Cryptocurrency Prices on the Move: What to Expect in November 2022
The latest price moves in cryptocurrency markets on November 4, 2022 can be interpreted in the context of recent market trends.
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- The surge in the value of AR, the native token of the decentralized storage protocol Arweave, is thanks to Meta's decision to utilize the Web3 platform to archive Instagram creators' digital collectibles. This move will help to preserve these valuable creations and make them available to future generations.
- The above chart is very bullish for AR. The open interest is the total dollar amount locked in futures tied to AR, which blew up 190% to $40 million in two days. This indicates that there is a lot of new money coming into the market, which is very bullish.
- An increase in open interest, along with an increase in the underlying asset's price, is a strong indicator of a bullish trend. This is good news for investors who are bullish on the market, as it suggests that there is strong demand for the asset and that prices are likely to continue to rise.
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- Aptos CEO Kevin Lee has defended the company's "fair" tokenomics following a backlash from the community.
- As Circle begins to put its reserves into a new BlackRock fund, it's clear that the company is committed to diversifying its holdings and ensuring that its customers have access to a variety of investment options.
- The Monetary Authority of Singapore (MAS) has approved in principle a license for cryptocurrency fund manager Hashkey to operate in the city-state.