Bitcoin outperforms ether, Starbucks to launch NFTs, and SEC ups crypto scrutiny
Bitcoin outperformed ether this week as the world’s largest cryptocurrency by market capitalization crossed $1.5 trillion for the first time. Meanwhile, Starbucks is partnering with an NFT startup to launch its own digital collectibles, and the U.S. Securities and Exchange Commission is stepping up its scrutiny of the crypto industry. So, let’s find out more about Upcoming Crypto Coins.
Bitcoin outperforms ether
Bitcoin’s market value has surged past $1 trillion for the first time, driven by a rally that has seen the price of the cryptocurrency more than double this year.
The rally has been fueled by a growing acceptance of Bitcoin as a mainstream asset, with major companies, including Tesla Inc (TSLA.O) and Mastercard Inc (MA.N), announcing plans to accept it as payment.
Bitcoin’s surge past ether, the second-largest cryptocurrency by market value, comes as Starbucks Corp (SBUX.O) is set to launch its own digital currency later this year.
SEC ups crypto scrutiny
The U.S. Securities and Exchange Commission is ramping up its scrutiny of the cryptocurrency market, according to people familiar with the matter.
The SEC has sent dozens of information requests in recent weeks to technology companies and financial firms that have been involved in cryptocurrency trading or initial coin offerings, the people said.
Is Bitcoin rally losing steam?
Bitcoin’s record run may be losing steam as the price faces resistance around $60,000, analysts say.
The cryptocurrency has risen more than 160% this year but is now trading below its 200-day moving average, a key technical level.
“It looks like we could be in for a period of consolidation in the near term,” said Edward Moya, senior market analyst at OANDA.
Starbucks to launch NFTs
Starbucks is teaming up with blockchain platform Bakkt to launch non-fungible tokens (NFTs).
The coffee giant will create digital collectibles that can be bought, sold, or traded on a dedicated app.
It’s the latest move by a major corporation to get involved in the burgeoning NFT market, which has seen explosive growth in recent months.
What to expect from NFTs from Starbucks?
It’s still early days for the NFT market, and it’s not clear what exactly Starbucks’s NFTs will look like.
However, the coffee chain says the collectibles will be “unique and limited-edition digital assets” that can be used to “unlock exclusive experiences.”
It’s possible that Starbucks could use NFTs to offer rewards or discounts to customers who hold them. The company could also use them to create digital versions of popular physical products, such as coffee mugs or t-shirts.
Whatever form they take, Starbucks’s NFTs are likely to be highly coveted by collectors. And given the company’s massive global reach, they could have a significant impact on the burgeoning NFT market.
Starbucks is just the latest major company to jump on the NFT bandwagon. In recent months, a number of high-profile businesses have launched their own NFT initiatives.
Last month, Jack Dorsey’s social media platform Twitter announced that it would allow users to buy and sell tweets as NFTs. And earlier this year, NBA Top Shot, a website that sells digital collectibles based on basketball highlights, raised $230 million in funding.
It’s clear that NFTs are rapidly gaining mainstream attention. And with big names like Starbucks getting involved, it seems likely that the craze is here to stay.
Keep this in mind!
If you’re thinking about investing in NFTs, there are a few things you should keep in mind. First, it’s important to understand what you’re buying. Make sure you know the difference between an NFT and a regular cryptocurrency before you invest.
Second, be aware of the risks involved. Like any investment, there’s always a chance that you could lose money. So make sure you only invest what you can afford to lose.
And finally, don’t forget to do your research. There are a lot of scams out there, so it’s important to be careful when you’re choosing an NFT to invest in.
If you keep these things in mind, you’ll be in a good position to make money from NFTs. So what are you waiting for? Start investing today!
Conclusion
NFTs are a new and exciting way to invest in digital assets. If you’re looking for a way to make money from the crypto world, they could be a good option for you. Just remember to be careful and do your research before you invest. Thanks for reading!
FAQs
Q: What is an NFT?
A: A digital asset known as an NFT can be purchased, sold, or exchanged just like a cryptocurrency. However, each NFT is unique and cannot be duplicated, unlike other cryptocurrencies.
Q: How can I buy an NFT?
A: You can buy an NFT on an exchange like Coinbase or Binance. Alternatively, you can find them for sale on platforms like OpenSea or Decentraland.
Q: Are NFTs a good investment?
A: That depends. Like any investment, there’s always a risk involved. However, if you do your research and invest carefully, you could make a profit.
Q: How do I store my NFTs?
A: You can store your NFTs on a platform like Ethereum or Waves. Alternatively, you can use a software wallet like MetaMask or Trust Wallet.
Q: What’s the difference between an NFT and a cryptocurrency?
A: Cryptocurrencies are digital assets that can be bought, sold, or traded. However, each cryptocurrency is identical to the next, meaning they can be replicated. NFTs are also digital assets that can be bought, sold, or traded. But unlike cryptocurrencies, each NFT is unique and can’t be replicated.
