Ether Price Hits New ATH After Breaking its Dry Spell with Inflows, Bitcoin Implied Volatility Trends Down

Ether Price Hits New ATH After Breaking its Dry Spell with Inflows, Bitcoin Implied Volatility Trends Down

Last week was a subdued one when it comes to the digital asset investment products after the record $1.5 billion inflows the week prior, following the US SEC permitting a Bitcoin futures ETF decision.

With only $288 million inflows in the week ending October 29, the total year-to-date inflows have risen to a record $8.7 billion, already 30% higher than 2020, according to CoinShares’ weekly report.

Bitcoin, yet again, saw the majority of inflows totaling $269 million last week, which brings its total inflows for October to $2 billion.

During this month, the price of Bitcoin surged 40% to as high as $67,000. As of writing, Bitcoin has been trading above $63,000.

Price is seeing some action this week after the lack of it last week, which resulted in the funding rates falling. The funding rate has even drifted negative for a smaller period though it remains positive overall.

But “market sentiment is still very much a bull-dominated one,” noted Delphi Digital. This means, in the current environment, bulls are buying every dip, which implies a higher degree of long leverage, so another “long squeeze” can’t be ruled out.

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October also saw a 24% increase in total adjusted on-chain volume to $856.

Much like volume and price, open interest climbed with CME rising by 149% to $4.26 bln while the daily average volume jumped by over 114% to $3.9 billion. On the options front, BTC’s monthly options volume increased by 52.3% to $30 billion.

Bitcoin’s volatility is actually going down, which measured over a 260-day period during the recent ATH dropped to around 66, a level not seen since May when the price dipped under $40k.

According to the DVOL index, which measures the approximate implied volatility for a market over the next 30 days, the leading crypto asset’s latest rallies have not been met with much action in implied volatility.

High implied volatility points to the market pricing in more price uncertainty, while low implied volatility indicates less uncertainty. Implied volatility tends to spike during market sell-offs and trends lower when BTC steadily trends higher.

“We haven’t seen an extreme swing upwards on implied volatility, which tells us that the general market is comfortable with what BTC is doing,” said Delphi Digital, noting if BTC rallies back above $67k and implied volatility starts to surge, “it could be an indication that another short-term pullback is imminent.”

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Coming to the altcoins, the largest one, Ethereum (ETH), which hit a new all-time high today at $4,480, finally broke its three-week dry spell with inflows of $17 million, which has its 2021 inflows now coming at $1 billion. As a result of Ether’s outperformance, its market share rose back to 32%.

Other altcoins like Solana (SOL), Polkadot (DOT), and Cardano (ADA) also recorded inflows of $15 mln, $6.2 mln, and $5 mln respectively. SOL 8.43% Solana / USD SOLUSD $ 220.28
$18.578.43%
Volume 3.02 b Change $18.57 Open $220.28 Circulating 300.94 m Market Cap 66.29 b
10 h Ether Price Hits New ATH After Breaking its Dry Spell with Inflows, Bitcoin Implied Volatility Trends Down 4 d Crypto.com Integrates with Solana, App Becomes 3rd Most Downloaded as Ad Featuring Matt Damon Airs Worldwide 1 w Investors Continue to Take Profit on Ether While Pouring Money in Solana and A Record $1.45 Billion in Bitcoin
DOT 3.75% Polkadot / USD DOTUSD $ 51.67
$1.943.75%
Volume 3.75 b Change $1.94 Open $51.67 Circulating 987.58 m Market Cap 51.03 b
10 h Ether Price Hits New ATH After Breaking its Dry Spell with Inflows, Bitcoin Implied Volatility Trends Down 1 w Investors Continue to Take Profit on Ether While Pouring Money in Solana and A Record $1.45 Billion in Bitcoin 1 w Cosmos Unveils New Blockchain, Sagan, A Canary Network to Allow Developers to Run Tests And Experiments
ADA 1.32% Cardano / USD ADAUSD $ 1.97
$0.031.32%
Volume 2.46 b Change $0.03 Open $1.97 Circulating 33.27 b Market Cap 65.63 b
10 h Ether Price Hits New ATH After Breaking its Dry Spell with Inflows, Bitcoin Implied Volatility Trends Down 4 d Australia’s Securities Watchdog (ASIC) says BTC and ETH ‘Satisfy’ All Criteria for ETPs 1 w Investors Continue to Take Profit on Ether While Pouring Money in Solana and A Record $1.45 Billion in Bitcoin

