Were you too engrossed in trading left and right that you’d completely spaced on getting your monthly update of the latest events in the crypto world? Well, look no further as this article summarises the events and key happenings in the digital currency world, right from where you last left off. Let's take a look at some of the takeaways for this month!
Bitcoin reaches an all-time high since 2017
Who would’ve expected the last day of the month to be a historic event? Bitcoin climbed past its record ATH, or all-time-high to close the month valued at $19,500 per unit. Currently, the coin’s market cap is situated about the $362 billion mark, surpassing the size of 4 of the world’s biggest banks, including JPMorgan Chase USA and ICBC China.
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Bitcoin’s issuance rate was at a significantly high 3.8% back in May but as November closes its curtains, the coin clocked a 2.69% inflation. Digital currency gurus believe that the crypto coin will maintain this pace into 2021 and the market will be able to see the inflation rate falling further as 2020 comes to an end
Ripple expected to climb up to $30
One of the other crypto coins is also seeing an upward trend. Ripple, the 3rd biggest monopoly in the digital currency market, showed a marked lagging performance for the first few months of 2020. Unfortunately, the COVID-19 phenomena hit and the coin took a downward spiral, even losing its bronze place to fellow coin USDT. The graph moved south all the way to October 2020.
But with the welcome of November, experts noticed the changes. The coin, traded at $0.23 on the first day of November, spiked to a big $0.76, nearly four-fold, by November 24th. This trend is expected to stay and lots of insider sources predict that the coin will rise to as much as $30 in 2021.
DIDs in crypto-wallet regulations
Wallet regulations have always been the discussion point amongst experts in the field. But November had seen the likes of even Cardano‘s inventor, Charles Hoskinson, offering his two cents on the subject. Hoskinson believes that the future of regulation will involve the use of much more user data and the demise of technology that stands between privacy and transparent cryptocurrency information. One such technology would be the self-custody wallets.
He’d also proposed a decentralized identity (DID) system, whereby the users will be able to fully control all their data submitted to crypto coin hosts. But this argument seems to be more skewed towards if this data should be shared with regulators and governmental bodies. Only time will tell.
Almost 90% of pilfered KuCoins recovered
The KuCoin scandal that rocked in October sees a positive note this month with almost 80% of the stolen digital currencies returned to rightful owners and wallets. The Singapore-based crypto exchange had been previously estimated to have had a loss of $150 million in crypto assets, including BTC and ETH coins. The company’s security team has voiced out saying that they’re working on huge reforms to their site and are looking to add further layers of encryption and data protection mechanisms to prevent such incidents in the future.
Cryptocurrency payments at fast-food chains
The month was also graced by a new use for crypto coins – to purchase food. The news comes as pizza giant, Pizza Hut began implementation of payment via cryptocurrencies at all of its outlets in Venezuela. These pizza outlets will be dealing with famous coins such as Bitcoin and Ethereum, as well as a few smaller players like Binance, Tether, DAI, and XPT. The step is seen as a stride forward into the future of currencies and many other corporate giants in the food industry are expected to follow suit.
The world of digital currencies is moving faster than the speed of light. And with the various updates, it’s quite the task to catch up on it all. Nevertheless, there will always be articles like this to help you along the way. Which was your favorite crypto update for November of 2020? Do you think the trend will continue? Only time will tell, as it always does. Keep a lookout for next month’s edition of such news roundups!
