The price of Bitcoin has risen 7% in the last 24 hours and 10% in the last week to reach past $67,600, a new record per data from CoinGecko.
Not to be outdone, Ethereum, the second-most valuable crypto asset by market cap, passed $4,800 for the first time to set a new record.
Bitcoin’s last record high came just 19 days ago, when the asset’s price sailed to $67,276. BTC then dipped all the way below $60,000 before recovering. Most of the weekly price movement has come within just the last two days.
ETH has followed a similar upward trajectory. After hitting just below $4,675 on November 3, it dipped over the weekend before taking advantage of a 5% rise in the last 24 hours; it’s up 12% this week.
Crypto markets are green all over at the moment, with Cardano, XRP, and Dogecoin all registering bumps above 5% today. Overall, the global market cap stands at $3 trillion, having risen 5% in the last day.
Proof-of-work (POW) blockchain networks were all the rage in the early days of cryptocurrency when Bitcoin (BTC) set the standard for security and other projects followed suit in various attempts to offer a robust, scalable network that would either support payments of efficiently transmit data.
Most protocols have now shifted to proof-of-stake but Kadena (KDA), a scalable layer-one blockchain protocol is still operating on the old proof-of-work model. According to the project, the network is capable of processing up to 480,000 transactions per second thanks to the use of “braided chains”.
Data from Cointelegraph Markets Pro and TradingView shows that in the last two weeks, KDA price has rallied 1,124% to a new record high at $25.94 on Nov. 7 as its 24-hour trading volume spiked from a daily average of $3 million to more than $345 million.
KDA/USD 4-hour chart. Source: TradingView
Three reasons for the breakout in KDA price include the launch of wrapped KDA on the Ethereum (ETH) network, the rollout of nonfungible token projects, new exchange listings and the addition of support for KDA staking.
Kadena joins the DeFi brigade
KDA recently launched a wrapped version of its token called wKDA which operates on the Ethereum network and allows it to interact with all EVM-compatible decentralized finance protocols.
The process was completed in conjunction with the CoinMetro exchange and will help to create a new level of token utilization for KDA, which to this point had not been able to cross the bridge into the interoperable world of DeFi.
As noted in the tweet above, the team behind Kadena also plans to add cross-chain support for other blockchain networks like Terra, Polkadot, Celo and Cosmos.
NFT projects launch on Kadena
Another reason for the increased momentum seen in KDA was the addition of NFT capabilities to the network as a way to showcase the smart contract ability to transact high demand items while keeping fees low.
.@TheUFOtoken will be building their #NFT gaming platform on @Kadena_io!
UFO will utilize Kadena’s unique features from our scalable layer 1 #PoW #blockchain & Pact, our safest smart contract, to create the next generation #blockchain gaming experience!https://t.co/itO3QF3Xet pic.twitter.com/Rx1IgZQdX4
— Kadena (@kadena_io) October 29, 2021
NFTs have been one of the hottest sectors in the cryptocurrency ecosystem and also appear to be one of the primary methods for attracting new users to a network so it’s not surprising to see yet another project resort to this tactic.
One of the main selling points for Kadena is its ability to offer low-cost transactions in a POW setting while still offering fast processing times.
The project has also introduced a “crypto gas station” feature that allows businesses to eliminate all transaction fees for their customers by creating accounts that exist to fund gas payments on behalf of their users under certain conditions.
New exchange listings and staking opportunities
KDA has also received support from cryptocurrency exchanges, including a new listing on Crypto.com and CoinMetro offers KDA staking.
$KDA #staking on @CoinMetro has been a huge success with 730,000 KDA filled in 20 minutes!
This was made possible by @kadena_io’s strong and tight-knit community! https://t.co/uzefvikgad
— Kadena (@kadena_io) November 4, 2021
After officially reopening KDA staking capabilities on Nov. 3, CoinMetro saw 730,000 KDA tokens deposited within 20 minutes to fully tap out the staking pool’s capacity.
This indicates KDA holders are excited about yield opportunities and it could bode well for its integration into DeFi. wKDA might also contribute to reducing the circulating supply of KDA, which ideally would additional buy pressure on the tokens’ price.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Centralized cryptocurrency exchange and lending platform BlockFi is next in line to file for a Bitcoin ETF with the SEC. However, this ETF is intended to be backed by hard Bitcoin holdings, rather than futures contracts.
