The digital era has arrived: crypto and fintech companies are growing rapidly, while bank stocks are falling
CryptoPotato showed this in an infographic. It concludes that innovative fintech companies such as Square and PayPal have far outstripped the old-timers - the banking sector. Bitcoin has also seen significant gains since the start of the year, with Ethereum surpassing them all with significant three-digit gains.
CryptoPotato showed this in an infographic. It concludes that innovative fintech companies such as Square and PayPal have far outstripped the old-timers - the banking sector. Bitcoin has also seen significant gains since the start of the year, with Ethereum surpassing them all with significant three-digit gains.
Whale completes largest transaction in bitcoin history, moving $ 1.15 billion
On Monday, an unknown person carried out the largest Bitcoin transaction in terms of dollars for the entire existence of a cryptocurrency.
According to a blockchain observer, the owner of the third largest Bitcoin wallet moved 88,857 BTC, or about $ 1.15 billion at current rates. The transaction processing fee was 0.00027847 BTC ($ 3.50).
The initial wallet was created on August 6 and soon began to receive transfers, as a result of which it quickly became one of the leading holders of bitcoin. The coins withdrawn from it were not sent to the address of any well-known service where they could be sold.
The CrystalBlockchain analytics service indicates that the wallet may be linked to the Xapo custodian. In 2019, it was acquired by the American exchange Coinbase, which controls the largest volume of bitcoins in circulation to date.
The previous record was set by Bitfinex, which moved 161,500 BTC worth $ 1.1 billion in April for a fee of $ 0.68. The largest transaction by the number of bitcoins transferred belongs to the defunct Mt. Gox. In November 2011, she sent 550,000 BTC worth $ 1.32 million then and $ 7 billion now.
On Monday, an unknown person carried out the largest Bitcoin transaction in terms of dollars for the entire existence of a cryptocurrency.
According to a blockchain observer, the owner of the third largest Bitcoin wallet moved 88,857 BTC, or about $ 1.15 billion at current rates. The transaction processing fee was 0.00027847 BTC ($ 3.50).
The initial wallet was created on August 6 and soon began to receive transfers, as a result of which it quickly became one of the leading holders of bitcoin. The coins withdrawn from it were not sent to the address of any well-known service where they could be sold.
The CrystalBlockchain analytics service indicates that the wallet may be linked to the Xapo custodian. In 2019, it was acquired by the American exchange Coinbase, which controls the largest volume of bitcoins in circulation to date.
The previous record was set by Bitfinex, which moved 161,500 BTC worth $ 1.1 billion in April for a fee of $ 0.68. The largest transaction by the number of bitcoins transferred belongs to the defunct Mt. Gox. In November 2011, she sent 550,000 BTC worth $ 1.32 million then and $ 7 billion now.
Investors claim multi-million dollar losses from investment in staking Lyfcoin token
Investors of the crypto-fraudulent scheme announced large losses, but the police refuse to recognize the actions committed against them as a crime, the newspaper Metro found out during its own investigation.
Several people in a conversation with the publication reported about their investments in the Lyfcoin crypto project, which interested them with promises of high returns. To double assets, they had to be staked for five months. After that, as expected, the money could be withdrawn, but as the deadline approached, program participants were told to wait another 12-24 months.
“The persistent beliefs and promises of leaders at meetings gave members a false sense of confidence that we would get a better return on our investment, but in reality, a small handful of people were enriched by the loss of hundreds of participants,” said one investor.
Interlocutors of the publication reported a loss of £ 100,000 and estimate losses throughout the UK at £ 2.5 million. The damage from the scheme's activities at the international level is unknown. Some left their pension savings in Lyfcoin, others borrowed money from relatives, writes Metro.
According to the pyramid participants, someone named Sakhi Rezaye attracted them through presentations, Zoom workshops and meetings at his office in Birmingham. Payments for staking tokens had to be sent to his bank accounts, often through intermediaries who took their commission, rather than to Lyfcoin's own account.
Rezaye claims that he was a regular client of the project, like everyone else. One of the victims, who lost £ 36,500, provided evidence of his involvement in the form of WhatsApp correspondence and a payment document for transferring money to the account of M.K. Brothers Ltd. After the funds were credited, Rezaye supposedly "ignored" the requests of investors regarding the withdrawal of their share.
