Welcome to Crypto Buzz by Kalkine TV I’m sage The Australian government released it’s
budget last year and it seems the digital economy was one of the winners. $18.6 million
has been allocated to protect Australia’s national interest in critical and emerging
technologies standards, which could include crypto and blockchain. The Morrison Government
has invested more than $3.5 billion in digital initiatives since 2020 which has helped the
momentum of growth in the digital economy.
Bitcoin 2022 will take place in Miami. Described as the world's
largest Bitcoin (BTC-USD) gathering, speakers at the four-day event will
include the President of El Salvador, Paypal and Palantir (PLTR) founder Peter Thiel, MicroStrategy's
(MSTR) Michael Saylor, ARK Invest's Cathie Wood, NFL quarterback Aaron Rogers and Riot
Blockchain (RIOT) CEO Jason Les.
The UK has announced that they will be planning to make the UK a crypto asset hub. This will
include moves to see stablecoins used a valid payment method. The global governments are
finding it difficult to ignore the cost effectiveness and efficient method of transfer digital currency
can be. With Stablecoins usually being pegged to a fiat currency, and with the appropriate
regulation the UK want further adoption of this emerging technology to remain safe and
open opportunity for the consumers.
Scarcity drives value in the world of crypto, like most markets and economic ecosystems.
Crypto evangelists therefore see bitcoin as “digital gold” that, unlike the U.S. dollar,
has a finite limit. “Most, but not all, cryptocurrencies and all NFTs [non-fungible
tokens] have scarcity as a key component of their value proposition,” said Michael Terpin,
founder and CEO of the blockchain public relations firm Transform Group. Bitcoin’s supply
is capped at 21 million coins. (There are currently between 18 and 19 million bitcoin
in circulation.) The remaining amount of bitcoin will reportedly take over 100 years to mint.
Combine this kind of scarcity with inflation and the lessening value of our fiat currency
(the U.S. dollar) and you have a recipe for value, argues Terpin.
However, all scarcity is not created equally. Ethereum has its own economics of scarcity, including the
ability to burn tokens to offset high “gas fees,” or user payments that cover the computing
cost to authenticate tokens and coins on the blockchain.
“Dogecoin has an infinite supply,” said Phillip Gara, director of strategy for the
Render Network, a company that uses the Ethereum blockchain to process high-quality digital
assets.
There’s also shiba inu, which is having its 15 minutes of fame. A total of 1 quadrillion
SHIB tokens were minted during its launch in 2020 – that’s a number with 15 zeros.
Roughly half of the SHIB supply was locked in Uniswap, a decentralized exchange where
users and investors can trade, and the other 50% was donated to Vitalik Buterin, the
founder of Ethereum.
It's worth noting that outflows lead to a so-called supply squeeze, where there are
fewer Bitcoins available to purchase on exchanges. In fact, the amount of BTC on exchanges has
been on the downtrend for the past two years.
In the same time, the amount of available BTC overall has drastically decreased from
3 million to 2.3 million coins. The current available amount is now at the record low
last seen over three years ago.
And now, there's only 2 million Bitcoins left to mine. Yup, over 19 million Bitcoins have
been mined so far out of its maximum supply of 21 million.
This means demand will likely begin to outweigh supply.
Simply put, a Bitcoin halving is the process of halving the rewards of mining Bitcoin after
each set of 210,000 blocks is mined. By reducing the rewards of mining Bitcoin as more blocks
are mined, a Bitcoin halving limits the supply of new coins, so prices could rise if demand
remains strong.
In other words, this is Bitcoin’s way of using a synthetic form of inflation that halves
every four years until all Bitcoin is released and is in circulation.
A Bitcoin halving is when the payout for mining a new block is halved, and this happens after
every 210,000 blocks (approximately four years). The first of which happened in 2012, and the
next will occur in 2024. There can be some correlation seen between the Bitcoin hash
rate and the price of Bitcoin. You can check the Bitcoin hashrate graph from www.hashrateindex.com
A report five years ago put the estimated loss at 4 million, or roughly 20% of the entire
BTC supply. Now, that number is likely even higher.
So, we can assume the real circulating supply is less than 15 million BTC.
It'd be good for altcoins if Bitcoin continues trading sideways above $45,500 for some time,
before pushing higher. That would give altcoins some room to run.
Bitcoin's market dominance chart also looks good for altcoins. BTC currently stands at
41.68%, and the closest support level is at 39.5%. That means there's plenty of space
for alts to have a go at leading for a bit.
However, if BTC can't hold support, then alts will have to wait.
That said, BTC looks more bullish than bearish in the near term. And when should it start
moving upward, I have the $51,000–$52,000 range as my first target for Bitcoin.
As long as Bitcoin continues to trade above its 50-day exponential moving average (EMA)
— which currently stands at $42,880 — on a daily basis, it'll be fine. Though it would
be better for the near and medium term if the bulls can defend support at $45,500.
The Price of Bitcoin today is $46,612 up 1.4% over the last 30 days it is up 18% over the
last 12 months it is down 19%. According to data from Coingecko.
Hard to believe Ethereum’s price was close to $140 this time 2 years ago. It’s climbed
about 24% since the 11th March. Ether rose again after a dip down to $3200 on the 1st
April and has been trading sideways over the last 3 days.
The excitement over the merge and testnets including software upgrades that will change
Ethereum’s mining consensus from proof of work to the less energy intensive proof of
stake has been in development since 2015 and is scheduled to happen sometime in 2022. Many
experts are expecting the price of Ethereum to increase significantly once complete as
it opens up the protocol’s ability for many more transactions.
The price of Ethereum today is $3516 up 0.7% during the Asian mid-session. Over the last
30 days it is up 31.7% and over the last 12 months it is up 69%. According to data from
Coingecko.
We’ve now reached the time for a short break. Stay with us, as after the break we’ll take
a look at the watch to earn phenomenon
with Theta.tv, MContent, Contentos and Livepeer.
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Welcome back after the break. So you may have head of play to earn games which boomed in
2021. Could the era of watch to earn be approaching? The film industry is one that has been rather
exclusive for several decades run by major studios it was very difficult for independent
artists to make a break and gain returns on investment due to market dominance from studio
productions and distribution channels. The film industry has been gaining from technological
advances since the 1980’s including upgrade from VHS to DVD, Beta to HD and 4k and more
recently the streaming services. Also notable is the switch from the cumbersome 35 mm nylon
film to digital in the early 2000’s, which was quickly followed by advances in editing,
animation and Video special effects. Many agree the film industry could do with more
democratizing which would alleviate the expensive and limiting procedures to allow for a more
fluid flexibility where users take control of their content with the aim of bringing
more liquidity into the sector, even to the fans. We’re seeing the sporting world fan
tokens building more community solidarity and belonging with token owners being given
the chance to vote on some club rules and guidelines. On the distribution side blockchain
technology allows users to steam their content on platforms and be paid directly from their
audience.
Some notable protocols working to develop this emerging technology and the metaverse
which is a bridge connecting the physical world to the virtual world. Is at a stage
of incubation it’s like a touch pool where a little interaction has a big effect, setting
ripples in motion adding to new funding sources and inspiration.
The long running Theta.TV has NASA channel live streaming onto their platform they have
added the first “swap service” using smart contracts. Where large files can be stored
in smart contract code the size of a tweet. Bullit started out as a private file transfer
facility but with the partnership with Theta blockchain they are hoping to access the opportunity
the development of Web 3 will bring. Theta is created by YouTube’s co-founder Steve
Chen and Twitch’s Co-founder Justin Kan.
Over the last 12 months Theta is down 67% but over the last 30 days it is up 34% according
to coingecko.