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Musk gives Doge another boost plus a US$100K call for bitcoin in 2022

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Crypto Roundup: A summary of some of the biggest stories in crypto this week

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Elon Musk is back at it again

Elon Musk can’t leave coding alone. This week, the price of Dogecoin rose by as much as 33 percent in one day after the CEO of Tesla Inc. His company would accept it as payment, even if it was only for merchandise.

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“Tesla will make some items purchasable with Doge to see how it goes,” Musk wrote on Twitter on Tuesday.

This wasn’t the first time he had talked about memecoin: he had previously mentioned it during a Saturday Night Live hosting party and was behind at least two other hikes in value. In May, he wrote on Twitter that he was “working with Doge developers to improve system transaction efficiency. Promising potential” and in June tweeted support for a proposal seeking to lower Dogecoin fees.

The Dogecoin exploits weren’t even Musk’s most newsworthy moment of the week: On Monday, he was named Time magazine’s 2021 Person of the Year. In an interview to celebrate this honor, he explained his views on cryptocurrency, noting that while he finds it interesting, he doubts it will replace fiat currency.

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Dogecoin has been in a valuation slump so far this year, rising from a fraction of a penny to more than 74 cents in May. Recently, it was back at around 20 cents, and it traded north of 18 cents on Wednesday afternoon.

Bitcoin Could Reach $100K According to US Regulations: Analyst

Cryptocurrency forecasts for 2022 published last week by Bloomberg Intelligence analyst Mike McGlone predicted that the US would adopt crypto regulation in the new year and this could bring with it “bullish price implications.”

Moreover, McGlone believes that Bitcoin will reach $100,000 on the back of this move.

“We view it as a matter of more time, particularly because of the economic fundamentals of increased demand versus decreased supply,” he stated in the report.

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“The unlimited supply of fiat currencies should keep prices high, especially in bitcoin and ethereum, which have a limited supply,” he added. “We expect wider adoption to prevail and overcome most volatility, such as the 2021 correction of close to 50 percent.”

Bitcoin reached a milestone in supply on Sunday when a coin was mined for circulation bringing the total supply to 90 percent of the maximum of 21 million.

This achievement occurred on the eleventh anniversary of the disappearance of Bitcoin creator Satoshi Nakamoto from the Internet.

90% of bitcoins are lost or stuck in non-refundable wallets. The Coin Metrics Report 2019 puts this number at 1.5 million BTC, but some estimate it to be higher.

It is estimated that by 2030, 98.02 percent of all bitcoins will be mined.

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The dominant cryptocurrency has seen a volatility in a year full of peaks and valleys, heading towards the end of the year at a price of around $49,000.

Nike buys shoe maker Metaverse

Nike on Monday announced its acquisition of RTFKT Studios, a brand that makes virtual shoes in the metaverse.

The studio claims that in February, its collaboration with teen artist FEWOCIOUS to sell actual as well as virtual sneakers made more than $3.1 million in six minutes. The most expensive one, ‘FEWO SHOE EPIC’, is on sale for 420 ETH or $1,581,463.80 at the time of writing on OpenSea.

“This is a unique opportunity to build the RTFKT brand and we are excited to leverage Nike’s foundational strength and expertise to build the communities we love,” Benoit Baguto, co-founder of RTFKT said in a statement. “Nike is the only brand in the world that shares our deep passion for innovation, creativity and community, and we are excited to grow our brand that has been formed entirely in the metaverse.”

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Nike has not revealed how much it spent on the deal. This week, RTFKT also announced its Clone X NFT collaboration with Japanese artist Takashi Murakami.

The RTFKT website, which was founded in January 2020, declared, “Human development in consciousness has accelerated faster than expected. We are here to accelerate our digital future now.”

Binance withdraws plans to the Singapore Stock Exchange

Binance Singapore announced this week that it will withdraw its licensing efforts in the country and will also end its digital payment token services by early next year.

Starting immediately, new user registrations are no longer allowed and existing users can no longer deposit crypto or fiat currencies on the platform.

CEO Changpeng Zhao explained the decision on Twitter: “Binance made a significant investment in the regulated exchange HGX last week. This investment made our private demand somewhat redundant. We will continue to work with our partners to grow the crypto industry in Singapore.”

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This investment was an 18 per cent stake in a regulated private equity exchange in Singapore. Binance has already suspended some services following a September warning from the Monetary Authority of Singapore (MAS).

Other countries that have issued regulatory warnings against the exchange this year include the United States, the United Kingdom, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia and Lithuania. Last week, speaking of efforts to satisfy the UK’s Financial Conduct Authority (FCA), Gao stated: “We are making a number of fundamental changes to our organizational structures, product offerings, our internal processes and the way we work with regulators… We are setting up real offices, and legal entities, a proper board of directors, and appropriate governance structures in most places.”

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The largest online bank in Switzerland opens a cryptocurrency exchange

Jan De Schepper, chief sales and marketing officer of Swissquote, the largest online bank in Switzerland, told Finews.asia that his company plans to open its own cryptocurrency exchange before the end of the first half of 2022.

The bank currently supports 24 cryptocurrencies including Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Chainlink, Ethereum Classic, EOS, Stellar, Solana, Dogecoin and more. Cryptocurrency trading first became available to private clients four years ago.

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De Schepper stated that the bank wants to become “the leading Swiss provider of digital assets,” adding, “We want to enable more trading in various cryptocurrencies on the platform.”

This decision was likely prompted by the bank’s first half of 2021 which saw its net income from crypto investments increase by more than a thousand percent to CHF63.2 million. Last spring, the company saw a huge demand for cryptocurrency, with De Schepper saying, “Our compliance and customer service teams have been nearly overwhelmed by the crypto rush.”

The country has been somewhat of a leader in Europe when it comes to cryptocurrencies. In September, Swiss digital asset bank Sygnum launched an exchange, and this week BBVA Swiss became the first traditional bank in Europe to add Ethereum to its crypto custody and trading services.

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