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?

Bitcoin holders woke up with a severe case of digital cold turkey less than 24 hours after Thanksgiving. The price of the number one digital asset slipped by 2.85% to $55,493 at time of writing.

While this pull-back is nothing compared to recent drawdowns it has left many Bitcoin holders frustrated with the lack of positive price action in recent weeks. Many altcoins have witnessed astronomical gains while Bitcoin has stuck range bound between $56k and $58k for what seems like an eternity.

Yesterday’s push to $59,500 led many to believe that it was Bitcoin’s time to take centre stage once again with $58,000 looking like it offered solid support. However, as in previous years immediately following Thanksgiving, Bitcoin holders woke up this morning to the grim reality of yet more negative price action.

## Inflation concerns

All this being said, the broader stage continues to be set for Bitcoin to bloom. As more and more international governments begin to realise the value of digital currencies and the benefits they bring, legislation for the integration of cryptocurrency into everyday society is beginning to take shape.

Furthermore, with rising inflation across the globe the need for a stable hedge has never been greater. With gold prices stagnating in recent years the lure of a digital alternative makes Bitcoin a very attractive proposition indeed.

## Bitcoin eclipses [Paypal](https://www.paypal.com/us/home) with sights set on Visa

In yet another cause for crypto celebration the value transferred over the Bitcoin network has exceeded that of Paypal by more than 60%. Recent figures from Blockdata show that the Bitcoin network processed over $489 billion per quarter in 2021 compared with Paypal’s $302 billion. And now many crypto speculators are starting to believe that the next milestones to fall will be those of Mastercard and Visa.

To date, Bitcoin is processing just under 27% of Mastercard’s $1.8 trillion and around 15% of Visa’s mighty £3.2 trillion each quarter. If Bitcoin were to continue along its current trajectory of growth it could outpace the total capital transferred by Mastercard as early as 2026.

## Clinton calls for clarity

Former United States Secretary of State Hillary Clinton stepped into the crypto debate this week with calls for stronger regulation in order to prevent market manipulation by Russia, China and ‘others’.

As part of a larger debate on social media manipulation Clinton warned of ‘technology of all kinds’ which has the potential to destabilise countries and the world reserve currency status of the dollar.

Clinton said: ‘There is one thing on the horizon which people are beginning to pay attention to and that is the need to regulate the cryptocurrency market. Imagine the combination of social media amassing even larger sums of money through the control of certain cryptocurrency chains.’

Her comments come as many countries begin to understand the notion of using digital currencies to circumnavigate financial sanctions put in place by the leading nations and [SWIFT](https://www.swift.com/) (the Society for Worldwide Interbank Financial Telecommunication) - the world’s current leading system of transferring capital worldwide.

Bitcoin Holders Frustration as Price Down

NFL player, Odell Beckham Jr, will be receiving his salary in Bitcoin (BTC) as he has entered into a partnership with [Cash App](https://cash.app/).

Beckham Jr. is a wide receiver for the Los Angeles Rams and reportedly currently earns a $4.25 million salary, which will now be converted into the digital asset.

## 'The Future Has Arrived'

"We're proud to be the first major sports team to embrace Bitcoin –The future has arrived." – Sterling Scott, founder of Cash App.

The partnership has been agreed upon by Cash App's owner, Square which will be paying Beckham Jr. his salary via the service. The app allows users to buy and store Bitcoin amongst other digital currencies.

## Swamped With Deals

Beckham Jr.'s announcement of the deal was made on social media using the Cash App where he also discussed how he was interested in the new technology, but he claimed that he had been swamped with "contracts and endorsement deals" which meant he could not pursue his interest in cryptocurrency until now.

The NFL star and receiver, Odell Beckham jr, said: "It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin," on Twitter.

The football player also revealed he had invested a small amount of his own money into [Bitcoin](/coins/btc) earlier this year. 



