Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY

Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY

In the last two weeks, the price of ALPHA has soared more than 145%.

Up 262% YTD, ALPHA is a $227 million market cap coin, which is still down 73% from its all-time high of almost $3 five months back.

“Since hitting lows on June 24, DeFi tokens are enjoying a strong bounce. COMP, ALPHA, SNX, and AAVE lead the way… The next couple of weeks will be telling for DeFi, and the crypto market in general,” noted Delphi Digital.

This week, the Alpha Finance Lab also released the June monthly update where it shared that Alpha Homora V2 has generated over ~$943k in fees since its launch in mid-May 2021.

Since the beginning of Alpha Homora V1 in October, vBSC in March, and V2 in May, over ~$5.1m in protocol fees have been collected, which puts fees on an annualized basis at $15.28 million.

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Now, in addition to Alpha Homora V1 and vBSC, Alpha Homora V2 protocol fees are also distributed to ALPHA stakers. As such, Alpha holders can now stake and earn ~13% APY, all of which comes from the collected Alpha Homora protocol fees.

Currently, more than 30% of the circulating supply of Alpha, 86.9 million ALPHA (worth about $64.3mln), is being staked. Alpha stakers will soon be able to unlock higher leverage on V2 with the upcoming integration of Alpha Tiers into Alpha Homora V2.

When it comes to its total value locked (TVL), it is at $1.19 billion, which consists of $55.9m on V1, $1.1B on V2, and ~$81.7m on vBSC.

The team noted that Alpha Homora V2 has also consistently been able to maintain high lending rates compared to other lending protocols in the market.

Alpha Finance Labs further shared updates on other products, namely AlphaX, which is being redesigned to keep up with the changing perpetual swaps and derivatives market.

Currently, the smart contracts are being audited by ConsenSys now that product ideation, fine-tuning for product-market fit, smart contract development, and internal testing has been completed.

As for the DeFi incubator program Alpha Launchpad, which was launched last month, they have been receiving many applications from early stage to late stage DeFi projects. This will also benefit ALPHA stakers by providing them a share in incubated projects’ tokens and their protocol fees, said the team.

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Author: AnTy

1% of Bitcoin’s Circulating Supply is Now Wrapped on Ethereum

1% of Bitcoin’s Circulating Supply is Now Wrapped on Ethereum

A total of 187.61k BTC are now being wrapped on the second largest network, Ethereum.

As of writing, 18,729,837 Bitcoin are in circulation, which means, now more than 1% of Bitcoin’s supply is locked in Ethereum.

During this wrapping, custodial platform BitGo holds all the BTC that are supplied to mint WBTC, which are then put to use in the growing decentralized finance (DeFi) sector.

Here, each ERC20 WBTC token is backed by 1:1 with Bitcoin.

With WBTC, Bitcoin’s liquidity is brought to the decentralized exchanges (DEXs), and BTC is used for token trade.

At the beginning of this year, 112.95k BTC was wrapped on Ethereum as WBTC, and a year back, it was a mere 3.97k BTC.

In total, 239.85k BTC is currently locked on Ethereum, thanks to HBTC, renBTC, imBTC, sBTC, and tBTC, which represents just about 1.28% of Bitcoin’s circulating supply.

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Author: AnTy

100,000 BTC Scooped Up by Bitcoin Funds in the First 3 Months of 2021

Exchange-traded bitcoin investment vehicles now hold 4.3% of the circulating BTC supply, as per Arcane Research.

A steady amount of Bitcoin has been gobbled up from the market throughout the first quarter of 2021, as per the data shared by Vetle Lunde, an analyst at Arcane Research.

Exchange-traded bitcoin investment vehicles had just under 695k BTC under management at the end of last year, which has increased to 800,416 as of March 26th. This represents 4.3% of the circulating bitcoin supply.

During the same period, the price of Bitcoin went up more than 100%, from about $27,500 to $55,000.

These Bitcoin-related products added more than 40k BTC in the month of January. While only half of this was added in February, and about 43,692 BTC were added in March. Overall, this year, 100,000 BTC have been absorbed by Bitcoin funds.

Combined, the exchange-traded bitcoin investment vehicles manage $43 billion worth of bitcoin, noted Lunde.

