Huobi Global Acquires Latin American Crypto Exchange Bitex

Huobi Global Acquires Latin American Crypto Exchange Bitex

The digital currency exchange Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America as it believes the region will be one of the most active crypto adoption areas worldwide.

Huobi Aims to Step Up Its Presence in Latin America, Acquires Local Bitex Exchange

On Thursday, the leading crypto asset exchange Huobi Global announced the company has acquired the Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex have not been disclosed.

Bitex is an exchange that was founded in 2014 and while Huobi will be the parent company, the trading platform will retain its current branding and management team. Bitex offers digital currency services to residents located in Argentina, Uruguay, Paraguay, and Chile.

“Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region,” Jeffrey Ma, the global head of mergers and acquisitions at Huobi Group said in a statement. “We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.”

Bitex to Keep Branding and Management, CEO Believes Huobi Will Help Expansion

While Bitex will keep its team and branding, Huobi will integrate the company’s platform with the Bitex system. The integration will give all Bitex customers access to the digital currencies offered by Huobi’s Global’s trading engine.

Huobi has been interested in stepping up its Latin American presence since 2019, when it launched Huobi Argentina. The company notes that from 2019 to 2021, Latin America saw crypto usage rise by 1,370%.

Today, Huobi Global is the fourth largest exchange by crypto trade volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion in assets under management (AUM). Bitex CEO Francisco Buero believes Huobi will help the company’s expansion efforts.

“Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion but also help us better serve our customers, enabling them to access a broader range of digital assets on Huobi Global’s platform,” Buero detailed on Thursday.

What do you think about Huobi Global acquiring the Latin American exchange Bitex? Let us know what you think about this subject in the comments section below.

Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron.

MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso

The stablecoin and blockchain firm Tether has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the U.S. dollar, and EURT, which is tied to the value of the euro. The company also offers CNHT, an offshore Chinese yuan-pegged token, and tether gold XAUT, a token pegged to the value of one ounce of fine gold.

Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

MXNT’s launch will officially start on Polygon, Ethereum, and Tron. Tether said it believes a digital peso will be quite beneficial to Mexico’s remittance industry. “The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption,” Tether’s announcement on Thursday details. The company added:

The creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.

Tether USDT is the largest stablecoin in existence today, as it currently has a market valuation of around $73.2 billion. The token’s market capitalization represents 5.77% of the $1.27 trillion crypto economy.

Out of the $86.43 billion in digital currency trade volume on Thursday, tether’s volume is around $45.42 billion, or 52.55% of today’s global trade volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trade volumes. Tether says the launch of MXNT will be a “testing ground for onboarding new users in the Latin American market.”

Paolo Ardoino, the CTO of Tether, detailed during the announcement that the company has seen digital currencies rise in popularity in Latin America. “We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.

The Tether CTO continued:

Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.

Just recently, Tether published the firm’s USDT May 2022 assurance report after the recent Terra blockchain UST fallout. Circle, the usd coin (USDC) stablecoin issuer, also released an assurance report in May and recently explained its plans to publish USDC attestation reports on a weekly basis.

What do you think about the stablecoin issuer Tether launching a token pegged to the Mexican peso? Let us know what you think about this subject in the comments section below.

Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

It’s now 4.33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31.25 trillion to today’s 29.85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4.81% at block height 691,488.

Bitcoin Mining Difficulty Dips 4.33% — The Largest Drop Since July 2021

  • Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4.33% reduction in difficulty.
  • Prior to the drop, Bitcoin’s difficulty was approximately 31.25 trillion and today, it’s approximately 29.85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.

Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

  • Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4.33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9.24 per day in BTC profits.
  • Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577.
  • Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs.
  • Bitcoin’s current difficulty, the USD value, and a cost of $0.12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0.12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0.21 per day in BTC profits if electricity costs $0.12 per kWh.
  • Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Approximately 1.44% of the global hashrate is operated by unknown or stealth miners with roughly 3.04 EH/s of hashpower.
  • Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24.28% of Bitcoin’s global hashrate or 51.10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days.
  • Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30.86 EH/s of hashrate equates to 14.66% of the global aggregate.
  • With BTC’s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. At the time of writing, the DAA is estimated to reduce roughly 0.16% lower.

What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Let us know what you think about this subject in the comments section below.

Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization

Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization

On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8:55:23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Köppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.”

Ethereum’s Beacon Chain Reorgs

While all eyes have been glued to development surrounding Ethereum’s upcoming transition to proof-of-stake (PoS) via The Merge, the chain that will be crucial to the transition, Ethereum’s Beacon chain, suffered a seven-block deep reorganization.

A blockchain reorganization, otherwise known as a reorg, is basically a chain split and nodes receive blocks from a new chain amid the existence of the old chain. In the case of Ethereum’s Beacon chain, the reorganization occurred at block height 3,887,075 to block 3,887,081.

Martin Köppelmann, the co-founder of Gnosis, noticed the event and tweeted about it on social media. “The Ethereum beacon chain experienced a 7-block deep reorg —2.5h ago,” Köppelmann said. “This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain… (proposals already exist).” Köppelmann added:

This, unfortunately, shows that the analysis by [Georgios Konstantopoulos] and [Vitalik Buterin] here was too optimistic when the article claimed reorg stability will improve in PoS over PoW. We have not seen 7 block reorgs on Ethereum mainnet in years… At this point, it is unclear whether the reorg we saw was caused by an attack or just unfortunate network conditions.

Vitalik Buterin: ‘Truth-Seeking Is More Important Than Not Giving the Wrong People Rhetorical Ammunition’

After talking about the issue on Twitter, Köppelmann remarked that some of the attention his tweet garnered, specifically from Ethereum detractors, made him regret tweeting about it. “However, I think it is a strength of the Ethereum community to openly discuss all challenges, and spend more energy on finding a better solution, instead of spending time defending an issue,” Köppelmann said.

Ethereum’s co-founder Vitalik Buterin responded to Köppelmann’s regret comments and told the Gnosis co-founder not to regret it. “Truth-seeking is more important than ‘not giving the wrong people rhetorical ammunition’ or whatever,” Buterin said. “As long as truth-seeking results in action and not just commentary,” one individual responded to Buterin’s statement.

The Ethereum co-founder replied: “In this case, client teams have been scrambling to understand the situation so they can figure out what to fix for the last couple of hours — Already some good hypotheses.” Buterin’s reply was tethered to a tweet written by Ethereum developer Preston Vanloon who gave his opinion about the reorg situation. Vanloon said:

We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software.

Ethereum’s blockchain reorganization follows both Vanloon and Buterin saying The Merge could be implemented in August. However, Buterin was quick to follow up his statement by saying there’s always a “risk of problems” and “delays.” He then said that September and October could be possible as well.

What do you think about Ethereum’s recent seven-block deep reorganization? Let us know what you think about this subject in the comments section below.

ESG Study Shows Bitcoin Mining’s Potential to Eliminate 0.15% of Global Warming by 2045, Claims No Other Technology Can Do Better

ESG Study Shows Bitcoin Mining’s Potential to Eliminate 0.15% of Global Warming by 2045, No Other Technology Can Do Better

In recent times, the impact of bitcoin mining on the environment has been a topical discussion as climate change activists believe proof-of-work (PoW) mining is too energy-intensive. However, a recent report written by the ESG analyst Daniel Batten explains that bitcoin mining could eliminate the world’s carbon emissions by 5.32%. Batten’s study notes that if bitcoin mining entities “aggressively” targeted leaked methane, bitcoin mining has the potential to avoid 0.15% of warming by 2045.

ESG Analyst Claims Bitcoin Mining Is Currently the Only ‘Technologically Feasible’ Way of Reducing Methane Emissions

On May 23, 2022, the CEO of Geneious and ESG analyst, Daniel Batten, published a report that shows bitcoin mining could help the environment. Batten tweeted about his study and said that the findings suggest “using [bitcoin] mining to combust leaking methane can eliminate 5.32% of all global CO2-eq emissions. In fact, Batten’s study says that bitcoin mining is one of the only ways to remove carbon emissions in a sustainable fashion. “Reducing methane emissions is the fastest way to reduce global warming and complements CO2 reduction strategies,” Batten’s report details. The study’s executive summary adds:

Bitcoin mining is currently the only way of reducing these methane emissions which is both technologically feasible and does not require significant behaviour change in order to work.

Bitcoin mining, and more specifically PoW mining, has been criticized a great deal for using so much energy. However, many believe certain detractors have an agenda and most people do not question the amount of carbon and state-enforced violence that is needed to keep fiat currencies afloat. Furthermore, crypto asset industry players have been introducing ESG (environmental, social, governance) friendly concepts to the digital currency mining ecosystem. Furthermore, a mining report that covers Bitcoin’s electricity usage data shows that consumption levels decreased by 25% in the first quarter of 2022.

ESG Study Shows Bitcoin Mining’s Potential to Eliminate 0.15% of Global Warming by 2045, No Other Technology Can Do Better

Batten’s research goes further and notes how bitcoin mining is more effective than leveraging carbon credits or governmental systems. “Bitcoin mining is also currently the only way to combust leaking methane that is both economically and logistically feasible without carbon credits or the governments of major industrialized nations needing to issue tax incentives and funding in unison,” Batten’s report explains. “Bitcoin mining has shown early evidence of being able to scale with an exponential growth rate.”

Report Says ‘Bitcoin Mining’s Energy Consumption Is Obvious, but Its Environmental Benefit Is Not Immediately Obvious’

In fact, bitcoin (BTC) or PoW mining, in general, can be leveraged to combat leaking methane from a number of different sources. For instance, the report notes that mining could help in areas where flare or vented gas is expelled by the oil and gas industry. Bitcoin mining could help fight landfill gas, and areas that have orphaned oil wells. The researcher’s findings detail that bitcoin mining could also mitigate gas waste issues from biogas sources like manure, farming and waste regions, and waste from the food industry. “In future papers, we will quantify the CO2-eq reduction possible by using bitcoin mining with biogas or wastewater,” the report says.

“Unlike solar, whose environmental benefit is obvious but whose consumption of carbon (via coal furnaces used to melt silicon) is less obvious, bitcoin mining’s energy consumption is obvious, but its environmental benefit is not immediately obvious,” the study about quantifying the potential impact of bitcoin mining claims. “Perhaps for this reason, it is easy to make a premature and superficial assessment based only on energy consumption that Bitcoin has a net negative environmental impact. Such reasoning is flawed, since net impact can only be established by considering both environmental cost and benefit.”

In addition to the flawed reasoning, Batten describes a number of misconceptions about bitcoin mining using methane for energy. The misconceptions include:

  • “Burning methane releases CO2 which will increase our carbon emissions.”
  • “We should be focusing on renewable energy, not burning methane.”
  • “When oil [and] gas companies flare methane, it removes methane anyway.”
  • (Closely related to 3) “The benefits of generating power from flared gas are marginal.”
  • “We should be using that flared gas for something more useful” – hospitals, residential heating, anything.
  • “Oil companies will just use that money to do more oil exploration.”
  • Agriculture is the biggest methane-polluter: eating less meat would solve it.

Batten explains how each and every one of the aforementioned reasons is a miscalculated error and he believes bitcoin mining can reduce the world’s methane emissions even quicker than the United Nations Environment Programme’s (UNEP) carbon reduction goals.

ESG Study Shows Bitcoin Mining’s Potential to Eliminate 0.15% of Global Warming by 2045, No Other Technology Can Do Better

“Bitcoin mining can eliminate 0.94 + 4.38 = 5.32% of all global emissions. This represents 23% of all global methane emissions: more than half the UNEP’s methane reduction target,” Batten’s study deduces. The ESG analyst adds:

That means Bitcoin mining has the potential to achieve half our methane reduction target. That also means that Bitcoin mining has the realistic potential to help humanity avoid nearly 0.15% of warming by 2045. To our knowledge, this can be legitimately claimed by no other technology.

Batten’s report called “Quantifying the Potential Impact of Bitcoin Mining on Global Methane Emissions” can be read in its entirety here.

