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In addition to undergoing wild price swings on a regular basis, Bitcoin and other cryptocurrencies are also consuming massive amounts of energy, enabling criminal activity, and creating new financial risks. Their booming yet unfathomable popularity demands an urgent regulatory response. The price of Bitcoin has undergone yet another wild gyration, rising from $41,030 on September 29, 2021, to $69,000 on November 10, 2021, before falling back to $35,075 on January 23. That is its second-largest decline in absolute value, though it has suffered larger declines in percentage terms, such as between December 15, 2017, and December 14, 2018, when it fell by 83.8%. More…
After shaking up its subscriptions last month, Chip is now expanding its offer crypto exposure to its customers. It comes in the form of a Crypto Companies fund, managed by Invesco, which has been added to Chip’s platform today and is available for ChipX customers who pay £3/month. “With the addition of the Crypto Companies fund, we want to enable users to dip their toes into the world of cryptocurrencies without risking the volatility that comes with directly investing into crypto assets,” said Chip’s CEO and founder Simon Rabin. The underlying fund is Invesco’s CoinShares Global Blockchain UCITS ETF, which invests in 51 companies that are involved in the…
Leading NFT Influencer and ZenAcademy founder Zeneca posted an interesting poll on Twitter about the NFT Community. Particularly, what is the specific age group leading the billion-dollar NFT industry that’s been transforming the art, gaming and collectible scene. A few hours ago, Zeneca candidly asked his over 225,000 followers which age group they fall under. His underlying intention, of course, is to provide a critical marketing insight about the NFT community and back it up with some numbers. As of press time, over 6013 NFT Collectors and enthusiasts have voted. Unsurprisingly, the top bracket is 25-35 years old, aka the Millenials. The…
An artist from America recently sold an animated NFT trashcan for a staggering $250,000. This continues to prove how insane the price of some decentralised digital art can be. The artist goes by the name of Robness. Speaking about the piece, he said, “I can’t even remember where the image came from, I think it was a Google image search”. Then, he revitalized the image with psychedelic, glitchy effects, and listed it for sale on the NFT marketplace, SuperRare. The digital art piece is now known as 64 Gallon Toter. The Complicated Story Behind the Trashcan NFT What is inspiring…
Texas Senator Ted Cruz went heavy into bitcoin last month, buying up to $50,000 worth of the cryptocurrency while prices were cratering. The Republican lawmaker bought between $15,001 to $50,000 of bitcoin on Jan.25, according to a financial disclosure, and used financial brokerage River to make the payment. Cruz made the purchase at a time when bitcoin prices were in free fall, sliding below $40,000 after reaching $70,000 in November. Bitcoin prices appear to have stabilized and were up 2.6% to $42,741 at last check Monday. Cruz’s move comes at a time when Joe Biden’s administration is working to regulate the cryptocurrency industry. Cruz has…
Cryptocurrency miners including, CleanSpark, Riot Blockchain, HIVE Blockchain, and Hut 8 Mining, have mined more bitcoins in January than in the prior month, and some anticipate a boost in mining capacity in the foreseeable future. Starting with Riot Blockchain, the company’s BTC production jumped almost 8% in January and +252% from the year-ago period. Its hash rate capacity of 3.4 exahash per second rose from 3.1 EH/s in the prior month, and expects to see 12.8 EH/s by the fourth quarter. Meanwhile, the company recently shut down its Texas-based Whinstone facility, having cut its energy use by ~98%. For CleanSpark, it mined 305 BTC in January…
Rapper’s trademark infringement lawsuit claims Opulous used his name and likeness to raise more than $6.5 million in venture capital funds without an agreement. Lil Yachty filed a trademark infringement lawsuit against NFT seller Opulous on Thursday, claiming the company “maliciously” used his name and likeness to raise more than $6.5 million in venture capital funds. The rapper, born Miles Parks McCollum, states in the filing that he only engaged in a couple of exploratory conference calls with the Singapore-based company in May 2021 that included Opulous founder Lee Parsons, the CEO of Ditto Music. In the suit, he states “no…
After a two-year hiatus, Rolling Stone is back at the center of Super Bowl festivities with the return of Rolling Stone Live. With a star-studded guest list, one-of-a-kind fan experiences, and a packed lineup of musical performances, Rolling Stone Live is bringing the heat to Los Angeles ahead of the big game. The event marks the beginning of an ongoing partnership between Rolling Stone and cryptocurrency platform Coinbase. Together, they’ll collaborate to mint an exclusive NFT (non-fungible token) that’ll be offered as a limited drop to the party’s Coinbase Wallet users. Later in the year, the original static design will be animated before it’s available…
The buzzy NFT collection has raked in millions and the eager support of dozens of celebrities. But its founders’ anonymity raises questions about accountability in the age of crypto. In late January, Paris Hilton appeared as a guest on The Tonight Show. In a segment that was widely mocked for its boosterism, Hilton and host Jimmy Fallon each pulled out printouts of their “Bored Apes” — digital images from a collection of 10,000 unique drawings. Fallon had purchased his last fall for around $216,000, and Hilton had just bought hers for over $300,000. Together the pair had spent half a million…
Bitcoin’s lofty valuations are the “stuff that dreams are made of.” So says Michael Cembalest, J.P. Morgan Asset & Wealth Management’s chairman of market and investment strategy, in a report that riffs on “The Maltese Falcon,” the 1941 film about a priceless artifact that comes to symbolize greed, and which turns out, in the end, to be fake. “I won’t be buying it even though part of me wants to, regardless of consequences, since that’s what some crypto holders have been counting on from the beginning,” he wrote. In his 30-page investigation, “The Maltese Falcoin: On cryptocurrencies and blockchains,” Cembalest…