Multi-asset investment products, however, saw outflows for the third time of a record $23 mln. “We believe investors are currently preferring single-line exposure and are becoming more discerning over their altcoin exposure,” said James Butterfill, investment strategist at CoinShares.

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Author: AnTy

Web 3 and DeFi Dominates Coinbase Investment in Q3, Hits Top Spot on Apple’s US App Store

Web 3 and DeFi Dominates Coinbase Investment in Q3, Hits Top Spot on Apple’s US App Store

The mobile app of cryptocurrency exchange Coinbase has climbed to the top spot on Apple’s US App Store.

This isn’t the first time that the leading exchange is dominating the App Store in the US. Back in May, around the peak of the market and right before the major sell-off, Coinbase’s app ranked at number one, much like it did in the 2017 bull market.

But with crypto going mainstream, it makes sense that Coinbase is yet again climbing to the top.

The reason Coinbase is the most downloaded iOS app in the US over the last few days could be attributed to the zoomer meme coin SHIB surging more than 200% in less than a week. SHIB 10.12% SHIBA INU / USD SHIBUSD $ 0.00
$0.0010.12%
Volume 14.12 b Change $0.00 Open $0.00 Circulating 10 t Market Cap 40.77 b
5 h Web 3 and DeFi Dominates Coinbase Investment in Q3, Hits Top Spot on Apple’s US App Store 11 h Bitcoin Market Is Not as Leveraged as it Looks, Gas Spikes as Ether Hits a New ATH 1 d Zoomer Meme Coin (SHIB) Outperforms the Boomer Meme Coin (DOGE), Will This Mark the Top of the Cycle Again?

As we have been reporting, Shiba Inu has been the top trading crypto asset on Coinbase for the last few days and accounting for the majority of the exchange’s trading volume, sometimes as much as 40%.

Also, during this time, Bitcoin made its way back above $60,000 and Ether has rallied above $4,000 to its new highs. BTC 2.62% Bitcoin / USD BTCUSD $ 62,330.15
$1,633.052.62%
Volume 36.79 b Change $1,633.05 Open $62,330.15 Circulating 18.86 m Market Cap 1.18 t
3 h Australia’s Securities Watchdog (ASIC) says BTC and ETH ‘Satisfy’ All Criteria for ETPs 5 h Web 3 and DeFi Dominates Coinbase Investment in Q3, Hits Top Spot on Apple’s US App Store 6 h The Wharton School to Accept Bitcoin, Ether, and USDC for its “Economics of Blockchain and Digital Assets” Program
ETH 3.09% Ethereum / USD ETHUSD $ 4,426.85
$136.793.09%
Volume 22.79 b Change $136.79 Open $4,426.85 Circulating 118.13 m Market Cap 522.94 b
3 h Australia’s Securities Watchdog (ASIC) says BTC and ETH ‘Satisfy’ All Criteria for ETPs 5 h Web 3 and DeFi Dominates Coinbase Investment in Q3, Hits Top Spot on Apple’s US App Store 6 h The Wharton School to Accept Bitcoin, Ether, and USDC for its “Economics of Blockchain and Digital Assets” Program

As the bulls make a reentry, Coinbase has climbed up the ranks. Another crypto trading app Crypto.com’s iOS, has also become one of the most downloaded apps in the US, reaching the fifth spot on Apple’s U.S. App Store.

