@cryptocracy 27 November 2021 more from that month

Rumor Has It: India Caused the Black Friday Crypto Crash

Black Friday **erased billions of dollars** in value from the crypto market as the market tripped like a drunk sailor in a red light district. Bitcoin hit a **six-week low**, losing **20 percent** from its all-time high as some people blame it on a **new variant** of the coronavirus. And the Bank of England says **bitcoin is too volatile** to be used for legal tender. El Salvador doesn’t care. She’s **shooting the finger** at the IMF, because somebody needs to. https://www.forbes.com/sites/billybambrough/2021/11/26/be-on-guard-black-friday-crypto-crash-wipes-billions-from-the-price-of-bitcoin-ethereum-bnb-solana-cardano-xrp-and-dogecoin/?sh=4097b6dd1260 https://cointelegraph.com/news/bitcoin-hits-6-week-lows-in-hours-as-24-hour-crypto-liquidations-near-650m https://www.aljazeera.com/economy/2021/11/26/bitcoin-dips-20-from-record-high-as-virus-variant-spurs-sell-off https://www.youtube.com/watch?v=PMGMumIsoyo https://cointelegraph.com/news/bitcoin-too-volatile-to-be-adopted-as-legal-tender-says-boe-chief https://www.coindesk.com/policy/2021/11/24/el-salvador-who-needs-the-imf-when-you-have-bitcoin/ India introduces a bill to **ban private cryptocurrencies** while planning to launch its own digital currency. That’s led to a **massive sell-off**. I’ve said all along that was one of my biggest fears. God, I hope the U.S. doesn’t follow that track. On the other hand, India may decide next week not to ban anything. https://www.theguardian.com/world/2021/nov/24/india-to-ban-private-cryptocurrencies-and-launch-official-digital-currency https://www.reuters.com/markets/currencies/indian-governments-plan-ban-cryptocurrencies-leads-heavy-selling-investors-2021-11-24/ So, you’re wondering what a private cryptocurrency is? **Let mint tell you**. Meanwhile, a former Reserve Bank of India governor says **only a handful** of over 6,000 cryptocurrencies will survive. He’s got a point, but, historically, as cryptos die, more are born, and that’s why there are now **more than 7,000 cryptocurrencies** tracked by CoinMarketCap. https://www.livemint.com/market/cryptocurrency/what-are-private-cryptocurrencies-that-indian-govt-wants-to-ban-how-they-differ-from-bitcoin-ether-other-cryptos-11637740363880.html https://www.livemint.com/market/cryptocurrency/only-a-handful-of-6-000-odd-cryptocurrencies-will-survive-says-raghuram-rajan-11637766800578.html https://coinmarketcap.com/ Google sends a warning: Hackers are using Google Cloud accounts to **mine crypto**. https://www.cnbc.com/2021/11/26/google-warns-crypto-miners-are-hacking-cloud-accounts-.html **Coinbase acquires** crypto wallet BRD’s development team. In another deal, Coinbase **has partnered** with famous footwear brand Adidas. I guess the shoe fit. https://lvhspiratepress.org/coinbase-acquires-brd-crypto-wallet-team/ https://www.bollyinside.com/news/adidas-partners-with-coinbase-and-gets-sandbox-land Binance CEO CZ says Warren Buffet **doesn’t have the skills** to keep crypto safe. Meanwhile, Binance advocates for a **crypto bill of rights**. In Spain, regulators are going nuts over a tweet by footballer Andrés Iniesta. Binance **paid for the tweet**. https://news.bitcoin.com/binance-ceo-he-warren-buffett-similar-investment-strategy-buffett-skills-keep-crypto-safe/ https://www.investordaily.com.au/technology/50376-binance-advocates-for-a-crypto-bill-of-rights https://www.ft.com/content/64d4cfa6-e277-4a5b-a8b7-f7def5b82e00 Bitcoin developer Joshua Henslee says he **KNOWS** **Craig Wright is Satoshi Nakamoto**. https://coingeek.com/how-i-know-craig-wright-is-satoshi-nakamoto-bitcoin-expert-joshua-henslee/ If you’ve been keeping up with the XRP-SEC lawsuit, kudos to you! The outcome could **determine a lot of things** in crypto going forward. But Shark Tank’s Kevin O’Leary says it’s not a good thing. In fact, he says “investing in litigation” is a “**very bad idea**.” If only Brad Garlinghouse felt