Welcome to The Daily Forkast, November 3rd, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:36 Australia’s CBA to offer crypto services
01:38 Ethereum and Solana hit all-time highs
03:15 Hong Kong Fintech week underway
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Australia's largest in one of its oldest banks, the Commonwealth Bank of Australia, is going crypto. CBA is partnering with Gemini and Chainalysis to become the first bank in the country that allows its customers to buy, sell and hold crypto assets directly through its app, including Bitcoin, Ether, Bitcoin Cash and Litecoin. And over in Thailand, Siam Commercial Bank Securities, a subsidiary of Thailand's oldest bank, has acquired a 51% stake in the country's leading crypto exchange Bitkub for a little over US$500 million. Bitkub, which is licensed by the Thailand Securities and Exchange Commission, reported, get this, a trading volume of over US$30 billion in the last quarter. And that is a 92% share of the market in Thailand.
Meanwhile, the all time highs seem to be coming all the time these days. Amid growing hype over the metaverse and NFTs, Ethereum crossed US$4,600 mark for the first time, hitting a new all-time-high Wednesday morning Asia time. And Solana also hit a new all-time-high of just a touch under US$230. According to data from CoinMarketCap, Ethereum's skyrocketed to a new all time high of US$4,638 Wednesday morning Asia time. While Solana's new peak saw it overtaking Cardano as the fifth largest cryptocurrency by market value. The global cryptocurrency market cap is now over US$2.7 trillion with altcoins clearly following Bitcoin's surge last month. But with altcoins rallying, Bitcoin's dominance is down to 51.5%. One expert took Forkast.News the fourth quarter is typically a period of good price appreciation for the crypto market. "We find ourselves in Q4, which provides a kind of, you know, a bullish, a bullish context. But specifically, I think that you know what we saw with Squid Game token, which was a classic rug pull, you know, it will drive people to focus more on quality and longevity, you know, projects they're going to make it and they're not going to scam you, basically." And Carney Mak from FXHB Asset Management said that with the rise of DeFi, GameFi, NFTs and institutions increasingly exploring blockchain, programable blockchains like Ethereum and Solana that can support such use cases are going to see continued traction.
Hong Kong Fintech Week officially kicked off on Wednesday. The annual event, which went virtual during the pandemic, has come back this year as a hybrid event and back in physical space with attendees and speakers in person, including our own Forkast team. Crypto and CBDC took center stage at day one of Hong Kong sixth Fintech Week. Hundreds gathered to check out what's what in fintech, with booths set up by crypto and DeFi names including AAX Exchange, Crypto.com and HashKey Group. Paul Chan, Hong Kong's financial secretary, raised the curtain with a short speech where he reiterated Hong Kong CBDC developments. "Equally significant is the continuing collaboration with between our Hong Kong MA and the People's Bank of China in the testing of the use of digital renminbi here in Hong Kong. The goal is creating a convenient means, of cross boundary payments for Hong Kong and Mainland residents." Chan also revealed that the HKMA is looking into issuing its own CBDC for retail use and Fintech Week dug deeper into crypto with insights from industry speakers. "Some things just triggered just in the last few months from sort of still being a bit old to I need to sort of figure out what Crypto is to actually there is a lot of activity from corporations, institutions, you know, there's a whole parallel financial markets infrastructure that's being built, but it's not just being built. It's actually being adopted, I would say we're at that hockey stick moment, really." The event continues through to Friday.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Ethereum #Solana #Fintech #Altcoins #CommonwealthBankAustralia #Thailand #Bitkub #CryptoExchange #CBDC
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RECOMMENDED PLAYLISTS:
Word On The Block: https://youtube.com/playlist?list=PLE...
The Daily Forkast: https://youtube.com/playlist?list=PLE...
