Cryptocurrencies Prices bounced back after the release of the Jobs report Friday and managed to reclaim a key technical level. Bitcoin and Ethereum are trading at their highest levels since late August and the past three months have witnessed prices move largely sideways. From Coinbase’s Earnings Report and Funko’s doubling of NFT sales to support its crypto initiatives, Elon Musk’s Dogecoin Pumping, Binance’s potential part in Twitter and more, here is the top crypto news for this week.
Make sure you also read our coverage of cryptocurrency ETFs such as BITQ and BLOK.
For the latest updates, head to our Cryptocurrency Prices and News page. If you are new to the world of Bitcoin and Ethereum, visit our What Is Cryptocurrency page for more information on blockchain, cryptocurrencies, and other related topics.
Cryptocurrency Market Overview
Bitcoin reclaimed $21,000 on Friday, after dropping to $20,000 on Thursday morning following the Fed Rate increase. The world’s most prominent cryptocurrency is now worth approximately $19,300 compared to a year ago. Ethereum also made a rebound after sliding towards $1,500 and is now trading at around $1,640, well above the $1,340 peak it had last week.
Cryptocurrency Prices Heat Map:
When investing in digital assets, it is important to understand the volatility of the market and the main objectives of trading. Be sure to stay informed and learn when it’s the right time to sell, reduce losses, or take profits. If the crypto market begins to rebound, you could expect to make a profit.
Unlike their initial predictions, cryptocurrencies have not been great at protecting against inflation. Instead, they have moved in the same direction as the wider market indexes. Track market trends daily with our Big Picture and Market Pulse.
To find the best crypto investments, take a look at our list of the Best Cryptocurrencies and Crypto Stocks To Buy And Watch. For more detailed information, head over to our What Is Cryptocurrency? Explainer page.
Coinbase Records Another Earnings Miss
Coinbase (COIN) continues to struggle and reported losses for its Q3 results late Thursday. Despite this, COIN stocks rose by 3% on Friday. For the full report, click here.
Funko Doubles NFT Sales
Funko (FNKO) doubled its Digital Pop! NFT sales in Q3 and saw an average of $500,000 in revenue per release. However, FNKO stocks have since dropped after the earnings miss.
Binance Wants Active Role In Twitter
Binance seems to have an interest in playing an active role in Twitter (TWTR) since investing $500 Million into Elon Musk’s buyout. Here is the first task the crypto exchange is hoping to tackle.
Galaxy Digital Cuts Staff
Crypto financial services firm Galaxy Digital plans to reduce around 20% of its global workforce, as reported by the Wall Street Journal.
Celsius Network Investigated For Potential Ponzi Scheme
On Tuesday afternoon, a New York judge ordered an investigation into Celsius Network to determine if the bankrupt cryptocurrency lender was running a Ponzi scheme. Find all the details in this report.
This week brings news of a broker Ponzi scheme, Visa’s partnership with Crypto.com, Coinbase joining Ripple’s legal battle with the SEC, Elon Musk’s Dogecoin tweets, Apollo Global Management teaming up with Anchorage Digital, and GameStop’s launch of a crypto gift card. Plus, Argo Blockchain’s funding woes and the NFT marketplace’s decision to do away with royalties.
Ponzi Scheme Investigation To Begin
A court-appointed judge and creditors’ committee are set to meet to choose who will lead the investigation into a suspected broker Ponzi scheme. The probe seeks to determine who is responsible for the alleged fraud.
Visa and Crypto.com Join Forces
Payments giant Visa (V.) and cryptocurrency platform Crypto.com have announced a partnership this week. They will work together to launch an auction of NFTs related to the 2022 FIFA World Cup. Additionally, Visa has filed trademarks for software for virtual environments and crypto wallet-transactions software.
Coinbase Backs Ripple
Cryptocurrency platform Coinbase (COIN) has filed a petition of support for Ripple Labs Monday night. Ripple Labs, creator of the Ripple Payment protocol and XRP token, is facing a lawsuit alleging that their cryptos were unregistered securities.
Musk Keeps Dogecoin Pumping
Elon Musk’s tweet about Dogecoin at the end of October has inspired a wave of scam cryptos, resulting in another price surge for the token.
Apollo, Anchorage Digital Partner Up
Asset manager Apollo Global Management (APO) is teaming up with institution infrastructure provider Anchorage Digital to offer cryptocurrency custody services. The company, one of the largest asset managers in the world with assets exceeding $500 billion, is partnering with Anchorage Digital to target institutional investors.
GameStop Pivots to Crypto
GameStop (GME) announced their launch of FTX gift cards, available online and at select stores, through their partnership with crypto exchange FTX. The video game retailer also partnered with Web 3 game maker Immutable earlier this week.
Crypto Miner Struggles for Funding
London-based crypto miner Argo Blockchain (ARBK) saw its stock drop 40% Monday after announcing that a strategic investor had declined to fund them. The company was looking to raise $27.9 million from the subscription of ordinary shares, but was unable to secure the financing.
No More Royalties for NFT Marketplaces
Leading NFT marketplace LooksRare has announced that they are no longer supporting creator royalties by default. Instead, they will be sharing 25 percent of their protocol transaction fees with non-fungible token makers. This move follows Magic Eden, the largest NFT market on the Solana blockchain, making royalties optional.
