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BREAKING: Square Rebrands to Block

BREAKING: Square rebrands to Block as focus shifts to blockchain

“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy," said Jack Dorsey.

Image courtesy of CoinTelegraph

            DECEMBER 01, 2021

Digital payments company Square announced that it has changed its company name to Block, seemingly in a shift towards blockchain technology.

In a Wednesday tweet, Square said the rebrand will bring the payments firm together with Cash App, the decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform Tidal. An accompanying news release said that Square Crypto, the cryptocurrency-focused branch of the payment firm, will also be changing its name to Spiral and joining the Block family.

“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” said Square. “We’ve been working to make this change for over a year, and it only represents a change of our official corporate name; not our purpose, our vision, our structure or how we operate.”

The rebranding comes a mere two days after Square — now Block — CEO Jack Dorsey resigned his position at Twitter, citing the need to give his replacement, chief technology officer and board member Parag Agrawal, the space to work without his influence at the social media giant. At the time, many speculated that Dorsey would get deeper into crypto and blockchain through Square’s operations, in much the same way Facebook turned its focus away from social media with a rebranding to Meta.

“Block is a new name, but our purpose of economic empowerment remains the same,” said Dorsey on the name change. “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

Related: Jack Dorsey outlines Square’s tentative plans for Bitcoin hardware wallet

Square said the legal name change would be effective “on or about” Dec. 10. According to the company, there will be no organizational changes to Block, Cash App, Tidal, Spiral or tbDEX.

This story is developing and will be updated.

Original article posted on the site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

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Eight Popular Cryptocurrency Brokerages

Eight Popular Cryptocurrency Brokerages

By RTTNews Staff Writer | Published: 11/30/2021 11:27 AM ET

No matter which way we look at it, there is nothing to stop the rise of Cryptocurrencies as things stand now. While cryptocurrency is a very fascinating place to invest and the success stories of people who have invested in them may intrigue us, the very fact that the currency is a result of complex technology which cannot be broken down to easier and understandable terms make them very hard to grasp for many people. This is one of the primary reasons people are afraid of investing in cryptocurrencies.

This is where cryptocurrency brokers come in. They make it easy for every day Jack to find the cryptocurrency they feel suits their needs. There are thousands of crypto brokerage services available on the internet many of which are scams to take the money out of the investors' pockets and run away. That is why we have compiled this list of 11 Cryptocurrency Brokers who are popular among crypto investors.

One of the highest-rated brokers for crypto, eToro has revolutionized the way crypto coins are traded. The platform uses a special kind of trading called Social Trading. In this method, the users can mirror another trader's transactions to cut down the risk if the user does not understand crypto. But in this case, since the decision is not being taken by the user, both earnings and loss depend on the person being mirrored.

eToro users can also use OpenBook, a feature that lets users copy the trades of the best performers on the platform and thus claims to guarantee a good trade for those who have just started to trade in crypto.

Interactive Brokers:
One of the ways crypto brokers make their cut is by charging the investors for each transaction. Interactive Brokers is one of the platforms that does not charge any money for trading.

Interactive Brokers have access to almost 135 global cryptocurrency markets around the globe, making it one of the best coin brokerage platforms in the world. While the platform is designed to get the best results for those experienced in trading, the new IBKR Lite will be a good low-fee crypto exchange for newbies.

One of the oldest crypto platforms in the world and one of the most well-known as well, Coinbase is a very popular crypto brokerage for beginners who are unwilling to use social trading services. It affords worldwide customer support and hosted wallet along with considerable educational resources and an intuitive interface.

Coinbase is one of the highly-rated cryptocurrency trading platforms for Bitcoin, Litecoin to Chainlink. While it does not offer the best prices compared to other low-fee crypto exchange platforms, it is easy and simple enough for any trader.

Among all the cryptocurrency brokers, only a handful allow their users to trade and keep physical gold in their Individual retirement account or IRA. iTrustCapital is one such brokerage that sanctions gold deals on top of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) in the IRA of its traders. It also furnishes a personal wallet by Curv for crypto transactions.

WeBull offers solutions for traders who want to diversify their crypto portfolios. The platform excels at instant trading of all kinds of cryptocurrencies like Dogecoin, Bitcoin, Ethereum, and other altcoins to give the user a great hold over the crypto market.

