1/ We are back with another weekly thread. Here is a recap of what happened in the #crypto world 🌎 this past week.
2/ #CFTC targets unregistered future exchanges, charges Digitex for running an unregistered futures exchange & manipulating the price of its $DGTX token.
3/ Kim Kardashian settled #SEC charges for unlawfully promoting Ethereum Max & paid $1.26 million as fee.
4/ UN warned Fed that further rate hikes may cause a global economic downturn 📉
Morgan Stanley said a pivot at this time will lead to a sharp rally in Equities in short term followed by another crash.
1/ One of the major criticisms of #bitcoin is that it harms the environment. But what if we tell you that #bitcoin mining could actually be done in ways that "save" the environment⁉️ Surprised❓ Follow the thread below to understand more 👇
2/ It is estimated that the bitcoin network consumes around 80-120 Terawatt Hours of Electrical Energy annually👀 This is comparable to the power consumption of small countries like Sweden & Ukraine, & is equivalent to 0.075% of global electricity production❗
3/ In comparison, banking systems consume 600-700 TWh/yr of power while gold mining uses 240 TWh/yr 😅 This means bitcoin mining consumes almost 5-6 times lesser energy than the banking system 🏦
A thread 🧵on what is happening with Vauld exchange :
1/ Yet another crypto lending platform Vauld has halted withdrawals, deposits & trading on its platform ❌. Let us try to take a deeper look into what is happening with this exchange 👍
2/ Vauld was incorporated in 2018 & is a platform which encourages long-term investing by offering SIP options, interest on crypto holdings upto 12.68%, etc to it's users 💰 It has over 275 coins listed on its platform 👌
3/ In July 2021, Vauld received a 💲25 million Series A funding from Valar Ventures, Pantera Capital, Coinbase Ventures, etc ❗️
Bear markets 🥶are the best time to focus on gaining more knowledge in the crypto space 💯 To help the community 👥, we make weekly updates, covering major news & events happening in the cryptoverse ✅
1/ Institutions continue to buy the dip❗️
-El Salvador 🇸🇻 purchased 80 more bitcoins for $1.5 million at an average price of $19,000 per BTC😅
-Microstrategy purchased an additional 480 bitcoin worth approx $10 million at an average price of $20,817 each🔥
2/ Spot ETF Updates 🔝
- Jacobi Asset Management has announced it will launch a European spot bitcoin ETF this July in Amsterdam 👌
-In USA 🇺🇲, Grayscale is suing the SEC after its a proposal for spot ETF for rejected by them, citing concerns of market manipulation🤥
2/ Add to this the ongoing crypto winter 🥶 & users' loss of interest in crypto in general & it won't be different to understand why exchanges are having a tough time generating revenues like before 🙈
3/ The following are a few ways in which volumes can be revived on Indian exchanges :
1. Enable futures trading for crypto ✅
- 1% TDS is not deductible on Futures trading. Allowing users to trade futures contracts could attract users back to the platform again & revive volumes
Inflation is soaring high all across the globe 🌎, leading to constant interest rate hikes & market crashes.🔻 In this thread we explain everything about inflation & how it impacts our economy❗️
1/1 What is inflation?
A steady & sustainable increase in the prices of all goods & services in the economy is called inflation 💹
For example, a samosa 🤤 that cost Rs 5 in 2015 would cost Rs 15 in 2022.
2/2 Inflation is caused mainly by an imbalance⚖️ between demand & supply. The supply of any product or service is finite, while demand (greed) is infinite 😬