Weekly Recap: Bitcoin Soars Above $20k, Musk Buys Twitter

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We have browsed through dozens of crypto media outlets and singled out the essential news, so you don’t have to. 

Bitcoin Broke Through the 20k level 

Bitcoin cut through the $20,000 resistance for the first time since early October. On Saturday, the coin almost surpassed $21,000 but decreased to $20,300 2 days later. The chart also shows a local drawdown to $20,100 on November 2nd. 

Since October 25th, BTC’s price has increased slightly over 5%. Glassnode analysts argue that the Bitcoin rate remains in the $16,500–$21,100, reflecting the fragile balance of supply and demand. On-chain indicators signal the absence of a transition from bears to bulls and the risk of a new wave of coin redistribution. 

After comparing the metrics of the current bear cycle with the previous two, experts believe that the price bottom will continue to form in 2022. Bitcoin rates have remained clamped between the realized price ($21,100) and the balanced price ($16,500) for the past three months. In 2014–2015 and 2018–2019, this period lasted 10 and 5.5 months, respectively.

Bitcoin Broke Through the 20k level 

Elon Musk Buys Twitter and Sends Dogecoin To The Moon

Tesla and SpaceX founder, Elon Musk, has finally closed the $44-billion deal for purchasing Twitter’s social media platform. After months of hype, going back and forth, and lawsuit threats, Musk owns it at last. 

Elon Musk Buys Twitter

As for the billionaire’s motives and what will happen to the platform, the media is bursting with speculations. We, however, would like to look at how the acquisition influenced the crypto market. Namely, Dogecoin. Musk’s favorite cryptocurrency.

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Elon Musk Buys Twitter and Sends Dogecoin To The Moon

As you can see, the news of the Twitter purchase sent Dogecoin To The Moon —- its price has more than doubled since October 25th and broke the $0.15 mark for the first time since April. 

Musk is a known promoter of meme-cryptocurrency. In April, he suggested lowering the cost of a Twitter Blue subscription and allowing users to pay for a premium service in DOGE. In June, Musk reaffirmed his support for Dogecoin despite the bear market. 

Visa & Crypto.com Launched NFT Amid FIFA World Cup 

Sports events have always been a prime time for major financial industry players to promote their brands and services. The upcoming FIFA World Cup 2022, which will take place in Qatar, is no exception. 

Payments giant Visa has released its football-oriented collection on the Crypto.com platform. The Visa Masters of Movement auction features five pieces of digital art based on the legendary goals scored by Jared Borchetti, Tim Cahill, Michael Owen, Maxi Rodriguez, and American football player Carly Lloyd during previous World Cups.

The winning bidders will receive the asset in their Crypto.com wallet, a printed file, and signed memorabilia from the players. The auction ends November 8th, and all proceeds will be donated to UK charity Street Child United.

Visa & Crypto.com Launched NFT Amid FIFA World Cup 

2022 Web3 Exploit Losses Amount to $3b 

According to PeckShield stats, in October, the loss of the Web3 industry as a result of 44 exploits amounted to about $760.2 million. The cumulative damage for the year approached $3 billion, almost doubling last year’s figure, PeckShield calculated.

The most considerable losses are associated with the following hacks: 

  • BSC Token Hub bridge on the BNB Chain — $100m
  • Mango Markets DeFi platform — $48m
  • Transit Swap cross-chain exchange — $5,5m
2022 Web3 Exploit Losses Amount to $3b 

Hong Kong Softens on Crypto Regulation 

The Hong Kong Bureau of Financial Services and Treasury has released a statement on easing restrictions on cryptocurrencies and willingness to engage with Virtual Asset Service Providers (VASPs).

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According to the document, the administrative region of China invites VASP to cooperate. The authorities are currently discussing a new licensing regime for crypto platforms. The regulator also noted that Hong Kong is open to crypto exchange-traded funds (ETFs) and promised to ensure appropriate regulatory mechanisms and investor protection.

What else to read/watch 

  1. Stablecoins replaced Bitcoin as the primary source of collateral on lending protocols.
  2. China wants to produce 25 million VR devices by 2026. 
  3. Binance opened its 7th branch in Ireland as part of Europe expansion.
  4. MoneyGram allowed US users to trade and store crypto in the mobile app.