Record 49 investments

This week, the exchange also reported that their Coinbase Ventures has grown to become one of the most active VC investors in crypto by deal count, having made a record 49 investments in Q3. Back in Q2, Coinbase Ventures’ investment totaled 28 and 24 in Q1.

As of Q3 2021, the portfolio size of Coinbase Ventures stood at over 200 companies and projects, said the exchange.

Interestingly, 90% of the capital invested by Coinbase Ventures has been deployed this year so far.

Coinbase also reported its investment ranging from six-figure seed meals to multi-million dollar growth rounds in categories including Protocols + Web3 infrastructure (29%), DeFi (24%), CeFi (18%), Platform + Developer Tools (15%), NFT / Metaverse (9%), and others.

KYC Update

In other news, Coinbase has updated its KYC (know-your-customer), which financial regulators say is required to help ensure a safe and secure trading experience for its users, first noted by Mira Christanto, a researcher at crypto data site Messari.

In its updated KYC, Coinbase is asking its users to provide additional details about past and current occupation, businesses involved in, LinkedIn profile, a valid ID, source of the fund deposited on the exchange and supporting documentation, source of wealth and supporting documentation, nature of the use of Coinbase account, and bank statements bearing proof of address.

Coinbase also wants an explanation and documents for when the user started trading crypto and how the growth grew; as a result, provide them an expected activity on the account, nature of incoming and outgoing crypto transactions, and statements of digital assets held on other platforms.

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Author: AnTy

CRV Pumps to Lead DeFi as Curve Finance Hits $100 Billion in Overall Volume

CRV Pumps to Lead DeFi as Curve Finance Hits $100 Billion in Overall Volume

Total value locked (TVL) in Ethereum decentralized finance (DeFi) protocols has surpassed $160 billion to hit a new all-time high at $163.52 bln.

But while DeFi tokens haven’t got the memo as they continue to lag behind the rest of the market with L1s stealing all the limelight, Curve is one of the exceptions.

Curve is the dominant DeFi project on Ethereum, accounting for its 10.18% of TVL at $16.64 bln. The decentralized exchange, however, isn’t limited to Ethereum but has grown to cover Avalanche, where it has $648.8 mln of assets locked, Harmony ($13.92 mln), Polygon ($380.85 mln), Arbitrum ($321.55 mln), Fantom ($165.2 mln), and xDai ($5.86 mln).

In total, Curve Protocol’s TVL has also hit a new peak of $18.17 bln in continued growth, up from $1.4 billion at the beginning of the year.

Curve has also facilitated more than $100 billion of volume since launching in January 2020.

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This growth can also be seen in the price of CRV, which is up 84% in the past week to trade at $5.08, a level last seen in September 2020. CRV, however, is still down 90.5% from its all-time high of $54 in mid-August last year.

The token was launched in August 2020 with a very small float and rapid emissions, causing its price to collapse. While initially criticized, CRV’s token economics has since then proven that its token model works.

“Crv pump is a byproduct of market pricing in curve v2 / curve being deflationary the last 20d…” noted trader CryptoMessiah.

Yield farming is another factor as Liquidated Pools (LPs) on Curve get a boosted yield by locking their CRV tokens into veCRV. More than 47% of all circulating CRV tokens are currently locked in the protocol and continue to increase. In exchange for locking their CRV tokens, users receive cvxCRV — a liquid staking derivative of veCRV.

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Curve’s liquidity provision and token locking model is what has led to competition amongst farming products built on top of Curve.

The majority of the newly emitted CRV is locked within Convex, which has over 35% of veCRV supply. Besides Convex, Yearn offers attractive yields to users to lock their tokens in vaults for up to four years.

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Author: AnTy

Tether (USDT) Market Cap Surpasses $70 Billion, Majority Issued on Tron Blockchain

As the price of Bitcoin hits a new all-time high of $67,000, the market cap of the largest stablecoin, Tether (USDT), has gone to surpass $70 billion in market cap.

The majority of Tether’s 70 billion supply, 51.42%, is issued on Tron (TRX) blockchain at almost 36 billion, followed by Ether which has 33.85 billion USDT supply circulating on its blockchain.

