- 21:01, 24 Dec 2021
- Updated: 21:01, 24 Dec 2021
CRYPTO enthusiasts should be aware that just 1.3 million Bitcoin are left on exchanges, and that the world’s first NFT crypto platform has been launched.
When it comes to Bitcoin, what remains is just 6.3 percent of the total supply and is the lowest recorded in 2021, according to CoinTelegraph.
Meanwhile, TribeOne, the first AI-powered NFT & DeFi funding platform, has been launched, with a press release from NewsFile reporting, “This seamless platform provides users access to NFT lending products, innovative DeFi products, zero-to-low collateralized loans, saving & investing products through a single platform.”
This all comes as Shiba Inu coin had risen in value by Friday morning, with Bitcoin seeing gains as well.
Shina Inu’s value was up about more than 6 percent as of 9am on Friday morning, according to CoinBase.
Bitcoin had gone up by about 5 percent in the past 24 hours at the same time, according to CoinBase.
Read our cryptocurrency live blog for the latest news and updates…
Major meme coins, part two
Another dog meme that has picked up traction this year has been Saitama inu, whose logo appears to feature a wolf surrounding a human face.
“Tokens like Shiba Inu, Dogecoin, and newest gainer Saitama are all a part of the evolution of digital finance in their own unique way,” Chris Kline, chief operating officer and co-founder of Bitcoin IRA, recently told The Sun.
Separately, Tiger King is a meme coin based on the popular Netflix series that picked up strong momentum.
The major meme coins
The surge of the meme coins this year all started with Dogecoin.
That was then followed by Shiba Inu, which both feature the same dog breed in their logos.
The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow.”
Both Shiba and Dogecoin have been popular dog meme coins this year.
What are meme coins?
A meme coin typically gains off a social media or an internet-based joke.
It all started with GameStop and AMC earlier this year, when a Reddit mob trolled short-sellers by driving up the prices of those stocks.
The memes then spread over to cryptocurrencies – and there are now a few major ones today.
Crypto wealth and luxury goods
Cryptocurrency wealth is leading to a new generation of luxury consumers in the United States, according to Markets Insider.
The news organization pointed to a report from investment bank Jeffries, which found young buyers are spending crypto winnings on expensive jewelry, apparel, and accessories.
The group, comprised of people under 35, is increasingly buying artwork such as non-fungible tokens (NFTs), in addition to luxury brands.
While Chinese consumers are still the major force in luxury spending worldwide, the report said American buyers are set to propel luxury sales beyond pre-pandemic levels.
Apple plans for crypto
Cook continued by saying that although Apple was looking at cryptocurrency technology, it’s “not something we have immediate plans to do.”
An Apple Pay executive said in 2019 that the company sees “long-term potential” in cryptocurrency.
But it seems like crypto fans shouldn’t get excited, because even if Apple does introduce cryptocurrency products or services in the future, it doesn’t seem like it will happen anytime soon.
Apple CEO Tim Cook owns crypto
Apple CEO Tim Cook recently revealed he owns cryptocurrency.
At the New York Times DealBook conference, Cook was asked if he owns Bitcoin or Ethereum and said, “I do. I think it’s reasonable to own it as part of a diversified portfolio,” according to CNBC.
“I’m not giving anyone investment advice by the way,” he noted.
DogeZilla: The next meme coin
A newly-launched cryptocurrency, DogeZilla, exploded out of the gate.
Within its first eight days of existence, DogeZilla was said to have grown into a super microcap of $500million from just $50,000.
Billionaire Elon Musk also got involved with DogeZilla by posting a tweet.
Replying to a tweet about an underwater mud volcano, he wrote: “Cover story for Godzilla obv.”
What is Dogezilla?
Founded by someone with the alias of 9ZEROES, DogeZilla models itself as a community-based project.
DogeZilla claims it aims to make the crypto space safer for users.
According to DogeZilla’s whitepaper, it has a vault that verifies crypto launches.
It says: “Obviously, it is not a 100% fool-proof method because that simply doesn’t exist in this space, but reducing risk to the highest degree is the purpose of Vault.”
Moreover, users can gather DogeZilla tokens by holding.
Specifically, “5% Holder Rewards are dispersed to all token holders relative to their holding percentages,” DogeZilla claims.
For upcoming projects, DogeZilla is planning to launch an NFTs Invasion Series in early 2022.
Its logo features an amused dog in what appears to be a dinosaur costume.
UK regulator bans two football club ads
The Advertising Standards Authority, the UK’s advertising regulator, has banned two “fan token” promotions by Arsenal Football Club.
The ASA said the club was “taking advantage of consumers’ inexperience or credulity, trivialising investment in crypto assets, misleading consumers over the risk of investment and not making it clear the ‘token’ was a crypto asset,” The Guardian reported.
Arsenal told the news outlet that it would seek an independent review of the ruling “to seek greater clarity on the ASA’s current position”.
Crypto losses and tax benefits
Investors can claim deductions on cryptocurrency losses that can lessen tax liabilities or result in a refund, according to Coindesk.
Any losses can be used to offset capital gains, and if you have no gains, you can claim a deduction.
The Coindesk article explains the IRS code and other ways to put cryptocurrency losses to work.
Real estate brokers paid in crypto
A finance firm is offering brokers commission payments in the form of cryptocurrency.
