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Cryptocurrency Statistics 2024: Investing In Crypto

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Cryptocurrency Statistics 2024: Investing In Crypto

Over the last decade, cryptocurrency has gone from an obscure asset to a wildly popular investment before falling significantly amid increasing interest rates. Cryptocurrencies are a form of digital currency secured through cryptography and computer networks. These currencies are not overseen by traditional central institutions, like a government or bank, and transactions are performed while maintaining the semi-anonymity of buyers and sellers.

How cryptocurrencies work can sometimes be complex. Below is an easy-to-follow guide on the most important things to know about digital currencies and new developments in the crypto market.

Learn about cryptocurrency

  • Cryptocurrency was born out of the Great Recession, as the concern over central bank powers grew, and users found a way to decentralize money.
  • The first cryptocurrency, Bitcoin, was launched in 2009. Its first transaction was used for two Papa John’s pizzas.
  • Cryptocurrencies are made possible by a technology called blockchain, which acts as an electronic ledger for anonymous digital transactions.
  • Bitcoin began with a value of less than a penny, and at its historical high hit more than $73,000.
  • Since its inception, more than 21,000 different cryptocurrencies have evolved and followed in Bitcoin’s footsteps. Ethereum and Tether sit behind Bitcoin in value to round out the top three.
  • 26 percent of millennials owned Bitcoin, according to a July 2023 Morning Consult survey, compared to 14 percent of all U.S. adults.
  • Global mining for the largest cryptocurrencies is estimated to create between 110 – 170 million metric tons of carbon dioxide emissions per year, according to a White House report.

Types of cryptocurrency

Token type
Best used for/purpose
Example of this type
Equity tokens Represent equity in the underlying asset, usually the stock of an actual company or equity in a property. Terms are recorded on the blockchain. Very similar to owning traditional stocks, with the main difference being registration on a blockchain versus a database or paper certificate as is the case with traditional stock. Voting rights are also issued with these tokens through the blockchain. Tesla and PayPal are just two examples of companies that can be bought as regular shares and as tokenized stocks through the blockchain.
Utility tokens Utility tokens are used to raise funds for new cryptocurrency projects. Utility tokens usually serve a specific purpose for their developer, often to raise capital but can also provide access to products or services. Not considered ownership of an asset like an equity token. Basic Attention Token (BAT) is used for payments  in publishing systems.Golem (GNT) offers a way for users to rent computing power systems.
Intrinsic tokens Also called “native” or “built-in” tokens, these tokens are digital forms of currency and have intrinsic value only insofar as the market values them. They do not represent anything, but simply exist as currency. Bitcoin (BTC) and Ethereum (ETH) are two of the most well-known intrinsic tokens.
Asset-backed tokens Asset-backed tokens are the digital equivalent of IOUs. These tokens are backed by an underlying asset, something physical like gold, paper money, art or gemstones. Users can claim the underlying asset from a specific issuer by sending the token to the issuer. Any real, physical asset can be tokenized into an asset-backed token. Often, commodities like gold, crude oil and soybeans are used.

Crypto market rise and fall

  • Following the 2008 recession, an individual or group by the name of Satoshi Nakamoto created a white paper to address central bank control of money and the control governments had over citizens’ money.
  • In 2009, Bitcoin was created, launching cryptocurrency from academic concept to real-world currency contender.
  • Bitcoin was intended to eliminate the control, oversight and fees associated with cash transactions. The legitimacy provided by third-party institutions like banks was supposed to be replaced by cryptographic networks online.
  • On Jan. 3, 2009, the first blockchain was launched with the first “block” called the genesis block.
  • The first actual transaction with Bitcoin took place on May 22, 2010 when a Florida man negotiated to have two Papa John’s pizzas worth $25 delivered in exchange for 10,000 bitcoins. This established the first actual value of Bitcoin, at 4 bitcoins per penny. Fans have since dubbed this day “Bitcoin Pizza Day.”
  • In February 2011, Bitcoin’s price passed the $1 threshold. Roughly 13 years later, Bitcoin hit an all-time high of $73,750 in March 2024.
  • Since Bitcoin’s inception, more than 21,000 different cryptocurrencies have been created.
  • Bitcoin is the most valuable coin in circulation, with Ethereum and Tether in second and third place, respectively.
  • The value of all existing cryptocurrency is around $2.33 trillion, with around $1.2 trillion of that being attributed to Bitcoin (as of May 6, 2024), according to CoinMarketCap.com.
  • The global payments revenue is expected to top $3 trillion by 2026, according to a McKinsey report.
  • As of May 5, 2024, the size of the Bitcoin blockchain is approximately 570 gigabytes, about 19 percent higher than where it was one year ago.

