Crypto Market Overview November 11th | Dex-Trade

Crypto Market Overview November 11th | Dex-Trade

Crypto Market Overview – November 11th, 2021

 

Optimistic Forecasts for BTC Rate Become Truth: The New ATH of Crypto Gold

It looks like the King of cryptocurrencies is not going to stop for a breather, because today the price of BTC jumped by $2000 in just 45 minutes, thanks to which a new All-Time-High of Bitcoin was reached at around $68,744 (at the time of writing), just a couple of weeks after the last record. The new rallies have raised the urgent question of the crypto's transition to a new price level of $70,000 for traders, which was previously discussed with much less expressive enthusiasm. On some crypto exchanges Bitcoin chart was already touching the $69,000 mark today, but resistance is still focused on it. Traditionally, after the main digital coin, ETH is also pulled up, which today also set a new record at the $4868 position. Today's maximum of crypto-silver is the second in a week, and the asset is clearly not going to give up positions. The general market hype highlighted in green the daily results of 6 of the 10 most capitalized coins. In addition to direct price records, the highest Bitcoin capitalization in history was recorded today, at $1.3 trillion. And this was clearly reflected in the total market capitalization, which came close to the $3 trillion point.

Russian Officials Are Going to Equate Miners with Entrepreneurs

In an article by the Ministry of Economic Development of the RF, published in “Izvestia”, officials expressed the opinion that crypto mining should be regulated precisely as an entrepreneurial activity, since it corresponds to the legal definition of activity specified in the country's Civil Code. The RF Law "On Digital Financial Assets", which regulates certain types of activities related to crypto assets (such as "digital currency issuance"), entered into force in January this year, but it does not explicitly mention mining. Thus, this segment remains unregulated. Valery Petrov, Vice President for Market Development and Regulation of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), noted that miners rarely return proceeds from mined cryptocurrency to Russia, since it is difficult for them to prove that funds were obtained legally. Due to the fact that mining is in the gray zone, the authorities are planning to start taxing it accordingly. However, known for its "obstinacy" with respect to decentralized money, the Bank of Russia said that it does not support any initiatives that contribute to the emergence of "monetary surrogates".

Nigeria's Central Bank Increases Pressure on Traders After CBDC Launch

One of the leading banks in Nigeria, FCMB, which is controlled by the country's Central Bank (CBN), has warned its employees against helping traders and engaging in trading operations, threatening to punish and close accounts for deliberately hiding trading accounts in crypto. News.Bitcoin reports. According to the adopted memorandum, it is now expected that all FCMB employees will be involved in monitoring bank accounts, tracing transactions and customers to ensure that the bank fully complies with the CBN directive. Another sign that the Nigerian Central bank is starting to hunt down traders is a letter allegedly written by one of the representatives of the government agency, which is about ordering all banks to close accounts belonging to the citizens of Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor, as well as TVS Hallmark Service Limited. In a letter that went viral on social media just over a week after the launch of e-naira, CBN claims the accounts are being used to trade cryptocurrencies, in violation of the Central bank's February 5 directive.