NFL Star Odell Beckham Jr to Receive Salary in Bitcoin

Recent developments to the [Ethereum](/coins/eth) blockchain have finally made Ethereum a deflationary token.

Throughout 2021, Ethereum has been transitioning from a Proof of Work to a Proof of Stake consensus driven network. While this process has taken a considerable amount of time, the deflationary nature of Ethereum has finally come to pass.

## EIP-1559

Under the terms of the Ethereum Improvement Protocol (EIP 1559), every Ethereum transaction, from its August 2021 release forward, consisted of a percentage burn of the final transaction as the network transitioned toward the Proof of Stake model.

Now, for the first time since the upgrade, Ethereum is officially a deflationary token as more Ethereum is being burnt than generated, which will lead to its scarcity and an increase in its future value.

While this may sound like a cause for celebration, many original Ethereum miners are less than happy with the upgrade due to the loss of fee revenue which is associated with a mining and Proof of Work consensus model.

## Staking

As part of the new Proof of Stake model holders of Ethereum are able to loan their tokens back to the network to be used as a stake in order to generate passive income. The current going rate for staking Ethereum on the new network is around 4% per annum.

To date over 8.3 million Ethereum worth $34 billion have been staked and therefore locked up in contracts and taken off the open market. Together with the deflationary burn model the scarcity of Ethereum has seen the price of the token rise from $736 at the start of the year to $ 4200 today.  
  
Now that Ethereum is officially in deflationary status this value will automatically increase with every transaction. And with the merge to the official Ethereum 2.0 main net chalked for Spring 2022 many market commentators are expecting the price of Ethereum to witness a major surge through 2022.

## The last mile

Final testing is due to start in December and developers are focussing on this last mile of what has been a long and arduous process. According to a leading crypto exchange ‘Protocol Specialist’ Viktor Bunin the net issuance of Ethereum has reduced by 66% since the launch of EIP-1559 and as validators continue to replace miners the numbers will only increase.


Ethereum Price Becomes Deflationary

For many, cryptocurrencies are considered too volatile, especially when compared with traditional fiat currency. Fiat is a benchmark for pricing, a medium which can be used to buy and sell things. That is where [stablecoin's](/news/tag/stablecoin) come in.

A stablecoin offers the stability of fiat, combined with the borderless, peer-to-peer benefits of cryptocurrencies, as well as the full transparency of their movement.

This creates a unique bridge between the traditional economy and the growing crypto world, and that is why the national banks of many countries are considering their own digital currencies based on the stablecoin model.

[Central Bank Digital Currencies](/news/article/cbdc-uk) don’t fix the problems of fiat, especially the chief weakness of there being no cap on supply.

## What is a stablecoin?

An attempt to deal with the inherent volatility of cryptocurrency, the clue to a stablecoin’s purpose is in the name – stable.

They aim for stability by tracking both asset and currency values, alongside a specific fiat currency value, making a stablecoin as stable as the currency it tracks, and the mechanism used for the relationship with the underlying currency.

The most common currency used by stablecoin is the US Dollar and the first and still the biggest, stablecoin is Tether. 

Since it launched in 2014, more stablecoin's have followed, including ones based on the Euro, British Pound and Australian Dollar, as well as more volatile currencies like the Brazilian Real.

## Why are they useful?

Cryptocurrencies are volatile, with huge value changes possible day to day. To explain this, let's use [Bitcoin (BTC)](/coins/btc) and the Euro.

Imagine instead of buying your morning coffee for €4 every day you switched to paying by Bitcoin. As the price is constantly changing, the cost of your daily coffee would constantly change, sometimes up, sometimes down. This daily volatility isn’t seen with the Euro.

While over the long term the price of the coffee may actually work out less than you would have paid in Euros, that’s not much help when you need to budget day to day. Stability is necessary and uncertainty over price could see people spend less, causing economic damage.

The lack of uncertainty over price is a reason why many people are unwilling to spend or accept cryptocurrencies, preferring the predictability of fiat.