Cryptocurrency statistics: Investors and demographics

  • About 21 percent of American adults have owned cryptocurrency as of 2022, according to NBC News.
  • India is ranked at the top of Chainalysis’s global crypto adoption index, as of Sept. 2023, followed by Nigeria and Vietnam, to round out the top three.
  • Many high adopters are developing markets, such as Ukraine, Indonesia and the Philippines, according to Chainalysis.
  • In the United States, high-income earners are disproportionately represented among crypto investors, with those making $100,000 or more annually comprising 25 percent of crypto owners but only 15 percent of the general public.
  • About 70 percent of cryptocurrency owners are men, but they represent only 48 percent of the general population, according to a report by Morning Consult. Women comprise 30 percent of crypto owners but 52 percent of the general population.
  • U.S. crypto ownership by ethnicity, in 2021, according to Morning Consult:
Ethnicity / Race
Percent of total crypto ownership
Percent of U.S. adult population
White 62% 69%
Hispanic 24% 16%
Black or African American 8% 10%
Asian 6% 5%
Generation
Percent of total crypto ownership
Percent of U.S. adult population
Gen Z (born 1997-2012) 13% 11%
Millennials (born 1981-1996) 57% 30%
Gen X (born 1965-1980) 20% 27%
Baby Boomers (born 1946-1964) 10% 32%

Cryptocurrency’s environmental impact

Although cryptocurrencies have created a new, alternative method of payment, the production of cryptocurrency has been mired in controversy because of the energy required to produce it.

Bitcoin and other cryptocurrencies are “mined” on decentralized computer networks that act much like a large ledger. This ledger tracks each transaction of cryptocurrency, and computers throughout the network verify and process each transaction through a blockchain database.

Think of it like a long receipt that records every transaction in a cryptocurrency. As transactions are processed and verified, new bitcoins are created, or mined. Mining is the process of adding another entry onto the receipt, or another block to the chain.

This process requires high-powered and sophisticated computers – and a lot of electricity. Bitcoin alone used an estimated 158 terawatt-hours of electricity annualized as of May 2024 – more than Ukraine and Pakistan – according to the Cambridge Bitcoin Electricity Consumption Index.

Bankrate insights

Bitcoin mining consumes so much electricity that it accounts for 0.62 percent of the entire world’s electricity consumption as of May 2024, according to the Cambridge index. Mining for Bitcoin alone is estimated to create 80.1 million metric tons of carbon dioxide emissions per year, comparable to those created by Greece, according to the Cambridge index.

Other key facts show the environmental impact of cryptocurrency:

  • If Bitcoin were a country, it would be in the top 40 energy users worldwide, according to Digiconomist.
  • One Bitcoin transaction’s carbon footprint is equivalent to more than 762,000 Visa transactions, according to Digiconomist.
  • Bitcoin emissions alone could increase average global temperature above 2°C, according to research in the journal Nature Climate Change.
  • It is even estimated that Bitcoin mining consumes the same amount of electricity as all the data centers in the world, according to research in the journal Joule.

Crypto taxes and economic statistics

When cryptocurrencies were first created, it was nearly impossible for government tax agencies to track them. The hallmark of blockchain transactions is anonymity, meaning one could not prove the identity of the buyer or the seller.

In 2014, the IRS stated that cryptocurrency was to be treated as property for federal income tax purposes. Although the agency itself has not released official estimates yet, an analysis from Barclays Bank figures that the IRS loses an estimated $50 billion per year from taxes that should be paid on cryptocurrency assets.

Buying and holding cryptocurrency is not considered a taxable event. You can buy and hold the crypto for as long as you want, though you do have to disclose that on your tax return, but once you decide to sell (or realize the gain or loss) you will need to report the amount of profit or loss from the sale.

Is crypto the future of money?

The popularity of cryptocurrency has grown in recent years as access to crypto has become easier. The asset is still incredibly volatile, and in 2022 rising interest rates caused selloffs in Bitcoin, as skittish investors offloaded speculative assets. Bitcoin recovered somewhat in 2023, and reached a new high in March 2024.

