CRYPTO enthusiasts should be aware that just 1.3 million Bitcoin are left on exchanges, and that the world’s first NFT crypto platform has been launched.
When it comes to Bitcoin, what remains is just 6.3 percent of the total supply and is the lowest recorded in 2021, according to CoinTelegraph.
Meanwhile, TribeOne, the first AI-powered NFT & DeFi funding platform, has been launched, with a press release from NewsFile reporting, “This seamless platform provides users access to NFT lending products, innovative DeFi products, zero-to-low collateralized loans, saving & investing products through a single platform.”
This all comes as Shiba Inu coin had risen in value by Friday morning, with Bitcoin seeing gains as well.
Shina Inu’s value was up about more than 6 percent as of 9am on Friday morning, according to CoinBase.
Bitcoin had gone up by about 5 percent in the past 24 hours at the same time, according to CoinBase.
Read our cryptocurrency live blog for the latest news and updates…
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Record crypto investments, part two
The crypto industry blew up in 2021 with crypto exchanges, start-ups dealing with NFTs, and play-to-earn gaming all highlighted as factors by Fortune.
Increasing interest in the Metaverse also led to multi-million dollar investments.
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Crypto investments top $30billion
Investors contributed a record $30billion to the cryptocurrency industry in 2021, according to Fortune.
The news outlet cited data from Bloomberg News that reportedly showed $7.2billion came from investors based in the United States.
The $30billion is almost four times the $8billion that investors spent with companies in the crypto industry in 2018, Fortune reported.
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What is fiat?
If you’ve ever seen the word fiat used in the cryptocurrency world, know that it was not in relation to the car brand.
Fiat is a term used to refer to government-issued currency.
Cryptocurrency, or virtual money like Bitcoin, is not backed by governments or standards typically associated with fiat, which is why investors warn of crypto’s volatility.
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Celebrities and NFTs, continued
NFL superstar Tom Brady launched a sports NFT platform that sells signed NFTs in retro 8-bit style.
Comedian Jimmy Fallon said he is a big fan of the Bored Ape Yacht Club NFT.
Kings of Leon released its latest album as an NFT that included exclusive artwork and gig tickets, according to crypto website Cointelegraph.
John Cena called his attempt to sell a series of 500 NFTs for $1000 each a “catastrophic failure” and only ended up selling 37.
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Celebrities and NFTs
Fashion brands, sports leagues, and celebrities have all turned to the NFT trend, which exploded in popularity in 2021.
People like Paris Hilton and Grimes launched a series of NFTs that quickly sold out.
Grimes has also raised $6million by selling several pieces of digital artwork at auction through NFT marketplace Nifty.
Snoop Dogg revealed he is a fabled white whale known in the NFT world and has amassed well over $17million in NFT items.
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Crypto investor death mystery, continued
Cotton took with him to the grave the keys that allowed access to a digital vault containing cash investors ploughed into Quadriga CX.
Jilted investors have demanded his corpse be exhumed and tests run to confirm it is his body.
Criminal probes continue by the Royal Canadian Mounted Police and the FBI as leading digital investing publication Coindesk branded his death as “crypto’s biggest mystery”.
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Crypto investor death mystery
A new documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumors he may have faked his death.
Cotton’s sudden death from complications of Crohn’s disease at age 30 shocked the crypto world – but some believe it may have been part of an elaborate “exit scam”.
One source in the documentary goes as far as to claim Cotton may have used a substance known as “Haitian zombie powder” to fake his death.
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What is a crypto ‘fan token’?
Fan tokens are a cryptocurrency that is sweeping the football landscape.
They’ve been launched or are under consideration by 24 football clubs across the five major European leagues, according to BBC News.
Some involve real-world perks for the buyer, like a say in which slogans appear on a trophy or what song should be played for a team’s entrance.
Critics say the benefits are insignificant, and the value of fan tokens rises and falls based on supply and demand.
Arsenal, Barcelona, Juventus, Inter Milan, Real Madrid, Manchester City, and PSG have all jumped on the craze.
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Why is Bitcoin bad for the environment?
The problem surrounds the amount of energy used to mine a single Bitcoin.
Computers are needed for complex mathematical calculations to put a new Bitcoin into circulation online.
This process is also known as mining.
A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.
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What is Cardano?
Cardano (ADA) is a cryptocurrency that uses blockchain, making it difficult to be hacked.
It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.
The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.
It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.
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Banks embrace crypto, continued
Executives at large banks are beginning to hop on the cryptocurrency train as some invest their time in learning about the new payment method.