However, that doesn’t make fiat perfect. When you put your money in a bank, you lose control of it. If you want to transfer money across borders, you could face huge fees and delays. You may not have access to banking, or live in a nation with high inflation, removing your link to a stable fiat currency.

This is where stablecoin's become useful. They bring together the stability of fiat with the decentralised, global characteristics of cryptocurrencies.

## How do they work?

Just like any other cryptocurrency, stablecoin's are entries on a global shared digital ledger that can be transacted on decentralised, peer-to-peer global networks. 

Most run on established blockchains, like Ethereum, enabling stablecoin's to be launched relatively easily. There’s no real difference between trading ether (ETH) and an Ethereum-based stablecoin.

Stability is at the core of this offering, and there are different ways of achieving that. For example:

- Fiat collateral-based
- Crypto collateral-based 
- Algorithmic-based seigniorage
- Central Bank Digital Currencies (CBDCs)

## Fiat collateral-based stablecoin's

The first model to be used, the most prevalent and the most straightforward way to achieve stability. This method makes each unit of the stablecoin a representation of a unit of the fiat in the bank.

This means that each unit of this type of stablecoin is just a representation of an existing unit of fiat currency in its issuer’s bank account, and the supply is dictated by how much is on the bank account. If new stablecoin units are to be issued, more fiat must go into the bank.

This type of stablecoin can be based on commodities other than money, such as gold and silver.

Examples of this type of model include Tether, [Gemini](/news/article/gemini-crypto-review), [Paxos](/news/article/circle-paxos-crypto-approval-singapore), and TrueUSD, all matched with the US dollar, Digix, which is backed by gold, and Globcoin, which is based on a basket of currencies.

## Crypto collateral-based stablecoin's

The consolidation of crypto markets has paved the way for a class of stablecoin collateralised entirely on crypto assets.

It uses smart contract technology, reducing reliance on companies and human behaviour, to create a purely on-chain stablecoin based on the value of the underlying cryptocurrency (or cryptocurrencies).

Unlike fiat-based stablecoin's, this type requires over-collateralised deposits so that any fluctuations in value of the underlying crypto don’t cause an issue.

DAI was the first and crypto collateral-based stablecoin.

Initially, Ether (ETH) was the only cryptocurrency accepted as collateral, but later crypto collateral-based stablecoin's have adopted a multi-collateral approach, which means can deposit many other Ethereum-based tokens as collateral.

## Algorithmic-based seigniorage stablecoin's

In this model, the stablecoin tries to mirror the traditional central bank mechanism, but using smart contracts that try to adjust supply in circulation based on demand for the currency.

It tries to maintain price levels by issuing more tokens when demand is high, via interest-bearing shares, and removing tokens when demand falls, using a system of redeemable bonds and automated buybacks.

As the expectation is that the mechanism will keep the stablecoin stable, this model does not have an underlying asset, unlike collateralised models. However, this is an experimental and largely unproven concept, and has attracted negative attention from regulators.

Very few projects exist, such as Bdollar, and usually with limited circulating supply.

## CBDCs

As cryptocurrencies become viable and an efficient alternative to traditional payment systems and start to be used in more areas of the economy, winning over ever more sectors of the economy, it’s inevitable governments will want to get involved.

This is where we see central bank digital currencies. CBDCs are not cryptocurrencies or stablecoin's, but include features of both. They are stable, as a re-engineered form of a national currency, and include elements you’d see in cryptocurrency.

Think of them as a hybrid of a cryptocurrency, like bitcoin, and a fiat currency. Most CBDC proposals use a blockchain or other distributed ledger system (DLT) to keep a single ledger of payments and transactions, like crypto. 

This allows greater efficiency and gives the central bank a single ledger to account for money supply while also reducing reliance on commercial banks for issuing new money into the economy.

As they come online, CBDCs are expected to be permission networks – unlike the open nature of true crypto networks – as governments don’t like to give up control. This means validation of transactions will likely remain with regulated bodies, possibly including the private sector.