the same way. But … the lawsuit could be headed toward its **end game**. https://marketresearchtelecast.com/why-ripples-sec-lawsuit-could-have-a-lasting-impact-on-crypto/212358/ https://financefeeds.com/kevin-oleary-says-xrp-lawsuit-is-a-very-bad-idea/ https://coinpedia.org/ripple/ripple-vs-sec-moving-towards-the-end-game/ Celsius Network **suspends employee** after CFO Yaron Shalem arrested in Israel. https://www.theblockcrypto.com/post/125597/celsius-says-employee-suspended-amid-rumors-of-cfo-arrest-in-israel Citi is hiring **100 new employees** in its new digital assets division. https://cryptobriefing.com/citi-to-expand-digital-assets-division-with-100-new-hires/?utm_source=main_feed&utm_medium=rss Tether **promises to comply** with stablecoin regulation. https://www.coinspeaker.com/senate-stablecoins-tether-compliance/ **How to make passive crypto income**. If you’re new to the concept of earning crypto without buying it, then **this is a must-read**. https://www.coinbureau.com/education/crypto-passive-income/ **10 crypto terms people use every day**. Come on, you know you use them! https://www.usatoday.com/story/tech/columnist/komando/2021/11/25/crypto-terms-blockchain-bitcoin-nft/8741199002/ If you’re not familiar with wrapped cryptocurrencies, you’ll want to read **How to Wrap and Unwrap Ethereum (WETH)**. You wanted a wrap for lunch, anyway. https://coinmarketcap.com/alexandria/article/how-to-wrap-and-unwrap-ethereum-weth Small businesses are **embracing crypto**. If you own a small business and you’re looking for the best crypto payment gateways, you can find them **right here**. https://www.investing.com/news/cryptocurrency-news/study-shows-small-businesses-are-embracing-crypto-as-coinbase-launches-weacceptcrypto-small-biz-campaign-2691217 https://www.finextra.com/blogposting/21322/the-best-cryptocurrency-payment-gateways-for-2022 **Why NFTs** are so popular. https://nftclub.com/why-are-nfts-so-popular/ *New Scientist* says most crypto trades could be people **buying from themselves**. How autoerotic. https://www.newscientist.com/article/2299023-most-cryptocurrency-trades-may-be-people-buying-from-themselves/ You’ll also want to read about **the rise of DAOs**. https://www.newsbtc.com/news/company/exploring-defi-as-we-enter-2022-rise-of-daos/ Investors who have relied on the advice of a hairy rat are disappointed this morning on hearing the news that Mt. Goxx, their favorite rodent, **has died**. Time to get off the hamster wheel. https://www.bbc.com/news/technology-59432659 Elon Musk has **one word of advice** for crypto investors. https://www.livemint.com/market/cryptocurrency/elon-musk-has-a-one-word-advice-for-all-cryptocurrency-investors-11637935994461.html#box_11637935994461 Around the World With Crypto In the UK, the FCA wants to **spend $670,000** on digital currency training and forensics. I have a feeling it won’t be long before they’ll say that’s not enough. https://coingeek.com/fca-to-spend-670k-on-digital-currency-training-and-forensics/ China wants to set up a digital asset exchange to **pilot its digital yuan**. Next thing you know, they’ll write a song about it. https://www.scmp.com/business/banking-finance/article/3157528/beijing-looks-setting-digital-asset-exchange-push-e-yuan In Japan, the banks are setting up to **test a digital currency**. https://www.nfcw.com/whats-new-in-payments/japanese-banks-gear-up-to-test-digital-currency/ Tanzania is moving towards **its very own CBDC**. The little devil. https://www.theblockcrypto.com/linked/125587/tanzania-central-bank-digital-currency-cbdc And the Russians are going **crazy over crypto**. Likely because they lost the race to the moon. https://www.rt.com/business/541371-russians-investing-cryptocurrencies/ **Image credit:**  Jared Wickerham/Getty Images *As always, this post is not financial advice. Please consult a financial advisor before investing in crypto. First published at* *Cryptocracy**.* https://cryptocracy.substack.com/p/did-india-cause-the-crypto-crash