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This Week in Crypto 11/7/22

Posted on November 7th, 2022 by RockItCoin

In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.

Musk Orders Twitter Layoffs, DOGE Price Reacts
Twitter CEO Elon Musk is rumored to order the layoff of about 50% of Twitter’s global workforce, potentially halting future crypto integration projects. According to online publication Platformer, plans for Twitter to develop its own cryptocurrency wallet are put on pause. The news caused the price of Dogecoin to immediately sink 10%, continuing its rather volatile price action. Musk is making a lot of waves in the social media and tech industry as of late, and it’ll be interesting to see how his $44 Billion Twitter purchase works out for him.

MicroStrategy Says it Will Continue its Bitcoin Accumulation
Business intelligence and software company Microstrategy is the largest corporate holder of Bitcoin, with about 130,000 BTC, or 0.62% of all Bitcoin. The firm previously reported an impairment charge, or loss of value in held assets, of $917.8 million in the second quarter of 2022. In the third quarter of the year, the charge was only $727,000, thanks to Bitcoin’s price stabilizing for the most part. However, despite the large losses, the company is continuing its commitment to acquiring as much Bitcoin as possible. MicroStrategy President and CEO Phong Le said that “We have not sold any Bitcoin to date. To reiterate our strategy, we seek to acquire and hold Bitcoin for the long term”. Only time will tell if MicroStrategy’s mass acquisition of Bitcoin will pay off in the future.

NFT Trading Volume Decreases, While Unique Traders Increase per Report
A report from analytics firm DappRadar shows that NFT trading volume and sales experienced a decline of 30%, down to $662 million in the month of October. However, the number of unique traders increased 18%, from 950,000 in September to over 1.1 million in October. The increase of unique traders might be due to hot NFT collections like Reddit’s avatars. Famous projects like CryptoPunks and Bored Ape Yacht Club still dominated the top valued NFTs sold in October, with CryptoPunk #924 selling for 475 ETH, or about $754,000 as of November 7th.

Number of unique monthly NFT traders (source: DappRadar)