Author: Staff Writer
The last 12 months will go down in history as the year NFTs broke out. Non-fungible tokens have been around since 2014, but their cultural relevance solidified in 2021, infiltrating almost every industry from art and music to charity and even floats in the Macy’s Thanksgiving Day Parade. Yet the multi-billion dollar market rapidly scaled this year without a critical piece to sustain this growth — proper infrastructure. San Francisco-based Mnemonic looks to change that. “We realized in order to unlock the opportunity and value in this space, there was this key information missing, this data layer of everything that…
Bitcoin prices have had an interesting several days, plunging over the weekend and then bouncing back above the $50,000 level. Taking these recent movements into account, and considering that 2021 is coming to a close, several analysts have weighed in on whether the world’s most prominent digital currency will experience a so-called Santa Claus rally, climbing during the last few weeks of this year and the start of the next one. Technical analyst Katie Stockton authored a weekly note, in which she stated that “The weekly MACD is on a ‘sell’ signal for the first time since April, increasing risk into year end,…
Bitcoin and cryptocurrency prices have rebounded after a sudden sell-off last weekend wiped around $300 billion from the combined crypto market—with some betting the market is heading far higher. The bitcoin price is now trading almost 30% down from its all-time high of around $69,000 per bitcoin set last month, settling at just over $50,000 after crashing to under $42,000. Smaller cryptocurrencies ethereum, Binance’s BNB, solana, cardano, and Ripple’s XRP have also bounced back after the crash. Now, one financial adviser has made a stark bitcoin and crypto price prediction, warning cryptocurrency “is one of the biggest bubbles ever” and when it bursts “it’s…
Fundstrat Global Advisors’ head of research says bitcoin still has “exponential growth ahead” of it. While acknowledging recent price swings of the cryptocurrency, the strategist emphasized that bitcoin has so far regained its losses in short periods of time. Fundstrat Global Advisors’ managing partner and head of research, Thomas Lee, talked about the outlook for bitcoin in an interview with CNBC Monday. Lee is a Wall Street strategist with more than 25 years of experience in equity research. Prior to co-founding Fundstrat, he was J.P. Morgan’s chief equity strategist from 2007 to 2014. The Fundstrat strategist recommends investment in bitcoin,…
Top executives from six cryptocurrency firms will on Wednesday tell Congress to tread lightly in imposing new rules on digital assets – or risk sending activity underground or outside the United States. Ahead of a hearing at the U.S. House Financial Services Committee starting 10:00 EST, executives leading some of the world’s biggest crypto companies indicated in prepared testimony they will generally support clearer rules. But they will emphasize that overly restrctive ones would not stifle the activity, but merely push it away from U.S. reach. “Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily…
Visa Inc (V.N), the world’s largest payment processor, on Wednesday launched a global crypto advisory service for clients such as banks and also merchants, as the adoption of digital currencies gains steam. The move by Visa comes against the backdrop of unprecedented investor demand for crypto services and the company’s latest offering is geared towards financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into non-fungible tokens (NFTs), or central banks exploring digital currencies. Visa’s services include educating institutions about cryptocurrencies, allowing clients to use the payment processor’s network for digital offerings, and helping…
Ethereum mining revenue outperformed that of Bitcoin for the seventh consecutive month in November, according to The Block Research. Last month, Bitcoin miners earned $1.69 billion, a 2% decrease month-over-month. Ethereum miners conversely saw revenue of $1.99 billion — an increase of 11.8% compared to October — and overall earned 1.18 times the revenue of Bitcoin miners in November, in dollar terms. To see how NFTs, spot volumes, stablecoins and other crypto stats fairs in last month, check out The Block Research’s “November by the numbers” breakdown.
Interest and demand in Bitcoin rose a lot in 2021 despite the digital asset’s turbulence. More than half of current investors got in over the last 12 months, according to crypto-firm Grayscale Investments LLC. In a survey of 1,000 people, about a quarter said they already owned Bitcoin and of that 55% said they started investing this year. The results underscore the explosive growth cryptocurrencies have seen this year as investors plowed money toward the volatile asset class amid growing popularity of even ancillary products, like non-fungible tokens (NFTs). Bitcoin is up about 70% in 2021 after a recent sell-off,…
Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, according to a source and a summary of the bill seen by Reuters. Prime Minister Narendra Modi’s government has previously flagged that it plans to ban most cryptocurrencies – a move which follows measures by China this September that intensified its crackdown on cryptocurrencies. According the summary of the bill, the Indian government is planning a “general prohibition on all activities by any individual…
Japan’s top currency official Masato Kanda said on Tuesday digital cross-border payment technology would boost regional growth, but regulations and preventing financial crisis may become difficult. Speaking at an event hosted by ASEAN+3 Macroeconomic Research Office (AMRO), Kanda, vice finance minister for international affairs, said that with digitalization of payments, regulations on capital movement and currency exchange may become difficult. “Financial crisis in one country may spread faster with wider collateral effects on other countries in the region,” he said. -Read original story on Reuters