BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Is BNB setting the stage to replace Ether as the second-largest digital asset or acting as another funnel for ETH DeFi?

BNB is enjoying an explosive rally, hitting new highs every day.

Today, BNB went to nearly $640. Binance CEO Changpeng Zhao, meanwhile, is doing all he can to send it even higher as he reminded his 1.4 million followers on Twitter that BNB burn is coming in a few days.

“When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” tweeted CZ.

BNB is now the third-largest cryptocurrency with a market cap of $92 billion, while competitor Ethereum sits at second place with $250 billion.

Some people are now questioning if BNB can replace ETH. ETH -0.28% Ethereum / USD ETHUSD $ 2,144.39
-$6.00-0.28%
Volume 21.71 b Change -$6.00 Open $2,144.39 Circulating 115.44 m Market Cap 247.56 b
2 h Keep Network to Launch An Updated Bitcoin to Ethereum Bridge, tBTC Protocol V2 9 h Topps Launching its Flagship Baseball Card Collection in NFTs in Partnership with MLB 10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Up over 1,440% YTD, BNB started uptrending this year like all the other cryptos; however, the real rally started in late March thanks to the growing usage of the Binance Smart Chain.

BSC, which was first unveiled a year back, is currently recording more than 4 million transactions per day, with the highest number of 4,995,155 transactions on April 8, while the lowest number of 38 transactions was seen on August 30, 2020, as per BSC Scan.

In comparison, the second-largest network is recording just over 1 million transactions per day, with the highest number of 1,406,016 transactions set on September 17, 2020.

As of April 11, there were over 64.4 million on BSC in terms of unique addresses, a huge increase from just 1.26 million exactly two months back. Meanwhile, over the past six years, Ethereum has achieved a total of 147.3 million unique addresses. However, not everyone is impressed with these numbers; as Ryan Watkins of data provider Messari says,

“Price action will cause people to believe anything. I don’t care how high BNB or CAKE go, it won’t change that they’re still copycats. It’s one thing to view these assets as a way to make money, it’s another to view them as innovations that push this industry forward.”

Watkins argues that this growth is the result of centralization, that’s it, and instead of choosing BSC for speed and scalability, he says Solana is the way as it’s more decentralized than BSC. SOL 3.00% Solana / USD SOLUSD $ 28.63
$0.863.00%
Volume 309.37 m Change $0.86 Open $28.63 Circulating 270.02 m Market Cap 7.73 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 11 h The Reasons for Low Gas Fees on Ethereum Network, Despite Heightened Activity 4 d BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

Meanwhile, users only care about how easy and cheap a network really is, as can be seen with BSC TVL getting ready to hit $30 billion.

Like BNB, the projects built on BSC also enjoy immense gains, with CAKE being the most popular one with a $4.16 billion market cap, up 4,520% YTD. PancakeSwap has also surpassed Coinbase Pro in volume today and is doing about 2.5x of the biggest DEX Uniswap. CAKE -0.69% PancakeSwap / USD CAKEUSD $ 26.34
-$0.18-0.69%
Volume 1.25 b Change -$0.18 Open $26.34 Circulating 149.96 m Market Cap 3.95 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 3 w Total Value Locked in Binance Smart Chain (BSC) Surpasses $15 Billion; Brave Joins in with Wrapped BAT 3 w 0x and Matcha Becomes the Latest Protocols to Join Binance Smart Chain (BSC) After Alpha as Part of “Multi-Chain Future”

Despite the success, these tokens aren’t really available for trading on many or any centralized exchanges.

According to Spartan Black of crypto fund The Spartan Group, this is the reason DeFi tokens are underperforming for the last few weeks. He said,

“BSC is having its own DeFi summer….so much alpha to be discovered in BSC (XVS, CAKE). If you are wondering why Ethereum DeFi coins are lackluster, it’s because of the huge valuation gap that still exists between the BSC coins and ETH equivalents.”

