CMC Daily, Oct. 27: SHIB Shines as BTC Plunges
Market Musings

CMC Daily, Oct. 27: SHIB Shines as BTC Plunges

1 month ago

Plus, it's been a quarter to forget for Robinhood, ETH price predictions for the rest of 2021 are in, and why 48 Bitcoin has been seized from a British 16-year-old.

CMC Daily, Oct. 27: SHIB Shines as BTC Plunges

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Bitcoin Suffers Sudden Fall 📉

It hasn't been a great start to Wednesday for Bitcoin. The world's biggest cryptocurrency suffered a sudden dramatic pullback — tumbling from $60,825 to $58,208 in the space of an hour. Many analysts believe this is a blip and the bull run will continue in November and December. Nonetheless, today's fall has resulted in some nasty liquidations. Here's the latest.

SHIBA INU Hits New All-Time High… Again 🥳

The doom and gloom doesn't extend to the whole crypto market. One of the few bright spots has been SHIBA INU, which has managed to achieve its third all-time high in four days. The meme coin appears to be unstoppable, and it now has a bigger market cap than Kellogg Company, TD Ameritrade and Royal Caribbean Cruises. Why Robinhood users aren't happy.

Plunge in Demand Hits Robinhood Hard ❌

Robinhood's shares have taken a bath after the company released some painful results for the third quarter of 2021. Crypto transaction revenues came in at $51 million — down 78% from the quarter before. Monthly active users have also fallen, as well as average revenues per user. Overall, Robinhood made a jaw-dropping pre-tax loss of $1.37 billion. The figures.

FTX Takes Out Super Bowl Ad 🏈

Tens of millions of people watch the Super Bowl — it's one of the biggest TV events of the year. It's now emerged that FTX has bought a multimillion-dollar advertising slot to promote crypto to the masses. Sam Bankman-Fried said: "There is no bigger, more mainstream event to share a message like that than the Super Bowl." Check out our story.

Revealed: ETH Predictions for 2021 👀

A panel of 50 experts are predicting that Ether will hit $5,114 by the end of 2021 — an upside of 27.2% from current levels. There are challenges on the horizon. ETH is expected to lose 30% of its market share to alternative Layer 1 networks in the next 12 months. Plus, 13% think Solana will overtake Ethereum as the world's main DeFi platform. The stats.

Police Seize 48 BTC from a Teenager 🚨

Crypto worth millions has been seized from a British teenager. The 16-year-old scammed victims by creating a copycat version of a voucher site — and stealing their login details. He invested his ill-gotten gains in Bitcoin. He admitted charges of fraud and money laundering and avoided jail time, but will have to complete 150 hours of unpaid work. Read more.

Adobe Vows to Tackle NFT Fraud 🔥

Amid concerns around art theft in non-fungible tokens, Adobe has unveiled new features to protect creators. Artists will be able to stamp their identity on artwork in metadata using Photoshop. They'll also be able to link their social media profiles and crypto wallets — proving their legitimacy to collectors. Why this is a really important development for the NFT space.