The BlockFi NB Bitcoin ETF
According to company documents filed earlier today, the “BlockFi NB Bitcoin ETF” (Ticker: BBBB) will issue shares that reflect the performance of Bitcoin held by the trust. It will direct a yet-unnamed custodian to buy or sell bitcoin on its behalf, in order to pay expenses or redeem shares. Each share will be priced daily based on Coin Metrics’ real-time reference rate on Bitcoin’s current value.
This contrasts with the Bitcoin ETFs which have been approved in the US thus far. Both the ProShares and Valkyries Bitcoin ETFs are backed by futures contracts, upon which they have a monthly holding limit. Based on its opening day success, the ProShares ETF approached that limit within days of its launch.
The Odds
Until now, all attempts at an ETF backed by physical Bitcoin have been denied. SEC chair Gary Gensler has repeatedly shown favorability towards Futures ETFs due to their regulatory protections. However, the success of the first Bitcoin futures ETFs last month may inspire confidence in the SEC to take the next step.
BlockFi isn’t the only one still trying, either. VanEck filed for a similar product, and Grayscale seeks to turn its massive Bitcoin fund into a publicly-traded ETF. According to Bloomberg analyst James Seyfart, the SEC’s decision on Vaneck’s spot Bitcoin fund is due on November 14th.
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Though the SEC continues hesitating, its international counterparts are proving far more welcoming. Last month, Australian regulators issued guidelines on Bitcoin and Ethereum ETPs, signaling openness to the product. Meanwhile, the United States’ Canadian neighbors were the first country to approve a Bitcoin ETF – and now houses multiple.
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Inflows to digital asset platforms hit $8.9B last week, according to a new CoinShares report.
Polkdot’s native coin, DOT, saw inflows of $9.6M, an all time weekly high.
There’s already been more institutional money invested in digital assets in 2021 than in all of 2020, according to a new report fromCoinShares. As of Friday, the running tally of digital asset inflows among crypto asset managers reached $8.9 billion following 12 straight weeks of growth. With seven weeks left in the year, that’s already $2.2 billion more than the total invested in 2020.
The report notes that Bitcoin accounts for two-thirds of the year-to-date inflows and has also hit an all-time high record of $6.4 billion. Ethereum, after lagging for a bit, has accounted for just over $1 billion YTD and now accounts for one-fourth of the inflows.
“Ethereum saw renewed positive sentiment with inflows totaling US$31m last week. Ethereum’smarket share has suffered in recent months due to Bitcoin’s dominance,” writes James Butterfill, CoinShares investment strategist, “but the recent combination of positive price performance and inflow has seen their AuM rise to a record US$20bn.”
Source: CoinShares
A handful of popular altcoins like Binance’s BNB, Litecoin, Solana, and Polkadot make up the rest.
Polkadot, the proof-of-stake interoperability protocol that allows data and tokens to flow between different blockchains, has seen its market cap surge in the last couple weeks. Its DOT coin saw inflows of $9.6 million last week, its best on record, according to the CoinShares report.
Sitting today at a $56 billion market cap, DOT has surpassed Dogecoin’s $37.1 billion and USDC’s $34.5 billion, according toCoinGecko, making it the 8th largest coin today.
The report also tracks inflows to individual asset managers.
After seeing record-high trading volumes at the start of the year, CoinShares XB—a line of exchange traded Bitcoin products available in Europe–has seen its inflows drop this year. Even so, its $5.5 billion AUM means that it’s second only to Grayscale, which CoinShares estimates has $55.7 billion AUM.
New York Mayor-Elect Eric Adams recently won the mayoral race for the city. On November 3rd, Adams became the second black man to be elected as mayor in the city of New York. The win was momentous in itself but Adams’s comments and stance on cryptocurrencies, bitcoin, in particular, have been what has pushed him into the limelight in recent days.
The mayor-elect had made the news days after his election when he said that he planned to receive his first three paychecks in bitcoin. This was in response to Miami’s Mayor Francis Suarez’s comment that he was going to receive a paycheck in bitcoin.
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Adams has always been open with residents about his plans for the city when it comes to crypto. According to the mayor, he was working towards making New York the crypto hub of the nation, and now, the mayor-elect has revealed another approach to helping residents become more literate when it comes to cryptocurrencies.
Teaching Cryptocurrencies In Schools
Mayor-elect Adams was on CNN’s “State of the Union” to talk about his plans for the future. Adams is yet to be sworn into office and it’s likely that this will take place in 2022. However, this has not stopped the mayor from taking action on policy changes.