And until BSC-based DeFi tokens have their own DeFi summer, “money isn’t rotating back to ETH DeFi coins.”

Despite BSC’s growing usage, it doesn’t mean other chains’ demise; rather, many believe it will only onboard more users to the decentralized finance (DEFi) space.

“BSC adoption is foreshadowing what L2s will do to Ethereum,” said Santiago R Santos, a partner at ParaFi Capital. “My thesis is that BSC is another funnel for ETH DeFi.”

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Author: AnTy

Institutional Investors Shift Interest to Ether But Bitcoin Fundamental Shows ‘Healthy Bull Market’

On CME, Ether futures volume and OI is up 50-60%, while for Bitcoin, it is declining. Still, several metrics show that people are not preparing to sell their BTC and have “longer-term conviction” in the trillion-dollar crypto asset.

Institutional investors seem to be more interested in Ether right now than Bitcoin.

Ether futures had a record volume day this week, trading $228 million in volume, as per Skew. It is a relatively new product as CME Group launched Ether future just a few months back on Feb. 8.

Despite these good numbers, Ether futures are only catching up to the underlying spot volume.

According to the March report of CryptoCompare, in terms of total USD trading volume, CME’s newly launched ETH futures reached $1.5 billion in March, up 51.3% since February. Meanwhile, BTC futures volume on CME has decreased by 0.5% to $59.4 billion.

About ten days ago, at the announcement to the upcoming CME micro Bitcoin futures, Tim McCourt shared that since the Ether futures launch, they have seen 767 contracts, equivalent to 38,400 Ether, trading on average each day compared to 13,800 contracts equivalent to about 69,000 BTC in 2021.

Much like volume, open interest is also on the surge, with ETH OI averaging $102 million, up 66.2%, in March on CME, and currently, at $187 million. As for Bitcoin, traders err on the side of caution, with OI dropping by 15% to $2.1 billion last month.

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Average open interest for March was down 14.1% from Feb. across all futures derivatives products at $25.9bn. Binance, however, recorded a 1.5% increase and the highest open interest on average at $7.5bn.

The OI shifted lower as the price of Bitcoin remains stuck under $60k while Ether’s is trading above $2k, hitting a new ATH at $2,050 last weekend.

Despite the lack of movement in price, bitcoin fundamentals paint a healthy and bullish picture, as noted by Yassine Elmandjra, an analyst at ARK investment and on-chain analyst David Puell in “Buyer and Seller Behavior: Analyzing Bitcoin’s Fundamentals.”

One of the metrics, Thermo Capitalization, which is the total USD value of coins paid to miners, is at $23 billion, nearly 98% below bitcoin’s market cap, indicating that “miners no longer dominate as natural sellers.”

Another metrics is “HODL” waves shows that today, roughly 55% of bitcoin’s supply hasn’t moved in more than a year, illustrating investors’ longer-term conviction in the crypto asset.

The largest crypto asset, Bitcoin achieved a trillion-dollar market cap this year for the first time, however, realized market cap, which values each BTC at the price of its last move, is at $350 billion.

“Whenever market cap drops below realized cap, the overall bitcoin market sells at a loss, denoting capitulation,” noted Elmandjra and Puell.

Another bullish metric is coindays destroyed, an increase of which implies that holders are moving coins out of long-term storage and taking profits.

The metrics measure the time-weighted turnover of bitcoin and is currently slightly above 5 billion, still 30% below its all-time high in early 2018 in spite of the price tripling its 2017 ATH, depicting “a healthy bull market.”

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Author: AnTy

Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’

BTC price goes down to about $55,600 and Ether as low as $1,930 as 366,073 traders get liquidated for $2.02 billion. But the crypto market is already recovering the losses.

Historically, April is one of the best months for Bitcoin’s price, however, the beginning of the month is anything but so.

