Decentral Block Post

Billionaire entrepreneur Elon Musk has confirmed that he intends on integrating payments into what he describes as Twitter 2.0 — “The Everything App” —  fuelling a short-lived 19.4% price surge for meme-inspired cryptocurrency Dogecoin (DOGE).

The new Twitter CEO revealed his plans in a Nov. 27 tweet to his 119.2 million followers, in which he shared several slides from a recent “Twitter company talk.”

While Musk made no mention of DOGE in the tweet or in the attached slides, this didn’t appear to stop some investors from being hopeful that Dogecoin would be involved in some way.

According to data from CoinGecko, Dogecoin’s (DOGE) price surged 19.4% from $0.089 to $0.107 over several hours after the tweet before cooling off to $0.096 at the time of writing.

Other plans listed as part of Musk’s vision for Twitter 2.0 included "Advertising as Entertainment," “Video,” “Encrypted DMs,” “Longform Tweets” and “Relaunch Blue Verified.”

An inside joke about the “insolvency” of Wrapped Ethereum (wETH) over the weekend has forced influencers to explain it was just a “shitpost” after members of the community took it as real. 

The wETH insolvency FUD (fear, uncertainty and doubt) seemingly began to make the rounds on Nov. 26, with false rumors alleging that wETH isn’t backed 1:1 by Ether (ETH) and is insolvent.

Blockchain developer and contributor to the ERC-721A token standard “cygaar” was one of the first to spread the joke, before confirming in a subsequent post that it was in fact a “shitpost” to see who was reading his content.

In fact, only a day before, cygaar tweeted that “WETH cannot ever go insolvent” and that “WETH will always be swappable 1:1 with ETH.”

Ethereum bull and host of The Daily Gwei Anthony Sassano also joined in on the wETH joke with his own parody post on Nov. 27, but had to clarify later that the initial post was “shitpost/ meme” after reading the replies.

Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80% in a year.

According to the latest data from on-chain analytics firm Glassnode, there are now just 23,000 wallets with a BTC balance worth $1 million or more.

1 year, 90,000 fewer million-dollar BTC wallets

In yet another indication of how far the crypto market has fallen since Bitcoin’s last all-time highs, Bitcoin millionaires have been seriously feeling the pinch.

Glassnode, which tracks multiple cohorts of BTC wallets, confirms that as of Nov. 25, there were 23,245 with a balance worth over $1 million.

Contrast that with the scene from Nov. 8, 2021, when the tally hit its peak as BTC/USD approached its latest $69,000 all-time high — then, there were 112,898 “millionaire” wallets.

Bitcoin (BTC) has been trading in a tight range since Thanksgiving Nov. 24, as traders are uncertain about the next directional move. Usually, in a bear market, analysts tend to become uber-bearish and project targets that tend to scare away investors.

The failure of Bitcoin to start a strong recovery has given rise to several bearish targets, which extend up to $6,000 on the downside.

Although anything is possible in a bear market, traders who have a long-term view could try to accumulate fundamentally strong coins in several tranches. Because a bottom will only be confirmed in hindsight and trying to time it is usually a futile exercise.

In a bear market, all coins do not bottom at the same time. Hence, along with keeping an eye on the broader cryptocurrency market, traders should closely follow the coins of their choice.

The cryptocurrencies that lead the market out of the bear phase generally tend to do well when the next bull market begins. Let’s look at the charts of the cryptocurrencies that are trying to start an up-move in the short term.

Bitcoin (BTC) has been trading in a tight range since Thanksgiving Nov. 24, as traders are uncertain about the next directional move. Usually, in a bear market, analysts tend to become uber-bearish and project targets that tend to scare away investors.

The failure of Bitcoin to start a strong recovery has given rise to several bearish targets, which extend up to $6,000 on the downside.

Although anything is possible in a bear market, traders who have a long-term view could try to accumulate fundamentally strong coins in several tranches. Because a bottom will only be confirmed in hindsight and trying to time it is usually a futile exercise.

In a bear market, all coins do not bottom at the same time. Hence, along with keeping an eye on the broader cryptocurrency market, traders should closely follow the coins of their choice.

The cryptocurrencies that lead the market out of the bear phase generally tend to do well when the next bull market begins. Let’s look at the charts of the cryptocurrencies that are trying to start an up-move in the short term.

New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25. 

The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill.

The city will work with legislators to find a balance between the crypto industry development and legislative, Adams told The NY Daily News:

“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”

The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state, as reported by Cointelegraph. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.