The mayor told CNN that he was usually stopped by young people who asked him what bitcoin and blockchain technology was. Adams saw this as a problem bred out of a lack of education and put forward that it was time that schools started teaching about cryptocurrencies in schools. “That’s what we must do, open our schools to teach the technology and teach this new way of thinking.”
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Teaching cryptocurrencies in schools is not a novel idea. A number of high schools and colleges have added cryptocurrency classes into their curriculums to help educate the young generation about the space and the technology behind it. Although what the crypto-friendly mayor Adams is proposing is on a much wider scale. Basically that cryptocurrencies should be taught in all schools.
Crypto market cap surges past $2.8 trillion | Source: Crypto Total Market Cap on TradingView.com
Putting New York At The Forefront
One of Adams’s goals for the city going forward is to make it a strong contender for Miami, which is currently one of the most crypto-friendly states in the nation. Mayor Suarez has successfully attracted a number of miners and blockchain businesses to the city through crypto-friendly laws and Mayor Adams wants to do the same. For Adams, cryptocurrencies are the future and New York needs to get on the train.
Related Reading | The Fractal That Puts Bitcoin At $100,000 Before Year-End
The Democrat also talked to CNN about the possibility of accepting bitcoin payments in the city. Although the mayor-elect did not definitively say that the city would begin implementing crypto payments, he explained that the option would be explored. “We are going to look at it, and we are going to tread carefully. We are going to get it right,” said Adams.
Featured image from New York Post, chart from TradingView.com
The Watr Foundation, in partnership with blockchain platform Algorand, recently launched a project to provide ESG scoring for different commodities with a special focus on climate change. While the project has a clear environmental focus, the platform will also include labeling for everything from how a company treats its workers to the number of people participating in an asset’s ecosystem by gender.
Watr Foundation council president Maryam Ayati said in a statement:
“We believe this next iteration on resource models should be co-created in mutually-owned profit models. It is a privilege and comfort to be collaborating with the pioneers of decentralized technology, blockchain, industry, and environmental products in bringing this blockchain ecosystem to life.”
Algorand COO Sean Ford said “Watr’s vision to enable a commodities market that is grounded in transparency, environmental responsibility and activism by all participants is aligned with Algorand’s leadership as a carbon-negative network.”
In September Algorand released a protocol upgrade to improve their smart contracts and unveiled a $300 million fund aimed at DeFi projects.
Much has been written about the metaverse, and especially with Facebook (now Meta) so actively involved in this space there is bound to be debate around how this sector will evolve. That said, the metaverse is also a tremendous opportunity to blockchain and cryptoassets to move to the mainstream; let’s dive in.
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The promise of the metaverse is that it will provide users an augmented reality experience that – in many ways – might exceed physical reality in terms of the experiences and opportunities therein. What is oftentimes missing from the discussions around the potential of the metaverse is how all of this information will be secured and protected. If, for example, individuals are going to be spending increasing amounts of time in this virtual reality, how can they be sure that their transactions and associated information will be secure?
Virtual reality, and engaging with virtual reality applications, has been discussed quite a bit recently, but something has gone undiscussed are the implications and impact of blockchain and crypto on this innovative idea.
The metaverse needs crypto in order to operate as advertised, and let us take a look at just why this is.
Blockchain is immutable. Blockchain and blockchain platforms have proven, to this point, to be unhackable and immutable, which is critically important if any virtual reality platform is to achieve mainstream adoption. Specifically, if an individual or group of individuals are going to be engaging with other people in a virtual environment there needs to be some form of assurance that these transactions are secure.
Hacks and data breaches occur on a frequent basis, but if people are going to be expected to engage in a wholly online and virtual environment, the underlying platform on which they are going to be using needs to be secure.
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Blockchain enables not only instantaneously confirmed information, but also enables these transactions to be cryptographically secured and protected. Blockchain and cryptoassets are, in other words, a necessary and integral part of how virtual reality will be implemented.
Instant transactions. Building on that first point, the metaverse will require and need transactions to be completed on an on-demand basis, which is something that blockchain and cryptoassets can help enable. For a truly virtual reality environment to work and function as advertised there will need to be transactions and that occur on a secure and almost instantaneous basis. Specifically, the individuals that are a part of this ecosystem will 1) need to be able to transact and interact as easily as if they were in person, and 2) have the confidence that these transactions will be completed.
