocurrency, ETH has not shown as much growth as BTC. But its price has still risen by 1.11% over the weekend. Despite the rise, ETH was trading near the local support level at $1,635.70 over the weekend.
Hong Kong – Crypto hub…again
On Monday, at the opening of Hong Kong FinTech Week, regulators declared the city’s ambitions to be a virtual asset hub. The government announced that it will hold consultations for allowing retail investors to invest on licensed platforms and is open to considering crypto futures ETFs. The government said it will also review property rights for tokenized assets and the legality of smart contracts.
Meanwhile, jurisdictions like Dubai have galloped ahead with VARA, becoming the world’s first regulatory authority to enter the metaverse. Other major economies like the UK and the US are setting out their stalls. Singapore said to the market that it will ramp up compliance obligations.
Mainstream adoption & What’s in the news…
Global financial and credit card giant Visa may be planning a deep dive into digital wallet service after filing for two trademark applications. According to trademark attorney Mike Kondoudis, the Fresno, California-based company has filed several cryptocurrency-related trademark applications, but the recent ones suggest that it intends to launch its own cryptocurrency wallet.
Tech giant Meta, the parent company of Instagram, has announced that the social media platform will soon introduce several nonfungible token (NFT)-related tools that will allow creators to mint, showcase, and sell digital collections powered by NFTs. Users of Facebook and Instagram can now upload NFTs based on Ethereum, Polygon, and Flow by connecting their wallets, such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. The Solana blockchain and Phantom Wallet have now been included in that group by the company, as well as expanding the types of digital collectibles that users can showcase on Instagram, including videos.
The World Bank’s Climate Warehouse has been fielding consultations with crypto firms about building a so-called “public-good” data layer. The layer would sit atop a blockchain and could enable countries and groups to report and audit carbon assets in a centralized manner -- solving issues of trust and transparency, Gene Hoffman, president and chief operating officer of the Chia Network told Bloomberg TV on Friday.
Twitter declared cooperation with four marketplaces to enable users to buy, sell, and display NFTs through tweets directly. Known as NFT Tweet Tiles, the integration places an NFT’s artwork in a separate panel within a tweet and includes a button that directs visitors to a listing on a marketplace.