Last Updated : November 07, 2021 / 08:54 AM IST
Top cryptocurrency news on November 07: Major developments on Bitcoin, NFTs & investment
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Bitcoin trading above Rs 49 lakh
The global cryptocurrency market is in the green today. The market cap is $2.74 trillion, a 1.34 percent increase over the last day, and the total crypto market volume over the last 24 hours is $97.76 billion, which makes a 13.23 percent decrease.
The total volume in DeFi is $11.71 billion, 11.97 percent of the total cryptocurrency market 24-hour volume. The volume of all stable coins is now $75.65 billion, which is 77.38 percent of the total crypto market 24-hour volume. Bitcoin’s price is above Rs 49 lakh and its dominance is 42.58 percent, an increase of 0.01 percent over the day. Read full here.
Jefferies Group’s Christopher Wood bullish on Indian equities, Bitcoin
Christopher Wood, the global head of equity strategy at Jefferies Group, reduced exposure to gold in his Asia ex-Japan portfolio by 5 percent in favour of Bitcoin. The move is being viewed as the cryptocurrency being a better option when hedging against inflation.
This is the first time Jefferies has cut exposure to gold and added to the 5 percent already allocated to the top cryptocurrency in December 2020. In his note to investors, Wood also said he is not giving up on gold yet, but “it is risky for ageing gold bugs to ignore the reality that Bitcoin is a competitor to gold as a store of value”. Read details here.
More Indians join NFT gold rush; experts warn of legal pitfalls, uncertain future
NFTs have become a hot commodity globally and celebrities from different walks of life are jumping on the bandwagon to cash in on the boom. Indian celebrities from Bollywood and sports are now rushing to launch digital memorabilia through NFTs. While many critics have waved off the craze as the latest bubble, the rise of NFTs has baffled many.
The rise of crypto nomads
Crypto nomad is a class of individuals who prefer borderless money. The first category is of crypto trading-savvy people, but unable to trade in their home country due to regulatory pressures/restrictions. Such people set up offices in locations (other than their country) which are pro-crypto, and run the business from there. We are seeing that the post-COVID-19 world is very different. Working from remote locations is the new normal. Amid this development, millennials and Generation Z are willing to take up assignments that let them work remotely, and are open to exploring investment options which are global. Read more here.