Crypto space hot news review dated 03.05.2021
The past week was full of cryptocurrency news, especially when the price of BTC rose again to the level of $57,000, after falling below $47,000 in April.
News digest of the past week
All the attention of the crypto community was especially focused on the price of Bitcoin and Ethereum. Bitcoin was able to consolidate, and rise to $57K, and the cost of Ether approached the symbolic level of $3K, and this milestone should soon cross.
Thus, the cryptocurrency market, which is recovering from the recent correction, when many altcoins lost about 40%, the rise in the price of BTC, pushes prices up again.
Naturally, in addition to Bitcoin, the news of the week concerned the publication of financial reports, statements and the activities of such large companies as Tesla, JPMorgan Bank and many others. Less happy news was about the Thodex scam, or the hacking of the Hotbit crypto exchange.
Let’s take a look together at a brief overview of the key crypto news of the week.
- Tesla sold part of its BTC
In the release of its quarterly financial results, Tesla said it sold some of its Bitcoin assets for $272 million, generating a profit of $101 million. An electric car salesman made headlines when he said he bought Bitcoin for $1.5 billion.
The news quickly spread on social media, with many initially believing that the company had sold a significant portion of its BTC. However, Tesla sold only a very small portion of its Bitcoin holdings, which at the time of the initial investment amounted to $1.5 billion.
Tesla reportedly bought its Bitcoins at a rate of about $30K for 1 BTC, and the price has since skyrocketed in April, topping 60K. Thus, the investment may prove even more profitable if the price of BTC continues its course in the coming months.
In addition, Tesla now accepts payment in Bitcoin for the purchase of an electric car, so it can accumulate even more BTC.
- Binance Announces the Release of its NFT Trading Platform
Binance is a juicy market, and it is logical that the crypto exchange starts trading NFT, and announces the upcoming appearance of Binance NFT.
As we’ve seen in many articles, NFT has taken many industries by storm, whether it’s the arts with the sale of digital works, music, or movies.
This booming market, which is in its infancy, will generate billions of dollars in revenue for companies that will use this NFT sector.
After the launch of the exchange tokens, Binance does not lose a minute, and therefore announces the upcoming launch of this trading platform and the NFT trading platform in June.
Therefore, with significant resources, Binance must offer an NFT trading platform that meets the expectations of its users and traders.
First of all, this is an opportunity to attract new customers who are not interested in trading cryptocurrencies, but who will want to buy, sell or trade NFT on this new platform.
The competition is already fierce: the Winklevoss brothers ‘ Gemini crypto exchange owns the Nifty Gateway platform, on which Eminem has just launched his first NFTs.
The OpenSea marketplace has raised $23 million from investors attracted by the development potential of this new sector.
The NFT boom has affected many industries, adult entertainment is also taking its first steps in NFT, and the famous Playboy bunny brand has launched its sexy NFTs.
There are also McDonald’s burgers or Kryll crypto bots that have launched 2 exclusive NFTs.
NFT go for crazy prices. Think of the NFT artist Bipla, which sold for $69 million!
The market is in full swing, which Binance couldn’t miss.
- Tether has passed a full audit
According to the latest report from an independent audit firm, Tether has assets to support the USDT tokens in circulation.
Tether has released a new report from an independent audit firm, which states that the company that issued the USDT token does have assets that provide these tens of billions of USDT in circulation in the crypto market.
This new audit was conducted by the accounting firm Moore Cayman, although it does not have an international reputation like some large audit companies, but its work on checking the accounts allowed us to verify the assets of Tether, and confirm the effective guarantee of the USDT token in circulation.
An audit conducted in March 2021 showed that the total amount of consolidated assets was at least $41,017,565,708.
Total consolidated liabilities amounted to $40,868,295,798, of which $40,855,204,950 relates to issued USDT digital tokens.
The group’s consolidated assets exceeded its consolidated liabilities, so the group’s reserves held for issued digital assets exceeded the amount required to recover issued USDT tokens.
