Good news for Bitcoin miners in US, Job Market conditions, NFT Marketplace, Demand for Crypto rising in Wallstreet and much more...
Good Morning FinTech, 11 October
Hello my inspired community :), this is our 3rd newsletter and wohoo, our newsletter community has grown to 1100 subscribers. I have covered major news surrounding crypto and stocks for the following week and this may take only 3 minutes to read and digest. Let’s dive right in:-
1)-New York and Texas are winning the war to attract bitcoin miners
With miners and mining equipment moving out of china what states of America are gaining up in terms of mining bitcoin?
New data shows that many of America’s bitcoin miners are based in New York, Kentucky, Georgia, and Texas.
Within the U.S., 19.9% of bitcoin’s hashrate is in New York, 18.7% in Kentucky, 17.3% in Georgia, and Texas accounts for 14%, according to Foundry USA.
note: Riot Blockchain, is one of the largest publicly-traded mining companies in America, with a huge presence in Texas. They don’t use Foundry, so their hashrate is not accounted for in this dataset – which is part of the reason why Texas’ mining presence is understated.
2)-Here’s where the jobs are — in one chart
Public schools, which often buoy the September jobs report as districts rehire teachers, bus drivers and administrators, proved a drag on last month’s report.
The September 2021 jobs report shows employment decreased by 144,000 in local education and by about17,000 in state education on a seasonally adjusted basis.
That shortfall may be related to “difficulty in hiring for certain positions such as bus drivers, food service workers, or substitute teachers,” says economist Elise Gould.
3)-OpenSea delists DAO Turtles project citing financialization concerns
Trading in the pixelated turtles was disabled last week with OpenSea claiming the project had broken its rules.
Over $2 million in the NFTs had changed hands prior to the ban.
Why is this a concern?
NFTs are not just art, they are a form of tokens (Non-Fungible Tokens) which can be used to raise funds, issue governance right to protocols and also give the right to a cash flow from a crypto project. The question about these being securities are arising.
4)-Facebook says sorry for mass outage and reveals why it happened
Facebook and its owned services Instagram, Messenger, and WhatsApp all went down for several hours.
This outage marked the longest stretch of downtime for Facebook since 2008.
Facebook shares closed down almost 5% on Monday but they were up nearly 1% in early trading on Tuesday, While bitcoin gains in Marketcap and flips Facebook
"To all the people and businesses around the world who depend on us, we are sorry for the inconvenience caused by today’s outage across our platforms" - Facebook’s vice president of infrastructure
This incident is a reminder of how much dependent businesses and individuals are on Facebook and its owned services and why you should consider to expand to different platforms.
5)-US Bank launches bitcoin custody service as institutions race to cater to crypto demand
Institutional Clients’ Demand for Crypto is Higher Than Ever! U.S. Bank, the fifth-biggest retail bank in the nation, announced Tuesday that its cryptocurrency custody service is available to fund managers.
At the moment they will be focusing on support for bitcoin, bitcoin cash and litecoin while it is expected for them to add support for Ethereum and other crypto assets down the line.
It seems like banks are understanding the need to adopt to the growing demand for crypto to stay competitive in the industry!
6)-Aave on Avalanche (AVAX) just touched $1 billion, Here’s why
Aave is live on Avalanche – launching alongside $20M in AVAX incentives! In a matter of hours following the launch, Aave’s total value locked (TVL) on Avalanche surpassed $1 billion.
Aave is currently recording around $15,17 billion in TVL, out of which $12.18 billion are on Ethereum, $1.98 billion on Polygon (MATIC), and, as of recently, $1.01 billion on Avalanche, according to DeFi Llama’s data.
The TVL on Avalanche could continue increasing since the Avalanche Bridge enabled transferring assets to and from Ethereum.
The Avalanche Rush Incentive strategy seems to be working well for Avalanche ecosystem so far. The question is will this retain users compared to the amount of users being onboarded?
That’s it for today, hope you enjoyed reading, please share with others and do check the sponsored posts below :-
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