Weekly Crypto Market News Round-Up (NOV 1-NOV 7)

Crypto Weekly Round up nov 1 to nov 7

The crypto space is now seen to be walking on a greener path towards the moon. In fact, the whole market cap of the crypto world now amounts to more than $3 trillion. But, of course, thanks to the big help of Bitcoin, the king of crypto assets that continues to dominate the crypto world with its trading price and market cap. 

Aside from Bitcoin, many other altcoins play a significant role in this uptrend position of the crypto market. These altcoins are composed of ETH, BNB, DOT, and SOL, to name a few. Indeed, these achievements made by the crypto world lately attracted the attention of investors around the world. 

In this CryptoNewsLand article, we will discuss most of the highlights that happened in the crypto world in the past seven days. So, without further ado, here is the hottest news in the crypto world that you might have missed this week.

Crypto Market Cap Reaches $3T as ETH Price Hits

For the first time, the cryptocurrency space’s total combined market capitalization has hit the $3 trillion territory, according to CoinGecko. Almost all top ten cryptocurrencies are trading in green, which would definitely make many crypto traders and investors happy.

Elon Musk Mulls Over Selling 10% Tesla Stocks. Will He Reinvest Into Crypto?

Tesla CEO Elon Musk took to Twitter his thoughts of selling 10% of his TSLA stocks, which is worth more than $20 billion.

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Binance Participates in Series C Funding of Mythical Games GameFi Platform

Binance has invested further in GameFi by participating in the series C funding round of Mythical Games, a blockchain-based gaming firm. Prominent investment firm Andreessen Horowitz led the funding round, along with other investors such as Redbird Capital, D1 Capital, Raine Group, and Binance’s contemporary exchange FTX.

That said, Mythical Games has reached its unicorn status by reaching $1.25 billion after the success of the last investment effort.

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US Mayors Pledge Bitcoin Adoption, Will Get Salary in BTC

It appears like politicians across the US are starting to embrace Bitcoin and are leading the charge toward mass adoption. Last week, Miami, Florida Mayor Francis Suarez announced that he will accept his next salary in bitcoins. In a tweet, he tagged Miami Director of Innovation and Technology Mike Sarasti to enable him to do so.

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EA Joins Ubisoft, Calls NFT, Blockchain Games “the Future” of Gaming

Gaming juggernaut Electronic Arts (EA) has expressed interest in blockchain gaming, particularly those involving non-fungible tokens (NFTs). According to EA, these are “an important part of the future”.

Interestingly, the company said the statements alongside major competitor Ubisoft announcing its goals to develop and launch blockchain games. In fact, the blockchain gaming community is stoked that these mainstream companies are highly considering this developing space as the new frontier of gaming.

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Axie Infinity Ronin DEX Goes Live; AXS, SLP Price See Massive Surge

NFT game hit Axie Infinity’s Ronin decentralized exchange (DEX) has gone live. The new function has set the game’s native tokens Axie Infinity Shards (AXS) and Smooth Love Potion (SLP) soaring high.

For those who may not be aware yet, Ronin is an Ethereum-based sidechain used by Axie Infinity. With the launching of its decentralized exchange, players can now swap SLP, which can be earned by playing the game, into AXS and Wrapped Ether (wETH). Furthermore, they can also swap the token directly into US dollars through USD Coin (USDC). 

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Solana Flips Cardano While Dogecoin Temporarily Regains Dog Coin King Title

The current crypto market is keeping everyone at the edge of their seats, as so many unexpected events are taking place. For example, Solana has overthrown Cardano to become the fifth highest cryptocurrency in terms of market capitalization, according to CoinGecko.

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Australian Big-Four Bank CBA Partners With Gemini for Crypto Services

The Commonwealth Bank of Australia (CBA) has announced its collaboration with US-based cryptocurrency exchange Gemini. Through the partnership, CBA will enable users to buy and sell cryptocurrency on its CommBank app.

The new crypto services will launch in the coming weeks as a pilot. Moreover, as per the announcement, users will have access to ten cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. 

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Polkadot Price Reached New ATH, Enters Price Discovery Mode

Polkadot (DOT) recently hit its all-time high (ATH) price. At the time of writing, DOT price ATH is $53.25, according to CoinGecko.

In terms of fundamentals, one reason that may have caused the DOT price uptrend is the recent update on the parachain registration and crowdloan proposal. 

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Depressed or Rug-Pulled? Squid Game Token Now Worth Zero

Squid Game (SQUID) token recently crashed from about $2,861 to zero in a span of minutes. Many are now saying that the project is a classic example of a rug pull.

The token website, as well as its social media handles, are now gone. Prior to deleting its accounts, the token sent a message saying that the developers are “depressed” due to scammers and that the token will “enter a new stage of community autonomy.

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Cronos Set to Launch Its Mainnet Soon, Bags $100M Developers Fund

Cronos, the EVM compatible chain running in parallel to the Crypto.org Chain is now a few days away from introducing its own mainnet. In detail, Cronos network will launch its mainnet in the next five days. This announcement was released in the official Twitter page of the Cronos network.

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Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

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