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Showing posts from July 19, 2021

Bitcoin crashes below $30K, but on-chain data suggests accumulation is brewing

Despite the Bitcoin markets slipping below $30,000, on-chain data suggests accumulation may be underway, as $1 billion worth of BTC leaves exchanges each month. Despite Bitcoin crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC. According to Glassnode’s July 19 “The Week On-Chain” report , the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly. Glassnode infers the shrinking Bitcoin reserves on exchanges as indicating large investors moving BTC into secure storage, rather than leaving their coins on exchanges in preparation for selling. Bitcoin net position change on exchanges: Glassnode Glassnode also identified a recent increase in the number of entities hodling Bitcoin since May, increasing from roughly 250,000 to nearly 300,000 today. Glass...

BlockFI ordered to stop onboarding New Jersey-based customers

BlockFi CEO Zack Prince rejects the New Jersey securities regulator’s claim that his firm has been offering unlicensed securities to the public. The New Jersey Bureau of Securities had issued a cease and desist order to centralized crypto lending firm, BlockFi, preventing it from onboarding new interest account clients in the state. The news was first broken by Forbes on July 19, with the outlet citing an undated, unpublished draft press release which revealed that the New Jersey Bureau of Securities was planning to issue a Summary Cease and Desist order to BlockFi. The draft reportedly accuses BlockFi of offering unregistered securities to its customers. The document purported to quote Acting Attorney General Andrew J. Bruck as stating: “Our rules are simple: if you sell securities in New Jersey, you need to comply with New Jersey’s securities laws. No one gets a free pass simply because they’re operating in the fast-evolving cryptocurrency market.” On July 20, Zack Prince, Blo...

Crypto in the UAE: TRES Was Approved by DMCC for OTC Trade License to Operate With Cryptocurrency

On photo left to right: Saif Al Mansouri – CEO TRES OTC DMCC; Ahmed Bin Sulayem – Executive Chairman and Chief Executive Officer of DMCC; Dmitry Krasnogor – Managing Director TRES OTC DMCC; Antony Katin – CEO SIMBA Storage; Alexey Liakhovnenko – CEO TRES Group GmbH. Back in 2020 , at the Davos Summit, the DMCC (UAE Free Economic Zone) announced a strategic partnership with CV VC and CV Labs to launch Crypto Valley, the world’s largest ecosystem of cryptography, blockchain and distributed ledger in Dubai. More and more countries are adopting cryptocurrencies after a long resistance. The UAE is rightfully one of the most progressive countries in recent decades, which does not stand still and sees a prospect in the development of the cryptocurrency industry within the country, after a long denial and misunderstanding. The cryptocurrency industry has already shown its strength and serious intentions to conquer the whole world and make it better. The capitalization of cryptocurr...

Binance Enters Popular Venezuelan Dollar Indexes as Currency Plunges 10% in One Week

Binance, the leading P2P exchange in Venezuela, is now present in several popular dollar indexes in the country. The price of USDT on Binance’s P2P platform is now used to calculate the average price of the dollar with other P2P and electronic markets. The Venezuelan currency, the Bolivar, took a plunge last week losing 10% against the dollar as the government considers a currency redenomination. Binance Makes Its Way Into Dollar Indexes Binance has made its way into popular dollar indexes in Venezuela, after becoming one of the most well-known crypto markets in the country. Now, the average USDT price of its P2P exchange is being used to get a grip on the real price of the dollar in the country by two known indexes: enParaleloVzla and MonitorDolar . Binance P2P is the second cryptocurrency-related platform that is being taken as representative of how the dollar price moves in the market, with the first one being Localbitcoins, another P2P market. Now, Binance P2P has become a ...

Bitcoin falls to sixth for daily revenue, with just 12% of Ethereum's fees

Ethereum, Uniswap, Binance Smart Chain, and Aave are all beating out Bitcoin by daily fee revenue. Ethereum appears to be extending its fee dominance over Bitcoin by roughly 10 times, with Bitcoin currently ranking just sixth by weekly fee generation. According to CryptoFees’ data for July 18, the Bitcoin network had generated $725.7 million in daily fees on average over the past seven days, and less than $400,000 worth of fees for the day. Ethereum tops the rankings by far, generating more than $6.1 million in daily fees on average for the week, and more than $5 million for the day. As such, Ethereum’s daily fees beat out Bitcoin’s by 8.4 times for the past week, and by more than 15 times for July 18. Uniswap V3 ranked second with an average of $1.5 million in daily fees, followed by Binance Smart Chain with $1.2 million, Uniswap V2 with $732,000, Aave with $728,000, and then Bitcoin. Twitter user “odin free” tweeted the findings, likening Ethereum’s network strength relative t...