It was claimed that the price of Lyfcoin is $ 1.60, but later investors found out that the token is not quoted anywhere except for the project's own exchange and costs 8 cents on it. However, they also did not have access to the wallet or tokens.
Who exactly owns Lyfcoin is unknown. The interlocutors of the publication are sure that a group of people in the UK is behind the project, and the company's official website contains an incomplete address in Estonia.
One of the investors contacted the human rights organization Action Fraud, after which it referred the complaint to the police. He also said that he entered into an agreement with Rezaye, according to the terms of which he had to drop the claims and apologize on social networks in exchange for a monthly payment of £ 5,000. According to him, Rezaye made only one payment.
The police closed the case, explaining that the evidence provided did not contribute to its progress and did not lead to the identification of any wrongdoing. Fourteen investors continue to push for further investigation.
Investors of the crypto-fraudulent scheme announced large losses, but the police refuse to recognize the actions committed against them as a crime, the newspaper Metro found out during its own investigation.
Several people in a conversation with the publication reported about their investments in the Lyfcoin crypto project, which interested them with promises of high returns. To double assets, they had to be staked for five months. After that, as expected, the money could be withdrawn, but as the deadline approached, program participants were told to wait another 12-24 months.
“The persistent beliefs and promises of leaders at meetings gave members a false sense of confidence that we would get a better return on our investment, but in reality, a small handful of people were enriched by the loss of hundreds of participants,” said one investor.
Interlocutors of the publication reported a loss of £ 100,000 and estimate losses throughout the UK at £ 2.5 million. The damage from the scheme's activities at the international level is unknown. Some left their pension savings in Lyfcoin, others borrowed money from relatives, writes Metro.
According to the pyramid participants, someone named Sakhi Rezaye attracted them through presentations, Zoom workshops and meetings at his office in Birmingham. Payments for staking tokens had to be sent to his bank accounts, often through intermediaries who took their commission, rather than to Lyfcoin's own account.
Rezaye claims that he was a regular client of the project, like everyone else. One of the victims, who lost £ 36,500, provided evidence of his involvement in the form of WhatsApp correspondence and a payment document for transferring money to the account of M.K. Brothers Ltd. After the funds were credited, Rezaye supposedly "ignored" the requests of investors regarding the withdrawal of their share.
It was claimed that the price of Lyfcoin is $ 1.60, but later investors found out that the token is not quoted anywhere except for the project's own exchange and costs 8 cents on it. However, they also did not have access to the wallet or tokens.
Who exactly owns Lyfcoin is unknown. The interlocutors of the publication are sure that a group of people in the UK is behind the project, and the company's official website contains an incomplete address in Estonia.
One of the investors contacted the human rights organization Action Fraud, after which it referred the complaint to the police. He also said that he entered into an agreement with Rezaye, according to the terms of which he had to drop the claims and apologize on social networks in exchange for a monthly payment of £ 5,000. According to him, Rezaye made only one payment.
The police closed the case, explaining that the evidence provided did not contribute to its progress and did not lead to the identification of any wrongdoing. Fourteen investors continue to push for further investigation.
VERY bullish chart: BTC balance on exchanges.
We can see that the number of coins on exchanges has been decreasing since February.
This is a sign that new HODLers are coming in and buying bitcoins and moving them into cold storage.
This is very consistent bullish behavior that we saw in 2016 before the moon run in 2017, as well as in the low 3-4K in 2019 ahead of the 13K top.
And we are currently seeing significant growth in these spot exchanges and the movement of coins into cold storage.
It has never been that long, a very optimistic and bullish signal 🐂
We can see that the number of coins on exchanges has been decreasing since February.
This is a sign that new HODLers are coming in and buying bitcoins and moving them into cold storage.
This is very consistent bullish behavior that we saw in 2016 before the moon run in 2017, as well as in the low 3-4K in 2019 ahead of the 13K top.
And we are currently seeing significant growth in these spot exchanges and the movement of coins into cold storage.
It has never been that long, a very optimistic and bullish signal 🐂
Today is Bitcoin's holiday!
