MARKET

11/2 Summary | $MASK surges 70% in two hours, Nigeria's CBDC marks one-year anniversary: adoption rate below 0.5%

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11/2 Summary | $MASK surges 70% in two hours, Nigeria

The daily digest compiles news with less information in the cryptocurrency field, including current events, long articles from abroad, celebrity opinions, funding news, and significant data changes, saving readers valuable time. This article compiles information up to 11/2 13:00

Market Data

Binance Launches Bluebird Index to Track BNB, DOGE, and MASK Prices

Binance is set to introduce U-based perpetual contracts for the Bluebird index at 1-25x leverage. Following the announcement, BNB and DOGE did not show significant fluctuations, but MASK saw a nearly 80% increase in the past 24 hours.

Cryptocurrency Exchange Volume Hits Near Two-Year Low in October

Data from The Block shows that cryptocurrency exchange volume in October amounted to $543.7 billion, returning to December 2020 levels.

Dogecoin's Surge Followed by Pullback

Over the past 30 days, Dogecoin (DOGE) has surged by 139%. After Elon Musk's tweet featuring a Shiba Inu on November 1st, Dogecoin reached a high of $0.1589, but has since retraced by 10% as of the time of writing.

Crypto Current Affairs

DCG, BitMEX, Galaxy Digital Announce Layoffs

MoneyGram Introduces Mobile Crypto Trading Feature

MoneyGram (MGI) has added a crypto trading feature to its mobile app, allowing U.S. users to trade and hold BTC, ETH, and LTC.

South African Retail Giant Pick n Pay Accepts Bitcoin Lightning Network Payments

Pick n Pay has been testing Bitcoin payments at 10 stores over the past five months and has now expanded to 29 stores, with plans to implement it across all stores in the coming months.

Consumers can use any app supporting the Bitcoin Lightning Network, such as BlueWallet or Muun.

Long Reads, Celebrity Insights

Justin Bons | Explaining the Top 50 Cryptocurrencies in One Sentence

Bankless | Five Essential Crypto Analytics Tools

Regulation

Nigeria's CBDC E-Naira Marks One-Year Anniversary with Adoption Rate Below 0.5%

Bloomberg highlights that Nigeria's central bank digital currency "E-Naira," launched on October 25 last year, has struggled to gain traction despite government efforts, as the public fails to differentiate E-Naira from Bitcoin and other cryptocurrencies.

Additionally, Babatunde Obrimah, COO of the Nigerian FinTech Association, believes that the younger generation harbors hostility towards government institutions and is disinterested in anything the government tries to promote.

Indian Finance Minister: Crypto Regulation a Priority During India's G20 Presidency

India, set to host the year-long G20 summit next year, with Finance Minister Nirmala Sitharaman stating that crypto regulation will be a key topic at the upcoming summit:

International organizations like the IMF, FSB, and OECD need to assist in formulating regulations that all countries can participate in, as no single country can successfully regulate cryptocurrencies in isolation.

Two Major Stablecoin Issuers Secure Singapore Licenses on the Same Day

USDP issuer Paxos and USDC issuer Circle both announced on the same day that they have secured licenses from Singapore's national payment services act to provide crypto and blockchain products and services locally.

Circle stated it has been granted a major payment institution license by the Monetary Authority of Singapore (MAS), enabling it to offer digital payment token services, cross-border and domestic remittances, among other services locally.

People's Bank of China Governor: China's Digital Currency Will Ensure Privacy Protection

In a speech at the Hong Kong Fintech Week, PBoC Governor Yi Gang stated that China's CBDC "E-CNY" will prioritize privacy protection:

E-CNY utilizes a two-tier network, with the first layer handling interbank transaction information and the second layer authorizing operators to collect necessary data for public transactions. Personal sensitive information will be encrypted, anonymized, and not shared with third parties.