26 November

The crypto market on Thursday, the U.S. Thanksgiving day holiday, was not as quiet as some anticipated, after bitcoin prices briefly broke past $59,000, and trading volume remained at a level similar to the previous three days. Ether soared past $4,500, a more than 6% gain.

One analyst expects this bullish sentiment will continue during the December holiday season, particularly now that a few macroeconomic uncertainties have abated, including Jerome Powell’s reappointment as Federal Reserve chair.

The period after U.S. Thanksgiving is traditionally very bullish for risky assets and I would not be surprised to see a healthy Christmas rally for cryptos during the holiday season.

Yet there were also less optimistic signs in investors’ activities. ‘Bitcoin put options, derivatives offering downside protection, continue to become pricier, implying bearish sentiment.'”

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“The Bank of Canada should issue a central bank digital currency that can be converted into a “loonie,” the colloquial term of the Canadian dollar, as cryptocurrencies grow in popularity, a new report by C.D. Howe Institute said.

Canadian-dollar-linked stablecoins could become attractive to Canadians by making them convertible into cash issued by the Bank of Canada, and ensuring that stablecoins are well designed and regulated from business conduct, competitive, operational, privacy and prudential perspectives.

Our preference is for an ‘indirect CBDC,’ one that is allowed to pass over the balance sheet of payment providers, mimicking cash/banknotes on the Bank of Canada’s balance sheet today.

The authors also highlighted that such adoption may incentivize private sectors to introduce Canadian-dollar linked stablecoins by enabling convertibility to cash to take place digitally, without relying on physical bank notes.

Canadians are more likely to favor those stablecoins if governments facilitate innovation in the payments world so that Canadians can benefit from ongoing advances in payments systems and crypto-technology, and the purchasing power of the Canadian dollar is maintained by keeping inflation low.”

The token of the decentralized virtual reality platform built on the Ethereum blockchain now has a reported market capitalization of $9.2 billion. The surge pushes it ahead of metaverse related play-to-earn game Axie Infinity’s AXS, which has a reported market cap of $8.6 billion.

Investors are still wanting to capitalize on the narrative of the metaverse since the rebranding of Facebook.

Pellicer said that the recent waves of transactions for MANA of over $100,000, could be signalling institutional demand. He also noted that the recent virtual real estate plot sales are putting Decentraland in the spotlight again. On Monday, the Metaverse Group, bought a patch of virtual real estate in the Decentraland metaverse for 618,000 MANA – equivalent to around $3.2 million at the time of writing.”

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“A particular focus she had was on how social media platforms, which have been used to influence elections through disinformation, could be combined with the cryptocurrency markets in a way to help state and non-state actors destabilize other countries.

There’s one other thing that’s on the horizon, which people are only beginning to pay attention to, and that’s the need to regulate the cryptocurrency market.

We’re looking at not only states such as China, Russia, or others manipulating technology of all kinds to their advantage. We’re looking at non-state actors, either in concert with states or on their own destabilizing countries, destabilizing the dollar as the reserve currency.”

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