The cryptocurrency _brain trust_ got a chance to speak in front of congress at a House Financial Services Committee hearing this week.  A collection of six of the most influential CEOs in crypto passionately lobbied lawmakers to adopt a “_mostly_ hands off” approach in terms of new regulatory measures being considered as Washington tries to determine how best to regulate a $3 trillion digital assets market – an environment that the Securities and Exchange Commission (SEC) has compared to the “Wild West.”

Since the inception of the cryptocurrency market a decade ago, it’s safe to say that a majority of the adults living in the U.S. now have a basic understanding of what cryptocurrencies like Bitcoin and Ethereum are, and [16% of them have actually invested](https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/) in the digital assets – this is especially true for men in the 18 – 29 age bracket. 

## A Global Force for Good

The overall tone of the hearing was undoubtedly “pro-crypto” as there wasn’t a single detractor among the witnesses that did speak.  Essentially, the crypto CEOs promoted the digital asset market as a global force for good and urged congress to lead the world in embracing it.

The talking points were many, but one of the most profound messages was that the technology _powering_ the cryptocurrency market can not only expedite and cut the costs of financial transactions, but lawmakers were urged to look at blockchain technology as a “revolutionary innovation” that the U.S. could step in and lead _globally_…if it so chooses and with the right leadership in place.

During the hearing republicans and democrats both showed clear signs of skepticism toward the financial risks associated with the cryptocurrency market, _but it was the Republicans_ who sided with the CEOs in their viewing the approach that the SEC has taken toward the industry as being “distasteful,” at best.  The recent clashes between the SEC and major crypto firms are well documented as agency chair, Gary Gensler, has long tried to paint digital assets as a security or a type of investment contract that merits SEC regulatory oversight.

## Cryptocurrency Leaders Disagree

A future in which the SEC would actually be considered for regulatory oversight means a clear misinterpretation of the market by lawmakers.  Their argument against SEC regulation rests on the fact that blockchain tokens _are not_ securities but rather digital property or a way to record ownership.  Clearly, we are still very early in the regulatory process if the two sides still haven’t been able come up with a list of agreed-upon definitions for key terms like “what _is_ a digital asset?”

All of the rifts discussed at the hearing could be a signal that it may still take years to put together a solid and permanent regulatory framework for cryptocurrencies, but there were very specific comments that would give cryptocurrency investors hope.

For example, Rep. Patrick McHenry (R-N.C.), poised to chair the committee if the GOP wins back the House, said it is a priority to ensure that the "cryptocurrency revolution" happens in the U.S. rather than overseas.

Hopefully, lawmakers will take McHenry’s advice.


Top Crypto CEOs Engage Lawmakers at Hearing

Since Mark Zuckerberg moved to rebrand Facebook, and everything under his company’s control, into a new entity called “Meta,” much of the mainstream public was introduced to the term _metaverse_. But what is the metaverse?

Quite simply, a metaverse is a _virtual_ world.  It’s an online environment where people adopt the form of avatars to play games, build things, or just socialise.  The important takeaway is there is not _just one_ metaverse like there _is one_ Internet.  Facebook is only one of _many_ companies planning to offer users the ultimate “virtual world” in hopes of enticing them to bring their digital avatars and come live in _their_ world.

While the mainstream public decides whether the metaverse is something they need to take seriously, a large segment of the cryptocurrency investment community already has. 

The real value of blockchain technology is becoming more evident as cryptocurrencies play an increasingly more prominent role in the metaverse, serving as the medium used for the transactions that occur in these virtual worlds.  Metaverses that use cryptocurrencies such as Decentraland and The Sandbox have gone gangbusters lately in terms of popularity.

## Virtual Real Estate

There is even an emerging _virtual_ real estate market, and people are beginning to snatch up virtual plots of digital land in these electronic environments for substantial amounts of money.  One plot of land sold for a jaw-dropping $2.4 million on Decentraland’s platform.  Every kind of social activity from virtual performances to browsing shopping malls will have a presence in the metaverse.  As more and more people begin “living” in these virtual worlds it is anticipated that digital property owners may even begin to work with recognisable brands that want to build up a presence in the metaverse.

While traditionalists and curmudgeons still think investing in the metaverse is janky at best, the health-care industry is already adopting the same technologies, like virtual reality and artificial intelligence, to power their medical devices.  In other words, this technology is proving to be applicable to more than just gaming.

In the last analysis, there are some very influential people who are driving the adoption of the metaverse by suggesting they _truly will_ change the world in much the same way the internet did when it began in 1995.  If they prove to be right, the following three cryptocurrencies stand to gain significantly in the months to come:

### Decentraland (MANA)

[Decentraland](https://decentraland.org/):  MANA, the cryptocurrency of Decentraland’s platform, reached an insane market cap of over $10 billion in November but has cooled a bit in the last few days, along with the rest of the market, settling at a market cap of just over $6 billion.  MANA is considered _the_ digital coin to watch as the metaverse wars heat up.

### Sandbox (SAND)

The Sandbox: In this writer’s opinion, the cryptocurrency SAND is in the strongest position to benefit from mainstream adoption of the metaverse.  It is the cryptocurrency of the “The Sandbox,” a hugely popular platform gaining more users by the day.  Though falling more than 25% in the last seven days, SAND skyrocketed more than 300% in the month of November alone.

### Axie Infinity (AXS)

[Axie Infinity](https://axieinfinity.com/): The blockchain name of the very popular online crypto game that lets users play to collect in-game (AXS) currencies.  The AXS market cap is currently just over $6 billion but reached a high of nearly $10 billion last month.  Pundits suggest that AXS could double in the near term if mainstream adoption of the metaverse continues.

Bitcoin is still the largest cryptocurrency by market value, though its dominance has steadily declined as other cryptocurrencies draw the attention of investment communities.  Bitcoin now accounts for around 40% of total market value, down from 70% in January 2021.

The Popularity of Metaverse Crypto Continues to Grow

We have been here before.  The “flash crash” that occurred the morning of December 4th can likely be attributed to many factors, but the lesson is the same - investing in cryptocurrency requires the wherewithal to deal with extreme volatility.  [Bitcoin](/coins/btc) continues to reign as the industry titan and when the price suddenly plummets, like it did Saturday morning, altcoins and other cryptocurrencies are likely to follow suit. 