Another well-rated broker for multiple exchanges, Voyager opens the door to the largest crypto trading market by enabling its users to connect to a number of dependable and secure crypto exchanges in a significantly fast and seamless manner.

This platform is best suited for novice traders who are looking for an easy and streamlined layout of brokerages. Users who are new to the trading world find Robinhood's feature of having limited trading options and account types quite resourceful and time-saving. Each and every one buys and sell order option is accompanied by a short but informative explanation, making it all the more befitting for users who are still in their learning phase.

One of the popular brokerages for earning interest on crypto, the BlockFi Interest Account (BIA) lets users maximize their cryptocurrency balance. They offer 8.6% on stablecoins and up to 6% on BTC. So if a user deposits $ 10,000 in a stable coin on BlockFi, he/she can earn up to $ 860 per year.

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Countries Where Crypto is Restricted or Illegal

Bitcoin ban: These are the countries where crypto is restricted or illegal

Cryptocurrencies like Bitcoin are heavily regulated or restricted in a number of countries around the world.   –   Copyright   Canva

By Chloe Orji   •   Updated: 11/24/2021

Bitcoin has been controversial since its beginning in 2009, as have the subsequent cryptocurrencies that followed in its wake.

While widely criticised for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms.

But as more people turn to cryptos as either an investment or a lifeline, these issues have manifested in an array of restrictions on their usage.

The legal status of Bitcoin and other altcoins (alternative coins to Bitcoin) varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing.

RELATED • Majority of Europeans want their countries to regulate crypto, not the EU – exclusive Euronews poll

Whereas the majority of countries don’t make using Bitcoin itself illegal, its status as a means of payment or as a commodity varies with differing regulatory implications.

Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions.

These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.


Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.


There is a complete ban in place on the usage of Bitcoin in Bolivia since 2014. The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.

A woman walks past an advertisement for the Bitcoin cryptocurrency in Hong Kong. – Vincent Yu/Associated Press


China has cracked down on cryptocurrencies with increasing intensity throughout 2021. Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas.

On August 27, Yin Youping, the Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), referred to cryptos as speculative assets and warned people to "protect their pockets".

Efforts to undermine Bitcoin – a decentralised currency outside the control of governments and institutions – are largely seen as an attempt by the Chinese authorities to float their own e-currency.

The PBoC is looking to be one of the first major central banks in the world to launch its own digital currency, and in doing so would be able to more closely monitor the transactions of its people.

On September 24, the PBoC went further and outright banned cryptocurrency transactions in the country.


In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in 2014 that they may not "protect, invest, broker, or manage virtual money operations".


Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree in 2018, classifying Bitcoin transactions as “haram,” something prohibited under Islamic law. While not binding, Egypt’s banking laws were tightened in September 2020 to prevent trading or promoting cryptos without a Central Bank licence.


Bank Indonesia, the country's central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment from 1 January 2018.

RELATED • Bitcoin: Which countries could follow El Salvador in making cryptocurrency legal tender?


Bitcoin has a complex relationship with the Iranian regime. In order to evade the worst impact of crippling economic sanctions, Iran has instead turned to the lucrative practice of Bitcoin mining in order to finance imports.

While the Central Bank prohibits the trading of cryptocurrencies mined overseas, it has encouraged Bitcoin mining in the country with incentives.

Around 4.5 per cent of the world’s Bitcoin mining takes place in Iran, which, according to blockchain analytics firm Elliptic, could account for revenues of over $1 billion (€843 million).

In order for the crypto industry to flourish, Iran has offered licenced miners cheap energy but requires all mined cryptos to be sold to the Central Bank.

However, unlicensed mining drains more than 2GW from the national grid every day, causing power shortages.

To this end, Iranian authorities issued a four-month ban on Bitcoin mining until September 22.

Boxes of machinery used in Bitcoin mining operations that were confiscated by police in Nazarabad, Iran. – AP/AP


India is becoming increasingly hostile towards cryptocurrencies. On November 23, the government announced its intention to introduce a new bill to the Indian parliament which would establish a new central bank-backed digital currency as well as ban almost all cryptocurrencies.

