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Bitcoin price doubles since the halving, with just 3.4M Bitcoin left for buyers

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The price of BTC has more than doubled since the Bitcoin’s third block reward halving in May. Or to be precise, BTC has gained 110% since the halving, with prices rallying from $8,566 on May 11, 2020 to test $18,000 as of this writing.

According to a Nov. 19 report from crypto analytics firm Chainalysis, levels of liquidity and exchange flows have changed dramatically since the halving.

The firm identifies illiquid, or investor-held Bitcoin, as “wallets that send less than 25% of Bitcoin they’ve ever received”, while the remaining wallets are classed as liquid Bitcoin, or trader-held Bitcoin.

Liquid Bitcoin vs. illiquid Bitcoin: Chainalysis

Chainalysis’ data shows that the number of Bitcoin available to new investors started to decline early this year, while illiquid BTC sharply increased. Chainalysis estimates that the number of Bitcoin that are currently liquid could be as low as 3.4 million.

The firm attributes the diminishing supply of liquid Bitcoin to wholesale accumulation from institutional investors throughout 2020:

“From high-profile investors like hedge fund manager Paul Tudor Jones, who compared buying Bitcoin to investing early in Apple or Google, to corporations like Square, which invested $50 million or 1% of its total assets in Bitcoin, mainstream companies, and financial institutions are turning to Bitcoin.”

Cryptocurrency fund manager Grayscale Bitcoin Trust, which represents more than a dozen high profile institutional investors, now holds more than 500,000 BTC — 50% of which was accumulated in the last six months.

Yesterday, analytics platform Glassnode Studio reported that Bitcoin mining revenue was back at pre-halving levels. The day prior, miners earned a year to date record of $21.2 million in daily revenue, approximately three times the earnings immediately following the halving.

Before Bitcoin Maxis get too excited, however, it’s worth noting the price of Ether has significantly outperformed Bitcoin over the same period, growing more than 160%, from $185 to $482 since May 11.

12-month BTC/USD price chart: BitcoinWisdom



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Filecoin storage tops 1 billion GB as tokenized FIL launches for use in DeFi

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Cryptocurrency infrastructure providers Anchorage and Tokensoft are teaming up to wrap FIL, the native token of decentralized file storage network FIlecoin, for use on Ethereum.

The firms announced wFIL on Nov. 23, promoting its use in decentralized finance applications including Compound, Maker, and Uniswap. Filecoin ecosystem lead, Colin Evra, stated:

“Wrapped Filecoin will enable some really creative DeFi products that create huge opportunities for Filecoin miners and storage users.”

The news came on the same day that Filecoin announced the storage capacity dedicated by its global mining community has exceeded one exbibyte — equal to more than one billion gigabytes.

According to an announcement, Filecoin’s capacity could store 4,500 Wikipedias, 290 million movies at 1080p quality, and 19 copies of the entire Internet Archive.

Filecoin is a trustless decentralized storage network that offers incentives to miners who provide storage capacity in the network. The network expects to attract developers and websites who will pay FIL in exchange for accessing Filecoin’s storage or for hosted data.

Filecoin’s Discover feature allows its miners to select datasets spanning literature, science, art, and history to mobilize unused storage capabilities to host and make accessible to the public. The datasets include Berkeley’s Self-Driving Data, a copy of Wikipedia’s database, and The International Genome Sample Resource’s 1000 Genomes Project.

The team describes the milestone as “solidifying FIlecoin’s position as a legitimate challenger to cloud-storage giants such as AWS [Amazon Web Services], Google Cloud, and Dropbox.” Colin Evra stated:

“Our aim was to build a Library of Alexandria for humanity’s most precious knowledge — one that could never be burned […] Filecoin’s mission to create a decentralized, efficient, and robust foundation for humanity’s information is now a reality.“

On Nov. 24, Filecoin also announced it had partnered with top crypto exchange Huobi to launch the Huobi-Filecoin Incubation Center. The center, which will be supported by a $10 million fund, will focus on blockchain incubation, investment, and community development.

Filecoin currently comprises more than 670 active miners and boasts more than 90 organizations building on its network.