The world’s largest digital asset manager, Grayscale Investments, is the leader in the space, accounting for 82% of the market, managing $36.5 billion worth of bitcoin.

GBTC, meanwhile, continues to trade at a discount, currently at 7.27%, ever since earlier this month.

“It’s a perpetual security, and it charges 2% mgt fee per year. So if duration is 7-10 years, a 15-20 percent discount to NAV makes sense. That’s also where many closed-end funds trade,” commented Mike Novogratz of Galaxy Digital, which also holds GBTC shares, on the discount.

According to Novogratz, GBTC used to be “the only game in town,” which has now changed with the launch of several Bitcoin exchange-traded funds (ETF) in Canada that too at a much lower fee.

“The ethos of crypto has always been about ‘transitioning’ to a world that eliminates the rent takers,” added Novogratz.

Arcane Research also noted that the three recent ETF approvals in Canada had pushed Grayscale’s dominance in the market on a decline. The combined AUM of the Purpose ETF, Evolve ETF, and Galaxy ETF has reached a market share of 2.5% in just a couple of weeks.

Grayscale is looking to turn its closed-end fund into an ETF and is currently hiring many executives.

This is why the market is seeing fee compression. Recently, NYDIG cut its cost to 0.30% of net asset value per year.

“Trying to transition the fund to an ETF is difficult but elegant. My firm belief is the community won’t allow rent takers for too long,” said Novogratz adding, “GBTC provided a huge service to the crypto community and accelerated adoption.”

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Author: AnTy

Bitcoin Destroys $28k As USD Gets Annihilated; Hitting A New 2020 Low

Bitcoin is facing an imminent supply-side crisis with only 22% of BTC circulating supply available in the market for buying and selling.

As we said, much like last week, this one started on a slight red note as Bitcoin consolidated around $26,000 only to rush higher but much faster this time around.

Breaking into a new all-time high at above $28,500 on the back of $5.88 billion ‘real’ volume, Bitcoin couldn’t sustain the bullish momentum and soon dropped to $27,345. But we are back on the move. Trader SalsaTekila noted,

“BTC looks like it wants to send. No sellers showing up at the highs. I’m not short anymore, nor ‘hedged’, seems like price discovery is about to continue…”

Bitcoin is simply not taking a break, everyone is trying to time the markets, but at this point, it is anyone’s guess how high we will go in the short-term and if and when any meaningful pullbacks will make an appearance.

Meanwhile, Bitcoin proponent Max Keiser, who has been waiting for a $28,000 target to hit, has increased his short-term target to $35,000 now that $28k has been destroyed.

Keiser has “high conviction on &35k,” a target that is hashrate-adjusted. The hashrate of the world’s largest network is at 134.46 Th/s, keeping around the all-time high of 157.65 Th/s, as per Bitinfocharts.

In the light of this strong hashing power being used to generate BTC, the next difficulty is expected to be between 3% to 10% that would be coming on January 9. He said,

“This is the equilibrium price based on the price-lagging-hashrate spread that I flagged last year. Now that $28,000 has been confirmed, $35k target looks like a lock.”

However, for this continuation to $30k Bitcoin needs to sustain the $27,000-27,500 support which could even take us to $32,800 but “losing $27,000 and correction is imminent,” said trader Michaël van de Poppe.

Imminent Bitcoin Supply Crisis

A big bull signal for Bitcoin is the number of BTC actually available for buying and selling. Out of the 88.5% of the total supply already mined, that is ~18.6 million, 78% of the circulating supply is considered illiquid while only 4.2 million BTC (22%) is available in the market for buying and selling, as per Glassnode’s analysis.

In 2020 alone, more than 1 million BTC became illiquid. This illiquidity points to the emergence of a supply-side crisis and “a sustained rise of illiquid bitcoins is an indication of strong investor hodling sentiment and a potential bullish signal.”

Not to mention all the institutional herd that is gobbling up BTC. According to the chief global strategist of Morgan Stanley Investment Management, Bitcoin could replace the dollar as a global reserve currency.

The USD Index in the meantime is at multi-year lows, currently trading under 90. All the money printing has pushed USD to a new 2020 low that was last seen in April 2018.

