DAY LONG NEWS ROUNDUP: LATEST NEWS 06/12/21

• Avinandan Banerjee
• December 06, 2021

The crypto realm is like an ever-changing magic shop that can bring fortunes and miseries for the holders within the passage of a single second. Acting ignorant can cost you some serious troubles. We don’t want that so here we are with the top 3 news of 6/12/2021 from the crypto sphere, take a look:

 

El Salvador Purchases 150 BTC Despite Slow Industry 

With a constantly dipping Bitcoin value, crypto holders are reeling under a state of unrest except for El Salvador that is actively going against the prevailing trend. In its latest move, the country has made yet another purchase of 150 BTC tokens amid the bearish market situation where BTC slipped below $50,000 resembling a 15% market value loss. The latest investment by the Republic of El Salvador has brought its Bitcoin reserve to 1,270 BTC bearing nearly $60.3 million worth as per the present statistics.

According to the recent data reports, the Bitcoin network is currently going slow with a significant drop being recorded in the price value of the token. The cryptocurrency token had a good start in the starting week of November where it proudly stood tall at a value of $68,000, an all-time high that continued to drop through the month.

Nayib Bukele, the President of El Salvador packed the deal at a lenient value of $48,670 per coin. The investment was followed by a further drop of 37% in BTC value that made the coin trade at $42,000 in the industry. The President seemed to be a little upset with this quick fall and released a tweet saying that he regrets the timing of the deal as he missed the bottom by 7 minutes. This investment by El Salvador comes right after the government’s purchase of 420 Bitcoin tokens on October 28 amid a similar bearish crisis.

The El Salvadoran government is looking forward to withdrawing unutilized BTC gains in USD for fueling multiple development projects while managing the overall value of the central reserve. Recently, Bukele announced the launch of a fully-dedicated Bitcoin City that will be funded by $1 billion Bitcoin funds initially. The highly-anticipated project will receive support from top crypto firms like Bitfinex and Blockstream who are planning to revolutionize the industry with this offering.

 

Norwegian Block Exchange Gets Listed on Euronext

Taking pride in being a top-tier cryptocurrency exchange catering to crypto fans, the Norwegian Block Exchange (NBX) is all set to list its stock on the Euronext stock exchange portal. With this strategic deal, the NBX has become the first crypto trading portal to earn the status of Euronext listed entity across the Nordic country group including Norway, Sweden, Denmark, and Finland.

Launched in 2018 by Bjørn Kjos, the founder of Norwegian Air Shuttle and Bank Norwegian, the NBX is a fast-developing crypto exchange known for providing standard trading services to users. The exchange offers seamless access to eight crypto tokens and nearly 20 market pairs from its portfolio. It is duly licensed and controlled by the Financial Supervisory Authority of Norway. The NBX claims to be the only exchange in the Nordic countries that offers insurance to clients’ assets via the $150 million Ledger Vault insurance pool.

In December 2020, NBX fetched nearly $6.6 million through an equity and sale event that garnered a lot of support from the industry. The firm has revealed that it will not be raising any capital as of now following the listing. The company’s market capitalization increased 142% on OTC exchanges to reach $56.52 million in worth. With a strong customer cluster of over 25,000 users, the exchange has managed to process $101.18 million in the first nine months of the current year.

Talking about this, CEO Stig Kjos-Mathisen stated that the team has a strong capital pool to fuel its core objectives and future plans. The firm will use these funds to enhance its technological standards, product portfolio, customer trading experience within the ecosystem. The NBX team will work to form a meticulous investor stream while being well versed to use the equity support when extra capital investment is needed.

The growth of the crypto industry in the Nordic countries has been slow despite the lenient regulatory control imposed by the regulators. Finland has less than 10 registered crypto-supporting firms whereas Sweden recently witnessed the launch of the first Polkadot exchange-traded project. The government authorities in the Nordic country group have urged traders to make cautious crypto investments.

 

Adidas Shares Future Plans For Metaverse Entry

It won’t be an exaggeration to say that the future belongs to Metaverse and digital world spaces. With constant support from the big fishes of the global industrial domain, Metaverse seems to be on a roller-coaster ride ever since Facebook showed its interest in the field through its revamped version Meta. Following the trend, Adidas, the world-famous sportswear brand has finally revealed its plans for making a smashing entry into the Metaverse stream.

According to the announcement, Adidas has entered into a strategic partnership with Bored Ape Yacht Club, PUNKS Comic, and gmoney NFT to support its Metaverse plans. Talking about the project, Adidas developers revealed that the firm is known for supporting originality and with Metaverse it will hustle to reap the benefits of a thriving creative field.

The firm is looking forward to its new venture as another frontier of creativity. In its Twitter post, the team stated that with Metaverse they are entering a world of limitless possibilities. The brand feels that metaverse offers a place where any person can present their original ideas while being in their authentic selves irrespective of the form.

The blockchain allows developers to own a piece of their creation. Further details about the project are yet to be revealed by the team on the official Adidas CONFIRMED app portal. Recently, Adidas teamed with Coinbase exchange indicating its growing interest in crypto and blockchain technology. This is not the first time that a sportswear brand has entered into Metaverse as Nike took the charge of the development of the NIKELAND on Roblox. The project allowed users to create, connect, and share their original experiences in a virtual world full of limitless opportunities for thriving creators.