Elon puts Doge coin on Hold for twitter
In today’s newsletter:
Bitcoin and Ethereum are up today, November 5, as the total value of all cryptocurrencies increases.
With a dominance of 38.58 percent and prices hovering around $21964 , bitcoin fell 0.10 percent from the previous day.
Early on November 5, major cryptocurrencies were trading up, with the global crypto market up 5.55 percent from the previous day to $1.06 trillion. On the other hand, over the past 24 hours, the total volume of the crypto market fell by 45.73 percent to $116.37 billion.
According to Coinmarketcap, the price of Bitcoin was around $21964, with a market share of 38.58 percent, down 0.10 percent from the previous day.
As of Friday night, the price of ethereum has increased by 1.8% to $1,580 over the previous day. The market cap for ETH was 193.3 million. With $13.5 billion traded, it saw a 42.9% decline in trading volume.
In other developments, Zhao "CZ" Changpeng, the CEO of Binance Holding Ltd., predicted that India's high tariffs on cryptocurrency transactions will "destroy the business" there.
“India has high tax which is probably going to kill the industry,” Zhao said in livestreamed remarks during a panel at a fintech conference in Singapore on Thursday.
Due to OFAC compliance, Ethereum is even closer to absolute censorship.
The community has been monitoring Ethereum's increasing compliance with requirements set forth by the Office of Foreign Assets Control since protocol-level censorship is a deterrent to the crypto ecosystem's goal of extremely open and accessible finance (OFAC). Over 73% of blocks on the Ethereum network over the past 24 hours have been determined to enforce OFAC compliance
In October 2022, Cointelegraph published a story on the growing censorship worries following the discovery that 51% of Ethereum blocks complied with OFAC criteria. The daily minting of OFAC-compliant blocks has increased to 73% as of Nov. 3, according to data from mevWatch.
The US government agency can apply economic and trade sanctions thanks to compliance with OFAC. The organisation previously sanctioned Tornado Cash and a number of Ethereum addresses.
45% of all Ethereum blocks as of right now are regarded as OFAC-compliant.
Work on Twitter's crypto wallet is reportedly put on hold, sending Dogecoin down 10%.
As Elon Musk completed his takeover of Twitter, DOGE's price had more than doubled due to the expectation that he may enact cryptocurrency-friendly policies at the corporation.
The story stated that "a recently disclosed proposal to develop a crypto wallet for Twitter appears to be on hold."
Following the announcement, Dogecoin (DOGE) just experienced an almost 10% decline. The price of the well-known meme coin has regularly responded to Musk's actions and statements. The CEO of Tesla and multi billionaire entrepreneur has been a strong supporter of the token.
Over the previous week, DOGE had more than doubled in value as Musk finalised the transaction, reaching its highest level since April in hopes that he would promote cryptocurrency-friendly efforts at Twitter. According to a report by Bloomberg on Thursday that cited unnamed sources, the corporation is anticipated to let go of almost half of its workforce. Musk fired Twitter's CEO and other senior officials last week, and he has previously been open about his desire to shift Twitter's course.