What do you think about Daniel Batten’s report on how bitcoin mining could be beneficial to the environment in contrast to the current narrative? Let us know what you think about this subject in the comments section below.

A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens

A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens

According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network.

Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited

On May 27, a new blockchain will launch that’s based on the Terra blockchain network but does not include an algorithmic stablecoin like terrausd (UST). The old chain token will be called “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).” The Terra team announced the May 27 launch and explained that the governance proposal passed on May 25. According to the team, the latest Terra Core code has been released and the codebase was audited by SCV Security.

The governance decision further details the new LUNA token distribution which includes 30% for the community pool, 35% for pre-attack LUNA holders, 10% for pre-attack aUST holders, post-attack LUNA holders will get 10% and post-attack UST holders are eligible for 15% of the supply. Additionally, the Terra team mentioned that the Terraform Labs wallet, Luna Foundation Guard’s wallet, and the community pool distribution module account will be removed from the LUNA airdrop.

The Terra team’s Twitter thread adds:

The removal of these wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem.

Controversy, a Class-Action Lawsuit, and Mirror Protocol Accusations

There’s been a lot of controversy surrounding the Terra blockchain network and the face of the project Do Kwon. Just recently, a LUNA investor who lost $2.4 million was arrested for visiting Kwon’s home and knocking on his door. Then there’s a Twitter account called “@fatmanterra (Fatman)” that has said a class action lawsuit is being planned in order to get compensation for the class of LUNA and UST victims.

Fatman said the action will be free to join and the team is researching jurisdictions like Singapore where investment protection is laxer. Fatman said:

I am happy to announce that three law firms have offered to commit over $15m (maybe more) to this historic fight for justice – they are looking to fund the case and will collect fees on a contingency basis. This could never have happened without all of you.

But that’s not all Fatman has been doing, as the Twitter account has published accusations about specific Terra-based projects and partners. In one specific thread written by Fatman, the social media account says Terra’s Mirror Protocol, a decentralized and synthetic stock exchange, was “really just a farce designed to enrich Do Kwon/VCs.” The Twitter thread discusses how Mirror Protocol’s governance system was allegedly rigged.

Centralized Exchange Platform’s Binance, Bybit, and Huobi Plan to Support New LUNA Token

The Terra team doesn’t seem to be bothered by the controversy surrounding the project and the litany of accusations on social media. Moreover, many rumors have been flying around social media concerning Kwon’s and the Terra development team’s decisions. Kwon has been responding to question after question about the new Terra chain, eligibility, and the airdropped LUNA tokens.

The Terra team details that it is working closely with centralized exchange partners like Bybit and Binance in order to support LUNA holders who left funds on exchanges. Huobi Global revealed it would support the new LUNA chain. Binance tweeted about the rebirth of the new Terra network as well.

“The Terra community just passed a vote to ‘Rebirth Terra Network,’” Binance said. “We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.”

What do you think about the new Terra blockchain project? What do you think about the controversy surrounding the Terra ecosystem? Let us know what you think about this subject in the comments section below.

Billionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, ‘Catalyzing an Economic Collapse’

Billionaire hedge fund manager and founder of Pershing Square Capital Management, Bill Ackman, believes “inflation is out of control.” The investor thinks that if the Federal Reserve “doesn’t do its job” by applying “aggressive monetary tightening,” the U.S. economy could collapse.

Pershing Square Founder Bill Ackman Thinks ‘Inflation Is out of Control’

While the headlines talk about the Federal Reserve’s chair, Jerome Powell, getting “aggressive” with monetary policy by implementing rate hikes and revealing the central bank would tighten large asset purchases this summer, many economists and financial players don’t believe the Fed can do its job. Moreover, Atlanta Fed president Raphael Bostic told the press that Fed policymakers could pause interest rate hikes.

On Tuesday, founder of Pershing Square Capital Management Bill Ackman explained on Twitter that if the Fed doesn’t step in to fix inflation, the market will complete the job.

“Inflation is out of control. Inflation expectations are getting out of control,” Ackman tweeted. “Markets are imploding because investors are not confident that the Federal Reserve will stop inflation. If the Fed doesn’t do its job, the market will do the Fed’s job, and that is what is happening now.” The billionaire hedge fund manager, who is also considered an “activist investor,” further added:

The only way to stop today’s raging inflation is with aggressive monetary tightening or with a collapse in the economy. With today’s unprecedented job openings, 3.6% unemployment, long-term supply/demand imbalances in energy, ag and food, housing, and labor, and with the wage-price spiral that is underway, there is no prospect for a material reduction in inflation unless the Fed aggressively raises rates, or the stock market crashes, catalyzing an economic collapse and demand destruction.

Hedge Fund Manager Says ‘Current Fed Policy and Guidance Are Setting Us up for Double-Digit Sustained Inflation’

Ackman is not the only one that’s concerned about the Federal Reserve’s ability to stop inflation. Gold bug and economist Peter Schiff doesn’t think inflation will let up, no matter what the Fed does.

“Don’t try to figure out why inflation is so high now, but why it’s been so low in the past,” Schiff said on Tuesday. “Once you understand how inflation entered the economy and the long lag between rising asset prices and rising consumer goods prices, you’ll understand why high inflation is here to stay.”

Following Jerome Powell’s recent statements and Bostic’s opinion, the Pershing Square executive noted how Fed policymakers have been making dovish comments.

“In the last day or so, various current and former Fed members have waffled and made dovish remarks proposing a modest increase in rates and a pause in the fall,” Ackman tweeted. “The Fed has already lost credibility for its misread and late pivot on inflation. There is no economic precedent for 200 to 300 bps of fed funds addressing 8% inflation with employment at 3.6%.”

Similar to Schiff’s commentary, the Pershing Square founder explained that inflation could end up being a long-term problem. Ackman continued:

Current Fed policy and guidance are setting us up for double-digit sustained inflation that can only be forestalled by a market collapse or a massive increase in rates.

The difference between Schiff and Ackman is the Pershing Square hedge fund manager seems to be a bit more hopeful the Fed will get things right, in contrast to Schiff, who believes the central bank will ultimately fail. Ackman thinks poor policy is the reason no one is buying stocks and talked about how the “downward market spiral [can] end.”

“It ends when the Fed puts a line in the sand on inflation and says it will do ‘whatever it takes,’” Ackman concluded on Tuesday. “And then demonstrates it is serious by immediately raising rates to neutral and committing to continue to raise rates until the inflation genie is back in the bottle. Stocks (of real businesses) are cheap once again.” Ackman further said:

Markets will soar once investors can be confident that the days of runaway inflation are over. Let’s hope the Fed gets it right.

What do you think about Bill Ackman’s recent Twitter thread about inflation and the Fed stepping in to fix the situation with aggressive monetary policy? Let us know what you think about this subject in the comments section below.

Crypto Market Turning Point — Most Cryptocurrencies Down 57% to Over 80% From Price Highs

Crypto Market Turning Point — Most Cryptocurrencies Down 57% to Over 80% From Price Highs

Roughly six months ago, bitcoin and a number of digital assets reached all-time highs and the crypto economy crested above $3 trillion in value. Today is a different story as a great majority of cryptocurrencies are down between 57% to over 80% against the U.S. dollar.

While Cryptos Are Down From the ATHs, 2020 Holders Are Still in the Green

On November 9, 2021, or 196 days ago, the crypto economy was valued at over $3 trillion, and today it’s worth roughly 56% less at $1.31 trillion. Six months ago, bitcoin (BTC) touched an all-time high (ATH) at $69K per unit and today, it’s down more than 57% in USD value.

The second leading asset, ethereum (ETH), has lost 59.85% after reaching $4,847.57 per ether six months ago. The fourth-largest crypto asset BNB is down 52.65% after tapping $689 per unit. XRP is not even close to its January 07, 2018 ATH the digital asset tapped four years ago when it reached $3.40 per coin. XRP today is down more than 87% against the U.S. dollar from that point in time.

Cardano (ADA) hit its ATH nine months ago at $3.10 per ADA and currently, ADA is down 83.5% against the U.S. dollar. Solana (SOL) touched its ATH seven months ago and is down 81.5% in USD value.

The tenth-largest crypto asset today, dogecoin (DOGE) is down 88.8% from the meme coin’s ATH a year ago. While prices are down since 2021’s high, crypto investors that purchased digital assets in 2020 have seen it their cryptocurrencies rise. For instance, the price of bitcoin (BTC) since 2020 is up 303.28% and ethereum (ETH) is up 465.70%.

The same can be said for many of the top coins today. Binance’s BNB token has jumped 173.53% in two years and cardano (ADA) is up 443.83%. Gains are even bigger for those who purchased crypto assets in 2017 as bitcoin (BTC) is up 1,294.85% since that year. The second leading crypto asset ethereum (ETH) is up 8,985.15% since 2017 against the U.S. dollar.

XRP holders have seen the most gains since 2017 as XRP has skyrocketed in value by 31,346.47% during the last four years. 2017 was a bullish time for crypto investors as BTC hit an all-time price high that year at $20K per unit and 2021 was similar in terms of bullish price values.

Crypto’s Strong Correlation With Stocks, 289-Day Bear Runs, and Further Capitulation

Market strategists believe most bear markets have a duration of just under 9.5 months. Moreover, in recent times cryptocurrencies have been correlated with equities markets and more specifically stock indexes like Nasdaq 100 and the S&P 500. This could mean that the crypto bear market won’t end until the stock market bear run is finished.

Bank of America strategists recently detailed that the S&P 500 has recorded a total of 19 bear market cycles. The average duration for each cycle was roughly 289 days and the S&P 500’s average bottom was 37.3% lower than the ATH.

If cryptocurrencies are to follow the pattern, it could mean the bearish sentiment could last another three months longer, if history repeats and digital assets continue to follow the current correlation with equities. Unfortunately for crypto investors, S&P 500’s average drop of 37.3% is nothing like the lows the crypto economy has seen during extreme capitulation. Three bitcoin (BTC) bottoms have been more than 80% lower than the ATHs recorded during the bull cycle.

While the top ten crypto assets are down 57% to over 80% already, prices could go much lower. An 80% drawdown from BTC’s $69K high would be $13,800 per unit and an 80% cut in ether’s ATH value would result in a price of $970.

Currently, crypto assets like BTC and ETH are seemingly at a turning point that will take the value one of three ways. For example, the price of bitcoin could consolidate in this region for quite some time, the price could also rise again back into a bullish scenario, or the value drops even lower from here resulting in more capitulation.

What do you think about crypto assets being down 57% to over 80% lower than their price highs? Let us know what you think about this subject in the comments section below.

Wework Co-Founder Adam Neumann’s Crypto Project Secures $70M, Funding Round Led by A16z

Wework Co-Founder Adam Neumann's Crypto Project Secures $70M, Funding Round Led by A16z

The co-founder of the company Wework, Adam Neumann, is behind a new crypto project called Flowcarbon and on Tuesday, the blockchain project revealed it raised $70 million from a handful of investors and was led by Andreessen Horowitz (A16z). Flowcarbon’s chief executive Dana Gibber says the project’s efforts provide a “brilliant financial mechanism that creates a counterbalancing incentive to reforest, revitalize and protect nature.”

Adam Neumann Backed Crypto Project Flowcarbon Raises $70 Million

A project backed by Adam Neumann, the co-founder and former Wework executive raised $70 million from strategic investors, according to an announcement published on Tuesday. Neumann is a controversial character for his role in the company in 2019 when it was discovered the firm could not turn a profit. In September 2019, Wework filed an S-1 filing for an initial public offering (IPO) stock launch and Neumann resigned from his CEO position. Flowcarbon is a project Neumann co-founded with his spouse Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.

Flowcarbon is all about fixing the global climate crisis and calls itself a “pioneering climate technology company working to build market infrastructure in the voluntary carbon market (VCM).” It aims to tokenize the carbon credit industry and the company raised $70 million in venture capital and from the private sale of its carbon-backed token. The company announcement notes that Flowcarbon’s financing was led by Andreessen Horowitz’s subsidiary A16z crypto unit.