The volatility of major cryptocurrencies such as Bitcoin makes them difficult, if not impossible, to use as currencies. Major currencies need to be mostly stable in order to act as a medium of exchange. So the ideas that cryptocurrencies can be both trading vehicles for profit and functional currencies to transact are at odds with each other.

Governments around the world, including the United States, have also started to analyze how to regulate cryptocurrency. On March 9, 2022, U.S. President Joe Biden signed an executive order calling for a broad review of digital assets, including cryptocurrencies. Federal agencies are reviewing digital currencies and assessing the risk they pose to overall financial stability, among other considerations.

Bankrate insights

The difficulties of tax reporting and the controversy surrounding crypto have resulted in the digital asset being entirely banned in more than a dozen countries including Qatar, Saudi Arabia and China. China, which used to account for the majority of the world’s Bitcoin mining, has now outlawed cryptocurrencies altogether as well.

So far, El Salvador and the Central African Republic accept crypto as legal tender, although both countries have had significant problems with its implementation.

Cryptocurrency, although available as a method of payment for some companies scattered throughout the world, has not made the official leap as a widely available currency. Several major companies already accept cryptocurrency as a form of currency or payment, but the list is relatively limited:

  • AT&T offers customers a payment option through BitPay.
  • Microsoft allows Bitcoin to pay for Xbox store credits.
  • Game streaming platform Twitch accepts Bitcoin and Bitcoin Cash as payment.
  • AMC theaters allow moviegoers to purchase tickets with Bitcoin and other cryptos.
  • The Dallas Mavericks allow the use of Bitcoin for purchasing game tickets and merchandise through the team’s website.

However, many other companies have introduced the ability to pay with cryptocurrency but then rescinded it when customers failed to actually use it.

Cryptocurrency FAQ

  • What happens if you dont report cryptocurrency on taxes?

    You can get into serious trouble with the IRS if you don’t declare all your income and pay taxes on it, including stiff financial penalties and potential criminal penalties such as prison time. You may need to respond to a couple items on your annual tax return, depending on your activities.

    For all taxpayers, the IRS asks you whether you’ve transacted in cryptocurrency each year on your Form 1040 tax form. So if you’ve bought or sold cryptocurrency during the tax year, you’ll need to declare that on your taxes – or risk lying on your return.

    In addition, if you’ve turned a profit on your crypto trades, you’ll need to report that capital gain and pay taxes on it. Alternatively, if you’ve lost money on your trades, you can claim a loss as well as a tax break.

  • How do beginners invest in cryptocurrency?

    Cryptocurrency’s volatile nature, the fact that it is not based on a hard asset or cash flow of an underlying entity and the controversy surrounding its climate impact make it a very speculative investment. Even a more established coin like Bitcoin is risky. All cryptocurrencies are fairly new, and it is difficult to compare asset-backed investments like stocks to digital currencies that are backed purely by investor sentiment.

    Beginners should only make crypto a small part (less than 5 percent) of a diversified portfolio that includes stocks and other established wealth-building assets. Investors need to understand exactly how cryptocurrency works – and here’s what else you need to know.

  • What is cryptocurrency mining?

    Crypto mining is the process of creating new coins on a given blockchain such as Bitcoin’s. Computers operating these decentralized blockchain networks solve complex mathematical problems to try to earn bitcoins. These high-powered computers compete with one another to solve the problems in the hope that they are rewarded with the bitcoins up for grabs.

    Mining is extremely energy-intensive and creates significant carbon emissions, among other negatives. Here are further details into how it all works.

  • Where to buy cryptocurrency?

    Traders can buy cryptocurrency at many places nowadays, including traditional payment apps such as PayPal and Venmo, investing apps such as Robinhood and Webull, crypto exchanges such as Coinbase as well as a few traditional brokerages such as Interactive Brokers.

    If you’re looking to buy crypto, here are some of the top exchanges and apps to consider.

— Georgina Tzanetos wrote a previous version of this story.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Top 3 Crypto Tokens to Take Advantage of Ethereum Spot ETFs and US Presidential Election Hype: Pepe (PEPE), Binance Coin (BNB) and ETFSWAP (ETFS)

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Top 3 Crypto Tokens to Take Advantage of Ethereum Spot ETFs and US Presidential Election Hype: Pepe (PEPE), Binance Coin (BNB) and ETFSWAP (ETFS)

Some projects in the cryptocurrency space, such as Pepe (PEPE), ETFSwap (ETFS) and Binance Coin (BNB), are in the pipeline to gain positive stimulus from the hype around the US presidential election. However, ETFSwap (ETFS) will benefit further from the upcoming trading of Spot Ethereum ETFs.