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The greenback has lost 13% of its value since March when it initially jumped while all the other markets, stocks, precious metals, oil, and Bitcoin annihilated. But with the central banks around the world printing money like crazy, fiat is getting debased and every other asset class, especially Bitcoin is rallying hard.

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Author: AnTy

USDC Circulating Supply Increases by 3.14B; Stablecoin ‘Way Ahead of the Pack’ in Regulatory Compliance

USDC Circulating Supply Increases by 3.14B in 2020; CEO Says Stablecoin Is ‘Way Ahead of the Pack’ in Regulatory Compliance

USDC’s supply has surged 687% in less than ten months. Circle CEO Jeremy Allaire says the latest regulations “pave the way for stablecoins to become a major part of the payments and settlement infrastructure of the financial system.”

Stablecoin USD Coin, created by Center Consortium, a collaboration of Coinbase and Circle has surpassed 3.6 billion in circulation.

“USDC crossed 3.5B in circulation, newly 500m new in circulation in past couple of weeks,” tweeted Jeremy Allaire, co-founder, and CEO of Circle.

A few hours later the same day, Allaire took to Twitter again to state that the coins in circulation had crossed $3.6 billion.

In mid-March, the market cap of USDC was just around $457 million, representing an increase of 687% in less than ten months.

2020 has been a year of stablecoins as the combined supply of these coins surpassed 20 billion recently.

Another interesting metric is the on-chain volumes of these stablecoins which have crossed the $1 trillion mark, this year, for the first time ever, analyzed The Block. Last year, the volume was a mere $248 billion.

The dominant stablecoin in the market, Tether (USDT) remains the king here as well by accounting for 76% of all the stablecoin on-chain volume followed by USDC at 15% and then DAI at just 7% share of the market.

As for the blockchain, Ethereum is the obvious leader with 83.5% of stablecoin on-chain volume share followed by Tron and Omni at 14.5% and 2.1% respectively.

Regulators onto Stablecoins

This increased popularity and usage of fiat-backed cryptos have brought regulatory scrutiny on the stablecoins.

Just this week, President Trump’s Working Group on Financial Markets published a statement where it says stablecoins must meet the same regulatory standards as other financial systems. It requires the issuers to obtain and verify the information of the parties involved in the transaction of stablecoins across unhosted wallets.

“Nearly everything that is being proposed is highly aligned with how Centre operates and USDC is issued today. Broadly, this is a very significant development in terms of acknowledging USDC as emerging significant payment infrastructure in the US,” commented Allaire on these new proposed rules.

He further went on to say that all the regulators are asking for are already the “hallmarks” of the company and they are “way ahead of the pack.”

These regulations “pave the way for stablecoins to become a major part of the payments and settlement infrastructure of the financial system,” said Allaire.

However, the rules on transaction reporting for unhosted wallets, which cross-references the midnight rule-making by Treasury Secretary Steven Mnuchin, “will be vigorously fought.”

“We are looking forward to picking this conversation up with the Biden Administration, and the many many leaders and civil servants across the US Treasury, SEC, CFTC and others as we usher in the next major phase of the global financial system.”

Jeremy Allaire Co-founder and CEO of Circle

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Author: AnTy

Bitcoin Records 2nd Largest Crash in History After Mt. Gox

  • More than half of Bitcoin’s circulating supply 9.8 million in loss, for the first time in a year
  • A buy the dip opportunity but investments in “extreme fear,” Time to be greedy when others are fearful?

Yesterday has been a day that turned out to be brutal even for the hardcore believers and HODlers. Bitcoin was in free fall as the price tanked to $3,850, the new 2020 low last seen in early March 2019.

In a matter of 4 hours, Bitcoin price went from $6,000s to $3,000s while it took 2 weeks for the price to have the same route in 2018.

In the opposite scenario, again in an hour, the price was back from $3,000s to $5,000s while last year it took a full week.

This heightened volatility also resulted in record volume on cryptocurrency exchanges.

Be greedy when others are fearful?

