Daily Digest 11/23

Insight on the biggest stories of the day.

The world of meta verses has been on a tear lately as we have seen massive gains from Decentraland, Somnium Space, and The Sandbox. The race to the top in the metaverse is on and The Sandbox is ready to make its next big move.
On November 29th they will be dropping their Alpha launch which will open up a part of its metaverse to users for the first time. They will be promoting it by having a multi-week event where only a handful of users will be able to participate in the play-to-earn event.

There will be three exclusive NFTs available at the event and will only be available to the 5,000 individuals granted full access. One thousand of those exclusive NFTs will be given out in a raffle to Sandbox Landowners and another 2,250 will be given out to those who have an account through daily social contests that are held throughout the event.

“I would recommend for people who want to experience it, you know, just go to the places, experience them, join the community on Discord, have a chat with them. See what it’s all about before you make the plunge to buy land because, you know, it’s like buying real estate anywhere in the world.” said Co-founder of Animoca Brands, Yat Siu.

Jack Dorsey is one of the biggest names in the Bitcoin community and is continuously trying to incorporate it into his current companies. Dorsey owns both Square and Twitter and for the last couple of years has held BTC on Squares balance sheet and even allows users to buy and sell it through Cash app.
Earlier this year Dorsey made it possible to tip influencers on twitter with BTC as a reward for their content. He is now taking it a step further with the release of his own Bitcoin decentralized exchange; however, it will not be very decentralized.
All users that register will have to pass its KYC requirements and as of right now users will only be able to swap tokens for each other. They are also looking to incorporate blockchain analytics either directly or through a third-party to track transactions and monitor illicit activity.
It does have some advantages as compared to an actual decentralized exchange where if someone was to get rug pulled using a defi application they would be able to roll back the the transactions and recover the funds. Whether it is successful or not we will see but it is another step towards mass adoption.

November has been a bit of a slow down month for BTC and there are some indicators that are signaling we are in for the bearish momentum to continue.
Funding rates are currently negative which means that more investors are “short” on the market. Also on Monday the options flow chart showed that there are currently more put buyers than put sellers which means that investors are seeking downside protection.

Its has been almost a year now since the SEC decided to make a statement and take XRP to court. The SEC is claiming the Ripple was issuing XRP as an unregistered security but it seems like that may come to an end soon.
The announcement of this case sent the crypto market and especially XRP drastically and caused a lot of people to lose money quickly. Many do not believe that the allegations are precedented and they may not but this was the SECs way of letting everyone know that they were going to start taking crypto regulations seriously.
“Clearly, we’re seeing good questions asked by the judge,” Garlinghouse said, adding his belief that “The judge realizes this is not just about Ripple, this will have broader implications.”
XRP holders have also voiced their displeasure and even filed a “friends of the court” brief to make them defendants of Ripple to support their case. The plan is for the case to end in 2022 and everyone hopes that it ends soon and in favor of XRP. It will also be interesting to see what exactly comes out of this for the broader space in terms of regulations and clarity.

BTC Attempts to Break Resistance