Earlier this year, it had considered criminalising the possession, issuance, mining, trading, and transference of crypto assets. Prime minister Narendra Modi said he wanted to ensure crypto "does not end up in wrong hands, which can spoil our youth".

RELATED • India is planning to introduce a ban on almost all private cryptocurrencies in a new clampdown


Despite sustained efforts by authorities to block their use, cryptocurrencies are becoming increasingly popular in Iraq. The Iraqi Central Bank has been particularly hostile, issuing a statement in 2017 prohibiting their use which is still in force to the present day. In early 2021, the Ministry of Interior of the Kurdistan regional government issued similar guidance to stop money brokerages and exchanges handling cryptos.


The Nepal Rastra Bank declared Bitcoin illegal as of August 2017.

North Macedonia

North Macedonia is the only European country so far to have an official ban on cryptocurrencies, such as Bitcoin, Ethereum, and others, in place.

RELATED • Is Paraguay set to become the second country to make Bitcoin legal tender after El Salvador?


While cryptocurrency isn’t outlawed in Russia, there is an ongoing conflict being waged against its use.

Russia passed its first laws to regulate cryptos in July 2020, which for the first time designated cryptocurrency as property liable to taxation.

The law, which came into force in January this year, also bans Russian civil servants from owning any crypto assets.

Russian President Vladimir Putin has repeatedly linked cryptocurrency with criminal activity, calling for closer attention to cross-border crypto transactions in particular.

In July, the prosecutor general announced new proposed legislation which would allow police to confiscate cryptos deemed to be illegally obtained citing its use in bribery.

RELATED • Bitcoin's value is rallying again. But that's not what matters to most crypto traders


Many in Turkey turned to cryptocurrency as the Turkish lira plummeted in value. With some of the highest levels of use anywhere in the world, the arrival of regulations was swift this year as inflation peaked in April.

On 16 April 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies including Bitcoin, directly or indirectly, to pay for goods and services. The following day, Turkish president Recep Tayyip Erdoğan went further and issued a decree that crypto exchanges to a list of firms subject to anti-money laundering and terrorism financing rules.


The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).

However, the government doesn't ban Bitcoin trading or holding them as assets.

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Original article posted on the site, by Chloe Orji.

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Cryptocurrency Called Omicron Is Up 137

A Cryptocurrency Called Omicron Is Up 137% Since WHO Named New COVID-19 Variant

Cryptocurrency 'Omicron' was named weeks before the new COVID strain.

By Andrew Hayward           3 min read • Nov 28, 2021

In brief

  • Omicron is up 137% in the last 24 hours.
  • The token is backed by a basket of assets, including USDC.
  • It's a fork of DeFi project OlympusDAO.

Markets may have crashed after Omicron, a new coronavirus “variant of concern”, emerged earlier this week and started spreading to a country near you.

But. Sigh. That didn’t, urgh, stop one coin, Omicron, from, 🙁 , spreading. Yup, one of the best ways to profit from human misery this week was to invest in a cryptocurrency project that’s most recognizable for bearing the name of the latest strain of Covid-19.

A single Omicron token is now worth $404, up 137% in the past 24 hours and 735% compared to its all-time low on November 17. Trading data for the coin on CoinGecko starts on November 8. A poll on CoinGecko says that 69% of users feel good about the coin.

The market for Omicron is very small. Omicron traded just $389,181 in the past 24 hours and its market cap is “?” on CoinGecko. The token trades solely on Arbitrum One via SushiSwap.

The Omicron token powers a decentralized reserve currency protocol on the Arbitrum Network. The token is backed by a basket of assets, including USDC and liquidity provider tokens tied to MIM. It’s a fork of OlympusDAO, a novel DeFi project that backs its token through primitive blockchain bonds.

The main way to keep pumping the price of the Omicron token and its yield farm is by ‘supply growth’, and the whole thing falls apart if people stop investing money. So far, $671,081 has been deposited within its protocols, which leads to breathless projected annual yields of 70,377% for stakers (unless the developers pull the plug or people stop investing money or if any of the countless reasons that commonly prompt the collapse of yield farms materialize).

So it’s just another bond-based yield farm, one which happens to have the same name as the new Covid-19 variant, which although timely is simply named after the fifteenth letter of the Greek alphabet.