The funding round also saw participation from Invesco Private Capital, General Catalyst, Samsung Next, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Allegory Labs. The token sale saw investments from Box Group, Celo Foundation, and Fifth Wall. The company implements carbon credits into the Celo blockchain and converts them to tokens called goddess nature token (GNT). The goal is to make the carbon credit voluntary but also “more transparent, liquid and accessible,” according to the website’s summary.

On Tuesday, Flowcarbon’s announcement notes:

Flowcarbon’s mission is to drive billions of dollars directly to projects that reduce or remove carbon from the atmosphere by creating the first open protocol for tokenizing live, certified carbon credits from projects around the globe.

A16z General Partner Says Flowcarbon ‘Is a New Economic Flywheel for Sustainability’

The CEO of Flowcarbon, Dana Gibber, explained there are “powerful economic incentives to destroy and degrade critical natural landscapes around the world.” However, a VCM like Flowcarbon’s could counterbalance those incentives, according to Gibber. In addition to Flowcarbon’s financing announcement, Andreessen Horowitz’s (A16z) Arianna Simpson published a blog post about A16z investing in Flowcarbon. Simpson said that the Flowcarbon project unlocks “a new economic flywheel for sustainability.” The general partner at Andreessen Horowitz who invests in crypto further remarked:

Buyers can purchase ERC20 tokens backed by a bundle of certified carbon credits issued in the last five years from projects that protect and restore nature.

Flowcarbon’s funding round, led by A16z and the handful of other investors, racked up a total of $32 million. The remainder of the $70 million raised stemmed from the goddess nature token (GNT) sale. Flowcarbon’s website says GNT is 1:1 backed as “each GNT token is backed by 1 carbon credit from a carbon removal or reduction project.” Every carbon credit retains “real-world value” and the company claims they are “certified by the leading carbon credit issuers.”

What do you think about Adam Neumann’s Flowcarbon raising $70 million? Let us know what you think about this subject in the comments section below.

Acquiring a Home With Bitcoin — A Deep Dive Into the Latest Crypto-Backed Mortgage Trend

During the last few years, cryptocurrencies have been integrated into traditional finance tools like automated teller machines (ATMs), loadable debit cards, point-of-sale devices, and direct payments for all kinds of goods and services. Digital assets have also been added to retirement account offerings issued by financial giants like Fidelity. In recent times, cryptocurrencies can be further capitalized to put a down payment on a mortgage or get a conventional home loan using bitcoin as collateral.

Crypto-Backed Conventional Home Loans

These days, at least in the United States, banks require at least 20% down if a person or a couple wants to purchase a home by leveraging a conventional loan. Typically, people use cash for collateral or a down payment, but Americans can also utilize things like business equipment, inventory, invoices, blanket liens, and even other forms of real estate to secure a traditional mortgage.

As of April 8, 2022, the median home price in the U.S. was $392,000, which means a buyer needs $78,400 in collateral to secure a conventional bank loan. While crypto assets can be utilized to load debit cards and pay for items via point-of-sale commerce, there’s not many firms that allow people to use digital currencies for a crypto-backed loan.

However, there are a couple of companies right now, either offering loans that utilize crypto assets for collateral or that are planning to do so in the near future. Moreover, some firms that planned to offer crypto-backed loans gave up on the idea shortly after.

For instance, the second-largest mortgage lender in the U.S., United Wholesale Mortgage, announced it would accept bitcoin (BTC) for mortgages at the end of August 2021. However, a few months later, United Wholesale Mortgage revealed the company decided not to offer the crypto services.

The company’s CEO, Mat Ishbia, told CNBC in October 2021 that the lender did not think it was worth it. “Due to the current combination of incremental costs and regulatory uncertainty in the crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time,” Ishbia explained to CNBC’s MacKenzie Sigalos.

Crypto-Backed Home Loans Provided by Abra and Milo

Meanwhile, a financial services firm that just recently announced crypto-backed home loans is the cryptocurrency firm Abra. The company, founded in 2014 by former Goldman Sachs fixed income analyst Bill Barhydt, has provided digital asset trading services and a cryptocurrency wallet for over seven years.

On April 28, 2022, Abra announced it has partnered with the company Propy and homebuyers can secure a home loan using crypto as collateral via the Abra Borrow platform. The Abra lending application has various interest rates, depending on how much crypto collateral is added, from 0 to 9.95%.

“While digital asset investment has skyrocketed, most investors are unable to use their cryptocurrency holdings to directly fund the most important purchase in their life, a home,” Abra’s CEO Bill Barhydt explained during the announcement. “Our partnership with Propy solves this and is a major step in bridging the gap between crypto and real estate,” the Abra executive added.

In addition to Abra, a company called Milo is offering crypto-backed mortgages for people interested in purchasing real estate. Milo is a Florida-based startup that raised $17 million on March 9, 2022, in a Series A funding round. The California-based venture capital firm M13 led the funding round and QED Investors and Metaprop participated.

Milo offers 30-year loans for borrowers looking to leverage up to $5 million. Milo accepts stablecoins, bitcoin (BTC), ethereum (ETH), and interest rates are between 5.95% and 6.95%, with loans that have two to three-week closing times. When Milo raised $17 million last March, Milo CEO Josip Rupena said the company’s efforts aim to enable crypto participants.

“This [funding] round of financing is a validation of Milo’s vision to empower global and crypto consumers and the opportunity to bridge the digital world with real-world real estate assets,” Rupena said at the time. “This is a multibillion-dollar opportunity, and we are proud to be pioneering the efforts in the U.S. for consumers that have unconventional wealth.”

Ledn and Figure Technologies Plan to Offer Crypto-Backed Mortgage Products

The crypto lender and savings platform Ledn revealed in December 2021 that it was readying “the impending launch of a bitcoin-backed mortgage product.” At the same time, the firm said that it raised $70 million from a handful of well-known investors.

Ledn was founded in 2018 and the company has raised a total of $103.9 million to date. At the time of writing, Ledn’s bitcoin-backed mortgage is not yet available, but people can sign up for Ledn’s mortgage product waitlist.

“By combining the appreciation potential of bitcoin with the price stability of real estate, this first-of-its-kind loan offers a balanced blend of wealth-building collateral,” Ledn’s mortgage web page says. “With the Bitcoin Mortgage, you can use your holdings to buy a new property, or finance the home you already own. Get a loan equal to your bitcoin holdings, without selling a satoshi.”

Figure Technologies also plans to provide a crypto-backed mortgage and people can sign up for a waitlist in order to access Figure’s upcoming product. Figure’s co-founder Mike Cagney explained at the end of March that the company was launching the mortgage program.

“Figure is launching a crypto-backed mortgage in early April,” Cagney said at the time. “100% LTV – you put up $5M in BTC or ETH, we give you a $5M mortgage. No painful process, no cash-out, any amount up to $20M, for a 30-year mortgage. You can make payments with your crypto collateral. And we don’t rehypothecate your crypto.”

While there’s not that many crypto-backed mortgage products today, the trend is starting to become a bit more prominent in 2022. If the trend continues, like crypto’s integration with ATMs, debit cards, and the myriad of traditional financial vehicles, the concept of buying a home with bitcoin will likely become a mainstay in society.

What do you think about the concept of crypto-backed mortgage products? Let us know what you think about this subject in the comments section below.

Billionaire Ray Dalio Speaks in Davos — Says ‘Blockchain Is Great, but Let’s Call It Digital Gold’

Billionaire Ray Dalio Speaks in Davos — Says 'Blockchain Is Great, but Let’s Call It a Digital Gold'

This week the world has been talking about the World Economic Forum (WEF) meeting in Davos, Switzerland, which started on May 22 and ends on May 26. At the event, Bridgewater Associates founder Ray Dalio spoke about today’s economy, the Federal Reserve, cash, and cryptocurrencies. Dalio noted at the WEF conference that he believes blockchain is great, but says “let’s call it a digital gold.”

Billionaire Hedge Fund Manager Ray Dalio Says ‘There’s Going to Be a Supply and Demand Problem That Produces a Squeeze’

During the first week of February, Bitcoin.com News reported on the billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates. At the time, Dalio spoke about the future of money and the investor said that crypto will be “outlawed, probably by different governments.” Currently, Dalio is in Davos, Switzerland, with the rest of the world’s government officials, economists, and financial big-wigs. The Bridgewater Associates founder spoke in an interview with CNBC’s Andrew Ross Sorkin on the broadcast Squawk Box.

Once again, Dalio spoke on the future of money and the U.S. central bank’s next monetary policies. The hedge fund executive believes the Fed has nothing left to do but sell. “The Federal Reserve is going to sell, individuals are selling, foreigners are selling, and the U.S. government is selling because it has to fund its deficit,” an excerpt from Dalio’s interview notes. “So there’s going to be a supply/demand problem, that means that it produces a squeeze,” he added.

Dalio’s outlook is gloomy and he’s not the only one in Davos at the WEF meeting that believes the global economy faces multiple threats. Reporting from the WEF multi-day conference, Reuters reporter Dan Burns highlighted that specific threats like the Ukraine-Russia war, food shortages, and the recent Covid-19 lockdowns in China have “no clear end” and “have compounded the gloom.” Germany’s vice-chancellor Robert Habeck agrees and said:

We have at least four crises, which are interwoven. We have high inflation … we have an energy crisis… we have food poverty, and we have a climate crisis. And we can’t solve the problems if we concentrate on only one of the crises.

Dalio Discusses Bitcoin’s ‘Little Spot Relative to Gold’

The Bridgewater Associates founder explained at the WEF event that right now cash is trash. “Of course, cash is still trash,” Dalio told the CNBC reporter. “I’m asking you, do you know how fast you’re losing buying power in cash?” the hedge fund executive asked. Dalio further elaborated by explaining what he means by saying cash is trash.

“When I say cash is trash, what I mean is all currencies in [relation] to the euro, in relationship to the yen,” Dalio stressed. “All of those currencies like in the 1930s will be currencies that will go down in [relation] to goods and services.” In addition to speaking about currencies and cash in Davos, Dalio talked about cryptocurriences being a form of digital gold.

“Cryptocurrencies in particular – I think blockchain’s great,” Dalio said to the host of CNBC’s broadcast Squawk Box. “But let’s call it a digital gold. I think a digital gold, which would be a bitcoin kind of thing, is something that—probably in the interest of diversification of finding an alternative to gold—has a little spot relative to gold and then relative to other assets.”

While its been known since May 2021 that Dalio had personally invested in bitcoin (BTC), four sources explained to the crypto reporters Danny Nelson and Ian Allison in March 2021, that Bridgewater Associates would use a “small slug of their fund deployed directly into digital assets.” That same month, the billionaire investor and hedge fund manager told the world that he thinks governments may apply taxes to cryptocurrencies that “could be more shocking than expected.”

What do you think about Ray Dalio’s opinions from Davos? What do you think about the hedge fund manager’s thoughts about cryptocurrencies? Let us know what you think about this subject in the comments section below.

The ‘Lunatic’ Movement: A Look at Terra LUNA’s Inception and the People That Helped Do Kwon Rise

The 'Lunatic' Movement: A Look at Terra LUNA's Inception and the People That Helped Do Kwon Rise

After the LUNA and UST meltdown, many crypto investors have been curious about the project’s rise in popularity and people wonder about the background of Terra’s co-founder Do Kwon. Moreover, it is not commonly known that Terraform Labs was also founded by Daniel Shin, the founder of a payment firm called CHAI. After Shin left the company, the startup saw significant growth and Kwon became the main face of Terra’s ‘Lunatic’ movement.

Do Kwon — A Stanford Graduate That Became the Face of the Terra Money Project Following His Partner’s Departure

The Terra blockchain fiasco will go down in crypto history as one of the craziest events during the last 13 years. It all started during the second week of May, when the once-stable coin terrausd (UST) lost its peg from its $1 parity. This caused a massive bank run-like event where billions of dollars worth of crypto was withdrawn from Curve Finance, Lido, and the decentralized finance (defi) lending app Anchor Protocol.

