On 4th September, Mark Serrels, the Editorial director at CNET News released an article which claims that an anonymous individual had bought a cryptocurrency digital cat for $172,000. It is still unclear whether the cryptokitties digital cat was bought by accident or for the purpose of money laundering.
The name of the CryptoKitty is Dragon  who has chestnut colored eyes and a “cotton candy” base color. According to her bio, she had “bit Rebecca Black once” and finds spying on neighbors “exhilarating”. On Tuesday, an anonymous individual bought the digital cat for $172,000 or 600 ETH [Ethereum].
The CryptoKitty is now owned by the user Rabono. The fascinating point is that Gen zero cats tend to be the most valuable whereas Dragon is a Gen seven digital cat. Thus, it reinstates the question whether the purchase was just an accident or a case of money laundering.
CryptoKitties are digital collectibles which are used for breeding and their value is determined based on how precious or unique the digital cat is, for example, a rare baseball card is very valuable. Since CryptoKitties are on the blockchain, Dragon is completely unique and cannot be replicated. Dragon selling for $172,000 is not normal because the average price paid for a CryptoKitty is $60 whereas the median price is $9.
The previous CryptoKitty sales have one thing in common, they are very old and are Gen zero digital cats. The second most amount of money paid for a CryptoKitty was $110,000 back in December 2017.
CryptoKitties can be bought with Ether which is a digital currency that powers the Ethereum network. Ether value fluctuates in the market just like any other cryptocurrency and individuals can convert their currency [e.g. USD, CAD, GBP] into Ether to pay for CryptoKitties on the Ethereum network. CryptoKitties can be accessed through digital wallets which include Metamask, Coinbase Wallet, or Trust.
qra_qqryq posted on Reddit,
“Maybe it is just CryptoKittens advertisement? Imagine lot of people that try to do something with CryptoKittens now in order to sell their virtual cats for a lot of Ether.”
Subscribe to AMBCrypto’s Newsletter
Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC]: General manager of BIS says Bitcoin and blockchain technology should be explored to its limits
Bitcoin [BTC]: Mati Greenspan claims ‘$200 move can easily lead to a $2,000 move’
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC and LTC bulls defend position
Dubai-based exchange BitOasis allegedly delists Monero [XMR], ZCash [ZEC] without informing users
Kraken’s Austin Alexander says cryptocurrency space is ‘moving fast’, making it difficult for staffing
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Bitcoin Cash’s [BCH] Roger Ver adds Coinbase and Binance to his ‘safe list’
Bittrex transfers 6,999,999 XRP to Upbit amid Ripple’s alleged report discrepancies
Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser
XRP: Massive amounts of cryptocurrency moved as Ripple, Nexo come into the picture
Satoshi Nakamoto is easy to get through; can be found by fools, claims John McAfee
XRP: Google Chrome extension to detect trustworthiness of select XRP addresses goes live