News Roundup, Nov. 22: A Volatile Start to the Week
Bitcoin

News Roundup, Nov. 22: A Volatile Start to the Week

Bitcoin suddenly surged $2,500 on Monday before pulling back. Plus, El Salvador is planning to build "Bitcoin City" — and SHIBA INU issues a scam alert.

News Roundup, Nov. 22: A Volatile Start to the Week

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Bitcoin fails to crack $60,000 ❌

Bitcoin retreated after failing to meaningfully break through $60,000 over the weekend. It fell as low as $56,735 on Monday. But at the time we're writing this, BTC has raced up from $57,000 to $59,000 in the space of 20 minutes — in what some on Twitter are describing as a "f*** you candle* to the bears. The current landscape still looks challenging for the world's biggest cryptocurrency. Now, some analysts are expecting BTC to trade sideways for the rest of this year. Here's the latest.

El Salvador to build 'Bitcoin City' 🇸🇻

El Salvador has unveiled plans to build the world's first "Bitcoin City." President Nayib Bukele made the announcement on the final day of the country's Bitcoin conference. Based in La Unión, the metropolis will be powered by geothermal energy from volcanoes. No income tax will be charged either, and instead, revenues will be raised through VAT. Its construction will be funded through a Bitcoin bond. "Invest here and make all the money you want," Bukele told a raucous crowd. Our story.

SHIBA INU issues scam alert 🚨

SHIBA INU's official Twitter account has released a scam alert. The project has warned that fake SHIB Telegram groups are being shared across social media. Bots are also impersonating official accounts and offering giveaways that don't exist. The SHIB community is being urged to ensure that they don't share their wallet keys with others, or disclose email addresses and passwords. SHIB has lost a lot of momentum in recent weeks, and is trading 50% below all-time highs. The latest.

Fast food firm invests profits in BTC 🍕

A small business has been investing all of its profits into Bitcoin — and says the radical strategy works wonders. Tahinis, a chain of Middle Eastern restaurants in Canada, has adopted the so-called "Bitcoin Standard." Executives began embracing BTC back in August 2020 — and told Markets Insider that they're up 460% on their initial investment. Back then, a single Bitcoin was valued at about $12,000. The move was reportedly motivated by rising concerns about inflation. Find out more.

BTC critic strikes blow to crypto group 😤

New details are continuing to emerge about a crypto group's failed attempt to get their hands on a rare copy of the U.S. Constitution. We now know they were outbid by Ken Griffin, a hedge fund billionaire who has previously described the excitement surrounding digital assets as a "jihadist call." Because the amount of money raised by ConstitutionDAO was there for all to see on the blockchain, it would have been easy for rivals to find out how much it would cost to defeat them. Read our article.