Blockchain Bites: ETH Pumps, Coins Leave Exchanges

Native cryptocurrencies Ether and Link from Ethereum and Chainklink have hit new record highs while Bitcoin is on the move to make up for losses from its worst week in at least five months. Meanwhile, an early blockchain-based digital collectible sold for $ 762,000 … what?

Top shelf

Name Bitcoin Bulls:The Income Strategy Fund for Miller Value Partners, a legendary hedge fund, recently bought a portion of the MicroStrategy debt that was issued to buy more Bitcoin. Explaining the decision, Bill Miller IV said it was “an almost free call option” for the cryptocurrency that “has performed the best in eight of the last 10 calendar years,” Miller wrote in an investor letter. MicroStrategy is not alone. Nasdaq-listed Bitcoin mining company Marathon bought $ 150 million worth of Bitcoin to become a “pure Bitcoin investment option” for Wall Street.

New normal. As the prices of cryptocurrencies rise, so too do cybercrime and crypto ransom, said the former UK chief cybersecurity officer. To buck the trend, Ciaran Martin said new laws might be needed. As The Guardian reports, more and more insurance companies are paying for customers affected by ransomware attacks. This set the tone that “it is okay to pay off criminals”. Industry publication Decrypt recently reported two cases of crypto-related hacks.

Central core? Wladimir van der Laan, once the most active maintainer of Bitcoin Core, has decided to take a step back. In a blog post last week, the Bitcoin leader urged the project to move further away from community leaders. Van der Laan called himself a “centralized bottleneck” and said the community should develop alternatives to bitcoincore.org, a private website that hosts Bitcoin’s underlying code. “One thing is clear: this is a serious project now and we have to take decentralization seriously,” he wrote.

Fast bites

  • CRYPTO ADVOCACY: The Group Coin Center received $ 1 million from Grayscale (CoinDesk’s sister company of the Digital Currency Group). (CoinDesk)
  • $ 45B LOCKED: The market capitalization for decentralized financing increases together with the ETH. (Decrypt)
  • COUNTERFEIT CLOUDS? A vaping company tapped VeChain to prevent fraud. (Decrypt)
  • CRYPTO DISSIDENTS: The protesters continue to send Bitcoin to Putin’s critic Alexei Navalny. (Protos)
  • POLITICAL CRACKDOWN: Russian officials ban crypto. (CoinDesk)
  • BLOCKCHAIN ​​OPPORTUNITY: Social upset. (CoinDesk op-ed)
  • A historical matter: Bitcoin was not “caused” by the last financial crisis. (CoinDesk – Crypto Long & Short)

Market information

Supply and demand. Ether, the native cryptocurrency of the Ethereum blockchain, is bouncing back as investors apparently no longer have Bitcoin. The number two crypto in terms of market capitalization hit a record high of $ 1,454.32 and has also seen a 90% increase since the start of the year.

This price hike appears to be being driven by big buyers, as evidenced by the number of ETH “whale addresses” or those with at least 10,000 ETH that hit a 13-month high of 1,103 on Saturday. According to the analysis company Glassnode, 35 whale addresses were created this month alone and 75 whale addresses since mid-November.

The Ethereum rally is too Shape small farmers. Both the number of non-zero addresses and addresses with at least 0.1 ETH have risen to record highs, reports CoinDesk market guru Omkar Godbole.

How do all these new bag holders work? Ether supply? Well, some analysts have raised concerns about an impending crisis, noting that the number of coins held on exchanges has dropped to its lowest level since October 2019.

“ETH exiting the exchanges is bullish as lower supply makes it easier for the price to push higher, leading to a supply crisis,” trader and analyst Alex Kruger told Godbole. “I know that big parties are accumulating.”

With ETH futures and a number of protocol upgrades on the horizon, prices could continue to rise.

On the game

Under siege Ethereum hub ConsenSys joins the Digital Belt and Road by integrating with China’s citizenship Blockchain-based service networkk (BSN).

ConsenSys’ IT ledger; built by JPMorgan and is aimed at companies that want to build on a private and approved version of Ethereum. This is the latest blockchain to be integrated into the BSN. CoinDesk corporate whisperer Ian Allison reports.

  • ConsenSys bought quorum from the investment bank in August 2020 for an undisclosed amount. At the same time, JPMorgan placed an undisclosed strategic investment in Ethereum’s incubator.
  • Quorum is open source and home to the “JPMorgan Coin. ”

The BSN, a base-tier developer sandbox for creating blockchain applications across multiple different chains, has grown steadily since its introduction in 2020.

  • So far it has been expanded to 108 public city nodes In 80 cities in mainland China, as well as in eight nodes in other cities around the world, according to a press release.
  • “China is a great example of where corporate blockchain is a strong game,” said Charles d’Haussy, director of strategic initiatives and ConsenSys man in Hong Kong.

However, the future for both blockchain-based systems is unknown. Qu’Haussy, ConsenSys’s director of strategic initiatives, said Quorum has reportedly attracted corporate clients, but no details have been given. Similar doubts could be voiced about BSN – if China builds it, will people come?

On the other hand, similar doubts could be extended to the entire blockchain industry.

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