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Bitcoin price drops more than 20% to $42,000. What’s going on?




With the new Covid Omicron variant, the bitcoin price drops more than 20%. Bitcoin, Ethereum, and several other cryptocurrencies face a storm of bearish catalysts. Cryptocurrency prohibitions might also be the cause.

Bitcoin price dropped drastically in the early hours of this Saturday, November 4th, falling more than 20%, coming to trade at US$ 42,000. 

The price of Ethereum plummeted, dropping more than 25%, to around $3,400, and other known cryptocurrencies have also seen their market prices going down. The total market capitalization dropped 16% to $2.2 trillion. 

Top 10 Cryptocurrency Market // Source: CoinMarketCap

On a side note, in early November, the total market capitalization of cryptocurrencies reached $3 trillion for the first time in history.

Cryptocurrencies have been in chaos since the appearance of the Omicron form of the coronavirus. 

The Bitcoin price drops more than 20% What could be the cause?

On November 26th, bitcoin dropped to a seven-week low to trade at $54,000, entering the falling territory, when in October, it passed the $68000 barrier. At the time of the writing of this article, the price recovered, and it’s trading at $47205,98.

image 13 - Crypto DeFinance
Bitcoin price // Source: CoinMarketPrice

Tech stocks also had a bad week, with the Nasdaq index closing the week down about 2.5%. Cryptocurrency and stock prices are typically not closely correlated, however, large stock sales may be causing investors to become more aware of the overall risk and exit cryptocurrency positions.

The World Health Organization (WHO) said on past Friday, November 3rd, that the variant was detected in 38 countries, compared to 23 two days ago, with initial data suggesting that the strain is more contagious than others.

In addition to fears over the omicron variant, rising yields on US Treasuries may be prompting investors to abandon riskier investments in search of safer returns.

The index fell to its lowest level in over seven weeks. The return of the “red tide” to the markets harmed the most cyclical industries, such as retail and tourism. The energy industry was also among those that suffered the most losses as a result of the reduction in the price of an oil barrel.

Fed Chairman Jerome Powell stated on Tuesday that “it is time to remove the temporary end of inflation,” bolstering the notion that interest rates may increase sooner than expected, which penalized equities on both sides of the Atlantic.

Jerome Powell further warned that this new coronavirus variant offers possible economic hazards at a time when US inflation is at its highest level since 1990.

And this could be leading the investors to liquidate their Cryptocurrency positions.

Cryptocurrency prohibitions and regulatory restrictions across the world

image 14 - Crypto DeFinance
Source: Cointelegraph Analytics

Other causes could be the potential for further regulatory restrictions to be weighing on cryptocurrency valuations. 

China has effectively banned cryptocurrency and mining transactions. The conflict between Chinese officials and miners lasted for more than six months. 

China prohibited mining activities in May of this year, forcing these business people to shift their equipment to other countries such as the United States, Kazakhstan, and Russia.

On November 16th, China resumed its war on miners, declaring that Chinese officials would work more to penalize unlawful miners.

“Virtual currency mining is high energy consumption and carbon emissions, and does not play a positive role in industrial development and technological progress.”

Said the Chinese Government.

Despite portraying itself as an ecologically correct and environmentally conscious country, China’s primary energy source is coal combustion, as seen in the quotation below.

Following the departure of miners to other nations such as the United States, bitcoin mining is already proving to be more environmentally friendly.

“The risks arising from the production and trading of virtual currency are becoming increasingly prominent. Its blind and disorderly development has a severe adverse impact on promoting high quality economic and social development, energy conservation and emission reduction.”

said Meng Wei, a spokesperson for National Development and Reform Commission in China.

India is about to introduce legislation, not to ban, but to regulate all cryptocurrencies.  According to the government announcement, the new law will allow for “limited exclusions to promote the underlying cryptocurrency technology and its purposes.”

The Indian Central Bank further stated that they raised “severe concerns regarding macroeconomic and financial stability.”

The regulation is meant to safeguard Indian consumers when a rising number of individuals, many of whom lack financial expertise or information, are making these sorts of transactions and risk losing their entire investment, treating cryptocurrencies as assets.

The United States has recently signed the US spending bill included new taxes for cryptocurrency brokers.

Among these various factors, Bitcoin, Ethereum, and several other cryptocurrencies faced a storm of bearish catalysts.

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President Javier Milei has a Bitcoin plan for Argentina




President Javier Milei’s government is reportedly developing an imminent Decree of Necessity and Urgency (DNU), putting the Argentine cryptocurrency industry on high alert as it diligently tracks swirling rumors.

In its pursuit of staying at the forefront of financial crime prevention, the Financial Action Task Force (FATF) has scheduled a visit to the country for March 6. The objectives of the project are under keen observation, ensuring thorough attention to detail during their visit.