Again, unlike crypto, money supply and monetary rules are likely to stay controlled much like fiat currencies today are, albeit with more direct control by the central bank.

It is still too early to know too much for sure with CBDCs and, in the meantime, stablecoin's do a good job of bridging the gap between fiat and crypto.

## The Future

Stablecoin's are a fast-growing type of cryptocurrency and without the price stability they bring, it would be hard for cryptocurrencies to offer complex financial instruments, like loans, and become a bigger part of the global economy.

There remain challenges to cryptocurrencies becoming part of the mainstream, including regulation.



What are Stablecoins?

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?

Claims by Craig Wright that he is the true creator of Bitcoin could be settled in court, in what commentators are calling the ‘trial of the century’.

The identity of Bitcoin’s creator Satoshi Nakamoto remains the crypto industry’s biggest secret, there is one person who claims he is the founder of the world’s first digital decentralised currency.

Australian computer scientist Craig Wright has stood by the claim since 2016 and a court in Miami is set to determine, once and for all, if Wright did indeed have some part in the development of Bitcoin.

Of course, access to 1.1 million Bitcoin in a locked wallet has nothing to do with the settling of the case, but is a strong reason to determine the facts.

The case centres around whether Craig Wright acted alone or with a now deceased partner in setting up and developing the Bitcoin source code. A jury of 10 have three weeks to listen to evidence and determine the facts of the case.

Craig Wright’s claim for sole ownership and development of the Bitcoin source code centres around his autism and the lack of a written agreement between himself and the other party, the now deceased David Kleiman.

One of the easiest ways to determine the author of the original source code and resulting locked Bitcoin wallet is to find out who can access the original funds. However, to date no one has been able to conclusively prove they own or can access the keys to open up the wallet.

## The $69 Billion Question

With the current price of Bitcoin floating around $63,500 determining the custody of 1.1 million, Bitcoin has serious ramifications. Should the case settle in anyone’s favour, the locked Bitcoin may become released and immediately placed for sale on the open market.

The impact of $69 billion worth of Bitcoin entering the market would send huge shock waves through the industry and have a serious effect on the price and stability of the world’s number one digital currency. The case continues.

## Bitcoin Price Explosion

A huge price surge saw Bitcoin explode more than $1,500 in a matter of minutes on Tuesday morning surpassing the highest price within a week.

Bitcoin Price Explosion came after days of sideways action and little volatility however many industry experts were expecting the price move.

This positive move adds to the bullish feel that has accompanied Bitcoin throughout October and most of 2021 with many investors seeking to jump on board the cryptocurrency express. Another bullish indicator saw the Relative Strength Index (RSI) move into 70 which typically indicates an asset is in high demand. 

Craig Wright Bitcoin Trial: Trial of the Century?

It’s the hot topic right now; meme coins and tokens.

It was not too long ago that I vowed to never purchase a meme-based token like [Dogecoin](/coins/doge). Surprise, surprise, I did.

While meme coins do not offer the value that altcoins like [Ethereum](/coins/eth) and Cardano do, they are driven by community interest.

The power of such communities has propelled Dogecoin and Shiba Inu into the list of top 10 cryptocurrencies in terms of market cap. While I am not offering financial advice and never will, it would be foolish to not consider short-term gains from such tokens.

## Top 3 Meme Coins for 2022

### Dogecoin

While I am not a fan of the price of [Dogecoin](/coins/doge) shooting up whenever Elon Musk posts in favour of the cryptocurrency, that is the nature of the crypto asset and I respect the influence Musk has over the masses – turn on [Twitter](https://twitter.com/elonmusk) post notifications for Elon Musk now.

Dogecoin may breach the $1 mark in 2022 and if it does, I expect it to reach double digits in the future.

### Shiba Inu

Shiba Inu promises to add more value to the crypto ecosystem than Dogecoin does but, let us face it, the cryptocurrency will never cross $0.01 if it is not burnt in large, controlled quantities.