Crypto-investors found themselves having to deal with that exact scenario this past weekend.

## Omicron Variant Effects Prices

Hopes of seeing Bitcoin achieve a year-end price level of $100,000 were dashed in only moments when monetary policy rumours and speculation about the new Covid-19 variant, Omicron, sent tremors through the cryptocurrency marketplace.

The world’s original cryptocurrency suddenly lost more than 18% in value, dropping to as low as $42,875…_all within the span of a single hour_.  As the new week begins, Bitcoin has already recovered some of that value back, creeping just above $50,000.  But, still well below the $55,000 - $59,000 price range the digital coin traded in the week prior to the crash.

Don’t act surprised.  Experiencing a 30-40% price fluctuation within a single month is something to be expected as the cryptocurrency market continues to mature.

## Buy The Dip- Opportunity?

Following closely behind Bitcoin, the world's _second-_largest cryptocurrency by market capitalisation, [Ethereum](/coins/eth), declined to $3,525 per coin – the digital asset’s lowest price in a month, though it has since recovered some of the lost value. 

There are investors among us who have waited patiently for this opportunity.  The more experienced crypto-investors among us are seeing a familiar pattern – a significant and sudden market decline “washes out” the crypto-newbies who’ve been playing the cryptocurrency market like a casino, and while those players are making for the hills, the more prudent among us view the market carnage as a buying opportunity.

In other words, is this an opportunity to “buy the dip?” 

Even if we take Saturday’s precipitous drop into consideration, Bitcoin was trading just over $29,000 when 2021 began so it is still up over 65% on the year.  Lately, we seem to have been standing on the edge of what many would consider “mainstream adoption” of cryptocurrencies like Bitcoin and Ethereum.  But those aren’t the only two “would be” buying opportunities right now. 

## Rise of The Altcoin

Last weekend’s sell-off affected other altcoins that had been riding a trend of popularity in 2021, making such affected digital assets no less enticing in terms of “buying the dip.”  [Polkadot](https://coinmarketcap.com/currencies/polkadot-new/), which trades under the symbol DOT, looks especially appealing right now.  The digital asset lost nearly 10% of its value in the first 24 hours of the sell-off, but most suspect the decline had come as a result of the broader market sell-off.

At present, Polkadot is showing signs of recovery which would suggest strong investor support for this suddenly popular digital asset.  Polkadot has evolved to find a place on the list of the top-ten largest cryptocurrencies by market capitalisation, we assume for a reason.  Investors looking for solid projects to invest in that demonstrate future potential might have a reason to consider Polkadot right now.  Like, _right_ now…

Popular Altcoin Prices Drop in Unison

What an incredible year for the value of altcoins and lesser known digital assets. It would seem that all that is needed for them to go from complete obscurity to front page news is the connection to the right meme or to benefit from a well-timed tweet from some quirky and eccentric billionaire.

A cryptocurrency called Omicron is currently enjoying such notoriety, if only momentarily.

## Beast Mode

While treading water for much of the past week, the popularity of Omicron went into full ‘beast’ mode once the media announced a coronavirus variant that had been discovered in southern Africa and was given the same name as the coin.

From what we can determine, Omicron was launched on or around November 8th but already it’s identifiable by much of the mainstream public. The coin shot up 10 times in value from last week Friday till Monday as the news of the virus permeated all the major news outlets.

‘Experts’ said the rapid rise in popularity was likely attributable to the fact that both the new coronavirus variant and the coin share the same name. Good guess.

### There are other coins, once relatively obscure, that have quickly risen in popularity as well:

**SAND** – A digital asset that’s being mega-hyped by metaverse enthusiasts. SAND are tokens that can be traded or earned upon completion of certain adventures within the popular virtual gaming world called Sandbox. The digital coins recently traded at around $7 and have enjoyed an eye-popping 80%+ increase in value in the past week alone.

The metaverse, which is a combination of multiple technologies, including virtual reality and augmented reality where users can hypothetically ‘live’ within the technical platform, is gaining attention from some very big, highly recognisable companies that are considered industry leaders. According to a recent statement from one such company, Adidas, they are keenly focused on how the metaverse develops saying that it is ‘…currently one of the most exciting developments in digital, making it an interesting platform for Adidas’.

**MANA** – Another coin that’s riding the Metaverse wave of popularity. The MANA coin is associated with the [_Decentraland_](https://decentraland.org/) Metaverse and rose from $2.81 to $4.67 during the month of November. If metaverse environments pique your curiosity, Decentraland is an interesting story. There were many headlines that mentioned Decentraland last month which has a tendency to happen when a nation like Barbados starts to make remarks that it is taking steps to setup a virtual embassy in Decentraland’s metaverse.

The increase in value of altcoins mentioned above seem to have been initiated by Facebook’s announcement in October that the company would be adopting a new name - Meta, a new mission that hopes to ‘bring the metaverse to life’.

Overall, the cryptocurrency market demonstrated mixed results this week.

As we close out 2021, Bitcoin was projected to reach a year-end value of $100,000, but in terms of reaching that value, the market’s key digital asset would need to stage more than a 75% rally in the next four weeks.

BTC Set to Miss Expectations; Altcoin News

Here’s a crypto market round-up for the past week with some highlights you might have missed.

## A Buying Opportunity for Ripple (XRP)?

Earlier this week, Ripple CEO Brad Garlinghouse said that his company was making significant enough progress in the company’s legal battle with the US Securities and Exchange Commission (SEC) to make him think the lawsuit would likely end next year. Whatever the outcome, the results of the lawsuit are expected to have a widespread effect on the cryptocurrency industry as a whole.

Thus far, the ongoing legal battle between the SEC and Ripple has interfered with the potential of Ripple’s digital coin ([XRP](https://coinmarketcap.com/currencies/xrp/)). The XRP coin has _not_ enjoyed the same rate of success as other lesser-known digital assets, but all things considered, the XRP coin _is_ up more than 130% year-to-date which is quite an accomplishment for such an embattled company.