Ricardo Mihura, president of Bitcoin Argentina, a non-governmental organization, voices concerns that the proposed decree, influenced by President Javier Milei’s government, may include provisions that “threaten the freedom of Bitcoin trading and impose restrictions on access to the crypto-assets market.” 

According to Mihura, such measures could undermine the role of cryptocurrencies as a refuge and source of income for thousands of savers and freelancers, particularly amidst years of arbitrary monetary policies and inflationary pressures.

What progress is being made in President Javier Milei Argentina’s regulation of Bitcoin and cryptocurrency?

President Javier Milei Argentina's

The National Securities Commission (CNV) has proposed changes to the Anti-Money Laundering Law (AML).

These changes aim to include virtual asset service providers (VASPs), a category recommended by FATF. 

In this line, the creation of a CNV-supervised Registry of Virtual Asset Service Providers (PSAV) to improve the visibility, provenance, and monitoring of crypto activities and users was considered.

Although this project had been placed on hold, the new administration promised to revive it as a result of the FATF visit and make it a reality, to which the sector’s experts replied.

Following FATF’s recommendation, Bitcoin Argentina, an NGO, agrees that virtual asset service providers (VASPs) should be designated as individuals responsible for reporting suspicious transactions to the Financial Information Unit (UIF), which should keep a registry of VASPs.

Nonetheless, “the NGO rejects that PSAVs should obtain an enabling license from the National Securities Commission (CNV) and that this body should also be able to regulate all aspects of crypto-assets trading,” according to the statement. 

Regarding the necessity for a new regulation, Mihura stated: “Another statute is not required for this. 

However, this has nothing to do with requiring authorization to sell or acquire Bitcoin, as it is not regarded as a negotiable security under our laws or in any other area of the globe.”

Finally, the referents of the bitcoiner community formulated several criteria that the government should respect in the event of enacting any law relating to virtual assets and PSAVs:

  • The definition of PSAV as regulated entities should only refer to large exchanges and exclude individuals who engage in person-to-person transactions, whether regularly or not, with settlement in bank or Payment Service Provider (PSP) accounts, which are already regulated entities.
  • The establishment of a registry for PSAVs should be centralized within the FIU, which is the competent authority in matters of money laundering. This registry should be informative rather than a requirement for engaging in the activity. The responsibility of keeping this registry updated lies with the FIU, not with those who carry out the activity. The registry does not represent a requirement for engaging in lawful trade.

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Multiplayer Strategy Game “RoboHero” Featuring Seamless Integration of Tokens and NFTs to Launch on WEMIX PLAY




  • One of the first mobile games with an ecosystem designed to bridge the Web2 and Web3 worlds
  • Set in an immersive metaverse, Robot Factions intensely battle for control over vital resources in a post apocalyptic world
  • Tokens and NFTs are seamlessly integrated into the gameplay, with unique DeFi tools offering a new dimension in Web3 gaming

Leading global game developer Wemade today announced that Estonian game developer DevDream House OÜ will be launching Multiplayer Turn-based strategy game “RoboHero” on the world’s biggest blockchain game platform, WEMIX PLAY ( Set to be launched in the first quarter of 2024, RoboHero is one of the first mobile games with an ecosystem designed for players in both the Web2 and Web3 worlds, available on the Google Play Store and Apple App Store.

In “RoboHero”, the action unfolds in the post-apocalyptic metaverse 31337, where warring robot factions battle for resources. Players choose from one of three factions – ETER, DEUTER, or PLASMA – and three character classes – Tank, Shooter, or Sniper with different fighting styles. Each RoboHero will have unique characteristics that combine base properties, attributes, factions, classes and corresponding bonuses. “RoboHero” also features a meticulously designed character development system in which characters gain experience in battles and, upon meeting specific conditions, evolve to acquire increasingly better statistics.

Players defeat opponents in a duel by inflicting more damage or by taking control of the majority of buildings on the map. Enter story mode (Player vs Environment) and win successive missions to collect NFT items, or join multiplayer mode (Player vs Player) to fight opponents for $ROBO. “RoboHero”, a Web3-based game, offers the following key features:

  • Players can purchase RoboHero robots in RoboHero LootBoxes using $ROBO tokens.
  • Players can choose from two modes of play: Story Mode (PvE) and FightClub Mode (PvP).
    • In Story Mode, players explore new territories, battle bosses, and earn in-game tokens to upgrade their robots and equipment.
    • In FightClub Mode, players can create or join fight rooms to compete against each other for $ROBO tokens.
    • Players can participate in tournaments to compete for additional $ROBO tokens.
  • Players can purchase NFT items, such as energy boosters, helmets, legs, weapons, and grenades, on a special marketplace using $ROBO tokens.
  • Players can create an account on the Marketplace and pair it with the game to manage their robots and NFT items.

More about NFTs – Equipment, Lands, Mines, BillboardsThe game includes numerous NFT implementations, such as lands, billboards, mines and items. 