Bank of America spokesman Mark Pipitone told the New York Times, “The bank sees potential in blockchain, and we’re currently a leading patent holder in the space with more than 160 patents. But we still haven’t found a use at scale to make the financial lives of customers and clients better.”
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Banks embrace crypto
Banks are paying for slowly catching on to the future of cryptocurrency as they struggle to benefit and profit.
As cryptocurrency start-ups explode, they are starting to offer credit cards and loans while banks are left in the dust.
According to the New York Times, “Bank of America’s chief executive, Brian Moynihan, barred the giant company’s wealth managers from putting any client money into cryptocurrency-related investments.”
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Russia considers crypto ban, part two
The proposed ban on cryptocurrency investments comes as Russia was said to be working on its own ruble-backed digital currency.
Roughly $5billion in crypto transactions take place in the country annually, and nearly 12 percent of the population may already own crypto, according to Fortune.
That was compared with a little more than 8 percent of the US population that owns crypto.
Russia also reportedly invested in crypto in 2019 to limit the impact of sanctions over meddling in the 2016 US Election, Fortune reported.
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Russia considers crypto investing ban
Russia’s central bank is reportedly looking to ban cryptocurrency investments amid its longtime skepticism of digital currency.
The ban by the country’s financial authority would prevent future transactions, Fortune reported, but it wouldn’t require current holders to divest their portfolio.
The central bank gave digital currencies legal status in 2020 but did not authorize their use as a means of payment, according to Fortune.
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What are Shiboshi NFTs?
Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”
The NFT holders will also be able to name the Shiboshis for an additional $100.
The Shiboshis will come with generic names like 00001.
The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.
“With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”
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Seven crypto ads banned, part two
The Advertising Standards Authority is looking to produce new guidance on cryptocurrency.
Monitoring crypto assets is a “red-alert priority” for the regulatory agency, BBC News reported.
The news outlet said companies with ads found to have broken the rules were:
- Coinburp: A Twitter page for the cryptocurrency trading platform
- eToro (UK): A paid ad for the stocks and cryptocurrency trading platform
- Payward: A digital poster for Kraken, an online cryptocurrency exchange
- Exmo Exchange: A YouTube video promoting the cryptocurrency exchange
- Luno Money: An in-app ad for the cryptocurrency exchange service Luno
- Coinbase Europe: A paid Facebook ad for the cryptocurrency exchange platform
- Papa John’s GB: A promotion on the Papa John’s pizza restaurant chain’s website and in a Twitter post
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UK regulator bans seven crypto ads
The United Kingdom’s Advertising Standards Authority (ASA) banned seven cryptocurrency advertisements following concerns.
BBC News reported one banned ad included a promotion by a pizza chain while a second involved Facebook ads for a big cryptocurrency exchange.
All seven ads were “banned for irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment”, the news organization reported.
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What are Altcoins, continued
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”
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What are Altcoins?
Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions.
Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.
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NFT sold way under intended price
The owner of a Bored Ape non-fungible token (NFT) accidentally sold the virtual art for $3,000 instead of $300,000.
The digital art was initially purchased by an automated account that instantly put it back up for sale for nearly $250,000.
The seller told CNet that he meant to list the price at 75 Ethereum (ETH), the preferred cryptocurrency for making NFT transactions.
After making many online trades that day, he said he suffered from a “lapse of concentration” which caused him to type in “0.75 ETH.”
“I instantly saw the error as my finger clicked the mouse but… it was instantly sniped before I could click ‘Cancel’ – and just like that, $250,000 was gone,” he said.
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Sending cryptocurrency on WhatsApp
WhatsApp, a popular messaging app, is testing a cryptocurrency payment feature for some users in the US.
Meta, formerly known as Facebook, owns WhatsApp and is letting some users send and receive Pax Dollars.
Pax currency is deemed a “stablecoin” because it’s connected to the US dollar.
The feature is powered by Novi, Meta’s digital wallet.
According to Novi, making payments will be easy, like sending other kinds of attachments in WhatsApp.
There’s no word on when the cryptocurrency payment feature might roll out to more users and countries.
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What is the entire crypto market worth?
Roughly, the entire crypto market is currently worth around $2.6trillion.
The value of the market going forward is likely to fluctuate, as it greatly depends on what cryptos decide to do next.
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Risks of investing in cryptos, part five
Finally, the truth in marketing materials is a risk in investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
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Risks of investing in cryptos, part four
Another risk of investing are the charges and fees.
Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
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Risks of investing in cryptos, part three
A third risk of investing in cryptocurrencies is product complexity.
The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks.
There is no guarantee that cryptoassets can be converted back into cash.
Converting a cryptoasset back to cash depends on demand and supply existing in the market.
This news is republished from another source. You can check the original article here
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