Especially as is it connected to the metaverse, and building on the familiarity that individuals have with online payments, the opportunities for crypto payments should be self-evident. In an online, or virtual, environment and ecosystem, having a payment method that is secure, traceable, and transparent will be an integral part of how this space will evolve going forward.
Crypto transactions provide a viable and proven method for individuals and institutions to conduct transactions in a virtual, traceable, and real-time manner.
Crypto payments are already here. The trend toward virtual and online payments has been developing and building even without the continuing implementation of blockchain and cryptoasset technology. Transacting, and engaging in commerce, in an online environment, is a mainstream evolution that has become even more commonplace with the implementation of crypto payments at organizations such as Visa V , Mastercard MA , and PayPal. In an ecosystem that is entirely virtual, which is what the metaverse is, crypto-enabled or augment payments will be even more popular, and it makes sense that crypto-enabled payments will move to the forefront going forward.
Even with price volatility that has been commonly associated with bitcoin and other decentralized cryptocurrencies, the rise of stablecoins and central bank digital currencies (CBDCs) means that the ability to conduct transaction via crypto has never been easier. In other words, individuals who would like to conduct transactions via crypto – or via a crypto based platform – (like the metaverse), will have numerous options to do so.
Clearly the metaverse is still an emerging and fast growing area, but the underlying truth is that – in order to facilitate and realize a fully functioning metaverse – blockchain and cryptoassets will need to play a prominent role in the future implementation of this idea. In order to realize the true potential of this space there will need to a transparent and traceable method to 1) conduct transactions, and 2) interact with each other; blockchain and cryptoassets provide a potential answer to this need. The metaverse may, and deservedly so, make headlines, but blockchain and cryptoassets are key components to having this technology reach its full potential.
Jules Urbach, the CEO and founder of OTOY, wants to democratize content creation, specifically as it pertains to virtual assets. OTOY’s technology intends to fulfill the promise of an open cloud-based metaverse via the Render Network — the first decentralized GPU rendering network & 3D marketplace built on OTOY’s OctaneRender NFT ecosystem.
While at the inaugural Solana Breakpoint conference in Lisbon, Portugal, Urbach announced Render Network’s integration with the Solana blockchain, as well as a partnership with NFT minting platform Metaplex.
Urbach noted that the project’s recent move to Solana happened for a variety of reasons. He mentioned that Solana runs on high-performance code at a fast enough speed to handle scene graph changes on chain without sacrificing security. Such a programmable and secure underlying infrastructure is critical for scalable and shareable dynamic metaverse content, he said.
He also indicated that the Render Network aims to fund the development of an open source Rust GPU cross-compiler tool for the RNDR Software Development Kit, orSDK, that lets developers target both the Solana smart contracts VM and Render Network GPU nodes with identical code.
Urbach called Metaplex a huge opportunity to reimagine an NFT marketplace at scale, noting that storefront and smart contract code can be integrated into the art itself. Artists using the Render Network can benefit from custom 3D metaverse-like NFT storefronts coded inside the assets, and payment flows can ostensibly be handled regardless of the number of a given NFT’s rendering contributors.
Thanks to Metaplex, the Render Network will also equip AR creators with the flexibility to make live updates and to live stream renderings of NFTs on the cloud across all devices, including iPads and iPhones. Urbach said:
“To make mixed reality work, it’s more than just rendering. We need to be able to take all the data coming from an iPhone or an iPad and use that to blend and relight the scene.”
A number of Twitter users responded positively to the news. According to MediaFire.com Cofounder Tom Langridge, the keynote was “easily one of the most exciting presentations I’ve seen in the last decade.”
Wow @ real-time metaverse rendering, in-NFT render streaming, and that StarTrek archive. Easily one of the most exciting presentations I’ve seen in the last decade. Really great stuff coming out of #Solana #Breakpoint https://t.co/9jmxnGYviM
— T◎m LangridgΞ (@tlangridge) November 8, 2021
Another user called the Render Network the “the Uber for rendering” that “will power the Metaverse.”
So this is how the Metaverse (for better or worse) is going to be built. Mind blowing demo from @RenderToken – https://t.co/4axU1kkwau
— Mehul Mandania (@MandaMeh) November 8, 2021
The Render Network has already been used by many crypto artists such as Beeple. The work of both Marvel and DC Comic book artist Alex Ross and Star Trek creator Gene Roddenberry is also currently being archived on the Render Network. These Metaverse archives will preserve their respective creations on the blockchain for future utilization.