Axe reveals limited run of Dogecoin-themed body spray

Axe is set to drop a limited run of a free Dogecoin-themed body spray dubbed “Dogecan,” which is described as exhibiting a “dank musk.” Popular male grooming product manufacturer, Axe. is set to launch a limited run of Dogecoin (DOGE)-themed body spray dubbed “Dogecan.” Axe’s Dogecans will be given out for free, with consumers encouraged to register on the firm’s website for a chance to receive a can. However, the marketing campaign appears to be unavailable to DOGE fanatics outside of the U.S. vibes for tm #dogecan 07.20.21 pic.twitter.com/KjgKn4K6Wx — AXE (@AXE) July 19, 2021 The company has already sent out early samples to popular Dogecoin personalities, including Dogecoin co-founder Billy Markus, popular Twitter account Dogecoin Rise, and musician and DOGE proponent Lil Mook. We’re Going To The Moon!!!! @AXE #DogeCan Thanks For The Gift @AXE #DogecoinRise pic.twitter.com/a3aIyWe31w — Dogecoin Rise (@DogecoinRise) July 19, 2021 The marketing campaign was first ...

Treasury secretary Yellen urges lawmakers to quickly introduce stablecoin guidelines

The President’s Working Group on Financial Markets expects to deliver regulatory recommendations for stablecoins in the coming months. United States Treasury Secretary Janet Yellen has told financial regulators that the government must act quickly to establish a regulatory framework for stablecoins. The comments came at Monday's meeting of the President's Working Group on Financial Markets. The group discussed the rapid growth of stablecoins, revealing plans to issue regulatory recommendations in the coming months, according to Reuters . The group also deliberated on stablecoins as a means of payment, possible risks to end-users, and their broader impact on the U.S. financial system and national security. In February, Yellen warned that the misuse of crypto assets has been a growing problem alongside cyber-attacks triggered by the global pandemic. At the time, she acknowledged the promise of these new technologies but also warned about her vision of the reality, stating “...

Investment Advisor Says Bitcoin Is ‘Very Dangerous to Hold Today’ Citing Warnings by Regulators

Investment advisor and former Prudent Bear Fund manager David Tice has warned about investing in bitcoin. Citing “negative statements” by central bankers and regulators, such as the Bank of England, he said that it is “very dangerous to hold” bitcoin today. Investment Advisor David Tice Warns It’s Dangerous to Invest in Bitcoin David Tice, who sold his bear fund as the 2008 financial crisis was unfolding, talked about the stock market and bitcoin in an interview with CNBC Friday. A former Prudent Bear Fund manager, Tice is known for making bearish bets during bull markets. He now advises the Advisorshares Ranger Equity Bear exchange-traded fund (ETF), which has $70 million in assets under management. Tice was a bitcoin bull early this year but he became bearish when the price of the cryptocurrency hit all-time highs in March. He now cautioned investors in the crypto space that BTC is very dangerous to hold right now. “We had a bitcoin position when bitcoin was at $10,000. However...

Bitcoin investment product volumes fall to 38% of YTD average

Institutional Bitcoin products have recorded outflows for nine of the past ten weeks, suggesting many investors remain bearish. Institutions are continuing to sit on the sidelines of the Bitcoin markets, with BTC investment products volumes dropping to just 38% of its year-to year-to-date (YTD) average over the past week. According to CoinShares’ July 19 Digital Asset Fund Flow Weekly report, Bitcoin investment products generated roughly $3.9 billion worth of daily trade from July 12 to July 16, down substantially from 2021’s average of nearly $10 billion. However, the report’s authors do not conclude the decline in trade activity is cause for alarm, with CoinShares noting that Bitcoin has experienced “similar seasonal dips in volumes during the summer months in recent years.” Institutional Bitcoin products also saw outflows of $10.4 million for the week, with investors now having net reduced their BTC exposure for nine of the past 10 weeks . Despite such, the volume of outflows...

