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Festivals were already a precarious business, but after a record year in 2019 the coronavirus pandemic brought outdoor events to a halt. The FT talks to organisers, bands, and stage hands to find out whether they can bounce back.
#musicfestivals #arloparks #hotchip #sistersledge #elderisland #glastonburyfestival #standoncalling #latitudefestival #britishsummertime #festivals #music #lollapalooza #boomtownfair #wildernessfestival #coachella #strawberriesandcream #standon #womad #alextrenchard #livenation #liveevents #albatorriset #Ålesund #daðifreyr #livemusic
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Francisco Gimeno - BC Analyst Brilliant documentary. The entertainment sector got really hit during the hard months of the COVID Pandemic. The music sector, particularly dealing with live concerts and festivals, always a risky business, has been a disaster. We are, maybe, on times of recovery now, and soon, with the proper post Covid rules, hope to enjoy again the exciting and emotion of a music Festival. Well done, FT!
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Cornell University academic, Eswar Prasad, who once led the International Monetary Fund’s China team, says China is just trying to protect the Yuan by banning all crypto transactions in the country. He's on "Balance of Power."-
Francisco Gimeno - BC Analyst Interesting opinion on the latest crypto ban from China. Let's remember that this country is leading on blockchain tech, experimenting with a digital currency and there has always been the idea that on the long term crypto is a threat to fiat State currencies. Just now the crypto market is not yet big enough and it's too much speculative, but a Crypto.2 could be much different.
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BTIG Managing Director - Research - Digital Assets Mark Palmer joins Yahoo Finance to discuss how cryptocurrency companies are reacting to the possibility of regulations and the lack of educated lawmakers dealing with crypto policy.
#crypto #cryptocurrency #Digital #Ripple
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Francisco Gimeno - BC Analyst Any SEC movement against or for crypto is a global issue. The lack of a comprehensive regulatory framework, the uncertainty, is not good for any of the players in crypto or DeFi. The already long case of SEC vs Ripple is one of the first big steps of this road. And a lot will depend on how SEC acts, to clear or muddle the ways things are gong to go. By now, instead of being proactive, it seems they depend more on what a Court will say, creating a legal opinion. What do you think?
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Gavin Wood, Polkadot Founder & Ethereum Co-Creator, joins Emily Chang to talk about the future of crypto and Polkadot’s ongoing adoption, and why looming regulation could be useful for the industry.-
Francisco Gimeno - BC Analyst Putting all the crypto networks, the different blockchains together? Not a new idea, but nobody has even tried to do this due to the complexity of the systems which were not created to interact or interoperate together. That is why we have maximalists, for instance. Polkadot people are really vissionaries just for trying to put forward this. The 4th IR is about building bridges. A new Crypto.2 market would be better if Polkadot could do this.
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Time magazine launched a new NFT collection dubbed "TIMEPieces" Thursday, offering "unlimited access" to its website through 2023. All 4,676 tokens, each priced at 0.1 ETH tied to digital artworks, were sold in minutes. But the sale also clogged the Ethereum blockchain, with buyers spending almost four times as much on transaction fees as they did on the NFTs themselves. "The Hash" hosts react, discussing the implications for a historic American institution getting involved in the NFT space.-
Francisco Gimeno - BC Analyst The Ethereum blockchain gets problems yet when big sales like this one "TIMEPieces" NFTs happened. The transactions fees being also a huge problem by the way. We hope this is getting better in the next future! Otherwise, wile Ethereum is the up to now undisputed leader, other financial blockchain based options may be used for NFT business. Interesting that Time magazine itself expressed that after the sale they had to learn yet a lot about NFTs and its consequences for the new digital economy and world.
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"First Mover" is joined by the crypto-friendly Miami Mayor Francis Suarez, as the city just voted to accept a $5 million fund generated by the city-based cryptocurrency Miamicoin. Robhinhood announces the long-awaited crypto wallet feature is coming to its trading app by next year. The app’s Chief Operating Officer Christine Brown explains what that means for Robinhood's competitiveness in crypto trading space. Plus, crypto markets analysis from Michele Schneider, Managing Director of MarketGauge Group, as Federal Reserve Chair Jerome Powell signals bond-buying taper is coming “soon,” with the rate hike possibly starting next year.