Nonetheless, investing now and smartly could see you reap significant gains in the short-term.

### Baby Doge Coin

The cheapest of the three meme tokens and the likeliest to gain significant value in due course of 2022, Baby Doge Coin is a must-have in your portfolio. The crypto asset is available for only $0.000000004839 apiece currently, so make an informed decision before you buy and always do your research.

Crypto Q&A: Should I Invest in a Meme Coin?

The cryptoverse is awash with stories of record returns from cryptocurrency meme coins like Doge and, more recently, Shiba Inu.

However, does the hype match the reality and how wise is it to invest in a meme stock?

## What is a Meme Coin?

A meme coin is essentially a cryptocurrency which is based on a joke or a meme and uses that tenet as its primary marketing feature.

The most well-known meme coin is Doge, which is based on the famous meme of the same name.

However, unlike other cryptocurrencies, meme coins are generally used for trading or investing with little to no utility.

That said, meme crypto Shiba Inu has seen a massive spike in interest over the last six to 12 months and has recently been accepted for payment in a Paris restaurant.

## Open-Source Technology

Many cryptocurrency projects are a result of open-source technology essentially meaning that the creators share the code which enabled them to build the original project.

This revolutionary approach to development has helped provide the catalyst for the boom in crypto over the past three to four years. Many new entrants ‘fork’ from an original code to produce an entirely new coin with a slight modification. Doge, for example, is a fork from the original Litecoin code.

## Meme Coin Hype

So, what is all the hype about? As I mentioned above, the majority of meme coins on the market today are used for trading and investment purposes with buyers looking for an opportunity to purchase the next Shiba or Doge coin before they hit the big time.

With stories of $8,000 becoming $5.7 billion in a little over a year it is easy to understand why. However, with 222 meme coins listed on coinmarketcap.com, picking the next investment rocket may be easier said than done.

## A Serious Investment?

As more capital pours into meme stocks people will continue to sit up and take notice. This, in turn, is bringing more serious investment and leading to developers looking for ways to upgrade the network and provide meme coins with an actual use case which is something we have seen this week in Paris.

What is a Meme Coin?

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 bitcoin price dropped below $60k in a massive market-wide crypto sell off Wednesday morning.

The world’s largest cryptocurrency by market cap fell below $60,000 for the first time since October 15 causing panic among many traders and investors in the space.

Although a surprise for many, analysts had predicted a price reversal after bitcoin had struggled to maintain above $63,000 after hitting recent all time highs.

There was light at the end of the tunnel though as prices bounced sharply at $58,000 and have recovered well since. The price of bitcoin at time of press remains $58,993 but what happens in the next few hours remains to be seen.

## $500 million liquidated in less than an hour

While this kind of volatility is no surprise to experienced crypto investors, many people had expected that the recent surge in interest, attention from regulatory bodies and the ever increasing need for digital forms of currency on the world stage might have brought some much needed calm to the marketplace. This morning's events show that the market is still heavily manipulated by large and powerful players and demonstrates the best and most profitable investment strategy is to long term buy and hold.

The main culprit in this case seems to be leveraged traders once again. Industry leading trading platforms such as Binance and FTX allow traders to open margined positions with leverage of upto 125x in some cases. Then, periodically, the algorithmic trading engines used by the platforms set out to recover losses by trading against over leveraged positions which lead to massive market sell-offs. Data from TradingView shows $500 million in leveraged positions being liquidated across the market in less than an hour.

Many altcoins also had a hard time with Ethereum losing the coveted $4000 support level for the first time in a week. However, in a similar situation with nearest rival Bitcoin, there was solid buying support at key levels and prices bounced sharply. The current price of Ethereum at time of press is $4028. The situation across the market remains fluid with many coins experiencing even greater losses while others remain completely untouched.