Today, the price of Bitcoin took a fall to $55,600 and is still not looking done with the correction. In tandem with BTC, the majority of the cryptocurrency market has gone down with it too, which has been enjoying an onslaught of bulls while the leading cryptocurrency consolidated.

Down 5% to 20%, Ether is back at $1,945, XRP near $0.880 with FIL, UNI, DOT, XLM, TRX, BTT, IOTA, BSV, AAVE, XTZ, ATOM, KSM, ENJ, STX, DENT, and UMA recording double-digit losses.

As a result, the total market cap, which surged past $2 trillion for the first time this week, is now near $1.90 trillion.

However, the market hasn’t topped as Ki-Young Ju, CEO of data provider CryptoQuant, points out people are holding and not selling their BTC.

“Are we in the market cycle high? No. When the market reaches its peak, everyone deposits BTC to exchanges to sell. The number of inflow addresses across all exchanges was at its highest in 2018 Jan, while it hit a three-year low a few days ago.”

And bitcoin shorts continue to be punished.

Overeager and overleveraged longs, however, aren’t unaffected. As a matter of fact, the degen traders are the reason Bitcoin sees pullbacks time and again.

In the past 24 hours, over $613 million Bitcoin positions have been liquidated, as per Bybt. In total, 366,073 traders have been liquidated for $2.02 billion.

Following this, funding rates on Bitcoin perpetual contracts have gone down some, with the highest on Huobi at 0.1051%.

Long Bitcoin, Short U.S. 5 Year Treasury

In other news, Bitcoin bull Mike Novogratz is shorting the five-year Treasury as a hedge against policymakers pulling back their monetary support, saying, “Everyone long bitcoin should be short the five year.”

“I’m short a lot of interest rates,” Novogratz, chief executive officer of Galaxy Digital, said in a Bloomberg Television interview.

“To me, being short the five-year part of the yield curve is a great hedge for any portfolio, crypto or non-crypto.”

U.S. 5 Year Treasury yield is currently at 0.866%, down from 0.97% last week. The yields on these bonds have been rising since last August when it was at 0.193% but still nowhere near the 9.52% in late 1988.

The billionaire investor, who is a former partner at Goldman Sachs, further said in the interview that the price of the assets is rising for the very same reason, central banks relentlessly printing money.

This week, the total cryptocurrency market capitalization hit a new all-time high above $2 trillion, and according to Novogratz, we can easily rise twice as much this year.

“We’re up to 0.5% of global wealth in crypto, and it will be 1% by the end of the year.”

While bullish on crypto and short on bonds, Novogratz is also betting on Facebook in anticipation of the social media giant introducing the Novi digital wallet this quarter. “All of a sudden, you’ll have 2.4 billion people connected to this crypto space,” he said.

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Author: AnTy

Filecoin (FIL) Recording More Volume than BTC and ETH Combined on China’s Largest Exchange

Filecoin (FIL) Recording More Volume than Bitcoin and Ether Combined on China’s Largest Exchange

While Huobi is seeing immense demand from users for FIL, Grayscale also added 29.55k FIL today. Unlike Grayscale’s four other new investment products, FIL is the only one with explosive returns.

In terms of price performance, the star of this week is Filecoin which rallied more than 90% during this time to hit an all-time high of nearly $237 today.

From its all-time low of $20 just three months back on Dec. 29, this coin has pumped 1,057%. FIL also soared 415% against BTC during this time, despite the largest crypto pumping to $62k and became a trillion-dollar asset.

With these gains, Filecoin jumped past Litecoin LTC 3.72% Litecoin / USD LTCUSD $ 203.96
$7.593.72%
Volume 3.82 b Change $7.59 Open $203.96 Circulating 66.75 m Market Cap 13.61 b
5 h Filecoin (FIL) Recording More Volume than Bitcoin and Ether Combined on China’s Largest Exchange 2 d PayPal Now Allows US Customers to Pay with Crypto at its 29 Million Merchants 1 w Free Crypto Trading App Robinhood Files S-1 Paperwork With SEC to Go Public
and Chainlink LINK 5.26% Chainlink / USD LINKUSD $ 30.22
$1.595.26%
Volume 1.75 b Change $1.59 Open $30.22 Circulating 416.01 m Market Cap 12.57 b
5 h Filecoin (FIL) Recording More Volume than Bitcoin and Ether Combined on China’s Largest Exchange 1 d Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today 6 d SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading
to capture the 9th spot with a market cap of $8.67 billion.

