Read in the Digest
- Ethereum Hits New All-Time High, Chances of an ETH ETF Higher than Bitcoin Spot ETF
- Metaverse News Bites: Microsoft (NASDAQ:MSFT) and Nike (NYSE:NKE) to Enter the Metaverse, MANA Spikes 400%
- Australia’s Largest Bank to Integrate Crypto Services in App
- Miami Mayor Says He Will Take Next Paycheck 100% in BTC
Ethereum Hits New All-Time High, Chances of an ETH ETF Higher than Bitcoin Spot ETF
The world’s second-largest crypto, Ethereum, has reached a new all-time high barely a week after setting an ATH. On Wednesday, November 3, ETH recorded an intraday gain of 5.5%, helping the coin hit a new high of $4,638.
The 30-day price chart of Ethereum (ETH). Source: Tradingview
Over the last 30 days, ETH has gained more than 35% and now trades at $4,604. As the price of Ethereum grows stronger, the demand for an Ethereum Futures ETF grows as well.
According to a new report, U.S. regulators are more likely to approve an Ethereum futures-based ETF before allowing a fund to hold Bitcoin directly. Most market participants agree that a spot Bitcoin ETF would be superior to existing futures ETFs.
Flipsider:
- However, after approving two Bitcoin Futures ETFs, the SEC has postponed its decision to approve Valkyrie’s proposed spot ETF until January 7, 2022
Why You Should Care
The approval of a Bitcoin ETF helped BTC rally to a new ATH, and analysts believe that an Ethereum futures ETF could come as soon as the first quarter of 2022. The future is bullish for ETH.
Metaverse News Bites: Microsoft and Nike to Enter the Metaverse, MANA Spikes 400%
The Metaverse, a fully immersive online realm that pictures the internet’s future iteration, is beginning to gain traction. Following Facebook’s rebranding as Meta, interest in the Metaverse has skyrocketed.
Microsoft has now joined the race to build a Metaverse. Just days after Zuckerberg’s demonstration, Microsoft tested its own corporate metaverse inside Teams. In Microsoft’s metaverse version of the office, users use a 3D avatar to represent them. Microsoft’s metaverse will launch in the first half of 2022.
Joining the race towards achieving a metaverse, multinational sports brand Nike filed seven trademark applications on October 27. Part of the company’s application indicated its intent to make and sell virtual branded sneakers and apparel.
As the metaverse race intensifies, Decentraland (MANA), a decentralized 3D virtual reality platform, has spiked more than 400%. As a result, MANA hit a new all-time high of $4.69.
The 30-day price chart of Decentraland (MANA). Source: Tradingview
Flipsider:
- Unable to maintain the large price jump, MANA has declined by 40% and now trades at $2.8764
Why You Should Care
The growing interest from megacorporations in the metaverse will speed up the building and adoption of the metaverse.
Australia’s Largest Bank to Integrate Crypto Services in App
The Commonwealth Bank of Australia (OTC:CMWAY) (CBA), the largest bank in Australia, will become the country’s first bank to offer retail clients crypto services. The CBA will reportedly integrate crypto into its banking app.
The Australian bank will partner with Gemini Trust Company LLC, a New York-based crypto exchange, to integrate ten cryptos in its banking app. The chief exec of the CBA, Matt Comyn, said the bank could play an important role in addressing growing customer demand for crypto.
Starting in 2022, the 6.5 million customers of the CBA will be able to buy, sell, and hold cryptocurrencies with their banking app. However, the pilot program to test-run the integration will begin this year.
Flipsider:
- Some Australian banks in September faced criticism for refusing to do business with cryptocurrency providers.
Why You Should Care
While cryptocurrencies are legal in Australia, its banking sector has refused to do business with cryptocurrency providers. The CBA announcement marks a change in Australia’s banking sector.
Miami Mayor Says He Will Take Next Paycheck 100% in BTC
The mayor of Miami, Francis Suarez, who became famous for his pro-Bitcoin stance, has announced that he will receive his next paycheck in Bitcoin. In a Tuesday Twitter (NYSE:TWTR) post, Suarez said:
I’m going to take my next paycheck 100% in bitcoin…problem solved! @Sarasti can you help? https://t.co/v4YdPZ0tYc— Mayor Francis Suarez (@FrancisSuarez) November 2, 2021
In response to Mayor Suarez’s call for help from Mike Sarasti, the CIO and director of Innovation & Tech of the city of Miami, tweeted “Mayor. Amazing,” along with two “100” symbols and a Bitcoin symbol.
This will make Mayor Suarez the first American politician to accept their salary in Bitcoin. Mayor Francis Suarez has been vocal about his stance towards making Miami a Bitcoin hub.
In trying to build his city into a Bitcoin capital of the world, Mayor Suarez has advocated for Bitcoin miners to have access to the city’s nuclear plants and pushed for the payment of taxes and salaries in Bitcoin.
Flipsider:
- SEC Chair Gary Gensler has assured the Senate that the regulator is working to create a framework to oversee the crypto market.
Why You Should Care
The Miami mayor has been one of the most vocal proponents of Bitcoin in America, and other politicians may follow in his stride.
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