RLTY Capital is the first to roll out crypto payments for real estate brokers, according to Yahoo Finance.
The CEO of the firm told the news outlet that crypto can help agents cut out intermediaries and avoid payment processing fees.
Record crypto investments, part two
The crypto industry blew up in 2021 with crypto exchanges, start-ups dealing with NFTs, and play-to-earn gaming all highlighted as factors by Fortune.
Increasing interest in the Metaverse also led to multi-million dollar investments.
Crypto investments top $30billion
Investors contributed a record $30billion to the cryptocurrency industry in 2021, according to Fortune.
The news outlet cited data from Bloomberg News that reportedly showed $7.2billion came from investors based in the United States.
The $30billion is almost four times the $8billion that investors spent with companies in the crypto industry in 2018, Fortune reported.
What is fiat?
If you’ve ever seen the word fiat used in the cryptocurrency world, know that it was not in relation to the car brand.
Fiat is a term used to refer to government-issued currency.
Cryptocurrency, or virtual money like Bitcoin, is not backed by governments or standards typically associated with fiat, which is why investors warn of crypto’s volatility.
Celebrities and NFTs, continued
NFL superstar Tom Brady launched a sports NFT platform that sells signed NFTs in retro 8-bit style.
Comedian Jimmy Fallon said he is a big fan of the Bored Ape Yacht Club NFT.
Kings of Leon released its latest album as an NFT that included exclusive artwork and gig tickets, according to crypto website Cointelegraph.
John Cena called his attempt to sell a series of 500 NFTs for $1000 each a “catastrophic failure” and only ended up selling 37.
Celebrities and NFTs
Fashion brands, sports leagues, and celebrities have all turned to the NFT trend, which exploded in popularity in 2021.
People like Paris Hilton and Grimes launched a series of NFTs that quickly sold out.
Grimes has also raised $6million by selling several pieces of digital artwork at auction through NFT marketplace Nifty.
Snoop Dogg revealed he is a fabled white whale known in the NFT world and has amassed well over $17million in NFT items.
Crypto investor death mystery, continued
Cotton took with him to the grave the keys that allowed access to a digital vault containing cash investors ploughed into Quadriga CX.
Jilted investors have demanded his corpse be exhumed and tests run to confirm it is his body.
Criminal probes continue by the Royal Canadian Mounted Police and the FBI as leading digital investing publication Coindesk branded his death as “crypto’s biggest mystery”.
Crypto investor death mystery
A new documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumors he may have faked his death.
Cotton’s sudden death from complications of Crohn’s disease at age 30 shocked the crypto world – but some believe it may have been part of an elaborate “exit scam”.
One source in the documentary goes as far as to claim Cotton may have used a substance known as “Haitian zombie powder” to fake his death.
What is a crypto ‘fan token’?
Fan tokens are a cryptocurrency that is sweeping the football landscape.
They’ve been launched or are under consideration by 24 football clubs across the five major European leagues, according to BBC News.
Some involve real-world perks for the buyer, like a say in which slogans appear on a trophy or what song should be played for a team’s entrance.
Critics say the benefits are insignificant, and the value of fan tokens rises and falls based on supply and demand.
Arsenal, Barcelona, Juventus, Inter Milan, Real Madrid, Manchester City, and PSG have all jumped on the craze.
Why is Bitcoin bad for the environment?
The problem surrounds the amount of energy used to mine a single Bitcoin.
Computers are needed for complex mathematical calculations to put a new Bitcoin into circulation online.
This process is also known as mining.
A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.
What is Cardano?
Cardano (ADA) is a cryptocurrency that uses blockchain, making it difficult to be hacked.
It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.
The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.
It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.
Banks embrace crypto, continued
Executives at large banks are beginning to hop on the cryptocurrency train as some invest their time in learning about the new payment method.
Bank of America spokesman Mark Pipitone told the New York Times, “The bank sees potential in blockchain, and we’re currently a leading patent holder in the space with more than 160 patents. But we still haven’t found a use at scale to make the financial lives of customers and clients better.”
Banks embrace crypto
Banks are paying for slowly catching on to the future of cryptocurrency as they struggle to benefit and profit.
As cryptocurrency start-ups explode, they are starting to offer credit cards and loans while banks are left in the dust.
According to the New York Times, “Bank of America’s chief executive, Brian Moynihan, barred the giant company’s wealth managers from putting any client money into cryptocurrency-related investments.”
Russia considers crypto ban, part two
The proposed ban on cryptocurrency investments comes as Russia was said to be working on its own ruble-backed digital currency.
Roughly $5billion in crypto transactions take place in the country annually, and nearly 12 percent of the population may already own crypto, according to Fortune.
That was compared with a little more than 8 percent of the US population that owns crypto.
Russia also reportedly invested in crypto in 2019 to limit the impact of sanctions over meddling in the 2016 US Election, Fortune reported.
Russia considers crypto investing ban
Russia’s central bank is reportedly looking to ban cryptocurrency investments amid its longtime skepticism of digital currency.
The ban by the country’s financial authority would prevent future transactions, Fortune reported, but it wouldn’t require current holders to divest their portfolio.
The central bank gave digital currencies legal status in 2020 but did not authorize their use as a means of payment, according to Fortune.