Crypto Headlines November 23, 2021

  1. Crypto market sees red — where you invest next will depend on the kind of crypto investor you are 

All investors should, of course, do their own research before making any kind of investment, cryptocurrency or otherwise — which is why it’s important to know when to HODL — hold on for dear life — when to buy and when to sell depending on your appetite for risk. The value of crypto assets increased by almost $1 trillion from August to November, before the big splat seen last week. With many coins still struggling to recover, this is an opportunity to ‘buy the dip’ for many. Relatively established cryptocurrencies, including Bitcoin, dipped by an astounding 20% last week.

Just like the NFT system, the platform on which NFTs sit the Ethereum blockchain – is a bit outdated and unable to adapt to the volume and magnitude of the global, frenetic adoption. As their reputations and names are attached with an NFT, they should closely look at the other side of the coin now. The Ether (cryptocurrency) can be “mined” (or “created”) by ordinary people using computers that solve complex mathematical equations. To put it in perspective, more carbon emissions are produced from the electricity for mining new Bitcoin than in New Zealand! A single piece of artwork sold as an NFT rack up a minimum of two weeks of household usage of energy in a transaction.

Bitcoin is making fresh headlines in India, but again for all the wrong reasons. In January this year Karnataka police seized 31 stolen Bitcoins, worth Rs 9 crore from Srikrishna alias Sriki, arrested in November 2020 for hacking crypto exchanges. And, to make matters worse, in their charge-sheet related to the illegal hacking activities the Bengaluru police had not mentioned the Bitcoin seizure. Sriki then appears to have tricked the police into believing he had transferred the Bitcoins to a police wallet for seizure. Now, those bitcoins seem to have vanished.

Many of the new NFTs were launched on the Ethereum network, which led to a surge in valuation over the last few months in the price of the cryptocurrency. Beeple was paid $69 million in Ethereum for the auction. Investors who put money into Ethereum when Beeple’s auction sold have been pleasantly rewarded. After auction fees and taxes, Beeple received $53 million in ETH, which he converted to U.S. dollars. By cashing out his Ethereum early, Beeple missed out on seeing the $69 million shoot up in valuation. Today, that $69 million would be worth $150.87 million.

There are many new tokens, like HUH Token, that are seeking to compete with the likes of Bitcoin, Ethereum, Dogecoin, and Shiba Inu, and it can be challenging to understand the risks associated with investments in new cryptocurrency. There is a new generation of Twitter sleuths dedicated to discovering, following down, and exposing shady behaviors in the world of cryptocurrency. Cryptocurrency is designed to be a digital currency that users may trade anonymously and without the involvement of a middleman.

On Monday, it was the turn of Shih Tzu (SHIH), a token named after the affectionate, playful and outgoing dog breed that originated in China. The token has seen a wild rally in the last two hours. A registered entity, Shih Tzu is a cross-chain-based meme token that brings together an ecosystem of NFT marketplace, a multi-chain based wallet and metaverse gaming. Analysts tracking the crypto market say no information is available on the circulating supply of Shih Tzu. The website of the token says: “Shih-Tzu token is an ERC-20/BEP20 token built on Ethereum and Binance Smart Chain that focuses on improving the quality of life, and ultimately the happiness, of animals and critters across the globe.”

Over the past few weeks a virtual flash mob called the ConstitutionDAO, with thousands of cryptocurrency fans, crowdfunded almost $45 million to buy a copy of the U.S. Constitution. This experiment, which flooded social media with countless memes and calls to join the crowdfund, is just one example of the type of decentralized autonomous organizations (DAOs) that are now all the rage in venture capital circles. Several other DAO projects, including the Andreessen Horowitz-backed Friends with Benefits (FWB) DAO, manage more than $600 million in assets.

Australian wine giant Penfolds has become the first wine brand to partner with BlockBar, a leading NFT marketplace for luxury wine and spirits products. One of the world’s most respected wine estates, Penfolds has launched a limited edition NFT tied to its rare Magill Cellar 3 barrel of wine, made from the 2021 vintage, available for purchase for US$130,000. Penfolds is joining the cryptocurrency trend to become the first wine partner with BlockBar, a leading NFT marketplace for luxury wine and spirits products. The NFT serves as a digital receipt that verifies the buyer’s ownership and authenticity of the wine bottles. 

This article explores the natural evolution of DeFi as we know it. Advancing from Ethereum and other pockets of DeFi to a more robust Bitcoin-based solution could allow millions to participate in the most egalitarian redistribution of wealth in history. The combination of DeFi platforms such as Sovryn, Bitcoin, mobile internet, apps, and (minimal financial and technological) education creates a perfect solution for unbanked people. Sovryn is a DeFi ecosystem with global rules for all players in the system. In the same way that Bitcoin is a global monetary regime, Sovryn aims to be an international financial layer.

  1.  The Andy Milonakis NFT Show, EP. 13 – Goat Soup 

Milonakis announced the title of his first serious NFT collection and released the first sample. Andy Milonakis is here to make the world a better place. The artist who drew his pixel goats charged him way too little, and he asks the community, “You think if i give her a 50x bonus what she quoted me originally is fair?” The Goat Soup team chose pixel art and a 24×24 format because the project is 100% on chain. That means, their pieces have to be light because they’ll live in the Ethereum blockchain.