Cryptocurrency News and Price Weekly Close for Nov. 4, 2022

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Cryptocurrency prices rallied again on Friday’s jobs report to end the week on a high and regain key technical levels. Bitcoin and Ethereum are trading at their highest levels since late August. Still, prices have largely moved sideways now for the past three months. From the latest Coinbase earnings report and Funko doubling NFT sales, to GameStop’s crypto initiatives, Elon Musk pumping Dogecoin and Binance’s potential role on Twitter, here are the best cryptocurrency news from the past week.

Also, be sure to check out this week’s coverage of cryptocurrency ETFs like BITQ, BLOK, and BITS.

Click here for the latest cryptocurrency prices and news. And if you’re new to the world of Bitcoin, Ethereum, blockchain and more, stop by our What Is Cryptocurrency page.

Cryptocurrency News: Price Action

Bitcoin regained $21,000 on Friday after nearly falling to $20,000 on Thursday morning following the Fed’s rate hike. The world’s largest crypto has risen from around $19,300 last Monday. Meanwhile, Ethereum rose above $1,640 after sliding towards $1,500 on Thursday. ETH is still well above its $1,340 level at the beginning of last week.

Cryptocurrency Prices Heatmap:

Digital asset investments are extremely volatile. While cryptocurrency fundamentals and technical indicators may vary, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses, or take profits. Second, prepare to profit if the cryptocurrency starts to rise.

Despite their initial promise, cryptocurrencies have not acted as a hedge against inflation. Instead, they have trended with the broader indices. Read The Big Picture and Market Pulse to track daily market trends.

See IBD’s best cryptocurrencies and crypto stocks to buy and watch page to help navigate the world of digital asset investing.

Want a deeper dive into crypto? Check out What is Cryptocurrency? explanatory page.

Coinbase Records Another Earnings Miss

coin foot ,COIN) continues to struggle and reported more losses for its quarterly earnings late Thursday. Still, COIN stock rose about 3% on Friday after the report.

Funko Doubles NFT Sale

Funko ,FNKO) doubled its digital pop! NFT sales in Q3 and average $500,000 in revenue per publication. Still, the FNKO share is thinking after the big earnings miss.

Binance wants active role on Twitter

Binance appears to be interested in taking an active role in Twitter ,TWTR) operations since investing $500 million in Elon Musk’s buyout. Here is the first task that the crypto exchange wants to solve.

Galaxy Digital Cuts staff

Crypto financial services firm Galaxy Digital plans to cut about 20% of its global workforce, the Wall Street Journal reported.

The Celsius network investigated for potential Ponzi scheme

A New York judge on Tuesday afternoon ordered an investigation into the Celsius Network to determine whether the bankrupt crypto lender operated as a Ponzi scheme. The court-appointed examiner and the Celsius Creditors Committee will meet to determine who will lead the investigation.

Visa kicks it with Crypto.com

Visa ,V) is partnering with Crypto.com on a soccer-related line of NFTs to be auctioned ahead of the 2022 FIFA World Cup, the company announced Tuesday. The payments giant is one of many companies flocking to the crypto space. Last Thursday, Visa filed trademarks for cryptocurrency wallets transaction software and software for virtual environments, hinting at a metaverse push.

Coinbase Joins Ripple Against SEC

coin foot ,COIN) filed a petition to support Ripple Labs in Ripple’s case with the Securities and Exchange Commission on Monday night. Ripple Labs, creator of the Ripple payment protocol and XRP token, is fighting a lawsuit alleging its cryptos were sold as unregistered securities.

Elon Musk continues to pump Dogecoin

Elon Musk’s Dogecoin Tweet from Halloween night inspired a wave of scam cryptos that triggered another price jump for DOGE.

Apollo, Anchorage Partner at Crypto Services

Apollo Global Management ,APO) partnered with institutional infrastructure provider Anchorage Digital to offer cryptocurrency custody services to its clients. One of the world’s largest asset managers, Apollo has more than $500 billion in assets under management. Meanwhile, the crypto unicorn anchorage has been targeting institutional investors to build during the bear market.

GameStop turns into crypto

Tuesday afternoon d. GameStop ,GME) announced that it is rolling out FTX gift cards online and in select stores through its partnership with crypto exchange FTX. And on Monday, the video game retailer launched its own NFT marketplace after teaming up with Web 3 game maker Immutable.

Another crypto miner in trouble

Argo Blockchain ,ARBK) shares fell 40% pre-market on Monday after the London-based crypto miner announced that funding from a strategic investor fell through. Argo sought to raise $27.9 million through an offering of common stock, it said in October. 7. The company warned that it may be necessary to curtail or cease operations if it cannot secure other financing options.

NFT marketplaces get rid of royalties

The LooksRare NFT marketplace announced that it no longer supports creator royalties by default and will instead share 25% of its protocol transaction fees with non-fungible token producers. The industry is moving towards zero-royalty transactions, LooksRare said, instead of sharing the 5% to 10% of secondary sales prices typically offered to creators. Last month, Magic Eden, the largest NFT marketplace on the Solana blockchain, announced it made royalties optional.

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