Bored Ape Yacht Club (BAYC) Flips CryptoPunks Floor Price, But Only Briefly

Bored Ape Yacht Club (BAYC) Flips CryptoPunks Floor Price, But Only Briefly

For the first time, the floor price of Bored Ape Yacht Club (BAYC) NFTs has flipped that of CryptoPunks.

The flippining happened on Wednesday when the lowest price at which BAYC was available for sale went to 53.9 ETH, while the floor price of a CryptoPunk NFT was 52.69 ETH.

Today, however, the lowest price punk is available for is 53 ETH, while a BAYC’s floor price has gone down to 52.2 ETH.

Both BAYC and CryptoPunks NFTs have a fixed collection of 10,000 unique digital collectibles on the Ethereum blockchain. However, CryptoPunks are the OG NFTs launched in 2017, while BAYC came into the market only this April.

When it comes to the expensiveness, the highest a BAYC has been sold was a gold fur ape BAYC #8817 for $3.4 million, while an Alien CryptoPunk #7523 was sold for a record $11.8 million. Both were sold at a Sotheby’s auction.

Interestingly, while the floor price of CryptoPunks has been on a constant decline, BAYC NFTs have been seeing a steady increase in their value.

Unlike CryptoPunk NFT owners, however, who do not get the right to use their NFTs for commercial purposes, BAYC NFT creator Yuga Labs allows its holders the IP rights. Some of the BAYC holders are now using their rights to create a blockchain-based ​​game with the Hong Kong-based software firm Animoca Brands.

Larva Labs, the company behind CryptoPunks, has also signed a deal with Hollywood agency UTA to use the image of punks in mainstream media.

Meanwhile, the BAYC team is also planning to release its native token next year, further helping it gain traction.

Back in October, the BAYC team took to Twitter to share that while it is “stupid easy” to launch a token, and in mere minutes, what is more, complicated is to “construct a legally compliant token and set it up in a responsible, sustainable way.”

The team also cited other concerns like utility, governance, owner benefits, and audience reach that makes the token launch tricky and needs to be addressed, for which they are working with a legal team.

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Author: AnTy

UNI and MATIC Pump after Uniswap V3 Deployed on the Ethereum Scaling Solution Polygon

UNI and MATIC Pump after Uniswap V3 Deployed on the Ethereum Scaling Solution Polygon

In his proposal, Polygon co-founder Mihailo Bjelic said they would commit up to $20 million to incentivize Uniswap adoption.

Leading decentralized exchange Uniswap V3 has been deployed on the Ethereum scaling system Polygon mainnet.

This comes after UNI holders voted to pass a governance proposal for Uniswap v3’s deployment to Polygon. More than 72 million UNI token holders (98.8%) supported the move.

With this deployment, the idea is to bring Polygon’s low fees to Uniswap as increased usage of Ethereum has made the second-largest network very expensive resulting in the pricing out of small users. But now, Uniswap users can swap tokens using the Polygon blockchain.

Polygon co-founder Mihailo Bjelic submitted the proposal on the Uniswap governance forum last month. In his proposal, Bjelic also said that the project would be willing to commit up to $20 million to incentivize Uniswap adoption; $15 mn will be used for a long-term liquidity mining campaign, and $5 mln will go towards the overall adoption of Uniswap on Polygon.

In response, Polygon’s $2.3 billion market cap cryptocurrency MATIC rallied to hit a new all-time high at $2.70 on Wednesday. As of writing, MATIC is trading at $2.53, down 6.2% from its ATH but up 14042% YTD.

UNI also enjoyed a spike in price to now trade at $17, but much like the broad decentralized finance (DeFi) sector, the governance token is down over 62% from its all-time high earlier this year.

This is despite the fact that Uniswap continues to dominate the DEX space, accounting for about 76% of the market share, as per Dune Analytics.

As for the DeFi space, Uniswap has nearly $9 bln of total value locked in it. This TVL reached $10.5 bln at the beginning of the year. Polygon’s DeFi ecosystem meanwhile has $5.27 bln in TVL, about halved from $10.5 bln high in mid-June.

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Author: AnTy

Are Bitcoin Bulls Dead? BTC Funding Rate Remains Low to No Avail

Bitcoin price is struggling, currently trading around $46,000, down 33.5% from its all-time high.

