Read in the Digest
- Bitcoin Rallies to $68.5K ATH, BlockFi Files for Physically-Backed Bitcoin ETF, Zimbabwe to Make Bitcoin Legal Tender
- Ethereum Sets New ATH at $4,837, Discord Teases Ethereum Integration
- PayPal (NASDAQ:PYPL) Pens Deal with Venmo and Mastercard (NYSE:MA) to Launch Crypto-Cards in the Asia Pacific
- OpenSea Crosses $10 Billion in Sales Volume
- Hackers Steal Data of 7 Million Robinhood (NASDAQ:HOOD) Customers
Bitcoin Rallies to $68.5K ATH, BlockFi Files for Physically-Backed Bitcoin ETF, Zimbabwe to Make Bitcoin Legal Tender
The world’s biggest cryptocurrency, Bitcoin (BTC), is back in the news, setting another all-time high. As the crypto market rallied, BTC reached an intraday high of $68,530.34, after gaining 5%.
The five-day price chart of Bitcoin (BTC). Source: Tradingview
Bitcoin’s new ATH means that year-to-date, Bitcoin has gained more than 135%. Bitcoin now has a market cap of $1.28 trillion, making it more valuable than electric car manufacturer Tesla (NASDAQ:TSLA).
With the SEC set to rule on the VanEck Spot Bitcoin ETF application on November 14, BlockFi has filed for another physically-backed Bitcoin ETF. According to the SEC, the filing for the BlockFi NB Bitcoin ETF would see the company become a custodian to sell BTC.
Following in the steps of El Salvador, the government of Zimbabwe is considering the use of Bitcoin in making legal payments. As Bitcoin’s adoption increases, the permanent secretary of the President has reported that Zimbabwe is already holding discussions to make Bitcoin possible.
Flipsider:
- While Bitcoin continues to rally, some of the “big guys” on Wall Street still believe that Bitcoin is a bubble
Why You Should Care
As with the approval of the ProShares Bitcoin ETF, analysts have predicted that Bitcoin could rally again, this time to above $80k if a physically-backed Bitcoin ETF is approved.
Ethereum Sets New ATH at $4,837, Discord Teases Ethereum Integration
As Bitcoin jumped to a new all-time high, so did the second-largest cryptocurrency, Ethereum. On Tuesday, November 9, Ethereum recorded a 3% intraday gain to reach a new ATH of $4,837.
The five-day price chart of Ethereum (ETH). Source: Tradingview
Slightly down from its high, Ethereum now trades at $4,767, with a market cap of $567.4 billion. Year-date, Ethereum has now gained more than 550%, outperforming even Bitcoin.
As Ethereum rallies, the founder and CEO of Discord, Jason Citron, has hinted at the possibility of integrating Ethereum into its VoIP and instant messaging network.
Citron took to Twitter (NYSE:TWTR) to tease the Discord community with an image of the Discord app with the Ethereum logo and wallet connection relays. He wrote:
probably nothing pic.twitter.com/p4P6MoNGgd— Jason Citron (@jasoncitron) November 8, 2021
Flipsider:
- There have been continuous complaints about the growing Ethereum gas fees, which have risen by more than 2,300% in 2021
OpenSea Crosses $10 Billion in Sales Volume
The non-fungible token (NFT) market exploded in 2021, etching itself solidly into the crypto industry. Facilitating the growth of NTFs has been OpenSea, a peer-to-peer marketplace for NFTs, rare digital items, and crypto collectibles.
With the all-time high interest in NFTs, OpenSea has hit a new milestone, crossing $10 billion in sales volume. In August, OpenSea hit the $1 billion mark. Three months down the line, more than $9 billion in NFTs have been traded on the platform.
According to data from DappRadar, the total sales volume currently stands at $10.35 billion. The closest to the dominance of OpenSea is Axie Infinity, recording total sales of $3.06 billion.
Flipsider:
- OpenSea has failed to protect its network, with hackers discovering vulnerabilities in OpenSea’s smart contracts
Why You Should Care
While OpenSea has been able to fend off competition for Ethereum-based NFT transactions, Coinbase (NASDAQ:COIN) could pose a significant threat to OpenSeas’s dominance with more people signed up on its waitlist.
PayPal’s Venmo Pens Deal with Amazon (NASDAQ:AMZN) and Mastercard to Launch Crypto-Cards in the Asia Pacific
Venmo, PayPal’s tool for crypto adoption, has penned a deal with Amazon. PayPal announced that Amazon will be adding a Venmo option to checkout for users in the U.S., starting next year.
PayPal announced;
“We’re excited to team up with Venmo and give our customers the ability to pay by using their Venmo accounts, providing new ways to pay on Amazon.” From 2022, users will be able to link their Amazon accounts to Venmo to make purchases. Along with the news, PayPal announced solid third-quarter results, with a 13% year-over-year revenue increase.
With merchants increasingly accepting payments in cryptocurrencies, Mastercard will be looking to increase the adoption of the asset class. Mastercard will be launching crypto-linked payment cards in the Asia Pacific.
Mastercard announced a trio of partnerships with Thailand-based Amber Group, licensed crypto exchange Bitkub, and CoinJar. The cards will allow holders to purchase, hold, and instantly convert their digital assets into fiat.
Flipsider:
- Regardless of its strong Q3 performance, PayPal has released a fourth-quarter forecast that falls well short of analysts’ expectations, with 2022 even more disappointing
Why You Should Care
Payment merchants are responding to the increasing interest and attention from all quarters by providing easier means for people to access crypto.
Hackers Steal Data of 7 Million Robinhood (HOOD) Customers
Commission-free investment app Robinhood has suffered a network breach. On Monday, November 8, Robinhood announced that an “unauthorized third party accessed the personal information of more than 7 million of its users.”
According to Robinhood, the unauthorized third party “socially engineered a customer support employee by phone” and stole five million email addresses. The hacker accessed another two million users’ full names from Robinhood.
The report notes that the personal information (including names, dates of birth, and zip codes) of 310 additional users was exposed. However, the company did not state what was revealed for ten customers whose “more extensive account details” were stolen.
Robinhood noted that the Social Security numbers, bank account numbers, or debit card numbers were not exposed. In addition, no customers have had “financial loss” due to the incident.
Flipsider:
- Robinhood has expanded its $2 billion IPO, allowing its investors to set aside “friends and family” shares
Why You Should Care
Cyberattacks are a severe issue that have cast doubts on the security of modern blockchain-based applications in the financial industry.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.