The rest of the USDT supply is scattered on other blockchains, including Omni, Solana, Algorand, EOS, Liquid, and SLP.

After growing 41.7 billion in the first half of this year to nearly 63 billion, Tether supply had a pause until early August. After adding 8 billion in the next month, Tether supply growth has been resting yet again since early last month, only to come back into action in October as traders and investors try to chase the bulls.

USDT’s dominance, however, has been on a decline ever since June last year when it was just above 86%. In the last 17 months, Tether’s stablecoin dominance has lost 30% of its share to now sit at 56.8%. Much of this has been lost to Circle’s USDC, whose market share went from 8% to 25.7%.

Amidst this growth, short-seller Hindenburg Research has launched a $1 million “bounty” program for information on the stablecoin company.

“We feel strongly that Tether should fully and thoroughly disclose its holdings to the public.”

“In the absence of that disclosure, we are offering a $1m bounty to anyone who can provide us exclusive detail on Tether’s supposed reserves.”

Nathan Anderson Hindenburg Founder

Hindenburg also said that it did not hold any long or short positions on Tether, Bitcoin, or any other cryptocurrency.

“This stunt from Hindenburg Research is a pathetic bid for attention,” Tether responded in a statement.

“Tether abhors and denounces their actions and transparent motives.”

Days before Hindenburg’s announcement, the US commodities regulator charged Tether with a fine of $41 million over falsely representing that USDT was fully backed by fiat currency. Tether did not admit or deny the wrongdoing.

Recently, crypto lender Celsius Network also said that Tether issues new stablecoins in exchange for collateral in the form of crypto, such as bitcoin, as part of its lending program.

“If you give them enough collateral, liquid collateral, Bitcoin, Ethereum and so on . . . they will mint tether against it,” said CEO Alex Mashinsky. “New USDT is issued for such loans,” and later destroyed when the loan is paid “so it does not permanently increase USDT in circulation.”

Earlier this month, Bloomberg reported that Celsius had borrowed $1 billion worth of USDT from Tether.

Mashinsky, meanwhile, further clarified that the loans of USDT are typically at least 30% overcollateralized.

“We have a select, small group of customers that borrow USDTs in exchange for posting security. These loans are secured by collateral in Tether’s possession of well in excess of 100% of the loan proceeds and earn monthly interest,” Tether told FT, adding:

“This practice is common to other stablecoin issuers. This lending is undertaken narrowly, efficiently, securely, and profitably.”

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Author: AnTy

Euphoria is Back Ahead of ETF Listings: BTC Hits $63k, ETH Nearly $4k as NYSE Certifies “Approval for Listing”

Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”

OI on Bitcoin futures has hit a new ATH on both Binance and CME, while annualized daily basis on Binance is closing on 13%.

Bitcoin is just inches away from hitting its all-time high of $65,000.

On Friday, the leading cryptocurrency went to hit nearly $63,000 on Coinbase while going as far as $63,100 on Deribit. As of writing, BTC/USD is trading at $60,840, up 41.5% this month.

Much like Bitcoin, Ether is rallying and back to surpassing $4,000. Climbing to $3,970, Ether is less than 10% away from its mid-May ATH of $4,380. The price of ETH had briefly reached $4k in early September. ETH -0.96% Ethereum / USD ETHUSD $ 3,829.41
-$36.76-0.96%
Volume 16.5 b Change -$36.76 Open $3,829.41 Circulating 117.96 m Market Cap 451.7 b
10 h Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing” 1 d Bitcoin Breaks Through $61,000 as Euphoria & ‘Greed’ Brings the Money Back In 1 d Indexed Finance’s NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

While Bitcoin is in the lead, and Ether following, altcoins are lagging behind but still managing to see greens. This has the total crypto market cap making a new all-time high at $2.62 trillion earlier today.