Ever since hitting its ATH at $69,000 early last month, BTC has been on a constant decline. This month, every attempt of the leading cryptocurrency to rise has only sent it lower.

With price action lacking any signs of bulls, the funding rate on bitcoin perpetual remains low at 0.01% on Binance, Huobi, and BitMEX and even lower on OKEx (0.009%), Bybit (0.008%), and FTX (0.007%).

But no one seems to care about the low funding rate, just as they didn’t in late October and early November.

According to trader CL, an investor at eGirl Capital, no one wants to long anymore because many participants of ByBit and Binance have already lost their funds during the May-July drawdown.

“The major shift in how many ppl wanna leverage long happened in May actually, but this phenomena has been proved itself thru the data we saw in sept retrace, and after this Nov/Dec nuke it should be obvious.”

Meanwhile, according to crypto personality Loomdart, who is also an investor in eGirl capital, “general hypothesis is leverage, oi and derivatives have “moved on” to the likes of Terra (LUNA) which hit a new all-time high today, Magic Internet Money (MIM), and Spell Token (SPELL).

https://twitter.com/CL207/status/1472874295055503363

But does this mean the bulls are dead? Not really, as CL explains, “the market is simply very slowly returning to more normal, after a long period of unprecedented froth.”

Some are very bullish still, most notably trader Light, who was bearish at the end of November and before that in April ahead of Coinbase’s public listing and has now taken to bullish posting on Crypto Twitter (CT) since the end of the first week of December. Light tweeted over the weekend,

“Think cardinal sin people are making is conflating price weakness driven by structurally bearish EoY flows (that they have little visibility on and which will abate) with their own meth-trailer-concoction macro fears.”

On Monday, Light noted that on Binance, despite retail being wiped out during the recent sell-off, open interest has still recovered 50% since then. This means, while retail has not resumed its bullishness, whales are the ones who are absorbing on the long side.

“Cash bid makes path of least resistance up. makes r/r set up for a short squeeze, not a long squeeze.”

As we reported, JPMorgan head quant Marko Kolanovic is also expecting a short squeeze to happen by the year-end or the beginning of a new year.

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Author: AnTy

VCs Pour in $30 Billion, A 4x of 2018’s High, Into The Crypto Market in 2021

VCs Pour In $30 Billion, A 4x of 2018’s High, Into The Cryptocurrency Market In 2021

Venture capital funds have poured about $30 billion into the cryptocurrency market in 2021, which is more funding than all the previous years combined.

The previous high was around $8 billion in 2018, during the bear market following the 2017 bull market where Bitcoin hit a new all-time high of $20,000. The total crypto market cap jumped from just under $19 billion at the beginning of 2017 to $640 billion in 2017-end. When altcoins peaked by the end of the first week of Jan. 2018, the overall market cap had reached nearly $853 million only to finish the 2018 bear market at $125 billion.

In March 2020, the total crypto market cap went down to $143 billion and started 2021 just above $775 billion to reach the peak of $3 trillion in November, as per CoinGecko. As of writing, the crypto market cap is around $2.2 trillion.

Just as the crypto market has grown, so has the money flowing into the industry, and the 2021 high is almost 4x of the 2018 funding high, according to PitchBook data.

“Investors are funding anything and everything,” said PitchBook analyst Rob Le.

vcspourin30billion

The venture capital transactions of the US have also grown to about $7.2 billion in deals, 4x the previous record set in 2018.

Established firms like Digital Currency Group, the parent company of Grayscale Investments, Coinbase venture, and Polychain Capital are betting on the next big thing in crypto.

“We’ve moved beyond just digital gold. We’ve got financial services, art, gaming as a subcategory of NFTs, Web 3.0, decentralized social media, play-to-earn — all of that made investors think “we don’t have enough exposure,”’ said Spencer Bogart, general partner at San Francisco-based Blockchain Capital. The company has financed over 120 companies since its inception in 2013.

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Author: AnTy

Crypto Outliers: LUNA Amasses $16.9B & Surpass BSC, AVAX Aims for 1M Daily Transactions

Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions

While the broad crypto market is getting hammered, some coins emerge as outliers.

