Reading time: 2-3 minutes
We have some updates about Bitcoin prices, the status of the Ethereum 2.0 network release and some CBDC news from America.
The bull market of Bitcoin is in full swing. We are in the middle of a Bitcoin shortage as fewer Bitcoins are being put onto exchanges. Miners are keeping most of the mined Bitcoins they have, and all remaining Bitcoins are being swept up from exchanges, but who is buying right now?
Here is the big difference between Gold and Bitcoin.
As the demand for Gold increases, so does the supply, and while it may take a while, you can mine for more Gold to meet this demand. Bitcoin does not have this solution as you can only mine a certain amount each day. It is estimated that that number is 900, but a good portion of that is kept by miners, so what happens to the rest?
According to Altcoin Daily on Twitter, a good majority is being bought by companies such as Grayscale and PayPal in anticipation of next year. Altcoin Daily speculates that over 100% of daily mined Bitcoins are going to these two companies. This means no new coins are staying on exchanges and the supply that exchanges have is going down every day.
This will drive the price of Bitcoin toward its highest and although we may see a small dip as the market adjusts, it does not look like we will be seeing a dip anytime soon.
Bitcoin price is this $25,271 AUD
The most talked-about cryptocurrency right now is Ethereum as the launch of its new network is just over a week away. Have they finally reached the amount of ETH needed to launch?
As of now November 22nd, they have still not reached their desired amount, but they are getting close as 80,000 ETH has been added bringing the total up to 193,500 which is 37% done according to Glassnode.
Ethereum needs its network to be up and running as more people every day are losing faith in it. However, there are still those validators that are waiting for a better reward system to come into place before depositing. Right now, you will earn 10% per year on your initial 32 ETH deposit but is that enough to convince people to deposit their Ethereum? Time will tell as the date gets closer.
3. CBDC (Central Bank Digital Currency)
The US is in the middle of helping Venezuela using a digital USD to supply the ruler of Venezuela - Juan Guaido with much needed funds.
Juan is currently in a power struggle with Nicolas Maduro, who is a socialist leader and has been since 2013. He has cut off the supply of money from Juan, and now healthcare workers are suffering. The US government will use their CBDC to circumvent the restrictions Maduro has placed on the county and get Juan the money he needs.
To keep up to date with any of these stories or to see the price of your preferred cryptocurrency. You can use our Crypto Tracker on the Home Page.