#cryptocurrency #digitalfinance #finance #bitcoin #crypto
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Ross Gerber, Gerber Kawasaki Wealth & Investment Management CEO, talks about the effect of China calling crypto transactions illegal.
Don't Miss: Valley of Hype: The Culture That Built Elizabeth Holmes
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Francisco Gimeno - BC Analyst Sometimes it seems that when there is nothing to talk about, then let's talk about BTC's price! The truth is that all crypto is very volatile so any news concerning crypto makes prices go up or down, depending on the mood. And of course, when China bans (again!) all crypto trade, Evergrande news are all doom and gloom, a Pandemic (and all politics and conspiracy theories around it), it's not surprising that prices go down. This is like the weather, changing every day. But the big picture is long term. Inform yourself and be aware.
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Welcome to The Daily Forkast, September 24th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:38 D-day for Korean crypto exchanges.
02:39 Expert says e-CNY can be used for overseas payments.
04:38 Sushiswap denies claims of vulnerability from white hat hacker
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First up, doomsday in South Korea for crypto exchanges who have failed to live up to new regulations this day has been looming. Exchanges must submit a full compliance report by midnight Korea time or else they face closure. Now around 40, which is more than half of Korea’s crypto exchanges, are expected to simply disappear. But regulators say the country’s new crypto regulations are designed to create a safer environment for investors. Crypto exchanges in Korea were given six months to meet requirements under the new law, with the deadline set for September 24. Only four of Korea’s largestm Upbit, Bithumb, Coinone and Korbit, fulfilled both requirements. One – getting certified for security of personal information and two – partnering with a bank to provide users with real-name bank accounts for transparency.
Meanwhile, developments in China’s e-CNY project continue to speed up. An expert from the Export-Import Bank of China, a state-owned policy bank, said the digital currency can be used for overseas payments and has strong international competitiveness.
Now that’s huge. That brings the goal of internationalization of the RMB that one step closer. The big question is how much of a challenge to the U.S. dollar’s global dominance could it present? According to a report from Russian news agency Sputnik. Liu Yihua, a Deputy Director of Marketing Policy Guidance at EXIM and researcher at the Taihe Institute, said that when the e-CNY is used outside of China, permissions from local central banks would be required and foreigners can set up e-CNY wallets with local banking institutions.However, an official from the PBOC said the digital yuan is still primarily used for the domestic market at the moment, and one expert told us developing international significance may take some time. Roche says while countries like Thailand and Laos will be keen to encourage tourism by allowing e-CNY accounts, and others which sell their goods to China may feel obligated to use it, overall, these are only small contributions.He says the U.S. dollar gained dominance historically due to its institutional framework, and replacing the factors that allowed it to achieve that position will be no quick or easy feat for any currency to accomplish.
A showdown of sorts between one anonymous white-hat hacker and Japan-based decentralized exchange SushiSwap. Now, the anonymous hacker published a report claiming that one US$ 1 billion worth of funds were at risk due to a vulnerability in two of SushiSwap’s contracts – MasterChef V2 and Mini Chef V2. They stated that an emergency withdrawal function designed as a safety net would not work as intended. Now, the hacker went on to say the issue was reported to bug bounty platform Immunefi, which offers rewards of up to US$40,000 for valid claims. But developers over at SushiSwap rejected the hacker’s bug claim with a coder from the platform, tweeting “This is not a vulnerability. No funds are at risk.” And SushiSwap says over 100 invalid vulnerabilities are actually reported to it every month, and anything submitted via Immunefi is triaged within minutes. Well, as you can imagine, that didn’t sit quite right with the anonymous white hat hacker, accusing SushiSwap of handling the matter too casually and warning other white hats if they think they’re going to get rewarded for their work, you might want to think again.
