Hello crypto community,
Welcome to the crypto news of today. As usual, the space has multiple things to say. Bitcoin may be a trap for short-sellers, Gemini challenges Binance, Razer considers cryptocurrency payments, and Warner Bros’ Bugs Bunny goes NFT with LeBron James.
News in a nutshell:
- Bitcoin trap: exchange withdrawals, whale’s share in 2-year highs, short orders spike
- Binance troubles continue: Gemini to compete, Clear Junction to stop processing payments
- Ukraine seized thousands of PS4 from the illegal crypto mining farm
- Razer considers accepting cryptocurrency payments
- Nifty’s partnered with Warner Bros, introduces NFTs for Space Jam: New Legacy
Bitcoin trap: exchange withdrawals, whale’s share in 2-year highs, short orders spike
Bitcoin price keeps swinging sideways, but the amounts of Bitcoins that leave crypto exchanges suggest the accumulation is happening. As Glassnode analytics reported, Bitcoin outflows from crypto exchanges are growing. Now nearly 2,000 Bitcoins leave trading platforms each day.
Withdrawals from the exchanges typically mean investors are determined to hold their assets. It’s an opposite trend to the one markets saw in April and May, when Bitcoin flooded the exchanges and prices dropped down by half.
Herewith, another crypto data firm Santiment says, Bitcoin wallets with over 100K BTC sit at the 27-month highs. These are the wallets that hold 3.6% of Bitcoin’s total market cap supply.
Flipsider:
- At the same time, Bitcoin short-selling orders keep spiking. If the events continue to roll further like that, we’ll definitely see a new bloody short squeeze. Especially if rumors of Apple (NASDAQ:AAPL) spending $2 billion on Bitcoin are confirmed.
Binance troubles continue: Gemini to compete, Clear Junction to stop processing payments
- Payment solutions provider Clear Junction informed it will stop processing payments to Binance crypto exchange. The company made a decision after the UK’s financial authority FSA reported Binance is operating without regulatory permission.
- Gemini crypto exchange plans to surpass Binance by volume, Cameron Winklevoss, one of the Gemini exchange co-founders, told Bloomberg. Binance is currently the largest crypto exchange by trading volume. Gemini aims to win over unregulated Binance because of the regulatory compliance.
Flipsider:
- Almost game of thrones here. Besides the fierce attacks from East and West regulators, Binance gets a new adversary, intending to conquer the crown. Quite the new season of power struggles in front of us.
Ukraine seized thousands of PS4 from the illegal crypto mining farm
Ukraine’s security services discovered the largest ever illegal cryptocurrency mining farm in the country. The officers reported over 5000 devices were connected to the local power grid and were stealing energy to mine digital currencies. 3800 of these units were gaming consoles, mostly PS4 Pros.
The mining farm was stealing from $186k to $259k in electricity each month, said the officials. The scale was so big that it could leave the neighborhoods without electricity.
Flipsider:
- PlayStation 4 usually is not the most effective hardware to mine digital coins. Neither it is so edgy like the latest South Korean alternative, that helps to mine cryptos from human poops.
- Maybe it’s for the best. Just imagine poor officials trying to catalog evidence.
Razer considers accepting cryptocurrency payments
The high-end gaming hardware manufacturer Razer might start accepting cryptocurrency payments in the future. The company’s CEO, MIn-Liang Tan verbalized recently that his company considers accepting cryptos as an alternative payment method.
The gaming giant has been in digital currencies already. The company offered a crypto mining program three years ago, based on Ethereum mining by using inactive computer power.
Flipsider:
- It’s interesting, which coins exactly Razer will choose to accept in the future. But as long as the gaming giant manages to mine coins through inactive computer power, the chances are low that Razer will face Tesla’s drama of Bitcoin sustainability issues.
Nifty’s partnered with Warner Bros, introduces NFTs for Space Jam: New Legacy
NFT project Nifty announced a partnership with Warner Bros and an official launch of the first social NFT platform, that aims to bring digital collectibles to mainstream audiences. The platform will feature the first collection of NFT characters from the upcoming movie Space Jam: A New Legacy. The half-animated action film will feature basketball legend LeBron James and eight iconic characters from Looney Tunes.
Accordingly, Nifty has raised a $10 million seed round including investors from Polychain Capital, Ethereal Ventures, Coinbase Ventures, Dapper Labs, Polaroid, Samsung (KS:005930) Next and multiple other companies.
Flipsider:
- Well well, we didn’t have to wait long at all. Bugs Bunny jumps into NFT right after the corset-wearing Playboy bunny enters the space. The future increase of the bunnies remains to be seen.
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