Crypto Scoop: Eth Soars To A New ATH As SQUID Coin Plummets To Near Zero!

Here are the highlights of this week's crypto scoop:

• ETH Soars to a New ATH as Solana Replaces Cardano as 5th Largest Cryptocurrency
• Squid Game Token Collapses as Anonymous Founders Cash Out
• New York Mayor-Elect Set to Receive First Three paychecks in Bitcoin
• Commonwealth Bank has Become the First bank in Australia to Offer Crypto Services.

ETH Soars to a New ATH as Solana Replaces Cardano as 5th Largest Cryptocurrency

After months of bearishness, Ethereum reached a new high last week. Ethereum, on the other hand, appears to be far from finished, as it reached a fresh all-time high of $4600 this week. Glassnode, a blockchain analytics firm, reports that Ethereum gas fees have increased by 2,300 percent, pushing its price to $56. With Ethereum's gas expenses on the rise, crypto investors appear to be gravitating towards layer 2 products. This is because certain solutions, such as Solana and Polkadot, enable speedier and less expensive transactions.

Solana's SOL token has surged in the past week to a new high of $234. According to CoinGecko data, Solana's market cap has soared to $70 billion bring it ahead of Cardano's 67million. Cardano has gone from being the third-largest cryptocurrency to being the sixth after being replaced by Binance Coin (BNB), Tether (USDT), and now Solana (SOL). Solana is also extending its influence into Ethereum-dominant crypto market sub-sectors like NFTs, according to Messari's Mason Nystrom. In a blog post published Wednesday, Nystrom wrote, "As the Solana ecosystem continues to expand, NFTs on Solana have similarly witnessed formidable growth as a category." "On Solana, the total NFT secondary sales volume has reportedly surpassed $500 million." Polkadot's DOT currency, a smart-contract blockchain, hasn't been left behind as it also reached an all-time high of $53.37. 

Read Also: Cardano Becomes The Third Largest Cryptocurrency

Squid Game Token Collapses as Anonymous Founders Cash Out

In September, Netflix released the series Squid Game" which currently holds a position as the most-watched series replacing Bridgeton. A "Squid Game" inspired cryptocurrency was released shortly after the launch of the movie. However, the digital token is trading near zero as the anonymous founders cashed out. SQUID token has been trading for over $2,860 on Monday but has since plummeted to near zero.

The coin had capitalized on the publicity received from the series Squid Game. Reports received from archived versions of the cryptocurrency website show that investors had been promised an invite to a virtual game inspired by the Netflix series to earn rewards for participating. Squid Token had enjoyed a significant boom before the anonymous investors cashed out with more than $3million.

Since then, all website details have vanished, and the social media platforms have also gone dark. After the founders cashed out, more digging into the website revealed that it was riddled with spelling errors and had made unfounded claims to be in partnership with Netflix and Microsoft. While this is happening, reports have surfaced that Facebook is promoting a replica of the coin called "Baby Squid" on its site. There are several sponsored ads on Facebook promoting Baby Squid.

New York Mayor-Elect Set to Receive First Three paychecks in Bitcoin

Eric Adams, New York mayor-elect, has announced that he plans to receive his first three paychecks in bitcoin. He noted that he plans to make New York City the "center of the cryptocurrency industry." In response to a previous tweet from Bitcoin podcaster Anthony Pompliano, who asked, "Who will be the first American politician to take bitcoin as payment?" Miami Mayor Francis Suarez, who was recently re-elected, responded to the tweet by announcing that his next paycheck will be in Bitcoin. This spurred Adams to outdo his Republican opponent: "In New York, we always go big, so when I become mayor, I'm going to take my first THREE paychecks in Bitcoin."

The competition to be the first politician in the United States to accept bitcoin as payment highlights the friendly rivalry between New York and Miami for the title of America's top crypto hub. Adams promised to "look at what's limiting the rise of Bitcoin and cryptocurrencies in the city" in an interview with Bloomberg radio on Wednesday. He also stated that he intends to create MiamiCoin in the same way as Suarez did. Adams explained, "He has a pretty successful cryptocurrency called MiamiCoin, and we're going to look into that."

New York has some of the most restrictive crypto exchange regulations in the country. Stephen Chen, a New York-based crypto analyst, mentioned that he believes the new Mayor Elect's backing would further pro-crypto revisions to the 2015 BitLicense laws. In June 2015, New York implemented the controversial BitLicense regulatory framework, which has been condemned for being anti-crypto. BitLicense applies to crypto companies that transfer, purchase, sell, exchange, or issue a cryptocurrency. Only registered organizations are authorized to buy and sell tokens to New York residents. In the state, there are now 105 virtual currencies that have been approved.

Commonwealth Bank has Become the First bank in Australia to Offer Crypto Services. 

Commonwealth Bank in Australia has announced that its customers will enjoy crypto services from its bank app. Customers will be able to buy, sell, and hold crypto services themselves, eliminating the need for a third party. The bank has collaborated with Gemini and Chainalysis to ensure that crypto services are provided without a hitch. 

The bank's mobile app would inculcate the Gemini cryptocurrency exchange. According to Commonwealth Bank CEO Matt Comyn, the bank would be able to integrate crypto features into its system because of its exclusive partnership with Gemini. As Commonwealth Bank adjusts to incorporating crypto into its financial services, it will gradually include more crypto features into its systems.

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