According to data from Glassnode, the exchanges it tracks currently hold 2.6 million Bitcoin. That is the lowest this amount has been since November 2018. Bitcoin balances on exchanges. Source: Glassnode. The trend toward users withdrawing their funds from the custodial exchanges first manifested itself right after Black Thursday. Since that time, approximately 300,000 BTC has left exchanges in what appears to be a mass exodus. This may be considered a bullish indicator, as it might imply that users do not intend to sell their assets anytime soon. The recent…
Month: August 2020
New Issuance of Tether Slows Down Bitcoin Price Growth
Chainalysis contends that the new issuance of Tether (USDT) may dampen Bitcoin’s (BTC) bull run. In a weekly Market Intel newsletter, company’s chief economist Philip Gradwell said: Newly issued Tether arriving at exchanges can be used to buy Bitcoin just as much as existing Tether can be. But making this distinction shows that in the current market, fiat would be driving Bitcoin buying to an even greater extent if there had not been new Tether issuance arriving at exchanges, shown by the difference between the yellow and pink lines. Source: Chainalysis…
What’s Next for the Ethereum Token?
Following Bitcoin, Ethereum, and other top cryptos lower, Compound (COMP) has shed 9% in the past 24 hours., the asset now trades at $180, lows not seen in over a week. COMP’s -9% performance in the past 24 hours makes it one of the worst-performing digital assets of that time frame. For context, Bitcoin and Ethereum both fell by approximately 2% over that same time frame. While Compound’s retracement is scaring investors, certain analysts remain optimistic due to technicals. There are also fundamental factors that may drive (at least temporary)…
BitFlyer USA Lands in Hawaii After Regulatory Collaboration
BitFlyer USA, the American branch of Tokyo-based cryptocurrency exchange BitFlyer, unveiled upcoming compatibility in the U.S. state of Hawaii. “We chose Hawaii due to the regulatory sandbox for digital currency they set up,” BitFlyer COO Joel Edgerton told Cointelegraph. “We also chose Hawaii due to close links between the state and Japan,” he added. “Our name recognition is particularly high in Hawaii.” Hawaii’s Division of Financial Institutions and its Technology Development Corporation constructed the Digital Currency Innovation Lab — the gateway used to bring BitFlyer into the state, said an Aug. 19…
John McAfee Has Left His Own Privacy Asset Project
Technology pioneer and cryptocurrency advocate John McAfee has just announced his departure from his own privacy asset project, Ghost. “I am abandoning the the Ghost project,” he said in an Aug. 19 tweet. “Management is incapable of making a success of the project,” he explained, adding, “It will, without a doubt fail.” He elaborated: “I tried to explain the fundamental principles of management, but they fell on deaf ears. My apologies to those that I led astray. Sorry.” McAfee has bashed Bitcoin in recent months for its lack of privacy. The…
“Kamala Harris Can Learn Crypto”
Sen. Kamala Harris, who was recently chosen to be U.S. presidential candidate Joe Biden’s running mate, may not be crypto savvy yet, but Tim Draper believes she can learn. Harris is a native Californian whose political career has largely focused on her home state. She served as San Francisco’s District Attorney, and currently represents the state in the Senate. Draper comes from a political family; his grandfather served as the first U.S. ambassador to NATO. Draper himself has been active politically as well. In 2014, he filed a petition to…
Russia Pilots Federal Voting on Waves Blockchain
Russia is set to pilot a national blockchain-based e-voting system in September. The new system was developed in partnership between Rostelecom, Russia’s largest integrated provider, and Waves Enterprise. Another recent blockchain e-voting experiment in Russia ended in fiasco after the system suffered a number of setbacks and attacks. The Russian government used a different blockchain provider, Bitfury, for that particular implementation, however. Artem Kalikhov, chief product officer of Waves Enterprise, told Cointelegraph that their work with Rostelecom was independent of that previous pilot. Kalikov said that the system developed by Waves employes zero-knowledge…
Why An Analyst Thinks Litecoin Is “One of the Better Bearish Plays”
After a multi-year bear market, Litecoin (LTC) has finally begun to move higher over recent days. The asset has gained around 20% since the lows of last week at approximately $55. While there are many arguing that LTC has momentum, one analyst says that Litecoin is one of the “better bearish plays” in the crypto market right now. This same analyst has also expressed a bearish opinion about Bitcoin, arguing that the asset could retrace to the $8,000s in the months ahead. Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum…
After 80% Surge in a Month, Ethereum’s Rally Is at Risk: Here’s Why
Ethereum has embarked on a stellar rally over the past few months. Since the March lows, the asset has gained around 400%, rallying from ~$90 to $425, where it trades as of this article’s writing. The cryptocurrency, in the past month alone, has gained 80%. It isn’t clear what exactly has been catalyzing this rally, but analysts have suggested that it’s a confluence of at least three things: Bitcoin gaining strength, both in price and in intrinsic value due to macroeconomic trends like money printing. Decentralized finance applications largely based…
A Critical Mass Of Long-Term BTC HODLers Seem To Be Making $100k Inevitable
Determining Bitcoin’s (BTC) value can be more complicated than simply looking at its current market price. “Most Bitcoins already cost at least $100,000, but probably more like $10 million,” said Michael Goldstein, also known as Bitstein, in an Aug. 17 tweet. While Bitcoin sits around $12,000 at press time, many folks in the crypto industry likely value the asset at a much higher price tag. If someone buys a BTC at $10,000, but is unwilling to sell it until the asset reaches $100,000, then the price tag of that Bitcoin…