Thanks to positive price active driving greed, the funding rate is also trending up ever since late September when it was negative. BTC’s annualized daily basis on Binance is closing 13%, but there’s still a lot of room to grow as, during the April peak, it went to 41.4%.

Open interest on Bitcoin futures is fast approaching mid-April ATH $27.38 bln, currently sitting at $22.85 billion. On Binance and CME, OI is already at a new high of $5.38 billion and $3.61 billion, respectively, and leading the futures market.

Ether’s OI is rising even at a much faster pace, sitting at $11.04 billion, not far from $11.55 bln high from early May. On CME again, OI on Ether futures is already at a new ATH of $1.01 bln.

Approval for Listing

All of this excitement is due to the Bitcoin Futures ETF finally starting trading next week. The market is extremely confident that the US will finally see a Bitcoin exchange-traded fund listing.

While there is no confirmation, ProShares is ready to roll out its fund, having filed paperwork. The fund will go by the ticker BITO with a 0.95% expense ratio and would only hold Bitcoin futures contracts, having removed the language for investing in Canadian ETFs.

“If anyone needs more evidence that this is happening on Tuesday. Proshares’ 8A just hit which registers the ETF’s shares with the SEC for trading on an exchange,” commented James Seyffart, ETF analyst at Bloomberg Intelligence.

The amended filing from ProShares indicated that the ETF would begin trading next week, which suggests the SEC is unlikely to block the listing at this point. NYSE Arca also certified “its approval for listing,” meaning the exchange will allow investors to trade the funds as allowed under federal law without the interruption of the regulatory agency.

Ten such applications for a Bitcoin futures ETF have been filed ever since SEC chief Gary Gensler first hinted at his support for such a product in August. In the weeks ahead, Valkyrie and Investor could also follow ProShares into the market.

Late on Friday also came the reports that the largest digital asset manager Grayscale Investments plans to file an application to convert its bitcoin fund into a spot ETF next week. GBTC is currently trading at a 15.12% discount.

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Author: AnTy

ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

Whenever it looks like non-fungible tokens (NFT) mania is starting to slow down, the trend gains traction and starts moving towards new highs yet again.

This growing interest in NFT has seen their sales surging to $10.7 billion in Q3, representing an outstanding 704% increase from the previous quarter and a 38,060% increase year-over-year, according to a Dapp Radar report.

In the last two months, the NFT market had an explosion with August’s record-breaking trading volume of $5.2 billion.

While renowned celebrities like Snoop Dogg, Shaquille O’Neal, and Steve Aoki and top fashion brands like Gucci, D&G, and Burberry are the latest members of NFT space, blue-chip NFT projects like CryptoPunks or the Bored Ape Yacht Club continue to propel it into the mainstream.

NFT marketplace OpenSea meanwhile continues to be the economic center of this meteoric rise. 3.8 million NFT purchases on OpenSea in Q3 have beaten Q1 and Q2 by a huge margin which recorded 193k and 357k purchases, respectively.

Its number of unique daily buyers averaged 17.4K in Q3, an 815% increase over the 1.9K unique daily buyers in the previous quarter.

NFT games continued to capture people’s interest and generated $2.3 billion in trading volume, representing 22% of the total NFT volume.

Coming into Q4, Google search interest for “NFT” is slowing down, which could be due to heightened fees on Ethereum “but with Twitter previewing NFT profile verification for its 26 million daily active users, NFTs could see yet another surge in Q4,” states Coin Metrics.

While other blockchains like Solana (SOL) and Tezos (XTZ) are also joining the NFT movement, Ethereum is dominating the space. In Q3, there were a total of 9.88 million transfers of ERC-721 tokens on Ethereum, an increase of 305% over the 2.44 million in Q2. SOL 0.11% Solana / USD SOLUSD $ 154.28
$0.170.11%
Volume 2.58 b Change $0.17 Open $154.28 Circulating 298.12 m Market Cap 46 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi 2 d Citadel Founder Says Regulating Crypto Will Make It “A Smaller Market” And “That’ll Be Good”
XTZ -2.26% Tezos / USD XTZUSD $ 7.64
-$0.17-2.26%
Volume 707.03 m Change -$0.17 Open $7.64 Circulating 862.31 m Market Cap 6.58 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Arab Bank Partners With Tezos (XTZ) for Crypto Custody and Staking 2 d Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market

The success of NFT has been a boon for ETH adoption with the long-anticipated fee burn mechanism implemented to Ethereum amidst the backdrop of JPEG summer. More than 406k ETH worth $1.35 billion were burnt during Q3.

