OKEx’s Trading Volumes and Tether Reserve Plunge on Possible User Exodus

A sharp drop in OKEx’s trading volume and stablecoin reserves – tether (USDT) in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks. Data from analytics service CryptoQuant shows that the amount of tether held in OKEx wallets has dropped to 6.69 million from 275.0 million between Nov. 25 and Dec. 1, down 97.6% in less than a week. Malta-based exchange OKEx has a large user base in China and tether, the world’s…

Bitcoin’s Price Is a Poor Proxy for Its Utility

I have looked on with interest over the past two months as bitcoin has climbed to approach its previous all-time high. That old high-water mark occurred in the midst of hysteria. The price action of the time, three years ago, can only be described as mania. It was, to use the Gartner Hype Cycle language, the “Peak of Inflated Expectations.” In financial terms, it was a bubble. This rally is different. This time has not been marked by a wild influx of speculative investors. We have not seen the long-tail…

Introducing Valid Points: The Risks and Rewards of Staking on Eth 2.0

It’s alive! Welcome, everyone, to the first edition of Valid Points, CryptoX’s ongoing effort to chronicle the evolution of Ethereum 2.0. You can sign up for the newsletter here. Today we’re commemorating the launch of Ethereum 2.0, which marks the beginning of Ethereum’s live transformation into a proof-of-stake blockchain. The new blockchain is said to be several times more efficient, scalable and secure than the current decentralized application network.  While Ethereum 2.0 will take years to build out fully, its first phase of development, phase 0, is now officially underway.…

Ethereum 2.0 Beacon Chain Goes Live as ‘World Computer’ Begins Long-Awaited Overhaul

The first stage of the next-generation proof-of-stake (PoS) Ethereum 2.0 is now live as of 12:00 UTC Tuesday, according to Beaconcha.in. A generalized blockchain for decentralizing computer-based applications – from iPhone games to government bonds – Eth 2.0 has been under construction since the genesis of the current proof-of-work (PoW) network in 2015. Tuesday’s launch concludes the opening act, or “Phase 0,” of Ethereum’s consensus mechanism transition, which will see the network – whose native cryptocurrency, ether, is worth $70 billion by market cap – fundamentally change how it settles…

Why Do the Children in Assassin’s Creed Valhalla Have American Accents?

Ubisoft open-world Viking action-RPG, Assassin’s Creed Valhalla, launched on Nov. 10. The game takes place predominantly in 9th-century England. Most of the games children NPCs sport American accents. After humming and hawing about whether I had it in me to weather another bloated 100-hour Ubisoft open-world checklist, I threw caution to the wind and dove into Assassin’s Creed Valhalla over the weekend. Ubisoft has done well to create a compelling virtual incarnation of pastoral England and competently mapped out a playground for us to live out that gruff Viking fantasy.…

Bitcoin’s All-Time High Price Rally Is Sustainable

While some near-term pricing correction is likely to be expected, analysts who spoke to CryptoX said bitcoin’s latest rally will be more sustainable for the long term compared with 2017, the last time bitcoin’s price hit an all-time high. One difference from the last bull run? The current market has gained support from a new wave of institutional investors mainly based in North America. “You could look at the timing of the rally, which coincided with typical U.S. market open hours,” said John Todaro, director of institutional research at cryptocurrency…

Previously Unpublished Emails of Satoshi Nakamoto Present New Puzzle- CoinDesk

Newly discovered emails between Satoshi Nakamoto, Bitcoin’s pseudonymous creator, and the late Hal Finney deepen the mystery around the cryptocurrency’s origins.  The three emails come from Bitcoin’s earliest days, when its future was uncertain. They show how closely Satoshi collaborated with early supporters at the time of Bitcoin’s launch.  While anything written or coded by Satoshi is intrinsically valuable to the community, perhaps the most intriguing parts of these messages are neither words nor code, but something seemingly prosaic: the timestamps, which present a new riddle. Michael Kaplikov is an…

Despite New Incentives to Stay, Some of OKEx’s Chinese Users Are Determined to Leave

The unexpected five-week-long suspension of OKEx’s crypto withdrawal service has left many of its users, largely based in China, disappointed and determined to leave or reduce holdings on the exchange when withdrawals resume sometime this week. “We will still trade on OKEx but our investment will be much more diversified and [we] will reduce our position on OKEx to about one-third of our previous one,” Alex Zuo, vice president of China-based crypto wallet Cobo, told CryptoX via WeChat. “Even though we think OKEx is still a trusted exchange, there will…

The Queen Likes Blockchain – And I’m Convinced It’s No Empty Gesture

Blockchain technology isn’t exactly the first thing you’d associate with the 94-year-old monarch, Queen Elizabeth of the United Kingdom. However, a blockchain journal from the British Blockchain Association has caught the Queen’s eye. Validation and support from such a prominent figure will certainly not harm the fledgling industry. When I think of publications and projects that could potentially catch the eye of the Queen, blockchain isn’t something that comes to mind. Yet, this is exactly what happened. The British Blockchain Association decided to send Her Majesty an edition of the…