Discover the top news in crypto for the week!
Crypto rankings are changing, with a new top 3 stablecoin in the market, while the Ethereum Foundation released a financial report outlining its assets. Meanwhile, crypto mining could be positive for renewable energy production while crypto usage is growing. Find out the top 5 crypto news of this week.
Crypto investors made $163 billion in gains in 2021: Chainalysis
A new report by Chainalysis reveals that crypto investors had four times more gains from their investments than in 2020. In 2021, crypto gains reached around $163 billion, with investors in the US leading the way, followed by the UK, Germany, Japan, and China. The majority of gains also involved investment in the leading digital assets, with ether offering even more profits to investors than BTC. Read more
Ethereum foundation holds $1.3B in ether, $300M in non-crypto investments
Ethereum released its 2021 full financial report, revealing it holds $1.6 billion in treasury assets. Of those holdings, the Ethereum Foundation holds 1.3 billion in ETH, around 0.3 percent of the total ETH supply, while reinforcing their non-crypto assets to $300 million. The report also shows a heavy investment of the Ethereum Foundation in funding research, tech development, bounties, and more. Read more
The energy system benefits from Bitcoin mining
Crypto’s energy consumption levels are the target of many discussions, but increasing reports suggest it is actually beneficial for energy grids. In times of overproduction, crypto miners can incorporate excess power, while in downtimes, they reward production. Crypto mining could promote the use of renewable energies due to balancing the production instability of these sources while being last-minute buyers. Read more
Terra’s stablecoin UST becomes crypto’s third-largest
Terra’s UST, a relatively recent stablecoin, surpassed Binance USD to become the third-largest stablecoin in the market. Terra’s UST is pegged to the US dollar but has a different token architecture than the usual stablecoins like Tether’s USDT that have cash or equivalents as backing for their assets. UST has a burning mechanism with Terra’s Luna each time a token is created or exchanged while betting on bitcoin as a backing asset. Read more
3.6M Americans to use crypto to make a purchase in 2022, research firm predicts
Could cryptocurrency become the de-facto payment form? New research predicts that 3.6 million adult Americans will make purchases with crypto this year.
Another report suggests that the value of crypto transactions will grow by 70 percent this year, while Central Bank Digital Currencies (CBDCs) could be a trigger for further adoption. An analyst at the research firm behind the predictions envisions more growth in the coming years, as ‘crypto options will be layered into how people pay, like cards and digital wallets.’ Read more
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