So this might sound like bickering, but actually there could be bigger implications here. Just last month, a flaw in SushiSwap’s Miso token sale was spotted, and a potential US$350 million worth of losses was avoided thanks to a white hat hacker. Bounties are kind of like incentives, maybe sometimes better to incentivize those looking out for everyone’s greater interest.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #eCNY #DigitalYuan #CBDC #Sushiswap #CryptoExchange #China #SouthKorea #Upbit #Bithumb-
Francisco Gimeno - BC Analyst Forkast always condenses the maximum information for viewers on Asian crypto and blockchain news in just five minutes or less. It's just amazing. Despite the warnings and the deadlines, many Korean crypto exchanges were not complying on the 24th of this month and now they won't be able to operate. China banning the crypto but already planning for using its Digital Yuan internationally. And many other interesting bits.
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Evergrande is quickly becoming the biggest financial worry in a country with no shortage of them. Fears of a default by the real estate developer, with $300 billion in liabilities and links to myriad banks, have roiled global markets as investors assess the potential impact on the financial system and the broader economy. Yvonne Man and David Ingles take a deeper dive into the latest developments and explores what what lies ahead.-
Francisco Gimeno - BC Analyst We were cautiously optimistic last week about Evergrande. Too big to fall, isn't it? Then, last Friday, it didn't comply with its financial obligations, and now there is less than a month to see if it will comply or a default crisis start. Some remember 2008 when they say the same, everything was all right... until it wasn't. There is time yet to fix this, if China's government intervenes, either by supporting Evergrande or by somehow avoiding the cascade of defaults and crashes that could happen. Let's not forget also that Evergrande is just the symbol of all real property development sector in that country. And that global economy is not healthy just now.
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Fears that one of China's biggest property developers could default on its debt are rippling through global markets.
The vast Evergrande group has outstanding debts of more than $300 billion.
Building work on many of its projects has stopped, and several investors have stopped getting paid.
On Friday, the company entered a 30-day grace period to make an $83 million interest payment, after missing a deadline.
The firm's woes have been compared to the collapse of the Lehman Brothers group in the U.S. in 2008.
So, what would a possible collapse of this company mean for China and the world?
Presenter: Kim Vinnell
Guests:
Gareth Leather - Senior Economist at Capital Economics.
Victor Gao - Chair Professor at Soochow University, and also Vice President at the Centre for China and Globalisation.
Adam Hersh - Visiting Economist at the Economic Policy Institute.
#China
#Evergrande
#InsideStory-
Francisco Gimeno - BC Analyst What is China's government going to do with Evergrande, in fact with the whole real property development sector? We can just speculate. Probably, the first thing will be to safeguard the rights of investors in housing and property. This is a Chinese standard policy. Then we have to see. Maybe fix and revamp the sector, or let it fall in a controlled way (if that's possible at all). Anyway, it's time for hard decisions and changes.
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China has issued its strongest signal yet on its determination to crack down on the cryptocurrency industry. The People’s Bank of China said all crypto-related transactions, including those involving bitcoin and tether, are illegal and must be banned. Joanna Ossinger reports on "Bloomberg Surveillance Early Edition." -
CNBC's "Squawk Box" team discusses cryptocurrencies plunging after China's crackdown and what's next with Anthony Scaramucci of Skybridge Capital.-
Francisco Gimeno - BC Analyst China loves banning. From Google to Facebook, to crypto... more of the same, and always stirs the FUD. Its government has an advanced State blockchain plan (always the idea of control and power), its Digital Yuan experiment, stating that it's all for the good, security and safety of all Chinese citizens. What do you think?
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Jon Najarian joins the Halftime Report to discuss China's new crackdown on digital currencies. Bitcoin stock plunged after this morning's announcement. -
Bitcoin, Ether and other digital tokens tumbled as China intensified its push to rein in crypto speculation and mining. Eddie van der Walt reports on "Bloomberg Surveillance Early Edition." -
Emily Parker, Coindesk managing director of international content, and Meltem Demirors, Coinshares chief strategy officer, join The Exchange to discuss China's effect on crypto markets amid digital currency crackdown. -
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📺Essential Videos📺
SEC’s Views On Cryptocurrency 👉 https://youtu.be/uPBR3mn6wKU
El Salvador’s Bitcoin Adoption 👉 https://youtu.be/1_jXGGA41SY
Crypto Mining And Climate Change 👉 https://youtu.be/DidAwxWaDKI
FATF Crypto Regulations 👉 https://youtu.be/cZyTDJPnp14
Gary Gensler Full Hearing 👉 https://youtu.be/WxxyDMBRu9E
~~~~~
⛓️ 🔗 Useful Links 🔗 ⛓️
► Howey Test Explained: https://www.investopedia.com/terms/h/...
