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Crypto Exchange Regulation Check

Comparing the technicals of Polkadot (DOT), Cosmos (ATOM), and Avalanche (AVAX)

Polkadot, Cosmos, and Avalanche have all been created to solve the same set of problems—the low latency and scalability issues plaguing Ethereum. However, each of the blockchains took on a different approach to improving Ethereum. We explore the subtle differences between them and the ways each of them will complement the network they set out to improve.　　Multiple-chain networks will shape 2021　　Scaling blockchain technology has become one of the most pressing issues the industry faces today. The rapid rise the crypto industry has seen in the past several years, both in terms of market cap and number of users, has been unprecedented in its history and has pushed some of its core problems to the surface rather aggressively.　　The fact that scaling is such a massive problem across the board doesn‘t mean that there aren’t any viable solutions to it—there are numerous Layer 2 solutions being developed, all utilizing different technologies and ideas to create more efficient networks.　　A major problem is implementing these solutions—introducing even the slightest changes to a network as big as Ethereum is a slow and tedious process, often requiring a consensus between hundreds, if not thousands of network participants. And while Ethereum 2.0, the networks second, proof-of-stake iteration,

2021-01-08Deep Dive

Up or Down? Data Send Mixed Signals About Sell Pressure for Bitcoin & Ethereum

While some data shows the selling pressure increasing for ethereum (ETH) this year, and remaining largely unchanged for bitcoin (BTC) as it keeps hitting new all-time highs - other data sends mixed signals, suggesting that more market participants want to buy the two major coins, not sell them.　　According to the data by blockchain analysis firm Chainalysis, there was an increase in ETH inflows to exchanges since the year began, suggesting an increased selling pressure in the market. Starting with ETH 358,309 on January 1, the number went up 361.8% to nearly ETH 1.66m on January 4, dropping somewhat since. “ETH inflows to exchanges in the last day are 1.09M ETH [USD 1.3bn], above the 180-day average,” noted the Chainalysis Market Intel website.　　Inflows to exchanges fluctuate with changes in market sentiment. For instance, an increase in inflows suggests increased selling pressure in the market. Source: markets.chainalysis.com　　Furthermore, assets held on exchanges have jumped in the first days of this year when it comes to the worlds second cryptoasset by market capitalization. Assets held on exchanges increase when there are more market participants who want to sell than there are those who want to buy, as well as when buyers choose to store

2021-01-08Deep Dive

Google Searches For ”Ethereum” Skyrockets As Price Nears All-Time High

As Ethereum manifests strength and continues to surge, there seems to be growing interest in the second-largest cryptocurrency. According to data from Google Trends, the search volume for the word “Ethereum” has hit an all-time high as the cryptocurrency continues to rise in price.　　Ethereum made some giant strides in 2020 with the price reaching over $700 for the first time since the second quarter of 2018. In 2021, Ethereum crossed $1000 for the first time since the end of January 2018 following the 2017 bull run during which it reached an all-time high price of $1,329.　　The rise in the price of Ethereum has been attributed to the rapid growth of the network, driven mainly by the DeFi ecosystem. DeFi received a significant boost in 2020 with many investors running to yield farming with DeFi tokens for some quick profits. Although the growth led to the problem of exorbitant fees, it has helped to push Ethereum to new highs with a lot more room to grow further.　　The massive buying of the asset by the world‘s leading digital assets manager Grayscale could have also contributed to this rally. As of the end of 2020, Grayscale had bought at least 5% of all

2021-01-08Deep Dive

Finland's customs authority is looking to sell bitcoin seized in 2016, now worth more than $75 milli

Finlands customs authority, Tulli, is looking to sell 1,981 bitcoins, local public broadcaster Yle reported the news on Thursday.　　The majority of the seized bitcoins (1,666) were confiscated in 2016 via the arrest of Finnish drug dealer Douppikauppa. The bitcoins were worth about $860,000 at the time of confiscation, and now they are valued at more than $75 million.　　Tulli is looking to sell the bitcoins directly or via a broker, CFO Pekka Pylkkanen told Yle. The collected amount will be sent to Finlands Ministry of Finance.　　Back in 2018, Tulli was looking to sell the bitcoins through auction but didnt go ahead with that plan because it was concerned that the cryptocurrency would end up back in criminal hands.　　Now that bitcoins price has skyrocketed, Tulli wants to liquidate the seized assets “as soon as possible, in the coming months.” Pylkkanen said: “I dont see a reason to sort this out more. Nothing will change by waiting longer.”

