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Showing posts from January 5, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

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...
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Grayscale Investments Clears Out XRP in Its Digital Large Cap Fund

Grayscale has sold all of its XRP holdings to purchase bitcoin, ether, and other crypto assets. In an announcement made earlier today, Grayscale made it known that the firm has sold all of its XRP tokens from the Digital Large Cap Fund. Grayscale Sells Off All XRP Holdings There appears to be more gloom for XRP as Grayscale Investment announced that it had sold off all XRP tokens it was holding in its Digital Large Cap Fund. This news comes days after a report emerged that Grayscale had purchased a large number of XRP tokens at a much lower price. According to data from Cryptowhale, the firm had bought over 12 million XRP tokens on New Year’s eve. However, in what appears to be a twist in the decision of the leading crypto investment company, the firm has now decided to totally liquidate all XRP holdings in the large-cap fund. This decision might be connected to Genesis Global Trading, the solely authorized participant of the fund, who earlier announced that it would be ...
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The Reported Number of Stolen BTC Drops by 92% as ‘Bitcoin Security Appears to Be Improving’

The number of stolen bitcoins that were publicly reported in 2020 dropped to 4,472 coins or 0.02% of the digital asset’s circulating supply. This new figure represents a 92% drop from the 56,870 reported in 2019. When using current bitcoin prices, the 2020 thefts caused losses that are equivalent to $140 million versus the 2019 equivalent of $1.78 billion. According to data that was shared by Jameson Lopp, the CTO at Casa, this marked decrease in the number of reported thefts means “bitcoin security appears to be improving.” The CTO also clarifies the meaning of the term “stolen” in the context of reported BTC thefts. Responding to a question on this, Lopp says : I’d say stolen is: one day you go to check your wallet and the funds aren’t there. I’d count viruses that steal private keys, it’s just harder to aggregate those types of thefts because they tend to be small scale and not get news coverage. Meanwhile, the data shared by the CTO shows it was the darknet site Empi...
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Bitcoin shatters $35K with fresh ATH

Bitcoin is rallying again, pushing into new highs above $35,000. Bitcoin is continuing to set new price records, breaking above $35,000 for the first time ever on Jan. 5. After setting its past record of roughly $34,800 on Jan. 3, BTC posted a fast retracement down to $28,000 the following day. However, the crash was short-lived, with BTC quickly recovering, and pressing into new all-time highs above $35,800 around 4.30am (UTC). Bitcoin has now gained roughly 80% since breaking into new highs on Dec. 16, and is up 22% in seven days. BTC/USDT 1H chart, Binance: TradingView The new record was posted one day after the U.S. Office of the Comptroller of the Currency published guidance greenlighting federally chartered banks to use stablecoins and public blockchains for settlement Ethereum has also pushed back above $1,100 alongside BTC’s latest push, and has gained 44% over the past week. https://ift.tt/3pMu3eO
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Ripple co-founder Jed McCaleb sold $400 million worth of XRP in 2020

Ripple co-founder Jed McCaleb appears to have enjoyed a prosperous 2020, having sold more than $400 million worth of XRP over the last 12 months. Stellar CTO and Ripple architect Jed McCaleb cashed out a whopping $411 million in XRP in 2020, according to an updated report from blockchain analytics account Whale Alert.  McCaleb sold 1.2 billion XRP throughout the year at an average price of $0.34 per coin — amassing close to half a billion dollars. The sum reportedly represents 27% of McCaleb’s XRP stash that is held in a settlement account with Ripple Labs, and marks a sharp acceleration of his sales to date. He sold roughly one billion XRP in the five years between 2014 and 2019 . We have updated our analysis of one of the most famous #XRP whales out there. You can read up on what is likely one of the most successful traders of 2020 in the article below! https://t.co/Czw3nP8bW9 — Whale Alert (@whale_alert) December 29, 2020 By Whale Alert’s estimations, the combined valu...
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Grayscale's ETHE shares tumble 50% as Ether skyrockets

A long-term arbitrage play from institutional investors may explain why shares in Grayscale’s Ethereum Trust have tanked by 50% in two weeks while Ether rallied 75%. Shares in fund manager Grayscale Investments’ Ethereum Trust plummeted by 50% this past fortnight, despite Ethereum rallying by 75% over the same period. ETHE shares represent 0.09620794 of an Ether each and are currently trading for $13.80 — roughly a 21% premium over the spot price of ETH. Grayscale’s ETHE shares have been on a roller coaster ride, surging around 500% from $4.20 at the start of October, before topping out at $25 on Dec. 22. The shares have since plummeted by 50%, posting a local low of $12 on Jan. 5. ETHE 12-month price chart: TradingView Joshua Frank, the CEO of crypto data aggregator TheTie, took to Twitter to offer a theory explaining the unusual price action.  Frank argued that institutional arbitrage may be fueling Ether’s recent gains, speculating that investors are buying ETH to clos...
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Kyrgyzstan Central Bank Is Set to Introduce Bills to Monitor Crypto Exchanges Activities and Forcing Them to Apply for Permits