On October 31, 2008, a document titled Bitcoin: A Peer-to-Peer Electronic Cash System was published on the cypherpunk mailing list (http://www.metzdowd.com/mailman/listinfo/cryptography)
aka Bitcoin White Paper by Satoshi Nakamoto.
This day, along with January 3, 2009, when the genesis block was generated, is considered one of the key dates in the history of Bitcoin. And if we compare Bitcoin with a child - January 3, 2009 is a birthday, and October 31, 2008 is when the parents first went to an ultrasound scan and found out who should be born at all)
And now, 12 years later, the 9-page technical document turned into a world-famous project with a capitalization of $ 250 billion, without fundraising, without marketing budget, without an office and without paid staff.
The best thing to do on this day is to read / re-read Satoshi's document. If for some reason you haven't done it yet, now there is a good opportunity. Gain knowledge and appreciate how simple everything is ingenious.
On October 31, 2008, a document titled Bitcoin: A Peer-to-Peer Electronic Cash System was published on the cypherpunk mailing list (http://www.metzdowd.com/mailman/listinfo/cryptography)
aka Bitcoin White Paper by Satoshi Nakamoto.
This day, along with January 3, 2009, when the genesis block was generated, is considered one of the key dates in the history of Bitcoin. And if we compare Bitcoin with a child - January 3, 2009 is a birthday, and October 31, 2008 is when the parents first went to an ultrasound scan and found out who should be born at all)
And now, 12 years later, the 9-page technical document turned into a world-famous project with a capitalization of $ 250 billion, without fundraising, without marketing budget, without an office and without paid staff.
The best thing to do on this day is to read / re-read Satoshi's document. If for some reason you haven't done it yet, now there is a good opportunity. Gain knowledge and appreciate how simple everything is ingenious.
Berlin hardfork on Ethereum is scheduled for January 2021
The Berlin update in the network of the second largest cryptocurrency by capitalization will take place approximately in a few months. Ethereum-developers agreed on this during the next conference call.
The hard fork is slated for January next year, following the December launch of Ethereum 2.0 phase zero. Within the framework of the latter, the Beacon Chain is activated using the Proof-of-Stake algorithm.
Berlin aims to improve the functionality of the first version of the Ethereum network and optimize the performance of the virtual machine (EVM).
EIP-2537 will not be included in Berlin. This proposal was intended to simplify the interaction of the second and first versions of the Ethereum blockchain through the use of similar cryptographic structures.
Also, the update does not include EIP-1559, which changes the model for calculating transaction fees.
In the coming weeks, the YOLO v3 testnet will be launched, designed to test the operation of the updated system.
Recall that following the July conference call, the hard fork of Berlin in the Ethereum network was postponed at least until August. Then the developers were wary of the excessive concentration of nodes in the Geth client.
However, since then, the situation has only worsened. At the time of writing, 81.4% of nodes use Geth, according to Ethernodes. In early July, the figure was 79%.
The Berlin update in the network of the second largest cryptocurrency by capitalization will take place approximately in a few months. Ethereum-developers agreed on this during the next conference call.
The hard fork is slated for January next year, following the December launch of Ethereum 2.0 phase zero. Within the framework of the latter, the Beacon Chain is activated using the Proof-of-Stake algorithm.
Berlin aims to improve the functionality of the first version of the Ethereum network and optimize the performance of the virtual machine (EVM).
EIP-2537 will not be included in Berlin. This proposal was intended to simplify the interaction of the second and first versions of the Ethereum blockchain through the use of similar cryptographic structures.
Also, the update does not include EIP-1559, which changes the model for calculating transaction fees.
In the coming weeks, the YOLO v3 testnet will be launched, designed to test the operation of the updated system.
Recall that following the July conference call, the hard fork of Berlin in the Ethereum network was postponed at least until August. Then the developers were wary of the excessive concentration of nodes in the Geth client.
However, since then, the situation has only worsened. At the time of writing, 81.4% of nodes use Geth, according to Ethernodes. In early July, the figure was 79%.
👍Who is behind the big Bitcoin moves?
♨️69,370 BTC on one of the largest wallets started moving. This is just under $ 1 billion in bitcoins at the current exchange rate. Unknown persons brought them in two transactions to the wallet, which is the fourth largest holder of the BTC.
