ETF Prime: Tom Lydon on Record Flows and What to Expect Next etftrends.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from etftrends.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Monday, May 17, 2021 - 12:44 PM
Amid all the contention of the last few days, sparked by Elon Musk s virtue-signaling, the noise-to-signal ratio around the crypto market s energy use has gone to 11 on the Spinal Tap amplifier of social justice.
However, those darn facts and science keep getting in the way of the bitcoin = bad guy destroying the earth narrative and new research by crypto firm Galaxy Digital (founded by former hedge fund manager Michael Novogratz) has shown that both the traditional banking system and the gold industry consume much more energy than the bitcoin network.
According to the report, compiled by Galaxy’s mining arm, bitcoin’s annual electricity consumption stands at 113.89 TWh (terawatt-hours). That includes energy for miner demand, miner power consumption, pool power consumption, and node power consumption. The amount is at least two times lower than the total energy consumed by the banking system, which is estimated to rea
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Demiros’ sentiment was shared by most of the crypto industry. From early Coinbase investors like Garry Tan, his initial $300,000 investment in 2013 made a 6000x profit, to Paradigm’s Omar Bohsali, legendary rap singer Nasir Jones and others.
Grayscale CEO Michael Sonnenshein said Coinbase’s debut has signaled a new level of maturity for the crypto industry.
$COIN is really signaling to the market as a whole a certain level of maturity, a certain way of doing things the right way, @Grayscale CEO @Sonnenshein says, adding: Crypto is not an investment that s appropriate for every investor. https://t.co/Jb7k9tf4PHpic.twitter.com/xPLJjTv1JP
April 1, 2021, is a settlement holiday on account of Annual bank closing (SPY 0.4%). Weekly jobless claims higher than expected despite signs of labor market improvement.
Here is the current market situation from CNN Money
European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively.
What Is Moving the Markets
Here are the headlines moving the markets.
The Future Of U.S. LNG Hangs In The Balance Soaring American exports of liquefied natural gas (LNG) could become a powerful tool of the Biden Administration to help other countries reduce their carbon footprint from more emission-intensive fossil fuels such as coal, U.S. shale gas producers say. Moreover, American natural gas is the sharpest diplomatic tool the Biden administration can wield in energy-related foreign policy and international trade negotiations, David Callahan, president of the Pittsburgh-based Marcellus Shale Coalition, wrot