ALPEX Global Weekly Newsletter — November Week 2
Latest news and updates from ALPEX Global, a leader in digital asset trading!
As a leading fintech company, ALPEX Global aims to educate people on how this disruptive technology will benefit the entire world. ALPEX Global introduces a variety of subsidiaries including ALPEX Derivatives Exchange, ALPEX Academy, and its own APX Token. With a keen eye on the market, ALPEX Global aims to create a safe, reliable, and flexible trading platform building its core on innovation and sustainability. We utilize our years of broad experience and sharp insights to provide our investors with secure operating systems, complete transaction tools, and various financial resources. Our technology helps investors better understand risk and make more powerful trading decisions.
This week Taproot, a highly anticipated upgrade to bitcoin, was implemented on Sunday at block 709,632. Moreover, three Asian crypto companies are collaborating with Mastercard to launch Bitcoin-based payment cards, while Twitter is building a dedicated team for blockchain technology, and the total cryptocurrency market cap tops $3 trillion. This week’s weekly newsletter includes all of this and much more.
As of Sunday’s block 709,632, Taproot, a highly anticipated upgrade to bitcoin, went into effect. Bitcoin’s first major upgrade since 2017 will have a wide range of effects on the blockchain. The taproot will introduce what’s called Schnorr signatures, which will make bitcoin transactions more efficient, private, and cheaper. It will also make it easier to execute smart contracts on the blockchain using bitcoin.
Experts believe that Taproot will have a minimal impact on bitcoin’s price, but investors should understand what the upgrade means. Ultimately, you can’t predict the future price of an asset, and bitcoin is the blockchain behind the largest cryptocurrency by market value.
Taproot is expected to pave the way for the next phase of innovation in bitcoin. This upgrade is expected to unleash another wave of innovation in bitcoin focusing primarily on smart contracts. Despite this, cryptocurrencies come with risks due to their volatile and speculative nature. As a result, financial experts recommend only investing what you can afford to lose.
In a noteworthy move, Mastercard has partnered with three Asian digital asset platforms to provide consumers in the region with payment cards that will allow them to convert bitcoin and other cryptocurrencies into fiat currency.
MasterCard announced on Tuesday that it will partner with Hong Kong-based Amber Group, Thailand’s Bitkub crypto exchange, and Australia’s Coinjar trading platform. Through the partnership, cryptocurrency-linked credit, debit, and prepaid cards will be available for individuals and businesses throughout the Asia Pacific. Mastercard customers will be able to instantly convert bitcoin and other digital currencies into fiat currencies, which can then be spent on any of the merchants accepting Mastercard payments online or offline.
In a statement, Mastercard said, the collaboration comes as interest in cryptocurrencies soars in the Asia Pacific region. According to the latest survey from the U.S. payment giant, 45% of consumers in the region expect to use digital coins within the next year, more than the global average of 40%.
In other news, the CEO of Apple Inc, Tim Cook, recently admitted to owning cryptocurrency in an interview with Deal Book’s Andrew Ross Sorkin. Cook responded that he does own “any crypto, Bitcoin or Ethereum”, and believes “it’s reasonable to own it as part of a diversified portfolio”. He clarified, however, that his endorsement of cryptocurrency doesn’t constitute investment advice.
To respond a question about how long he has been researching cryptocurrency, Cook replied that he has been looking into it for “a while.” This suggests that he is actively involved in the cryptocurrency markets and investing.
The Apple CEO then revealed the company does not plan to include crypto into its operations and follow other major tech giants like Tesla, Facebook, and Twitter, saying that Apple does not intend to accept cryptocurrencies as a form of payment anytime soon. According to Cook, Apple doesn’t plan to buy Bitcoin (BTC) with its estimated $200bn cash reserves, as “I don’t think people buy Apple stock just to access crypto assets”.
Earlier this week, we learned about Twitter Crypto. The microblogging site Twitter is creating a new division called Twitter Crypto to handle all things Blockchain. As engineering lead of the new team, Tess Rinearson will set the strategy for Twitter’s future in crypto.
