CryptoCurrency Watch – Update November 16, 2021

CryptoCurrency Watch – Update November 16, 2021

The crypto market continues to break records. Bitcoin and Ethereum have set all-time highs, as has the crypto market as a whole.

What else has happened throughout this crazy week in crypto? We’ll tell you below.


Bitcoin and Ethereum attain all-time highs…again

Less than a month after hitting all-time highs, Bitcoin and Ethereum are at it again. The two largest cryptocurrencies by market capitalization eclipsed their previous highs, recording prices above CAD $85,973 and CAD $6,024 respectively.

At one point, BTC rose as high as CAD $85,999, while ETH set a new record at CAD $6,074. These incredible moves within the market were part of a larger rally that saw the crypto market surge above CAD $3.7 trillion for the first time.

Of course, it’s difficult to tie price movement to certain events, but there are those within the market who believe Bitcoin and Ethereum will continue their upward trend during the weeks ahead.

Solana and Reddit Co-Founders Collaborating on Web3 Social Media Initiative

The co-founder of Reddit, Alexis Ohanian, and Solana Labs co-founder Raj Gokal, have teamed up to invest CAD $125.5 million toward decentralized social initiatives. Ohanian’s venture firm, Seven Seven Six, and Solana Ventures will both pony up a cool USD $50 million to fuel growth in the social crypto market.

Ohanian made the announcement in Lisbon, Portugal, at the Solana Breakpoint conference, with Gokal by his side to fuel the crowd. “Build the next Twitter, build the next Facebook, build the next Instagram,” the co-founder stated, spurring attendees into a frenzy.

The project will maintain a strong focus on the services available through Solana, however, Ohanian believes the future lies with cross-chain functionality. As a result, the collaboration between the two companies will consider all projects no matter what blockchain is in use.

However, the question that must be asked is ‘Can decentralization create an answer to today’s social media problems?’ Privacy and control are two concerns that need to be addressed in today’s online world. Will this be the catalyst that drives an innovative solution? We’ll have to wait and see.

Twitter jumps into the dApps marketplace

A new player has entered the decentralized apps space and it’s likely you’ve heard of them. Twitter announced a new team dedicated specifically to exploring and developing in the dApps space. The team – named Twitter Crypto – will have Tess Rinearson at the helm.

Rinearson stated on the platform that she is, “Thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchain, and other decentralized technologies.

Twitter Crypto will focus on decentralizing social media while providing content creators with an avenue to earn cryptocurrencies. Additionally, the team is expected to focus on the Web 3 space and all things that pertain to blockchain technology.

Read More Articles from my favorite news sources below:

HOW LEVERAGE IN THE DERIVATES MARKET DIPPED THE BITCOIN PRICE

CryptoCurrency Watch – Update October 25, 2021

CryptoCurrency Watch – Update October 25, 2021

Bitcoin Hits +$80,000 For All-Time-High!!

Bitcoin has been given the gift of momentum this week, in large part because of the amount of press it is receiving. With the approval of the Bitcoin ETF a week ago Friday, the price of Bitcoin began to increase gradually. Last Tuesday was a quiet day with not a lot of movement. Then suddenly, on Wednesday afternoon, Bitcoin spiked up to new all-time highs past $80,000!!

Image Source: PlanB, Twitter, twitter.com/100trillionUSD


First Bitcoin ETF Approved by SEC

Tuesday morning, the first Bitcoin ETF was approved by the United States Securities and Exchange Commission (SEC)  and began trading on the New York Stock Exchange. Many proponents of Bitcoin have been waiting years for this moment.

What does this mean though, and why do Bitcoin ETFs signal greater adoption potential?

We can see that regulators will allow a certain level of adoption. That means it’s fair to anticipate a rise in Bitcoin adoption in financial markets, which results in more users for the market overall.

The twist is that buying this particular Bitcoin ETF from Proshares is more complicated than purchasing Bitcoin from an exchange or trading platform like Coinberry. Nonetheless, an ETF of any kind accepted by the SEC is a step toward having a better exchange-traded fund that’s easier for investors to purchase.

In addition to Proshares, two more companies, Van Eck and Valkyrie, will also be launching Bitcoin ETFs as soon as this week. Read more about what exchange-traded funds mean for Bitcoin from this new article from Coindesk news here.


Coin Insights – BitCoin

You’ve almost certain heard about Bitcoin (BTC) in the news. It’s the number one cryptocurrency in the world, and is now trading at all-time-highs (ATHs) of over $80,000 per Bitcoin.

But it didn’t always start out this way. Founded by a semi-anonymous founder with the pseudonym of Satoshi Nakamoto, Bitcoin had to overcome a number of extremely difficult challenges to get to where it is today.

Read more about why Bitcoin was started, how it developed, and how it has sparked a revolution in finance by clicking on our latest blog post entitled What Is Bitcoin here

If you need more information please reach out to us directly admin@dsos-books.com and we will book you an appointment with one of our staff members to answer your questions.

DSOS Bookkeeping & Accounting endorses Canadians buying Cryptocurrency from Coinberry.com

Invest with the #1 Platform in Canada! Buy and Sell Cryptocurrency in Minutes!