News Headlines (NOVEMBER 4, 2021)
- Ether hits all-time high
The Ether token, which underpins the Ethereum blockchain network, rose on Wednesday to as high as $4,643 in Asian hours, breaching the previous day’s $4,600 and taking the week’s gains to more than 10 percent. Ether rose to as high as $4,643 in Asian hours, taking the week’s gain to more than 10 percent. According to digital assets researcher CryptoCompare, assets under management (AUM) in digital investment products rose 45.5 percent in October to a record high of $74.7bn. The total AUM for Bitcoin-based products grew 52.2 percent to $55.2bn, while Ethereum-based funds AUM increased 30 percent to $15.9bn, record highs for both categories.
- Two of the biggest cryptocurrencies in the crypto market are set to double in value this year, according to analysts
Ethereum and Bitcoin, two of the biggest cryptocurrencies in the market, are set to at least double their price before the end of the year, according to analysts. Global investment bank, Goldman Sachs, estimates that Ethereum’s price is set to reach $8,000 by year-end — higher than what a recent panel of 50 cryptocurrency experts, put together by Finder, predicted at $5,000. On the other hand, Standard Chartered pegs that Bitcoin will hit $100,000 in 2021 or early 2022.
- Loopring Surges 40%, Solana Replaces Cardano as 5th-Largest Coin as Ethereum Fees Spike
Programmable blockchain Solana’s SOL token has risen by 13% in the past 24 hours to a record high of $234. The cryptocurrency has gained 25% in the past seven days, pushing Solana’s market capitalization to $70 billion – the fifth-largest globally. The average fee on Ethereum, known as gas, has risen by a staggering 2,300% since late June. It has more than doubled to $56 in the past two weeks alone. According to Delphi Digital, a continued rise in Ethereum’s transaction fees would crowd out retail investors, leading to a drop in network usage and the cryptocurrency’s price.
- Steam Bans NFT And Cryptocurrency Games: Implications And Ramifications For The Videogame Industry
The world’s largest gaming platform, Steam, quietly banned the use of blockchain games and NFTs on its platform on October 15, 2021.2 Steam’s decision raises new questions about the ramifications of NFTs for videogame companies. In new platform guidelines released on October 15, 2021, Steam stated that users could not publish “[a]pplications built on blockchain technology that issue or allow the exchange of cryptocurrencies or NFTS.” SpacePirate, a gaming developer, tweeted:”Steam’s point of view is that items have value and [Steam doesn’t] allow items that can have real-world value on their platform. While I respect their choice, I fundamentally believe that NFTs and blockchain games are the future. It’s why I started this journey with all of you.”
- Djimon Hounsou And LÁOLÚ To Launch Premium NFT Collection ‘Time To Heal’, On Binance NFT Marketplace
On November 9, 2021, Djimon and LÁOLÚ will join Binance for a live ‘Ask Me Anything’ chat on Binance YouTube, discussing NFTs, their entrance into the crypto and blockchain space and how NFTs can impact African artists. Djimon Hounsou will be body painted by LÁOLÚ, the Nigerian artist behind the body art in Beyoncé’s Grammy award-winning Lemonade. The abstract image will then be projected on a physical canvas and subsequently converted to a digital NFT version. Binance NFT has also added multi-chain support for NFT deposits and withdrawals. Users can now transfer their NFTs to and from Binance Smart Chain and Ethereum networks with ease.
- How a Squid Game Crypto Scam Got Away With Millions
The way the Squid Games coin scam worked is simple, as far as crypto goes. It takes advantage of the liquidity pool that exists between the Squid tokens issued and commensurate tokens (BNB tokens) issued by Binance, the cryptocurrency exchange. The team behind the Squid Games coin issued their tokens and held the majority of the supply. They converted it into BNB which they then stole away. After 1:38 pm UTC on November 1, $3.36 million that had been invested into Squid Game coin was yanked out of the project by its creators.
- Softbank leads a nearly $100 million funding round for a metaverse and NFT-focused startup also backed by Snoop Dogg
The Sandbox is emerging as the main NFT-based, open metaverse, where the content, economy, and even governance will be in the hands of the players, creators, and users who contribute to this virtual world,” the company said in its press release. The startup has partnerships with brands and people, including Snoop Dogg, The Walking Dead, and CryptoKitties, and has more than 500,000 users with connected crypto wallets. Its cryptocurrency, aptly named “Sandbox,” has a $2.3 billion market valuation, according to data from CoinMarketCap.
- Crypto DeFi protocols lost $1.4 billion this year but recovered over half of it
The DeFi industry has been growing at a breakneck pace since 2020. According to DeFi Llama, the total value locked in DeFi has risen to a massive $254 billion so far, up over 40 times since October last year. According to data from The Block’s Data Dashboard, there was a whopping 1.4 billion taken from DeFi protocols so far this year due to exploits and bugs. According to AtlasVPN, DeFi hacks accounted for 76% of all hacks in 2021. The September report from the company said that the amount lost in 2021 more than doubled against the numbers recorded in 2020.
- Cuba’s crypto artists put new spin on the genre
Artists in Cuba have announced a new spin on the fast-expanding world of crypto art for online collectors, with plans to sell 1,492 digital portraits of Cubans through non-fungible tokens (NFT) to kick off the “CryptoCuban Social Club.” The portraits and people combine the warmth of Cuban society with a digital world that project co-founder Gabriel Guerra said can come across as cold and distant. Buyers of the digital portraits can interact with the “CryptoCubans” after the launch in December, via online platforms and eventually, live concerts and parties in Cuba.
- GALA coin price prediction after Binance listing
The GALA tokens are the digital utility tokens of the Gala Games Ecosystem that operates on the Ethereum blockchain and conforms to the ERC-20 standard. First it was listed on Binance, the world’s largest crypto exchange, on 13 September. And on 16 September, Bibox, an artificial intelligence digital assets trading platform, also listed the Gala Games coin. After hitting $0.021 on 12 September, the GALA coin value rose 488% to the all-time high of $0.1236 on 18 September, according to data from CoinMarketCap. Since reaching record-highs, the coin has struggled. It’s currently (2 November) trading around $0.93.