► Gary Gensler Full Testimony (Written): https://www.sec.gov/news/testimony/ge...
► Circle USDC SPAC: https://cointelegraph.com/news/breaki...
► SEC Threatens Coinbase: https://cointelegraph.com/news/sec-th...
► Fidelity Sits Down With SEC: https://cointelegraph.com/news/fideli...
► Gary Gensler CNBC Interview Transcript: https://www.cnbc.com/2021/09/15/cnbc-...
► Gary Gensler Washington Post Interview: https://www.washingtonpost.com/washin...
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- TIMESTAMPS -
0:00 Intro
1:47 SEC Recap
4:51 Gary Gensler Hearing
6:39 SPACs And Stablecoins As Securities
8:58 Crypto Regulations
11:39 Other Topics Discussed
14:24 Investors vs. Banks
17:46 Aftermath Of Gary’s Hearing
21:11 Outro
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👨🏫SEC Recap👨🏫
The Securities And Exchange Commission or SEC is a financial regulator in the United States that seeks to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation
The SEC does this by setting and enforcing regulations around securities. Securities include assets like as stocks, government and corporate bonds, and even some cryptocurrencies
The problem is that the SEC’s classification of what counts as a security when it comes to cryptocurrencies has not been entirely clear
👨💼Gary Gensler Hearing👨💼
SEC Chairman Gary Gensler recently testified at an annual hearing with politicians and discussed various topics
Though not mentioned in the oral version of his opening statement, Gary details the areas of cryptocurrency that concern the SEC in the written version which can be found on the SEC’s website
These are ICOs, crypto trading, lending, and borrowing, stablecoins, stocks that offer exposure to cryptos, and cryptocurrency custody
💲SPACs And Stablecoins💲
The reason why this is relevant to crypto is because Circle, the company that issues USDC, announced back in July that they’re planning to go public via SPAC
Any serious action by the SEC against the current SPAC set up could jeopardize Circle’s stock listing
When pressed by Senator Toomey, Gary was unable to explain why stablecoins could be classified as securities despite not meeting the expectation of profit criteria found in the Howey Test
⚖Crypto Compliance⚖
Gary started off by saying that crypto projects should come and talk to the SEC if they’re concerned about their regulatory status
Then, then Gary casually acknowledged the fact that existing regulations don’t quite work for crypto because they were ‘written in a bricks and mortar time, and now we’re in a digital time’
🕵️♂️Climate Change And Cybersecurity🕵️♂️
Most of the hearing centered around other topics, namely climate change and cybersecurity, both of which are related to crypto given the bad press
Gary named chasing yields as a top financial risk and specified that ‘the reach for yield not just by retail investors but investors more broadly’,
🤼♂️Investors vs. Banks🤼♂️
Banks only have power because of the people who park their money there. At any time, those investors could move their money somewhere elsewhere.
From where I’m standing, it looks like all that money is moving into crypto, and Gary’s comments are just the tip of the evidence iceberg
🎤Aftermath Of Gary’s Hearing🎤
Gary told CNBC that the SEC is in the middle of cracking down on cryptocurrency. He also called DeFi an ‘amazing innovation’.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#SEC #Defi #Crypto #Gensler #Congress -
Cumberland's Chris Zuehlke joins 'Squawk on the Street' to explain how cryptocurrencies performed in light of the Evergrande news, how cryptocurrencies could counteract hyperinflation and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
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Francisco Gimeno - BC Analyst Times are confusing in the financial world. With Evergrande and other issues, the crypto market shows the usual volatility, but at least it has not gone down so much as with former events. The economy globally is not in good health, and any small black swan would damage it even more. We need a strong digital economy based on a new crypto market.
