Hello fellow Raven miners! Just trying to figure out whether you think it may be better to SOLO mine RVN or stick with a pool such as 2miners. I currently am part of a pool for RVN. I have 2x 3080ti, 7x 1660 (2 more on the way) and 1x 2070 super. The 1660s currently…
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so i’ve just recently started putting 10 bucks into ethereum once a week as i wanna start investing more of my money and this seems like a good idea, just wanted to see if this was a good thing to do and if i should invest more to see more growth. thank you 🙂 …
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Most NFT projects are on ETH main net with some NFT activities on Arbitrum. There is hardly any projects on Optimism network. I want to create an NFT project and potentially a decentralized NFT market place on Optimism to take advantage of the low transaction fee of the chain. I believe a lot of NFT…
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Robinhood had a net loss of $1.32 billion this past quarter, recording a plunge of 78% in revenue from crypto transactions from 2Q. Their shares dropped 12% to $34.80 at 9:46 a.m. in New York, $38 below the IPO price in late July, Bloomberg reported. Analysts had estimated Robinhood Markets Inc. would have a total revenue of $423.9 million during an earlier Bloomberg survey, but the numbers fell short hitting only $364.9 million. Vlad Tenev, Robinhood’s Chief Executive Officer, had predicted that the trading activity would tumble in the third quarter of 2021 and fewer accounts would open. As he stated during the Q3 Earnings Call, the tumbling numbers do not worry them since they have different short-term goals. The fourth quarter might be falling short as their anticipation for Q4 is that “total revenue will be less than $325 million and full-year revenue will be less than $1.8 billion. At the top end, this implies full-year revenue growth of 85 percent.”, said Jason Warnick, Chief Financial Officer. Warnick also reminded that they typically show a “seasonality curve that shows higher growth in the first quarter of the year versus the last three quarters.”, and further explained their Q3 focus on building a team: We continue to make progress building our teams with increases primarily in engineering, customer service, and our regulatory, and compliance teams. In the quarter, we added 580 new full-time employees across the company, growing 21 percent sequentially versus Q2. Warnick added that they are not worried about the near-term profitability, rather they feel safe about being “a profitable company over the long term.” Robinhood’s Crypto Activity Drops-Off In Robinhood’s report they show a big drop-off on their monthly active users (MAU) from 21.3 million in the second quarter to 18.9 million in this third quarter. Their crypto activity tumbled as well, as they had significantly fewer new funded accounts. Many thought Robinhood would improve the way to invest in the crypto market. However, many wonder if they can meet with many of their clients interests, such as integrating new digital coins. Related Reading | Strategist: Next Wave of Bitcoin Investors Likely to Come from Robinhood Crypto activity and revenue plays a big role in Robinhood’s platform. Ever since they announced their intent to offer a crypto wallet, a waitlist of 1 million clients surged. On the potential growth that this project might bring, Tenev commented: We actually believe that by rolling out wallets, we will go a long way toward addressing the primary pain point that customers feel right now. Regulatory Requirements Vs. Crypto Platforms Tenev stated during the Earnings Call that “the regulatory landscape is increasingly uncertain.” As they want to enhance their involvement in the crypto space, they also intend to watch over their platform and keep it safe by “introducing products that comply with legal and regulatory requirements.” He explained that Robinhood is carefully looking into new virtual currencies, but they mantain the focus on meeting regulatory guidelines since they do not want another run-in Related Reading | Robinhood Fined $70M For Causing “Significant Harm” To Customers In a recent interview with Bloomberg, Blockchain Capital General Partner Spencer Bogart reacted to Robinhood’s tumbling numbers and suggested this drop-off aligns with the frustration that the historically unfriendly regulations from the U.S create for crypto platforms. Bogart explains that “Historically, the U.S. has been so unfriendly to innovation in the crypto space that most platforms are forced to ban Americans.” According to his opinion, regulations have only worked against the American people’s freedom rather than being implemented in their favor. For a country that is founded on the principles of freedom, growth, and innovation, to see the U.S. on a shortlist that these merging crypto platforms cannot service, alongside Syria, Sudan and North Korea, it is not just a disgrace, it is a disservice to the American people who should be able to access this technology. He clarifies that he is unsure of Robinhood’s inside issues, but he understands the landscape behind Tenev’s comments about the regulatory situation “where there really isn’t much clarity”. However, he remains positive as he sees “the tide turning” for crypto. Robinhood does not sound worried about the Q4 result and they are aiming to play the profitability slow and steady. Warnick said they are investing in crypto and looking forward to diversifying their product selection.
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A group of U.S. banking regulators is working on how banks can be allowed to offer crypto services and hold cryptocurrencies on their balance sheets. The chairman of the Federal Deposit Insurance Corporation (FDIC) said, “If we don’t bring this activity inside the banks, it is going to develop outside of the banks … The […]
Apologies for the rant and hate but… I have just tried to swap LEASH for ethereum, basically cash out the gas fees were £100 which is ridiculously high but I thought I’d bite the bullet and accept them only to find there was an error with the transaction and it cost me £60 for a…
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Bitcoin exchange balances have been on the decline since the bull rally began. The volumes were expected to go up once the digital asset had hit a new all-time high in October. However, this was not the case. Previous trends have often pointed to exchange balances seeing an increase in bull markets when investors moved their holdings to exchanges in order to take profits. This bull market has defied all expectations for it and continues to do so. Outflows from exchanges outpace inflows as investors withdraw BTC from exchanges en masse. Exchange balance volumes relative to the circulating supply of bitcoin have declined towards three-year lows. BTC exchange balances now sit at levels not seen since January 2018. This has led to a supply squeeze on exchanges, causing sell pressures to drop tremendously. Related Reading | American Singer Mariah Carey Offers Free $20 In Bitcoin To Promote Adoption Big Exchanges See Declining Balances Big exchanges like Binance, Coinbase, and Huobi have seen large volumes of bitcoin withdrawn from their exchanges. Binance recorded the highest outflows for the last week with 21,000 BTC withdrawn from the crypto exchange. This is one of the sharpest declines recorded in the market. BTC exchange balances continue to decline | Source: Arcane Research Huobi also saw thousands of BTC leave the exchange in the past week. The past seven days save 8,000 BTC withdrawn from the cryptocurrency exchange. The outflows from the exchange culminated in a 9% drop in the volume of bitcoin held on Huobi. These outflows are no longer surprising given that the market has continuously followed this trend for the past few months. Growing scarcity has led to mounting buy pressures as investors scramble to get their hands on as much of the digital asset as they can. Exchanges Hold 12.94% Of Bitcoin Supply The share of the total circulating supply held by exchanges has plummeted in October. Currently, exchanges hold 2.44 million BTC on their balances. This translates to 12.94% of the total circulating supply, a new three-year low. A total of 27,500 BTC left exchanges in the past week alone. Related Reading | Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst Chart trends show that the volume held by these exchanges has consistently declined as the price of bitcoin has grown. Exchange balances had peaked for the year in June after the market had experienced a crash that put an end to the bull rally in April. Sell pressures eased in the months following June, leaving room for further accumulation by investors. Investors are choosing to leave their assets in cold storage rather than moving to exchanges to take gains from the market. BTC trading in the mid-$58K | Source: BTCUSD on TradingView.com Glassnode’s data shows that Coinbase holds 29% of global exchange reserves. Despite the sharp decline in its balances, Binance still holds 21% of global bitcoin exchange reserves. Gemini holds the third-largest volume with 12% of global reserves. The report however did not include balances from the crypto exchange, FTX. Featured image from Bitcoin News, charts from Arcane Research and TradingView.com