The crypto project makes no mention of the virus in its documentation and its first Discord announcement was sent at the beginning of the month, several weeks before the latest variant was named Omicron by the World Health Organization. That said, virus talk is rife on the project’s 500-strong Discord chat and on Twitter.

It should be noted that this coin, whose ticker is OMIC, isn’t the first Omicron coin. That goes to another coin, which goes by the ticker name OMC on CoinMarketCap and doesn’t trade on any popular markets.

The original Omicron first surfaced on August 31, 2016 on the Bitcoin Talk forum as a “dividend-issuing currency.” The project claimed to have raised 121 Bitcoin, now worth $6.5 million (before the Omicron virus crashed the markets this week, its raise would have been worth a helluva lot more). After a handful of dividend payouts, the project petered out.

If only the project’s creators could have predicted how important the name ‘Omicron’ would be just five years later. At least they predicted that the whole crypto thing would blow up.



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A Bleak Friday For Crypto

It’s A Bleak Friday For Crypto Markets Too

By RTTNews Staff Writer | Published: 11/26/2021 9:23 AM ET

Global markets across asset classes tumbled on Friday amidst reports of a new and possibly vaccine-resistant coronavirus strain. Stock market barometers fell across regions. Dollar, Crude Oil etc., also couldn’t survive the bloodbath. Bond yields too plunged reflecting widespread risk-off sentiment. Cryptocurrency markets dropped in sync with the global sentiment contagion. Gold however bucked the trend and attempted to live up to its safe-haven image.

Overall crypto market capitalization currently stands at $2.46 trillion. Only 10 of the top 100 cryptocurrencies (as per market capitalization) are still in overnight positive territory. Around 30 percent have lost more than 10 percent overnight.

Bitcoin (BTC) plunged to a low of $53,625.21, from the day’s high of $59,367.97. It is currently trading at $54,568.13, around 21 percent below its all-time high of $68,789.63 touched earlier in the month. Only 71 percent holders are in-the-money at current prices.

Ethereum (ETH) also dropped to a low of $3,933.51, from the day’s high of $4,550.84, to currently trade at $4,099.13. This is almost 16 percent below its all-time-high of $4,859.50 touched in mid-November. Only 85 percent holders are in-the-money at current prices.

Binance Coin (BNB) has fallen by more than 6 percent whereas Dogecoin (DOGE) and Solana (SOL) have dropped by 7 percent. SHIBA INU (SHIB) is down around 4 percent only. Terra (LUNA) has lost only less than 3 percent.

Cardano (ADA), XRP (XRP), Polkadot (DOT), Avalanche (AVAX), Coin (CRO) and Litecoin (LTC) have declined more than 9 percent.

Despite the sell-off, Metaverse category market capitalization has increased by 5 percent in the past 24 hours.

While the entire world waits for clarity on how much more transmissible and virulent the new variant can be, the financial markets would be more concerned of the impact on the nascent economic recovery and the impact on valuations.

Crypto enthusiasts on the other hand would need to avidly introspect Bitcoin’s response to the market turbulence and the gaps in Bitcoin’s aspirations to transcend to a safe-haven status.

Gold, with its overnight gain of more than a percent has reiterated its monopoly as the ultimate safe haven. Cryptocurrency markets have to mature more to reach that enviable position.

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Article written by an RTT News Staff Writer, and posted on the RTT website.

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Bitcoin Puts El Salvador On The Map

Bitcoin Puts El Salvador On The Map As Tourism Sector Booms

By Aliyu Pokima – November 25, 2021

  • El Salvador’s tourism sector has seen a boom in recent weeks following the country’s adoption of Bitcoin as legal tender.
  • The country is considered a top pilgrimage destination for Bitcoiners around the world, given its significance in the ecosystem.
  • The country holds the record as the first country to elevate Bitcoin to the status of legal tender.

El Salvador has been considered a tourist hotspot but the industry suffered following the pandemic and a measure of social instability. Bitcoin is changing the narrative for the Tom Thumb of the Americas.

The New Pilgrimage Spot For Bitcoin Faithfuls

El Salvador’s adoption of Bitcoin is already paying dividends for the small country and the latest win is the increase in tourists flocking to the nation. Bitcoin maximalists are coming into San Salvador, the capital city to catch a glimpse of the future of a world where Bitcoin is the reserve currency.

