Daily Crypto Update 10/28/21 - Millie graduated ๐ฉโ๐๐
Yesterday I missed to prepare the letter because โฆ I graduated!๐ฉโ๐๐
In todayโs letter:
๐Shiba Inu flips Dogecoin
๐Bitcoin recovers, trades above $60K
๐El Salvador buys the dip
๐Findora raised $100M to compete with Zcash and Monero
๐ฅVideo to watch:
๐Shiba Inu flips Dogecoin
While the crypto market is plummeting the meme competition is still ongoing. For a very long time, Shiba Inu was meant to be the new Dogecoin but nobody ever thought that SHIB could ever flip DOGE.
Many of us were actually wrong because yesterday SHIB became one of the top 10 coins by market cap. With a market cap greater than that of Dogecoin, Shiba Inu is sitting in the eighth position between XRP and Polkadot.
Currently, the meme coin is changing hands at $0.00007586, an increase of 169% over the last 7 days and 828% over the last 30 days.
๐Bitcoin recovers, trades above $60K
The whole crypto market reversed course (except SHIB). Yesterday Bitcoin dropped below $60 000 for the first time since October 17. Despite that, it seems that the leading cryptocurrency is recovering. As of publication BTC is trading at $61 166, an increase of 3.65% over the last 24 hours.
Recently the price of BTC skyrocketed breaking its previous record of $64 800, just to set a new record ATH at $67,276 following some good news from the SEC. After so many years and numberless applications, the regulator gave its approval for the very first Bitcoin futures ETF that reached a trading volume of nearly $1B on its first day.
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๐El Salvador buys the dip
Nayib Bukele took advantage of yesterdayโs Bitcoin drop to make its country richer in the near future. Yesterday he tweeted that El Salvador added an additional 420 BTC to its reserves. The number is symbolic for those familiar with the cannabis culture.
With its latest purchase, the Central American country holds 1120 Bitcoin at an average price of $53 324.29 per coin. With Bitcoin currently trading above $60 000 Bukeleโs investment is already profitable.
The first purchase of BTC was made on September 6, just a day before Bitcoin's law implementation. El Salvador became the first country in the world to accept digital asset as legal tender.
๐Findora raised $100M to compete with Zcash and Monero
With many regulators trying to tax the crypto sector, the private blockchains are going to explode.
Findora, which "makes it possible for users to share information without showing it" revealed a $100 million ecosystem fund to develop new applications and infrastructure such as staking, and liquidity.
Findora could be in competition with coins like Zcash and Monero. Additionally, the team behind the project announced that they are looking to create decentralized applications, which will allow people to build their own crypto ideas atop Findora like lending, steaking, liquidity pools, and much more.