Terra blockchain’s native token (LUNA) fell significantly in value as well, as the network’s LUNA/UST swapping mechanism drove the coin toward a death spiral. Terra’s entire ecosystem was wiped off the top crypto projects list, and now it is placed at the bottom of the barrel, among a litany of failed digital currencies.

However, for quite some time Terra was considered one of the hottest blockchain projects out there, and LUNA reached an all-time high at $119.18 per unit on April 5, 2022. Today is a different story, as a single LUNA is now exchanging hands for $0.00018000 per unit. While many disliked Terra’s co-founder Do Kwon, a great number of people enjoyed his attitude.

The 31-year-old South Korean native Do Kwon is a Stanford University graduate and according to nymag.com, he allegedly worked for Apple and Microsoft. At Stanford Kwon graduated with a degree in computer science. While not much is known about Kwon’s prior history, he’s been a member of the crypto community for quite some time.

According to a report published by Coindesk authors Sam Kessler and Danny Nelson, Kwon was allegedly involved with another failed stablecoin project called “Basic Cash.” Former Terraform Labs employees claim Kwon operated the Basic Cash project under the pseudonym “Rick Sanchez.” Kwon is known for founding Terraform Labs with Daniel Shin, the founder of a payment firm called CHAI.

Terra’s White Paper, Terra Alliance, and Capital Injections From Well-Known Backers

The Terra project’s white paper was authored by Evan Kereiakes, Marco Di Maggio, Nicholas Platias, and Do Kwon. The white paper details that the main foundations of “Terra Money” include “stability and adoption.” The Terra project was created in January 2018 and LUNA’s first recorded market value was $3.27 per unit on May 7, 2019. By January 2020, LUNA was trading for much lower values at $0.20 to $0.50 per unit.

Then, in February 2021, LUNA started to gain significant market traction and eventually climbed 23,700% to the crypto asset’s all-time price high. Additionally, from October 2020 all the way until May 9, 2022, Terra’s stablecoin terrausd (UST) held its $1 parity with the U.S. dollar. Before both of these tokens and the many other crypto assets built on top of Terra, the project derived from the group Terra Alliance. The group is a 16-member international network of Asian e-commerce and financial advisory firms.

In February 2019, Terra Alliance had an overall reach of around 45 million users in ten different countries with platforms such as Musinsa, Yanolja, TMON, and Megabox. TMON was a billion-dollar startup that was founded by Daniel Shin and in August 2018, Shin told the press his new stablecoin project raised $32 million.

Investors included Arrington XRP, Kenetic Capital, Binance Labs, FBG Capital, 1kx, Hashed, and Polychain Capital. “We are pleased to support Terra, which sets itself apart from most other blockchain projects with its established and immediate go-to-market strategy,” Polychain Capital’s Karthik Raju said at the time.

The project’s official mainnet launch was in April 2019 and ecosystem tools were made available like the block explorer Terra Finder and the wallet Terra Station. In May 2019, Terraform Labs had a ‌corporate funding round led by Arrington XRP Capital, and in August 2019, Hashkey Capital backed the team.

In January 2021, Terraform Labs raised $25 million from Coinbase Ventures, Galaxy Digital, and Pantera Capital. The following July, Galaxy Digital, Arrington XRP Capital, Blocktower Capital, and others injected $150 million into an ecosystem fund created by the Terra team. Additionally, Terraform Labs invested in other companies such as Hummingbot, Stader Labs, Espresso Systems, Leapwallet, and Rain.

Anchor: The So-Called ‘Gold Standard for Passive Income’

2019 was the year Terra started seeing a lot more buzz surrounding the project and in June of that year, the network had its first protocol upgrade. A year later in July, Shin’s firm CHAI launched the CHAI card and by January 2020, Shin left Terraform Labs after two years of working with the project.

Shin still leads CHAI corporation and he still runs TMON as well. While Shin was the face of Terra’s initial leap getting backing from Binance in August 2018, it was Kwon who accepted the $25 million in January 2021, and the $150 million in July 2021. Moreover, in the summer of 2020, a concept built on Terra called the “Gold Standard for passive income on the blockchain” was born.

In June 2020, Anchor Protocol’s white paper was published and it was written by Nicholas Platias, Eui Joon Lee, and Marco Di Maggio. “Anchor offers a principal-protected stablecoin savings product that pays depositors a stable interest rate,” the white paper explains. Nicholas Platias introduced Anchor on July 6, 2020, explaining that the team wanted to get rid of the “highly cyclical nature of stablecoin interest rates” in defi.

For quite some time, Anchor Protocol gave depositors a 20% compounding interest rate until the project decided to shift to a dynamic earn rate at the end of March 2022. The Anchor project started to see a lot more criticism at the time and sustainability concerns. During the last few months, Anchor was called a Ponzi scheme in a number of social media and forum posts written by crypto proponents.

Do Kwon: ‘I Don’t Debate the Poor on Twitter’ and ‘95% of Coins Are Going to Die’

Terra’s stablecoin UST was also criticized by the Galois Capital executive Kevin Zhou who predicted the de-pegging incident well before it happened. Do Kwon was admired by a large army of ‘Lunatics’ and despite Zhou’s early criticisms, Kwon proudly told people to continue staying “poor.” “U still poor?” Kwon asked on social media, “I don’t debate the poor on Twitter,” the Terra founder explained.

Kwon also once remarked that “95% [of coins] are going to die, but there’s also entertainment in watching companies die too.” The Terra co-founder additionally had problems with the U.S. Securities and Exchange Commission (SEC) as the regulator took issue with Terra’s Mirror Protocol.

Kwon then said he decided to sue the SEC for not using the proper channels to deliver his subpoena and that the regulator lacked jurisdiction over Terra’s properties. “The SEC attorneys were well aware that TFL and Mr. Kwon had consistently maintained that the SEC lacked jurisdiction over TFL and Mr. Kwon, and at no time asked Dentons lawyers whether it was authorized to accept service of subpoenas,” Kwon’s lawsuit stated. Similar to Terra’s suite of stablecoins, Mirror Protocol allowed people to mirror stocks like Amazon or Apple via Terra’s blockchain network.

Terra’s Story Continues With No End in Sight

Now the Terra project looks to revive itself from a near-dead state by forking the network without a stablecoin. However, a lot of controversy surrounds the Terra project today and Terra’s co-founder Do Kwon has been blamed for a number of miscalculated errors. Questions have surrounded the bitcoin (BTC) reserves the Luna Foundation Guard (LFG) held in order to defend UST’s $1 parity.

Later the Singapore-based nonprofit LFG disclosed what the organization did with the 80K+ bitcoin (BTC) it once held in its reserves. Then three members of the Terraform Labs (TFL) in-house legal team abruptly resigned after the project’s fallout and reports further noted that Do Kwon dissolved TFL before UST and LUNA collapsed.

Terra rose to popularity rather quickly, but the project’s demise was even quicker. The Terra project has not been put out of its misery, and the platform’s native tokens still have a small amount of value. Today, many Terra supporters are hopeful while detractors are doubtful that Terra and Do Kwon can revive the broken blockchain ecosystem.

The market has already decided, for the most part, that LUNA and UST are not as valuable as they once were. Whether or not a Terra fork and airdropping new tokens will help the project come back remains to be seen and it’s safe to say, Terra’s story has not ended.

What do you think about the rise of Terra LUNA and the people that helped Do Kwon? Let us know what you think about this subject in the comments section below.

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

This week, the consumer electronics and gaming software retailer, Gamestop, has officially revealed the company’s self-custodial, Web3 ethereum wallet. The wallet is currently in beta form and now available via the firm’s web portal, in order to provide users with a wallet that stores crypto assets and non-fungible tokens (NFTs). Furthermore, the wallet utilizes Loopring’s layer two (L2) ZK-rollup technology to provide users with “fast [and] fairly priced transactions.”

Gamestop Wants to Bring Power to Players via the Company’s Self-Custodial Ethereum Wallet

For quite some time now, it’s been well known that Gamestop was getting into the NFT space and that the gaming software retailer planned on releasing an NFT marketplace. At the end of March 2022, Gamestop explained it had partnered with the Ethereum L2 scaling project Loopring, and noted the company would leverage Loopring’s ZK-rollups.

Now Gamestop has unveiled its non-custodial, Web3 ethereum wallet that uses the ZK-rollup tech for cheaper transactions. The wallet will allow gamers to store in-game NFTs, but it also holds Ethereum-based crypto assets as well. Gamestop plans to launch the company’s NFT marketplace in July and aims to give “power to the players.”

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

“Gamestop Wallet is a simple and secure way to get started with Web3. Use your GameStop Wallet to buy, hold, swap, display, and utilize Ethereum-based assets,” the wallet’s description says. Gamestop Wallet is a self-custodial ethereum wallet, meaning you are always in full control of your wallet and assets.” Gamestop’s wallet summary further notes:

Harnessing the power of Loopring’s ZK-rollup [tech] — an Ethereum Layer 2 scaling protocol – Gamestop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach. This allows you to reduce gas fees and network congestion, while always remaining in control of your funds.

Gamestop’s wallet is similar to Metamask and provides the user with a desktop version of the software. While the company worked with Loopring on the wallet’s technology, the NFT marketplace will use Immutable X technology. Gamestop partnered with Immutable X on February 3, 2021, and launched a $100 million NFT fund.

Additionally, the wallet’s privacy policy explains that the software does monitor the user’s data. Data collected includes “contact and profile information, display names, email address, profile biography, Ethereum public address details, and Twitter and Reddit usernames.” An iOS version of Gamestop’s wallet is “coming soon,” according to the website.

What do you think about Gamestop’s ethereum wallet? Let us know what you think about this subject in the comments section below.

Bitcoin Miners Expected to Catch a Break in 2 Days, Mining Difficulty Estimated to Drop Close to 4%

Bitcoin Miners Expected to Catch a Break in 2 Days, Mining Difficulty Estimated to Drop Close to 4%

While Bitcoin’s hashrate has remained above the 200 exahash per second (EH/s) mark, over the last two weeks the network’s mining difficulty has been at an all-time high (ATH) at 31.25 trillion. However, after 289 blocks are mined or roughly two days from now, Bitcoin’s mining difficulty is estimated to drop 3.67% giving miners some relief after the recent difficulty ATH.

Bitcoin’s Next Difficulty Change Could Give Miners a Break

At the time of writing, the Bitcoin (BTC) network hashrate is around 210 to 225 EH/s after the network reached an ATH on May 2, 2022. On that day, Bitcoin’s hashrate reached 275.01 EH/s at block height 734,577.

Furthermore, since April 27, the blockchain network’s difficulty adjustment algorithm (DAA) increased two times and tapped a lifetime high at 31.25 trillion on May 10. The difficulty height has made it the most difficult time ever to mine BTC and on top of the DAA increases, BTC’s price has been down over 23% during the past 30 days.

Bitcoin miners are still profitable, but data from asicminervalue.com indicates that using today’s BTC exchange rates and electricity costs at $0.12 per kilowatt-hour (kWh), makes it so only 27 mining rigs profit today. Bitmain’s Antiminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) can get an estimated profit of around $8.93 per day.

A Canaan Avalonminer 1246 with 90 TH/s can get an estimated profit of around $1.34 per day in BTC profits. While the difficulty is higher than ever before and the price is lower, bitcoin miners may catch a break in two days when the DAA shifts.

The estimated difficulty change, at least at the time of writing, could drop by 3.67% after 289 blocks are mined. The difficulty will drop from the 31.25 trillion ATH to 30.11 trillion two days from now. Of course, the estimated DAA could increase or decrease during the time it takes to mine the 289 bitcoin blocks.

Meanwhile, over the last three days, Foundry USA has been the top bitcoin mining pool in terms of blocks found and hashrate. Foundry commands 45.92 EH/s of hashpower which equates to 21.80% of BTC’s hashrate. The mining operation has found 87 blocks out of 399 over the last three days.

Bitmain’s Antpool controls 14.29% of the global hashrate or 30.08 EH/s. Antpool has found roughly 57 out of the 399 blocks found during the three-day period. Today, there are only 12 known mining pools dedicating hashrate to the BTC network, and 0.25% of the hashrate is operated by stealth miners.

