CMC Daily, Nov. 19: BTC Hits Lowest Price in a Month
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CMC Daily, Nov. 19: BTC Hits Lowest Price in a Month

8 months ago

Plus, a DAO fails in its mission to buy a copy of the U.S. Constitution for millions, Floki Inu's ads are getting some unwelcome attention, and why a BTC cashback scheme isn't all it seems.

CMC Daily, Nov. 19: BTC Hits Lowest Price in a Month

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Bitcoin falls to lowest level in a month 😬

Bitcoin's price has fallen to its lowest level in a month — prompting uncertainty about whether the cryptocurrency's bull run is now over. The Crypto Fear and Greed Index is flashing a score of 34, indicating there is fear among investors. BTC hit lows of $55,705 in the early hours of Friday morning, but rebounded to $58,400 a few hours later. Some crypto analysts are anticipating a pullback to $52,000 or $53,000 as Bitcoin suffers its sixth consecutive day of declining prices. How bad is it?

Constitution auction ends in tears for DAO 🥺

A group of cryptocurrency enthusiasts have failed in their audacious bid to buy a rare copy of the U.S. Constitution. ConstitutionDAO — a decentralized autonomous organization — had been quietly confident about their chances ahead of last night's Sotheby's auction. The coveted artifact was expected to fetch $15 million to $20 million, and the DAO had managed to raise more than $40 million. But a flurry of bids meant the historic document sold for $43.2 million. What happens now?

Site lets users 'steal' NFTs 🚨

A new website has been set up to mock the world of non-fungible tokens. The NFT Bay — both in name and appearance — has been inspired by The Pirate Bay, a notorious torrenting platform that allowed users to download illegal versions of movies, TV shows and music. It promises to feature every single crypto collectible that's been issued on the Ethereum and Solana blockchains… and aims to highlight a flaw in how NFTs are issued. Find out more about this unusual project.

Retailers deny BTC cashback plans 👀

A fintech company made a big splash when it announced plans to offer Bitcoin cashback on purchases at dozens of major U.K. retailers. But in the hours that followed, Mode's news release started to unravel. The publicly listed firm's initial announcement had said British consumers would be able to earn BTC by shopping at the likes of Ocado and Boots, but both brands distanced themselves from the company. "They have used our name without permission," Boots said. Read more.

Floki Inu ads investigated in London 😱

Last month, Floki Inu began an advertising blitz across London's transport network — with posters about the meme coin plastered in Tube stations and on the city's red buses. But now, the U.K.'s advertising watchdog has confirmed it is launching an investigation into these ads… and Transport for London is under increasing pressure to stop crypto projects being promoted to commuters. Some politicians have described such ads as "unethical" and want them banned outright. The latest.
Wales should follow in El Salvador's footsteps by embracing Bitcoin as legal tender, a politician says. Councillor Will Thomas believes the cryptocurrency could underpin the world's financial system one day — and is calling on the country to become an early adopter. Speaking to Wales Online, he said: "The cryptocurrency industry is still a Wild West. Bitcoin is different to this." Thomas argued its increasing value incentivizes consumers to spend rather than save. Not everyone agrees.

Gemini has big plans for the metaverse 💰

Cameron and Tyler Winklevoss have unveiled plans to take on Facebook and Mark Zuckerberg. The twins, who co-founded the Gemini crypto exchange, have just completed a $400 million funding round. This is the first time they've secured financing from external sources, and Gemini now commands a valuation of $7.1 billion. Speaking to Forbes, they revealed they plan to deliver "the decentralized metaverse," a powerful alternative to what's being offered by the social network. Read our story here.
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