Friday Crypto Updates & Analysis
All About Crypto: Squid Game Scam, Gov’t Regulations & Adoption, Crypto projects with Potential, Analysis and many moreeee!!
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Dear readers,
Hope you all doing great, and hopefully you weren’t scammed by Squid Game Token.
Squid Game Scam
Those of you who aren’t aware of Squid Game Rug pull, Squid Game, a new digital token inspired by the popular Netflix series, has defrauded investors an estimated amount of $3.38 million.
Squid Game, a popular Netflix show that premiered on September 17, was not officially affiliated with The Token. Anyone who bought SQUID on cryptocurrency exchange PancakeSwap after visiting any of Squid Game Token’s social media or websites, which all went dark after the rug pull couldn't sell it their tokens, despite its value rising from $434 to $2,861 and then crashing below its launch price in 10mins.🤯🤯
Despite the lack of affiliation, the coin's concept was inspired by the show's content. According to SQUID's white paper, which is essentially a rule book, a "anti-dump mechanism" was implemented that required you to obtain "Marble" tokens through a play-to-earn game in order to sell your SQUID coins.
According to the New York Times, people who still have the token can now sell it for pennies on the dollar, even if they don't have any "Marbles."
Here is a look into the Squid Game Token by Dominic Frisby,
But what about Shiba Inu? there you gooo 🤷♂️🤷♂️
Crypto Regulations & Adoption
Crypto Regulations
Concerns about stablecoins, particularly Tether (USDT), have prompted US regulators such as the Federal Reserve and the Treasury Department to seek greater authority over the $130 billion stablecoin market.
In a recent report, regulators pleaded with lawmakers to allow them to closely monitor stablecoins. They've made policy recommendations for stable-coins, such as requiring issuers to become banks, and they've emphasized their main concerns.
When Banks keep low reserve is fine, but when Stablecoins do the same its illegal? 🤔 Am not saying it’s OK that they should both be doing this, but shouldn’t that be concerning too?
In laying out the battle lines, the Biden administration hopes to persuade the crypto industry that clear regulations will be beneficial in the long run. And by regulating allowing the industry to continue operating rather than shutting it down, as China recently did.
But can Crypto be ShutDown? China tried that route by banning Crypto probably more than 15 times, and what now crypto is stronger than before BTC just reached new ATH.
Stable-coins make up a small portion of the market's digital assets, but they account for 75% of all trading between stable-coins and other tokens, that’s why they want to regulate.
Click Here to read the report published by Biden’s Administration
And could stable-coins regulation result in Crypto markets sell-off?
Adoption
CommonWealth Bank made a bold announcement that it’s plans to offer crypto trading to its retail clients, the move puts CommonWealth more steps ahead from its counterparts, in Australia & New Zealand.
CBA announced on November 3 that it would be the first mainstream bank in the industrialized world to provide a cryptocurrency trading platform for retail clients, breaking the banking sector's ranks in the process.
In response to the decision, financial watchdogs in Australia quickly weighed in and concentrated their attention on CBA, saying it was examining the regulatory implications of Commonwealth Bank's planned introduction of bitcoin trading to retail investors - CBA is the first bank in Australia to do so.
Paytm India’s largest mobile payments platform to consider Bitcoin if legalized by the Indian Gov’t.
India's lack of regulatory clarity is holding back its largest digital payment solutions provider, Paytm, from offering Bitcoin services to its more than 300 million customers and 20 million merchants, its chief financial officer Madhur Deora told Bloomberg in an interview. If the country's central bank were to shed some light on how Bitcoin should be treated there, Paytm could get involved.
"Bitcoin is still in a regulatory grey area if not a regulatory ban in India," Deora said. "At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we could launch."
Green Bay Packers Quarterback Aaron Rodgers Gets Paid in Bitcoin, Gives Away $1 Million in BTC
Aaron Rodgers, the American football quarterback for the Green Bay Packers of the National Football League (NFL), explained in a video posted on Twitter Monday that he receives a portion of his salary in bitcoin.And in collaboration with Square's Cash App, he gave away $1 million in cryptocurrency.
More people are praising Cryptocurrency adoption Eric Adams also posted in his tweet
I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
Well that’s for the top news and the latest big updates, let’s dive to the analysis and examine some good projects!!
Following the last update we mentioned that BTC Dominance in is in Downtrend and We expect AltCoin session to start, considering Ethereum(ETH) & Solana (SOL) reaching new ATH $4.6K & $246 respectively.
Side note; We’re working on introducing Arabic version of InvestTank’s Newsletter STAY TUNED!!🎉🎉
Updates & Analysis
Here the Alts that we think have good potential;
GMT token ($GMT)
The coin’s downtrend came to an end after it broke the downtrend channel, the price might still go touch around the 0.236 Fib level but due to the strong EMA support we predict it will go up-to $0.5 before it consolidates.
The spikes look kinda scary but the coin has a strong fundamentals as you can see from its reaction to the spikes. for more deep fundamentals you can visit the token’s website.
Kadena ($KDA)
Although KDA spiked to $88 at the time of its launch due to its strong fundamentals, the coin was since then trading well below its ATH, KDA is crowned as the safest snart contract Language in the Crypto market.
As the chart indicates the coin is in a bullish trend and its very likely that it will break its resistance at around $12 before it secures a strong bullish trend. At the time of writing the $KDA volume is up 82% and its price went around 20%.
Arpa Chain
As the DeFi industry gains traction more and more dApps are being built, but the privacy of data sharing is becoming more of a concern, but Arpa wants to solve that issue.
ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (“MPC”). Founded in April 2018, the goal of ARPA is to separate data utility from ownership and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyze data and extract data synergies while keeping each party’s data input private and secure.
Is Arpa a good investment? In my opinion yes it is. but personally I’m waiting for Arpa to reach at around 0.13, due to its creation of Head&Shoulder pattern and the strength lying around 0.13 area.
Have a nice weekend 👋👋
Cheers
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