Black Friday erased billions of dollars in value from the crypto market as the market tripped like a drunk sailor in a red light district. Bitcoin hit a six-week low, losing 20 percent from its all-time high as some people blame it on a new variant of the coronavirus. And the Bank of England says bitcoin is too volatile to be used for legal tender. El Salvador doesn’t care. She’s shooting the finger at the IMF, because somebody needs to.
India introduces a bill to ban private cryptocurrencies while planning to launch its own digital currency. That’s led to a massive sell-off. I’ve said all along that was one of my biggest fears. God, I hope the U.S. doesn’t follow that track. On the other hand, India may decide next week not to ban anything.
So, you’re wondering what a private cryptocurrency is? Let mint tell you. Meanwhile, a former Reserve Bank of India governor says only a handful of over 6,000 cryptocurrencies will survive. He’s got a point, but, historically, as cryptos die, more are born, and that’s why there are now more than 7,000 cryptocurrencies tracked by CoinMarketCap.
Google sends a warning: Hackers are using Google Cloud accounts to mine crypto.
Binance CEO CZ says Warren Buffet doesn’t have the skills to keep crypto safe. Meanwhile, Binance advocates for a crypto bill of rights. In Spain, regulators are going nuts over a tweet by footballer Andrés Iniesta. Binance paid for the tweet.
Bitcoin developer Joshua Henslee says he KNOWS Craig Wright is Satoshi Nakamoto.
If you’ve been keeping up with the XRP-SEC lawsuit, kudos to you! The outcome could determine a lot of things in crypto going forward. But Shark Tank’s Kevin O’Leary says it’s not a good thing. In fact, he says “investing in litigation” is a “very bad idea.” If only Brad Garlinghouse felt the same way. But … the lawsuit could be headed toward its end game.
Celsius Network suspends employee after CFO Yaron Shalem arrested in Israel.
Citi is hiring 100 new employees in its new digital assets division.
Tether promises to comply with stablecoin regulation.
How to make passive crypto income. If you’re new to the concept of earning crypto without buying it, then this is a must-read.
10 crypto terms people use every day. Come on, you know you use them!
If you’re not familiar with wrapped cryptocurrencies, you’ll want to read How to Wrap and Unwrap Ethereum (WETH). You wanted a wrap for lunch, anyway.
Why NFTs are so popular.
New Scientist says most crypto trades could be people buying from themselves. How autoerotic.
You’ll also want to read about the rise of DAOs.
Investors who have relied on the advice of a hairy rat are disappointed this morning on hearing the news that Mt. Goxx, their favorite rodent, has died. Time to get off the hamster wheel.
Elon Musk has one word of advice for crypto investors.
Around the World With Crypto
In the UK, the FCA wants to spend $670,000 on digital currency training and forensics. I have a feeling it won’t be long before they’ll say that’s not enough.
China wants to set up a digital asset exchange to pilot its digital yuan. Next thing you know, they’ll write a song about it.
In Japan, the banks are setting up to test a digital currency.
Tanzania is moving towards its very own CBDC. The little devil.
And the Russians are going crazy over crypto. Likely because they lost the race to the moon.
Cardano fan? Watch Cardano’s November’s update:
Image credit: Jared Wickerham/Getty Images
As always, this post is not financial advice. Please consult a financial advisor before investing in crypto. First published at Cryptocracy.