Bitcoin and Ether are stuck in a range and are currently sitting around $46k and $4,800, respectively, while the total crypto market is at about $2.2 trillion.

But this past week, Yearn Finance (YFI), Arweave (AR), Hedera (HBAR), and Spell Token (SPELL) posted 20% to 60% gains. YFI 14.88% yearn.finance / USD YFIUSD $ 36,738.01
$5,466.6214.88%
Volume 981.04 m Change $5,466.62 Open $36,738.01 Circulating 36.64 K Market Cap 1.35 b
10 h Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 1 mon CREAM Price Crashes as Team Announces Distribution of 1,453,415 Tokens to the Victims of the 3rd Hack of the Year 1 mon Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List
AR -3.78% Arweave / USD ARUSD $ 56.87
-$2.15-3.78%
Volume 130.7 m Change -$2.15 Open $56.87 Circulating 33.39 m Market Cap 1.9 b
10 h Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 1 mon Big Week Ahead? Bitcoin Rallies Towards ATH, Ether Sets A New High, Crypto Marks Hits $3 Trillion 2 mon Risk-on Assets Recover and Start Rallying After Fed Chair Pushes Back Decision on Tapering to November
HBAR -5.99% Hedera / USD HBARUSD $ 0.30
-$0.02-5.99%
Volume 145.82 m Change -$0.02 Open $0.30 Circulating 18.09 b Market Cap 5.52 b
10 h Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 2 w Korea’s Oldest Bank to Use Hedera Network for Testing KRW-Stablecoin in Cross-Border Remittances 2 mon Circle’s Stablecoin USDC Launches on Hedera Hashgraph’s Network
SPELL 6.61% Spell Token / USD SPELLUSD $ 0.02
$0.006.61%
Volume 90.13 m Change $0.00 Open $0.02 Circulating 0 Market Cap 0

YFI went above $35,000, a level last seen in early November, after the team announced that it would start “massively buyback” YFI tokens. Also, the Yearn Finance team is revising its tokenomics to distribute fees to holders and is looking at veCRV model and xSushi models for inspiration.

Among the outliers are two more names, Ethereum competitors Avalanche (AVAX) and Terra (LUNA), whose token value is rising along with their blockchain usage.

LUNA, a $28.5 billion market cap coin, actually hit a new all-time just above $81 today. LUNA 0.48% Luna Coin / USD LUNAUSD $ 0.01
$0.000.48%
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 13.61 K
7 h Are Bitcoin Bulls Dead? BTC Funding Rate Remains Low to No Avail 10 h Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 2 w Crypto Expected to “Outperform” if Inflation Persists, Bitcoin and Ether Options OI Trend Upwards To New Highs

Terra’s stablecoin UST’s supply is on a continued incline, currently above $9 billion, while it was not even $3 billion earlier last month.

“The biggest surprise to me over the past 18 months of Terra wasn’t the success of UST, it was the speed at which Terra was able to bootstrap a full-fledged smart contracts ecosystem. Just under one year to build a viable contender among Ethereum, Solana, and Avalanche,” noted Ryan Watkins of crypto data provider Messari.

The total value locked (TVL) in the Terra ecosystem has also surged past $16.9 billion, a new high, and up from just $1 billion in April this year, as per DeFi Llama. With this, Terra has become the second biggest decentralized finance (DeFi) ecosystem, taking over Binance Smart Chain (BSC)’s $16.4 bln.

Ethereum meanwhile continues to lead the space, having amassed $146.9 billion.

With over 42% dominance, money market protocol Anchor is leading Terra’s TVL, followed by Lido ($4.95 bln), Terraswap ($1.86 bln), and Astroport ($1.08 bln).

Solana (SOL) has fallen to fifth place with its TVL at $11.39 bln, having slid from over $15 bln ATH in early December. SOL -3.36% Solana / USD SOLUSD $ 174.07
-$5.85-3.36%
Volume 1.98 b Change -$5.85 Open $174.07 Circulating 308.34 m Market Cap 53.67 b
10 h Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 4 d Kevin Durant Signs Multiyear Deal with Coinbase, Michael Jordan Launching HEIR on Solana 6 d Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report

Meanwhile, Avalanche has taken fourth place as its TVL remains high at $11.63 bln but down from almost $14 billion earlier this month. Popular lending protocol Aave is leading this TVL at $3.13 bln followed by TraderJoe at $2 bln then Benqui at $1.58 bln, and Curve at $1.13 bln.

