It was another good day for crypto investors, but some had better days than others. Bitcoin ticked up less than 1% as it continues to hold onto gains it made this week. But at the time of publishing, the project has been gaining aggressively and now sits above $52,000
Ethereum set new records yesterday, nudging into the $1,900s and at the time of writing is still there. While DeFi has been the engine propelling the price of ETH ever higher, yesterday NVIDIA announced it was releasing a range of GPUs tailored specifically for Ethereum.
NVIDIA, the computer company known for its chips and graphics cards, has announced a new GPU specifically geared toward mining Ethereum cryptocurrency.
The NVIDIA CMP (cryptocurrency mining processor) is purely focused on computing power, and isn’t built to handle graphics. A lack of display outputs is meant to improve airflow, and lower core voltages will supposedly increase efficiency.
The company is also lowering the computing power of its RTX 3060 graphics drivers, making them less efficient...
In the hours after the announcement, Ethereum’s price reached $1,945 before settling back down to the low $1,900s.
But the prize for ‘most improved’ in the last 24 hours goes to Binance Coin (BNB). The currency created by the exchange of the same name has been surging up the cryptocurrency market cap ranks. At the time of writing BNB has pushed out Tether as the world’s third largest cryptocurrency.
Why the surge? PancakeSwap. The decentralized exchange, which is built on top of Binance’s Smart Chain overtook Uniswap as the world’s largest decentralized exchange by trading volume yesterday.
Binance CEO Changpeng Zhao took to Twitter to announce the news, and the project’s gains against Bitcoin.
#BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years. Many thanks to our community, team, and @BinanceAngels. 🙏🙏🙏 pic.twitter.com/P5oJrNus6J
“From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years,” said Zhao.
The gains for PancakeSwap appear to have come at the expense of other DeFi projects. Uniswap saw a 3% drop in its token price overnight, AAVE is down 8% and Synthetix, which up until only last week had been sat in the top 20 largest projects by market cap, has slid to 31 thanks to back to back losses.
Lastly, Dogecoin the project at the mercy of Elon Musk’s Twitter account, saw 10% gains in the last day, as the project recovers from its most recent hype cycle. Never a dull moment eh?
US Markets Down As Eyes Turn to GameStop Robinhood Hearing
The Dow, S&P 500 and Nasdaq all closed yesterday down after a week of gains, but some fared better than others. The S&P fell for a third straight day - racking up its biggest losing streak since December.
The reason? The overall performance and growth of the market has rotated out of the tech stocks that propelled the market boom last year and into mid and low cap projects that are seeing a return of customers and trading as COVID vaccinations gather pace.
"While performance breadth has increased, our work shows that the dispersion of individual stock returns has been on the rise and the direction and movement among S&P 500 stocks have become more independent," BMO Capital Markets strategist Brian Belski wrote in a note Thursday.
While that’s happening, Robinhood, the company that has helped onboard millions of retail investors into stock markets was raked over the coals for its involvement in the GameStop Short squeeze that took place last month.
The CEOs of Robinhood, Citadel, and Reddit testified before congress today as part of a review of last month’s GameStop short squeeze—a massive, retail-driven spike in the price of GameStop stock—and the tone was harsh.
Much of the testimony has centered around what actually happened, and why Robinhood ended up restricting certain stocks on its brokerage platform. Rep. Maxine Waters, who chairs the House Financial Services Committee, tried her best to keep Citadel’s Ken Griffin and Robinhood’s V...
Senators oscillated between highlighting the project’s customer service issues and tense exchanges between Robinhood CEO Vlad Tenez and Citadel’s Ken Griffin for their long, and often meandering answers.
Who said stock trading couldn’t be as exhilarating as crypto eh?
Yet another public company with little-to-no previous involvement in the cryptocurrency industry has signaled it will top up its coffers with Bitcoin.
Health technology firm Know Labs plans to buy 1,000 Bitcoin, worth roughly $105 million as of writing time, a company representative said Friday in a statement also announcing that prominent fintech investor Greg Kidd would be acquiring a controlling interest in the firm.
“I’m thrilled to deploy a Bitcoin treasury strategy with the support of a...
Strategy, formerly MicroStrategy, has increased its offering of perpetual Stride preferred stock, or STRD, to $1 billion from $250 million alongside the product’s pricing, according to a company blog post published on Friday.
Strategy said the product, which will pay investors a 10% non-cumulative dividend, will be offered to the public at $85 per share. In terms of the offering’s proceeds, Strategy will walk away with $979 million to add to its Bitcoin stockpile, the company added.
STRD represe...
Elon Musk and President Donald Trump are no longer besties.
Everyone knew the brofest between the Richest Man in the World and the Most Powerful Man in the World was never going to end well. And that makes it all the more awe-inspiring when it finally ends—not with a bang, but with a fusillade of nasty shitposts.
So pull up your chair, and enjoy the antics of America's Finest.
Most of us can remember the lovely sendoff President Trump gave the celebrated sperm donor Elon Musk (cue Green Day) on...