What do you think about Bitcoin’s upcoming difficulty change? Let us know what you think about this subject in the comments section below.

So-Called ‘Pharma Bro’ Martin Shkreli Turns ‘Crypto Bro’ — ‘I Started Using Uniswap in Prison’

So-Called ‘Pharma Bro’ Martin Shkreli Turns 'Crypto Bro' — 'I Started Using Uniswap in Prison'

Following his release from prison, the former hedge fund manager and convicted felon, Martin Shkreli, discussed cryptocurrencies and using the decentralized exchange (dex) platform Uniswap from a federal penitentiary. The so-called ‘Pharma Bro’ further explained that eventually, a crypto entity could dethrone some of the largest banking giants.

Martin Shkreli Talks Defi and Cryptocurrencies

Martin Shkreli has been released from prison early and is now located at a halfway house located in New York. Shkreli’s federal custody will end in September, and as soon as he got out of prison he took to his social media accounts to speak. On Facebook, Shkreli jokingly said that getting out of jail was “easier than getting out of Twitter prison.”

Shkreli is a former hedge fund manager and he’s infamous for purchasing the license to a pharmaceutical drug called Daraprim. It wasn’t the fact that Shkreli’s firm Turing bought the drug, but that the company raised the drug’s price from $13.50 to $750 per pill in 2015.

Shkreli also has an interesting persona and is known for being very cocky. The so-called ‘Pharma Bro’ was eventually convicted of securities fraud in a case completely unrelated to the Daraprim price increase. Shkreli also is known for purchasing an unreleased Wu-Tang Clan album, which was seized from his estate after being convicted of securities fraud.

A non-fungible token (NFT) art collective ended up purchasing the unreleased Wu-Tang Clan record for $4 million. Shkreli was sentenced to seven years for his crime but got out early by completing shortened-sentence or good behavior programs.

On Saturday, during a Twitter Spaces post, the former hedge fund manager seemed to go from a so-called ‘Pharma Bro’ to a ‘Crypto Bro.’ Shkreli also said he leveraged the decentralized exchange (dex) platform Uniswap from behind bars.

“Uniswap is really cool. I started using Uniswap in prison,” Shkreli told his Twitter Spaces’ attendees. Shkreli seems to wholeheartedly believe in the crypto ecosystem and decentralized finance (defi). The convicted felon said:

I don’t think [defi’s] at the limit of where it can go. I think we’ll see more and more financial products that end up in defi… eventually, we’ll see some crypto entity be bigger than the banking behemoths.

Shkreli Discusses Bitcoin Dominance, Ethereum, Solana, Algorand

Shkreli said that BTC dominance may get “eaten away,” and the entrepreneur also commented that companies like Apple and Tesla should have their own coins. “There are so many ways we can do things with [decentralized finance],” Shkreli remarked. “There should clearly be an Apple coin and a Tesla coin,” he added.

Shkreli also talked about blockchain networks like Solana and Algorand. Ethereum is one competitor that could flip BTC dominance, Shkreli highlighted during the conversation. “It’s hard for that not to happen given the use cases of ether,” Shkreli explained.

The former hedge fund manager likes to tell people about what he’s doing and had no problem with telling his fans he used Uniswap in prison. Uniswap’s founder Hayden Adams discussed Shkreli after the Twitter Spaces topic started to trend on social media. “Will Shkreli still like Uniswap when he learns I listened to that [Wu-Tang Clan] album he bought more recently than him?” Adams said.

What do you think about Shkreli saying he used Uniswap in prison? Let us know what you think about this subject in the comments section below.

Bitcoin Held on Trading Platforms Continues to Drop Lower, Over 68% of the Total Held by 5 Exchanges

Bitcoin Held on Trading Platforms Continues to Drop Lower, Over 68% of the Total Held by 5 Exchanges

Amid the market carnage tied to Terra’s recent fallout, bitcoin sent to exchanges saw a brief spike on May 7, jumping more than 2% higher from 2.481 million to 2.532 million bitcoin. Despite the recent increase of bitcoin sent to trading platforms, the number of bitcoins on exchanges today remains lower than ever before.

Bitcoin Continues to be Taken Off Exchanges

Bitcoin (BTC) continues to be removed from centralized cryptocurrency exchanges as the number is much lower than the lows that were recorded on November 15, 2020. 248 days earlier, on March 12, 2020, the day after the infamous ‘Black Thursday,’ there were just over 3 million bitcoin held on centralized digital currency trading platforms.

During the course of that time frame, the number of BTC held on exchanges dropped 15.86% on March 12 from 3 million BTC to 2.524 BTC on November 15, 2020. In more recent times, the number of BTC held on exchanges has been lower and in May the metric hit two significant lows.

First on May 2, 2022, cryptoquant.com data shows there was 2.481 million BTC held on exchanges. The 2.481 million bitcoin was 1.70% lower than the number of BTC held on November 15, 2020. However, amid the Terra blockchain fallout and the terrausd (UST) de-pegging event, there was a brief spike of BTC deposits sent to exchanges.

After the low on May 2, there was a 2% increase in BTC deposits sent to centralized crypto exchanges. But that metric changed real quick as the 2.532 million bitcoin high on May 7, dropped over the course of the following week down 2.21% lower to 2.476 million BTC.

Out of $73 Billion in Bitcoin Held on Trading Platforms, 5 Exchanges Hold Over $50 Billion

At the time of writing, there’s 2.503 million bitcoin worth $73.7 billion held on digital currency trading platforms. Data provided by Bituniverse’s Exchange Transparent Balance Rank (ETBR) indicates Coinbase holds roughly 34% of the bitcoin held on exchanges. The ETBR list shows that Coinbase holds 853,530 bitcoin on the trading platform which is valued at roughly $25.14 billion using current BTC exchange rates.

13.58% of the 2.503 million bitcoin kept on exchanges is held by Binance. Binance is the second-largest exchange, in terms of BTC holdings, as it currently controls a stash of 340,410 BTC worth roughly $10 billion.

Okex commands the third-largest position, in terms of BTC holdings, as the company currently holds 266,530 BTC, or 10.62% of the aggregate total. Huobi Global commands the fourth largest position today, with 160,950 bitcoin held on the platform. Huobi’s BTC stash equates to 6.39% of the entire 2.503 million bitcoin held by exchanges.

The crypto exchange Kraken is the fifth largest BTC holder with 102,900 bitcoin held or 4.07%. Between the top five exchanges, as far as BTC reserves held is concerned, the group of trading platforms holds 68.66% of the 2.503 million bitcoin.

The five exchanges command 1.724 million BTC worth $50.7 billion out of the aggregate of 2.503 million worth $73.7 billion. While there’s a lot less BTC held on exchanges, the number of bitcoin held by these trading platforms is largely concentrated on Coinbase, Binance, Okex, Huobi, and Kraken.

What do you think about the amount of BTC kept on centralized exchanges? What do you think about the 68% held on five crypto trading platforms? Let us know what you think about this subject in the comments section below.

Circle to Issue Weekly USDC Reserve Reports — Tether Publishes May 2022 Assurance Report

Circle to Issue Weekly USDC Reserve Reports — Tether Publishes May 2022 Assurance Report

The co-founder and CEO of Circle, Jeremy Allaire, has announced the cryptocurrency firm that issues the stablecoin usd coin plans to provide the public with weekly stablecoin reserve reports. Additionally, the company Tether has also released an assurance report on its stablecoin reserves via the Cayman Islands auditing company MHA Cayman.

Circle CEO Says Firm’s Stablecoin Is a ‘Very Efficient Pipe Between Legacy Electronic Dollars and Digital Currency Dollars’

The two largest stablecoin providers, Tether and Circle, want the public to be assured that tether (USDT) and usd coin (USDC) are fully backed by reserves. The latest assurances follow the recent terrausd (UST) de-pegging event, which saw UST drop from its once-stable $1 parity to today’s $0.06 per UST.

Following the event, Circle published a blog post on May 13, called “How to Be Stable,” which explained Circle’s USDC reserves are backed entirely in cash and short-dated U.S. Treasuries. After the blog post, a week later the co-founder and CEO of Circle, Jeremy Allaire, explained that the company will now provide weekly USDC attestations concerning the stablecoin’s reserves and liquidity.

“As promised a week ago, we are now providing weekly reports on USDC reserves and liquidity operations,” Allaire tweeted. Allaire also shared the USDC assurance report and further said: “Over the past week, we saw 8.6 billion USDC issued, and 6.3 billion USDC redeemed, with a net weekly increase in circulation of 2.3 billion USDC.” The Circle CEO added:

What makes USDC such a great product is that it’s easy to create and redeem, with seamless integration with the existing global banking system. As a result, customers are able to use it as a very efficient pipe between legacy electronic dollars and digital currency dollars.

Per the report, the usd coin (USDC) in circulation is 52.9 billion while Circle’s reserve backing count is $53 billion as of May 20, 2022. $12.8 billion of the USDC backing is in cash, while $40.2 billion is held in short-duration U.S. Treasuries.

Out of the entire $1.3 trillion crypto economy, USDC represents 3.95% and during the past 24 hours, USDC has seen $3 billion in global trade volume. Circle’s stablecoin is the second-largest fiat-pegged crypto token that’s tied to the value of the U.S. dollar.

Tether Publishes May 2022 Assurance Report Authored by MHA Cayman

This month, Tether published an assurance report written by the firm MHA Cayman, an auditor formally known as Moore Cayman. The report says Tether’s “consolidated total assets amount to at least USD 82,424,821,101 and the asset breakdown set out in the CRR is materially accurate.” MHA Cayman says it conducted attestation methods such as an ISAE 3000, an ISQC 1, and accountant responsibilities in accordance with the IESBA Code.

Tether is the largest stablecoin crypto asset today, as coingecko.com data shows there’s currently 73.2 billion USDT in circulation. The company’s transparency page indicates that the firm holds $78.4 billion in total assets on blockchains like Omni, Ethereum, Tron, EOS, Algorand, and more.

Tether’s market capitalization today equates to 5.44% of the $1.3 trillion crypto economy, and USDT has seen $31 billion in global trade volume over the last day. In fact, 47.71% of bitcoin’s (BTC) past 24 hours of trades were all paired with USDT, and 48.77% of all ethereum’s (ETH) swaps were paired with tether this weekend.

What do you think about Circle’s and Tether’s reserve backing assurance reports? Let us know what you think about this subject in the comments section below.

ETH Co-Founder Vitalik Buterin Says The Merge Could Happen in August, There’s Also ‘Risk of Delay’

ETH Co-Founder Vitalik Buterin Says The Merge Could Happen in August, There's Also 'Risk of Delay'

Following the statements from Ethereum developer Preston Van Loon at the Permissionless conference, Ethereum co-founder Vitalik Buterin has further confirmed The Merge will likely happen in August. Buterin noted, however, that it’s quite possible there’s still a risk of delay, and The Merge could happen in September or October 2022.

The Merge Could Happen in August, Buterin Says

Just recently, Vitalik Buterin spoke at the ETH Shanghai Web 3.0 Developer Summit and Ethereum’s co-founder discussed the highly-anticipated proof-of-stake (PoS) transition. The Merge is scheduled to go live on Ethereum’s testnet Ropsten in 18 days on June 8, 2022.

During the ETH Shanghai Summit, Buterin explained that the transition will be a major test for the entire Ethereum ecosystem. “This will be a major test, larger than any of the tests that we have done before,” Buterin stressed. “Taking a large existing test network with many applications with proof-of-work, moving into proof-of-stake.”