The XRP has been on a downward trend since hitting a ceiling of 1.35 on Nov. 11th, and if the XRP coin should fall to .85, many believe it would be the key support point for XRP and a good opportunity to buy again.

If the outcome of the SEC affair leans in Ripple’s favour, many believe it would send the market into a massive buying frenzy. If what Garlinghouse says is true, we don’t have much longer to wait.

## Dogecoin - Most “Googled” Cryptocurrency

Continuing our crypto market round-up, we move to Dogecoin.

It can only be interpreted as a ‘positive’ for the cryptocurrency that was originally created as just a joke by a couple of software engineers back in 2013. Dogecoin became the most-googled cryptocurrency in more US states than crypto titans Bitcoin and Ether combined. So, will Doge go up based on recent popularity surges?

According to research by [The Advisor Coach](https://www.theadvisorcoach.com/), a financial advisor, Dogecoin, a cryptocurrency that is based on an internet meme of a Japanese Shiba Inu dog, was the most Googled cryptocurrency in more than 20 states, including Florida, Illinois and Michigan.

2021 has been a great year for Dogecoin thanks largely to mega-boosters like Tesla CEO, Elon Musk, who has made positive remarks about the cryptocurrency on Twitter and has even hinted at the possibly of accepting Dogecoin as a form of payment for his car models. Dogecoin is up approximately 5000% since it was introduced, according to some valuations.

## Crypto Wallet Start-up BRD Bought

Crypto wallet start-up BRD, formerly known as Breadwallet, has been acquired. BRD is behind the digital asset Bread (BRD) and once news of the acquisition by Coinbase was announced, crypto investors were buying.

The price of BRD coin immediately went stratospheric, achieving a 500% plus increase in value within just two hours of the news being announced.

BRD went from approximately $0.16 and peaked just over a dollar per coin ($1.01).

BRD co-founders Adam Traidman and Aaron Voisine said that deal ‘will accelerate the company’s decentralization goals’ and that ‘nothing will change’ for users following the company’s acquisition.



Will Doge Go Up & Is it Time to Buy XRP?

Moves to outlaw private cryptocurrencies in India are being seen as a crypto investment opportunity by some.

Maybe it was just one of those overdue ‘gut check’ moments that newer markets sometimes need to experience on their course of evolution towards maturity. After enjoying a sensational run, cryptocurrencies in India were rocked this week by the news that the government will introduce a Bill in the Parliament that could ‘outlaw’ all _private_ cryptocurrencies.

## Jitters Among Crypto Investors

Granted, the government of the country with a population of 1.4 billion said it would make certain exceptions to ‘_promote_ the underlying technology of cryptocurrency and its uses’.

The news caused jitters among newer crypto investors.

September and October brought a lot of newcomers to the digital assets market and this kind of development has produced knee-jerk reactions from investors in the past. This is particularly the case with new (as in skittish) crypto investors who are likely to jump the crypto-ship at the first sign of danger.

Not only have digital coins like Ethereum and Bitcoin enjoyed a ride to new heights in value recently because of the recent influx of funds, but a new kind of digital asset, non-fungible tokens (NFTs), even found a home in the headlines for their skyrocketing values and enigmatic characteristics.

## Meme Coins Lose Value

A closer look at India, and the posted bulletin, reveals that the ban is a component of the proposed _Cryptocurrency and Regulation of Official Digital Currency Bill_ slated for introduction at the coming winter session. The legislation is purported to achieve the creation of ‘…a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)’.

Yesterday morning, according to [Bloomberg](https://www.bloomberg.com/news/articles/2021-11-24/a-huge-arbitrage-opportunity-has-just-opened-up-in-crypto), the mega-popular coins Shiba Inu and Dogecoin had lost considerable value – more than 20% on the WazirX crypto exchange in India. The damage seemed to be relatively contained _to_ India as values of the same coins on popular exchanges remained largely unchanged.

What’s most compelling about news like the proposed ban is the opportunity it creates for arbitrage; activities where the savvy investors jump into action to pick up a few assets for a bargain price with the intention of profiting elsewhere, usually another exchange.

## WazirX Experiences Trading Delays

A [report from CoinDesk](https://www.coindesk.com/markets/2021/11/24/stablecoin-tether-crashes-on-indian-exchanges-traders-buy-the-dip/) sheds a bit of light on the phenomenon, but the shell game of buying and transferring funds to a different exchange after purchasing assets at a lower cost is much harder than it sounds.

Still, the attempts were being made and the WazirX had to send out a tweet that it was experiencing trading delays in their app after exchange users were voicing frustration that they could not move their crypto. Arbitrage opportunities in the crypto-market have long been one of the primary targets of regulatory efforts.

The good news is that 2021 will go down as a big year for cryptocurrency. It was the year that key players on Wall Street built up enough confidence to make substantial investments in the digital assets and mainstream adoption now seems achievable. Whether India’s proposed ban will have any long-term consequences is yet to be determined.

Is India ‘Ban’ Bill a Crypto Investment Opportunity?

The crypto bull market seems to have stumbled this week? Why?

Earlier this week, the CEO of AMC Theatres, the largest movie theatre chain on the planet, said his company would begin accepting shiba inu coins as payment through Bitpay wallets. This could happen in 60 days.

While a positive news story, it did nothing to prevent the crypto bull market from cratering out over the past 24 hours after a seemingly parabolic rise.

Two of the market’s titans, [Bitcoin](/coins/btc) and[ Ethereum](/coins/eth), led the decline, exhibiting sharp drop-offs in value after setting new all-time highs last week.

## Bitcoin Value Falls

Bitcoin’s value fell below $58,000 on Thursday - a sharp contrast to the digital asset’s achievement the week prior when the price shot up to over $68,000 for the first time.

Some are quick to associate the recent decline in cryptocurrencies with President Biden’s signature on a new $1.2 trillion infrastructure bill, which includes specific language on the tax reporting requirements for cryptocurrency exchanges.

The news that some of the proposed legislation may treat _stablecoin issuers_ like banks didn’t sit well with investors. Still, there are investors that have developed a bit of an appreciation for these ‘corrections’ considering how it aligns with their investment strategy of ‘buying the dip’.

