Crypto News Jan 30: Bitcoin whales start again with SHIB, DOGE, BAYC and Robinhood news
From Bitcoin elephants showing signs of buying declines to Justin Bieber spending $1.3 million to buy an NFT BAYC, here are some crypto news highlights.
Analyst Will Clemente has identified a new trend emerging for Bitcoin investors that could indicate a shift in market structure.
Clemente said Bitcoin whales, or businesses with more than 1,000 BTC, are finally piling up after months of selling.
“Whales have been delivering since September but this week has shown signs of accumulation (see bullish symbol in blue circle). A very interesting trend that will continue in the coming weeks.”
The source: Blockware Intelligence
Additionally, Clemente said that the larger players in the market are dominating Bitcoin’s trading volume and have been appearing in increasing numbers since 2020.
“A small note on the big market players: Large trades are dominating volume right now. This is a trend that has been increasing for over a year. The big boys have been here since 2020 and their transfer rate is steadily increasing.”
The analyst says the investment giants on Coinbase are partly to blame for driving the Bitcoin price higher. According to Clemente, these companies helped sustain $30,000 as strong macro support for BTC.
“After breaking below the $40,000 support, BTC is now facing a strong resistance in this area. Below that, support remains at $30,000 for multiple periods.
Source: Blockware Intelligence
Bitcoin emits 50x less CO2 than the aviation industry
Bitcoin (BTC) regularly suffers from high power consumption and terrible CO2 emissions.
But acc report The latest bitcoin mining network from Coinshare digital asset management veterans. Bitcoin’s impact on climate change is exaggerated when we compare it to some industries — let alone multiple countries.
First of all, all the bitcoin miners on earth combined consume only 0.05% of the world’s electricity consumption. Bitcoiners are responsible for 89 TWh while the world population consumes 162,194 TWh.
When it comes to carbon footprint (measured in tons of carbon dioxide emitted by an industry over 12 months), Bitcoin mining can’t even compete with some segments.
Specifically, it emits 50 times less CO2 than aviation, 25 times less than air conditioning and half as much as the data center segment. Even the world’s clothes dryers emit 12% more CO2 than bitcoin miners.
According to data from Etherscan, three crypto wallets dumped more than 9 billion tokens into SHIB in just a few hours last night, which could indicate a big buy.
The source: ether scan
For the past two weeks, the coin meme has crashed from $0.00003227 on Jan 14th. At press time, SHIB is up more than 2% and is trading at 0.000022.
On Jan. 29, the crypto Twitter community was upset that the Bored Ape Yacht Club (BAYC) — the “supreme” of the NFT village — surpassed the 100 ETH floor price. The reserve price indicates the lowest price of an NFT in that collection.
So, to buy a BAYC now, investors will have to pay close to $262,000 or more, with ETH price close to $2,618 at the time of writing. At the time of launch in April 2021, the mint price per BAYC was only 0.08 ETH, meaning that the value of these NFTs has increased 1250x in less than a year.
The source: Twitter
In another development, pop star Justin Bieber purchase an NFT from the Bored Ape Yacht Club (BAYC) collection valued at $1.3 million in Ethereum (ETH) on the flagship OpenSea marketplace. NFT has a significantly lower reserve price as it is not uncommon.
Dogecoin co-founder Billy Markus posted a meme saying that Bitcoin and DOGE are essentially the same technology.
Under the hood, it’s pretty much the same engineering pic.twitter.com/D3p8EWfvjD
— Shibetoshi Nakamoto (@BillyM2k) January 28, 2022
Both coins are based on the PoW consensus algorithm. Dogecoin was created in 2013 as a parody of Bitcoin, inspired by memes related to the Shiba Inu breed.
Unlike Bitcoin, which has a maximum supply of 21 million (more than 18 million coins have been mined), Dogecoin has no supply limit. There are currently 132,670,764,300 DOGEs in circulation.
Robinhood released its fourth-quarter and full-year 2021 results on Thursday.
The company’s total net sales for the 2020 quarter increased 14% year over year to $363 million. For the year, total net sales increased 89% year over year to $1.82 billion. The trading platform’s transaction-based revenue, which includes revenue from cryptocurrency trading, totaled $264 million in the fourth quarter and $1.40 billion in 2021.
Regarding the plan for 2022, the exchange said:
“Robinhood has set ambitious goals to open its crypto platform to customers worldwide by 2022. The company believes in the enormous potential of the crypto economy and sees it as a great opportunity to serve customers worldwide.”
Visa has now partnered with over 65 crypto platforms and exchanges. Additionally, the payments giant announced that crypto card usage surpassed $2.5 billion in the fiscal first quarter, or “70% of full-year 2021 payments volume.”
The giant discussed its crypto strategy and achievements during the company’s earnings press conference on Thursday. Visa CEO Al Kelly said:
“Many current payment trends, including … cryptocurrencies and wallets, are creating new payment opportunities. These are all visa opportunities.”
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