  • Furthermore, Buterin confirmed that The Merge may be implemented by August, as ETH software developer Preston Van Loon had said the same at the Permissionless conference. However, while Buterin did mention the month of August, he also eluded to delays.
  • “If there are no problems then the merge will happen in August,” the Ethereum co-founder said. “But of course, there’s always a risk of problems. There’s also a risk of delays. And so September is possible and October is possible as well,” Buterin added.
  • Meanwhile, The Merge is the first of Ethereum’s major upgrades following the London upgrade, which implemented ETH’s burn mechanism. Following The Merge, Ethereum will implement The Surge, The Verge, The Purge, and finally The Splurge.
  • The Surge aims to help improve scaling by leveraging zero-knowledge rollups (ZK-rollups) via sharding techniques. Ethereum’s The Verge transition will apply Verkle trees in order to achieve statelessness by using the Merkle proof upgrade.
  • The Purge will add an EVM simplification track and eliminate historical data and technical debt, according to the Ethereum roadmap. Finally, The Splurge revolves around “Miscellaneous but important extras.”
  • Buterin also talked about The Surge and noted that after these two upgrades (Merge & Surge), Ethereum will be “a great system.”

What do you think about Vitalik Buterin’s comments about The Merge and the Ethereum roadmap? Let us know what you think about this subject in the comments section below.

Crypto’s Barren Wasteland: A Look at What’s Left of Terra’s Defi and Token Ruins

Crypto's Barren Wasteland: A Look at What's Left of Terra's Defi and Token Ruins

Following the Terra blockchain fallout and the great UST de-pegging event, the Terra network ecosystem is now a wasteland of almost worthless tokens and protocols. While both UST and LUNA were top ten crypto market cap contenders, Terra’s decentralized finance (defi) presence was second to Ethereum in terms of total value locked. Today, the remaining Terra-based token holders and defi protocol operators seem to be waiting for a miracle.

Terra’s Token Economy Has Lost 96% of Its Value

There’s been an abundance of news surrounding the Terra blockchain fiasco and how the team handled the terrausd (UST) implosion. A lot of people know that UST and Terra’s native token LUNA have lost considerable value over the last two weeks. UST has had a 24-hour price range between $0.068 to $0.054 per unit, which is a lot less than the $1 parity it held before the fallout.

LUNA too is down a great deal as it was trading for $72 per coin on May 7, and is now down 99.999849% at $0.00010853 per LUNA. But Terra also had a whole ecosystem of tokens like ANC, MIR, ASTRO, MARS, and more.

Anchor (ANC) the governance token for the defi protocol is down 96% over the past two weeks, and Astroport’s ASTRO token is down 98%. Mirror Protocol’s MIR lost 80.4% while Pylon Protocol’s MINE has shed 96.9% in the last 14 days.

Similarly, Mars Protocol (MARS) has lost 97.6% and the Loop Finance token LOOP is down 98.3% over the past two weeks. Statistics show on March 7, 2022, the Terra ecosystem of tokens was worth $44 billion and today its down 96.70% to $1.45 billion.

From the 2nd Largest in Defi to the 33rd — Terra’s Defi Presence Has Been Eradicated

Terra’s presence in decentralized finance was once very large as it held the second-largest total value locked (TVL) out of all the blockchains in existence. On April 5, 2022, Terra’s TVL in defi was $31.21 billion and today, it’s down to $118.81 million.

Every single Terra defi protocol has suffered from 90-99% losses in terms of TVL per protocol. The applications are ghost towns and block explorers like finder.terra.money show extremely low activity for every Terra defi protocol.

The same can be said for applications like Terra Name Service (TNS) and non-fungible token (NFT) marketplaces like Random Earth, Knowhere, Talis, Luart, Curio, and One Planet. While name service domains on TNS were once $16 per name, they now cost $0.91 to register a name.

As far as NFT marketplaces built on Terra, some markets are still selling NFTs that were once quite expensive, but now the tokens are selling for bottom-of-the-barrel prices. Some NFT collectors removed their listings and are possibly waiting for a Terra re-birth. Most Terra NFT marketplaces are ghost towns in terms of activity.

The Hope for Terra’s Rebirth

A revival is likely the hope for many Terra community members, as the project’s founder Do Kwon and many other Terra supporters have put forth a revival plan to resurrect Terra from the ashes. The plan is to fork the chain at a snapshot before the UST de-pegging event and airdrop new tokens to UST and LUNA holders.

Presently, the rebirth proposal vote has four more days but the number of “yes” votes has passed the threshold at 62%. 21.10% have abstained from voting, 0.42% have voted “no,” and 16.48% voted “no with veto.”

What do you think about what’s left of the Terra blockchain ecosystem? Let us know what you think about this subject in the comments section below.

Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge

Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge

According to current metrics, the Ethereum blockchain has burned 2.35 million ether since the implementation of Ethereum Improvement Proposal (EIP) 1559. The $8.10 billion in value was burned over the course of nine months and during the last seven days, 18,110 ether worth $34.9 million was destroyed.

2.35 Million Ethereum Burned — Ethereum Dev Says The Merge Could Happen in August

Approximately 288 days ago, Ethereum developers implemented EIP 1559, a ruleset upgrade that basically changed the algorithm tied to the base fee per gas in the protocol and the network now burns the base fee per gas.

Since the August 5, 2021 London upgrade, after EIP 1559 was codified into the codebase and live, 2.35 million ether worth $8.10 billion in USD value has been destroyed forever.

The day after EIP 1559 was implemented, Ethereum co-founder Vitalik Buterin explained that the change was “definitely the most important part of [the] London [upgrade].”

During the last 24 hours, 2,396 ether worth $4.63 million has been burned. On May 1, 2022, the network saw the largest daily burn rate ever with 71,718 ether worth $138.78 million. The second highest burn rate daily record was on January 10, 2022, as 19,424 ethereum worth roughly $37.5 million was destroyed that day.

The biggest ethereum burner today is Opensea as the marketplace has burned 229,925 ether over 14,639,327 transactions. Gas used for ether transfers has burned a total of 207,072 ETH, and Uniswap V2 has burned 131,457 ether.

While the London upgrade’s EIP 1559 was a big protocol change, the next big shift will be when The Merge is applied. At that time, Ethereum will transition to a full proof-of-stake (PoS) network from its current proof-of-work (PoW) consensus algorithm.

Ethereum proponents are already getting prepared for The Merge as they suspect the change will be codified at some point this summer. Just recently, on May 17, the Ethereum-focused software firm Consensys launched an early access version of “Bonsai Tries” which aims to be a few steps ahead of the official Merge transition.

Furthermore, at the recent Permissionless conference, Ethereum developer Preston Van Loon said the public may see The Merge implemented by August. Ethereum developer Tim Beiko recently explained The Merge will likely go live by the third quarter of 2022. Beiko further explained that he “strongly suggests” that miners do not invest in more mining rigs going forward.

Despite the upcoming changes, Ethereum’s PoW hashrate has been at the highest point in the network’s lifetime on May 13, at block height 14,770,231. Burning ethereum has become simply part of the protocol and many crypto proponents believe ethereum will be ‘ultra-sound’ money with the deflationary mechanism.

A simulation of The Merge indicates that after the transition, ethereum will become scarcer. Currently, Ethereum’s issuance rate is 5.4 million ethereum a year, and after The Merge, the issuance rate will be around only 500,000 ether per year. While current supply growth is 3.7% annually, after The Merge, it will be roughly about 0.4% per year.

Amid all those changes, Ethereum’s burn rate will be the same, which is estimated to be around 900,000 ether per year. However, significant spikes like the 71,718 ether burned on May 1, can change estimations a great deal.

What do you think about the 2.35 million ether burned since August 5, 2021? How do you feel about The Merge approaching? Let us know what you think about this subject in the comments section below.

Survey Shows 87% of Americans Are Stressed About Inflation and Rising Costs of Everyday Goods

Survey Shows 87% of Americans Are Stressed About Inflation and Rising Costs of Everyday Goods

As the consumer price index (CPI), a measure of prices for goods and services, hit another all-time high in April reaching 8.3%, Americans are stressed out more than ever about inflation and money. A recent survey published by the American Psychological Association shows that 87% of U.S. residents say inflation on everyday items has driven their stress levels way up.

APA Survey Says 87% of Americans Are Stressed About Inflation

Two recent studies show that a great number of Americans are stressed out over inflation and the rising costs of everyday goods and services. According to the American Psychological Association (APA) “Stress In America Survey,” Americans are burdened by mental health issues tied to money and inflationary pressures.

Vaile Wright, a senior director of health care innovation at the American Psychological Association, further explained to CNBC’s Charlotte Morabito that “Eighty-seven percent of Americans said that inflation and the rising costs of everyday goods [are] what’s driving their stress.”

Survey Shows 87% of Americans Are Stressed About Inflation and Rising Costs of Everyday Goods

Moreover, Mark Hamrick, the Washington bureau chief at Bankrate, told Morabito that Americans do have hope. “I think that people need to have a sense of hope,” Hamrick said. “When the economy is working for them, there’s a greater likelihood that people will have hope that they can accomplish their basic personal financial objectives.”

The Stress In America Survey published by the APA shows that the top issue for stress was “due to inflation (e.g., gas prices, energy bills, grocery costs, etc.)” and other top issues included “supply chain issues,” and “global uncertainty.” In fact, the APA study shows that Americans are tired of dealing with crises and most believe that there seems to be a streamlining of catastrophe after catastrophe.

“The survey findings make clear that U.S. adults appear to be emotionally overwhelmed and showing signs of fatigue,” the APA’s Stress In America Survey notes. “The vast majority of adults (87%) agreed it feels like there has been a constant stream of crises over the last two years, and more than seven in 10 (73%) said they are overwhelmed by the number of crises facing the world right now,” the report adds.

Economists Say the Democrats’ ‘Greedflation’ Excuse Doesn’t Add Up

Additionally, a number of Americans and economists are not pleased with the Democrats’ ‘greedflation’ excuse, as one report shows the political party’s rationalization doesn’t add up. “Many Democrats blame price-gouging companies for the worst surge in Americans’ cost of living in more than a generation,” Bloomberg’s author Erik Wasson notes on Thursday. “But economists, including several who are left-leaning, disagree.”

Survey Shows 87% of Americans Are Stressed About Inflation and Rising Costs of Everyday Goods

Jason Furman, a Harvard professor who worked with the Obama administration’s Council of Economic Advisers, says ‘greedflation’ is playing a small role. “Corporate power is playing likely a very small role in the inflation that we’re seeing right now,” Furman explained on Thursday. “The primary solution has to come from the primary cause of inflation, which is demand is way too high,” the Harvard professor added.

Bankrate’s April Mental Health Report Shows 40% of Americans Say Money Is Impacting Their Mental Health Negatively

In addition to the APA’s Stress In America Survey, Bankrate’s April 2022 Money and Mental Health report says 40% of Americans have said money is impacting their mental health in a negative way.

“And among adults who say money can have a negative impact on their mental health, about half (49 percent) say looking at their bank accounts is a trigger,” the Bankrate April mental health report notes. “This suggests that as a society, we need to do a better job having experiences with, and conversations about, money.”

Survey Shows 87% of Americans Are Stressed About Inflation and Rising Costs of Everyday Goods

Making matters worse, equities markets and the macro environment indicate things are headed toward a long and drawn-out bear market. On top of that, the Federal Reserve’s chief Jerome Powell recently explained that the U.S. central bank has no issues with continuing to hike the benchmark interest rate.

“We will go until we feel we’re at a place where we can say financial conditions are in an appropriate place, we see inflation coming down,” Powell said in a Wall Street Journal interview. “We’ll go to that point. There won’t be any hesitation about that,” the U.S. central bank’s chair added.

What do you think about the recent stress survey from the American Psychological Association? Is inflation adding stress to your life? Let us know what you think about this subject in the comments section below.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

Cumulative NFT Sales Among 18 Blockchain Networks Surpasses $36 Billion

Statistics recorded this week show that the aggregate number of non-fungible token (NFT) sales, settled across more than a dozen different blockchains, has officially surpassed $36 billion. While there are 18 competing blockchains offering NFTs, Ethereum-based NFT sales dominate by more than 75%. While Ronin commands the second-largest amount of NFT sales, NFTs from the game Axie Infinity have been the top-selling collection for quite some time, with more than $4 billion in global sales to date.