With these ETH burns, daily net ETH issuance has come down, and there have been three such days so far that had negative (deflationary) issuance.

ETH’s annual inflation rate was about 4% in the months just before EIP-1559, with an average of 13.5K issued daily. Since the EIP 1559 launch, the annual inflation halved to about 2%, with daily issuance averaging 6.4K.

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Author: AnTy

AVAX Hits A New ATH as 3AC and Polychain Lead $230M Investment to Accelerate DeFi on Avalanche

AVAX Hits A New ATH as 3AC and Polychain Lead $230M Investment to Accelerate DeFi on Avalanche

“I consider AVAX to be crucial in turbocharging EVM DeFi for both builders and users,” said Su Zhu, CEO of Three Arrows Capital.

Avalanche blockchain has raised $230 million in a private sale, sending the AVAX token surging.

In response, the $14.2 bln market cap coin AVAX hit a new all-time high on Thursday at $68.34 and, as of writing, is trading around $64.5, up 1,650% YTD

The private sale, which was completed in June, was led by Three Arrows Capital and Polychain. Other participants in the investment included CMS Holdings, Dragonfly, R/Crypto Fund, Collab+Currency, Lvna Capital, and a group of angel investors and family offices.

Emin Gün Sirer, founder and CEO of Ava Labs, described this as the “largest investment” into the Avalanche ecosystem to date.

“I’m thrilled to see so many people realizing the power of Avalanche’s technology and community, and the opportunities for exponential growth.”

Su Zhu, co-founder, and CEO of Three Arrows Capital, shared his excitement to co-lead the $230 million investment in Avalanche, saying,

“I consider AVAX to be crucial in turbocharging EVM DeFi for both builders and users, the Ava Labs team to be incredibly innovative and passionate, and the community to be the fastest-growing.”

The Avalanche Foundation, which is behind the Avalanche blockchain, will be using the proceeds from the token sale to support and accelerate the rapid growth of decentralized finance (DeFi), enterprise applications, and other use cases on the public blockchain.

Focused on speed and low transaction cost, this layer 1 blockchain is an Ethereum competitor much like Solana (SOL) and is also EVM (Ethereum Virtual Machine) compatible.

As we reported recently, to allow the transfer of assets from Ethereum (ETH) to the Avalanche blockchain, the team launched a bridge, and $1.3 billion has already been transferred to Avalanche using this.

It also supports several popular blockchains such as Tether (USDT), USDC, SushiSwap (SUSHI), Chainlink (LINK), and The Graph (GRT).

“Just a year after mainnet launch in Sept. 2020, and Avalanche is still just getting started with countless live projects organically flourishing and Avalanche Rush on the way. There’s no signs of slowing down progress toward fast, low-cost, and easy-to-use DeFi applications.”

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Author: AnTy

Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH

Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH

Solana (SOL) has finally hit three digits to make a new all-time high while the rest of the crypto market is slow to move, with NFTs dominating the limelight and FOMO.

Late on Sunday, SOL surged past $100 to be worth more than $29 billion in market capitalization to become the 8th largest cryptocurrency, trumping USDC and Polkadot (DOT). DOT -3.39% Polkadot / USD DOTUSD $ 24.80
-$0.84-3.39%
Volume 960.74 m Change -$0.84 Open $24.80 Circulating 987.58 m Market Cap 24.49 b
10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH 2 d Risky Assets Rejoice: Bitcoin & Gold Spike and Stocks Hit Record High while Dollar Weakens on Powell’s Dovish Speech 6 d Bitcoin Unable to Attract Funds, Altcoins Recording Inflows with Ether’s Competitor Seeing the Largest

As of writing, SOL is trading at $100.71, up 5,222% YTD and nearly 200x from the May 2020 low of $0.5.