Institutional demand for Bitcoin evaporates as BTC struggles below $31K

A lack of institutional demand and several bearish factors are complicating all efforts to pull Bitcoin price back above the $31,000 level. The rocky road that Bitcoin ( BTC ) has been on for the past two months continued on July 19 as a widely predicted move downwards materialized in the early hours on Monday and dropped the price of BTC below $31,000. Data from Cointelegraph Markets Pro and TradingView shows that a wave of mid-day selling pushed the price of BTC to a low of $30,400 before bulls arrived to provide support and lift the price back to $30,850. BTC/USDT 4-hour chart. Source: TradingView The market as a whole continues to face an uphill battle as the miner exodus following China’s crackdown on the mining industry has led to the fourth consecutive negative adjustment in the Bitcoin mining difficulty, a figure which has fallen by almost half since mid-May. Heavy volume near $31,700 Insights into the current state of the Bitcoin network were provided ...

Elon Musk Reaffirms Support for Dogecoin, Changes Profile Picture — DOGE Trading Volumes Jumped 1,250% in Q2

Tesla and Spacex CEO Elon Musk has continued to tweet about the meme cryptocurrency dogecoin. He has changed his profile image on Twitter to include an image of the Shiba Inu dog that represents dogecoin. He also tweeted that his son is “hodling his Doge like a champ.” Meanwhile, dogecoin’s trading volumes soared 1,250% in the second quarter on the world’s major cryptocurrency exchanges, according to data by Coinbase. Elon Musk’s Continued Support for Dogecoin The Doge community was thrilled over the weekend when many people noticed that Elon Musk, whom they call the Dogefather, had changed his profile image on Twitter to one of him wearing sunglasses that have a Shiba Inu dog in the reflection. Following his profile picture change, the price of dogecoin got a slight boost but has since fallen down, shedding all of its weekend gains. The DOGE price at the time of writing is $0.174 based on data from Bitcoin.com Markets . Elon Musk’s Twitter profile page. Source: Twitter Prior t...

Here's how altcoin futures volumes and the USD lending rate signal market crashes

Data shows that the dollar lending rate and futures volumes of select altcoins can be tracked to pinpoint overheated markets before a crash. Every once in a while, a new indicator pops out that can be used to detect price tops and bottoms in the market. This assertion is even more evident in cryptocurrencies because the data comes from exchanges and on-chain data extracted from the blockchain. These indicators are constantly monitored and commented on by analysts and traders. Some of the lesser-known metrics use data from altcoin derivatives volumes and the Bitfinex U.S. dollar lending rate. Altcoin volumes in futures markets indicate overheat The futures contract volume is usually triple that of, or even five times higher than, regular spot markets. This phenomenon is not exclusive to cryptocurrency markets, as these contracts allow leverage trading, but the comparison isn't exactly fair because the contracts are synthetic products, while Bitcoin ( BTC ) is digitally scarce. ...

Grayscale Investments Launches Defi Fund — Now Offers 15 Crypto Investment Products

Grayscale Investments has launched a decentralized finance (defi) fund. The new defi fund is the crypto asset manager’s 15th investment product and its second diversified product. “The emergence of decentralized finance protocols provide clear examples of technologies that can redefine the future of the financial services industry,” said the Grayscale CEO. Grayscale Debuts Decentralized Finance Fund Grayscale Investments, the world’s largest digital currency asset manager, announced Monday the launch of its newest diversified investment product, the Grayscale Decentralized Finance Fund. The announcement explains that the Grayscale Defi Fund “provides investors with exposure to a selection of industry-leading defi protocols,” adding: The Grayscale Defi Fund is Grayscale’s fifteenth investment product, and its second diversified fund offering. Its other diversified fund, the Grayscale Large Cap Fund, recently became a reporting company with the U.S. Securities and Exchange Commi...

French government pushes for one agency to regulate crypto across the EU

The proposal would result in uniform regulations for digital currency across the EU. The government of France has proposed that the European Securities and Market Authority, or ESMA, should regulate digital currency activity across the European Union. If enacted, this would establish a single authority over the crypto sector across the trading bloc and would create uniform regulations across the union through ESMA, as suggested by the French securities regulator, Autorite des Marches Financiers, or AMF. The AMF’s proposal states: “Likewise, granting ESMA the power of direct supervision of public offers of crypto-assets in the EU (scrutiny of white papers) and of crypto-asset service providers would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit.” Last year, proposals were made for an EU-wide regulatory framework for digital currencies . ESMA is a Paris-based financial regulatory agen...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

US lawmakers don't want Olympic athletes to use digital yuan at 2022 games

The trio urged the Olympic committee to work with federal agencies "to protect the privacy of American athletes from the Chinese Communist Government." Three U.S. senators have signed a letter urging Olympic officials to forbid American athletes from handling digital yuan during the Beijing 2022 Winter Games. In a Monday letter to U.S. Olympic and Paralympic Committee board chair Susanne Lyons, Republican senators Marsha Blackburn, Roger Wicker, and Cynthia Lummis requested officials prevent U.S. athletes from using or accepting digital yuan given their allegation it can be "tracked and traced" by the People’s Bank of China, or PBoC. The three claimed that the Chinese Communist Party could use the digital currency to surveil visiting athletes and upon their return to the United States. The senators said that the Chinese government had recently rolled out new features for the digital yuan, giving officials the ability “to know the exact details of what someone p...