$36 Billion in All-Time NFT Sales, Ethereum Dominates Sales by More Than 75%

The world of blockchain-based digital collectibles has been a force to reckon with as the NFT ecosystem has become a multi-billion-dollar industry. This week’s metrics indicate that all-time NFT sales have surpassed $36 billion to date.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

The $36 billion in sales recorded on cryptoslam.io’s NFT dashboard stems from 18 different blockchains like Ethereum, Ronin, Solana, Avalanche, Wax, Polygon, and Flow to name a few. Ethereum’s $27 billion in NFT sales, however, represents 75.02% of the total number of sales across all the chains.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

The top blockchains in terms of all-time NFT sales besides Ethereum include Ronin ($4B), Solana ($2.2B), Flow ($1B), Polygon ($591M), Wax ($430M), Avalanche ($277M), Immutablex ($98.7M), Palm ($50.5M), and Tezos ($40.4M). All-time NFT sales from the top nine blockchains add up to approximately 24.61% of the non-Ethereum-based NFT sales.

The remaining nine blockchains below Tezo’s position only represent 0.37% of the $36 billion in all-time NFT sales volume. Ethereum’s 1,300,118 NFT buyers and Ronin’s 1,742,207 NFT buyers are the only two chains with more than a million unique NFT buyers.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

Out of the $36 billion in NFT sales, the top NFT collection in terms of all-time sales is Axie Infinity, which has seen more than $4 billion in sales. The second-largest collection in terms of sales is Cryptopunks, which has seen $2.24 billion in sales.

Cryptopunks is followed by Bored Ape Yacht Club (BAYC) which has recorded $2.12 billion in all-time sales. BAYC is followed by Mutant Ape Yacht Club ($1.52M), Artblocks ($1.25M), NBA Top Shot ($1M), Otherdeeds ($906K), Azuki ($756K), Clonex ($671K), and Veefriends ($538K).

Most Expensive NFTs Stem from Veefriends, BAYC, Cryptopunks, Cyberkong — Opensea Still Commands the Most Amount of Sales by an NFT Marketplace

All-time sales metrics from cryptoslam.io’s dashboard indicate that the most expensive NFT sold is Veefriends’ “Thoughtful Three Horned Harpik,” which sold for 100,000 ether or $316 million. The Veefriends NFT is followed by Cryptopunk 5822 which sold for 8,000 ether or $23.7 million.

Five of the most expensive NFTs sold out of the top ten are BAYC NFTs and two are Cryptopunks. Other collections in the most expensive NFT top ten list included Meebits 10,761 and Cyberkong VX 8252.

Out of all the NFTs sold, most are purchased on the NFT marketplace Opensea with the market Looksrare following the platform’s lead. Other notable NFT marketplaces include Magic Eden, Flow’s NBA Top Shot market, Mobox, Solanart, Wax’s Atomicmarket, Bloctobay, and Rarible.

While billions of dollars worth of NFTs have been sold during the last few weeks, NFT sales have been dropping significantly. Weekly NFT trade volumes are down and weekly NFT sales have also floundered during the past few weeks. If the crypto economy is truly in a bear market cycle it will be interesting to see how the NFT industry handles the downturn.

What do you think about the 18 blockchains recording $36 billion in all-time NFT sales? Let us know what you think about this subject in the comments section below.

Digital Collectible Owners Continue to Take Loans out Using NFTs as Collateral

Digital Collectible Owners Continue to Take Loans out Using NFTs as Collateral

While non-fungible token (NFT) collectibles have become a hot commodity over the last 12 months, a number of NFT owners are taking loans out against their NFTs. This month, a project called Nftfi has facilitated $25.6 million in NFT loans so far, and last month the lending marketplace recorded nearly $50 million in NFT loans.

NFT Lending and Borrowing Continues to Grow

NFTs have become a billion-dollar industry during the last year and a popular blockchain technology use case. Even though sales have slid in recent times amid the crypto market downturn, NFTs are still selling for hundreds of thousands and even millions of dollars per digital collectible. In addition to the NFT sales and auctions, NFT owners are also loaning their digital collectibles for access to liquidity. For instance, a decentralized finance (defi) platform called Nftfi has seen $185.4 million in cumulative loan volume since the market’s inception.

Digital Collectible Owners Continue to Take Loans out Using NFTs as Collateral

In the last week, the peer-to-peer marketplace for NFT collateralized loans recorded four loans for more than $100K or more each. On May 16, Bored Ape Yacht Club (BAYC) 7,813 was used for a $100K loan, and Autoglyph 231 was leveraged for a $200K loan on May 12. BAYC 6,276 was used for a $150K loan on May 10, and the BAYC 371 owner was able to obtain a $115K loan for the NFT the day before. So far this month, Nftfi has facilitated $25.6 million in NFT loans, according to statistics from Dune Analytics. Nftfi is also partners with the blockchain firms Flow and Animoca Brands.

NFT Lending Competition

Nftfi is not the only NFT lending platform on the block, as there are others like Arcade, Nexo.io, and Drops. Statistics show the Drops loan market has facilitated $6,746,515 in lending. Arcade has raised $17.8 million from investors like Pantera Capital, Franklin Templeton Investments, Castle Island Ventures, and Protofund. Another competitor is the peer-to-peer NFT lending marketplace Flowty, which is built on the Flow blockchain network. Flowty raised $4.5 million in the company’s first investment round from two lead investors and 23 total.

Nftfi has a wide selection of NFTs and an assortment from a number of blue-chip digital collectible collections as well. For instance, there are ENS names, Unstoppable Domains, Axies, Doodles, Sanbox land, Otherdeeds, Hashmasks, Bored Ape Yacht Club, and Mutant Ape Yacht Club (MAYC). Just recently the platform phased out its old smart contract (Nftfi V1) on April 4, 2022, and launched a new smart contract called Nftfi V2. According to the web portal, Chainsecurity and Halborn audited the platform’s V2 smart contract.

What do you think about people lending out their NFTs for collateral to acquire a loan? Let us know what you think about this subject in the comments section below.

FTX US Launches Zero-Commission Equities Trading Platform

FTX US Launches Zero-Commission Equities Trading Platform

FTX US announced on Thursday that the firm has launched an equities trading platform called FTX Stocks which will give U.S.-based customers the ability to purchase stocks and exchange-traded funds (ETFs). The launch is currently in a private beta phase for select U.S. customers and equities can be purchased with fiat-backed stablecoins.

FTX US Launches Beta Equities Trading Platform

FTX US customers phased in through the firm’s private beta waitlist can now leverage the platform to purchase stocks and ETFs. The company says the new feature offers hundreds of select U.S.-exchange-listed common stocks, securities, and ETFs.

Furthermore, FTX will initially route the equities trading platform orders through Nasdaq. The company also noted that select securities will be offered via fractional share trading. Users can also purchase the stocks, securities, and ETFs by using a stablecoin such as USDC, credit card, wire transfer or ACH transfer.

“Our goal is to offer a holistic investing service for our customers across all asset classes,” FTX US president Brett Harrison said in a statement. “With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface.”

FTX US Launches Zero-Commission Equities Trading Platform

The company will now be competing with the likes of Robinhood, a financial services company that also provides customers with cryptocurrencies, stocks, and ETFs. Much like FTX US recently adding stock purchasing options, Robinhood has recently rolled out crypto asset services this year. The latest FTX Stocks feature from the company also follows the FTX founder Sam Bankman-Fried purchasing close to 8% of Robinhood shares.

Another similarity to Robinhood is the fact FTX US says no fees will be taken from approved brokerage accounts. “FTX Stocks will offer its customers no-fee brokerage accounts, commission-less trading, and free-market data and company fundamental data,” the company’s announcement on Thursday notes. “The company further chose to eliminate minimum required customer balances and tiered account systems common among retail stock trading platforms.”

What do you think about FTX US adding stock options to the platform? Let us know what you think about this subject in the comments section below.

Terra Collapse Continues to Plague Defi — Value Locked in Cross-Chain Bridges Down 20% This Month

Terra Collapse Continues to Plague Defi — Value Locked in Cross-Chain Bridges Down 20% This Month

Following the aftermath of the Terra blockchain fiasco, decentralized finance (defi) continues to feel the impact of the project’s fallout. During the last four days the total value locked (TVL) in defi has dropped 2.61% in value, and cross-chain bridges have lost roughly 20.3% during the last 30 days.

Value Locked in Cross Chain Bridge Tech Slips 20% Lower Than Last Month

Over $100 billion in USD value was recently removed from the total value locked (TVL) in defi and TVL statistics continue to slide. Four days ago, the TVL in defi was approximately $112.29 billion and today, the TVL is down 2.61% to $109.35 billion. In addition to the TVL in defi across a dozen blockchains, cross-chain bridge TVLs have slipped a great deal during the past month.

30-day metrics from Dune Analytics indicates that the TVL across cross-chain bridges is down 20.3%. Today, there’s $16.49 billion total value locked across 16 different cross-chain bridges. In addition to the cross-chain bridge TVL the number of ethereum bridge unique daily depositors has also dropped.

As of Thursday, May 19, 2022, Polygon has the largest TVL among the 16 cross-chain bridges monitored on Dune Analytics. Polygon has $5.15 billion today. The $5.15 billion on Polygon bridges represents 31.23% of the entire $16.49 billion cross-chain bridge TVL.

Polygon is followed by Avalanche ($3.55B), Arbitrum ($3.2B), Fantom’s Anyswap ($1.87B), Near Rainbow ($1.86B), Optimism ($585M), Harmony ($229M), Moonriver ($154M), and Xdai ($122M).

The top crypto asset leveraged on cross-chain bridges today is the stablecoin usd coin (USDC). The stablecoin has $5.1 billion locked and is followed by WETH or ETH with $4.57 billion locked. Tether (USDT) is the third-largest with $1.9 billion today and other notable cryptos leveraged on cross-chain bridges include WBTC, DAI, and MATIC.

The losses across defi stem from two different factors. One, the Terra blockchain fallout removed more than $40 billion from the defi ecosystem in a very short period of time. The remaining billions have left defi in various ways including using cross-chain bridges because defi users have been rattled by the Terra catastrophe.

Billionaire investor and crypto proponent Mike Novogratz published a blog post yesterday covering the recent Terra blockchain fiasco and he said “the collapse dented confidence in crypto and defi.”

What do you think about the dent in confidence to the defi ecosystem and the value locked in cross-chain bridge tech dropping lower than last month? Let us know what you think about this subject in the comments section below.

Jamiroquai to Bring ‘Virtual Insanity’ to The Sandbox Blockchain Metaverse

Jamiroquai to Bring 'Virtual Insanity' to The Sandbox Blockchain Metaverse

On Wednesday, the acid jazz-funk band Jamiroquai revealed it has partnered with the blockchain-based virtual world platform The Sandbox in order to “get funky in the metaverse.” According to the announcement, Jamiroquai plans to bring virtual insanity to the band’s virtual land located in The Sandbox metaverse.

Acid Jazz-Funk Band Jamiroquai Joins the Sandbox Virtual World

Another popular music act is joining the virtual world The Sandbox, as the subsidiary of Animoca Brands announced on Wednesday that Jamiroquai is now a project partner. Jamiroquai is an award-winning band that plays funk, acid jazz, soul, disco, and R&B, and is led by the band’s frontman Jay Kay.

Jamiroquai is well known for hit songs like “Virtual Insanity,” and “Canned Heat,” and Virtual Insanity was named MTV’s Video of the Year in 1997. The hit song also earned Jamiroquai a Grammy Award the following year. The Sandbox and Jamiroquai plan to celebrate the partnership on May 18, 2022, with Jamiroquai x Sandbox merchandise.

Jamiroquai to Bring 'Virtual Insanity' to The Sandbox Blockchain Metaverse

The merchandise will be a limited edition t-shirt and keyring and the items will be available exclusively on store.jamiroquai.com. “The strategic collaboration was developed in association with Bravado, Universal Music Group’s industry-leading brand management division,” the blockchain-based metaverse company said on Wednesday. The announcement adds:

The legendary jazz-funk band will bring virtual insanity to its virtual land in The Sandbox.