Amidst this SOL summer, the Ether competitor started trending on CoinGecko, becoming the 2nd highest trending asset on the crypto data site and also the 2nd most trending asset on the financial communications platform Stocktwits this weekend.

Solana is also the 52nd most held crypto asset on cryptocurrency exchange Coinbase.

In line with the price, the total value locked (TVL) in the Solana ecosystem is also reaching new all-time highs at $3.05 billion, up from just a billion dollars in May.

Other coins in the Solana ecosystem are also enjoying an uptrend. In the past week, APEX, SOLPAD, and RAY rallied between 60% to 100%.

With Etherem’s recent network update in the form of a London upgrade with EIP 1559 done earlier this month, speculators are turning their attention toward rival blockchains and their tokens, said Avi Felman co-portfolio manager at BlockTower Capital, in an interview.

The faster and cheaper alternative to Ethereum, Solana, isn’t the only one pumping right now. Compared to Ether’s 336% YTD gains, Cardano (ADA) is up 1,505% and Avalanche (AVAX) 1,157%. ETH -0.15% Ethereum / USD ETHUSD $ 3,184.95
-$4.78-0.15%
Volume 13.04 b Change -$4.78 Open $3,184.95 Circulating 117.32 m Market Cap 373.65 b
9 h Canada’s Security Regulator Prohibits Regulated Crypto Exchanges from Trading in Tether (USDT) 10 h Historically September Records Losses, But Will This Time Be Any Different? 10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
ADA -2.27% Cardano / USD ADAUSD $ 2.81
-$0.06-2.27%
Volume 4.84 b Change -$0.06 Open $2.81 Circulating 32.15 b Market Cap 90.18 b
10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH 4 d Crypto Accounts for 73% of eToro’s Total Trading Commission in Q2, “Strong Interest from Retail” 4 d Cardano Foundation Ramps Up Drive for Regulatory Compliance With Coinfirm Partnership
ADAX 19.38% ADAX / USD ADAXUSD $ 2.11
$0.4119.38%
Volume 38.24 m Change $0.41 Open $2.11 Circulating 0 Market Cap 0

Besides Solana summer, other coins trending up include Tezos, which jumped 50% in the last 7-days. Fantom, SafeMoon, Horizen, LUNA, and Decentraland are also up 20% to 50%.

Arweave (AR) is also up 50% during this period and 285% in August. This storage solution that offers data permanence among all the centralized and decentralized storage solutions is “the most feasible solution to make decentralised data storage gain wider adoption,” wrote Molly of eGirl Capital, which is invested in the cryptocurrency.

The VC firm’s website post further states that Arweave currently only accounts for 0.1% of the total decentralized storage and only 8% of its market value. However, they believe with its superior technology and design, “there is still a lot of room for Arweave to grow in the future.”

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Author: AnTy

Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC

Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC

Zcash users are increasingly storing more and more of their ZEC tokens in shielded pools.

Surpassing the all-time high from earlier this year from just over 700k, the total value of the shielded pool has now reached a new high above 850k ZEC. After experiencing a pullback in the year’s first half, it started trending back up in July.

Zcash transactions over time are also uptrending, with the 24-hour transaction count ranking in the top 15, according to Zcash Metrics. Shielded Zcash transactions have been steadily increasing as well, since 2019. In Q2, more than 520k of total transactions were recorded on the blockchain.

The privacy-focused cryptocurrency provides anonymous value transfer using zero-knowledge zk-SNARKs cryptography. It further provides the option for transactions to be either shielded, which makes them completely anonymous, or transparent, so that they will be visible on the Zcash blockchain.

Its token ZEC is currently trading at $163, up 187% YTD down 95% from its all-time high from 5 years back, according to CoinGecko.