Thus, Tether had more than necessary to guarantee the amounts issued in USDT tokens in the cryptocurrency market.
Tether and Bitfinex are trying to put an end to persistent rumors calling into question the guarantees of the tokens in circulation, which today amount to more than $ 50 billion.
Another important element that led to the legitimacy of the Tether USDT token is its appearance on Coinbase Pro. Its unexpected listing on a crypto exchange thus reinforces the image of transparency that Tether has worked so hard to create, particularly with the publication of these independent audits.
Before placing the USDT token on its trading platform, it can be assumed that Coinbase has indeed received guarantees regarding the financial viability of Tether. An important listing for the issuer of the world’s most widely used stable coin on trading platforms.
- Ethereum: Record values and future price forecasts
Ethereum, the second-largest cryptocurrency by market capitalization, continues to post record highs with its all-time high ATH continuing to rise.
The smart contract and virtual machine cryptocurrency continue to show a bullish trend today, surpassing their own price by a minute at $2,770.
This price increase is higher than Bitcoin itself, despite the fact that Ethereum’s $300 billion market cap is only a third of BTC’s (over $1 trillion) market cap.
In this regard, some important personalities in the crypto scene took the opportunity to express their thoughts and forecasts regarding the price of Ethereum, which look quite optimistic.
- Peter Kozyakov, CEO and co-founder of Global Payment Mercuryo, confirmed his forecast for the Ethereum price to rise to $5,000 in the long term. According to Kozyakov, the growth rate of the cryptocurrency price is at an optimal level, and buyers are increasingly eager to participate in the price boom.
- Konstantin Anisimov, Executive Director of CEX.IO, expects the price of ETH to reach $3,000 in a matter of days.
- Buyer engagement is also based on optimal decentralization, ” away from central banks,” which Ethereum can express, said Jason Cosens, CEO of Glint.
Orlando Merone, Bitpanda’s regional manager in Italy, also spoke with optimistic forecasts about the reasons for this price increase:
“Ether is the second most popular cryptocurrency with a fairly significant market capitalization. Unlike Bitcoin, ether was not conceived as a payment method, or a substitute for classic money. Ether was conceived from the very beginning as “gas,” the cryptocurrency that powers the Ethereum platform, created with the goal of providing a decentralized framework for developing blockchain-based applications, such as so-called “smart contracts”.
Due to the great value offered by Ethereum, the confidence and interest of investors that created the initial demand for Ethereum, the combination of circumstances and the “bullish” nature of cryptocurrencies over the past year, the currency is gaining momentum. A trend that, in my opinion, will not end so soon”.
- Bitcoin mining with the Commodore 64 is not possible
A few days ago, many cryptocurrency news resources showed how to mine Bitcoins using the Commodore 64.
In fact, the software that allows you to mine BTC is actually quite simple, to the point that it can even run on an old 1980s Commodore 64 with a SuperCPU of just 0.02 GHz.
However, the fact that this software can be run does not mean that it can actually produce Bitcoins, and even with a profit.
That is, with such low computing power that it is impossible to test the block yourself, the only solution is to combine with other miners.
However, within a mining pool, revenue is divided in proportion to the computing power available to the pool, so providing such low computing power will result in revenue so low that it can be neglected.
In addition, the software used to mine bitcoin consumes a lot of electricity, so the tiny revenues can’t even remotely cover the mining costs.
As things stand, it will take 50 billion years to actually get 1 whole BTC by mining on a Commodore 64, and it will cost over a million billion dollars, and the profit will be about $55,000, so it will be a huge loss-making activity.
By the way, 50 billion years means about 18 million billion days, and dividing 1 BTC by this figure means that the daily income will be about 5 billionths of a satoshi. In turn, one satoshi is a hundred-millionth part of Bitcoin.
Thus, to get an income of one satoshi, it will take 500,000 years, and its cost will be about half a thousand dollars.
Therefore, mining Bitcoins with the Commodore 64 is clearly not possible unless you have a time machine money and a money printing press..