3 reasons why Bitcoin Standard Hashrate (BTCST) price rallied by 50%

BTCST earnings per staked token increased after China cracked down on Bitcoin miners and the network’s hashrate dropped. China’s ongoing crackdown on Bitcoin ( BTC ) mining resulted in a mass relocation of mining operations out of the country and it has led to a more than fifty percent drawdown in the Bitcoin network hashrate from an all-time high of 197.9 exahash per second (ehash/s) on April 15 to its current rate at 97 ehash/s. Bitcoin network mean hash rate. Source: Glassnode One token that was hit especially hard by the hashrate drop was the Bitcoin Standard Hashrate Token (BTCST), a project that collateralized the Bitcoin hashrate with each token representing 0.1 TH/s of Bitcoin mining power. Data from Cointelegraph Markets Pro and TradingView shows that BTCST recently began to show signs of recovery after its price rallied 57% from a low of $13.57 on July 18 to an intraday high at $27.38 on July 19 as the Bitcoin hash rate begins to stabilize near 100 ehash/s. ...

Polygon launches blockchain gaming and NFT studio

Through Polygon Studios, Polygon is attempting to corner two key segments of the blockchain industry: gaming and nonfungible tokens. Ethereum ( ETH ) infrastructure developer Polygon has spun off a new subsidiary to advance its work in blockchain gaming and nonfungible tokens, or NFTs, offering further insight into the company’s long-term growth strategy. The newly formed Polygon Studios has three core objectives: establish Polygon’s position as the leader in decentralized gaming; create a brand that attracts developers and investors to its NFT ecosystem; and position Polygon as the best venue for transitioning to Web 3.0 . Through an initiative called Polygon Gaming Studio, the company aims to help developers create and market decentralized games. A separate initiative, Polygon NFT Studio, aims to help brands and intellectual property owners launch customized digital collectibles and marketplaces. “With the launch of Polygon Studios, games get 360-degree building support, big bra...

Coinbase sued over Dogecoin Sweepstake ad Campaign

Plaintiff alleges “deceptive ad campaign” cost Coinbase users millions of dollars. A Coinbase user has filed a class action lawsuit seeking $5 million in damages because of an allegedly misleading Dogecoin campaign. In the legal document, David Suski, the plaintiff, said he was deceived into trading $100 of Dogecoin ( DOGE ) for an entry into a $1.2 million sweepstakes offer on Coinbase. The document claims that Coinbase failed to communicate that a person could enter the sweepstakes without purchasing $100 of Dogecoin. The first day Dogecoin was available for trade on Coinbase, June 3, 2021, the company sent out an email to users about the sweepstakes stating “Trade Doge, Win Doge.” The email had details on how to enter through trading or if a person was to go to a separate “rules and details” page they would find you could also enter by sending Coinbase a 3x5-inch index card. The index card needed to have the customer’s name, address, email address, phone and date of birth writt...

Price analysis 7/19: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Analysts and traders prepare for the worst after Bitcoin price broke below $31,000 and triggered a sell-off in major altcoins. Bitcoin ( BTC ) broke below the immediate support at $31,000 today and that has resulted in selling across several major altcoins. Coincidently, the fresh push to the downside in Bitcoin has come a day after the much talked about unlocking of shares worth about 16,000 Bitcoin from the Grayscale Bitcoin Trust. The sell-off in cryptocurrencies could also be due to the broader risk-off sentiment on concerns of rising Covid-19 cases. The Dow Jones Industrial Average dropped over 800 points on Monday, on track for its worst decline of the year. Daily cryptocurrency market performance. Source: Coin360 In a bearish environment, positive statements are generally ignored. While speaking to CNBC on July 19, Grayscale CEO Michael Sonnenshein projected a positive picture about the possibility of a Bitcoin exchange-traded fund (ETF) receiving regulatory approval. S...