Robinhood experienced a security breach last week in which hackers gained extensive access to user data.
5 million people had their email addresses stolen, while another 2 million had their full names stolen.
No financial data was stolen, and none of Robinhood’s customers have experienced any financial loss.
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Trading app Robinhood reported today that a security breach resulted in attackers gaining access to user information.
Millions of Users Affected
According to Robinhood, attackers obtained the email addresses of 5 million users and the full names of another 2 million people.
Furthermore, 310 people had additional information stolen, including their name, date of birth, and zip code. 10 of those customers had “more extensive account details revealed.” The company says that no financial information—such as SSNs, bank account numbers, or debit card numbers—was stolen. Furthermore, no customers experienced financial loss.
Robinhood added that the attacker responsible demanded an extortion payment to prevent the information from leaking, but did not say whether it complied with those demands. The company says that it informed legal authorities of the incident and that security firm Mandiant is carrying out an investigation. Robinhood reports that the incident happened late during the evening of Wednesday, Nov. 3 but did not give an exact time.
Other Companies Have Been Targeted
Various other crypto companies have seen less severe data leaks following the same pattern. In late October, CoinMarketCap leaked the email addresses of approximately 3 million users.
Other companies that have suffered similar attacks include Celsius, Ledger, and BitMEX. Though those companies did not necessarily disclose the extent of each attack, each company has roughly 1 to 3 million users, making those attacks smaller by default.
The larger scale of this week’s attack is likely due to Robinhood’s comparatively mainstream appeal. Robinhood is not merely a cryptocurrency app, but rather a retail stock trading app with secondary crypto features.
Robinhood has approximately 31 million users, meaning that the attack affected just under a quarter of its user base.
Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.
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Approaching its all-time high above $67,000, Bitcoin sits at profits across the board. The benchmark crypto took off yesterday moving from the low of its current levels and destroying all opposition to trade at $66,428, as of press time.
BTC on a rally in the daily chart. Source: BTCUSD Tradingview
The general sentiment in the market seems to have flipped bullish once more after a week of sideways price action. This consolidation time period appears to have given bulls enough impulse to taken on its next major resistance at $67,000.
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In low timeframes, as seen below on Material Indicator’s Fire Chart, BTC’s price is accumulating support at $65,000, after this level turned from resistance to support. The chart uses CVD data to determine the buying/selling pressure across multiple price levels.
At $67,000, there is around $33 million in ask orders that represent the bulls’ biggest obstacle to place Bitcoin back into price discovery. Similarly, at $65,000 there are around $16 million in bids orders that could operate as good support for the short term.
Source: Material Indicators
Additional data provided by Material Indicators register a spike in buying pressure from whales and medium size investors. This data is supported by research firm Santiment, as the chart below shows, addresses with over 10,000 to 100,000 BTC accumulated over 43,000 BTC in the past 5 days resulting in more fuel for Bitcoin.
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🐳 #Bitcoin made a major leap in the early Monday hours, and crept up above $66k briefly as most #altcoins lagged behind. Large whale addresses holding 10k to 100k $BTC have accumulated 43k more $BTC and increased their bags +2.1% in just the last 5 days. https://t.co/I2LmF24XDc pic.twitter.com/Rn3swKcjVA
— Santiment (@santimentfeed) November 8, 2021
In that sense, pseudonym analyst CryptoBirb presented a potential scenario for the price of Bitcoin after it broke out to its current levels. This analyst believes BTC could retest the low of $60,000 before the bulls have enough ammunition to propel the cryptocurrency to $80,000.
Related Reading | Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time
Via Twitter, CryptoBirb claimed the following:
$BTC about to pull off new ATH and noobs trying to fade the breakout will only feed this monster enough to fly past $80,000 (…) retest is optional, if I were you, I would not base my entire strategy on it.
Bitcoin Price Validated At $60,000?
In support of the bullish thesis, analyst Willy Woo presented the Bitcoin Supply Profile indicator. According to Woo, this metric shows the BTC market dynamic and how coins have exchanged hands in 2021 suggesting that investors have accepted the $50,000 to $60,000 levels as major support zones. Woo said:
Contour map of every bitcoin at the price they last changed hands between investors. Huge price validation between $50k-$60k. Bitcoin as a $1T asset class IMO is now cemented; hard to see it dropping below this zone.
The next days will be crucial to determine if Bitcoin will retest the lows at these levels or if it will break to the upside with its eye set to burn straight into $100,000 by the end of the year.
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