Bitcoin tourists are pouring in from all over the world to see firsthand the impact of the decision to adopt the cryptocurrency. Several traveling bloggers are already documenting their experiences using Bitcoin as a means of exchange in the country on their blogs. A direct consequence of the influx is the stimulation it brings to the general economy of El Salvador.

The government is already leveraging the adoption and is seeking ways to capitalize on the newfound fame. The maiden edition of Bitcoin Week was organized, drawing thousands from the US and other neighboring countries. El Zonte, popularly referred to as Bitcoin beach, has grown from a small backwater town to a thriving town supported by Bitcoin.

Bitcoin may act as bait to tourists who are now attracted to the other tourist destinations that are scattered across the country. Popular tourist destinations like Lago Coatepeque, Cerro Verde National Park, the National Palace, and several volcanoes like Santa Ana and Izalco.

The Highs Of The Bitcoin Experiment

Since the decision to embrace Bitcoin, El Salvador has recorded economic stability to an extent according to a recent concluding statement. The IMF noted that the economy is expected to grow by 10% but still issued a warning on the dangers of full-scale bitcoin adoption.

El Salvador has successfully started mining bitcoin through the use of geothermal energy, setting a standard for the rest of the world. President Bukele has announced that the profits from Bitcoin will be channeled into building a veterinary hospital for dogs and the construction of schools. El Salvador currently has 1,200 BTC on its balance sheet that is valued at over $68 million, way less than the amount that was purchased.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on

Article reposted on Markethive by Jeffrey Sloe

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CBDCs as future of money

Bank of England sees CBDCs as a revolution for the future of money

The Bank of England estimates that 20% of retail and consumer deposits could potentially move toward CBDCs.

Image courtesy of CoinTelegraph

            NOVEMBER 23, 2021

In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment:

"It's quite difficult to predict how innovators will take money and actually use money going forward. But we are starting to see programmable money being used in the crypto world. And I would expect we would see a similar revolution in the functionality of money driven by technology."

Sir Jon Cunliffe discussing CBDCs | Source: (Click image for larger view)

The Bank of England is currently exploring options to implement a digital pound CBDC for retail payments. A task force behind the CBDC is also investigating the use of a digital pound for distributing payrolls, pensions, etc.

In supporting the initiative, Sir Cunliffe cites the rapidly declining use of cash in the United Kingdom in recent years — which was greatly accelerated by the advent of the COVID-19 pandemic that discouraged physical contact in transactions. An estimated 30% of transactions in the country now occur via e-commerce.

When asked about the potential demand of a digital pound CBDC, Sir Cunliffe said:

"We've modeled a very prudent assumption, which is that basically 20% of [household and corporate transactional] deposits based in the banking system could move out of the banking system and into central bank digital money."

Nevertheless, Sir Cunliffe admitted that the current state of crypto affairs could potentially threaten financial stability within the country. The market cap on cryptocurrencies has surged to $2.6 trillion in a very short time, with an estimated 95% of digital assets being unbanked and 5% consisting of stablecoins. On the opposite side of the Atlantic, the United States has less of a positive outlook, saying that regulated stablecoins designed by the private sector make CBDCs redundant.

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What’s Hindering Crypto Growth?

Binance CEO Changpeng Zhao Reveals Biggest Factor Hindering Crypto Growth

By Aliyu Pokima – November 19, 2021

  • Changpeng Zhao wants to give away a sizable portion of his wealth like other billionaires before him.
  • The Binance CEO stated that he is financially free and can maintain his current lifestyle.
  • He reveals the biggest challenge with cryptocurrencies today is the ease of use while hinting that volatility could also be an issue.

Binance’s founder, Changpeng Zhao wants to give virtually all of his wealth to charitable causes. This is the first time the enigmatic billionaire is making such a declaration and could set off a chain reaction of crypto billionaires following his path.

99% For Charity

In a recent interview with Associated Press on Wednesday, Binance’s top dog, Changpeng Zhao has declared that he will be following in the footsteps of billionaires like Bill Gates and Rockefeller in giving away a large portion of his wealth. The 44-year old CEO stated that he can still afford to support his current lifestyle after making the sizable donation.