Zcash pays out a portion of its block rewards to fund protocol development as “Founder’s Reward.” Currently, it allocates the Founder’s Reward to the Electric Coin Company and the Zcash Foundation, who develop and stewards the protocol.

As we reported, Electric Coin Company CEO and Zcash founder Zooko Wilcox proposed making a shift to a proof-of-stake (PoS) consensus mechanism, less energy-intensive than proof-of-work (PoW), like Ethereum. ETH -4.42% Ethereum / USD ETHUSD $ 3,172.46
-$140.22-4.42%
Volume 20.13 b Change -$140.22 Open $3,172.46 Circulating 117.24 m Market Cap 371.95 b
9 h Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC 10 h NFT Summer: Art Blocks Leads the NFT Mania This Week while an EtherRock Is Now Worth Over $1 Million 11 h Bitcoin Unable to Attract Funds, Altcoins Recording Inflows with Ether’s Competitor Seeing the Largest

“While there are many who prefer PoW, I believe that PoS would make ZEC more valuable to more people! The benefits are great, and they far outweigh the drawbacks and risks,” he said at the time.

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Author: AnTy

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

Rather, this continued interest from institutional investors is coming not only from crypto native firms but also from traditional finance institutions. Meanwhile, in the US, DeFi is on regulators’ radar where with no intermediary, the question is, “who do we put this on?”

Britain’s Financial Conduct Authority (FCA) said that crypto broker CoinBurp is not fully authorized to have its initial token offering and the launch of its BURP token planned for Monday.

However, the company can start a business under its temporary registration, the FCA added, as long as it has the controls in place.

Last week, the project raised $6 million to build a non-fungible tokens (NFTs) marketplace. Last week, in a press statement, CoinBurp claimed to be a “regulated broker” and said that all the NFTs listed on its market could be sold to investors.

Although CoinBurp is listed on the watchdog’s temporary registration register, this status only allows them to trade. The watchdog said the company isn’t yet assessed as “fit and proper” or entitled to claim to be authorized by the FCA as the regular has yet to determine their application for the money laundering regulations. The UK regulator said in its statement,

“The firm does not yet hold full FCA registration under the money laundering, terrorist financing, and transfer of funds (information on the payer) regulations … but has submitted an application for the FCA for registration.”

For some time now, FCA’s crackdown has been going on with Binance, which has no headquarters, particularly bearing the brunt of it. This has resulted in several big UK banks such as Barclays, Santander, and NatWest banning retail customers from sending money to the exchange.

Due to this, several hedge funds, according to the Financial Times, have also curbed trading on Binance as a regulatory crackdown on it continues to grow.

However, Binance told FTX that it has “not seen a slowdown in institutional activity. On the contrary, we have seen continued interest in our institutional offering from not only crypto native firms but also traditional financial institutions that have entered the crypto space.”

Amidst this, on Monday, Binance reduced the leverage from previously 125x to now 20x.

Meanwhile, DeFi is on US regulators’ radar, with CFTC Commissioner Dan Berkovitz saying in an interview,

“I’m very concerned there’s none of the reporting, none of the normal pricing and regulatory limits. The bottom line is there’s no free lunch anywhere in the economic system.”

As we saw last week, Uniswap Labs delisted several tokens from the exchange. With no intermediaries in decentralized finance, which has grown to become $110 billion in total value locked (TVL) and $85 billion in total market cap, the question is, “who do we put this on?” said Alabama Securities Commission Director Joseph Borg.

While Sen. Elizabeth Warren is urging regulators to rein in DeFi activities, Borg said, SEC and CFTC would have to come together to assess the potential possibilities and potential risks. OCC spokesperson Bryan Hubbard said,

“While DeFi, by definition, is decentralized and does not necessarily rely on the banking system, there are linkages, which are part of our review through the lens of responsible innovation, cognizant of the potential benefits of new technologies while focused on understanding the potential risks and use cases.”

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Author: AnTy