After bitcoin and the rest finished their record-setting month strong with the highest monthly close ever, cryptocurrencies are off to a solid start for “Moonvember” – as November is known in the crypto world.
The whole market advanced 2.6% and now accounts for $2.66trn (£1.9trn), data from CoinMarketCap shows. Three of the biggest cryptocurrencies added handsome gains on Tuesday in early London early trading. Polkadot resumed its record-breaking rally and reached a new all-time high of $53.25 in London mid-morning trading.
Shiba Inu and Dogecoin, on the other hand, appeared to have calmed down from their franctic rallies. Shiba Inu is set to be listed on cryptocurrency exchange Binance, but there is no sign of the coin’s listing on the US trading platform Robinhood. A petition calling on Robinhood to add Shiba Inu to its platform has now gathered more than 466,000 singatures.
Chart of the day: Polkadot surpasses yesterday’s record high
Quote of the day
US Treasury Secretary Janet Yellen commenting on stablecoin recommendations from the President’s Working Group on Financial Markets:
“Stablecoins that are well-designed and subject to appropriate oversight have the potential to support beneficial payments options. But the absence of appropriate oversight presents risks to users and the broader system. Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter. Treasury and the agencies involved in this report look forward to working with Members of Congress from both parties on this issue. While Congress considers action, regulators will continue to operate within their mandates to address the risks of these assets.”
Round-up of the biggest coins by market capitalisation
As of 06:30 GMT:
- bitcoin added 1.9% and was trading at $61,610.50
- Ethereum’s ether rose 3.3% to $4,359.90
- binance coin climbed 5.11% to $543.30
- tether stayed flat, with +0.05% change and was trading at $0.99
- Cardano was up 0.99% to $1.95
Key gainers and loser
- Polkadot’s DOT token was trading 16.6 % higher over the last 24 hours
- Shiba Inu’s SHIB lost 2.9 % and DOGE was down 0.6 %
Other crypto news
- US regulators urged lawmakers to pass new laws requiring stablecoins to be issued by banks and overseen by the Federal Deposit Insurance Corporation in hopes that the step would lead to a wider adoption of these digital currencies, which are pegged to reserve assets like the US dollar or gold.
- Ira Kleiman v Craig Wright civil trial kicked off on Monday. Wright is Australian computer scientist and early crypto developer, who claims that he is the pseudonymous Satoshi Nakamoto, the inventor of bitcoin. The case centres on claims that the late David Kleiman acted in partnership with Wright – and his estate is owed a share of 1.1 million bitcoins.
- Crypto mining company Argos Blockchain, which is listed on London Stock Exchange, has reported a record revenue for the third quarter. Argos said that it mined 597 bitcoins in the period. Based on the current prices, the coins are worth some $36.5m.
Read more: Polkadot hits ATH while Squid Game-inspired token collapses
The difference between stocks and CFDs
The main difference between CFD trading and stock trading is that you don’t own the underlying stock when you trade on an individual stock CFD.
With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour or make a loss if it moves against you. However, with traditional stock trading you enter a contract to exchange the legal ownership of the individual shares for money, and you own this equity.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade to open a position. But with traditional stock trading, you buy the shares for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks.
CFDs attract overnight costs to hold the trades, (unless you use 1-1 leverage) which makes them more suited to short-term trading opportunities. Stocks are more normally bought and held for longer. You might also pay a stockbroker commission or fees when buying and selling stocks.
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