A spectacular ‘buy the dip’ opportunity came in after a single 1-day candle the price of the digital asset dropped 40% that hasn’t happened since 2014. However, with the crypto market in “extreme fear” with a reading of 10 on a 1-100 scale of Crypto Fear and Greed Index, investors are fearful of marching in and following Billionaire investor Warren Buffett’s

“Be fearful when others are greedy and greedy when others are fearful.”

For now, the price of the leading digital asset has climbed above $5,000 and hovering around $5,500, still down 30% in 2020 so far while managing $1.89 billion on top ten exchanges with real volume.

“Bitcoin just closed its largest daily range % & worst performing day since 2016. Taking the 10 largest daily ranges, next day range average out to 16.41% indicating high volatility following these extreme days. 1-2 day returns are + following down days & – following up days,” noted Market Science.

9.8 million BTC in Loss

Popular crypto derivatives exchanges BitMEX, that offers leverage of 100x, is reportedly the perpetrators behind this carnage. Amidst the cascading liquidations on the exchange, bitcoin found the bottom as trader Jonny Moe notes, “Literally -to the minute- of BitMEXgoing down, BTC immediately began its recovery. What a coincidence.”

In the traditional markets, a 7% drop in the price of the benchmark index triggers a halt which in the past few days have been hit several times but in the cryptocurrency market, it only means finding a new low after anther and getting REKT, highlighting the need for regulatory clarity and oversight in the space all the much more.

Besides the “true liquidations,” these extreme losses were also “100% driven by coronavirus (Covid-19)” and to some extent by US President Donald Trump, ECB, and the Fed that “delivered squat and crashed the market,” said economist and trader Alex Kruger.

This drop in Bitcoin’s price also puts more than half of the circulating supply of the flagship cryptocurrency, 9.8 million BTC in loss. This has been the first time in over a year that the percent of Bitcoin supply in profit is less than 50 percent, as per Glassnode.

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Author: AnTy

Rumor Mill: The Fed Will Be Launching A Digital Dollar This Week

  • Rumors are circulating that US Federal Reserve is launching a US dollar
  • Looks like, it’s just Crypto Dad & Ex-CFTC Chairman Chris Giancarlo proposing the digitization of the USD

A flurry of rumors about a digital dollar to be launched by the US Federal Reserve is doing the rounds in the cryptocurrency market. It all started with a Tweet that says Fed to announce a digital dollar as soon as tomorrow. Talk about whiplash and a shock!

As Gabor Gurbacs, digital asset strategist at VanEck points out,

“It would be odd if a Fed project would be (pre-)announced in a Swiss conference outside the US by a former US regulator/government official.”

Turns out it’s no one else but Crypto Dad, former CFTC Chairman Chris Giancarlo discussing the prospect of a digital dollar during the Crypto Finance Conference held from Jan. 15 to 17 in St. Moritz.

Digital Currencies to bring a change as big as the Internet

The conference which is described as promoted as the “most private conference on cryptocurrencies and blockchain investors” involved more than 60 speakers that ranged from prominent figures from crypto, regulatory and mainstream space.

From Bitcoin billionaires and Gemini founders Tyler Winklevoss and Cameron Winklevoss, US SEC Commissioner Hester Peirce, Co-Founder & CEO of BitMEX Arthur Hayes, Coinshares CSO Meltem Demirors to Swiss National bank’s Dr. Thomas Moser, Minister Special Advisor to President, Government of Niger – Ibrahima Guimba-Saïdou, CSO at Samsung Electronics Young Sohn and more are all part of this conference. Giancarlo wrote on Twitter:

“Great to speak @CFCstmoritz about digitization of global markets, tokenization of financial assets & why regulators must anticipate exponential rate of commercial adoption.”

Chris believes that looking back we would see digital currencies resulting in as big a change as the Internet, if not bigger. He also predicted that

“our children will be using digital assets during their lifetime as a medium of both exchange, of savings, of holding of assets…that will be digitized as well.”

Rumor or not, Fed should Digitize the Dollar

With the rumors of Fed digitizing the dollar, the same as China’s effort to digitize the yuan circulating, Morgan Creek Digital’s Anthony Pompliano says,

“Whether the rumor is true or not, the Fed should absolutely digitize the dollar.”