📌The sender wallet data was mentioned on hacker forums - for many years attackers tried to hack it and get access to the bitcoins stored on the balance by picking up a private key.
🌐It is possible that this address is connected with the founder of the trading platform on the Silk Road darknet, Ross Ulbricht, who is sitting in an American prison, or with the notorious Mt.Gox exchange.
☝️This is not the first time that “frozen” bitcoins come into motion for a long time. A previously unknown person transferred 50 bitcoins that had been lying motionless for 11 years. The miner received these coins for a block on February 9, 2009, when only three or four people mined BTC, including Satoshi Nakamoto himself.
♨️69,370 BTC on one of the largest wallets started moving. This is just under $ 1 billion in bitcoins at the current exchange rate. Unknown persons brought them in two transactions to the wallet, which is the fourth largest holder of the BTC.
📌The sender wallet data was mentioned on hacker forums - for many years attackers tried to hack it and get access to the bitcoins stored on the balance by picking up a private key.
🌐It is possible that this address is connected with the founder of the trading platform on the Silk Road darknet, Ross Ulbricht, who is sitting in an American prison, or with the notorious Mt.Gox exchange.
☝️This is not the first time that “frozen” bitcoins come into motion for a long time. A previously unknown person transferred 50 bitcoins that had been lying motionless for 11 years. The miner received these coins for a block on February 9, 2009, when only three or four people mined BTC, including Satoshi Nakamoto himself.
Tether capitalization exceeded $ 17 billion - Bitcoin rocket received new fuel
The rise in the price of bitcoin is accompanied by an avalanche of money pouring into the industry through stablecoins. Tether's (USDT) market capitalization reached $ 17 billion for the first time, according to a report by Tether Transparency.
Tether's capitalization is growing exponentially this year. In mid-September, this figure almost quadrupled, from $ 4 billion (at the beginning of the year) to over $ 15 billion. According to messari analytics platform, USDT has grown significantly since August 2020, adding more than $ 5 billion to its market capitalization over the past three months. ...
As such, Tether, the largest stablecoin in the cryptocurrency market, is showing impressive growth in market capitalization, which is certainly fueling the current rally in Bitcoin.
The rise in the price of bitcoin is accompanied by an avalanche of money pouring into the industry through stablecoins. Tether's (USDT) market capitalization reached $ 17 billion for the first time, according to a report by Tether Transparency.
Tether's capitalization is growing exponentially this year. In mid-September, this figure almost quadrupled, from $ 4 billion (at the beginning of the year) to over $ 15 billion. According to messari analytics platform, USDT has grown significantly since August 2020, adding more than $ 5 billion to its market capitalization over the past three months. ...
As such, Tether, the largest stablecoin in the cryptocurrency market, is showing impressive growth in market capitalization, which is certainly fueling the current rally in Bitcoin.
DeFi is back in the game: the prices for tokens of major projects show a plus 10-30%, and the amount of funds in the DeFi sector has returned to the amount of $ 12.33 billion.
The recovery in token prices does not solve the main problem of decentralized finance - liquidity, when hackers / traders manipulate the market. To protect against manipulation and create comfortable trading conditions, the automatic market maker Swop.fi was launched on the Waves blockchain.
It is a smart contract that provides an instant exchange of tokens, similar to a market maker on a centralized crypto exchange. The user can earn on Swop [.] Fi (https://swop.fi/) by providing their tokens to the liquidity pool and receiving a reward in the form of commissions from transactions. Additional income is provided by rewarding SWOP management tokens.
Due to the peculiarities of the Waves network, all operations are carried out instantly, and the cost of accessing a smart contract is fixed at 0.005 WAVES (less than $ 0.02).
The recovery in token prices does not solve the main problem of decentralized finance - liquidity, when hackers / traders manipulate the market. To protect against manipulation and create comfortable trading conditions, the automatic market maker Swop.fi was launched on the Waves blockchain.
It is a smart contract that provides an instant exchange of tokens, similar to a market maker on a centralized crypto exchange. The user can earn on Swop [.] Fi (https://swop.fi/) by providing their tokens to the liquidity pool and receiving a reward in the form of commissions from transactions. Additional income is provided by rewarding SWOP management tokens.
