Daily Digest 9/29

Insight on the biggest news and charts that provide context for whats going on in the market today.

Ripple is known for its fast transactions and super low cost of those transactions. This is a big deal for NFTs because the fees associated with creating, minting, buying, and selling almost makes it not worth it for the average investor.
Ripples Creator Fund will distribute the $250 million for the creation and development of new use cases for tokenization of assets.
Through XRP Ledger users creating NFTs will be able to buy and sell those NFTs directly on the XRP DEX. This will eliminate the need for them to also make a separate marketplace as well as being a “green alternative” to ETH.

Another new issue to come up with mining facilities today comes out of Tennessee that is owned by Red Dog Technologies is breaching a “zoning code”.
It is alleged that the facility is making too much noise and has 30 days to comply or face further legal action from the state.
Residents have been complaining since earlier in the year about “loud hum” blaming the mining facility. This adds to the number of environmental issues people have with mining facilities gaining popularity.
Noise pollution in Tennesse, Warming a lake in New York, and the general complaint of BTC not using renewable energy are all bringing a negative image to mining facilities.

Sales of new home single-family homes in the US increased 1.5% in August as the sales of previously owned homes fell during the same time.
Due to the Pandemic many people left the cities and were buying new homes in more secluded areas. This also caused the level of previously owned homes in “inventory” to increase.
“‘These data suggest that the surge in new home sales during the pandemic has ebbed and inventories of unsold homes have risen to a more normal level in relation to sales,’” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. “
This would suggest that demand for new homes may have peaked for the moment and the Federal Reserve saying that it would begin reducing its monthly bond purchases.

A lot of talk in the past year is the amount of BTC or ETH coming off of exchanges which would cause a “supply shock” and prices would rise due to scarcity.
While you can see a slight downward trend from January to now it does not look like the promises of scarcity driven price action is going to happen all that soon.

BTC is coming off of exchanges; however, it is also coming back on when traders are deciding to sell their bags putting more back on exchanges.
Centralized and Decentralized Exchanges are still holding millions of BTC each. At times there are hundreds of thousands leaving in a day but it is hard to believe that at this pace exchanges will start losing enough where it causes a boom in price.

Yellen Forewarns Disaster if Debt Limit is Breached