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Cryptocurrency News and Weekly Price Recap for November 4, 2022

Cryptocurrency prices rebounded from Friday’s jobs report to end the week on a positive note and recover key technical levels. Bitcoin and Ethereum are trading at their highest levels since late August. Still, prices have essentially moved sideways over the past three months. From Coinbase’s latest revenue report and Funko doubling NFT sales, to GameStop’s crypto initiatives, Elon Musk pumping up the potential role of Dogecoin and Binance on Twitter – here’s the top cryptocurrency news from the past week.

Also be sure to check out this week’s coverage of Cryptocurrency ETFs like BITQ, BLOK and BITS.

Click here for the latest cryptocurrency prices and news. And if you’re new to the world of bitcoin, ethereum, blockchain and more, stop by our What is Cryptocurrency page.

Cryptocurrency News: Price Action

Bitcoin recovered to $21,000 on Friday after nearly falling to $20,000 on Thursday morning following the Fed’s rate hike. The world’s largest crypto rose from around $19,300 last Monday. Meanwhile, Ethereum bounced back above $1,640 after sliding towards $1,500 on Thursday. ETH is still well above its $1,340 level at the start of last week.

Cryptocurrency price heatmap:

Investments in digital assets are extremely volatile. Although the fundamentals and technical indicators of cryptocurrency may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, reduce losses Where capture profits. Second, get ready to enjoy if the cryptocurrency starts to rebound.

Despite their initial promise, cryptocurrencies have not acted as inflation hedges. Instead, they tend with the broader indexes. Lily Overview and pulse of the market to follow daily market trends.

View IBD Best Cryptocurrencies and Crypto Stocks to Buy and Watch page to help you navigate the world of digital asset investments.

Want a deeper dive into crypto? Check What is Cryptocurrency? explanatory page.

Coinbase records another revenue loss

Coinbase (PIECE OF MONEY) continues to struggle and posted more losses for its third quarter results on Thursday evening. Still, COIN stock rose around 3% on Friday after the report.

Funko doubles its NFT sales

Funko (FNKO) doubled its Digital Pop! NFT Sales in the third quarter and averaged $500,000 in revenue per release. Still, FNKO stock plummets after the major shortfall.

Binance wants an active role in Twitter

Binance seems interested in taking an active role in Twitter (TWTR) since investing $500 million in the takeover of Elon Musk. Here is the first task the crypto exchange wants to tackle.

Galaxy Digital Cuts Stick

Crypto financial services firm Galaxy Digital plans to cut about 20% of its global workforce, The Wall Street Journal reported.

The Celsius network has been investigated for a potential Ponzi scheme

A New York judge on Tuesday afternoon ordered an investigation into Celsius Network to determine whether the bankrupt crypto lender was operating as a Ponzi scheme. The court-appointed examiner and Celsius’ creditors’ committee will meet to determine who is conducting the investigation.

Visa kicks off with Crypto.com

Visa (V) is partnering with Crypto.com on a range of football-related NFTs to be auctioned ahead of the 2022 FIFA World Cup, the company announced on Tuesday. The payments giant is one of many companies rallying to the crypto space. Last Thursday, Visa filed trademarks for cryptocurrency wallet transaction software and software for virtual environments, hinting at a metaverse push.

Coinbase joins Ripple against the SEC

Coinbase (PIECE OF MONEY) filed a motion to support Ripple Labs in the Ripple case with the Securities and Exchange Commission on Monday evening. Ripple Labs, creator of the Ripple payment protocol and XRP token, is filing a lawsuit alleging that its cryptos were sold as unregistered securities.

Elon Musk continues to pump Dogecoin

Elon Musk’s Dogecoin tweet from Halloween night inspired a wave of fraudulent cryptos triggered another price hike for DOGE.

Apollo, Anchorage Crypto Services Partner

Global Apollo Management (APO) has partnered with institutional infrastructure provider Anchorage Digital to offer cryptocurrency custody services for its clients. One of the largest asset managers in the world, Apollo has over $500 billion in assets under management. Meanwhile, crypto unicorn Anchorage has been targeting institutional investors build during the bear market.

GameStop turns to crypto

Tuesday afternoon, GameStop (EMG) announced the rollout of FTX gift cards online and in select stores through its partnership with crypto exchange FTX. And, on Monday, the video game retailer launched its own NFT marketplace after partnering with web game maker 3 Immutable.

Another struggling crypto miner

Argo Blockchain (ARBK) the stock fell 40% pre-market on Monday after the London-based crypto miner reported failed funding from a strategic investor. Argo has sought to raise $27.9 million through a common stock subscription, it disclosed Oct. 7. The company has warned that it may have to scale back or cease operations if it cannot obtain other financing options.

NFT Marketplaces Remove Fees

The LooksRare NFT marketplace has announced that it no longer supports creator royalties by default and will instead share 25% of its protocol transaction fees with non-fungible token makers. The industry is moving towards royalty-free transactions, LookRare said, rather than sharing 5% to 10% of the secondary sale prices typically offered to creators. Last month, Magic Eden, the largest NFT marketplace on the Solana blockchain, announcement it made royalties optional.

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