The bokeh is also recording high usage with daily transactions on Avalanche C-Chain climbed to 756k while four months back in August, it was doing a mere 10k transactions. Its unique addresses have also been on a continuous uptrend, now nearing 1.3 million.

In comparison, Ethereum blockchain has processed 1-1.4 million transactions daily since June while its ATH is just above 1.7 million transactions on May 11. Its unique address meanwhile is now at almost 181.5 million.

AVAX meanwhile, a $25 billion market cap coin, is trading at $103.4, down about 29% from its ATH a month back. AVAX 5.31% Avalanche / USD AVAXUSD $ 113.40
$6.025.31%
Volume 2.01 b Change $6.02 Open $113.40 Circulating 243.2 m Market Cap 27.58 b
10 h Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 1 w ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021 1 w Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December

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Author: AnTy

Paraguayan Senate Passes Bill to Regulate Crypto Trading and Mining

The Senate of Paraguay has passed a bill that will regulate the trading and mining of cryptocurrencies in the country.

Paraguayan Senator Fernando Silva Facetti, one of the three authors of the bill, confirmed this on Twitter, saying Paraguay’s Chamber of Deputies will discuss the bill next year.

After an “intense debate” that the Senate approved the bill that regulates the industry and commercialization of crypto assets, said Facetti.

In July, Paraguayan congressman Carlos Rejala presented a bill to regulate crypto ownership and registration of crypto mining operators.

Paraguay’s low cost of electricity is the main attraction for crypto mining companies. Besides being the lowest in the region at around $0.05 per kilowatt-hour, the South American country produces 100% of its energy via hydroelectric sources.

The bill states that Paraguay only consumes a third of the energy it produces, and regulating crypto mining activity could help them consume “thousands of megawatts” that they currently have in “surplus.”

With the new legislation, Facetti said, Paraguay aims to recognize crypto mining as an industry and establish the grounds to guarantee access to energy and requirements for the formalization of an expanding sector.

He further said, for crypto transactions, the National Securities Commission (NSC) will establish the registration requirements for intervening agents for negotiation, compensation, custody, and intermediation in the securities market.

The bill proposes a registry for any individual and the legal entity seeking to provide crypto trading and custody services.

According to the bill, the country’s Industry and Commerce Secretariat will supervise crypto mining along with the NSC, Anti-Money Laundering Office, and National Electricity Administration.

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Author: AnTy

SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, XRP & BCH

SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH

Japanese financial services company SBI Holdings has announced the launch of Japan’s first cryptocurrency fund for retail investors that will invest in seven major crypto assets.

These assets include the top two cryptos, Bitcoin (BTC) and Ether (ETH), which are trading under $47k and $4k respectively, along with Polkadot (DOT), Chainlink (LINK), XRP, Litecoin (LTC), and Bitcoin Cash (BCH).

As per the official announcement, this SBI cryptocurrency Asset Fund is the first in Japan to invest directly in crypto for general investors.

The maximum number of its holders is 499, said SBI, adding, “This product is an investment of 5 million yen or more in units of 1 million yen” (just under $9k) with no upper limit.

The fund will have a one-year investment period and is aiming to manage at least 10 billion yen (about $88 million). The application period for purchase is between Dec. 17, 2021, and Jan. 31, 2022, while the contract period will be between Feb. 1, 2022, and Jan. 31, 2023.

In case one crypto asset gains high dominance in the crypto fund, the composition will be rebalanced, as per the announcement.

Besides allowing the trading of crypto, SBI said it “may temporarily lend the cryptocurrency assets” to be sold to a crypto exchange for a short period of time as a technical measure.

The firm will charge a sales commission of 3.3% and a 0.66% management fee.

The fund will be allocating 20% of investment in crypto over the next three months, depending on the market conditions.

Back in early September, Tomoya Asakura, who oversees asset management for Japan’s biggest online brokerage, told Bloomberg that “Once people feel it firsthand … they will understand that we aren’t recommending cryptocurrencies as a tool of speculation.”