ETFSwap (ETFS) on Verge of Bull Run as Ethereum Spot ETFs Ready to Launch

ETFSwap (ETFS) offers access to real-world assets in tokenized form, redefining ETF trading. Users can leverage ETFSwap’s (ETFS) market-making experience to always achieve optimal liquidity and get advanced trading perpetuals up to 10x, including access to futures, access to advanced trading tools and market data in real time.

ETFSwap (ETFS) stands as a beacon at the forefront of a financial revolution with its seamless integration of traditional finance into the realm of DeFi. The platform supports tokenized assets with real-world securities such as Spot Ethereum ETFs purchased from traditional financial markets.

The possibility of Ethereum Spot ETFs starting trading from July 2nd will also significantly enrich the ETFSwap (ETFS) platform, allowing you to trade Ethereum Spot ETFs right from the start as soon as the platform launches.

ETFSwap (ETFS) is able to integrate blockchain technology with ETFs because it works with MiCa compliant and regulated investment banks to trade both securities and cryptocurrencies. The platform provides ETF Screener and ETF Tracker-AI tools designed with algorithms that can read, analyze and process large volume data and provide recommendations based on historical data, market sentiments, trends and pattern recognition.

Through its staking program, you can enjoy high returns from ETF staking and secure passive income when you purchase and stake native ETFS tokens that yield up to 87% in annual percentage rate (APR) yield . Additionally, all users of the ETFSwap (ETFS) platform have access to 24/7 market coverage and the freedom to open and close positions at any time, with the flexibility to manage risks and experience robust measures safety.

Additionally, ETFSwap (ETFS) is on the verge of launching a beta platform. This new platform will offer all cryptocurrency and ETF investors a simple and intuitive experience that will greatly improve buying, selling and trading ETFs with ease.

All these amazing features available on the ETFSwap (ETFS) platform are only accessible to those who hold ETFS tokens. Therefore, now is the right time to hurry and buy at the lowest possible price $0.01831as the price is expected to rise to $0.03846 in the next stage of presale.

Pepe (PEPE) is hoping for a big rally

Pepper (PEPPER) The frog-themed meme coin could see renewed interest among investors looking to double their cryptocurrency gains.

Pepe (PEPE) capitalizes on the popularity of other meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), and others. Cryptocurrency experts believe that with the increase in the number of Pepe (PEPE) coin holders, daily trading volume and a growing following on social media channels, there is still a lot of potential left in Pepe (PEPE) for another momentum bullish.

Binance Coin (BNB) could push up to $1000

Binance Coin (BNB)The fourth-ranked cryptocurrency by market capitalization is expected to rise by 70.08% and trade within a price range of $675 to $1,000 next year.

Binance coin (BNB) plays a vital role in some pre-sales in 2024, where it is accepted as the main currency. Its robustness and widespread acceptance determine the success of these pre-sales.

Users enjoy a number of benefits within the Binance platform for holding Binance coin (BNB), such as reduced trading fees, exclusive access to token sales, and the ability to transact on Binance ecosystem blockchains.

Conclusion on the 3 main crypto tokens set to exploit Ethereum spot ETFs and the US presidential election hype

While Pepe (PEPE) and Binance Coin (BNB) may see an increase in their prices, this is the case ETFSwap (ETFS) this will likely take advantage of the hype surrounding the US presidential election and, more significantly, the upcoming trading of Spot Ethereum ETFs as the platform is at the forefront of tokenizing ETFs and making them available to investors.

For more information on ETFS presale,

Visit the ETFSwap presale

Join the ETFSwap community

Disclosure: This is a sponsored press release. Please do your research before purchasing any cryptocurrency or investing in any project. Read the full information Here.

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash – Market Updates Bitcoin News

TokenTalk Staff

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash - Market Updates Bitcoin News

https://news.google.com/./articles/CBMiaWh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9tZW1lLWNvaW4tbWVsdGRvd24tcHJlc2lkZW50aWFsLXRva2Vucy10cnVtcC1hbmQtYm9kZW4tdHVtYmxlLWFta WQtbWFya2V0LXNsdW1wL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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OpenAI co-founder announces his new company, AI tokens rally

TokenTalk Staff

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OpenAI co-founder announces his new company, AI tokens rally
  • Former OpenAI co-founder Ilya Sutskever announced Wednesday the launch of a new artificial intelligence research lab in the United States.
  • News of the launch of Safe Superintelligence Inc. catalyzed gains in AI-related crypto tokens.
  • The market capitalization of the AI ​​category increased by 12% in the last 24 hours.