“Personally, I’m financially free. I don’t need a lot of money, and I can maintain my lifestyle in this way.” Zhao said. “I do intend to give away most of my wealth like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth.”

Zhao’s net worth has been pinned at around $2 billion with the bulk of his wealth coming from Binance, the world’s largest cryptocurrency exchange. In the course of the interview, Changpeng Zhao revealed that he’s not big on cryptocurrency investments and holds no coins apart from BNB and some bitcoins that he purchased back in 2014.

“I personally do not own equity in any other project, crypto or not crypto. I do this very deliberately because I don’t want any potential conflicts of interest,” he said. “So I’m very, very not diversified, which I actually do not recommend to most people.”

Changpeng also disclosed that he doesn’t understand meme coins like Dogecoin and Shiba but acknowledges the “power of decentralization” that they radiate. He notes that Dogecoin has been around for a long time and expects that more meme coins could spring up in its wake.

The Problem With Cryptocurrencies

Although cryptocurrencies are gaining popularity, Changpeng Zhao highlights some core problems associated with the asset class. He cites volatility as part of the problems keeping people out of cryptocurrencies but remarks that some investors enjoy the volatility. For Zhao, the biggest issue militating against the growth of cryptocurrencies is the ease of use. He also raised concern over the future of individuals’ assets after they die.

“What happens if you go away? People die. If you suddenly become unavailable, can your kids get it? How do they get it? Are there ways to guarantee they will get it and they’ll get it only after you die?”

He adds that as the industry matures, we could see major improvements in this area. Changpeng Zhao previously stated France could be a potential headquarters for the cryptocurrency exchange.

Learn all about Cryptocurrency

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on

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500 Billion Wiped Off Crypto Market

$500 Billion Wiped Off Crypto Market In A Week As Industry Digests China’s Latest Move

By David Kariuki – November 18, 2021

The entire crypto market went bleeding on Thursday after $60 billion was swept off in a flash crash that saw Bitcoin tumbling below $60,000 and Ethereum’s short-lived bull run nipped. The entire crypto market capitalization, which has been so far impressive having rallied to a record $3 trillion last week, has now shed over $500 billion since Sunday.

This comes as the markets faced a huge sell-side pressure emanating from China’s continued crackdown on the crypto market in what they now call a “full-scale” ban, rejection of Bitcoin spot ETF in the U.S., and news of impending dump of 150,000 Bitcoins by defunct Mt. Gox victims.

Bitcoin’s huge gains during the last few weeks have now been tamed to an 11% weekly loss. That’s about a 13% downslide since its glorious rise to $68k at the start of the week. Ethereum, which showed some signs of recovery earlier today, is down 15% on average in the last seven days.

BTCUSD Chart By TradingView (Click image for larger view)

The greatest losers during this week’s crash are the leverage traders who took out loans to multiply their trading positions.

Effects of China’s recent actions on the market are being felt after the National Development and Reform Commission (NDRC) announced a new wave of crackdown on the crypto industry in the country this week. Yesterday, the government shut down ChainNews, Odaily, Block123, and has threatened to raise electricity tariffs of any organization or company found mining crypto. After a massive crackdown on crypto mining companies back in June, China now plans to continue the hypocrisy by tampering with industrial-scale mines and any state-owned businesses that are still in the industry.

And although analysts say the Chinese-induced price tumbles may be short-lived as was in June when the country shut down crypto mining corporations, there might be more coming yet as the defunct Mt. Gox victims are expected to dump a whopping 150,000 Bitcoin to be awarded to them via a rehabilitation plan.

Already, the news of the impending dump is beginning to affect the price since it came out on Tuesday, although the date of repayment is yet to be announced. The dump is almost sure because all of that Bitcoin would be sold at a massive profit having been acquired in or before 2014 at a cost of below $500 when the crypto exchange crashed.

Meanwhile, VanEck’s Bitcoin Strategy exchange-traded fund which launched on Tuesday this week has not helped the market recover even as it continued to rally for the second day yesterday. It now has $54 million worth of assets under management and is the cheapest of the three Bitcoin ETFs launched in the US. However, with each ETF coming to the market, the positive effect on the entire crypto market will likely be dwarfed, Edward Moya, Senior Market Analyst with Oanda, told Yahoo Finance.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

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Are Cryptos Really Falling?

