Markets Bounce Back from Thanksgiving Food Coma

Good morning. Hope everyone enjoyed the Thanksgiving holiday and time with friends and family! Today we've got a general market update, mining in Kazakhstan (very nice!), an Adidas collab with Bored Ape Yacht Club, and Turkey (the country) suffering through a collapse of their currency.

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A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis

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Top 5:

1. First Mover Asia: Bitcoin, Altcoins Rebound From ‘Black Friday’ Plummet
   The crypto market rebounded broadly after large drops on "Black Friday", the post-Thanksgiving shopping extravaganza. Bitcoin is back above $57,000 and Ether is trading around $4,300 as of Sunday night. The announcement from the World Health Organization that the COVID-19 omicron variant may be more transmissible may put additional pressure on both crypto and traditional markets in the coming weeks and the Bitcoin Fear and Greed Index is current sitting in "Fear" territory.
   
2. El Salvador ‘Bought the Dip,’ Acquiring 100 More Bitcoin
   El Salvador continues to stack sats with an additional purchase of 100 bitcoin on Friday after the price dropped more than 7%. The country already held 1,100 bitcoin as of late October and it seems that number will continue to grow.

3. Cryptocurrency miners grapple with major energy crunch in Kazakhstan
Electricity shortages in Kazakhstan are impacting cryptocurrency miners who flocked there after China's crackdown earlier this year. According to the Financial Times, Kazakhstan’s electricity demand has risen about eight percent since the beginning of 2021, more than quadrupling the annual one to two percent growth the country normally experiences. The Financial Times’ research also estimates that over 87,849 “power-intensive” mining rigs have made their way from China to Kazakhstan and the country now sits in the number two spot — just behind the US — as one of the hottest crypto mining spots. Kazakhstan's government is taking steps to ration government crypto mining and has plans to begin charging miners higher electricity rates beginning in 2022.

4. Adidas Expands Its Metaverse Journey With New Four-Way Collaboration
Over the weekend, Adidas announced a collaboration with Bored Ape Yacht Club, Pixel Vault’s Punks Comic and crypto investor Gmoney in an effort to further expand in the metaverse. The collaborators posted early looks to Instagram with further details not yet forthcoming. Adidas has already made moves in the cryptocurrency space with their launch of a Proof of Attendance Protocol (POAP) on the adidas CONFIRMED app earlier this month.

5. Turks Abandon the Lira for Dollars as Currency Crisis Deepens
The collapse of the Turkish lira has led to scattered protests in Istanbul, a rare scene since President Erdogan's consolidation of power in 2016 after an attempted coup. The country's currency has slid 38% since the beginning of the year with many Turks exchanging their lira for U.S. dollars, euros, and other safer currencies. Bitcoin has also reached all-time highs against the lira over the last week. President Erdogan continues to pursue a policy of interest rate cuts in the face of 20% inflation, which is the exact opposite policy most central banks would follow in attempts to fight inflation.

Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Lauren A. - Nashville, TN

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.