Home Cryptocurrency News The cryptocurrency market is now worth over $3 trillion. Here are 5 things that happened in the space this past week – CNBC

The cryptocurrency market is now worth over $3 trillion. Here are 5 things that happened in the space this past week – CNBC

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The cryptocurrency market is now value over $3 trillion, in line with CoinGecko. This comes because the top digital coins, including ether and bitcoin, rally on Monday.

Ether, the second-largest cryptocurrency by market worth beneath bitcoin, hit a new all-time high above $4,700 on Monday. It’s at present buying and selling at round $4,785, in line with Coin Metrics information.

Together with it, bitcoin is inching nearer to its report 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 12 months, Solana’s token, SOL, is up nearly 12,000%, in line 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 have a good time 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 a couple of.

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 sequence “Squid Recreation” crashed after its founders cashed out, CNBC reported on Tuesday.

The token, referred to as SQUID, hit a excessive of simply over $2,861 on Nov. 1 earlier than plummeting to close zero, in line with price-tracking web site CoinMarketCap.

CoinMarketCap issued a warning that it obtained “a number of stories” that customers had been unable in a position to promote the token on Pancakeswap, a preferred decentralized trade, 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 mission founders abandon a mission 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 may also embrace handwritten scripts from the movie and audio commentary from Tarantino himself, which is able to solely be capable to be seen by homeowners of the NFT.

The NFTs can be auctioned on market OpenSea. A launch date has not but 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 trade,” 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 a giant bitcoin supporter.

“He has a MiamiCoin that’s doing very nicely — we will look within the course to hold that out,” Adams told Bloomberg Radio, alluding that he is trying into creating a city coin for New York that’s much like Miami’s.

5. Congress passes $1.2 trillion infrastructure invoice

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