Cryptocurrency News And Price Weekly Wrap-Up For Oct. 29, 2022

Cryptocurrency prices rose on Friday to finish the week’s rally on a high note. Bitcoin and Ethereum recovered to their highest levels since late August. Prices have essentially moved sideways now for the past three months, but there was plenty of action in digital assets this week. Binance confirmed its investment in Elon Musk’s Twitter buyout and Dogecoin rallied on the news. A top Bitcoin miner warned of default. Meanwhile, institutional crypto adoption continues to grow. Here is the top cryptocurrency news from the past week.

Be sure to also check this week’s coverage of cryptocurrency ETFs like BITQ, BLOK and BITS.

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Cryptocurrency News: Price Action

Bitcoin reclaimed $20,600 by Friday afternoon after the world’s largest crypto rallied this week from roughly $19,300 on Monday. More than $1.34 billion in Bitcoin futures shorts have been liquidated since Tuesday, Coinglass data shows, giving a lift to the broader market. Meanwhile, Ethereum rebounded to $1,550 after it slipped below $1,500 overnight. ETH is still well above its $1,340 level at the start of the week.

Cryptocurrency Prices Heat Map:

Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.

Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.

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Binance Confirms Twitter Buyout Backing

Crypto exchange Binance confirmed it contributed $500 million to Elon Musk’s purchase of Twitter (TWTR).

Twitter Tests NFTs

Twitter (TWTR) is testing new NFT Tweet Tiles, which will allow users to display their NFTs with links to various marketplaces. The company is currently testing integrations with Solana-based Magic Eden, Rarible, Dapper Labs and Jump.trade.

Dogecoin Rallies On Elon News

Popular memecoin Dogecoin rallied 35% this week, boosted by the rise in crypto prices and Elon Musk’s takeover of Twitter. Musk repeatedly touted the cryptocurrency and shared related memes in the past. Multiple Dogecoin investors filed a $258 billion racketeering lawsuit against Musk earlier this summer, accusing him and his companies of intentionally pumping the price of Dogecoin and letting it crash.

Anchorage Digital Targets Institutions To Build

Crypto unicorn Anchorage Digital rolled out a crypto infrastructure service for institutions this week. In an IBD interview, company President Diogo Monica explains why he believes the bear market is the best time to build.

Institutional Adoption Rises

Fidelity Digital Assets Research found 58% of institutional investors invested in digital assets in the first half of 2022, up six points over the year. And 74% of those surveyed plan to invest in digital assets in the future.

Top Bitcoin Miner Warns Of Default

Core Scientific (CORZ), one of the world’s largest Bitcoin miners, said its existing cash resources will be depleted by the end of the year, if not sooner. In an SEC filing Thursday, Core reported the company and its subsidiaries have more than $1 billion in outstanding debt.

Warren Buffett-, Cathie Wood-Backed Fintech Firm

A look at Brazilian fintech firm Nubank (NU), which received investments from Warren Buffett and Cathie Wood.

Ethereum Dominance Rises

Ethereum’s dominance, the ratio of its market cap to the total crypto market cap, rebounded to 19.67% this week with the recent crypto price bounce. It fell below 18% from around 21% following Ethereum’s merge to a proof-of-stake network in mid-September, data from TradingView shows. Bitcoin, the largest cryptocurrency, maintains its dominance at 39% of the market.

U.K. Crypto Bill Vote

The U.K. House of Commons voted to recognize crypto assets as regulated financial assets and products on Tuesday. The lower Parliament vote confirmed existing measures and regulations for digital assets and stablecoins as part of the proposed Financial Services and Markets Bill. Next, the draft bill will head to the House of Lords for approval.

Are NFTs A Buy Now?

NFTs are more than cartoon avatars, and major companies like Disney (DIS), Netflix (NFLX) and Warner Bros. (WBD) are all adding digital collectibles. Here’s what the space could look like.

