Crypto: The weekly Roundup of Essential News
Week after week, the crypto sector continues to innovate and boldly redefine the boundaries of finance and technology with creativity. In this weekly roundup, we will dive into the heart of the most notable news from the past week.
The French Opt for Cryptos Over the Stock Market
A recent survey conducted by the French Financial Markets Authority (AMF) reveals a growing preference of the French for cryptos over stocks and ETFs. Currently, 9% of French adults hold cryptocurrencies, compared to 7% in stocks and 2% in ETFs. This trend is particularly pronounced among the younger demographic, with 31% of them open to being paid in cryptocurrencies. The impact of the pandemic has played a role in this shift in investment preference. Furthermore, 24% of French adults are investing in various financial instruments, and over 10% are turning towards real estate funds.
Over 81,000 Bitcoin Wallets Cross the Million-Dollar Threshold
The year 2023 has witnessed a spectacular increase in the number of Bitcoin wallets containing at least a million dollars, with over 81,000 wallets hitting this milestone. This rise represents an impressive 237% growth compared to the previous year. Holders of these wallets include crypto ecosystem notables such as Brian Armstrong from Coinbase, Michael Saylor from MicroStrategy, and Changpeng Zhao from Binance, as well as notable investors like Tim Draper and the Winklevoss twins. This trend is not limited to individual investors; financial institutions are also beginning to acknowledge Bitcoin as a store of value and a lucrative investment.
NFT: A Spectacular Rebound in Sales, But For How Long?
After a period of decline, the NFT (Non-Fungible Token) market is experiencing an impressive rebound. Data from Nansen indicates that NFT sales volume has climbed to $129 million in the week ending November 6, compared to $56 million in the week ending October 9. Industry experts like Jonathan Perkins from SuperRare and Sonia Shaw from CoinW are optimistic about the continuation of this upward trend. They see NFTs as an integral part of the evolving digital economy, with potential applications in various fields such as identity management, finance, and logistics.
Bitcoin: Auradine Dethrones Bitmain in the Miners’ Race
Auradine, a new Bitcoin miner manufacturer, has recently launched a 4 nm ASIC that outperforms its competitor Bitmain. Their Teraflux ASIC achieves 375 TH/s with immersion cooling at 15 J/TH, and 260 TH/s at 16 J/TH with air cooling and outpaces both Bitmain and MicroBT models. This technological breakthrough is significant in the context of geopolitical risks and cyber threats, as most ASICs come from China. Auradine, based in the United States, thus positions itself as a key player in securing the Bitcoin network.
The SEC Once Again Delays Decision on ETFs
The United States Securities and Exchange Commission (SEC) has once again postponed its decision on the approval of several Bitcoin ETFs, including the highly anticipated first spot Bitcoin ETF. This delay is not entirely unexpected, as the SEC tends to take its time to evaluate innovative financial products. The decision regarding Hashdex’s ETF, an asset manager looking to convert its Bitcoin futures ETF into a spot ETF, has also been pushed back to 2024. This lingering regulatory uncertainty, however, hasn’t prevented the cryptocurrency market from showing resilience, with a recent uptick in the price of Bitcoin. Market players remain optimistic about eventual approval, despite the SEC’s delays.
Bitcoin and Ecology: A Surprising Revelation!
A recent study contradicts the stereotype that the Bitcoin ecosystem is particularly harmful to the environment due to high energy consumption. According to data from CH4 Capital.com, the Bitcoin ecosystem uses 52.6% renewable energy, thus surpassing major sectors like banking (39.2%), industry (32%), and agriculture. This green energy usage also exceeds that of the gold industry (12.8%) and the iron and steel industry (9.8%). Despite a record increase in hashrate, CO2 emissions related to the Bitcoin network have remained stable over the past four years, challenging the usual environmental critiques leveled at the crypto industry and suggesting that the sector could be a model of sustainability.
57% of Institutional Investors Bet on Crypto!
According to a survey by Coinbase and Institutional Investor, 57% of American institutional investors anticipate an increase in cryptocurrency prices in the coming year, marking a significant increase from last year’s 8%. Moreover, 64% plan to increase their crypto investments over the next three years. This trend is supported by the 45% of current non-investors who are planning to enter the crypto space. Cryptocurrencies now rank third among 14 asset classes in terms of risk-adjusted profitability, just behind private equity and American stocks.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.