  • Equipment: Each RoboHero faction has unique equipment NFTs that increase the power, vitality or range of affiliated RoboHeroes that can be found in chests scattered around the RoboHero world. Each RoboHero has three interchangeable pieces of equipment including Helmet, Limbs Armor and Corpus Shield. Legend has it that after completing the entire set of 3 items, RoboHeroes can evolve to a higher form.
  • Lands: Lands play an important role since mines can only be generated on them, while battles and gameplay also take place on lands. They can be purchased and freely traded on the market, with landowners entitled to pooled tokens for every fight that takes place on each land NFT.
  • Mines: The game requires the use of copper, iron, titanium and precious metals (gold, silver, and platinum) in crafting equipment and weapons. As the only sources of these materials, mines play an important role in RoboHero and can be purchased or traded on the market. 
  • In-game billboard ads: RoboHero introduces a new billboard advertising model with 1,000 billboards located on buildings throughout the game landscape. Billboard owners can advertise their own social media accounts and products, or choose instead to rent the advertising space for a predetermined amount per week/month,  or sell the billboard for a profit.

“WEMIX is a great partner for us and its vast gaming industry experience will be a key factor in helping RoboHero deliver new innovations in the Web3 gaming space,” said Jakub Stefanek, CEO of RoboHero mobile game. “As developers we are very excited about the opportunity to work with such a well known company and can’t wait to create the future of Web3 games together.”



Part of the first generation of Korean PC online game developers and Korean mobile game developers, Wemade is at the forefront of the next wave of Web3 game developers that are innovating with blockchain technology. Based on the WEMIX3.0 Mainnet, the WEMIX PLAY blockchain game platform is the world’s biggest with millions of users and a wide range of game genres from card, puzzle, simulation and strategy games; to first-person shooters, battle royale, MOBA, MMORPG, SNG, sports games and more. Visit for more information. 

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Zcash new mobile wallet is getting ready to launch.




Zcash new mobile wallet is about to be launched. The network has activated an upgrade that leaves the mechanisms behind its origin and creation. They introduced the Orchard shielded payment protocol and the Halo method with this upgrade.

The Zcash network has just activated an upgrade that leaves the mechanisms behind its origin and creation as part of its quest for greater scalability, privacy, and decentralization. 

As they explain, with this upgrade, they introduce the Orchard shielded payment protocol, in addition to the Halo method, which renders obsolete the previous process by which a group of entities enabled each Zcash upgrade.

They also announced, last April 27, that one of the people behind the Zcash launch ceremony was the activist Edward Snowden, who used the name “John Dobbertin.”

However, in the documentary where Zooko Wilcox, founder of Zcash, also participates, it is stated that it did not generate trust among Zcash users as well as this process was.

Changes on V5.0 Zcash new mobile Wallet

The Electric Coin Company announced the sixth upgrade to the Zcash system in an official release. Electric Coin Co. is the source.

The 5.0.0 release supports the mainnet activation of the NU5 network upgrade, with an activation height of 1687104, which is scheduled for May 31, 2022.

Keep an eye out for fresh releases if you want to follow the NU5 network upgrade.

The following ZIPs are being deployed or have been updated as part of this upgrade, according to the announcement:

A mobile wallet on the way and more efficient payments for Zcash

The NU5 update, they claim, will make it possible to bring Zcash payments to mobile devices. 

Furthermore, it may make Zcash more compatible with other cryptocurrency networks on a bigger scale.

To this end, they are preparing the launch of the ECC wallet, which will allow managing Zcash from its official app for Android and iOS devices. 

The ECC wallet (which is yet to have an official name) will be available on Android and iOS later this year [2022]. Our goal is to deliver a wallet that provides an industry-leading user experience for ZEC and features that will generally benefit cryptocurrencies.  

Launching a wallet on our own will allow us to deliver updates faster than is possible with a standard protocol update and rely on the influence of third-party wallet providers.

Electric Coin Company / Zcash

Zcash has only a desktop wallet, already modified to receive the NU5 upgrade. 

On the other hand, Orchard introduces a new single wallet address format to avoid handling multiple formats simultaneously. When receiving payment, the user can decide which form to use for sending: the transparent structure, Sapling, and Orchard.

Zcash addresses, in its previous versions, were separated into standard and shielded addresses. The procedures for handling both could become complex for specific users and even reveal information if not executed well. 

Since its release, CCP explained that several auditing and security firms, such as NCC and QEDIT, reviewed the wallet. In addition, they have the advice of Mary Maller, who works as a cryptographer at the Ethereum Foundation and did not detect security gaps in the Zcash protocol update. 

Zcash began in 2016 as a fork of the Bitcoin protocol and has subsequently specialized as a privacy-focused cryptocurrency.

Currently, it is using advanced cryptography for this purpose and competing with other cryptocurrencies such as Monero (XMR) in terms of these features. 

It has a market capitalization of $1.157 billion (USD) and ranks 56th in the ranking of cryptocurrencies with the largest markets, according to the CoinGecko portal.

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