“China is crazy for Filecoin,” noted Wu Blockchain as FIL records more volume in the country than the combined volume of the top cryptocurrencies BTC and Ether.

The project, which raised more than $200 million in just thirty minutes in 2017, also received investment from the Shenzhen-based computer hardware giant Xinyuan Technology Co.

Xinyuan invested 580 million yuan (just under $90 million) in Filecoin miners, which could have stemmed from its partnership with a Jiangxi-based electronic company called Sesumg which will “ship 500 units of computing and 100 units of storage equipment to the company.”

This week, The9 Limited (Nasdaq: NCTY) signed a Filecoin mining machine purchase and hosting agreement of $2 million following the $10 million agreement in Feb.

Currently, The9 owns an independent node on its blockchain. It has 8 Pebibytes of effective storage mining power in the Filecoin network, which will be increased to over 80 Pebibytes once the two agreements are fully implemented.

Filecoin is an open-source, distributed storage, and digital payment system.

Though Filecoin acquiring Amazon Web Services is nothing but an April Fool’s joke, another reason for the jump in its prices is Grayscale. The world’s largest digital asset manager bought a bunch of coins.

It started on March 19 with just 700 FIL which increased by 14.8k FIL the next day only to add a whopping 29.55k FIL today. Grayscale’s institutional and accredited investors have bought a total of 45.55k FIL.

It was just last month that Grayscale announced the addition of Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT) to its investment products.

Much like FIL, Grayscale also bought a ton of the other altcoins today and now holds 115.57k LINK, 3.2 million BAT, 414.4k LPT, and 17.16 million MANA.

However, unlike Filecoin’s explosive returns, the same performance wasn’t recorded by other coins. In the past 7-days, LINK prices have increased by 24%, BAT 17.4%, LPT 50%, and MANA 20%.

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Author: AnTy

Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’

Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’

Goldin Auctions partnered with crypto exchange Gemini to facilitate crypto payments.

Goldin Auctions, the trading card, and sports memorabilia auction house announced this week that it would now accept cryptocurrency. The traditional auction house hopped on the crypto bandwagon following the success of auction house Christie’s.

“We now accept Bitcoin as payment,” tweeted Goldin Auctions which is known for high-value items.

In a separate tweet, the auction house said, in addition to standard payment and payout methods, they allow the same in both BTC and Ether. This decision is made on “demand from consumers,” said Ross Hoffman, Goldin’s chief executive officer.

“Look, we think a big macro theme that we’re seeing is folks that are hedging,” he told Bloomberg. “One, against inflation, and two, there’s interest in alternative investing.”

Cryptocurrency and sports collectibles, according to him, have “a pretty large overlap.”

They have already accepted two payments in crypto a couple of weeks back, the most notable one for a Jay-Z card that was sold for $103,200.

“It’s pretty amazing how easy the tech is to integrate,” Hoffman says. “We had the idea [to accept crypto] two weeks ago, did the integration, and accepted our first payment in Bitcoin last week.”

This isn’t the first time Goldin has forayed into the blockchain industry. Earlier this year, the auction house partnered with YouTuber Logan Paul to auction a box of Pokemon cards.

Goldin also announced a partnership with crypto exchange Gemini on Tuesday following a $40 million investment in the auction house from The Chernin Group (TCG) and several prominent individuals and firms, including Dwyane Wade, Mark Cuban, Kevin Durant, Mark Wahlberg, and many more.

