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Category: cryptocurrencies – Page 27

Last fall, Texas Governor Greg Abbott gathered dozens of cryptocurrency deal makers in Austin where they discussed an idea that, on its face, seemed almost upside down: Electricity-hungry Bitcoin miners could shore up the state’s power grid, a top priority after a deep freeze last winter triggered blackouts that left hundreds dead.

The industry’s advocates have been making that pitch to the governor for years. The idea is that the miners’ computer arrays would demand so much electricity that someone would come along to build more power plants, something Texas badly needs. If the grid starts to go wobbly, as it did when winter storm Uri froze up power plants in February 2021, miners could quickly shut down to conserve energy for homes and businesses. At least two Bitcoin miners have already volunteered to do just that.

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No matter how big that number sounds, it isn’t much compared to standalone blockchain-based games. Axie Infinity, an NFT-focused video game developed on the Ethereum network, surpassed $1 billion in total trade volume in August 2021, perhaps the most prominent 30-day period in the history of NFTs.

With so much interest in NFTs, it’s only natural that developers have begun to develop the infrastructure necessary to handle what will undoubtedly become a massive secondary market for these assets. In addition, holders want real tangible benefits to holding NFTs, and in a crowded gaming market, new entrants need to differentiate to survive.

2022 is likely the year NFT games become more mainstream, especially now that many crypto investors own these assets. And real innovation, not just in NFTs but in gameplay and mechanics themselves, will be the driving force.

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The second phase of the CBDC pilot would test real-world functionalities such as cross-border remittance, retail payments and offline payments. The bank stated:

“We will confirm the possibility of operating various functions, such as offline settlements, and the application of new technologies, such as one intended to strengthen privacy protection during the second phase of the test.”

Bank of Korea (BOK) is also looking to onboard financial institutions for the second phase, quite similar to what China is currently doing with its digital yuan. However, unlike China, BOK-issued digital currency would also focus on user privacy.

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The world’s richest men have lost billions of dollars in the past week, as cryptocurrency markets and tech stocks plummet. #9News

The richest men in the world have lost billions of dollars in the past week as cryptocurrency markets and technology stocks plummet.

According to the Bloomberg Billionaires Index, in the last 24 hours Elon Musk lost US$12.5 billion ($17.41 billion), Jeff Bezos lost US$9.17 billion ($12.78 billion) and Facebook – now Meta – CEO Mark Zuckerberg lost US$4.86 billion ($6.77 billion).

Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange Binance, lost an eye-watering US$13.3 billion ($18.53 billion) in one day.

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A new “crypto winter” could be around the corner after a huge crypto price crash has wiped $1.5 trillion from the combined cryptocurrency market —hitting bitcoin, ethereum, BNB, solana, cardano and XRP hard.

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The bitcoin price has this week fallen to levels not seen since July last year, losing 20% over the last week and dropping to half its all-time high of almost $70,000. Other top ten cryptocurrencies ethereum, BNB, solana, cardano and XRP have all lost between 20% and 30% from their price this past week (with Wall Street giant JPMorgan issuing a stark ethereum price warning).

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Another major player in the cryptocurrency world is forecasting a dismal year for Bitcoin (BTC) in 2022. Following the United States Federal Reserve’s and other central banks’ tightening of liquidity measures, Huobi Research believes that BTC will enter a bear market. On the brighter side, decentralized finance (DeFi) will continue to expand and adapt, with decentralized autonomous organization (DAO) governance eventually becoming a major driver of activity on the chain.

Following the Federal Reserve’s and other central banks’ tightening of liquidity measures, Huobi Research believes that Bitcoin will enter a bear market.

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The Federal Reserve took its first step toward more seriously examining issuing a central bank digital currency, releasing a report on Thursday that examines the idea’s potential costs and benefits and opening the door for public comment.

In a long-awaited report, the Fed avoided taking sides and set out a list of arguments for and against a digital currency, and posed questions that will shape the debate.

“We look forward to engaging with the public, elected representatives and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Jerome H. Powell, the Fed chair, said in a statement. Mr. Powell had previewed that a report would be forthcoming in May 2021.

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