25 November

“In September, El Salvador adopted bitcoin as legal tender, sending shock waves through the international monetary establishment. That, and other increasingly ambitious plans to put bitcoin at the center of its economy, are wagers that America’s global influence is waning.

They are afraid and concerned because a lot of countries are looking at us, and they will follow our leadership.

I know the concerns here in D.C. are about losing the power of the dollar and we can understand that, but El Salvador has to move on [because] it wants to be on a different level.”

See Also: El Salvador: Who Needs the IMF When You Have Bitcoin?

“Ethereum, the smart contract-enabled network that Three Arrows Capital founder Su Zhu publicly denigrated this week for putting profits over people, has burned over $4 billion in transaction fees since an August protocol upgrade.

Since the early August update, the Ethereum network has issued nearly 1.5 million new ETH as rewards to miners. But it has “burned” 1 million ETH collected in fees, resulting in a net issuance of just around half a million.

Abetted by a decrease in supply growth, the price of ETH has rocketed from under $3,000 to nearly $4,500 in that timespan.”

Trading volume is expected to decline over the next few days, especially on the U.S. Thanksgiving holiday Thursday. Still, some analysts expect volatility to increase in the bitcoin and ether options market as November comes to a close. Rising volatility could cause sharp price moves over the next few days.

Technical indicators suggest downside is limited around the $53,000 support level, which could keep buyers active toward $60,000 resistance.”

“The Office of the Comptroller of the Currency (OCC) today published a letter instructing banks and federal savings associations that they must demonstrate adequate controls prior to engaging in crypto-related activities.

Today’s letter reaffirms the primacy of safety and soundness.

The letter provides a degree of regulatory clarity for banks and federal savings associations.”

See Also: Japanese megabanks join consortium launching yen-based digital currency

“Hot off the news of a DAO quickly forming to bid on a copy of the U.S. Constitution, another is taking a shot at buying an NBA franchise. Last week, the DAO began its funding drive in earnest by selling NFTs.

Krause House’s NFTs represent “a metaphorical ticket” and grant access to its Discord server, events, and an allocation of its Ethereum-based token KRAUSE. The team says it met its initial goal of 200 ETH (roughly $844,208 at today’s prices) within 15 minutes.

I think we have a long way to go to actually buy an NBA team, but there is so much we can do along the way to prove that this type of model can work. To show that when fans become owners, they become a lot more active and engaged which ultimately can lead to better outcomes for the team… and the underlying business.”

“What was a $1.29 billion sweetener package when announced is now worth $7.32 billion as the MEX token surges. Elrond, which went live on mainnet in July 2020, has been slow to attract developers but is now rising quickly on the back of a massive liquidity mining program from the Maiar decentralized exchange.

The sudden surge for the chain could be a sign of the continued significance of what Yearn.Finance founder Andre Cronje described as “liquidity locusts” – traders who hop from project to project, feasting on incentives – as a growing number of chains attempt to buy their way into relevance with gargantuan incentive programs.”