90% of Bitcoin Mined, a $300k Mistake, and Kraken NFTs

First, I want to say to anyone who subscribes on Stitcher I am sorry. I have no idea what is going on, but for some reason, episodes weren’t updating at the end of last week until over the weekend when it seemed to resolve itself, although episodes were showing up on other players.

This weekend has been tough in the markets, with numbers dropping again this morning as we await regulations from India and the US, as well as the holiday buying season. Stores are packed again for the first time in a couple of years.

Another big reason for the dip is that Bitcoin has hit a bit of an unfortunate milestone.

According to data from Blockcahin.com, 90% of all Bitcoin has been mined. That means the processing power needed to mine has gone up again.

Each time there is a change in difficulty, the reward is halved. Right now, the reward for solving a block on the chain is 6.25 Bitcoin, and the next increase in difficulty is expected in 2024 when each reward will be 3.125 Bitcoin.

With this, mining has also hit an all-time high for bitcoins with an exahash rate of 181.77.

If you are worried about the supply of Bitcoin disappearing, there’s no need to worry. It’s not predicted to be fully mined until the year 2140 — based on network activity and halving.

As far as other cryptos over the weekend, Solana seemed to take a bigger hit than others, dropping about 1.4% as opposed to Ethereum, which dropped around .6%.

However, the crypto exchange platform Kraken expects this pullback to be a signal for a bullish new year.

They have predicted Solana, a direct competitor to Ethereum, to rise in early 2022 by 259%.

In other news, it looks like Robinhood is taking more steps to launch its wallet and compete with exchange platforms like Coinbase.

They have teamed up with Chainanalysis to integrate new analytics tools for its users.

Robinhood has a lot of crypto investors on its platform, however, with the lack of a wallet they are stuck only being able to treat it as an asset and not a true currency. Holders on Robinhood also aren’t able to take advantage of staking like you can with other wallets or exchanges — leaving their users without the possibility of a true experience with cryptocurrencies.

Robinhood has said the delays are largely due to regulation

Now it’s time to turn our focus over to the world of NFTS.

An interesting statistic has come out. In the first week of December, nearly 25% of the NFT market sales were for digital land — totaling $300 million.

Last week, things shifted a little as some large sales of Crypto Punks and Bored Ape Yacht Club.

Last week alone The Sandbox sold just over $17 million and was still number four in sales volume. Decentralland was number six, with nearly $10 million.

Speaking of the Bored Ape Yacht club. One owner made a very unfortunate mistake.

Maxnaut, who owned ape number 3,547 — an ape with a cigarette shooting lasers from its eyes, was accidentally listed for .75 Ethereum instead of 75 Ethereum — which meant the ape sold for $3,000 US dollars instead of $300,000.

Maxnaut said the error was due to the high volume of NFTs they list, often at lower prices that caused the mix-up.

Needless to say, the Ape was snatched up quickly, and the new owner listed it for approximately $250,000.

Now let’s talk about Kraken NFTS. I’m not talking about the exchange platform. Fans of the Seatle Hockey team will soon be able to own digital art as they are going to drop a limited edition NFT collection comprised of seven designs “capturing the essence of the Kraken brand,” according to a news release.

The Kraken and Climate Pledge Arena have partnered with Orange Comet, which is a Los Angeles-based NFT and blockchain experience company in a multi-year partnership.

In addition to the digital art collection, there will also be real-world opportunities for fans to win tickets, behind-the-scenes experiences, and autographed Kraken Jerseys.

The NFTs will be available for purchase at a variety of price points starting at $50. Fans can register on the Orange Comet site to make an account. The NFTs are expected to drop on Dec 20th.

Today is market cap Monday and here are the top Cryptocurrencies as of this recording:

1. Bitcoin

2. Ethereum

3. Binance Coin

4. Tether

5. Solana

6. USD Coin

7. Cardano

8. XRP

9. Polkadot

10. Terra

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Resources:

Bitcoin Dips Below $50,000 as Nearly 90% of All Coins Mined

Solana leads crypto fall as bitcoin, ethereum slide

This Ethereum Rival Is Primed For A 259% Rally By January, As Per Kraken

Robinhood onboards Chainalysis in preparation for crypto wallet launch

Almost 25% of NFT Purchases in Early December Were for Digital Land