“We are excited to team up with Goldin Auctions and help them facilitate crypto payments for collectors and sellers on their platform,” said Tyler Winklevoss, CEO of Gemini.

Commenting on “some volatility” involved with crypto assets, Hoffman said, “whatever risk there is [will] be offset by the benefit of bringing in more members.”

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Author: AnTy

China’s Publicly-Traded Company Meitu Buys Another 386 BTC ($21.6M) and 16k Ether ($28.4M)

China’s Publicly-Traded Company Meitu Buys Another 386 BTC ($21.6M) and 16k Ether ($28.4M)

As per the company’s filing on Wednesday, a publicly-listed Chinese company, Meitu, has purchased an additional 16,000 Ether for $28.4 million and about 386 BTC for $21.6 million in the open market.

The document shows that this latest purchase has been made through Miracle Vision, the wholly-owned subsidiary of the beauty app. The purchase orders were made and completed on March 17, 2021, it further stated.

This latest purchase came exactly ten days after Meitu bought 15,000 Ether for $22.1 million and about 379 BTC for $17.9 million.

Bitcoin is currently trading around $55,350, down 10.2% from the $61,700 peak on March 13, while just under $1,800 Ether is trading 12.3% off of its ATH of $2,042 from Feb. 20.

Cai Wensheng, Chairman of Meitu, reiterated his bullish crypto thesis of blockchain technology having the potential to disrupt both existing financial and technology industries much like the Internet did, as the reason behind the decision to invest in digital assets.

The company Board believes the blockchain industry is still in its early stage, and cryptocurrencies have ample room for appreciation in value. By allocating part of its treasury in crypto assets, it can also serve as a diversification to holding cash in treasury management.

While Bitcoin, a store of value and effective hedge against depreciation of fiat currencies, is part of the company’s asset allocation strategy, Ether is Meitu’s preparation for its foray into the blockchain industry.

The Group, consisting of Meitu and its subsidiaries, is currently evaluating the feasibility of integrating blockchain technologies to its various overseas businesses, including launching Ethereum-based dApps and identifying suitable overseas blockchain-based projects for potential investments.

Here, Ether would become the gas reserve for their potential dAPP(s) to consume in the future and used for investing in blockchain-based projects that take Ether into consideration.

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Author: AnTy

Ethereum Price Bounces as the Network Prepares to Attract a New & Wider User base

Ether enjoyed some green moves over the weekend, going as high as $1,755 before making its way to $1,650 on Monday. As of writing, ETH/USD is trading around $1,700.

This upward move followed Bitcoin, making some recovery in tandem with the stock market. Besides aligning with wide market appreciation, Ether’s greens could also be attributed to an upcoming significant change to the network.

Over the weekend, Ethereum blockchain developers approved the EIP-1559 that will burn the network fees paid in Ether, creating a positive feedback loop for its price. The proposal will be part of the London hard fork that can come as early as July.

“This is probably one of the biggest milestones we’ve seen recently,” said Eric Turner, director of research at cryptocurrency analytics firm Messari. Up until the EIP 1559 goes into effect, the supply of Ether has been theoretically infinite. “Now, they’re actually controlling inflation on Ethereum,” and “in some cases, you’re looking at negative inflation, so it’s definitely important,” Turner said.

While scaling Ethereum will lower fees, per user, at the same time, it will “increase the overall userbase by even more, and therefore increase the total fees,” notes Qiao Wang of DeFi Alliance.

This proposal will help attract a new user base by making the platform “easier, faster, and cheaper to use,” explained Wang. Implementing EIP-1559 would mean that only Ether can be used to pay the transaction fees on the network, cementing Ether’s role in the ecosystem.

Tim Beiko, a senior product manager at ConsenSys, also said, going forward, “we’ll gauge demand for the network, and we put that average price as part of the network itself.”

EIP-1559 “fixes a bug in the economics of Ethereum we’ve known about from the start,” Beiko added.