The National Bank of the Kyrgyz Republic (NBKR) revealed its new-year plans for the national crypto industry. They are about to introduce two drafts to regulate the country’s exchanges that aim to combat terrorism, money laundering, and protecting consumers. Kyrgyzstan Central Bank Set to Introduce Two Crypto Bills to Combat Terrorism Financing and Fraud According to Sputnik Kyrgyzstan , the central bank’s bills hope to add a series of anti-money laundering (AML) and combating the financing of terrorism (CFT) measures that should force local crypto exchanges to report their activities. The country wants to reduce the risks of financing terrorist activities and to cut flows of criminal proceeds. One of the motivations behind introducing such crypto bills is the growing interest among the cryptocurrencies in the country, said the NBKR, as most of their citizens consider it a widespread means of investment nowadays and a solution for cross-border payments. However, the central bank p...
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Argentinia’s Ripio acquires Brazil's second-largest crypto exchange

Argentinian crypto firm Ripio has acquired Brazil’s BitcoinTrade, Brazil's second-largest exchange by volume. Ripio, a digital asset company based in Argentina, has purchased major Brazilian crypto exchange BitcoinTrade. According to Argentine newspaper Ambito, the acquisition is part of Ripio’s plan to spread across South America. BitcoinTrade is reportedly the second-largest crypto exchange in the country by volume. Ripio CEO and co-founder Sebastián Serrano said it made the purchase to “expand access to the world of digital assets” in the region. "We are convinced that Ripio is the best company to extend the path we are building with BitcoinTrade in Brazil,” said BitcoinTrade founder Carlos Andre Montenegro. Founded in 2013, Ripio claims to be one of the largest crypto exchanges in South America, with employees based in Argentina, Brazil, Mexico, Uruguay and Spain. The company launched a crypto trading platform with over-the-counter services in 2019, and was named a...
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Onboarding Institutional Crypto Investors- Coinbase Helps Execute ‘One of the Largest Digital Asset Trades in History’

Over the last year, institutional investors have been flocking toward crypto assets like bitcoin and after Microstrategy’s initial bitcoin purchase, the trending institutional demand for crypto started swelling. On Tuesday, the San Francisco trading platform Coinbase published a study that details how the company helped the firm One River Asset Management make “one of the largest digital asset trades in history.” Not too long ago, Microstrategy purchased bitcoin ( BTC ) for treasury reserves, and ever since then, a great number of well known firms have swapped cash and stocks for BTC reserves. For example, the web portal bitcointreasuries.org shows there are now 29 companies holding over 1.5 million BTC worth over $36 billion using today’s exchange rates. Today these firms hold approximately 5.48% of the bitcoin supply. Coinbase revealed that the San Francisco exchange helped facilitate the initial bitcoin ( BTC ) purchase for Microstrategy and a number of other institutions si...
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XRP sinks below LTC again after new lawsuit from major investor

XRP has fallen below Litecoin by market cap after a major investor filed a new lawsuit against Ripple. XRP has once again lost its place as the fourth-largest cryptocurrency, with lawsuits mounting against Ripple after one of its major investors followed the SEC in filing a complaint against the project. According to a Jan. 6 report from Bloomberg, Tetragon, one of the lead investors in a $200 million Series C funding round for Ripple in 2019, has filed a complaint against the firm in the Delaware Chancery Court. The investment company claims it is seeking a court to “enforce its contractual right to require Ripple to redeem” Series C preferred stock held by Tetragon. In addition, the firm is petitioning the court to stop Ripple from using “any cash or other liquid assets” until the matter is settled. Ripple has responded to the allegations, claiming the lawsuit has “no merit” and accusing Tetragon of taking advantage of “the lack of regulatory clarity” in the United States in ...
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AAVE price soars to $123 all-time high as TVL rises and fundamentals improve

Aave’s rising total value locked, improving fundamentals and renewed interest in DeFi tokens triggered a double-digit rally in AAVE price. As the crypto bull market continues to gain traction, the price of Aave’s native token, (AAVE), is pushing toward new all-time highs. The growth of the decentralized lending platform appears to be bolstered by improving fundamentals, steady growth in the total value locked on the platform, and the creation of a DeFi based crypto-collectibles token and community called Aavegotchi, Unarguably, Aave was one of the DeFi success stories of 2020 , as its price rose from $2 in January 2020 to today’s all-time high at $123.92. AAVE/USDT 4-hour chart. Source: TradingView.com The most recent breakout saw the price rally by 52.6% in the past 3 days and a number of analysts attribute part the upmove to the “Coinbase ffect,” after the top U.S. crypto exchange announced plans to list AAVE on Dec.15. AAVE tracks Bitcoin’s progress According to DeFi Pul...
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Former Bitcoin.com CEO sues oracle over 37.5M allegedly unpaid tokens