Meanwhile, in its official announcement, SBI noted the launch of the Bitcoin futures ETF which has increased the value of crypto-assets and the widespread use of NFTs using blockchain technology.

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Author: AnTy

Solana Bucks the Trend, Along With Tron, by Recording Highest Inflows After Bitcoin: Report

Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report

Bitcoin recorded inflows for the 13th straight week while Ether broke its six-week streak with non-meaningful outflows.

Cryptocurrency funds and products posted net inflows of $88 million last week, during which crypto prices continued to show weakness ahead of this week’s central bank meeting, where they are expected to announce an accelerated tapering of bond purchases and open the door to a rate hike.

With two more weeks to go in 2021, inflows so far this year added up to a record $9.5 billion, compared to $6.7 billion in 2020.

While the world’s largest digital asset manager, Grayscale, has seen zero inflows for months now, CoinShares XBT, 3iQ, 21 Shares, and ETC Group recorded outflows. Purpose Investments launched the first Bitcoin ETF in North America in February this year, and then Ether ETF recorded the highest inflow of $176.6 million.

Meanwhile, trading volumes across investment products dropped 13% to $3 billion for the week.

According to the data from digital asset manager CoinShares, for the week ending Dec. 10, Bitcoin (BTC) managed to attract inflows of $51 million. This was the 13th straight week of inflows for the leading cryptocurrency putting its YTD net total to $6.5 billion. BTC 3.58% Bitcoin / USD BTCUSD $ 48,379.75
$1,732.003.58%
Volume 34.92 b Change $1,732.00 Open $48,379.75 Circulating 18.9 m Market Cap 914.42 b
7 h Long Bitcoin Is 2nd Most Crowded Trade, Fund Managers’ Cash Exposure Reaches Highest Since May 2020: Bank of America Survey 9 h Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 10 h Bitcoin’s Correlation With S&P 500 And Nasdaq Is On The Rise As Markets Await Fed’s FOMC Meeting

“Trends remain bearish near-term, and momentum has not shown proper evidence of stabilizing in a way that should allow a bounce to unfold just yet,” said Fundstrat in a research note.

Ethereum (ETH) meanwhile saw just $17 million in outflows last week, the first time since six weeks of inflows. With the outflows reflecting only 0.009% of assets under management, it is “likely not meaningful.” ETH 2.10% Ethereum / USD ETHUSD $ 3,862.25
$81.112.10%
Volume 21.42 b Change $81.11 Open $3,862.25 Circulating 118.74 m Market Cap 458.6 b
6 h Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token 9 h Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 10 h Bitcoin’s Correlation With S&P 500 And Nasdaq Is On The Rise As Markets Await Fed’s FOMC Meeting

Ethereum competitor Solana (SOL) continues to buck the trend seeing nearly $19 million in inflows last week, the second-highest after Bitcoin. SOL 4.01% Solana / USD SOLUSD $ 161.36
$6.474.01%
Volume 2.38 b Change $6.47 Open $161.36 Circulating 307.78 m Market Cap 49.66 b
9 h Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 5 d ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021 6 d OpenSea Is “Not Planning” an IPO, says CFO After Community Push Back

This also brings its monthly inflows at $17.2 million, second to only Bitcoin’s $88.2 million, while Ether’s has been net outflows in December so far at $3.6 million.

Much like Solana, Tron (TRX) and multi-asset investment products recorded $17 mln and $15 mln in inflows, respectively. TRX 2.48% TRON / USD TRXUSD $ 0.09
$0.002.48%
Volume 1.44 b Change $0.00 Open $0.09 Circulating 101.88 b Market Cap 8.88 b
9 h Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 1 w Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December 1 w Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows

The recent inflow into Tron has been in line with its price appreciation on the back of being dubbed “world computer” coin that has pushed its total AUM at $92 mln above that of Cardano’s (ADA) $68 mln. ADA 3.35% Cardano / USD ADAUSD $ 1.27
$0.043.35%
Volume 1.69 b Change $0.04 Open $1.27 Circulating 33.43 b Market Cap 42.33 b
9 h Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report 1 w Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows 1 w 55% of Bitcoin Investors Bought over the Last 12 Months, US Consumers More Aware of DOGE than Ether

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Author: AnTy

BBVA Switzerland Adds Ether (ETH) to its Crypto Trading and Custody Service

BBVA Switzerland Adds Ether (ETH) to its Crypto Trading and Custody Service

Besides Bitcoin, Ether sparks “the most interest among investors” and offers the guarantee or regulatory compliance, said CEO Alfonso Gómez.