A small bounce in Ether’s price relative to Bitcoin can also in part be attributed to NFTs (non-fungible token) going mainstream.

Traditional media is all over the NFTs, which are being sold for a hefty price. Recently, a publicly available 10-second video clip was sold for $6.6 million.

“At this point, NFTs have made a greater impact than DeFi. Both in terms of cultural impact and news users brought into the wide crypto ecosystem,” said Wang. According to him, it is largely because NFTs are easier than DeFi, from a users’ perspective. “Playing games, collecting items are easier than complex financial games,” he added.

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Author: AnTy

Bitcoin Lending Grew Nearly 12x; Only Accounts for 0.15% of the $20T Total Collateral Market

There is also growing demand for Ether among traditional actors entering crypto lending with ultra-high-net-worth individuals, corporations, traditional hedge funds, and family offices wanting to enter the market looking to generate excess yield on idle cash.

Total active collateral in the Bitcoin lending markets has grown from $1.9 billion in Q3 2019 to a whopping $24.3 billion in Q4 2020, reveals the latest joint report by Arcane Research and crypto exchange Bitstamp.

The crypto lending market is simply flourishing, but it has a long way to go with the collateral markets’ current size estimated to be $20 trillion, providing a huge potential for bitcoin as collateral.

Over 400,000 BTC are estimated to be used as collateral for Bitcoin-backed loans today, doubling over the last year, reads the report. It is particularly used to leverage up and buy more crypto for arbitrage, market-making, tax deferment, and the need for fiat and miners covering costs.

The interest rate on Bitcoin deposits is currently high at 6-10%, which is expected to decline as more BTC are collateralized, and the crypto sector grows.

In total, 625,000 BTC, approximately $30 billion, are used as collateral in the crypto market today, based on estimations of collateral held in the derivatives market and tokenized BTC in DeFi. Still, bitcoin collateral only accounts for 0.15% of the total collateral market, which is growing rapidly, states the report.

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Arcane Research expects further growth in the BTC lending market, which could be “very bullish” for Bitcoin as it allows users to employ their cryptocurrency to serve their everyday fiat-needs, without requiring the hodlers to sell and realize profits.

Bitcoin, which can be transferred around the world instantly, at almost no cost, is a superb collateral asset because it is without both counterparty risk and credit risk, reads the report.

Institutions are just as interested in the crypto lending market, with institution-focused Genesis seeing a YoY growth of 245% in their outstanding loans.

One of the market-leading companies in the lending market, Genesis has seen incredible growth over the past year. Their outstanding loans surged to $3.8 billion in Q4 of 2020, a roughly 80% growth from Q3.

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The company further processed nearly $20 billion on loans last year to institutions only, “showing tremendous demand for traditional actors entering crypto lending.” In Q4, the company also pointed to the inflow of institutional lenders as well with ultra-high-net-worth individuals, corporations, traditional hedge funds, and family offices wanting to enter the market for the first time looking to generate excess yield on idle cash.

But it isn’t only about Bitcoin; there is also growing demand for Ether among institutions. There has been a steady increase in ETH loans outstanding, which grew 177% during the last three quarters of 2020.

Like BTC, this growth was attributable to ETH’s price inflation, the biggest reason was tied to in-kind placements in Grayscale’s Ethereum Trust, according to Genesis.

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BlockFi is another company leading in crypto lending with over $4 billion in outstanding institutional loans. According to the report, BlockFi’s internal numbers show that the company is a clear competitor to Genesis on the institutional side.

In 2020, BlockFi processed $18.6 billion in loans to its institutions and private clients, and by the end of the year, it had $4.4 billion in outstanding institutional loans. These clients aren’t just based in the U.S. either, just 60%, but spread across the world — 25% in the Asia-Pacific and the last 15% are based in Europe.

Other notable competitors in this sector are Celsius which processed over $8 billion in loans, Nexo which has over 1 million users and shares profits with its token holders, and Nebeus, which was one of the first movers in 2014.