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Celsius says it tipped in 25,000 Ether to help launch Ethereum 2.0

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The highly anticipated launch of Ethereum 2.0, or Eth2, is scheduled to take place next week. Specifically speaking, Eth2’s proof-of-stake blockchain known as “the beacon chain” has been confirmed to run alongside the Ethereum network starting Dec. 1. 

Although some members of the blockchain community remained skeptical about a Dec. 1 launch date for the beacon chain, an impressive 524,288 Ether (ETH) from 16,384 validators has been deposited into the Eth2 contract. As such, there is now assurance from The Ethereum Foundation that Eth2’s beacon chain will indeed go live as expected.

While impressive, it’s important to note that additional deposits went into the Eth2 deposit contract even after the target goal was reached. To put this into perspective, Vitalik Buterin, the co-founder of Ethereum, sent a recent tweet on Nov. 24 showing the impressive amount of transaction across the Ethereum network over time:

While it’s unknown where these transactions came from, Alex Mashinsky, chief executive officer and founder of Celsius Network — a crypto lending and borrowing platform — told Cointelegraph that Celsius provided 25,000 worth of ETH to ensure that the Eth2 deposit contract had enough funds to launch on time. 

According to Mashinsky, the amount of ETH Celsisus deposited was equivalent to $15,125,000 at the time of the transaction. Mashinsky further noted that funds came from the Celsius ‘s pool of community assets, explaining that this will be used to generate an even higher yield for the community once the Eth2 network is officially launched. Currently, Celsius users can earn up to 7.21% Annual Percentage Yield on ETH held in the Celsius wallet. Mashinsky said:

“We already have 230 thousand users on the Celsius network, along with 3.3 billion dollars worth in assets. These users are putting in ETH, allowing the network to earn yield on it in many different ways. The 25,000 ETH contributed to the proof-of-stake Ethereum network will generate another source of yield for our community.”

Mashinsky further shared that the growing Celsius community has been modeled off Ethereum, noting the importance of giving back the Ethereum network:

“We built our CEL token on the Ethereum blockchain and used it to scale and become one of the fastest-growing companies in crypto. We are proud to inaugurate the ETH 2.0 Genesis and contribute the last building block with 25,000 ETH from the Celsius community and be a helping hand to a company that helped us scale our own project.”

Hopes are high for Eth 2.0, but concerns remain

Although the Eth2 beacon chain is set to launch on Dec. 1, concerns still remain. For example, while scalability issues are expected to be resolved as Ethereum adopts a proof-of-stake consensus algorithm, the security of some Ethereum smart contracts remains questionable. This has especially come to light with the rise of decentralized finance, or DeFi, projects.

As such, a new working group from the Enterprise Ethereum Alliance called “EthTrust Security Levels Working Group” has been focused on creating a set of defined standards to ensure Ethereum smart contracts are safe to use. The working group eventually hopes to develop a digital registry for secure smart contracts to be utilized by enterprises.

Additionally, some remain concerned that benefits will not be seen immediately following the gradual launch of Eth2. As such, the need for layer-two scaling solutions has become apparent.

Concerns aside, Mashinsky expressed excitement for faster scalability from the Eth2 network:

“Ethereum 2.0 will scale everything 100 times faster than now. The ability to move Ethereum from a proof-of-work to a proof-of-stake network will open a world of new ideas and opportunities that couldn’t be achieved before due to scalability issues.”



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ETH 2.0 confirmed for Dec. 1 launch just hours before deadline

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ETH 2.0’s beacon chain genesis has been confirmed for Dec. 1, following the transfer of 524,288 Ether from 16,384 validators into the ETH 2.0 deposit contract since it went live on Nov. 4.

Despite early concerns stemming from low staking participation, transfers to the deposit contract rapidly increased over the past day — with more than 200,000 ETH being sent to the contract in the past 14 hours.

Ether sent to deposit contract over time: Dune Analytics

ETH 2.0’s beacon chain genesis is now set to take place on the earliest possible launch date of Dec. 1, with genesis taking place seven days after the required deposit contract’s threshold was met.

While genesis participants will not be able to withdraw their coins until ETH 2.0 reaches Phase 1.5 — which will merge the Ethereum mainnet with ETH 2.0’s beacon chain and sharded environment — many hodlers are waiting for third-parties to launch withdrawal-enabled staking services, despite the potential risk of exit scams.

The deposit contract’s threshold was met with roughly nine hours to go until its deadline.





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