Crypto Market Overview November 16th | Dex-Trade
Crypto Market Overview – November 16th, 2021
The “Mask Effect” in Action: Starlink Crypto Grows 140% After SpaceX Launch
Last Saturday, November 13, Elon Musk's SpaceX launched 53 more Starlink satellites into orbit, bringing the eponymous StarLink (STARL) cryptocurrency by 140% in just three trading days. CoinTelegraph reports. The first jump of 13.70% was recorded even before the launch. Then the asset price skyrocketed 69% the next day, Sunday. At the end of the first day of the new trading week, the coin showed a 27% growth from the first position of $0.000014. As a result, investors got about 140% of the profit out of thin air. But (surprise-surprise) it turned out that traders were simply pumping the eponymous cryptocurrency in a coordinated effort, trying to cash in on the SpaceX satellite launch event. The asset itself has nothing to do with the space company. STARL is a "decentralized metaverse project" in which the currency acts as the official exchange coin for paying for gaming services and even virtual real estate. As for the price behavior of the StarLink cryptocurrency, it formed higher highs during November, but its Relative Strength Index (RSI) sloped downward, reflecting lower highs. This signals a classic bearish divergence due to the lack of subsequent upward momentum.
We Have More Bitcoin Wallets Than Bank Accounts: a Revelation of El Salvadors’ President
El Salvador continues to make history with Bitcoins after their official adoption as legal tender. This time, the President of the country and the main enthusiast for the development of crypto by the state, Naib Bukele, said that the number of people using Bitcoin wallets in the country exceeds the number of people using classic bank accounts in fiat. CoinGape reports. Recall that El Salvador has faced serious criticism due to the introduction of BTC as the state currency. But it seems that the point was not in the development of the crypto market, but rather in providing the population with more or less high-quality banking services. And this gave results, since according to the government's data, more than 70% of the country's citizens are provided with them. Bukele is also announcing the addition of new services and features available with crypto gold. The President himself began investing money from the Treasury in the purchase of about 800 BTC over the past couple of months, when the asset price was in the range of $30,000 to $40,000. Now that the price of the leading cryptocurrency has almost doubled, the return on investment is being used to build hospitals and schools in the country.
Green Party London Assembly Member Calls for Ban on Crypto Ads on Public Transport
Sian Berry, a member of the London Green Party Assembly, has called for a cryptocurrency advertising ban following a three-week Floki Inu London Transport campaign that launched without any crypto-related risk warnings. DeCrypt reports. The slogan of the advertisement was the expression “Missed DOGE? Get FLOKI," parasitizing, as it seemed to many, on the financial success of Dogecoin. Interestingly, this is not the first time there has been a protest against open advertising of digital assets in the United Kingdom. In May, the UK Advertising Standards Authority (ASA) banned an "irresponsible" campaign launched by cryptocurrency exchange Luno that said, "If you’re seeing Bitcoin on the Underground, it’s time to buy." The ASA's director of complaints and investigation, Miles Lockwood, said in July that potentially misleading crypto advertising is a priority area for the organization. But, apparently, the Floki Inu campaign seemed to Lockwood not annoying enough.