Hodler’s Digest, June 10–16: Top Stories, Price Movements, Quotes and FUD of the Week
Bitcoin is reportedly producing as much carbon emissions as Kansas City, while Facebook gets some new backers for its crypto project.
Top Stories This Week
Cryptocurrency news outlet CCN (formerly CryptoCoinsNews) is apparently not going through with its total shutdown, as reported earlier this week. The outlet had previously posted a note that a recent Google Core Update had led to a more than 70% visibility drop on mobile overnight, leading the organization to decide to shut down rather than downsize. However, an update this week from CCN Markets Director Jonas Borchgrevink notes that, for an unexplained reason, the crypto outlet’s old domain name, CryptoCoinNews, has been showing up with new 2019 articles on Google, leading the team to decide to keep working. Theories about the visibility drop, which affected other news outlets, have ranged from it being a block of clickbait titles or a ban on conservative outlets by an allegedly “liberal” Google.
United States residents who use major crypto exchange Binance will lose trading option access for many cryptocurrencies when the exchange puts into action its updated terms of service this September. As reported this week, Binance updated its terms of service to include trading on the platform for U.S. residents, a change that comes shortly after its announcement of a U.S.-exclusive fiat-to-crypto exchange. According to a table created by CryptoPotato, there are a number of cryptos that will no longer have a trading outlet in the U.S., as well as several tokens that will be listed on only one exchange after Binance closes for U.S. residents. However, veteran cryptocurrencies — including XRP, DASH, XLM, ETC and ZRX — will still be listed on four or more other U.S. exchanges.
The announcement this week from crypto exchange platform Liquid that it would be offering encrypted messenger Telegram’s token, gram, in a sale is not officially connected with Telegram, according to a source close to the messaging app. As Cointelegraph had reported earlier this week, Liquid had said that it would be the representative of gram tokens for Gram Asia, which it called the largest holder of the token in Asia. However, in comments to Cointelegraph, a source close to Telegram noted that it was the first time that it had heard of Gram Asia. In separate comments, an investor in Telegram’s token told Cointelegraph that no one has rights to sell the tokens before its official launch. Liquid CEO Mike Kayamori told Cointelegraph that the public sale is the result of an exclusive agreement between Liquid and Gram Asia, without the direct involvement of Telegram.
According to a new report published in the journal Joule, the carbon emissions generated by bitcoin (BTC) are comparable to the whole of Kansas City. According to Christian Stoll, one of the project’s researchers, the energy consumption used in mining the largest cryptocurrency is only growing, noting that the computing power needed to solve a BTC puzzle has more than quadrupled since last year. The study was based on data from IPO filings and IP addresses of some of the largest mining companies, finding that bitcoin is placed around Jordan and Sri Lanka — in international terms — due to its annual emissions of CO2, estimated to be between 22 and 22.9 megatons.
According to a report from The Block, Facebook has reportedly secured support from dozens of players in the cryptocurrency and blockchain sector for its upcoming, secretive digital currency. The Wall Street Journal had reported earlier this week that Facebook had allegedly received the backing of $10 million each from firms — including Visa, Mastercard, PayPal and Uber — for the project, dubbed “Libra.” The Block cited further materials, noting that the project’s investors also include venture capital firms Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase and nonprofit organizations including Mercy Corps. According to a source speaking to The Block, the company aims to gather 100 members in the governing consortium, with a total planned for $1 billion, including all participants.
Winners and Losers
The crypto markets have seen a slight uptick at the beginning of the week, with bitcoin trading at $9,054, ether at $269.54 and XRP at $.41. Total market cap is at $281 billion.
The top three altcoin gainers of the week are acre, commerce data connection and renos. The top three altcoin losers of the week are tronclassic, segwit2x and hypnoxys.
For more info on crypto prices, make sure to read Cointelegraph’s ma