If there is one defining feature about cryptocurrencies, then it has to be volatility. Last weekend, Bitcoin casually registered another all-time high at $69,000 and was expected to break the $70,000 psychological barrier. Instead, Bitcoin experienced a sell-off and slipped back to $62,800 this week before the bulls stepped in to rescue it from further decline. The sell-off likely happened post reports of China’s real estate giant Evergrande defaulting again on its bond payments. In this article, we delve into this story as well as others that influenced the cryptocurrency market this week.
Back in September, China’s Evergrande Group, the country’s second-largest property developer, fuelled fears in the global economy with its valuation plunging to unforeseen lows. Major economies around the world predicted that a default by Evergrande would strain the wider financial markets including the crypto market. As news of Evergrande possibly defaulting on its bond payments emerged again this week, Bitcoin reacted negatively.
Crypto permeates into top brands and personnel
Twitter is building a new division for “all things blockchain at Twitter” called Twitter Crypto which will focus on the future of crypto and its applications at Twitter. The team behind this initiative will be exploring growing interest among creators to use decentralized apps, build communities etc.
Tim Cook, the CEO of Apple with a net worth more than $14 billion, has revealed that he personally owns cryptocurrency. He also stated that it’s reasonable to own cryptocurrencies as a part of a diversified portfolio. However, he clarified that Apple is not currently looking to accept any cryptocurrency as a means of payment in the near future nor is it planning to buy Bitcoin citing that it is not probably what Apple investors want.
Commonwealth Bank of Australia, the country’s leading bank, announced its plans to offer cryptocurrency buy/sell services on its app to the users soon, the first bank in Australia to do so.
MiamiCoin to share profits in Bitcoin
Mayor of Miami Francis Suarez recently made waves across the crypto community after he pledged to receive his salary in the form of Bitcoin. Building on his mission to make Miami a crypto hub, the mayor announced that all the profits from MiamiCoin, which is based on Bitcoin, will be distributed to its citizens. Bitcoin will be distributed in the form of dividends to citizens marking it the first city in the world to do this.
Countries deliberate frameworks on cryptocurrency
As governments around the world discuss how to adapt crypto into existing legacy frameworks, India is seemingly not far behind. In recent news, a committee led by the junior minister of finance Jayant Sinha will host a meeting with the country’s top cryptocurrency stakeholders on November 15. Meeting attendees will include representatives from the India Internet and Mobile Association (IAMAI) and Blockchain and Crypto Assets Council (BACC), which includes some of the top crypto exchanges of India including Giottus Cryptocurrency Exchange.
Unlike India, which is taking a holistic approach towards adopting cryptocurrency, Indonesia’s religious leaders are planning to forbid crypto for Muslims in their country. This decision was brought by the National Ulema Council (MUI), which states crypto as haram, as it they accuse it contains elements of harm, wagering, and uncertainty.