Blockchain Hacking Update

Blockchain hackers stole $2.5 billion through the first three quarters of 2022, according to VPN services firm Atlas VPN. Roughly $483 million was stolen in Q3, despite the number of blockchain hacks falling 43% quarter-over-quarter.

Senators Worry About Crypto-Lobbying Pipeline

Five Senators, including Elizabeth Warren (D-Mass.) and Alexandria Ocasio-Cortez (D-N.Y.), requested financial regulators look into “the increasing number of revolving door hires” of ex-government officials moving on to crypto lobbying. The letter, sent to seven different federal agencies, cited more than 200 government employees from the Treasury Department, SEC, CFTC, Federal Reserve and former members of Congress that transitioned to crypto firms.

Cathie Woods Buys More Coinbase

Cathie Wood’s ARK Fintech Innovation ETF (ARKF) purchased more than 10,880 shares of crypto exchange Coinbase (COIN), 3,183 shares of DeFi company Block (SQ) and 5,291 shares of Robinhood (HOOD) stock on Monday, according to the firm’s daily trade updates.

Apple Cracks Down On Crypto Content

Apple (AAPL) tightened its oversight screws on crypto-related content Monday afternoon. The company added language to its App Store guidelines that bans using NFTs to unlock content, as well as promotions or external links to purchasing mechanisms other than in-app purchases. It also revised language for cryptocurrency exchanges that restricts their offerings to countries and regions where they’re licensed to operate.

NFT Royalties Near $2 Billion

Ethereum-based NFT creators have generated $1.8 billion in royalties, blockchain investment management firm Galaxy Digital reported. Of those, just 10 entities accounted for 27% of all royalties earned and 482 NFT collections accounted for 80% of all royalties earned so far.

Crypto Transaction Value Forecast

The value of crypto transactions is predicted to leap 25% to $43.5 billion in 2023 while the number of users grows around 14% to nearly $300 million. And more than half of that value will come from the U.S., according to cryptocurrency data site Crypto Presales.

Meme Crypto Dogecoin Rallies On Elon Musk Twitter News

Elon Musk finally purchased Twitter (TWTR) and news of the $44 billion buyout sent Dogecoin flying this week. The popular memecoin rallied 35% as Musk — the self-proclaimed “Dogefather” — repeatedly touted the crypto and engaged with its community of users.

The cryptocurrency was created on a lark in 2014, without any serious intent behind the project. However it gained popularity through its community’s widespread memes online. The price skyrocketed last year along with the craze of meme stock investments but subsequently crashed because it has very little utility. And the developers haven’t made any major changes since 2015, according to crypto analytics site CoinGecko.

Still, Elon Musk has had a love affair with DOGE, promoting it in tweets and sharing various related memes in the past. His Tesla (TSLA), SpaceX and Boring Company all accept Dogecoin as payment for merchandise. And he even named SpaceX’s 2022 moon mission DOGE-1.

Musk’s tweets and announcements have caused price swings in the past. He even mulled using Dogecoin as payment for a subscription or paid version of Twitter, his texts leading up to the site’s acquisition revealed. He also weighed creating his own cryptocurrency for the same purpose.

But that flirtatious relationship has also landed him in hot water. Multiple Dogecoin investors filed a $258 billion racketeering lawsuit against Musk earlier this summer, accusing him and his companies of intentionally pumping the price of Dogecoin and letting it crash. In response in June, Musk insisted he never said people should invest in crypto, but he personally supports it.

Doge isn’t the only cryptocurrency Elon has flipped on. In May last year, Musk announced Tesla would accept Bitcoin as payment for Teslas, only to cancel the option two months later.

Doge Price Action

Despite the rally, Doge is still trading under 10 cents. Last year, the price of Dogecoin catapulted from fractions of a cent to an all time high 73 cents in May this year. But it plummeted below 20 cents by July and hasn’t held above 30 cents since last August.