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As the NFT market grows tenfold, how do you distinguish between what's a keeper and what's not worth it over time?
To give you an insight on NFT investing 101, Yat Siu, a co-founder of one of the largest NFT platforms, Animoca Brands, has some inside tips.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #NFT #NonFungibleToken #YatSiu #AnimocaBrands #Art #DigitalArt #Investment #Investing #Asset
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Francisco Gimeno - BC Analyst NFTs are too hot just now. But, how to understand them, and also, how to unlock their real value, without dismissing them as scams or believing the bubble? Where is the middle point where we as believers in a new digital economy may use the NFTs as real assets. We are just beginning to understand their importance in this new world.
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Welcome to The Daily Forkast, September 23rd, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:40 Well-known VC names validate NFT space.
02:41 Crypto investors brush off Evergrande concerns.
03:57 Korean lawmaker reveals crypto exchange data ahead of September 24 deadline.
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First up, Dapper Labs, the company behind the NBA Top Shot NFT series, is the latest to announce a hugely successful funding round led by two other participants in the US$250 million round include a16z, GV and GIC. And that follows hot on the heels of SoftBank leading a USS$680 million round in French fantasy soccer game NFT startup Sorare. Softbank is known for investing incredibly large amounts that send valuations soaring. Could this mean that investing in NFT companies is set to get more expensive? One expert told Forkast.News that the NFT market is hot right now, with valuations inflated, but resources are looking for investments with high potential. Yat Siu of Animoca Brands, which has previously invested in Dapper Labs, says SoftBank’s move will encourage a wider pool of investors to get involved. Gazmararian says that in terms of validating the industry, the numbers getting involved going from tens to hundreds of thousands is actually more important than SoftBank’s involvement. Both agree that as the market is so new, there are still opportunities for VCs to find companies with lower valuations.
Meanwhile, news of developer China Evergrande Group resolving a scheduled payment has sent markets back into positive territory. The crypto market was up across the board as markets opened Thursday morning at Asia time. Polkadot and Solana saw the biggest moves, each gaining 17% over the past 24 hours. Bitcoin gained 5%, while Ethereum gained 9% and Cardano regained its third spot position, as Evergrande stepped back from its debt cliff. However, one expert told Forkast.News that while one coupon payment is being resolved is good news, many uncertainties remain, including the full details of that payment. With regard to restructuring, he’s sceptical as to whether the Chinese government would consider turning Evergrande into a state-owned enterprise. Sullivan also says he’s concerned over the news that China Estates has been selling down its stake, as historically Evergreen has had a lot of friends who would be willing to support it, which means investors should be wary of a dead cat bounce.
And finally, with Korea’s crypto deadline looming, data is revealing more about the massive popularity of crypto trading in the country. There are currently three types of exchanges in Korea – those that have met both the government-mandated requirements, those that have met only one of the two, and the rest which have failed to meet any. Only four: Upbit, Bithumb, Coinone and Korbit have met all the new standards. And according to data from lawmaker Kang Ming-kuk, these four oversee more than US$50 billion worth of deposits or about 96.1% of total deposits in crypto in the country. Now, between them, they have 12.5 million users, but Upbit remains a dominant player, responsible for 8.2 million of that total. So here’s how it stands just one day before D-Day. 25 smaller exchanges meet one requirement being certified for their level of information security. Now, these exchanges cannot offer cash-to-crypto functions they operate instead token-to-token services. Data from 18 of these show a little less than US$2 billion worth of deposits shared across 2.2 million users. And thirty-something exchanges that fail to meet either requirement have already shut down or will close as of Friday. Now, many have already raised a lot of noise here, denouncing authorities, saying their tactics have caused an exodus of users into just the dominant four, the big guys get all the glory while the little ones are forced into extinction.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #VentureCapital #NFT #Evergrande #Softbank #GIC #Sorare #CryptoExchange #China #Korea-
Francisco Gimeno - BC Analyst The fears on Evergrande continue, even with the reassurances from the company and China. Now, we can't do anything but wait to see what happens. Meanwhile big money continues looking for spaces in digital economy to go, and it's time for NFTs to receive the VC money. What will this mean if there is a bubble? Korean exchanges continue their work to comply with State regulations.