The Sandbox has partnered with a great deal of musicians, artists, celebrities, and well known brands since the project’s inception. Currently, The Sandbox has more than 200 partners including The Smurfs, Care Bears, Atari, Ubisoft, The Rabbids, BLOND:ISH, Deadmau5, Gucci Vault, The Walking Dead, Snoop Dogg, and Adidas. In a statement sent to Bitcoin.com News, Jamiroquai said the band has always been into futuristic concepts.

“Jamiroquai have always been future-facing and super social – creating a land where everyone can come together in The Sandbox with a bit of funk, freedom, and fashion will provide a communal place to digitally connect with our fans and fellow music lovers,” Jamiroquai said. “We look forward to telling you more soon, but for now can say that hats will definitely be involved.”

According to the announcement, more details about the collaboration with Jamiroquai will be “revealed in the coming months.” The Sandbox, alongside its competitor Decentraland, has been a very popular blockchain-based virtual world. However, both projects’ native crypto tokens have been hit hard in recent times.

The Sandbox crypto asset SAND is up 236% year-to-date, but SAND is currently down 53% during the last 30 days. NFT and virtual land sales have dropped during the past two weeks as well, following the Bored Ape Yacht Club’s Otherdeed sale.

What do you think about The Sandbox collaboration with Jamiroquai? Let us know what you think about this subject in the comments section below.

Billionaire Investor and Galaxy Digital CEO Mike Novogratz Addresses the Terra LUNA and UST Fallout

Billionaire Investor and Galaxy Digital CEO Mike Novogratz Addresses Terra LUNA and UST Fallout

On May 18, the billionaire investor and crypto proponent Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his firm Galaxy Digital were big believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses, the crypto economy felt this past week, Novogratz stressed that he still firmly believes the “crypto revolution is here to stay.”

Novogratz Reflects on Terra’s Demise: ‘It’s Time to Talk About Last Week’

Just recently, Bitcoin.com News reported LUNA and UST’s implosion and the big name backers that invested in Terraform Labs. One of the investors mentioned in our report was the billionaire investor and crypto proponent Mike Novogratz. For quite some time, Novogratz and his firm Galaxy Digital were big believers in the Terra ecosystem. On January 26, 2021, Bloomberg quoted Novogratz and the investor called the Terra blockchain project one of “the canaries in the coal mines of what else is going to happen.”

Novogratz also got a LUNA-themed tattoo and said he was “officially a Lunatic.” After the UST de-pegging incident and the entire Terra ecosystem getting obliterated, Novogratz was not as talkative as he usually is on Twitter. On Wednesday, May 18, Novogratz tweeted for the first time since May 8, 2022. “After much thought, it’s time to talk about last week and, more importantly, the weeks ahead,” Novogratz said. In addition to the tweet, Novogratz left a link to a blog post that discusses the Terra fiasco in detail.

“There is no good news in what happened in markets or to the Terra ecosystem,” the investor detailed in his blog post. “In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and [decentralized finance]. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion.”

Novogratz then got into Galaxy’s principal investments in LUNA starting in Q4 2020, and how the team noticed that the project had “more than 1.8m users and was a top 5 finance app in South Korea that we considered had significant growth potential.” Galaxy was “intrigued” by the Terra ecosystem, and thought of it as “an example of crypto finding a real-world use case.” Then the investor noted that the global macro backdrop did a number on many risk assets this year, and he believes the “macro backdrop put pressure on Luna and the reserves held to back UST.” Novogratz added:

UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals, triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.

Novogratz Highlights the ‘Core Tenets of Investing’ — Galaxy Founder Says ‘It’s Important That Less Experienced Market Participants Only Risk What They Are Comfortable Losing’

Novogratz said that the LUNA and UST incident shined a light on some core tenets of investing which include diversification, taking profits along the way, risk management, and an understanding of investing under a macro framework. The billionaire investor said that Galaxy Digital kept to these core tenets when it came to its investments in LUNA.

“Reading the stories of retail investors who lost their savings in one investment is heart- wrenching,” Novogratz’s blog post explains. “A core tenet in the crypto belief system is equal access to markets. But it’s important that less experienced market participants only risk what they are comfortable losing. I’ve often said people should allocate 1%-5% of their assets to the space.”

The Galaxy Digital founder concluded by noting that he’s still a firm believer in the crypto space but that does not mean the bottom is in and the market will be going straight up after this. “It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one,” Novogratz added.

What do you think about the reflection blog post Mike Novogratz wrote about his belief in Terra and the LUNA and UST fiasco that took place this past week? Let us know what you think about this subject in the comments section below.

Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon

Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon

The blockchain firm Aave has launched the Lens Protocol, a social media project with applications built on the Polygon blockchain. Lens is similar to the social media platform Twitter but Lens profiles are linked to a non-fungible token (NFT) that can be ported into decentralized applications.

Lens Protocol Is Live – Aave Founder Believes People Are ‘Ready for a Better Social Media Experience’

On Wednesday, the blockchain company Aave announced that the Lens Protocol is now live and roughly 50 applications have debuted on the platform. Aave first revealed the Lens Protocol during the first week of February 2022 and the first applications are built on top of the Polygon network.

Stani Kulechov, CEO and founder of Aave Companies said the recent Twitter ordeal with Elon Musk shows that people are looking for something different than the incumbent social media platforms. “The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform,” Kulechov said in a statement sent to Bitcoin.com News.

The Aave founder added:

But ultimately, as seen from Elon Musk’s bid to purchase Twitter, people are ready for a better experience than what they’re used to. Ownership over not only the content you create online, but also your profile and social network is long overdue, and empowering users is what Lens aims to achieve.

Lens Boasts 50+ Social Applications and Creator Monetization Tools Built on Polygon

The 50 applications built on Lens covers social applications to creator monetization tools, the announcement notes. Lens users that have already minted their NFT profile can access any of the applications such as Peerstream, Lenster, Swapify, Spamdao, and more. “Building a Web3 social media platform on Lens Protocol has opened up a new realm of possibilities for our development team and users,” @yoginth.eth the founder of lenster.xyz remarked during the announcement.

Lens Protocol will provide users with the foundations to leverage full ownership over their “profile, content, and relationships” while plugging into any decentralized application. G.Money, the NFT filmmaker and creator, detailed that lens will empower the platform’s userbase. “An open social graph will allow creators and brands to fully own content distribution and their audiences in a truly multi-platform way. Lens empowers platform choice and opens up wider audiences through direct creator/brand-community relationships,” the NFT filmmaker said.

What do you think about Aave’s Lens Protocol? Let us know what you think about this subject in the comments section below.

3 Members of Terraform Labs’ In-House Legal Team Abruptly Leave Amid LUNA, and UST Fallout

3 Members of Terraform Labs' In-House Legal Team Abruptly Leave Amid LUNA, and UST Fallout

Three members of Terraform Labs’ legal team have left the company, according to their Linkedin profiles that show their departure from the firm this month. The resignation of the company’s in-house litigation, regulatory, general, and corporate counsel members follow the project’s fallout last week as the blockchain’s native crypto assets dropped significantly in value.

Linkedin Profiles Show 3 Legal Counsel Members Ended Their Relationship With Terraform Labs in May 2022

The crypto community is once again throwing the spotlight on the Terra blockchain fiasco, as the project’s in-house legal team seems to have left the company Terraform Labs (TFL) unexpectedly. That’s according to three individual profiles on Linkedin that show Noah Axler, Lawrence Florio, and Marc Goldich left in May. Terra was once a leading multi-billion-dollar project, and TFL raised millions from prominent investors. An in-house lawyer or legal team is common among blockchain projects dealing with global regulators.

Axler’s Linkedin profile indicates that his title was “chief litigation and regulatory counsel” for TFL. He worked full-time for TFL, between January of this year and this month, or a total of five months. Goldich’s Linkedin profile explains that his title was “general counsel” and he worked for TFL for ten months. Florio was dubbed TFL’s “chief corporate counsel” and he worked from January to May as well.

The news rattled the crypto community and it became a trending conversation on social media and crypto-related forums. Bitcoin advocate Stacy Herbert tweeted about the latest Terra situation on Tuesday. “Terraform Labs legal team resigns,” Herbert said. “Nothing they can do when the CEO wouldn’t stop emailing whales with ridiculous ‘rescue’ plans and then tweeting about those proposals as if they were a done deal (they were nowhere near).”

Axler’s and Goldich’s profiles further show the duo worked for the blockchain platform Lawcoin. The project is described as “the world’s first blockchain platform for investing in legal claims and social justice crowdfunding.” Some digital currency users mocked TFL’s in-house legal counsel members for leaving, while others appreciated the litigation team’s moves.

“Two points,” one individual tweeted. “Massive respect to these guys. This signals just how incredibly f***ing rotten Do Kwon [and] TFL are. That is all.”

The news follows the recent fork plan published by Do Kwon that aims to revive the fallen project from the ashes. The proposal dubbed “Terra Ecosystem Revival Plan 2,” will be voted on Wednesday, May 18. While some people liked the idea of a new Terra chain and an airdrop, others loathed the idea and people have been urging TFL to burn the remaining LUNA.

The news on Tuesday about the in-house legal team leaving was considered another blow to the fallen project and a deterent from a successful revival. An individual on Twitter called “Metaverse Lawyer,” tweeted:

You know things are bad when an entire in-house legal team resigns at once.

What do you think about Terraform Labs’ legal team leaving the organization abruptly? Let us know what you think about this subject in the comments section below.

Study: Amid Mining Bans, China Still Commands World’s Second-Largest Share of Bitcoin Hashrate

Study: Amid Mining Bans, China Still Commands World's Second-Largest Share of Bitcoin Hashrate

New data stemming from the latest Cambridge Centre for Alternative Finance (CCAF) report on bitcoin mining indicates that China still holds the second position in terms of global hashrate. While China commands close to 22% of Bitcoin’s global hashrate, the United States currently dominates with 37.69%, according to CCAF researchers.

China Is Still the World’s Second-Largest Concentration of Bitcoin Miners

The Cambridge Centre for Alternative Finance updated the organization’s bitcoin mining data and map in order to highlight 2022 hashrate statistics. In July 2021, Bitcoin.com News reported on the CCAF’s data that showed China’s hashrate dropping by 46%.

At the time, China’s government enforced a ban on bitcoin mining and a great deal of the country’s miners re-located. However, the latest CCAF stats show China’s hashrate is still very prominent as the country is the second-largest leader in terms of global hashpower dedicated to the Bitcoin (BTC) network.

The study’s authors believe the miners located in China are likely leveraging virtual private networks (VPNs) to conceal their locations. The report indicates that China’s share of the overall Bitcoin network hashrate was 21.11%.

CCAF’s data derives from the organization’s partner mining pools Foundry, Poolin, Viabtc, and Btc.com. Moreover, some of the hashrate stemming from China did not leverage VPNs and CCAF’s researchers believe those miners are comfortable with their locations unhidden.

Unites States Dominates Bitcoin’s Global Hashrate by More Than 37%

CCAF’s report notes that a “non-trivial” quantity of Chinese miners may have thought the ban wasn’t a big deal. “It is probable that a non-trivial share of Chinese miners quickly adapted to the new circumstances and continued operating covertly while hiding their tracks using foreign proxy services to deflect attention and scrutiny.”

Following CCAF’s updated data in July and October 2021, a CNBC report noted that unnamed sources told the reporter MacKenzie Sigalos that bitcoin miners were still located in China. China’s hashrate is sizable compared to a great number of other countries, however, the U.S. still dominates Bitcoin’s global hashrate by 37.69%.

CCAF’s data from last July showed the U.S. captured 16.8% of the global hashrate last year. If CCAF’s data is correct, that would mean the U.S. hashrate has climbed 124.34% since July 2021. Pool distribution metrics match with CCAF’s data as the mining pool Foundry USA has captured 19.5% of the global hashrate during the last three months. 13,182 blocks were mined during the three-month period and Foundry USA found 2,566 of them.

What do you think about the latest CCAF data that shows close to 22% of the world’s Bitcoin hashrate still resides in China? Let us know what you think about this subject in the comments section below.