Day: May 18, 2021

Ethereum Staking Will Drop Power Consumption by 99%

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Key Takeaways Ethereum is transitioning to proof-of-stake, which will reduce its energy consumption dramatically. The Ethereum Foundation expects that the blockchain’s power consumption will drop by more than 99%. Ethereum will be about 7,000 times more energy efficient than Bitcoin, which continues to rely on mining. Share this article Ethereum will reduce its energy consumption by 99.95% following its transition to proof-of-stake, according to a new blog post from Carl Beekhuizen of the Ethereum Foundation. How Much Less Energy Will ETH Use? Beekhuizen estimated there are 87,000 at-home stakers using…

There are now 6,710 Cardano millionaires following latest ADA surge

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Cardano has rewarded its investors with significant gains this year, with a growing number of holders joining the coveted millionaires’ club following the latest ADA price surge. Since the start of the year, the number of millionaire investors in ADA has increased more than 13-fold to 6,710 as of May 17, according to United Kingdom-based news agency Finbold. Using data from Coin Metrics, the agency determined that there were just 504 ADA addresses worth at least $1 million on Jan. 1. The number of active ADA addresses also grew by…

Altcoins notch double-digit gains even as Bitcoin price falls to $42,500

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On May 18, Bitcoin (BTC) and the overall cryptocurrency market faced another round of selling as FUD — fear, uncertainty and doubt — impacted investor sentiment after Reuters and various social media outlets reported that China would ban financial institutions and payment companies from providing services related to cryptocurrency transactions. According to these reports, China also issued a warning to several Chinese trade associations about the dangers of cryptocurrency investing. Data from Cointelegraph Markets and TradingView shows that bulls attempted to push the price of Bitcoin back above the $45,000…

Long Bitcoin is World’s “Most Crowded Trade”: Bank of America Survey

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Share this article The latest Bank of America fund manager survey suggests that long Bitcoin has surpassed long tech as the most crowded trade in the world. BTC Demand Hits Peak Long Bitcoin is the world’s most crowded trade, according to a Bank of America survey. In a monthly survey across 194 fund managers with close to $600 billion assets under management, long Bitcoin has taken the lead against long tech for the first time since January. This shows investors across traditional markets are looking to increase their exposure to…

Banking App Current Taps Acala for “HyFi” on Polkadot

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Share this article Current joins forces with one of Polkadot’s key parachains.  Current Integrates DeFi Hub  Current, a U.S. banking app with over three million users, is partnering with DeFi network Acala. The fintech company plans to integrate the Polkadot parachain to create what it’s calling “HyFi,” meaning hybrid finance technology. Current operates a centralized service that aims to help its customers bank smarter, while Acala is part of Polkadot’s fledgling DeFi ecosystem.  Current is planning on running its own infrastructure and will join the active validator set on Polkadot.…

Fox Unveils NFT Company, Blockchain Creative Labs

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Share this article Leading American mass media company, Fox Corporation, is joining the crypto trend with an NFT business and “the first-ever animated series curated entirely on the blockchain.” Fox Bets on NFT Technology Fox is breaking into the NFT space. On Monday, the CEO of the entertainment firm announced that Dan Harmon’s new TV series Krapopolis would be marketed and distributed through a new NFT company called Blockchain Creative Labs. Krapopolis will be a comedy set in Ancient Greece. The American broadcaster will launch a separate marketplace for selling…

Swiss Sygnum Bank to offer custody for Internet Computer token

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Switzerland-based cryptocurrency bank Sygnum is launching custody and banking services for Internet Computer (ICP) utility tokens. Sygnum announced on Tuesday that ICP holders will be able to deposit their tokens with the bank’s institutional-grade segregated wallets. The firm said that it is the first bank to offer storage for ICP utility tokens, which debuted trading on May 11. In a second phase of rolling out ICP support, Sygnum plans to launch a suite of banking services for the token, including spot trading as well as options trading at a later date.…

United States, Germany, Turkey lead search interest in Ethereum

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The United States is the country most interested in Ether (ETH), followed by Germany and Turkey, an analysis of search data has revealed. A report by Invezz.com, as reported by Finbold, showed 1,116,000 searches per month for the term ‘Ether’ emanating from the United States. Excluding searches by budding chemists, that’s the equivalent of around 36,000 internet searches per day for the world’s number-two cryptocurrency by market capitalization. Germany and Turkey followed close behind with 736,300 and 408,500 searches per month respectively. Among the top three, Germany contained the most…

Sushi to Sell Tokenized Sake on Initial Offering Launchpad

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Key Takeaways Sushi has created a platform called MISO for new projects to list tokens on SushiSwap. MISO is a suite of smart contracts that allows for the creation of tokens to be sold in crowdsale or auction formats. The first sale on MISO will feature 888 tokenized bottles of sake listed in a Dutch auction format. Share this article Sushi is releasing a rare bottle of tokenized sake with an eye-watering price tag on its new launchpad.  Sushi Launches New Launchpad  Sushi has created a launchpad for new projects…

Ethereum Steadies Above $3,200, Here’s What Could Trigger Strong Surge

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Ethereum is holding the key $3,120 support zone against the US Dollar. ETH price is consolidating and it seems like it could soon clear the $3,500 resistance zone. Ethereum is holding the ground above the $3,120 and $3,200 support levels. The price is still well below the $3,600 level and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely forming a double bottom pattern near…