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Top 3 storage tokens to buy on November 23: FIL, AR, and HOT
FIL, AR, and HOT are all blockchain-based, decentralized storage solutions. With the increase in demand for storage solutions, each token has the potential to increase in value. These are the top three storage-focused tokens that you should buy on November 23. Filecoin is a decentralized storage system, where the FIL token is the native cryptocurrency token that powers the decentralized peer-to-peer network for file storage. Arweave is a decentralized storage network, specifically developed to offer a platform for the indefinite storage of data. Holo is a peer-to-peer distributed platform developed to host decentralized applications. The holo network relies on a series of hosts that provide storage and processing power for dApps using Holochain. Should you buy Filecoin (FIL)? On November 2...
Biden to open taps on oil reserves to tamp down gasoline prices
Gasoline prices had climbed steadily for months as global demand for fuel revved up when the global economy began to emerge from the pandemic. That rising consumption outpaced production from oil companies that had been hard hit financially by the sharp downturn in demand in 2020 and were reluctant to resume drilling in the face of uncertain economic prospects. “As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price,” Energy Secretary Jennifer Granholm said in a press release. “This action underscores the President’s commitment to using the tools available to bring down costs for working families and to continue our economic recovery.” Companies have until Dec. 14 to bid on the oil ...
Binance reportedly wants global wealth funds to get a stake in exchange
Binance, the world’s largest cryptocurrency exchange, is reportedly in talks with sovereign global wealth funds to sell them a stake in the company. In addition to planned “mega funding” for its United States-based business, Binance.US, Binance is now also seeking global funding to improve relationships with regulators, Binance CEO Changpeng Zhao said in a Tuesday interview with the Financial Times. According to Zhao, the upcoming funding is aimed to improve its “perception and relationships” with many governments as multiple financial regulators around the world have been cracking down on Binance this year. “But it may also tie us to specific countries, which we want to be slightly careful with,” the CEO noted. As Binance is currently in the preliminary stages of discussions, it’s still e...
Valued at $9B, Pokemon Go creator to build metaverse with fresh funding
Niantic, the developer of the popular augmented reality (AR) mobile game Pokemon Go, is planning to build a “real-world” metaverse with newly raised funding. The company officially announced Monday the completion of a $300-million raise from the technology-focused investment manager Coatue, bringing the company’s valuation to $9 billion. Coatue is known as a major investor in the cryptocurrency and blockchain industry, backing companies such as blockchain intelligence firm Chainalysis, cryptocurrency startup Fireblocks, blockchain security firm CertiK and others. The firm has also recently participated in a $555-million funding round for cryptocurrency fintech startup MoonPay. “Niantic is building a platform for AR based on a 3D map of the world that we believe will play a critical ro...
Twitter, Discord to support Solana NFT gallery ‘embed’ with Audius Web 3.0
California-based music streaming platform Audius released a new function that allows artists and fans to embed nonfungible tokens (NFT) on various blogs and social media platforms such as Twitter and Discord. The “embedded” functionality aims to improve fan engagement for musicians through NFT adoption and Web 3.0 integrations. To enable the feature, artists need to connect their Audius accounts with Phantom wallet, a crypto wallet centered around the Solana ecosystem. Aiming to increase the discoverability of Solana NFTs, the company stated: “NFT holders can embed their collectibles from the two biggest blockchains on Twitter timelines, personal blogs, and websites. Thanks to this new feature, will further push collectibles into the mainstream.” Source: Audius The blockchain-based music s...
Bitcoin exchanges see large deposits despite BTC reserves hitting 3-year lows
Bitcoin (BTC) whales are moving large amounts of coins to exchanges in tandem with large outflows, curious new data shows. According to the exchange whale ratio indicator from on-chain analytics firm CryptoQuant, large transactions have accounted for over 90% of recent exchange deposits. Top 10 deposits make up 90% of exchange inflows In a marked change from previous behavior, over the past week, whales have become much more active prospective sellers on exchanges. The exchange whale ratio, which measures how large the top 10 deposits to exchanges are relative to all deposits, is sounding the alarm. “Whales are depositing BTC to exchanges,” CryptoQuant CEO Ki Young Ju summarized. “$BTC Exchange Whale Ratio(72h MA) reached 91%. This indicates the top 10 deposits take 91% of the ...
