11/5 FAL Weekly Digest
Welcome to the FAL Weekly Digest, a source for this week’s biggest news articles and crypto market updates.
Here is what you need to know:
NFT and cryptocurrency ads could be found on every building in Times Square this week during the annual NFT.NYC convention.
NFT.NYC Takes New York By Storm
Thousands of cryptocurrency enthusiasts descended on the heart of New York for this year’s NFT.NYC conference. Participants included non fungible token (NFT) fanatics, artists, musicians, technology visionaries, financial gurus, and more as the convention took place from November 1st to November 4th. Events ranging from morning and mid-day press releases to exclusive midnight roof top parties could be found across the metropolis.
Our lead NFT specialist Jeffrey Jay was able to attend several events this week where he was able to meet prominent figures such as Yorke Rhodes III (head of blockchain at Microsoft) and SizeChad, a prominent figure on Twitter.
“There was a great atmosphere at every event,” said Jay. “Everyone was friendly regardless if they were NFT OG’s or completely new to the space. I’m excited to see the industry continue to grow as more people realize the potential of NFTs."
Market Analysis - BTC
The overall cryptocurrency market capitalization is about $2.72 trillion USD, a 2.64% increase from last week’s valuation of $2.65 trillion. At the time of publication, Bitcoin ($BTC) is valued at $61,110 per Bitcoin with a market capitalization of $1.154 trillion making up 42.6% of the overall crypto market.
Bitcoin remains range bound between $60,000 and $64,000 for the time being. Selling volume has noticeably decreased over the last three days, indicating that bears may be running out of steam. The decline in Bitcoin dominance with the overall increase in crypto market capital indicates that while money may be leaving Bitcoin, it is not leaving the market and could be repositioning into “alt coins” such as Ethereum ($ETH), Solana ($SOL), and Polkadot ($DOT) based on their recent price movements to the upside.
Mayors Battle Over Bitcoin Dominance
The race to become the U.S. cryptocurrency capital rages on as both mayors from New York City and Miami vow to promote the maturing sector. On Tuesday, Mayor of Miami Francis Suarez stated on Twitter that he will take his next paycheck completely in Bitcoin. New York City Mayor-elect Eric Adams responded, saying that he will take his first three paychecks in Bitcoin when entering office.
The friendly competition between the local leaders marks a significant shift in politicians regarding overall cryptocurrency adoption and support of the field. For more information about the ongoing rivalry, see our full article found here.
U.S. Government Releases Stablecoin Report
The United States Treasury has released an official report outlining their stance towards the stablecoin market. The report was constructed by the President’s Working Group on Financial Markets which is made up of leading financial experts such as Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Security and Exchange Commission Chair Gary Gensler.
Their findings argue that stablecoin issuers must be subject to the same federal oversight that banks operate. Regulators aim to force companies such as Tether and Circle to operate under the Federal Deposit Insurance Corporation (FDIC) to ensure proper account balances for consumer protection. For more information, see our full analysis found here.
Following the statement release from government officials, JPMorgan and consulting firm Oliver Wyman released a joint report on the benefits of stablecoin and central bank digital currency (CBDC) usage in cross border payments to facilitate global trade. Leaders from the financial giants commented on the state of global trade and the inefficiencies of currency conversion.
Thanks for reading! For more information regarding the cryptocurrency space, please visit us at https://www.cryptofal.com/.
