CryptoCodex: Bitcoin And Crypto Market Rebound Powered By Ethereum, Solana And Polkadot

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The cryptocurrency market has bounced back after Friday’s selloff. Panic gripped the markets after the World Health Organization reported a potentially dangerous new COVID-19 variant called Omicron. The crypto market has climbed this morning, however, rising with global stock markets feeling more confident that the world will not return to a full-on lockdown.

NS Bitcoin The price declined to lows near $53,000 last week before making a sharp rally yesterday. The crypto top ten is rising higher, with ethereum, solana And polka dot Leading the market with a gain of nearly 7%.

Meanwhile, the price of a small cryptocurrency, coincidentally named Omicron, is on the rise, rising nearly 1,000% in the days since the WHO named the new COVID-19 variant – recalling The sudden rise and fall of a scam Squid Game-inspired cryptocurrency last month, read full story Businesshala,

El Salvador bought the dip

Discount Bitcoin: El Salvador’s bitcoin-ridden President Nayib Bukele revealed that the Central American country saw a bitcoin price drop late last week, adding 100 more bitcoins to the country’s 1,000-plus stash. Bitcoin has rallied along with broader stock markets and assets after an Omicron-induced panic sharply lowered prices to sky-high on Friday.

why it matters: Bukele is doubling down on bitcoin due to international warnings and condemnation.

Background: Last week, plans for a recent $1 billion bitcoin bond (designed to fund the ultra-low tax city) were announced, which would replace El Salvador’s dollar-denominated bonds with the country’s debt this month. After Lebanon sent with the worst debt in the world. Speaking last week, Bank of England Governor Andrew Bailey warned of the country’s decision to adopt bitcoin as legal tender alongside the US dollar as people could be caught off guard by its volatility. “It worries me that a country will choose it as their national currency,” Bailey said, speaking during an appearance at the University of Cambridge’s student union last week, it was reported. Businesshala, He said the International Monetary Fund, which monitors risks to global financial markets and is currently discussing a $1.3 billion loan deal with the country, is not happy with El Salvador.

Read this now: It’s Time To Decide What We Want From Crypto Before Others Do It For Us

I Coinstore Bets on India

Amid the continuing confusion over India’s cryptocurrency stance, Singapore-based crypto exchange Coinstore has opened its digital doors in the country.

️ “With almost a quarter of our total active users coming from India, it makes sense for us to expand into the market,” explained Charles Tan, Head of Marketing at Coinstore Reuters, Add: “We are optimistic that the Indian government will create a healthy framework for cryptocurrencies.”

️ Last week, it was widely informed of India is on the verge of following in China’s footsteps and banning cryptocurrency trading, but some To expect Future rules to limit market access only.

Read this now: Who is Bitcoin Creator Satoshi Nakamoto? What we know—and what we don’t know

coming week I

Watch out for cryptocurrency and crypto-related events this week.

Tomorrow, the US Senate Committee on Banking, Housing and Urban Affairs will hear testimony from the new Federal Reserve Chairman Jay Powell and Treasury Secretary Janet Yellen on how the government’s COVID response affected the economy and inflation. Reading economistConsider what should be Powell’s next move,

On Thursday, Art Basel arrived in Miami Beach with the non-fungible token (NFT) craze, which is expected to be a big topic of conversation among artists. go in: Art Basel Miami Beach opens in a small, affluent, techno city

On Friday, a fall in the US November Jobs report indicated that the labor market is returning to full force.

Read this now: Is Turkey on the verge of hyperinflation?

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