The cryptocurrency market is now price over $3 trillion, in keeping with CoinGecko. This comes because the top digital coins, including ether and bitcoin, rally on Monday.
Ether, the second-largest cryptocurrency by market worth below bitcoin, hit a new all-time high above $4,700 on Monday. It’s at present buying and selling at round $4,785, in keeping with Coin Metrics information.
Together with it, bitcoin is inching nearer to its file excessive of above $66,900 and is at present buying and selling at round $66,006.
Others, like Solana, are additionally within the inexperienced. This yr, Solana’s token, SOL, is up nearly 12,000%, in keeping with CoinGecko. Now the fourth-largest cryptocurrency by market worth, SOL hit an all-time excessive of nearly $259.96 on Saturday. It is now buying and selling at round $249.
Listed below are 5 extra key issues that occurred in crypto this previous week.
1. Over 5,000 individuals attend NFT.NYC convention
To rejoice their love for NFTs, or nonfungible tokens, over 5,000 individuals attended the NFT.NYC conference in Manhattan final week.
The extremely anticipated occasion, which left 3,000 individuals on a waitlist, started on November 1 and ended on Thursday.
The week included 600 audio system on panels, in addition to events, dinners, raves, galleries and sights. The individuals behind notable NFT assortment Bored Ape Yacht Membership threw an actual yacht party on the Hudson River, together with an owners-only live performance by The Strokes at music venue Brooklyn Metal.
NFT lovers, high crypto influencers and mainstream celebrities all attended, together with director Quentin Tarantino, Reddit co-founder Alexis Ohanian, entrepreneur Gary Vaynerchuk and comic Chris Rock, to call just a few.
All through, attendees traded 700,000 occasion NFTs, according to CoinDesk.
2. ‘Squid Recreation’-inspired cryptocurrency crashes
A cryptocurrency impressed by Netflix’s hit TV collection “Squid Recreation” crashed after its founders cashed out, CNBC reported on Tuesday.
The token, known as SQUID, hit a excessive of simply over $2,861 on Nov. 1 earlier than plummeting to close zero, in keeping with price-tracking web site CoinMarketCap.
CoinMarketCap issued a warning that it acquired “a number of experiences” that customers had been unable in a position to promote the token on Pancakeswap, a well-liked decentralized change, and the token’s white paper and web site have since disappeared.
Plainly the token’s creators collected at least $3.4 million in investor funds. The incident seems to be a so-called “rug pull,” the place venture founders abandon a venture and take investor funds with them.
3. Quentin Tarantino to supply seven uncut scenes from ‘Pulp Fiction’ as NFTs
On Tuesday, Quentin Tarantino introduced plans to sell seven uncut scenes from “Pulp Fiction” as NFTs.
Every will even embrace handwritten scripts from the movie and audio commentary from Tarantino himself, which is able to solely be capable of be seen by house owners of the NFT.
The NFTs will likely be auctioned on market OpenSea. A launch date has not yet been introduced.
4. Incoming NY mayor Eric Adams vows to take first three paychecks in bitcoin
New York Metropolis mayor-elect Eric Adams plans to take his first three paychecks in bitcoin, he stated in a tweet on Thursday.
“NYC goes to be the middle of the cryptocurrency business,” Adams wrote.
On Wednesday, Adams additionally stated in an interview with Bloomberg Radio that he needed to wager a “pleasant competitors” with Miami Mayor Francis Suarez, who’s an enormous bitcoin supporter.
“He has a MiamiCoin that’s doing very properly — we will look within the route to hold that out,” Adams told Bloomberg Radio, alluding that he is wanting into creating a city coin for New York that’s much like Miami’s.