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Market slips after consolidation, DEXs continue rapid growth

2021.11.12 Adam James

Meanwhile, Bored Ape Yacht Club is forming a Gorillaz-style band as legislatures in Russia and India contend with crypto.

Crypto Market Daily image

Cryptocurrency markets are down 2.5% today, with the total market capitalization at $2.93 trillion. 

After falling from an all-time high, BTC consolidated around $65,000 yesterday but has fallen a further 2% to just below $63,700. ETH‘s recovery yesterday was more pronounced than BTC’s — but, consequently, it has fallen harder today.

Markets continue to dip following a consolidation yesterday. Source: COIN360

DEXs growing fastest among crypto exchanges

Decentralized exchanges are the fastest growing sector of the broader cryptocurrency exchange market, per a report from Chainalysis — beating out centralized exchanges, over-the-counter brokerages and others.

While centralized exchanges often have fairly robust KYC measures in place, DEXs do not — and have become the target for many global regulators looking to rein in unchecked financial markets.

Miami to distribute yield from MiamiCoin to residents

Miami is planning to distribute the yield from its MiamiCoin to its residents, according to Miami Mayor Francis Suarez. Since its introduction in August, it has already earned over $21 million for Miami. Suarez noted that if such an amount were annualized, it would amount to roughly one-fifth of Miami’s total annual tax revenue of $400 million.

The city plans to make the payments through verified digital wallets.

Legislatures contending with crypto

After a long period of well-documented hesitancy, Indian authorities are officially meeting with the country’s blockchain and cryptocurrency leaders for the first time through the Parliamentary Standing Committee on Finance’s “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges” on Nov. 15. 

Meanwhile, a member of Russia’s State Duma has proposed forming a working group to discuss the issue of legalizing cryptocurrency mining in order to regulate and tax it. 

NFT snapshot: Bored Apes NFTs form band 

A quartet from the Bored Apes Yacht Club nonfungible token collection has come together to form a virtual band. Named Kingship, the group will put out music, perform in the metaverse and has plans to release digital collectibles. 

In other news, Russian prisoner Pavel Skazkin has been creating surreal digital art on an iPad and selling the works as NFTs under the handle Papasweeds. Skazkin has pledged to donate one-third of the proceeds to Russia Behind Bars, a nonprofit dedicated to aiding inmates and their families.

Top altcoins gainers and losers: MANA surges

  • GM/USDT +80.38%
  • MANA/USDT +28.49%
  • SWFTC/USDT +17.21%
  • APIX/USDT -24.08%
  • ORS/USDT -28.81%
  • OMG/USDT -29.47%

Decentraland’s MANA token is up 28.49% the highest among crypto above $1 billion market capitalization. Meanwhile, OMG plunged immediately after completion of the snapshot for an airdrop from the Boba Network — falling nearly 30% in the past day.

OMG fell immediately following its airdrop. Source: OKEx

BTC technical analysis: Struggling to find support

BTC largely consolidated around 65,000 USDT yesterday after tumbling from its all-time high the day before. Since then, it has fallen through what had been mild support. 

OKEx’s BTC/USDT — 11/12. Source: OKEx, TradingView

ETH technical analysis: Approaching support 

ETH’s upward retracement yesterday following the drop from its all-time high the day before was a bit more pronounced than BTC’s. Consequently, a similar drop has seen it hit support — rather than fall below it.

OKEx’s ETH/USDT — 11/12. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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