But not all of us are willing to adopt this strategy, and a harsh dip can chase off new investors. Sometimes, permanently.

## Is the Crypto Market Immature?

Consider for a moment that market volatility like we’ve seen in the last day or two can be directly linked to the crypto market’s immaturity. Cryptocurrencies, by and large, have yet to achieve a state of ‘mainstream adoption’, meaning many, _many_ traditional investors are still watching from the sidelines.

Volatility, from a crypto bull market to a bear market, has come to be expected. When a celebrity tweet can send a particular coin upwards of 10% or more, it’s a sign of a market still evolving.

Another bit of news that may have triggered the _flight_ mechanism among some investors had to do with Chinese regulators intensifying their efforts to ferret out those in the country still involved in Bitcoin mining activities, something the Chinese government outlawed earlier this year.

America’s infrastructure bill and China’s clamp down on mining activities both had an obvious impact on Bitcoin. As the key digital asset used in assessing the health of the entire cryptocurrency sector, both announcements had a negative impact that rippled across the entire market.

## Mainstream Adoption of Crypto

Still, there were signs this week that cryptocurrencies will continue making their push towards mainstream adoption.

The Los Angeles sports arena, home of the NBA’s Lakers and Clippers, will be renamed from the “Staples Center,” the formal name of the 20,000- seat arena since 1999, and become the “Crypto.com Arena” in a $700 million deal for the naming rights.

As a result, Crypto.com’s digital coin, CRO, was buoyed to an all-time high of $0.593 on Thursday after the company won the naming rights.

Lastly, the crypto ‘brain trust’ anticipates that more digital coins will become an accepted form of payment for many more vendors in 2022. AMC has jumped on the bandwagon, McDonald’s and Burger King are in the conversation, even charities are embracing cryptocurrencies as more and more investors take their positions in the market.

As this trend evolves, the value of cryptos will likely increase and the market will continue to evolve, not retract.

Infrastructure Bill ~ Crypto Bull Market Stumbles

There’s a lot of chatter about the brave new world of crypto ETFs. So, what’s going on?

[Bitcoin](/coins/btc) (BTC) and [Ethereum](/coins/eth) (ETH) are two of the most popular and heavily capitalised cryptocurrencies on the digital assets market today. Both have gained a reputation for being a starter home of sorts for new investors who are finally ‘ready and willing’ to take their first steps into the world of cryptocurrency investing.

Cryptocurrencies have gone an a remarkable run these past two quarters and while many investors remain wary of the market hysteria, they can also benefit from its innovations. In terms of investment opportunities, the proliferation of new cryptocurrency exchange traded funds (ETFs) has further simplified (and accelerated) the adoption of digital currency investments among newcomers to the digital assets market.

## The History of ETFs

ETFs are a widely adopted strategy used by investors who want to ‘diversify’ their exposure to a particular industry, class, or sector. They were first introduced in the 1990s and rapidly gained popularity with _individual_ investors for their simplicity.

The first Bitcoin ETF in the US started trading on October 19, 2021, and now several crypto ETFs have followed suit. Some of them offer access not only to Bitcoin, but also Ethereum and other popularly traded coins.

### Here are examples of crypto ETFs setting the trends:

[ProShares Bitcoin Strategy ETF](https://www.proshares.com/funds/bito.html) (ticker: BITO)

Kiplinger has officially called the ProShares Bitcoin Strategy ETF ‘[a blockbuster](https://www.kiplinger.com/investing/etfs/603621/proshares-bitcoin-strategy-etf-bito)’. A fitting name for an ETF that successfully attracted a mind-boggling $1 billion of investors’ money over the course of 48 hours after the ETF was launched. The BITO ETF is historical in the sense that it was the first crypto ETF that the Securities and Exchange Commission allowed to trade on a major US exchange. At present, the BITO ETF has close to $1.5 billion in assets.

Grayscale Ethereum Trust (Ticker: ETHE)

For investors willing to invest outside the ‘safety’ of Bitcoin, Grayscale offers their Ethereum Trust ETF. Widely recognised as the number two cryptocurrency, Ethereum came to fruition once people began to realise that Bitcoin’s blockchain technology could be utilised in myriad ways. Voila! The world found the second most popular digital token – Ethereum. As the name would suggest, this ETF seeks to track the ETH market price and presently has $14.5 billion in assets.

[Bitwise 10 Crypto Index Fund](https://www.bitwiseinvestments.com/funds/Bitwise-10) (Ticker: BITW)

For those with an appetite for more risk, this ETF is the world’s first crypto _index_ fund offered to provide investors with a way to get more exposure to the crypto market _beyond_ what Bitcoin alone may offer. Earlier this summer, it was reported that Bitcoin’s share of the total market capitalisation of the crypto market fell from 69% to 42% as other assets like Ethereum, Cardano and Solana have grown in popularity. Bitwise says it screens the fund’s holdings for certain risks and rebalances it monthly. While Bitcoin and Ethereum both have a role to play in this ETF, additional holdings include digital assets such as Algorand and Uniswap. The BITW fund has $1.4 billion in assets.

Investors that are looking for space in between the world of traditional stock investing and the wildly innovative and volatile ecosystem of cryptocurrencies may find what their looking for in the expanding market of crypto ETFs.

The Brave New World of Crypto ETFs

Let’s talk Ripple and XRP.

Earlier this week, the overall market cap of cryptocurrencies hit $3.3 trillion. It’s an amount that merits attention and has further prompted regulators and financial authorities to accelerate the tempo in writing a regulatory rulebook for the market.

However, first they’ll need to cut through their own confusion on how these financial instruments work.

Can _all_ digital assets be categorised as a form of currency or are some them _securities_ masquerading as currencies? It’s one question among many that regulators are asking.

## Ripple Labs

One blockchain company that knows this all too well is San Francisco’s Ripple. A fintech company that popped up a decade ago, Ripple Labs originally promoted a strategy that would offer financial institutions a new low-cost method of performing expedient trans-border money transfers.

To achieve as much, Ripple Labs built the technical infrastructure on which transactions sped across the globe in the form of a cryptocurrency identified as XRP. Ripple created 100 billion units of XRP in 2012 and allotments were sold off while Ripple remained a majority holder.