00:00 Coming Up
00:36 Australia’s CBA to offer crypto services
01:38 Ethereum and Solana hit all-time highs
03:15 Hong Kong Fintech week underway
---
Australia's largest in one of its oldest banks, the Commonwealth Bank of Australia, is going crypto. CBA is partnering with Gemini and Chainalysis to become the first bank in the country that allows its customers to buy, sell and hold crypto assets directly through its app, including Bitcoin, Ether, Bitcoin Cash and Litecoin. And over in Thailand, Siam Commercial Bank Securities, a subsidiary of Thailand's oldest bank, has acquired a 51% stake in the country's leading crypto exchange Bitkub for a little over US$500 million. Bitkub, which is licensed by the Thailand Securities and Exchange Commission, reported, get this, a trading volume of over US$30 billion in the last quarter. And that is a 92% share of the market in Thailand.
Meanwhile, the all time highs seem to be coming all the time these days. Amid growing hype over the metaverse and NFTs, Ethereum crossed US$4,600 mark for the first time, hitting a new all-time-high Wednesday morning Asia time. And Solana also hit a new all-time-high of just a touch under US$230. According to data from CoinMarketCap, Ethereum's skyrocketed to a new all time high of US$4,638 Wednesday morning Asia time. While Solana's new peak saw it overtaking Cardano as the fifth largest cryptocurrency by market value. The global cryptocurrency market cap is now over US$2.7 trillion with altcoins clearly following Bitcoin's surge last month. But with altcoins rallying, Bitcoin's dominance is down to 51.5%. One expert took Forkast.News the fourth quarter is typically a period of good price appreciation for the crypto market. "We find ourselves in Q4, which provides a kind of, you know, a bullish, a bullish context. But specifically, I think that you know what we saw with Squid Game token, which was a classic rug pull, you know, it will drive people to focus more on quality and longevity, you know, projects they're going to make it and they're not going to scam you, basically." And Carney Mak from FXHB Asset Management said that with the rise of DeFi, GameFi, NFTs and institutions increasingly exploring blockchain, programable blockchains like Ethereum and Solana that can support such use cases are going to see continued traction.
Hong Kong Fintech Week officially kicked off on Wednesday. The annual event, which went virtual during the pandemic, has come back this year as a hybrid event and back in physical space with attendees and speakers in person, including our own Forkast team. Crypto and CBDC took center stage at day one of Hong Kong sixth Fintech Week. Hundreds gathered to check out what's what in fintech, with booths set up by crypto and DeFi names including AAX Exchange, Crypto.com and HashKey Group. Paul Chan, Hong Kong's financial secretary, raised the curtain with a short speech where he reiterated Hong Kong CBDC developments. "Equally significant is the continuing collaboration with between our Hong Kong MA and the People's Bank of China in the testing of the use of digital renminbi here in Hong Kong. The goal is creating a convenient means, of cross boundary payments for Hong Kong and Mainland residents." Chan also revealed that the HKMA is looking into issuing its own CBDC for retail use and Fintech Week dug deeper into crypto with insights from industry speakers. "Some things just triggered just in the last few months from sort of still being a bit old to I need to sort of figure out what Crypto is to actually there is a lot of activity from corporations, institutions, you know, there's a whole parallel financial markets infrastructure that's being built, but it's not just being built. It's actually being adopted, I would say we're at that hockey stick moment, really." The event continues through to Friday.
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Ethereum #Solana #Fintech #Altcoins #CommonwealthBankAustralia #Thailand #Bitkub #CryptoExchange #CBDC
---
RECOMMENDED PLAYLISTS:
Word On The Block: https://youtube.com/playlist?list=PLE...
The Daily Forkast: https://youtube.com/playlist?list=PLE...
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Francisco Gimeno - BC Analyst Banks are slowly going crypto. There were many like Santander, or in this case CBA, who were trying to do this before, but there were no proper regulations and laws which could allow it. This is changing. Meanwhile with the hot hype about Metaverse's platforms ethereum and the new kid Solana are going on high prices. As usual Forkast as it best.