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Richard Heart is a serial entrepreneur, author, YouTuber, and philanthropist. He is the founder of Hex, the world’s first high-interest blockchain certificate of deposit and PulseChain network. Heart is known for raising over $27 million for medical research.
Follow Zuby - https://twitter.com/zubymusic
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Francisco Gimeno - BC Analyst Great interview with Zuby and Richard Heart. If you haven't heard of him, you will be surprised about his particular clear, honest and very smart ideas on almost everything, something that makes him also getting enemies on the world of entrepreneurship. The title of the podcast is amazing enough to make us think twice. When listening to him, surely you will be reacting other in favour or against him in a strong way. So, at the end, "Is everything a Scam"?
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James Sullivan, head of Asia Pacific equity research at JPMorgan, discusses the debt crisis at China Evergrande Group and its implications for the region's markets. He also talks about Federal Reserve policy with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."-
Francisco Gimeno - BC Analyst The Evergrande crisis is on the forefront of all financial news now. There is a lot of FUD and few clear heads. Many think that this won't be a systemic risk but only a structural risk, meaning it won't go beyond the local Chinese economy. However, many others have concerns Evergrande could be the trigger of more crashes. How is this going to really affect China and how what it happens there is going to affect the rest of the world? Take care out there.
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China's Evergrande has bought itself a lifeline by agreeing to make a $36 million dollar interest payment due to domestic lenders on Thursday. That was enough to calm global markets that have been rocked this week by the Chinese property giant's debt crunch. And more importantly, it buys Evergrande some time to find a way out of a full-on collapse that could wreak havoc on the Chinese economy.
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#Evergrande #China #default-
Francisco Gimeno - BC Analyst Evergrande is too big to fall, so reassuring investors of payments is urgent to avoid a possible massive default. Chinese financial authorities are probably behind this, to make sure there is tranquility and not FUD news. Now is time for urgent measures, but China needs to probably reestructure the whole property development market as soon as it's possible to avoid other Evergrande.
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CNBC's Eunice Yoon discusses a Wall Street Journal report that says China is asking local governments to prepare for Evergrande's downfall.-
Francisco Gimeno - BC Analyst The Evergrande saga has two sides, an international and a local one. While authorities and Evergrande itself reassures investors, locally they prepare for a real property development possible crash, in which Evergrande has a big part. Let's not forget that China has an all powerful central government combined with decentralised local governments which collect taxes, are in charge of revenue generation and have to deal with the land issues.
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Welcome to The Daily Forkast, 21st September, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:30 Crypto market hit by Evergrande’s debt woes.
02:06 Bitcoin mining difficulty continues to rise.
03:35 Modern Mid-Autumn sees mooncakes in the metaverse.
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First up, crypto markets were down across the board Tuesday morning, Asia time, with only stablecoins holding steady. Bitcoin, Ethereum and Cardano fell by as much as nine percent in 24 hours, and Cardano lost so much ground it actually slipped from the number three position it has held on for the past few months. Evergrande shares began falling in August after regulators warned the developer over the risks defaulting on its US$305 billion dollars worth of debt could pose to the market stability. And with fears of contagion hitting all global economies, investors are taking risk off the table across all asset classes. One expert told Forkast.News that the extent and scope of people invested is the biggest issue, with the impact set to hit national and local suppliers, trust funds and investors. And while the notice it sent to banks saying interest payments expected on Monday wouldn’t be made, spooked markets, Thursday could prove key. “The bigger one is is the whether it makes the bond payments on Thursday when all the markets are open. And by not making the payments, that doesn’t actually necessarily trigger a default, the default would come 30 days later because you have that grace period. But it could well be, but by not making that payment, it triggers other covenants in other loans. It’s just the uncertainty and the complexity.” Sullivan says investors and suppliers are unlikely to be swayed by offers of real estate. And Beijing is reluctant to get hands on involved, preferring to see a market solution. Whatever happens, he says the fact that crypto investments are easy to liquidate could prove an advantage.
