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| Where Does Crypto Stand Right Now? |
The
Bitcoin price is ranging right now and we are ranging hard while we did a deep
dive on what to expect if you are a bitcoin holder. I just
talking Altcoins so like always check the time stamps down below to find the
news that's best for you and let's jump in starting with our first piece of
news involving.
Algorand
Algorand has just rented out a time square
billboard to tout their green credentials ahead of earth day. But this ad buy
comes with a dark twist, so if you hold the Algo token a lot of you are excited
about this. I guess this is a rendering of Al grant's time square activation
this is what the ad is intended to look like but in their viral attempt to send
a message. I guess on Thursday, April 21st which I guess is Earth Day they will
darken Times Square in New York to exhibit Algren's dedication to
sustainability so they will darken Times Square to show that Algrant cares
about earth-saving energy. The takeover will begin with a billboard showing
an environmentalist called to action so we will begin with their ad before
going dark for an hour starting at 8 PM Eastern Time.
The ad spending is pegged to Earth Day in the US
in a direct quote from Algorand Foundation CEO on why they are doing this. We
wanted to make a bold statement on a large platform to educate the general
public that advances in Blockchain Technology like those employed at Algorand
have made it greener and more sustainable than the first generation proof of
work Blockchains and definitely more green than traditional banking in
financial rails very interesting. I could see something like this definitely
being picked up by all the mainstream media outlets and potentially going viral
and just to give you the Stats Times square going dark for One Hour saves Six
Thousand Five Hundred Kilowatt Hours of Electricity according to Algorand and
their CEO said that figure is equivalent to 350 Million transactions on the
Algrant Blockchain.
Moon Birds NFT's
fly on their debut clocking in over 200 Million
Dollars in sales and the project is the first tied to Kevin Rose's proof
collective a private community of NFT collectors. Whose membership pass cost at
least 99 Ethereum. This private collective sort of got their first pick got
first access to the mint I believe but let's just go over the details and
unpack this together the collection of 10,000 PFS’s(Profile Pic) has racked up
69, 000 Ethereum worth Hundreds of Millions of Dollars in total sales, boasting
a floor price right now of 21.3 Ethereum (roughly$ 64,000) each for each of these
NFT’S there is a minimum of a $ 64,000-floor price at least at the time of
recording the debut. Moon Birds is on top of OPEN SEA’S volume leader
board not just for the week but for the last 30 days, ahead of Azuki (50,000
Ethereum) volume and ahead of Board Api Yacht Club (35,000 Ethereum
) volume.
So it's beating out the Blue Chips at least for
its first month. anyway, the final thoughts the controversy for this mint was
this the project's mint came with some controversy from complaints of a hefty
2.5 Ethereum mint price to also raffle manipulation and concerns of rarity
sniping which is projects leaders buying up rare editions using insider
knowledge by its developers anyway that is what's going on in NFT land.
Read More: The Biggest Move in Bitcoin Is Made By Fidelity Investments!
Terra Luna
Terra Luna's stable coin UST becomes Crypto's
third-largest so the Dollar pegged UST has overtaken finance USD to become the
Crypto Market's third-largest stable coin by market capitalization a big day.
If you hold Terra Luna as their stable coin is a part of the ecosystem now will
this trend continue is this just hype at the moment time will tell but just to
paint the picture what's the difference with these table coins BUSD for example
is a fiat-backed stable coin meaning the stable coin's custodian in this case
PAXOS for BUSD holds the equivalent amount of BUSD circulating in cash, cash
equivalents or other traditional assets.
So the backing is held by a centralized
custodian very similar to USDC and USDT but with Terra's stable coin. However,
is built much differently instead of a centralized entity holding traditional
assets be it cash or bonds this stable coin is designed to keep its peg to the
greenback the dollar via a mint and burn mechanism as well as savvy market
arbitragers. UST is what's known as an algorithmic stable coin. Here's how it
works to create one UST users must first buy and then destroy $ 1 of Luna
(Terra's governance and staking token). The inverse is also true each time you
swap $1 of Luna for USD you must destroy one UST.
Ethereum
The
Ethereum Foundation now reports to hold nearly 0.3 % of all Ethereum in
existence so for the first time ever they put out an annual report just going
over some of the stats. The Ethereum Foundation Treasury has $ 1.3 Billion
Dollars in Ethereum over $ 300 Million Dollars in non-crypto investments and
another $ 11 Million Dollars in other Crypto Currencies according to a 2021
financial report released today. Obviously, we knew they had a lot of
money the question on everybody's mind was always well how much does Ethereum
do? They actually own because they were there from the beginning you know they
did a pre-sale, do they hold a lot of the supply well as of March 31,2022?
Again this is just according to them the Foundation's Ethereum holdings amount
to nearly 0.3 % of the entire east supply. which honestly not that much so take
this as you will this small number is bullish to me but again. I wish we had a
third party to come and do their own report and verify this.
Altcoin Monero
The
Monero community reaches a consensus for their July hard fork so this is
going to be an upgrade for the coin here's what this upgrade means the popular
privacy coins hard fork will include increasing the chain's ring size from 11
to 16, adding view tags to outputs to reduce wallet scanning time as well as
introducing bulletproofs and implementing fee changes. So a lot of
different big words let's break this down together number one first and
foremost is the increase in ring size. Raising the number of ring signatures is
meant to ensure that transactions have larger anonymity, set making it harder
to reverse engineer the source of the transaction. So this should make it more
private for view tags. One developer pointed out that view tags could reduce network
scanning times by up to 40% so making it more efficient in deriving the output
public key for its anonymous transactions. So more efficiency and finally the
upgrade of bulletproofs, a zero-knowledge proving system, will be used for
range proofs in Monero. The feature will result in faster encryption and
verification on the blockchain. So a little bit more private a little bit more
efficient the Monero community is happy.
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