Hold On For Dear Life – Cryptos Are Falling!

By RTTNews Staff Writer | Published: 11/16/2021 8:04 AM ET

A sea of red has descended on the cryptocurrency market, with the overall market capitalization dropping by a whopping 8.5 percent in the past twenty-four hours. Of the top-100 digital assets by market capitalization, only 2 are in overnight positive territory, and of this, only 1 has gain of more than a percent. Only 16 cryptocurrencies have resisted the bloodbath and are still showing weekly gains.

The massive sell-off in the cryptocurrency market comes amidst the dollar index surging in a day from 95.14 to 95.5, a level last seen in July 2020. However other dollar denominated assets like Crude Oil and Gold have not been adversely impacted by the Dollar’s strength in the past few sessions. Crude Oil (Brent Futures) is trading at $82.81 per barrel, up 0.93 percent from Monday’s close. Gold is currently trading at $1,874.65 per troy ounce, up 0.43 percent from Monday’s close.

The bearishness in cryptocurrencies triggered by the dollar’s strength appears to have been exacerbated by developments elsewhere, especially comments from Chinese officials. Comments attributed to Chinese officials on cryptocurrency mining jeopardizing the country’s efforts to reduce carbon emissions, as well as a warning of an imminent clampdown on commercial mining also apparently dampened sentiment.

Reports citing a company official’s comments that Twitter would have to change its Investment Policy to hold more volatile assets on its balance sheet and that crypto investments did not make sense right now also ostensibly impacted crypto market sentiment.

Bitcoin has fallen to $60,546.47, more than 8 percent below the all-time high of $68,789.63 touched a week ago. Ethereum too has corrected to $4,260.83, almost 10 percent below the all-time high of $4,859.50 touched a week ago. Binance Coin (BNB) is down 9.9 percent, Solana (SOL) has shed 8.6 percent and Cardano (ADA) has lost 8.1 percent.

Investor profile has dramatically changed as only 83 percent of Bitcoin holders are making profits at current prices. In the case of Ethereum, at current prices, 92 percent of holders are in-the-money.

Market capitalization of Smart Contracts declined 9.84 percent to $777 billion. DeFi market cap dipped 10.3 percent to $170 billion. Stablecoins market cap was stable at $140 billion. Memes declined 9 percent to $60 billion. NFT related digital assets also shed 9 percent in market cap to touch $60 billion.

Among the top-15 crypto coins by market capitalization, Litecoin (LTC), Algorand (ALGO) and VeChain (VET) have declined most, by more than 14 percent. Among the top-15 tokens, The Graph (GRT) has also declined more than 14 percent overnight.

Shares of companies with cryptocurrency investments or having businesses tied to cryptocurrencies have also suffered in tandem with the drop in crypto prices. Business analytics platform Microstrategy (MSTR) shows a 4 percent drop in share price in pre-market trading.

Crypto mining outfit Riot Blockchain (RIOT) has dropped by more than 11 percent in pre-market trading. Crypto exchange Coinbase Global (COIN) also has suffered a more than 3 percent decline.

ProShares Bitcoin Strategy ETF (BITO) closed Monday’s trading at $40.89, down $0.23 or 0.56 percent from previous close. It is currently trading in pre-market at a 5.72 percent loss.

Valkyrie Bitcoin Strategy ETF (BTF) closed Monday’s trading at $25.20, down $0.14 or 0.55 percent from previous close. The ETF is currently trading more than 6 percent lower in pre-market.

Grayscale Bitcoin Trust (GBTC) closed Monday’s trade with a 0.56 percent cut.

Open interest or the total number of contracts in Chicago Mercantile Exchange’s Bitcoin Futures increased to 13795 contracts on Monday, from 13563, a day ago.

The amazing bull run that preceded the flash crash a week ago would have been a mirage without profit booking and crystallization of gains. Plunging into crypto exposure without bracing for the inherent volatility would be not just naivete but also gross negligence.

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Article written by an RTT News Staff Writer, and posted on the RTT website.

Article reposted on Markethive by Jeffrey Sloe

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