Gate.io Weekly Newsletter: VIP Sharing Campaign is on! | Elon Musk Strikes Again, CME to Launch microEther Futures, Singapore Will Not Ban Crypto

2021-11-05, 06:20

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Cryptocurrency Markets

The cryptocurrency market was slightly sluggish this week compared to the hot streaks in the previous weeks.

Bitcoin prices sank into a correction phase this week. Bitcoin prices were down for six days this week, albeit the declines were all marginal.

Although the price of bitcoin has fallen below $60,000 at its lowest point this week, after hitting the low, the bitcoin spot price quickly pulled back and is back above $60,000 again.

Currently, the Bitcoin price has accounted for a stable $60,000 position in the short term, and the long and short sides are fighting for a price point that should be around $62,000.

This week, the price of $ETH and $BTC finally trended towards decoupling as DeFi continues to heat up. $ETH has also entered an all-time price peak as DeFi lockups reach new highs.

The price of $ETH has crossed the $4,500 mark this week.

From a technical standpoint, $BTC movement is relatively stable, with prices moving around the midline of the Bollinger band all week.

Looking at the momentum indicators, bitcoin is lacking momentum in both uptrend and downtrend.

On the other hand, ETH is moving at the midline level this week, with a clear upward trend from the previous two weeks.

If the trending DeFi projects continue to catalyze ETH, then the price may see increasing upside potential.

Crypto News

Elon Musk Strikes Again

Tesla Founder & Doge Support Elon Musk recently made another viral tweet that added $3bn to Dogecoin's market cap.

Musk stated that he was considering starting a university that accepts Dogecoin for payment, and the students will get a discount if they own an actual dog.

Steve Wozniak Believes bitcoin is Pure

Steve Wozniak, the Co-Founder of Apple, said in an interview with Yahoo Finance recently that bitcoin has mathematical purity.

The reliable nature of bitcoin cannot be easily modified under human control, and that governments can create new dollars.

Wozniak also argued that crypto could be "effectively" used for payments and that there are already many digital payment methods.

Avalanche Launches $200 Million Incentive Fund

The Avalanche Foundation announced the launch of a $200 million incentive fund, "Blizzard," to attract more developers to the Avalanche blockchain.

The program will also assist promising projects through equity investments, token purchases, and other types of operational support.

News in the Financial Market

Hong Kong SFC Received Crypto ETFs Requests

Julia Leung, Deputy CEO of the Hong Kong Securities and Futures Commission (SFC) said in recent months that the SFC has received a number of requests from local companies to offer cryptocurrency-related exchange-traded funds (ETFs) to its private banking and professional clients.

CME to Launch microEther Futures

The Chicago Mercantile Exchange (CME) will launch a micro Ether futures product on December 6th.

The CME already offers a number of crypto derivative products including 20 Micro products such as Micro Bitcoin futures, which were launched in May.

Commonwealth Bank of Australia plans to add cryptocurrency payments

The Commonwealth Bank of Australia (or CommBank) is planning to integrate cryptocurrency into its mobile app. Sources with knowledge say the bank will announce the ability to buy and hold bitcoin as well as other digital assets. According to the report, the added support will begin next year. An announcement is expected on Wednesday.

Global Headlines

China formally applies to join DEPA

China has officially applied to join the Digital Economy Partnership Agreement (DEPA) to strengthen international cooperation on digital economy.

Applying to join DEPA is in line with China's direction to further deepen domestic reform and expand a high level of opening up to the outside world.

The pact was virtually signed by Singapore, New Zealand, and Chile on June 12, 2020.

Singapore Will Not Ban Crypto

Singapore Monetary Authority chief Ravi Menon reiterated his focus on strengthening Singapore's position as the world's number one blockchain hub.

He stressed that Singapore will "raise its safeguards" to address the risks associated with the progress of cryptocurrencies, rather than suppressing them.

Kazakhstan to Set Limit on Cryptocurrency Investments

The Astana Financial Services Agency (AFSA) will limit the amount of money local retail investors can put into cryptocurrencies.

Retail investors can invest up to 10% of their annual income or 5% of their total assets (excluding their primary residence) in such investments, up to $100,000 per year, as long as they provide financial proof to the regulator.

If investors do not provide any financial proof, they can invest up to $1,000 per month. The rules set by the AFSA took effect on Oct. 26, according to the report.

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Author: Byron.B & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.