BBVA’s Switzerland-based franchise is expanding its cryptocurrency custody, and trading service to now include Ether (ETH), announced the bank on Monday.

Last June, the crypto asset service of BBVA Switzerland became operational for all of its customers, and now its private banking clients, along with those with a New Gen account, will be able to manage both Bitcoin (BTC) and Ether (ETH).

These digital assets will also be available on the BBVA apps along with other traditional investments and can be automatically converted to dollars, euros, or any other fiat currency.

“We decided to add ether to our crypto asset ‘wallet’ because, together with bitcoin, they are the protocols that spark the most interest among investors, while also offering all the guarantees to comply with regulation,” said Alfonso Gómez, CEO of BBVA Switzerland.

The bank won’t stop with Ether, though, and will continue to expand its portfolio in the coming months to enable its customers to invest in the “new digital world.”

In its official announcement, BBVA Switzerland also said that its new digital asset custody services have been “very well received” among its new investors and private banking customers.

The greatest demand for crypto comes from those investors who want to diversify their portfolios, and they range from individual customers to institutional investors and family offices.

While the service is currently offered in Switzerland, due to the region having clear regulation and a high level of adoption, the bank plans to expand to new countries but only when the markets have the right conditions in terms of regulation, demand, and maturity.

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Author: AnTy

Daily Exchange Volume Back Above $50B, ByBit Reports 77% Increase in Users While KuCoin Surpasses 10M

Daily Exchange Volume Back Above $50 Bln, ByBit Reports 77% Increase in Users while KuCoin’s Surpass 10 Million

Binance, meanwhile, is in talks with Indonesia’s richest family and the country’s largest telecom operator to launch a crypto trading platform.

Ever since early November, when the total crypto market cap surpassed $3 trillion for the first time, digital assets have been experiencing a drawdown, save for some exceptions.

But while price action isn’t looking enticing, there is no lack of interest in the sector, and money is still flowing in.

The largest cryptocurrency exchange Binance is actually in discussions with Indonesia’s richest family, the Hartonos, and the country’s largest telecom operator to launch a crypto trading platform, according to a Bloomberg report citing people with knowledge of the matter.

Binance is having talks with state-owned PT Telkom Indonesia, and billionaires Budi and Michael Hartono controlled PT bank Central Asia regarding the venture.

Through its venture capital arm MDI Ventures, Telkom Indonesia is studying new blockchain and crypto markets opportunities, said Ahmad Reza, the firm’s senior vice president of corporate communications and investor relations.

“We are supportive of the sustainable growth of the blockchain industry globally, and we are constantly looking at business opportunities in every country,” a Binance spokesperson said.

This week, another crypto exchange KuCoin reported great progress in its operations as its number of users reached past 10 million.

The exchange recorded a 9x increase in the number of its newly registered users this year, compared to 2020. KuCoin said 1.17 million of its new users were invited via the referral program by 30k users.

Trading volume on the platform grew by almost 23x year-over-year. This growth also led its native token KCS to rise 3,000% in 2021 to make a new all-time high since 2018.

Another crypto exchange Bybit announced a 77% increase in the past six months in its global user base to 3 million in more than 150 countries. The platform also reported more than 1.7 trillion worth of crypto transactions over the last quarter.

“2021 has been a rollercoaster year for crypto,” said CEO Ben Zhou at the ‘Bybit Next Level’ annual session in regards to the progress made by the exchange this year.

The total daily exchange volume has also climbed back above $50 bln, surging since late July when it fell to $17.5 bln from May top of $88.28 bln.

When it comes to app usage, Coinbase reached #1 in late October and since then has fallen to 85. The same trend can be seen with other apps, including Binance, Kraken, eToro, Blockfolio, and Voyager.

However, tweet volume for Bitcoin and Ether is uptrending throughout this year, going from 500k and 113.5k at the beginning of the year to now 761.2k and 606.4k, respectively.

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Author: AnTy