Cryptocurrency
Meet Theta Fuel, the cryptocurrency that catches world’s attention
TFUEL/USD was trading about $0.0026 on May 20th. Just 5 days later, it blew the chart by gaining a whopping 630% to about $0.019
The surge of Theta Fuel (TFUEL), which is used to power little transactions and operations on its own type of blockchain designed for sharing video bandwidth, has taken the crypto world by storm.
According to the data obtained from Coinmarketcap, TFUEL was trading at about $0.0026 on May 20th. Just 5 days later, it blew the chart by gaining a whopping 630% at a peak $0.019 before it fell to $0.016229 at about 11 am Nigerian local time on Tuesday.
TFUEL is presently the 83rd most valuable cryptocurrency in the world with a market capitalization of about $66.4 million.
(READ MORE: Investing in Cryptocurrencies during this economic shutdown; here’s your need to know)
What is Theta Fuel? It is a cryptocurrency with its own type of blockchain. It can also be described as the operational token of the Theta protocol. Individuals use Theta Fuel to complete transactions like interacting with or deploying smart contracts.
How to buy Theta Fuel? Theta fuel can be bought indirectly on most cryptocurrency exchanges like Binance and Coinbase. You will need to already possess an Ethereum or Bitcoin (BTC) to trade with.
READ ALSO: Nigerians can now trade Litecoin on Luno’s platform
The Theta blockchain project recently explained the completion of the Theta Mainnet 2.0 platform upgrade, saying that the network had improved massively. Theta’s statement read:
“Community-run Guardian Nodes will now take a direct role in block production, finalizing blocks at regular 100 block intervals, and making up the second layer of defence after the Validator Nodes that produce each block.
“With Guardian Nodes joining the network and staking, no single group or entity will control the majority of THETA staked, marking a significant milestone toward Theta’s decentralization.”
Meanwhile, America’s elite bank Goldman Sachs has indicated its interest in cryptocurrencies. On May 27th, it will be talking about Bitcoin to clients, teaching them all they need to know about the cryptocurrency.
Sharmin Mossavar-Rahmani, Goldman Sachs’ head of Investment Strategy Group and chief investment officer for Wealth Management, will be the host; she is in charge of overseeing the bank’s asset allocation, overall strategic and tactical investment strategy.
It’s happening.@GoldmanSachs: “Implications of Current Policies for Inflation, Gold and Bitcoin” pic.twitter.com/kjTGYSE9za
— Mike Dudas (@mdudas) May 22, 2020
Cryptocurrency
World’s biggest sovereign wealth fund now owns cryptos
Norwegian Government Pension Fund owns almost 600 Bitcoin through its investment holdings.
The world’s largest sovereign hedge fund, the Norwegian Government Pension Fund, also known as the Oil Fund, in a report credited to Arcane Research disclosed that the fund owns almost 600 Bitcoin (BTC) through its investment holdings.
Arcane Research analysis data revealed the Oil Fund had 577.6 BTC through its investment in business intelligence firm MicroStrategy.
This puts the company’s portfolio in BTC at around $6.3 million. The Norwegian Government Pension Fund owns a 1.51% stake in MicroStrategy.
READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you
What we know: The Norwegian Government Pension Fund, has over $1 trillion in assets, including 1.4% of all global stocks, making it the world’s biggest sovereign wealth fund. It is not unlikely that the fund has garnered indirect BTC exposure via other investments, in addition to it’s exposure to BTC via MicroStrategy.
In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset trading firm, gave vital insights on why BTC is now regarded as a treasury asset. She said:
“In the past few months, gold saw a new all-time high of $2072, which is about 42.6% in the last decade. Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin. Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.”
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She spoke about the initial skepticism that traditional banks, companies, and global financial regulators had on bitcoin, which looks to be changing now, saying:
“The last decade has been quite challenging for bitcoin and the crypto space despite the enormous price increase. Regulators, investors, and mainstream traders were skeptical about bitcoin because of its volatility and how bitcoin works. In recent times, we have seen growth in the adoption of bitcoin and other cryptocurrencies in general; regulators, banks, are finding an entry point into the crypto space.