Pomplaino (Pomp) explained in an interview with CNBC:

“I think they should tokenize the dollar immediately. If you look at China, they are tokenizing their currency. There’s other countries that will follow. What’s going to happen is there’s not going to be a competition between digital and non-digital currencies. Every currency will be digital.”

This means we’re going to have is a competition of monetary policy. Pompliano said if China has a digital yuan but the US doesn’t it would be much more accessible for people to buy the Chinese Yuan in other parts of the world than the US dollar. As such we might see higher levels of adoption of the Chinese Yuan than the US dollar.

By tokenizing or digitizing the dollar fast, the US can drive that adoption globally and keep it as a global reserve currency, he advises

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Author: AnTy

TRX Bagholders Must Get Ready For More Fireworks As Tron Supply To Shoot Up On New Year’s Eve

  • 33 billion TRX worth $450 million to be released in the market on January 1st, 2020
  • This 50% of TRX circulating supply could lead to a drop in its price
  • “People are realizing that many of the altcoins had exaggerated valuations beyond what the projects were worth,” says analyst Mati Greenspan

Tron Foundation is going to be releasing a whopping 33 billion TRX, worth about $450 million in the market on New Year’s Day.

These 33 million were locked by the non-profit organization after Tron made its shift from Ethereum blockchain to its mainnet. A few days before its Independence Day on June 25th in 2018, Tron Foundation CEO Justin Sun, who is the founder of the cryptocurrency TRX announced a token burn of 1 billion TRX.

At that time the organization burned 50 million USD that Justin Sun said was “the most amount of money destroyed in human history.”

At the mainnet launch, out of the total supply of 99 billion TRX, about 33 billion TRX held by Tron Foundation were locked in 1000 addresses of TRON Mainnet. These TRX would have been then unlocked on January 1st 2020, which is just about here.

A Dump Incoming?

33 billion TRX is about 50% of the current circulating supply of 66.6 billion TRX in the market, increasing the supply of TRX in the market.

While the supply will see an increment of 50%, the demand remains the same, which has been slow in the second half of the year. This means the price could see a fall.

At the time of writing, the 12th largest cryptocurrency with a market cap of $910 million is currently trading at $0.0134. TRX registered negative returns of 30% on a year-to-date basis and is also down 96% from its all-time high of $0.302.

However, TRX is not the only which is a bad performer, a vast majority of altcoins are crashing hard. This Mati Greenspan, founder of investment firm Quantum Economics says is because the “entire industry is returning back to Bitcoin” during this current period of “great consolidation.” He added,

“People are realizing that many of the altcoins had exaggerated valuations beyond what the projects were worth.”

Amidst this bad news, however, Sun has come up with another announcement of an announcement that he says would be good for TRX and the Tron ecosystem. He tweeted,

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Author: AnTy

Newly Circulating Bitcoin Ransomware Permanently Encrypts Files

A report released by BleepingComputer says there’s a malware asking for a Bitcoin ransom circulating. It can encrypt files, meaning it doesn’t only send empty messages.

According to the same report, DeathRansom faked encrypting files in the beginning and became widely known, but soon after it has started to make files unusable.

No Details on How the Malware Gets Distributed

Until now, no one has been able to give any information on how the malware gets distributed, not to mention that it seems to spread very rapidly. Also, it’s still unknown how the files are decrypted after being affected by it. Ever since DeathRansom has appeared on November 20, more and more people have fallen victim to it.

Ransom Note Asks for 0.1 BTC

BleepingComputer has also published the ransom note that tells the victims to pay 0.1 BTC (which is just about $710 now) in 12 hours, if they want to have their fails encrypted. The victims who don’t manage to pay lose their decryption passwords. The hackers have also offered to decrypt one .lnk or .txt file for no charge. In case someone doesn’t have Bitcoin (BTC), there’s are links to one of the leading peer-to-peer crypto exchanges LocalBitcoins and to a detailed article on cryptocurrency published by Coindesk.

$300,000 Worth of Bitcoin as Ransom in a Kidnapping Case

On the other hand, having to pay 0.1 BTC for a computer problem is not the worst that could happen seeing that recently, the godfather of a teenager from Belgium was asked to send $300,000 worth of Bitcoin if he wants to see his godson again.

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Author: Oana Ularu