This is where Ripple found itself in trouble with the Securities and Exchange Commission (SEC). Because of the way in which XRP was distributed, it appeared, to some, that XRP functioned _more like a stock or security_ rather than a currency. By December 2020, SEC chairman, Gary Gensler, had seen enough and initiated a lawsuit against Ripple Labs for how the company distributed XRP, claiming the company was selling an unregistered security, _not_ a currency.

## Lawsuit Causes Anxiety Among XRP Supporters

The pending case initiated a sequence of negative events that cratered the price of XRP and got the asset delisted from many popular crypto exchanges, the most crippling being Coinbase. The lawsuit has continued to drag on causing anxiety among XRP supporters and investor, and many legal experts have said that the lawsuit is unlikely to have an ending this year.

However, Ripple has demonstrated some legal prowess since the lawsuit was filed, accruing small victories in the proceedings while simultaneously attracting troves of new investors who have faith in a favourable outcome. Frankly, at the current rate of mainstream adoption, a settlement deal could be reached at any time and November 2021 is expected to be particularly revealing in terms of what’s next for the lawsuit.

Today will be a crucial as it marks the deadline for the exchange of _Expert Rebuttal Reports,_ an expert analysis of each opposing party’s claims. Once those reports are submitted, the second half of November should be rife with opinions on where the lawsuit is headed and when it might finally get resolved.

Getting down to brass tacks, it seems that Ripple has the momentum and SEC Chair Gary Gensler can’t be pleased with how things have unfolded with his lawsuit. The inability to close a ‘slam dunk’ case against a gritty crypto start-up hardly has any place on a resume for someone who’s vying to be the next Secretary of the Treasury. Will Gensler broker a settlement deal with Ripple? It’s possible.

If so, not only would it be a move that would put XRP right back on the exchanges that delisted it, including Coinbase, it would be a ‘drinks for everyone’ kind of announcement that would send the whole market upward.

More [Coin news](/news/category/crypto-coin-news).

Ripple, XRP Latest News- The SEC Lawsuit

New York City’s mayor  Eric Adams took to Twitter last week saying that he would accept his first three wages in Bitcoin. The bond between Bitcoin and newly elected US officials is growing stronger, and that’s likely to hasten the pace at which new cryptocurrency regulatory measures are implemented.

The remarks were interpreted as an attempt to upstage Miami Mayor Francis Suarez, who said earlier that _he_ would accept 100% of _his_ salary in Bitcoin. Suarez told a major media outlet that the move would ‘send a message to the world that we are going to be one of the most innovative governments and innovative cities on the planet’.

Adams is apparently hoping to promote the same message in New York City.

## Will Crypto Contribute to the Economy?

The mayoral announcements are another win for cryptocurrencies, but they also serve as a reminder that Bitcoin, unlike any other asset class, still operates without any governing body overseeing them. Nor do they have a centralised, regulated exchange where people can go to trade them.

Whether either mayor has any success in dictating to their employers the currency in which they must be paid is yet to be seen, but for big media markets like Miami and Chicago to suggest that cryptocurrencies will be a core component of their city’s economic makeup only adds fuel to Bitcoin’s upward trajectory, and that means the current US administration is feeling more pressure to apply regulatory measures to an environment it’s only now beginning to understand.

## Crypto Regulation Steps In

Cryptocurrency regulatory oversight will likely be divvied up among several regulators, including the Securities and Exchange Commission (SEC) with the key players expected to be:

### U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler - The SEC’s primary role is to protect investors and ensure the markets function in an orderly fashion. Gensler, who has extensive regulatory experience, is expected to make the most meaningful contributions to writing the new cryptocurrency regulatory rulebook. What is perhaps most intriguing about Gensler is his previous role at the storied ‘MIT’, the Massachusetts Institute of Technology, where he taught a popular course called ‘Blockchain and Money’.

The most revealing of Gensler’s comments came at a recent conference where he compared cryptocurrencies, an asset class that’s been in existence for about 13 years, to a teenager, suggesting that the technology can’t be expected to reach ‘adulthood’ without regulatory oversight to usher the market to a state of maturity, and to stave off scams and criminal activities.

### Treasury Secretary Janet Yellen - Applauded for breaking so many glass ceilings, Janet Yellen is currently serving as the first female Secretary of the Treasury. As the incumbent of one of the most influential positions in American finance, it is within Yellen’s purview to lead the US Government in its oversight of the cryptocurrency market and its brokers. Prior to her role as secretary, Yellen spent several years as a member of the Federal Reserve Board of Governors where she peaked as the chair of the Federal Reserve.

In many forums, Yellen is often excoriated for showing little support for the cryptocurrency market. While Yellen certainly can’t be considered a cheerleader of the digital assets market, I do believe she is genuine in her concern for reeling in the misuse of existing digital currencies, and that’s is something that would further strengthen an already robust cryptocurrency market.

### Sen. Elizabeth Warren (Massachusetts) - Calling Senator Warren the _Cruella de Vil_ of the cryptocurrency universe may be a bit harsh, but the east coast progressive’s recent comments on digital assets most decidedly places her in the ‘sceptics’ column. Earlier this summer, Sen. Warren told [CNBC](https://www.cnbc.com/world/?region=world) that she’s doesn’t consider Bitcoin a reasonable hedge bet against inflation over the long run, and that’s one of the marquee reasons that some investors use as justification for purchasing Bitcoin, as a hedge against inflation.

## The Future for Crypto Wages

Looking ahead, Warren will be directly involved in formulating new regs on crypto in her role as a member of the Senate Banking Committee.

Cryptocurrencies are a technology that will revolutionize financial transactions at every level, and it will be incumbent on governments to come up with the appropriate cryptocurrency regulatory framework. The sooner reasonable regulations are applied, the sooner digital assets can evolve to their next level of usefulness.



Eric Adams: Wages in Bitcoin?