Meanwhile, bitcoin miners could also be set for a hit. China’s clampdown on mining saw the mining difficulty plunge earlier this year, but with the total hashrate continuing to recover, we’re also starting to see ongoing increases in mining difficulty. According to data from BTC.com recorded Tuesday morning Asia time, the bitcoin mining difficulty level is expected to increase 3% in the latest adjustment. China’s clampdown resulted in four consecutive declines beginning in May, but this latest adjustment follows four consecutive increases. Mining difficulty is calculated every 2016 blocks or approximately every two weeks, and the increases we’re seeing could be down to the recovering hash rates. Data from Blockchain.com shows the total bitcoin hashrate plunged from an all-time high of 180.67 million terra hashes per second in May to 84.79 million on July 3rd. But it’s been on an upward trend since. Monday saw that reading at 139.54 terra hashes per second. Such increases can hit miners’ profit margins, but that has not put one player off – Genesis Digital Assets recently signed a deal with Canaan for 20,000 mining rigs, with an option to purchase 180,000 more.
And finally, happy Mid-Autumn Festival to you! One of the most celebrated holidays is being marked across East Asia, with some celebrations taking a very modern twist.
Fancy stepping into the metaverse to celebrate with an NFT mooncake or showing your love of crypto by biting into Bitcoin? No Mid-Autumn Festival is complete without a gathering of family and friends. But with the ongoing pandemic and reunion plans for some in the physical world scuttled, the virtual metaverse has emerged as a way for people to connect. Decentraland China has designed a Mid-Autumn Festival themed space for the community to gather in the Metaverse, and its limited-edition mooncake NFT it prepared for visitors to its zone have all been snapped up. “In the virtual world, everybody communicates and interacts with other people from around the world, to share a sense of happiness.” For those who prefer mooncakes they can actually taste, Wesley Wan, the founder of vegetarian food retailer Esca, has been offering crypto embossed versions in a Hong Kong mall. And Hong Kong’s love of crypto has proven strong, Wan says demand has far exceeded his expectations.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Evergrande #Bitcoin #MidAutumnFestival #MoonCake #中秋節 #月餅 #NFT #Metaverse #BitcoinMining-
Francisco Gimeno - BC Analyst At the time we are writing this, Evergrande has assured the investors of payment, so not to fall in default. However, the crypto market, always so sensible to volatility, goes on low prices and some FUD. News that BTC mining is probably going to become more difficult is not helping. NFTs, however, is on hype and everywhere.
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📺 Useful Vids 📺
Global Macro Bitcoin 👉 https://www.youtube.com/watch?v=NE9b7...
Stablecoin Reserves 👉 https://www.youtube.com/watch?v=TxcTD...
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⛓️ 🔗 Useful Links 🔗 ⛓️
Chinese Property Market Bubble: https://www.wsj.com/articles/china-pr...
Ming Zhao Tweet: https://twitter.com/FabiusMercurius/s...
Western Bonds Buy: https://www.ft.com/content/87fddf09-e...
Funds Exposed: https://www.bloomberg.com/news/articl...
Evergrande House of Cards: https://www.reuters.com/world/china/c...
What is Commercial Paper?: https://www.investopedia.com/articles...
Evergrande & Crypto: https://cointelegraph.com/news/does-e...
Tether Attestation: https://tether.to/wp-content/uploads/...
Tether Concerns Cramer: https://www.cnbc.com/2021/09/20/crame...
China's Three Red Lines: https://www.bloomberg.com/news/articl...
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- TIMESTAMPS -
0:00 Intro
1:41 China’s Property Bubble
5:50 The Evergrande Saga
8:07 Evergrande’s Debt Problem
12:31 Global Contagion
16:20 Impact on Crypto
17:57 Tether Reserves
21:18 Conclusion
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Evergrande #Bitcoin #tether #default #Lehman #crash-
Francisco Gimeno - BC Analyst As usual with CoinBureau informative and interesting knowledge on the Evergrande saga, starting with the background problem, the real property development sector in that country, that seems to be in a bubble too big and ready to explode, the possibility of global consequences both in tradicional and crypto finance. Should we be worried? Watch this and let us know.
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