Due to the peculiarities of the Waves network, all operations are carried out instantly, and the cost of accessing a smart contract is fixed at 0.005 WAVES (less than $ 0.02).
Bitmain has announced the release of modular mining equipment.
The measure seems to be forced. Due to the lack of new chips, such solutions have to be released. To put it simply - "put everything together and save on heating", ugh on the power consumption, cooling of the enclosures, and so on, which allows you to make an enlarged solution.
The Bitmain co-founders did not attend the event, Colin Wu noted.
At the summit, company representatives said that 5nm hardware is still under development and will not be released anytime soon.
The measure seems to be forced. Due to the lack of new chips, such solutions have to be released. To put it simply - "put everything together and save on heating", ugh on the power consumption, cooling of the enclosures, and so on, which allows you to make an enlarged solution.
The Bitmain co-founders did not attend the event, Colin Wu noted.
At the summit, company representatives said that 5nm hardware is still under development and will not be released anytime soon.
🤔 What will please this week:
▪️ Biden is the president? Politicians congratulate, the stock market is growing. Everything suggests that no one believes in Trump's chances of influencing the outcome of the election. If Trump abandons this venture, then the market will react with even greater growth. But if he starts to succeed, then many will regret not sitting in cash a little more.
▪️ Five consecutive weeks of growth is a lot, even for Bitcoin. At the end of last week, the bulls were able to protect the price and return the rate above $ 15,000. But so far the chart suggests that this could only be the beginning of a correction with a target below $ 14,000. If BTC does not return to active growth, difficult times will again come for altcoins.
▪️ It's sad, but the forecast of 50 million coronavirus cases in the world last week turned out to be correct. And judging by the statistics, another +10 million can be expected this week. If the rate of spread of the pandemic continues to grow, then states can abandon quarantine half measures and return the practice of lockdowns, as much as they would not want it.
▪️ Biden is the president? Politicians congratulate, the stock market is growing. Everything suggests that no one believes in Trump's chances of influencing the outcome of the election. If Trump abandons this venture, then the market will react with even greater growth. But if he starts to succeed, then many will regret not sitting in cash a little more.
▪️ Five consecutive weeks of growth is a lot, even for Bitcoin. At the end of last week, the bulls were able to protect the price and return the rate above $ 15,000. But so far the chart suggests that this could only be the beginning of a correction with a target below $ 14,000. If BTC does not return to active growth, difficult times will again come for altcoins.
▪️ It's sad, but the forecast of 50 million coronavirus cases in the world last week turned out to be correct. And judging by the statistics, another +10 million can be expected this week. If the rate of spread of the pandemic continues to grow, then states can abandon quarantine half measures and return the practice of lockdowns, as much as they would not want it.
Trading on decentralized exchanges in the third quarter grew by over 1000%
Giant interest in the DeFi market has driven trading volumes on Decentralized Crypto Exchanges (DEX) to all-time highs in Q3 2020.
According to the TokenInsight team, in the reporting period, trading volumes on DEX platforms reached $ 42.6 billion. The increase was more than 1000%, the researchers emphasized.
They linked the current trend to the rapid development of the DeFi decentralized finance market in the summer and fall. In September, the capitalization of the tokens of this ecosystem exceeded $ 12 billion.
Last month, investor interest in DeFi projects weakened, which led to a decrease in the capitalization of this market.
Throughout the third quarter of 2020, there has been an increase in trading activity on decentralized exchanges. On average, DEX turnover grew by more than 140% monthly. Up to half of the total trading volume fell on the UniSwap exchange.
At the same time, the authors of the report note that despite such a rapid growth in the third quarter, the DEX share in the spot market is only 1.24%.
Giant interest in the DeFi market has driven trading volumes on Decentralized Crypto Exchanges (DEX) to all-time highs in Q3 2020.
According to the TokenInsight team, in the reporting period, trading volumes on DEX platforms reached $ 42.6 billion. The increase was more than 1000%, the researchers emphasized.
They linked the current trend to the rapid development of the DeFi decentralized finance market in the summer and fall. In September, the capitalization of the tokens of this ecosystem exceeded $ 12 billion.