Proposed Australian exchange licensing could stifle competition: Kraken
With crypto regulation reportedly set to ramp up in Australia over the next 12 months, Kraken Australia’s Managing Director Jonathon Miller thinks that a strict crypto regime could stifle local competition. The Senate Committee on Australia as a Technology and Financial Center, led by crypto-friendly Senator Andrew Bragg tabled 12 extensive recommendations for regulation of the digital asset and Fintech industry last month. The proposals included a new licensing regime for crypto exchanges, new laws to govern decentralized autonomous organizations (DAOs), and an overhaul of capital gains tax in decentralized finance (DeFi) to name a few. In an exclusive interview with Cointelegraph, Miller said it was “yet to be seen” if the proposed regulations would have a positive or negative effect on ...
Long-term Bitcoin holders at multi-year high: Glassnode
Glassnode’s latest weekly on-chain report indicated that long-term holders of Bitcoin (BTC) are at a multi-year high and markets are not yet saturated with profit-taking. These long-term holders (LTH) appear to be reducing their spending while continuing to add to their positions, according to the Nov. 22 report by analytics provider Glassnode. The analysis delved into Spent Volume Age Bands (SVAB), which are used to identify the age of coins dominating the on-chain flows on any given day. The metric can be used to identify when the process of profit-taking or accumulation begins, according to Glassnode. Consistent spending of coins older than one month began in November 2020 and ended between April and May in 2021. The SVAB metric has now fallen back to 2.5% of the daily volume since conc...
Texan Bitcoin mining power demands could jump 5 times by 2023
As the state of Texas faces a rapid influx of Bitcoin mining operations, its electrical infrastructure will have to support the industry’s expected 5,000 megawatts (MW) of additional power demands by 2023. The Bitcoin mining industry in Texas currently consumes around 500 to 1,000 MW of power. The Electric Reliability Council of Texas (ERCOT) anticipates that demand could increase as much as fivefold by 2023 and has planned an additional 3,000 to 5,000 MW according to reports. This expansion comes as the Lone star state plans to become the home to 20% of the world’s Bitcoin mining operations. Texas emerged as the go-to destination for Bitcoin miners ever since the Chinese government officially banned Bitcoin mining earlier this year. The state government has capitalized on China’s cl...
Commonwealth Bank of Australia recognizes risks in missing out on crypto
Matt Comyn, the CEO of the Commonwealth Bank of Australia (CBA), said that the bank is more concerned about the risks of missing out on crypto than those associated with its adoption. The CBA is set to become the first of the “big four” banks in Australia to offer crypto-based services, after the company announced on Nov. 3 that it will support the trading of 10 digital assets directly via its banking app. Speaking with Bloomberg TV on Friday, Nov. 19, Comyn was questioned on the CBA’s take on the crypto sector, with the CEO noting that: “We see risks in participating, but we see bigger risks in not participating. It’s important to say that we don’t have a view on the asset price itself, we see it as a very volatile and speculative asset, but we also don’t think that the sector and t...
Biden eyes Strategic Petroleum Reserves crude oil release in coming days
A release of that magnitude would represent about three day’s worth of U.S. crude oil production. A White House spokesperson said no decision had yet been made on a release of oil from the SPR. “The conversations are ongoing and we are considering a range of tools for if and when action is needed,” the White House spokesperson said. Bloomberg News first reported the likelihood of an SPR release earlier on Monday. Energy Secretary Jennifer Granholm has repeatedly raised the possibility in recent weeks that the administration could tap the SPR as higher fuel prices antagonized the general public and helped drive Biden’s public approval ratings lower. Releasing oil from the reserves — which are stored in a network of salt caverns in Louisiana and Texas and currently total 604 million ba...
Why Biden picked Powell
There also wasn’t an overwhelming case to fire Powell, though the scary surge in inflation offered one potential way out. Democrats arguing for change wanted someone tougher on bank regulation, the environment and economic inequality, but there’s little distance between Powell and Brainard on monetary policy, the main focus of a Fed chair. Perhaps the biggest reason of all: The path to confirming Biden’s other finalist, Brainard, a loyal Democrat, looked thorny at best in the face of potentially strong GOP opposition and even some trepidation from moderate Senate Democrats, who favor Powell. In the end, Biden did what many close to him expected: He took a longer-than-anticipated amount of time to arrive at a reasonable, moderate decision that thrilled few but carried limited risk. “T...
