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World’s second largest crypto-currency Ether reaches all time high

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Ether, the world’s second-largest cryptocurrency, has hit an all-time high, catching up with Bitcoin’s rally and riding on news of wider blockchain adoption.

The Ether token, which underpins the Ethereum blockchain network, rose on Wednesday to as high as $4,643 in Asian hours, breaching the previous day’s $4,600 and taking the week’s gains to more than 10 percent.

In the days since Bitcoin, the world’s largest cryptocurrency hit its record high of $67,016.5 on October 20, other tokens on the base layer of blockchain networks, known as Layer 1 networks, have gathered momentum.

Bitcoin (BTC) was trading at approximately $63,078 and is up about 117 percent this year, while Ether is up six-fold.

“Since the market reversal at the end of September, Ether’s strength has been moving in stride with BTC and other majors,” said Ryan Rabaglia, the managing director and global head of trading at digital asset platform OSL.

“Ethereum has been the clear winner of the Layer-1s for what we believe will be a substantial shift in a potentially prolonged market sentiment uplift. Ethereum will also continue to play a big role in the NFT [non-fungible token] and metaverse ecosystem build-out,” he said. NFTS are a kind of crypto asset that records ownership of digital items

The steady stream of news on cryptocurrency adoption by banks, growth of non-fungible tokens on virtual gaming platforms, the launch of Bitcoin futures-based US ETFs [exchange-traded fund] and a need among investors for diversification in an uncertain interest rate environment have pushed several blockchain tokens, including Bitcoin and Ether, higher since October.

Smaller tokens, too, have seen rising interest after Facebook Inc rebranded itself into Meta to focus on building the “metaverse”, a shared virtual environment.

Australia’s largest bank, Commonwealth Bank of Australia, said on Wednesday it will become the country’s first to offer retail clients crypto services.

According to digital assets researcher CryptoCompare, assets under management (AUM) in digital investment products rose 45.5 percent in October to a record high of $74.7bn. The total AUM for Bitcoin-based products grew 52.2 percent to $55.2bn, while Ethereum-based funds AUM increased 30 percent to $15.9bn, record highs for both categories.

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Twitter co-founder Jack Dorsey steps down, replaced by Parag Agarwal

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Twitter co-founder Jack Dorsey is stepping down as chief executive of the company.

He will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.

Agrawal, who has been with the company for 10 years – most recently as chief technology officer – has emerged from behind the scenes to take over one of Silicon Valley’s highest-profile and politically volatile jobs. But who is he, and what can we expect for Twitter under his leadership?

A 37-year-old immigrant from India, Agrawal comes from outside the ranks of celebrity CEOs, which include the man he’s replacing as well as Facebook’s Mark Zuckerberg and Tesla’s Elon Musk. But his lack of name recognition, coupled with a solid technical background, appears to be what some of Twitter’s biggest backers were looking for in the company’s next chapter.

Agrawal is a “‘safe’ pick who should be looked upon as favorably by investors”, wrote the CFRA Research analyst Angelo Zino, who noted that the Twitter shareholder Elliott Management had pressured Dorsey to step down.

 

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Telenor searches for merger opportunities in Pakistan: CEO

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The Norwegian telecom operator company Telenor is in search for “merger opportunities” in Pakistan as confirmed by the CEO Sigve Berke.

“Telenor will continue to look for merger opportunities in Asia, including in Pakistan and on a regional basis,” said Sigve Brekke, CEO of Telenor Group, which runs telecom business in nine markets across Europe and Asia.

The comment was made after Telenor merged with a local company in Thailand over a $8.6 billion deal.

There are four cellular networks in the country with a total of 187 million subscribers. Jazz is the largest network with a 38.4 per cent market share, followed by Telenor (26.4pc), Zong (22.2pc) and Ufone (12.1pc).

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Bitcoin reaches record high of over $68000

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The bitcoin price has reached a new record high, breaking through $68,000 (£50,000), and analysts predict that the world’s best-known cryptocurrency will rise further in the coming weeks.

This beats the previous record high set in late October, when bitcoin reached nearly $67,700 before falling back again when investors discovered a new cryptocurrency, shiba inu. Other cryptocurrencies have also risen to record highs, such as ethereum, which soared to $4,837.

Bitcoin has always been volatile but remains the world’s largest digital currency, with a market value of more than $1.1tn. Five years ago, a single bitcoin was worth about $700. Investors are buying it because they are worried about rising inflation – as an alternative to gold, a traditional inflation hedge – and as bond yields are falling.

Wilfred Daye, the head of the trading platform Securitize Capital, said: “Inflation is a major consideration for investors today, and the younger generation of investors often favours cryptocurrency as a hedge over gold. In fact, while gold has slid throughout the year, bitcoin and ethereum have more than doubled. Retail investors have played a major role in fuelling this shift and institutional investors are increasingly following suit.”

 

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