The decentralised nature of cryptocurrencies posed a major issue for big banks, but the evidence is that the old-style financial institutions are slowly entering the crypto-market. Here's our Bitcoin bank review: 

It was Halloween, 2008, when someone identifying themselves as _Satoshi Nakamoto_ released the [Bitcoin](https://coinmarketcap.com/currencies/bitcoin/) white paper – an analysis of the viability of digital currencies in the world’s existing financial ecosystems.

The release of the report touched off a powder keg that exploded into a trillion-dollar market. The wild success of Bitcoin has given way to a constellation of new digital currencies with applications in virtually every market across the globe.

However, there is one founding principle of Bitcoin that has always rankled the brain trust of the traditional banking system. Cryptocurrencies would be a decentralised market, and through their application, individuals would be able to transfer money _without_ a middleman or intermediary. This decentralisation posed a serious threat capable of eliminating the central and very powerful role that banks have traditionally played if Bitcoin ever became popular.

## Has it ever?

As the adoption of Bitcoin and other cryptocurrencies accelerated, regulators scrambled to come up with measures to control it, but these regulatory efforts served to _legitimise_ Bitcoin in the eyes of the public. The logic is that if the government wants to regulate it, then _it must_ be legit, and that would do much to encourage the mainstream adoption of cryptocurrencies.

Until recently, the biggest banks have made disparaging comments about Bitcoin, hoping to discredit the digital assets in the minds of regulators, government officials, and pretty much anyone willing to listen.

Most notable of all, the CEO of [JPMorgan](https://www.jpmorgan.com/global). The nation’s largest bank leader has been leading the attempts to torpedo Bitcoin’s momentum by calling it “a terrible store of value” and warning of its potential role in financing criminal activity. Even back in 2018, Bank of America’s wealth managers were told they were being barred from putting any client money into investments considered cryptocurrency related.

## A Change of Heart for Bitcoin

Their attempts seem to have been in vain. Now, the world’s most powerful banks are realising their efforts would be more wisely invested trying to profit from crypto rather than continuing to lead ineffectual campaigns to slow its adoption. Still, this sudden change of heart will come at a price. While the bigger banks were busy slandering anything crypto, a new financial ecosystem evolved without them.

New cryptocurrency businesses and exchanges have begun to offer incentives one would expect to see only from a traditional banking system, like [credit cards](/news/article/crypto-debit-card-uk) and loans. Investors and businesses are widely embracing the world of digital currencies, and mainstream adoption is proceeding at a frenetic pace.

## Changing Regulatory Approach

Now that the pendulum is swinging to pro-Bitcoin, the traditional banks have decided they want “in” on the profits. Major banks are making serious attempts at figuring how cryptocurrency can translate into new offerings and services for their clients. Banks have also changed their approach with regulators, lobbying them to create rules that work in _their_ favour and criticising them _for not moving quickly_ enough on cryptocurrency regulation issues.

Even JPMorgan, formerly the most vocal adversary of Bitcoin, [launched its own digital currency](https://www.jpmorgan.com/solutions/cib/news/digital-coin-payments) in 2019.

Now that there are more than 220 million global users of Bitcoin it is becoming more apparent that digitally formatted assets are here to stay. The general bitcoin bank review is positive; what do you think? If traditional banks now believe in cryptocurrencies deeply enough to throw their support behind their ownership, the best days for cryptocurrency are yet to come.


Bitcoin bank review: Losing the War?

Cryptocurrency investment communities are holding their breath as they await confirmation of the news, is it true?  There is no denying that crypto-investors are being tantalised with recent reports. Such reports suggest that China may be in the midst of reconsidering its current [bitcoin](/coins/btc) ban and other cryptocurrencies.  Such an event could trigger monumental gains in cryptocurrency. It could also set further ablaze a market that’s already been on a serious bull-run.

## Bitcoin Banned in September

In a move that smacked of suspicion right from the moment it was announced back in September, Chinese regulators had prohibited all cryptocurrency mining activities. The country cited concerns that speculative trading was “disturbing economic and financial order \[and\] breeding illegal and criminal activity." This is according to a People’s Bank of China statement.  In simpler terms, cryptocurrencies were a financial component of the communist regime’s economy that Beijing discovered was impossible to control with any amount of precision. Ironically, decentralisation is a deliberate concept of Bitcoin and one of its foundational principles.   

But the coup de grâce of September didn’t come out of the blue.  Beijing had been taking steps to impose legal restrictions on a wide array of cryptocurrency activities dating back to 2013.  Despite the Chinese government’s efforts, their crypto industry continued to thrive.

In fact, the Chinese ban has done little in terms of weakening the mainstream adoption of Bitcoin and other digital assets. The move was especially pivotal in catapulting the US to the top of the world’s crypto mining nations.  Even GOP lawmakers suddenly saw the benefit of making the U.S. a _global_ cryptocurrency hub after China's recent ban.  Since then, the value of bitcoin has doubled in price. Because of this, the Chinese government is likely experiencing second thoughts.

## Speculation Continues

For now, China has willingly forfeited “pole position” in the crypto-race.  Perhaps now they see that the most prudent _economic_ course of action is a return to the crypto-verse, even if it means doing so at much higher prices.  The speculation is continuing on social media. Reports are conflicting in terms of whether or not the country’s National Development and Reform Commission is _really_ seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries.

China hasn’t turned its back entirely on digital currencies though.  The communist regime has been doing some experimentation with a digital form of currency that converts to their own official currency, the yuan.  China conducted some tests on [the digital state-backed version](https://www.db.com/news/detail/20210714-digital-yuan-what-is-it-and-how-does-it-work) of the yuan, in April of 2021. It doesn’t require an internet connection to make transactions and the functionality has been compared to Apple Pay.  If successful, the digital currency is expected to evolve as one of the communist nation’s primary payment methods.

Why China _really_ banned cryptocurrencies in the first place is still a subject of debate.  Perhaps China sees Bitcoin for what it truly is and became frightened by its power.  A resourceful tool against a government that wants total control over its citizens.



What Does China’s Ban on Crypto Really Mean?

Is China Considering Abolishing its Ban on Bitcoin?

The excitement caused by the launch of the world’s first Bitcoin ETF (exchange traded fund) earlier this week is raging on.