## A case for regulation?

On a large scale perspective the use case for decentralised autonomous networks remains high and investor confidence is strong. Until the relevant authorities introduce comprehensive legislation the cryptocurrency market will continue to be open to manipulation and market sell off’s like today’s will continue unfettered. 

The question remains, if crypto wants to be viewed as a secure investment by professional capital management then this kind of market manipulation needs to be halted and controlled as soon as possible.

Bitcoin Price Drops Below $60,000

In a recent tweet, Elon Musk has called Dogecoin (DOGE) the 'people's crypto'.

Elon Musk [tweeted](https://twitter.com/elonmusk/status/1452348126753349640): "That’s why I decided to support Doge – it felt like the people’s crypto." The meme coin has seen an increase in popularity recently as Musk has shown his support for the coin publicly. However, Dogecoin is still around 63% away from its lifetime peak despite Musk's attempts to send the meme coin soaring.

## SHIB Competes with DOGE

Competing meme coin, Shiba Inu (SHIB) has recently skyrocketed over 500% and has recently taken the lead ahead of Dogecoin. Elon Musk took to Twitter to say that he isn't holding any SHIB, only DOGE. Shiba Inu [tweeted](https://twitter.com/ShibaInuHodler/status/1452313323261861891?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1452332435266576395%7Ctwgr%5E%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fu.today%2Felon-musk-calls-dogecoin-peoples-crypto-rejects-shiba-inu) 'Hey [@elonmusk](https://twitter.com/elonmusk) How Much [Shib](https://twitter.com/search?q=%24Shib&src=cashtag_click) You Are Holding!' to which the businessman replied 'None'.

## Puppy Post Boosts SHIB

Musk shared an image of his puppy a few days ago which helped to boost SHIB up the market ranks, but after he has admitted not owning any SHIB, the meme coin is reportedly down 15%.

Dogecoin has been struggling to keep up with Shiba Inu, but is now up 12% in the last week thanks to Musk's tweet.

Find out more about [Dogecoin](/coins/doge)

Doge is the 'people's crypto'- Elon Musk

Retail giant [Walmart](https://www.walmart.com/) announces plans to roll out 200 Bitcoin ATMs across their United States stores.

Walmart plans to install Bitcoin ATMs across 200 of their stores allowing customers to exchange physical cash for bitcoin.

Working in partnership with ATM manufacturer Coinstar and crypto wallet Coinme, Walmart aim to speed crypto adoption and make it easier for the public to purchase bitcoin with physical cash, lowering the barrier to crypto entry.

Director of Communications at Walmart Molly Blakeman said: ‘Coinstar, in partnership with Coinme, have launched a pilot that allows its customers to use cash to purchase bitcoin. There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.’

With 25,000 terminals already installed across the US, Bitcoin ATMs are nothing new, however many view Walmart’s involvement as an encouraging signal for widespread crypto adoption, especially for those in the lower income bracket.

## Coinme

Coinme describe themselves as a bitcoin wallet provider making it ‘easy to purchase bitcoin at participating Coinstar and Moneygram locations’.

Users simply have to download the wallet app for iOS or Android, create an account and verify their identity before finding a physical location to purchase their bitcoin. The simple to use mobile application will appeal to those who are put off buying crypto through complicated centralised exchanges.

## Coinstar

Coinstar is an established American owned ‘coin-cashing machine company’ which was founded in 1991 and taken over by Apollo Global Management in 2016. Its primary business model focuses on the conversion of loose change into paper currency, donations and gift cards via their coin-counter kiosks. Branching into cryptocurrency seems like the logical next step.

The purchase process has been designed to be accessible and simple.

Bitcoin buyers simply insert physical money into the coin-counter kiosk, state how much bitcoin they would like to buy and receive a voucher with a unique redemption code. Purchasers then redeem their bitcoin by logging in to their Coinme wallet and inputting the specified code.

The initial pilot is for 200 Bitcoin ATMs through Walmart’s biggest stores with plans for a further 8,000 to be rolled out if the pilot proves popular.

