Crypto Headlines Nov 26, 2021

  1. Crypto Thanksgiving: NFT drops and Black Friday deals go mainstream?  

A captivating conversation starter may be about the number of mainstream brands and retailers that have begun incorporating holiday-themed NFTs into their product offerings. For example, Macy’s — one of the largest department stores in America — will launch its “Macy’s Parade NFT” series on Nov. 25, or Thanksgiving Day. The Macy’s NFTs are built upon the Polygon blockchain and are powered by Sweet, an enterprise NFT solutions provider. Tom Mizzone, CEO of Sweet, a consumer brand NFT platform, told Cointelegraph that the Macy’s Parade NFT series features parade balloons from the 95-year history of the Macy’s Thanksgiving Day Parade.

A Solana transaction is less energy-intensive than working for an hour on the computer, which reportedly needs approximately 46,800 Joules. Coming to blockchains, Solana’s per transaction energy consumption rate was many times lower than that of an Eth2 transaction, which used 126,000 Joules, according to Solana’s report. Meanwhile, one Ethereum transaction used about 692,820,000 Joules while the same on Bitcoin was a formidable 6,995,592,000 Joules. With Ethereum’s gas fees and the heavy electricity bill, there’s a lot of pressure on both blockchains and NFT artists to use more energy-efficient platforms. Based on its report and the status of having the fifth-largest market cap, Solana looks like a strong alternative. 

 Bitcoin is thought to consume around 707 kWh per transaction, as computers churn and try different ways to come up with the correct number sequence. Computers generate energy and get heated, thus, they will need to be cooled. The numbers keep getting worse as miners increase computing power to compete with other bitcoin miners. A study has warned that Bitcoin will push global warming beyond 2°C, while a second has estimated that the bitcoin in China could produce 130 million metric tons of CO2 by 2024.

Adidas announced that it would partner with the major cryptocurrency exchange Coinbase. Footwear and clothing company Adidas has announced two new crypto endeavors with Coinbase and The Sandbox. It has also announced its involvement with the Ethereum VR game The Sandbox, where it appears to own a parcel of land. Coinbase confirmed the partnership, as it replied “[Good morning]…Welcome to the party, partner!” It is still unknown whether Adidas’ partnership with Coinbase is related to its activity in The Sandbox. It is plausible that the company plans to spend cryptocurrency in The Sandbox; if so, Coinbase could help it make the required investment. 

NFTs are doing very well in the cryptocurrency space. The NFTs trends are the same now compared to the bitcoin trends in 2017-2018. Considering the market trends HuDo is here to share the earning with the members of the community, and that will be a great advantage for the community members to earn the rewards just by holding or trading HuDo NFTs. Reward includes: The grand winner will get 10% from the royalties have been earned and it’s totally based on Lucky Draw, 10% will be rewarded to 10 HuDo’s Owners and it’s completely based on Lucky Draw. 

Despite outperforming Bitcoin (BTC) by 16% in the past month alone and the ETH/BTC pair climbing to 10-week highs, Ether seems to be struggling with its own success. Still, analysts fear that the $4,000 resistance test on Nov. 19 is forming a descending channel that aims at $3,600 by mid-December, an 18% correction from the current $4,400 price. Users continue to complain about Ethereum gas fees, averaging over $45 over the past three weeks. However problematic that can be, it leaves no doubt that the largest decentralized finance (DeFi) and nonfungible tokens (NFT) markets continue to thrive on Ethereum.

Mike Novogratz is not happy with U.S. President Joe Biden’s decision to pick Jerome Powell to chair the Fed for a second term. And he’s speaking not as a Bitcoiner but as an overall investor: He believes Powell could be detrimental to the markets’ growth. Speaking about the cryptocurrency market, Mike Novogratz said that “people are getting pretty bearish” on crypto after Jerom Powell’s appointment”. Mike Novogratz argues that now that Powell has the confidence of a new mandate, he can be more aggressive with his policies without needing to measure his actions so as not to put his job at risk. And Jerome Powell’s thinking so far seems to favor an expansionary monetary policy.

While all the top cryptos, including Bitcoin and Ethereum, saw losses of more than 5%, a lesser-known crypto, Phantasma (SOUL), thrived. Over the last 30 days, SOUL has gained more than 390%, making it one of the best performing cryptos. Phantasma is now ranked as the 190th largest cryptos, with a market cap of $298 million. SOUL has set multiple record-highs in the last week, the highest being $3.39 on November 25. Despite experiencing a sharp correction that sent its price down to $2.39, SOUL is back up by more than 20%, pushing its price up to $2.8975.

Hong Kong-based gaming and venture capital company Animoca Brands and subsidiary Blowfish Studios have promised users that they will repay 265 Ether (ETH) or $1.1 million stolen in a fraudulent nonfungible token (NFT) sale on Discord. It saw 1,571 fake minting transactions over the course of about three hours.  The fraudulent minting event occurred at approximately 3 am Australian Eastern Daylight Time on Friday on the Phantom Galaxies Discord server.

  1.  Cardano and Tron Will Soon Be Removed From eToro 

Trading platform eToro has announced that it will delist Cardano (ADA) and Tron (TRX) for American users. The trading app has cited unspecified regulations as the reason behind the delistings. These restrictions will only apply to users in the United States, according to the policy update posted by eToro on Tuesday. Neither TRX nor ADA has been targeted by regulatory action. It is possible that new reporting requirements for crypto brokerages in the U.S. have played a part in eToro’s decision, but this does not explain why TRX and ADA were specifically targeted.