Cryptocurrency enthusiasts and investors championed the eagerly anticipated launch on social media, while commentators were quick to analyse the implications.

Coined the [ProShares Bitcoin Strategy ETF](https://money.cnn.com/quote/quote.html?symb=BITO), trading of the revolutionary fund kicked off at $40 a share under the ticker symbol BITO and headed upward, closing out the day up 5%.

## "Investment Vehicle"

According to ProShares, their Bitcoin exchange traded fund is an investment vehicle that tracks BTC (bitcoin) futures contracts. A representative for the company commented that the new ETF boasted first day trading volume of some 29 million shares and has, so far, banked assets of over $1 billion.

The successful launch of the first cryptocurrency-based ETF is considered by many to be, for now, _the_ watershed moment in terms of legitimising these digital assets as a genuine investment vehicle for anyone.

The financial brain trust has been trying for years to launch an ETF that exposes investors to bitcoin and while megabanks like JP Morgan and Wells Fargo have allowed specific segments of their client rosters the option of investing in certain types of cryptocurrency, none of those banks, before _this_ week, could offer their clients an ETF to invest in.

That’s all changed now.

## ETFs Gaining Popularity

Crypto-ETFs are expected to gain popularity, and accelerate interest, among traditional investors as a one of the simplest options for getting a bit of exposure to cryptocurrency without having to deal with the enigmatic intricacies of cryptocurrency exchanges in order to buy the digital assets.

And wouldn’t you know it? More players are joining the party.

Specialised alternative asset management firm, Valkyrie Investments, also got the green light from the SEC not long ago to launch their own version of the _next_ bitcoin futures ETF. Valkyrie’s new ETF is on par to begin trading on Nasdaq today. The fund will trade under the ticker BTF, but we can’t help but mention the storyline behind Valkyrie’s brief plan to designate a familiar acronym to the fund: BTFD.

Did you miss it?

It’s okay. I did too.

## The Cryptoverse

Valkyrie took a swing at a brilliant marketing strategy, and almost got away with it. The temporary ticker symbol of BTFD was purported to be an acronym that stood for ‘buy the {expletive} dip,’ which is a heavily promoted maxim for a certain trading strategy in the cryptoverse that has yielded hefty returns for the traders who have adopted the strategy. The security and exchange commission (SEC), no doubt, had their reservations and now it appears the fund will start trading under the original ticker symbol of BTF.

Whatever the ticker symbol, it is undeniable that cryptocurrency has now achieved a ‘stamp of approval’ from both regulatory and traditional sceptics and the market’s evolutionary pace now includes the ETF market. The cryptocurrency market continued its moonshot trajectory achieving a value of over $2.6 trillion earlier this week, after bitcoin hit record highs of more than $66,000.

Bitcoin ETF Mania Rages on

It’s time to talk hardware wallets.

Ask 10 people if they have invested in cryptocurrencies and at least one will tell you that they have. It is a number that is expected to grow exponentially, and the prices of cryptocurrency, like bitcoin and ether, are expected to continue upward as well.

More investors are going to be joining the party. As some people dive into the cryptoverse, they are unknowingly taking a risk by allowing their digital assets to sit “idly” across an array of exchanges.

This is where they can be an enticing target. Hackers are increasingly probing cryptocurrency exchanges with the hopes of discovering security vulnerabilities.

In 2020, $3.78 billion-worth of digital assets were stolen according to Atlas VPN.

One of your best defences against this activity is a hardware wallet - a device that can completely isolate your digital assets from the danger of hackers. A hardware wallet is very much like a USB drive and they are becoming an essential piece of hardware in the evolving cryptocurrency ecosystem.

If you’re like me, you bought your first cryptocurrency from a popular exchange then continued to broaden your horizons by transferring your digital assets to other exchanges. It’s not uncommon for people to have their cryptocurrency “portfolio” spread out across multiple exchanges.

By investing in a hardware wallet, you can have the peace-of-mind that comes from knowing your tokens are safely stored in one location on a secured device that is segregated from the internet.

Here are five hardware wallets you may want to consider:

## Ledger 

 **Nano X** **($119) &** **Nano S**

People in more than 165 countries rely on the Ledger Nano X and Nano S to protect their cryptocurrencies. They are simply the most popular, best-selling hardware wallets on the market. The Ledger Nano S is perhaps the simplest wallet to use for those new to the sport while the pricier, more technically advanced Nano X comes with Bluetooth connectivity and the capability of storing and securing over 1,800 coins and tokens including Bitcoin, Ethereum, XRP and more.

## [Trezor Model T](https://shop.trezor.io/product/trezor-model-t) **($169)**

The allure of the Trezor model is its ability to serve as the master access key to all your digital assets, and it ranks very highly in terms of security. You can store and encrypt your Bitcoin public keys, passwords, and other digital tokens with this hardware wallet. This model is capable of supporting over 1600 tokens.

## [Coldcard Hardware Wallet](https://store.coinkite.com/store/coldcard) **($119)**

This model is a Bitcoin-only wallet, but it is very secure. The Coldcard resembles a small calculator and is built to function independently of your computer. It is highly functional and has a bright screen that is easy to read. This wallet also uses a security chip to prevent anyone that might have physical access from stealing important information like pin codes without your being aware.

## [BitBox02](https://shiftcrypto.shop/en/?u=111102252101971482221331687) **($115)**

The BitBox02 is one of the easiest wallets to work with and can be set up in minutes. It supports more than 1,500 types of cryptocurrencies and comes with an innovative touch slider technology.

## [OPOLO Cosmos](https://secure.opolo.shop/) **($199)**

This is a model that seems particularly popular with Android users. The Cosmos is a hardware wallet that offers great anti-theft protection, USB encryption, and showcases a beautiful 3.2-inch touch screen. This wallet even works with its own desktop app. The OPOLO wallet app comes with a built-in coin swap option allowing users to swap any coin or token within the app.

### Which Wallet is Best?

Only you can decide which hardware wallet is the best fit for you. Clearly define your own goals for _why_ you want a hardware wallet. What digital assets do you own? What do you hope to achieve (or avoid) with the use of a hardware wallet? Every investor is unique and based on the different features of all the hardware wallets on the market, be thorough in your research and select the model most closely aligned with your investing activities and goals.

