Crypto Stocks Soar as Bitcoin Rallies to Retake $20K

Bitcoin (BTC) has risen nearly 5% in value to above $20,000 for the first time in about three weeks, and ether (ETH) is ahead just shy of 11% to its highest price since the Merge, leading a broad rally in cryptocurrencies and related stocks.

Among names on the move are Coinbase (COIN) and MicroStrategy (MSTR), each up 10%. Many of the crypto miners are doing even better, with Hut 8 (HUT), Bitfarms (BITF), Marathon Digital (MARA) and Riot Blockchain (RIOT) higher by 11%-18%.

Swiss-Based Crypto Bank SEBA Offers Custody for 'Blue Chip' NFTs

Crypto bank SEBA has extended its digital asset custody services to blue chip, or premium, non-fungible tokens (NFT) including Bored Apes and CryptoPunks.
The Zug, Switzerland-based bank is aiming to provide its customers with a secure service for storing any Ethereum-based NFTs without having to manage their private keys themselves.
Some of the most expensive NFTs, such as those in the CryptoPunk and Bored Ape collections, have often fetched seven-figure sums, with celebrities including Justin Bieber, Madonna and Eminem among the most noteworthy buyers.

Investors Are Massively Shorting Ethereum, and There Are 3 Reasons Why

Ethereum is getting heavily shorted by the majority of market participants following a rapid change in funding rates of the cryptocurrency. In the last 24 hours, adding more shorts to the second biggest cryptocurrency on the market became even more expensive.
Ethereum's price performance in the last two days and the composition of orders on the market might cause a bit of confusion, as the most recent breakout should have caused a surge in the number of long orders on the market.

Solana launches the first Crypto-Smartphone

Solana and its associated blockchain network, together with OSOM, are launching the first crypto-smartphone, a cryptocurrency-based mobile phone.
The announcement had already been anticipated in June this year, and the smartphone, based on the OSOM OV1 phone, had been on the market for some time. Today, it is presented again: Solana Crypto and OSOM unveil its specifications and features.
The new crypto-smartphone is named “Solana Saga,” will ship in the first quarter of 2023 with extended availability and a price tag of $1,000. However, it is already possible to pre-order it on Solana Crypto’s official portal with a $100 deposit.

Reasons Behind The Bitcoin Price Rally – Is It Sustainable?

Following the Bitcoin price’s extreme loss of volatility over the past few weeks, yesterday’s rally feels like new hopium and a massive move to the upside. For the first time in three weeks, the price has surpassed $20,000 with the move coming as a surprise to many.
Most recently, inflation fears and macroeconomic uncertainties have dominated the crypto market. Fundamental changes in this regard did not occur yesterday. So what was the reason for yesterday’s upswing in the Bitcoin market?
The markets will next be eyeing tomorrow’s Gross Domestic Product (GDP) report in the United States to gauge the FED’s future policy. Currently, the U.S. economy is expected to have grown by 2.4% in Q3, which would mean that interest rate hikes are not having too much of a negative impact on the economy at this time.

Google Advertising Monopoly Crippled by Crypto Winter as Tech Stocks Tumble

Digital asset companies and investors are not the only ones being battered during the crypto winter. Search giant Google also claims to be suffering.
Google chief business officer, Philipp Schindler, said that a slowdown in advertising spending by crypto companies has hampered revenue growth. The comments came during Alphabet’s third-quarter earnings call on Oct. 25. He said that there had been a “pullback in spend by some advertisers in certain areas in search,” for the period.
Insurance, loan, mortgage, and crypto subcategories of financial services decreased their ad spending, he added.
The declines resulted in Google’s weakest period of advertising growth since 2013 with just 6%, according to CNBC.

Singapore Central Bank Proposes Stablecoin Rules to Reign in Crypto Sector

The Monetary Authority of Singapore (MAS) has proposed a slew of new rules to reign in the local crypto industry – starting with some stringent standards for stablecoin issuers.
The rules include setting capital and reserve requirements for issuers of stablecoins, which are cryptocurrencies that maintain their value against fiat currencies or assets like gold. The measures also seek to ban issuers from engaging in "other activities that introduce additional risks" like lending or staking that lets users lock their crypto and earn interest.
The rules, which were published on Wednesday, come after a turbulent year for crypto markets. The downturn is particularly frustrating for Singapore regulators, as a number of collapsed multi-billion dollar crypto enterprises like stablecoin issuer Terraform Labs and crypto hedge fund Three Arrows Capital have ties to the country. The MAS had since promised to tighten regulations for the sector.