Cryptocurrency Latest: World Cup currencies and challenging the status quo
Should the World Cup stars release their own currencies and should the status quo be challenged? The Tradefair team brings you the latest cryptocurrency roundup...
"There’s a lot of wealth being generated, and a lot of times we're left out of the conversation. It's left to the males, the husbands, the partners, significant others, etc. But it's just as easy for us to get involved.”
- Shanah Walton, cryptocurrency investor.
The cryptocurrency market is becoming one of the most challenging - and exciting - areas to trade in. Here are some of the latest stories in the industry of cryptocurrency trading:
Extreme weather affects cryptocurrency traders
Cryptocurrency traders have been unlikely victims of floods in Sichuan and heatwaves across Europe, according to the Financial Times, causing the global hashrate to fall. The Chinese storms in particular have resulted in many losses for digital currency miners, damaging equipment and causing many to flee their workplaces.
It's estimated that between 50% and 70% of the world's bitcoins are mined in China and the sudden weather events have highlighted the vulnerabilities of the industry. Mining digital currencies requires massive amounts of electricity so places where this commodity is cheap are preferable. As such, there are huge clusters of "mining farms" in specific regions or countries, meaning that natural disasters could have a considerable impact on the industry as a whole.
Max Kortrakul, Founder and Chief Executive of social trading platform Carboneum, told the Financial Times: "The pictures of the flooding in Sichuan are alarming and give the impression that the bitcoin hashrate must surely have taken a hit."
The Harry Bitkane or Cristiano Ronaldoken?
Wired claims that the stars of the World Cup should dip their toes into cryptocurrencies, after Colombian midfielder James Rodriguez launched his own coin. The 26-year-old announced the creation of JR10 - his personal digital currency - just days after the World Cup started. Wired reports that it generated $500,000 in 12 seconds and James's approach should be replicated by every footballer worth his salt.
Why? Firstly, it would broaden the appeal of the sport and would give more people a real reason - beyond patriotic pride - to support one team over another. It would also give footballers a reason to perform well, as it can be assumed that coin value would rise or fall dependent on how successful a personality is being.
It reads: "Most footballer coins will initially be worth little, but speculation orchestrated through Telegram messaging groups could make their price oscillate wildly. Batted around by cryptotraders' animal spirits, even coins issued by dud players could fleetingly become valuable."
Changing the status quo
Since its birth and throughout its boom, the global cryptocurrency sector has been dominated by men. However, this is slowly changing, according to a report from CNBC.
One cryptocurrency investor, Shanah Walton, told the news provider that women are often left "out of the conversation".
"There's a lot of wealth being generated, and a lot of times we're left out of the conversation. It's left to the males, the husbands, the partners, significant others, etc. But it's just as easy for us to get involved," Walton said.
She is confident that female investors can bring a lot to the industry and she is passionate about promoting diversity.
Walton is part of a weekly meet-up in New York City for women to share ideas and learn how to invest.