Important Crypto Market News, Twitter CEO stepping down for Bitcoin and much more..
Good Morning FinTech, 29 November
Hello My Amazing Inspired Online Family, welcome to another 90 of you who have joined us this week. I am definitely going to be active with all the latest news surrounding crypto, blockchain and stock market, if you haven’t signed up yet, please sign up now and share this newsletter with your family and friends :)
This image below will show you how markets have performed last week, Gold is not showing good signs however both the equities and crypto market has shown significant bounce back from last week and is showing bullish signs even with the Indian Government’s FUD surrounding crypto space.
Last week’s Patreon post on metaverse project has performed really well, we have seen it grow 100% ROI. Here’s the performance of this project for last week:-
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Markets Drop with concerns over new virus variants
Bitcoin traded lower this week, alongside weakness across many traditional assets, largely due to renewed concerns over new virus variants. Bitcoin's price opened at a high of $59,339, and reached the lowest price for the month of $53,569. This continues the price correction that has been in play for most of November.
With Bitcoin now over 20% below the all-time-high, headlines in traditional media have declared that Bitcoin has entered a bear market. However it may surprise some readers that this current market correction is actually the least severe in 2021. Some might even say business as usual for a Bitcoin HODLer.
Bitcoin Advocate Jack Dorsey Steps Down as Twitter CEO
Jack Dorsey is stepping down as the CEO of the social media giant Twitter, according to an announcement from the firm on Monday.
Twitter CEO Jack Dorsey is stepping down as chief of the social media company.
Dorsey, 45, was serving as both the CEO of Twitter and Square, his digital payments company.
Parag Agrawal, the company’s chief technology officer, will take over the helm.
Twitter shares were up more than 3% on the news.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement
Trillion-Dollar Investment Firm Invesco Launches European Spot Bitcoin ETP
As the wait for a physical Bitcoin ETF in the U.S. drags on, investors in Europe now have access to a similar product thanks to Invesco.
Invesco, a U.S. investment firm with $1.3 trillion in assets under management, has partnered with crypto indices provider CoinShares to launch its first European exchange-traded product (ETP) backed by physical Bitcoin.
An ETP is somewhat similar to an exchange-traded fund (ETF) as it tracks the performance of an underlying asset or financial instrument. More importantly for traditional investors, these financial instruments make it easier to gain exposure to crypto without having to hold the asset itself. Crypto-backed ETPs are gaining traction in Europe too, particularly in Germany and Switzerland.
Listed on Deutsche Börse Xetra, Germany’s stock market for equities and exchange-traded funds, the Invesco Physical Bitcoin ETP (BTIC) is 100% backed by holdings in the underlying asset.
Thailand Tweaks Tourism Industry to Attract Crypto Millionaires
The Tourism Authority of Thailand is looking to attract tourists who have "become wealthy" from crypto to boost the country's post-pandemic economy.
Thailand is looking to lure the crypto wealthy to its shores in a bid to recoup tourism revenues lost to the coronavirus pandemic.
Per Bloomberg, the Tourism Authority of Thailand (TAT) is working with regulators and a local cryptocurrency exchange to make it easier for crypto holders to spend their digital assets in the country. Next year, according to TAT Governor Yuthasak Supasorn, the authority will set up a new unit to issue its own cryptocurrency, develop a wallet, and build a new tourism ecosystem.
Yuthasak told the outlet that people who have "become wealthy from holding digital currencies" may now be looking to spend it. He added that "if they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them."
Adidas Goes Full Metaverse With Coinbase Partnership and The Sandbox Real Estate
Adidas announced a partnership with Coinbase the day after The Sandbox announced a partnership with Adidas.
Adidas has partnered with Coinbase and The Sandbox.
A Coinbase spokesperson said the Coinbase deal is part of Adidas’s metaverse push.
Adidas currently has a parcel of land allocated to it in The Sandbox.
Sportswear giant Adidas set crypto Twitter ablaze with an announcement
Also prior to this, The Sandbox addressed a tweet to Adidas
Given the facts, Wednesday’s announcement is not nothing. But are the two connected? Probably…
A spokesman for Adidas told CityAM on Thursday that the Coinbase partnership is part of Adidas’s strategy to gain a foothold in the metaverse. The spokesman said: “The Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas”.
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Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.