“In addition, the market cap of both gold and bitcoin, 9 trillion dollars, and 117.81 billion dollars respectively, shows that bitcoin still has a lot of potentials. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted.”
READ: This Nigerian ETF is one of the best performing investments in the country
Bitcoin’s primary advantage: BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever. These show that its definite supply protects the asset against value dilution
Cryptocurrency
Bitcoin mining difficulty reach an all-time high
Bitcoin mining difficulty increased today by 11.3%, hitting a new all-time high
It is a lot harder now to be a Bitcoin miner. Data from Glassnode, a crypto analytic firm, showed Bitcoin mining difficulty increased today by 11.3%, hitting a new all-time high.
#Bitcoin mining difficulty increased today by 11.3%, hitting a new all–time high!
It is the 3rd largest positive adjustment in the past two years.
Live chart: https://t.co/rAbIw8seYy pic.twitter.com/buzjPJJ0mP
— glassnode (@glassnode) September 20, 2020
Its recent all-time high is attributed to the 3rd largest positive adjustment in the past two years.
Quick fact: Bitcoin’s mining difficulty is best defined as the measure of how difficult it is to work for mining rewards or earning BTC.
READ: Ethereum Miners earn a staggering $1 million in 1 hour
Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.
BTC miners who successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.
This confirmation process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.
Explore the Nairametrics Research Website for Economic and Financial Data
Meanwhile, BTC has performed well over the past few weeks, maintaining its position above $10k after testing this price level several times earlier in the year. It hasn’t dropped below $11k since the price started climbing in late July.
Despite these gains, it has continued to struggle to surpass the new psychological barrier of $11k. However, ongoing bullish sentiment, as evidenced by on-chain data, suggests that many investors would continue to support a price above this level.
Cryptocurrency
Crypto: UniSwap gives each owner over $2,000
Uniswap has a circulating supply of 110 million coins and a max supply of 1 billion coins.
Uniswap only unveiled its new token is fast gaining traction in the crypto-verse since its debut last Wednesday.
The project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September an amount now worth over $2,000.
Uniswap at the time this report was drafted traded at $5.46 with a daily trading volume of $2,146,342,877. UNI gained 428.9% in barely four days when it traded $1.03 on September 17th.
READ: CBN reduces MPR to 12.50%, holds other metrics
It has a circulating supply of 110 million coins and a max supply of 1 billion coins.
Coinbase an American based crypto exchange that is usually very choosy on listing newly created altcoins added UNI to its Pro trading platform just hours after its debut.
What you should know: Uniswap is a decentralized exchange protocol built on the Ethereum network.
READ: Tether mints over a billion dollars worth of USDT
Uniswap has no book or any centralized platform for executing trades. Uniswap allows users to trade without a middle man or third party, with a high degree of decentralization and censorship-resistance.
How Uniswap makes money: Uniswap is designed to be a decentralized protocol. All fees go to market liquidity facilitators, and none of the founding partners get a cut from the transactions that occur through the protocol.
READ: Two Ethereum Whales move 53,455 ETH, as DeFi tokens gain popularity
Currently, the transaction fee paid for these market liquidity providers is 0.3% per successful transaction. That said, these are added to the liquidity pool, but these market liquidity facilitators can redeem them at any time.
The fees are distributed according to each liquidity provider’s share of the pool.
Explore the Nairametrics Research Website for Economic and Financial Data
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Anonymous
May 27, 2020 at 10:29 am
I love your write-ups. They are very educative. Please, keep it up.
I would like to know more about cryptocurrencies.
Laurence
May 28, 2020 at 8:20 am
This is a comprehensive article. As I just discovered a cryptocurrency, Pirate Chain, that it consideres itself one of the most private on the market, I want to know more about it. Can you please make an analysis?
Kind regards,
Laurence