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Crypto Flipsider News – Bitcoin’s Downtrend, Banks Embrace Crypto, Why Musk Prefers Dogecoin, Myanmar Takes USDT as Official Currency, Exchange Delists XRP, Nike Buys Virtual Sneaker Creator

Crypto Flipsider News – Bitcoin’s Downtrend, Banks Embrace Crypto, Why Musk Prefers Dogecoin, Myanmar Takes USDT as Official Currency, Exchange Delists XRP, Nike Buys Virtual Sneaker Creator
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Cryptocurrency News – Bitcoin Bearish, Banks Embrace Crypto, Why Musk Prefers Dogecoin, Myanmar Takes USDT as Official Currency, Exchange Deletes XRP, Nike Buys Virtual Sneaker Creator

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  • Bitcoin’s bearish slide from all-time highs extends into the fifth week.
  • BBVA (MC 🙂 adds ETH support, German savings bank takes into account crypto wallet, HSBC and Wells Fargo (NYSE:) To settle foreign currencies using blockchain, the International Monetary Fund calls for global regulation.
  • Why Musk is prioritizing over SHIB and Doge are listed on the Indian Stock Exchange.
  • Myanmar takes USDT as its official currency, and delisting is ongoing.
  • nike (NYSE:) Acquires virtual sneaker maker RTFKT in a metaverse push.

Bitcoin’s bearish slide from all-time high extends into fifth week

What many investors thought would be a short correction from the November 10 high of $68,789 continued into the fifth week. Bitcoin has lost more than 37% of its value in the five weeks of continuous bearish momentum.

Bitcoin price chart since november 10. Source: Tradingview

In the past 24 hours, bitcoin has fallen by another 4%, bringing its price down to $47,000 at the time of writing. There is a palpable fear in the market as BTC price is hovering around the 200-day moving average, at $46,720.

A dip below this level could lead to Bitcoin testing the $44K support level, or even a slide towards the $41.5K level. According to Mark Chandler, Chief Market Strategist at Bannockburn Global Forex, Bitcoin has not overcome volatility issues as it matures.

He adds that “volatility is fatal, and among its other supposed qualities, such as [the asset being] Hedge against inflation, it sounds fake.”


  • Although the leading currency is difficult to maintain its gains, Venture capitalists keep coming back Bitcoin with Some are gaining more bitcoin as it goes down.

BBVA Adds ETH Backing, German Savings Bank Considers Crypto Wallet, HSBC, Wells Fargo for FX Settlement Using Blockchain, IMF Calls for Global Regulation

As the leading cryptocurrency, Bitcoin has dominated cryptocurrency adoption, especially by financial institutions. However, in a change of fortunes, Banco Bilbao (NYSE: Vizcaya Argentaria (BBVA) became one of the first banks in Europe to add the second largest cryptocurrency to its product line.

In Germany, Savings Banks, a financial provider famous for holding over €1 trillion on behalf of frugal German clients, is considering offering a cryptocurrency wallet. The bank, which has more than 50 million customers, says the new consideration comes amid growing customer curiosity in crypto services.

Bank leaders HSBC and Wells Fargo have announced an agreement to use a blockchain-based solution to settle foreign exchange (FX) transactions. Banking giants will use the blockchain to settle US dollar, Canadian dollar, British pound and euro transactions in the future.


  • worried about the growth of the industry, The International Monetary Fund (IMF) has called for Global “comprehensive, consistent and harmonized” regulations for cryptocurrency.

Why should you care

After failing to resist cryptocurrencies, banks around the world have adopted crypto services, a trend that could increase mainstream adoption of cryptocurrencies.

Why Musk is prioritizing Dogecoin over Indian-listed Bitcoin, SHIB and DOGE

Elon Musk, the world’s richest man, famous for prioritizing Dogecoin, a meme currency, over Bitcoin, has clarified his position. Speaking as Time magazine’s Person of the Year, Musk explained that daily transactions in Dogecoin hold more potential than Bitcoin.

According to Elon Musk, Bitcoin is more suitable as a store of value due to the network’s low transaction volume and higher fees. By contrast, Dogecoin holds more hope as the network handles transactions better than Bitcoin, with cheaper fees.

In other meme gurus news, both (SHIB) and Dogecoin (DOGE) are listed on India’s leading cryptocurrency exchange, Unocoin.

Unocoin users can now trade DOGE for Indian rupees, however, Shiba Inu (SHIB) with a fiat pair has not yet been launched. Alternatively, the second largest meme can be traded against the number one stablecoin in USD.


  • He put Shiba’s centrality into question, as another mysterious whale bought 125 billion SHIB tokens worth $4.2 million.

Why should you care

While they have gained popularity as meme coins, Shiba Inu and Dogecoin have been steadily adding utility to their ecosystems.

Myanmar Takes USDT As Official Currency, XRP Delisting Continues

The Myanmar National Unity Government (NUG), a parallel government in Myanmar, has installed the stablecoin tether “USDT” as its official currency and as its dollar proxy. The military government overthrew the Government of National Unity, a coalition of pro-democracy groups.

According to NUG, Tether’s USDT stablecoin will make it easier for pro-democracy groups to raise funds and bring down the presidential government. The use of USDT will also help the group bypass restrictions and censorship imposed by the military-led government, which has previously declared all digital asset transactions illegal.


  • As Ripple’s case with the Securities and Exchange Commission continues, XRP’s problems escalate, Where are stock exchanges in Canada removing the asset.
  • Canadian cryptocurrency exchange Bitbuy has announce It will delete XRP on January 13, 2022.
  • The exchange remains open to re-listing the asset, noting that it will continue to monitor XRP after it is de-listed, and “should things change, we will act accordingly.”

Nike Acquires Virtual Sneaker Creator RTFKT in Metaverse Push

As one of the first major sports brands to signal interest in the metaverse, Nike is ramping up its push to expand its reach and establish a foothold in the rapidly growing “metaverse.” On October 27, Nike filed seven patent applications related to metaverses.

Now, less than a month after partnering with Roblox to build the “Nikeland” Metaverse, the sportswear giant has announced its acquisition of virtual sneaker company “RTFKT” for an undisclosed amount.

John Donahoe, CEO of Nike, said in a statement.

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and innovators at the intersection of sports, creativity, gaming and culture.” He further explained that Nike will invest in the RTFKT brand to serve and grow its “innovative and creative community”. The goal is to expand Nike’s digital foothold and capabilities.


  • Despite being one of the hottest concepts, some experts believe the metaverse is doomed.

Why should you care

With this exponentially growing interest in the metaverse, it is likely to become an important part of our daily lives within the next 3-5 years.

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