The co-founder and former CEO of Bitcoin.com is suing a Tron-based oracle platform and its principal founder for allegedly failing to pay him. Mate Tokay, Bitcoin.com’s former CEO, is taking legal action against a small-cap crypto he advised for reportedly failing to pay him 37.5 million BRG tokens worth $525,000. Tokay claims that he was never paid for his services, despite the project using his name for recognition to attract investment for Bridge.link's $8 million initial exchange offering three months ago. He adds that Bridge’s founder Sina Estavi offered to compensate Tokay with “a far lower sum” than what was agreed in their contract, adding that other advisors have allegedly received similar treatment. At current prices, the reportedly promised stash of 37.5 million BRG would be worth $525,000 in total. Tokay further alleges that the circulating supply for BRG claimed by Bridge.link is inaccurate, noting he has informed “other crypto industry market leaders, price...
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DeFi value locked hits $18B amid Ether rally and SushiSwap gains

DeFi TVL is breaking new highs at $18 billion, but most of it is just the Ether and Bitcoin rally. The total value locked in decentralized finance, a measure that tracks the amount of assets committed to the DeFi ecosystem, has soared to $18 billion according to DeFi Pulse. TVL chart by DeFi Pulse While the chart may suggest that DeFi adoption is growing, it requires some interpretation to be properly understood. Total value locked is often an imperfect metric in these scenarios. Differences in how it’s counted, protocols adopting measures to artificially boost it or just price rallies of the underlying assets can create the appearance of growth where there could be none. The adjusted TVL metric by DappRadar , which computes total value locked by fixing asset prices to the beginning of the period under scrutiny, can help shed light on what is happening. Adjusted and pure total value locked by DappRadar The adjusted metric suggests that DeFi has in fact seen very little gro...
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The institutional herd is here: Bitcoin volume on CME, LMAX hits new records

The institutional herd has arrived to the Bitcoin market as institutional platforms see record-high volume. The daily volume of the CME Bitcoin ( BTC ) futures market and LMAX achieved a new all-time high on Jan. 4. The data show that the institutional demand for BTC is rapidly surging as major public funds continue to accumulate. Institutional appetite for Bitcoin is accelerating According to analysts at Arcane Research, the daily volume of LMAX Digital reached a record-high at $2.62 billion. Bitcoin daily volume on LMAX Digital. Source: Arcane Research LMAX is a trading platform that tailors to institutional and accredited investors, unlike retail-focused platforms such as Coinbase and Binance. Arcane Research’s head of research Bendik Norheim Schei wrote : “Want another ‘Institutional investors are here’ chart? Here's the daily volume on the institutional platform LMAX Digital. New all-time high volume of $2.6 billion yesterday.” During the same period, the CME Bitcoin...
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Ether fees nearly double as 24-hour trading volume tops $50B

The average transaction cost on the Ethereum network almost doubled amid a trading volume surge. Ethereum network fees continue to climb with the average value topping out at $17.43 per transaction according to data from YCharts. As previously reported by Cointelegraph, average fees were at about $10.20 earlier on Monday . The $17.43 per transaction constitutes an all-time high in average Ether fees beating the previous record of $12.54 back in September during the height of the DeFi mania. As of press time, ETH transaction fees have declined significantly, with a median fee of $1.63 based on data from  Etherscan ,  ETH Gas Station  and Gas Now . Average ETH Transaction Fee. Source: YCharts Yield chasing on multiple DeFi platforms added to the transaction load of stablecoin transfers, which made the Ethereum network even more actively used than in previous times. As a result, average fees skyrocketed, often to the detriment of some DeFi market participants . Inde...
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XLM price gains 30% in a day as positive sentiment shifts from XRP to Stellar

XLM benefits from a Ukraine government partnership and becomes the latest addition to 2021's new altseason. Stellar ( XLM ) is winning the battle of the blockchain payment networks against Ripple this week as sentiment flips in its favor. Data from monitoring resource The TIE confirms that long-term sentiment towards XLM is now higher than towards XRP , the altcoin in which embattled Ripple is the largest stakeholder. XLM sentiment beats out XRP The figures serve as the latest warning to XRP investors, who have looked on in dismay as legal problems for Ripple in the United States cause its value to dive by over 60%. XLM/XRP line chart. Source: CoinGecko As of Jan. 5, the long-term sentiment score collated by TheTIE stood at 70 for XLM but under 70 for XRP. Before the legal action, XRP sentiment was at an all-time high. XLM vs. XRP daily and long-term sentiment score chart. Source: The TIE Ukraine deal sees XLM join 2021 altseason Stellar has received a boost this we...
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Bitcoin could hit $146K long-term by 'crowding out gold,' says JPMorgan

