STORY: This is Crypto Weekly, with your top stories on virtual money. This week…
Shrimps and whales are coming to the rescue of bitcoin.
New data from Glassnode show that investors with less than one bitcoin - AKA shrimps - are adding to their holdings at the fastest rate on record.
Meanwhile, big players, or whales, are snapping up bitcoin at the fastest pace since early 2021.
Such investors are hoping to benefit from long-term gains, and they’re helping bitcoin to stabilize after big falls.
Energy-hungry crypto miners are helping Texas avoid blackouts.
Several including Riot Blockchain said they would curtail work to aid a power grid hit by high demand.
Andrew Dessler is a professor at Texas A&M university:
“We have a finite amount of power available and, as the temperature goes up, the demand continues to go up and so there’s always a challenge of ensuring that when you reach these really record-high temperatures, there’s enough power available.”
Crypto’s white knight says he’s still ready to help.
FTX boss Sam Bankman-Fried says he has a “few billion” left to help ailing firms.
He’s already stepped in to support struggling crypto lenders Voyager Digital and BlockFi.
But one top U.S. official says it’s time to rein in digital currencies.
Fed vice chair Lael Brainard says the industry needs strong regulation before it endangers the whole financial system.
She says crypto poses the same risks as traditional finance - and needs the same rules.