Last month, investor interest in DeFi projects weakened, which led to a decrease in the capitalization of this market.
Throughout the third quarter of 2020, there has been an increase in trading activity on decentralized exchanges. On average, DEX turnover grew by more than 140% monthly. Up to half of the total trading volume fell on the UniSwap exchange.
At the same time, the authors of the report note that despite such a rapid growth in the third quarter, the DEX share in the spot market is only 1.24%.
DeFi tokens equal to Bitcoin in terms of median yield since the beginning of the year
After a sharp rise in the summer, tokens from the decentralized finance (DeFi) space experienced a crash in September and are showing a recovery since the beginning of the month. As the analyst at Ceteris Paribus notes, at its peak, the median yield of the DeFi token, that is, the average in a row among all DeFi tokens, surpassed that of Bitcoin, but it turned out to be deep in the red zone in September-October. The latest jump has allowed DeFi tokens to rival bitcoin in terms of performance since the beginning of the year.
“While in November there is a confident recovery. Unlike in the summer, the median yield is now in line with BTC rather than surpassing it. This is after the median yield fell 60% in September-October, while Bitcoin rose from $ 11,600 to $ 13,800, ”the analyst notes.
The analysis included 40 assets, including Bitcoin, Ethereum and 38 DeFi tokens. 28 tokens from the list have shown an increase since the beginning of the year. The median return during this time was 148.8%, which is not much more than 133.3% of bitcoin. At the same time, in terms of average profitability, DeFi tokens significantly exceed Bitcoin with 428.7%.
This is due to several assets that have risen sharply in price since the beginning of the year. This is Aave (AAVE) with 4,245%, Band (BAND) with 2,466%, yearn. finance with 1,597% and THORChain (RUNE) with 1,203%. The most unsuccessful investments relative to the start of trading were Curve (CRV), SushiSwap (SUSHI) and Swerve (SWRV), which lost 80-90% of their value.
In general, the data provided by Ceteris Paribus indicate a decrease in volatility in the DeFi space. After a sharp jump in the summer and an equally sharp correction in September-October, DeFi tokens have been growing relatively moderately since the beginning of November.
After a sharp rise in the summer, tokens from the decentralized finance (DeFi) space experienced a crash in September and are showing a recovery since the beginning of the month. As the analyst at Ceteris Paribus notes, at its peak, the median yield of the DeFi token, that is, the average in a row among all DeFi tokens, surpassed that of Bitcoin, but it turned out to be deep in the red zone in September-October. The latest jump has allowed DeFi tokens to rival bitcoin in terms of performance since the beginning of the year.
“While in November there is a confident recovery. Unlike in the summer, the median yield is now in line with BTC rather than surpassing it. This is after the median yield fell 60% in September-October, while Bitcoin rose from $ 11,600 to $ 13,800, ”the analyst notes.
The analysis included 40 assets, including Bitcoin, Ethereum and 38 DeFi tokens. 28 tokens from the list have shown an increase since the beginning of the year. The median return during this time was 148.8%, which is not much more than 133.3% of bitcoin. At the same time, in terms of average profitability, DeFi tokens significantly exceed Bitcoin with 428.7%.
This is due to several assets that have risen sharply in price since the beginning of the year. This is Aave (AAVE) with 4,245%, Band (BAND) with 2,466%, yearn. finance with 1,597% and THORChain (RUNE) with 1,203%. The most unsuccessful investments relative to the start of trading were Curve (CRV), SushiSwap (SUSHI) and Swerve (SWRV), which lost 80-90% of their value.
In general, the data provided by Ceteris Paribus indicate a decrease in volatility in the DeFi space. After a sharp jump in the summer and an equally sharp correction in September-October, DeFi tokens have been growing relatively moderately since the beginning of November.
We waited for another upward wave in the MTC and got it, now the 3-year high is at ~ 19,000. There is no point in discussing the overheating of the market. Added to the new bearish factors was the fact that the dominance of bitcoin began to decline sharply, the liquidity flowed into altcoins. Exactly the same thing happened in December 2017 - January 2018, this was the final stage of great growth, which then took about 2 weeks. After it, an incredibly long and deep correction awaited us. It is unlikely that the well-oiled mechanism will be changed.
