On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Crypto activity in Asia is equivalent to that in the U.S. and Europe combined.
Research by Messari has delved into the Asian crypto landscape and revealed the region accounts for almost half of all digital asset trading, and boasts six of the top ten largest crypto unicorns.
The report, penned by research analyst Mira Christanto, confirmed that China, Japan, Korea, Hong Kong, and Singapore, are market leaders with deep pools of liquidity, adding that other Asian countries also have great potential to scale.
“With Asia accounting for 60% of the world population, infrastructure companies across the world are interested in tapping the growing market.”
China also dominates in terms of whale activity and larger trades, the report added;
“East Asia (mostly China) is dominated by larger trades with 90% of all volumes above $10,000. East Asia engages in more short-term trades over a wider variety of assets, compared to North America where the focus is more on long-term holdings of Bitcoin.”
Citing data from Chainalysis, the report stated that over the 12 months to June 2020, Asia accounted for 43% of global cryptocurrency activity, or almost $300 billion in transactions. Crypto activity in Asia alone is equivalent to the U.S. and Europe combined Christanto added.
During the recent crypto market rally there were several selloffs during the Asian trading session sparking commentary on crypto social media about the region’s influence on markets.
God bless The Asian markets bang on time they dump #Bitcoin
— Dalai Lambo (@BustinJ74027175) January 12, 2021
Shorting just before bedtime for an hour or 2 makes me sleep better at night
Profits will go to #alts
The report found that of the top 20 token projects, more than 40% of the market capitalization is based in Asia. Companies in the region account for 94% of BTC futures volumes.
“By the end of 2019, six of the top ten largest crypto firms in the world were located in Asia.”
These were Binance, Bitmain, Canaan, Block.one, Ebang, and Liquid — with half of those directly related to Bitcoin mining. China currently controls 65% of BTC hash rate, but Malaysia has also entered the top five and accounts for 4.33% of global hash due to its favorable electricity costs.
Despite constant regulatory pressure from the state, China has positioned itself as a blockchain hub and is set to be the first country to roll out a Central Bank Digital Currency (or Digital Currency/Electronic Payment as it is called there).
Crypto social media has certainly noticed the influence of Chinese traders in particular, with the Chinese Lunar New Year effect anticipated each year.
It can cause wild fluctuations in Bitcoin prices and markets have previously dumped due to the huge holiday. In 2021, the celebration falls on February 12 but Covid-19 restrictions may dampen its effect.
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