November News Recap: Bitcoin’s new ATH, Palau’s own Digital Currency and More
As the year draws to a close, we celebrate the month of November with one of the most exciting news yet: new all-time highs (ATH) from BTC and ETH. While both may be in the red at the time of writing, analysts have suggested bullish sentiments for both digital currencies.
On top of major price hikes, November also welcomed new partnerships within the crypto space and a peak in crypto adoption amongst institutions. If you missed out on the latest crypto news and updates, we give you a run down on the key headlines to know in November.
1. BTC and ETH Hit New All-Time Highs
Earlier in November, Bitcoin’s price hit another all-time high above $68,000 while Ether (ETH) reached a new high at $4,868, surpassing the $4,800 mark for the first time. While cryptocurrency price charts are often known for volatility, some analysts suggest that both Bitcoin and Ether will continue to see a bullish trend in the coming weeks.
2. Palau Plans on Developing its Very Own Digital Currency with Ripple
The Republic of Palau is said to be partnering up with blockchain-based digital payment network Ripple to develop a government-based, USD-pegged stablecoin to circulate internally in the country using the XRPL. As an island nation, Palau is reportedly known to be more vulnerable to the effects of climate change. As such, Ripple was chosen since its XRP Ledger is said to be carbon-neutral and more energy-efficient.
3. Two Bitcoin Funds Launched in Singapore by MAS-regulated Fund Manager
Singapore-based, MAS-regulated fund manager Fintonia Group recently launched two institutional-grade Bitcoin funds. Known as the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund, these are only available for accredited and professional investors with an aim to provide simplified and secure methods of exposure to BTC. The former targets institutional investors looking for direct exposure by allowing them to buy, store and sell large amounts of the cryptocurrency. The latter, on the other hand, provides investors with access to private loans secured by Bitcoin.
4. UK Crypto Exchanges are now Required to Pay Digital Services Tax
Britain’s tax authority, Her Majesty’s Revenue and Customs (HMRC), has just amended its regulations by introducing a digital services tax that will be levied on cryptocurrency exchanges operating in the United Kingdom. Following the news, crypto exchanges in the UK will now reportedly have to pay a 2% digital services tax. This is so since the HMRC does not recognize digital assets as financial instruments and as such, exchanges are not eligible for financial exemptions.
5. Thailand Looks to Crypto to Boost Tourism
As part of its efforts to boost the country’s GDP, the Tourism Authority of Thailand (TAT) is said to be launching its very own utility token known as TAT Coin. This is aimed at targeting crypto digital nomads and is part of a planned crypto tourism campaign. The infrastructure of the TAT Coin is said to be ready and the authorities have been in discussions with the Stock Exchange of Thailand regarding TAT Coin’s issuance.
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Stay tuned for our monthly crypto news and updates as we suss out the biggest highlights of the month!