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Author: AnTy

Nvidia’s Latest RTX 3060 Limits Ether Hash Rate by 50%, Introduces CMP for Professional Mining

Nvidia’s Latest RTX 3060 Limits Ether Hash Rate by 50%, Introduces CMP for Professional Mining

Nvidia is limiting the Ethereum hash rate by 50% with its latest RTX 3060 software drivers, shared by the company on Thursday. It noted,

“RTX 3060 software drivers are designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm and limit the hash rate, or cryptocurrency mining efficiency, by around 50 percent.”

The company that designs graphics processing units for the gaming and professional market said they took this decision because GeForce GPUs were designed for gamers and,

“We are gamers, through and through. We obsess about new gaming features, new architectures, new games, and tech.”

As such, to ensure GeForce RTX 3060, to be launched on Feb. 25th ends up in the hands of gamers, their mining efficiency has been limited.

GeForce RTX GPUs introduce RTX real-time ray-tracing, DLSS AI-accelerated image upscaling technology, Reflex super-fast response rendering for the best system latency, and other cutting-edge technology tailored to meet the needs of gamers.

However, it doesn’t mean they won’t cater to the cryptocurrency miners. To meet the specific needs of Ethereum mining, the company has announced NVIDIA CMP or Cryptocurrency Mining Processor, a product line for professional mining.

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CMP products are optimized for the best mining performance and efficiency but don’t do graphics and do not meet the specifications required of a GeForce GPU.

These products lack display outputs and enabling improved airflow while mining means they can be packed more densely. Furthermore, they have a lower peak core voltage and frequency, improving mining power efficiency.

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Author: AnTy

Ether’s Bullish Momentum Continues with Institutional Demand

Just like Bitcoin surged to a record high, nearly $52,700 on Wednesday, Ether has broken past the $1,900 level, hitting nearly $1,930.

For Bitcoin, “what stands out most is the trend that MicroStrategy started, and Tesla popularized: moving institutional balance sheets into Bitcoin to hedge against inflation,” said Nicholas Pelecanos, head of trading at NEM.

The Bitcoin futures market sees a lot of activity, with volume keeping above $50 billion this month and at times hitting $100 million.

CME Group is particularly getting traction, hitting a record $5 billion mark for the first time on Tuesday.

Interestingly, hedge funds continue to be record short on Bitcoin on CME, but at the same time, they are record long on Grayscale, capturing the premium on GBTC. They are also earning over 50% annualized funding from the basis trade on their USD.

As of writing, the price of Bitcoin on Coinbase was $51,525 and $52,090 on CME.

Earlier this month, CME also launched Ether futures, which started slowly, much like Bitcoin futures when they were listed in Dec. 2017.

But “it will likely not take as long for Ethereum futures to begin gaining traction as it initially took for Bitcoin futures, as investor interest in cryptocurrencies has had a few years to mature,” noted JPMorgan strategists.

Already daily trading volume of Ethereum futures on CME has doubled, and open interest surpassed $60 million.

The growing institutional demand for Ether can also be seen on Grayscale, the largest digital asset manager, which bought over 20k ETH in the last 24 hours, bringing its total holdings to 3.15 million ETH.

As we reported, the fundamentals of the second largest cryptocurrency are very strong. The fees are crazy high and never seen before levels of addresses continue to interact with Ethereum.

The network is also seeing an average of 1.2 million daily transactions and an average of 550k daily active addresses. Large transactions, more than $100k, that act as a proxy to institutional activity, have also recorded an increase of 45x in the past year.

Even on social media, conversations around ETH have nearly doubled since the beginning of the year, with over 20.6k tweets (on average) sent out about ETH every day, up from 10.9k on January 1st, as per data provider The TIE.

In that regard, the price of Ether is slow-moving, though it outperforms Bitcoin with 160% YTD gains compared to leading cryptocurrency’s 75%.

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Author: AnTy