The announcement was made on Twitter by Tess Rinearson, who was hired by Twitter to lead the team. According to Rinearson, while cryptocurrencies such as bitcoin and NFTs are becoming more relevant to Twitter, the company aims to go much further when it comes to decentralized technologies. In addition, Twitter’s new head of crypto mentioned that the social network is open to receiving feedback from users about how it can improve its platform in this segment.
Notably, this is not the first time Twitter has publicly confirmed that it is working on supporting cryptocurrencies. A rumor about Twitter’s Tip Jar implementing Bitcoin transactions was confirmed by Twitter’s product head Kayvon Beykpour in September. However, Twitter CEO Jack Dorsey is openly supportive of Bitcoin and other cryptocurrencies. We probably won’t find out more about Twitter’s first crypto and blockchain projects until they are officially announced.
Lastly in this week’s overview, according to research, cryptocurrencies’ total market capitalization has reached a record high of 3 trillion dollars. Positive market momentum during Monday morning’s Asian trading session has resulted in a 3.1% gain for the total crypto market capitalization. According to analytics website CoinGecko, this has driven it to an all-time high above $3 trillion at press time.
In the past seven days, the total market cap has increased by 8.4%; in the past 30 days, it has increased by 25.5%. This is a staggering 284% increase since January 1st, when the market cap was $775 billion. As of this writing, Bitcoin has gained 6.9% and has a market cap of $1.12 trillion and a market share of 41.3%. Bitcoin is about the same size as Tesla, but slightly smaller than Silver, which has a market cap of $1.36 trillion. The market capitalization of Ethereum has exceeded that of JPMorgan Chase, which is $496 billion. Binance Coin is the third-largest crypto asset, with a market cap of $107 billion as of the time of writing.
Consequently, analysts estimate a 24-hour volume of $138 billion, the same as the market cap in March 2019. The top ten’s top mover is Ripple’s XRP with a 9.8% gain on the day. The token is now valued at $1.27. In the last few weeks, however, it has fallen down the charts and sits below Cardano in the seventh position. At the moment, Avalanche (AVAX) is also making moves, with 13% added to the top $95 and printing a new record.
A pivotal year is coming to a close as Thanksgiving in the US approaches, and Christmas around the globe is just a month away. Will the market take a turn in the coming weeks? We’ll have more exciting news to share next week.
In market news: Deputy provincial official Xiao Yi was arrested for engaging in “mining” as the Chinese government continued with its crackdown on the mining industry. In the afternoon of November 10th, the China Development and Reform Commission requested that all local governments implement the necessary measures to rectify virtual currency mining. As a result of encouraging mining, Xiao Yi, the former secretary of the Fuzhou Municipal Party Committee in Jiangxi, was dismissed.
Moreover, on November 11, the Ether Foundation transferred 20,000 pieces of ETH to the Kraken exchange, bringing the Foundation’s ETH balance to 364,868 pieces. Prior to this, the Ether Foundation transferred 35,000 pieces on May 21, 2021, 28,000 pieces on March 12, 2021, and 100,000 pieces on December 17, 2020.
Information about the marketing department : For the marketing team, this has been an exciting and busy week. ALPEX Global hosted an award ceremony at its office , as part of its participation in the Future Blockchain Summit (FBS).
A #WinWithALPEX campaign was launched by the ALPEX Global team. Visitors to the ALPEX Global booth had the chance to win some exciting prizes by posting a photo on any social media site such as Facebook, Twitter, Instagram, and LinkedIn. Thus, two lucky winners were selected and invited to the award ceremony.
Mr. Allen Wong, ALPEX Global Owner, and CEO signed the NFTs exclusively. The winners were also allowed to list the digital copies on any NFT marketplace of their choice. In addition to guiding how to make the NFT useful and valuable, Mr. Pekka Kelka, ALPEX Global senior advisor, sat with each of the two winners and shared necessary information one by one with them. NFTs from ALPEX Punk are part of the company’s upcoming NFT collection.
Each week, the marketing team receives crypto knowledge training to better understand the volatile digital asset market. The marketing department is working on some exciting projects. Stay tuned to the weekly newsletter for updates.
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