Strategists at the American megabank believe the cryptocurrency has a chance to hit $146,000 in future years if it can evolve into a compelling alternative to gold. Drawing parallels between Bitcoin ( BTC ) and gold's role as a hedge for investors has been popular for years. Until now, the stark discrepancy in the total market capitalizations of the two assets has limited these analogies to a significant extent. Gold, even after a major Bitcoin price rise in Dec. 2020, continues to command roughly 4.6 times Bitcoin's current  $5.85 billion market capitalization. Yet strategists at the American multinational megabank JPMorgan Chase are forecasting a possible scenario in which Bitcoin can seriously take on its predecessor. On Jan. 5, a Bloomberg report cited a note from the bank's strategists, led by Nikolaos Panigirtzoglou, in which they sketched out a path to the total private sector investment in Bitcoin coming to equal the value that is currently invested in gold via...
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OKExChain mainnet enters 'Genesis' stage, 10 million OKT tokens issued

The major spot exchange platform has launched its mainnet trading chain OKExChain. Crypto exchange platform OKEx has announced the launch of its OKExChain mainnet with 10 million OKT tokens available for early adopters. According to an announcement, the project was three years in development, spanning 10 testnet versions. The mainnet deployment will proceed along four stages with the current epoch being the Genesis phase lasting two weeks until Jan. 13, 2021. As part of the Genesis phase, OKT, the chain’s native token will be available as a reward for staking on the blockchain. Holders of OKB — the OKEx utility coin — can stake their tokens to earn OKT as a reward in the Genesis phase. According to the launch announcement, 10 million OKT will be mined during the Genesis stage to bootstrap adoption. Users who stake OKB will receive OKT proportionally to their utility coin holdings. As part of the staking rules, OKEx said that there are no minimum or maximum caps on staking. At th...
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The biggest winner of Bitcoin's rally? Dogecoin. DOGE price soars 105% in one week

Dogecoin gets some unlikely public petting from Australian adult star Angela White for its latest high-profile endorsement. Meme-based altcoin Dogecoin ( DOGE ) leads altcoin gains this week, pushing above 1 cent per token after a surprise endorsement from Australian adult film star Angela White. In an unlikely turn of events, White tweeted about her DOGE holdings and then changed her Twitter profile picture to herself in Dogecoin merchandise. Angela White claims 7-year DOGE hodl The net result was an instant 125% price increase in DOGE/USD, which beat the impact from a previous Twitter nod from Tesla CEO, Elon Musk. “Been HODLing my $Doge since 2014. MUCH PATIENCE. TO THE MOON #dogecoin,” White wrote on Jan. 2. The impetus for the sudden reveal is unclear, and whether or not White has in fact been keeping a stash of Dogecoin under the mattress for seven years could not be immediately verified. Number of Twitter users Dogecoin (blue), Bitcoin (red). Source: TheTie At press...
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Chilean Court Orders Two Major Banks to Keep Open Checking Accounts of Crypto Exchange Buda

Chile’s Free Competition Defense Court (TDLC) ruled in favor of the Latin American cryptocurrency exchange Bud after their checking accounts were closed by two major banks in the midst of a lawsuit related to a Ponzi scheme unrelated to the exchange. Chilean Court Rejected Petitions From Two Banks to Keep Checking Accounts Closed From Crypto Exchange Buda According to Diario Financiero , the TDLC decided that Banco Itaú and BancoEstado should keep open Buda’s bank accounts, which were shut down in 2018 during an investigation of a bogus company named Terra Finance that turned to be a scam. The lawsuit filed by four victims of the scheme — defrauded with a total amount of 100 million Chilean pesos ($200,000 approximately) — said that they were users of the crypto exchange. At that time, Banco Itaú backed its decision by claiming that Buda allowed the usage of its platform for bogus companies like Terra Finance indirectly and did nothing to stop it: “Buda is indirectly allowing the ...
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Andreessen Horowitz joins push against FinCEN's 11th-hour crypto rules

The venture capital firm has taken issue with U.S. regulators latest move against crypto. Major venture capital firm Andreessen Horowitz, also known as a16z, is the latest crypto-related form to oppose a recently proposed regulation in the United States. According to a blog post by a16z general partner Kathryn Haun, the Financial Crimes Enforcement Network has issued "a rushed, non-vetted rule under the cloak of the holidays that violates the government’s own established rulemaking procedures."  FinCEN, which operates under the purview of Steven Mnuchin's Department of the Treasury, introduced a proposed regulation late last month that would restrict money services business , as well as U.S.-registered cryptocurrency exchanges, from transacting with so-called "self-hosted" wallets.  Effectively, the new regulation would "would require various cryptocurrency entities to collect and report detailed personal identifiable information of their customers’ c...
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