However, many people were quick to criticise the high fees involved with the ATMs. With 4% added as a ‘trade fee’ and a further 7% added as a ‘cash transaction fee’ many people labelled the ATMs a ‘rip off’.

Whether the Bitcoin ATMs prove to be a hit remains to be seen, however what the pilot clearly shows is that retail giants such as Walmart have a strong interest in providing crypto accessibility to all corners of society.

Bitcoin ATMs to be Rolled Out by Walmart

What can we expect from the Ethereum price prediction for 2022?

[Ethereum ETH](/coins/eth) holders have enjoyed a rollercoaster year, to say the least.

The prized crypto asset commenced the year at less than $800 apiece, rose to over $4,300 (its all-time high at the time) in May, fell to less than $1,900 in July following China’s crypto ban and broke its all-time high in October, after the launch of a ProShares futures-based Bitcoin ETF product (BITO).

The Valkyrie futures-based Bitcoin ETF was launched within a week of BITO’s approval. To put it into perspective, Ethereum has grown 956,745.2% in roughly six yearsof the crypto market! Ethereum will be the next crypto asset to surpass $10,000 in valuation. The question is, will the crypto token cross $10k in 2022? I believe so.

## What does 2022 hold in store for Ethereum?

2022 will be a HUGE year for Ethereum enthusiasts. While I understand the hype surrounding bitcoin breaking its all-time high this month, Ethereum is set to the top three crypto asset which will have the best time in 2022. Yes, bitcoin will breach the $100,000 barrier, but the launch of Ethereum 2.0 is what the world should be excited about.

Ethereum 2.0 will enhance the network’s transaction processing speed considerably, from a miserly 15 transactions per second (TPS) to an enormous 100,000 TPS, thanks to sharding technology and a transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This will place Ethereum network as the fastest blockchain in the world, followed by Solana at 50,000 TPS.

Other benefits of Ethereum 2.0 include greater security and sustainability. The transition to ETH 2.0 will solve many existing problems and may lead to the wide-scale adoption of the crypto asset.

I believe that Ethereum will not only cross $10,000 in 2022 but also reach $15,000 (potentially). I will not be surprised if El Salvador, or any other country for that matter, adopts Ethereum as a legal tender next year.


 Ethereum Price Prediction in 2022

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

Electric car-maker [Tesla](https://www.tesla.com/en_GB/) yesterday reported record revenue and profits for the third quarter of the year.

However, Tesla's accounts also record a $51 million impairment charge relating to its bitcoin investment.

The company, led by CEO Elon Musk, reported no new purchases or sales of digital assets in its Q3 accounts, just like in Q2. However, under accounting rules for digital assets a company must record an impairment charge if the value of an asset it holds falls during the quarter it is reporting on. Any increase in value is not reported as a gain on the accounts.

## Tesla Purchased 41.5 billion Bitcoin

It is reported that because Tesla holds crypto as an 'indefinite-lived intangible asset' the company is required by accountancy rules to record the value of bitcoin at the time of purchase. If the BTC value falls well below the price at the time of purchase, Tesla must write down the value of its holdings as an impairment charge. 

It was announced in February that Tesla had purchases $1.5 billion-worth of bitcoin and sales of around 10% of that holding saw Tesla's balance sheet later boosted by some $272 million.

Plans to allow the purchase of Tesla vehicles with bitcoin were suspended in May, amid apparent concerns about the environmental impact of the cryptocurrency. However, over the summer, Musk stated that the plan could 'likely' be resurrected if ecological concerns were addressed.

More [Bitcoin news](/news/category/bitcoin-news).

Tesla Records $51m Bitcoin Impairment Charge

Crypto Coin News

Crypto coins or tokens are representations of values stored on the blockchain. Cryptocurrencies, literally cryptographic currencies, are simply the digital, blockchain-based equivalent of our normal or 'fiat' currencies. The most famous (and first) crypto coin is Bitcoin. 

Latest Moni

Crypto Coin News | Page 23