Hardware Wallets for Cryptocurrency

Since becoming the darling of investment communities worldwide, Bitcoin has spawned an entirely new class of digital assets called “altcoins.”  Seeking to replicate the success of the world’s first digital currency, the rapidly expanding cryptocurrency market continues yielding swaths of newer coins that are all designed with the intention of upending Bitcoin as the heavyweight king of crypto.

With well over 9,000 new altcoins to choose from, here’s what you need to know:

## What are altcoins?
------------------

Altcoin is short for "alternative coin.”  Quite simply, these digital assets are alternative cryptocurrencies to Bitcoin.

Bitcoin will forever be universally hailed as a “first of its kind” asset and newer cryptocurrencies developed after the fact are viewed as alternative coins, or altcoins. The first altcoins started showing up back in 2011 and they were designed to be more advanced than Bitcoin in terms of technology.  For example, quicker transaction speeds than what Bitcoin could offer. 

To get an idea of how altcoins work, all you need to do is look at blockchain technology – the environment where all cryptocurrencies “live.”  A blockchain is an _electronic ledger_ that records cryptocurrency transactions and this ledger is maintained across computers that are linked across a distributed network.  What investors finds so intriguing about cryptocurrency is that they operate on a decentralized, trustless, P2P payment network that functions without a central authority or overseer to facilitate transactions. 

It is truly _decentralised_. 

Many of the altcoins that you can invest in are, in fact, technologically superior to Bitcoin.  They’re just not as popular…yet. 

Here are three altcoins with an especially promising future:

### [Chainlink (LINK)](/coins/link)
---------------------------------------------------------------------

Chainlink's price has more than doubled in 2021, and they’ve recently announced a partnership to provide data for what are called “smart contracts” - programs used to automate the execution of an agreement so that all parties are held accountable for a desired outcome.  Chainlink is building a great reputation for being able to translate real-world data into something that these smart contracts can immediately interpret and act upon.  In a nutshell, Chainlink is offering capabilities that are very desirable in the cryptoverse, making Chainlink one of the top altcoins to watch.

### [Polkadot (DOT)](https://polkadot.network/)
-------------------------------------------------------------

Much of the ballyhoo surrounding this altcoin is that it’s promoted as “one of the most highly anticipated next generation blockchains.”  Polkadot lets developers _build their own_ blockchains and then connect them with each other, overcoming major scalability issues.  Much of the cryptocurrency brain trust has gone so far as to say that Polkadot is the future of decentralized applications.  Time will tell, but this altcoin is certainly off to an incredibly searing start.  

### [Stellar (XLM)](https://www.stellar.org/)
----------------------------------------------------------------

Stellar was created by one of the co-founders of another popular altcoin called “Ripple” and was designed with a focus on the people that are living in developing countries.  These are places where traditional banking services may not always be immediately available and Stellar is designed to be the “peoples” resource.  This altcoin offers the best in terms of real-world application.  For those who’ve worked in a business operating internationally, Stellar could be a _very_ big deal.

## Altcoin Price Volatility
------------------------

As altcoins got their start, the cryptocurrency market would move in unison with the performance of Bitcoin.  As Bitcoin went up, so did the market.  It was the same if Bitcoin trended downward.  Maybe not perfectly aligned, but about 70% and more was what we could expect.  Now, as altcoins demonstrate their usefulness, and independence from Bitcoin, there has been a break in the correlation. 

I think this is the sign of a healthy cryptocurrency market that is gaining strength, and another sign that now is the time to start looking seriously at cryptocurrencies, or altcoins, _not_ named Bitcoin.

Altcoins Continue Upward

Since Non-Fungible Tokens (NFTs) first burst into the limelight and turned the artwork world upside down with Beeple’s mega-auction, the public’s fascination with NFT projects is only expected to accelerate. Investors who are hungry for more are increasingly turning their attention towards NFT projects to invest in, even those that are beginning to show even the earliest signs of promise.

In short, the world is developing an insatiable appetite for new Non-Fungible Tokens.

For those new to the scene, NFTs are individual units of data stored on the blockchain. A certificate, if you will, confirming that the digital asset (NFT) is entirely unique and not “fungible” or tradeable. NFTs largely apply to videos, photos, audio and pretty much any kind of digital file.

Here are some of the most promising NFT projects coming up:

## SupDucks 

Flex yo Ducks people! [SupDucks](https://supducks.com/) NFTs are a MegaVoltCorp effort brought to you by a team of 5 individuals. It’s an artistic collection of 10,000 hand-drawn duck heads in the avatar style featuring a swath of unique features including 16 different backgrounds, 18 skins, 38 clothes, 38 hats, 27 mouths, and 27 eyes, and the project didn’t stop there. You can even buy your own collection of 10 duck heads.

Each duck head has a unique combination of characteristics adding to its rarity, and because of the way the NFTs are generated, they’ve established a very loyal base of buyers. There are already [SupDucks](https://supducks.com/) being bought for six-figure sums.

## Veefriends

Brought to you by one time wine critic and now social media mogul, [Gary Vaynerchuk](https://en.wikipedia.org/wiki/Gary_Vaynerchuk), or better known as "Gary Vee.” [Veefriends](https://www.garyvaynerchuk.com/how-to-buy-your-first-veefriends/) is the brainchild of Gary Vee who unilaterally, and quite successfully, created his own collection of NFTs consisting of 10,255 tokens.

The popularity of this NFT project can be attributed directly to Gary Vee himself. NFT owners can take pride knowing that they are a bona fide owner of the digital guru’s personal drawings, imagined and created by the man himself. On Friday, Oct. 1st, British auction house, Christie’s, put up five of Gary Vee’s “art works” for bidding. They went for over $1.2 million.

## World of Women

This project deals very effectively with the under-representation of women in the cryptocurrency market. Yam Karkai launched the NFTs with her partner Raphael Malavieille on June 27th, 2021. Both have a history in the art world and recognized the NFT phenomenon as a way of further promoting their artwork. Now, the combined value of the project, which consists of a collection of 10,000 NFTs, is at least $51 million and continuing upward.

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