Greetings to crypto evangelists as well as just dog lovers,
Today is Monday, and here’s the weekly news recap from DailyCoin Flipsider. Crypto space is busy as always. Take a look at all these events that happened in just two days. No one is chilling by the pool with a cocktail in their hands. Well, maybe just Elon, contemplating new dog adoptions. It’s his birthday today, so have fun, Elon!
Other than that, here’s what has happened:
- Bitcoin mining difficulty drops to the record levels
- Curse on Binance: UK, Canada, Japan
- Cardano increased the number of staking addresses
- Crypto investments in India surged by almost 20,000%
- Quant coin jumped 125% in a week
- Musk swung Doge price again, has eyes on another dog
- Andy Warhol’s NFT artwork sold for $2.8 billion
Bitcoin’s Hashrate Dropped to the Two-Year Lows
The total computational power of Bitcoin declined to the lowest levels since the summer of 2019. Bitcoin’s hashrate has dropped by 66% within the past month. It now sits at 58 tera hashes per second (TH/s), according to data from blockchain.com.
The hashrate started to drop after China applied Bitcoin mining bans and restrictions on miners. Hundreds of them choose to shut off and to move abroad. The price of Bitcoin plunged accordingly.
- The Bitcoin blocks still need to be confirmed by someone, at any cost. Thus, miners worldwide count the spurt in their revenue, while China is losing the world’s leader status of the Bitcoin hashrate.
The World Becomes a Harsh Place for Binance
Crypto exchange Binance is under the global scrutiny of financial regulators.
- Britain’s Financial Conduct Authority (FCA) bans Binance’s regulated activities on UK soil. The regulator says the China-related Binance Group and its entities have no license to operate in the kingdom.
- Japan’s Financial Services Agency (FSA) warned Binance for providing services without registration.
- Binance shuts down in Ontario, Canada. The province has required unregistered crypto exchanges to comply with local Securities Law since March.
- The biggest crypto exchange ignored such warnings for years. Now, the world is shrinking and Binance seems to be on the run. Yet nobody knows precisely where its headquarters are located. Maybe, Binance just likes to live like a fugitive. Why so?
Cardano Increased the Number of Staking Addresses
Cardano increased the number of stalking addresses. The network added 50,000 new addresses within the past 3 weeks. This is more than 8% growth during a month.
The current number of staking addresses on a Cardano network surpasses 660,000, says the Cardano statistic’s website PoolTool.io. The total amount staked on the network is $30.12 billion.
- Cardano is not the only staking monster in town. Projects like Tezos, Cosmos, or Icon are on the move with their teeth sharpened to take their part.
Despite Regulatory Uncertainty, Crypto Investments in India Surged by Almost 20,000%
Investments in digital currencies increased from $200 million to $40 billion last year in India. This is more than the incredible 19,900% growth, says blockchain analytics Chainalysis.
This major force behind the massive increase is investors under 35 years, who show bigger interest in digital coins than in gold.
- This is as incredible as it sounds. The central bank of India warned of the crypto regulations and even a possible ban. However, nobody seems to care. Young generations are changing traditions and choosing lighter investments than regular kilos of gold.
Quant (QNT) Jumped 115% In a Week
The price of the cryptocurrency Quant (QNT) marked 115% growth during the past seven days. The coin peaked from $47.1 to an all-time high of $98.55 during a week when most of the altcoins were painfully dropping. The spike appeared right after the QNT coin was listed on Coinbase Pro.
Quant (QNT) project aims to connect the world’s distributed ledgers for faster, more efficient growth.
- Coinbase’s impact becomes unpredictable. Last week we commented on the lack of its effect on AMP and LPT coins after listing. But things seem to work much better for Quant. The magic though might be related to Quant’s upcoming protocol upgrade.
Dogefather Expanding His Shelter: Elon Musk Tweeted About Doge, Shiba Inu, and Floki
Elon Musk returned to his digital dogs. More precisely, to digital dog-meme cryptocurrencies:
- The recently-hated crypto price influencer smashed virtual beer glasses with DogeCoin co-founder on Twitter, saluting the offer to keep DOGE a fun coin. DogeCoin jumped up by 8% immediately.
- The same day Musk also petted a Shiba Inu (SHIB) with his tweet on Doge-killer. The post cited “My Shiba Inu will be named Floki”. SHIB increased by 16% instantly.
- Floki Inu meanwhile was a no-name before Musk. The dog-meme coin made a U-turn to the moon and back since Mr. Musk showed support.
- Elon is no longer a crypto villain. He is a dog-coins’ good Samaritan. Even the one with the magical powers. Who else could take similar care of three competing dog coins on the same day?
- Anyways, happy birthday, man!
Andy Warhol’s NFT Artwork Sold for $2.8 Billion
Andy Warhol’s “Three Self-Portraits” art pieces were sold as NFTs for $2.8 million at the Binance NFT marketplace. The marketplace started last week with tokenized artworks of pop-art icon Andy Warhol and surrealist Salvador Dali.
Tron’s founder Justin Sun offered the biggest amount and won the “Three-Self-Portraits” NFT for $2.8 million.
- Justin Sun found a new form of investment. Holds Picasso and Warhol, went after Beeple, even launched his NFT investment fund to mint digitized versions of the world’s top art pieces. Awakening call for the world’s art collectors and crypto community.