Artificial intelligence (AI) crypto token prices rise on Thursday following news that OpenAI’s co-founder has started his own company. Ilya Sutskever, former chief scientist at OpenAI, announced the launch of a security-focused AI research lab in Palo Alto and Tel Aviv, US.

The news comes amid concerns regarding the security aspect of Artificial General Intelligence (AGI), under development at OpenAI.

According to data from CoinGecko, the market capitalization of AI tokens increased by 12% in the last 24 hours.

AI Tokens See Huge Price Gains

AI tokens such as Near Protocol (NEAR), Fetch.ai (FET), Internet Computer (ICP), Render (RNDR), Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX) and Akash Network (AKT) extended gains in recent 24 hours, according to CoinGecko data.

AI tokens

AI tokens

The rally can largely be attributed to the announcement of the new company, Safe Superintelligence Inc. The team consists of former co-founder Ilya Sutskever, American entrepreneur Daniel Gross and Daniel Levy, a research assistant at the laboratory of computer scientist Stephano Ermon . Sutsekever served as chief AI scientist at OpenAI and focused on the “safety” aspect when developing AGI.

The announcement of the fundraising for Artificial intelligence projects from hedge funds and Venture Capital is another catalyst that will likely fuel gains in this token category. Pantera Capital announced on June 19 its decision to invest $200 million in artificial intelligence ventures, according to a report by DLNews.

Major crypto funds are raising $1 billion, of which AI will receive a 15 to 20% investment. This development is another market driver, which is likely to influence investor sentiment towards AI tokens.



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LayerZero’s ZRO token airdrop with mandatory donations is live

TokenTalk Staff

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LayerZero's ZRO token airdrop with mandatory donations is live

“ZRO Claims is live” Source: LayerZero Foundation on X.

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Complaints about LayerZero’s new ZRO token it went live today, but the airdrop mechanic required a 10 cent donation for each token participants wish to receive. This initiative, announced via an X post, binds symbolic statements to direct donations to the Protocol Guild, with the goal of aligning long-term commitment with the LayerZero protocol.

LevelZero underlined the innovative aspect of this approach, stating that, by donating, eligible recipients “show a long-term alignment with the LayerZero protocol and a commitment to the future of cryptocurrencies.”

The foundation will match donations up to $10 million, marking the first instance of mandatory donation for airdrop requests in the cryptocurrency industry.


SapphireSapphire


SapphireSapphire

Reception from the crypto community has been mixed. Some users disapproved of the mandatory donation, while others appreciated the development support. The airdrop will see 85 million ZRO tokens available for distribution, with over 50% reserved for key investors and contributors as part of a three-year vesting program.

Despite some dissatisfaction, LayerZero’s ZRO token is highly anticipated, trading at $4.27 in pre-market futures. It is expected to launch on exchanges like Binance at midday UTC, although it appears that the exchange has done so postponed this at 13:00 UTC.

LayerZero’s airdrop eligibility checker, released the day before, also drew criticism from DeFi users. Many expressed frustration with the small assignments despite significant use of the protocol. The allocation process appeared to favor holders of specific NFTs, such as Pudgy Penguins and Kanpai Pandas, over those with a high number of transactions or Gh0stly Gh0sts NFTs.

Approximately 1.28 million wallets are eligible for the airdrop, with 8.5% of the total community allocation of 23.8% to be distributed initially. The remaining tokens will be distributed over the next three years through various incentives and rewards.

The pre-market valuation for ZRO is $4.50, representing a fully diluted value of $4.5 billion. However, the state of airdrop farming is causing growing frustration among users, with decreasing investment returns and oversaturation of protocols.

Echo.xyz founder Cobie commented on these growing concerns, said: “If you’re a founder, IMO, you’re probably thinking about never doing an airdrop again these days; now the disadvantages are much greater than the advantages.”

LayerZero also received criticism back when asked the farmers of Sybil to self-report. Next up, LayerZero CEO Bryan Pellegrino confirmed that up to 100,000 wallets have self-reported their Sybil activities.

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