PayPal is behind the shortage of bitcoins in the market and the growth of the exchange rate - Pantera Capital
The addition of the ability to buy bitcoin to the service of the payment company PayPal has a significant impact on the price, according to the Pantera Capital crypto fund. Analysts have come to the conclusion that PayPal users are buying significant amounts of bitcoins, which leads to a shortage of their supply in the market and an increase in the rate.
“It is estimated that Square's Cash App is responsible for 40% of all Bitcoin issued. PayPal has just launched its service for buying cryptocurrency and is already having a huge impact on the market, ”the report says.
PayPal supports cryptocurrencies through the intermediary of stablecoin issuer Paxos and its regulated exchange itBit. Pantera Capital estimates that PayPal users are buying the equivalent of about 70% of all issued bitcoins.
“When PayPal launched, volumes took off. The increase in itBit volume suggests that within four weeks of launch, PayPal is already buying up almost 70% of all new Bitcoin supply, ”the authors add.
“The dashed horizontal line on the graph represents the total supply of newly issued bitcoins plus the original itBit volume. If this growth continues, PayPal alone will start buying more bitcoins than it is issued within a few weeks. "
Thus, it follows from the study that the clients of only two companies completely withdraw from circulation all bitcoins issued by miners every day.
“Where will Cash App customers get their coins from? Here it is necessary to remember the limitations and inflexibility of the proposal. They will buy them at higher prices, ”the authors of the report expect.
Pantera Capital also notes that it is much easier to buy bitcoin now than it was in 2017, and the wider distribution leads to an increase in the likelihood of maintaining stability at high price levels.
Earlier, the analytical company Chainalysis linked the rise in the price of bitcoin to the actions of institutional investors. Note that itBit provides services to just such investors. It could also be one of the factors behind its recent growth in trading volumes.
The addition of the ability to buy bitcoin to the service of the payment company PayPal has a significant impact on the price, according to the Pantera Capital crypto fund. Analysts have come to the conclusion that PayPal users are buying significant amounts of bitcoins, which leads to a shortage of their supply in the market and an increase in the rate.
“It is estimated that Square's Cash App is responsible for 40% of all Bitcoin issued. PayPal has just launched its service for buying cryptocurrency and is already having a huge impact on the market, ”the report says.
PayPal supports cryptocurrencies through the intermediary of stablecoin issuer Paxos and its regulated exchange itBit. Pantera Capital estimates that PayPal users are buying the equivalent of about 70% of all issued bitcoins.
“When PayPal launched, volumes took off. The increase in itBit volume suggests that within four weeks of launch, PayPal is already buying up almost 70% of all new Bitcoin supply, ”the authors add.
“The dashed horizontal line on the graph represents the total supply of newly issued bitcoins plus the original itBit volume. If this growth continues, PayPal alone will start buying more bitcoins than it is issued within a few weeks. "
Thus, it follows from the study that the clients of only two companies completely withdraw from circulation all bitcoins issued by miners every day.
“Where will Cash App customers get their coins from? Here it is necessary to remember the limitations and inflexibility of the proposal. They will buy them at higher prices, ”the authors of the report expect.
Pantera Capital also notes that it is much easier to buy bitcoin now than it was in 2017, and the wider distribution leads to an increase in the likelihood of maintaining stability at high price levels.
Earlier, the analytical company Chainalysis linked the rise in the price of bitcoin to the actions of institutional investors. Note that itBit provides services to just such investors. It could also be one of the factors behind its recent growth in trading volumes.
MARKET BUYING THIS GEM - $NWC
NWC strongly bounced of their parabola and touched ATH! We are currently at pergect buy zone as the coin retests the support zone.
They have big fundamental news as they just announced a new crypto game! It will be a part of their upcoming app which laucnhed on december 5th.
I expect the $NWC to go to atleast 20x when the APP is realeased.
Do not miss this one!
NWC strongly bounced of their parabola and touched ATH! We are currently at pergect buy zone as the coin retests the support zone.
They have big fundamental news as they just announced a new crypto game! It will be a part of their upcoming app which laucnhed on december 5th.
I expect the $NWC to go to atleast 20x when the APP is realeased.
Do not miss this one!