2021-01-08Deep Dive

Hut 8 Invests 1000 Bitcoins with Genesis to Earn 4% Interest

Toronto Stock Exchange-listed mining company, Hut 8 is hoping to lure bitcoin investors and onboard more clients by opening a savings-like account with a premium interest rate. The crypto miner opened a Bitcoin (BTC) Yield Account in partnership with Genesis Global Capital, a New York-based cryptocurrency trading and lending platform.　　Hut 8 will make an initial investment of 1000 bitcoin and earns a 4 percent rate of return on its idle bitcoin holdings. The program permits Hut 8 to redeem their borrowed coins without a long term commitment, and the firm can increase or decrease their holdings with one day notice.　　Bitcoin mining is a very competitive industry as miners worldwide are verifying transactions while securing the network for economic incentives. Additionally, the global demand is growing in lockstep with Bitcoin price, which does not show signs of slowing. The abrupt upside movement of the bitcoin price, which made over 300 percent gain in 2020, will pretty much mean solid business for crypto miners like Hut 8 as they are making a lot of money confirming blocks.　　“We are excited to be partnering with Genesis to manage our digital assets, allowing us to yield Fiat currency from the significant BTC on our balance

2021-01-08Deep Dive

Crypto Derivatives Exchange BitMEX Says All Users Are Now Verified

BitMEX, the cryptocurrency derivatives exchange that found itself in hot water with U.S. regulators last year, announced Thursday that its customer verification program has now been fully implemented across active users.　　Since Dec. 4, BitMEX users have been required to become verified in order to deposit, trade or withdraw funds.　　The Seychelles-based company said the programs completion makes it one of the largest crypto derivatives exchanges in the world with a fully verified active user base.　　The know-your-customer compliance effort comes after regulatory scrutiny in the last two years.　　In 2019, the U.S. Commodity Futures Trading Commission (CFTC) opened an investigation into BitMEX over whether the exchange had allowed U.S. traders to use its platform.　　Then in October 2020, the CFTC and federal prosecutors charged BitMEX with facilitating unregistered trading and other violations.　　Since then, the exchange has shaken up its executive team and brought on its first compliance chief.

2021-01-08Deep Dive

Institutional Custody Will Challenge Retail-Oriented Crypto

The institutions are coming. The herd is arriving. Institutional participation in the digital asset market is imminent.　　As this happens, its worth considering how the entry of highly regulated financial companies will change the marketplace infrastructure for crypto, which, until now, has been largely oriented to retail investors. Institutions will have different and higher requirements across the transaction chain, notably in the custody of digital assets.　　Phil Mochan is the co-founder and head of Strategy $1,000). Its design and architecture leave it too vulnerable, and no technological improvements, however innovative, will ever resolve this challenge. “Better” is never going to be “sufficient.”　　One alternative model is the account structure where a trusted third party takes control of the assets and separates the authorization processes from the private key management. This is how a bank works and it requires trust, regulation and governance, most of which are anathema to the progenitors of the cryptocurrency world.　　The second problem arising from the bearer nature of digital assets is proving unique ownership. The only solution is to ensure (and prove) that no humans ever come into contact with a private key. Given that cold stores (the most common form of long-term storage for digital assets) require humans

2021-01-08Deep Dive

Coinbase Acquires Routefire to Beef Up Institutional Bitcoin Offering

Leading U.S. crypto exchange Coinbase has acquired trade execution startup Routefire. The terms of the deal were not disclosed.　　“While well no longer be supporting the Routefire platform, we are very excited to continue on our mission of bringing advanced trading infrastructure to the rapidly developing cryptocurrency markets by joining Coinbase,” Routefire wrote in a blog post Thursday, adding:　　“We remain deeply committed to this ecosystem and are excited to help develop Coinbases market-leading suite of institutional products, which provides the true end-to-end solution that we believe best meets our customers needs.”　　A Coinbase spokesman confirmed the deal but declined to comment.　　By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.　　Additional resources in the trading infrastructure realm couldnt come soon enough for the San Francisco-based crypto exchange. Coinbase has seen intermittent outages in recent days as bitcoin (BTC, +2.52%) has surged to unprecedented highs currently near $40,000 per coin.　　It is Coinbases first acquisition of the new year, albeit likely a small one. The website of the San Francisco-based Routefire shows a team of seven led by CEO Jason Victor.　　In 2020, Coinbases acquisition of crypto prime broker Tagomi helped the exchange execute mega

2021-01-08Deep Dive

Bitcoin Goes Institutional, Ethereum Spreads Its Wings: CoinDesk Q4 2020 Review

The latest CoinDesk Quarterly Review looks at the data and timelines behind these two strong narratives, and what they mean for asset prices.　　Bitcoin goes institutional　　While the 2017 bitcoin rally was largely driven by retail frenzy, the 2020 rally was driven mainly by institutions. The accelerating rhythm of large institutional investors publicly talking about and investing in bitcoin as a portfolio asset has not only lent validation to bitcoins role in portfolios, it has also attracted the attention of other investors. This self-reinforcing loop is likely to continue into 2021, especially given the mounting uncertainty around currencies and inflation.　　Source: CoinDesk Research　　Bitcoin‘s strong rally in the last few days of December crowned an already strong year and produced an annual performance of 300%, way ahead of most macro assets, although behind ETH’s spectacular 470%.　　Source: CoinDesk Research, St. Louis Fed, Yahoo Finance　　One metric that hints at growing institutional involvement is the number of addresses that hold large balances. The number of addresses with over 1000 BTC, known as “whales,” is over 30% higher than at the end of 2017, the height of the last crypto bull run, indicating the growing presence of deeper pockets in the market.　　Source: Coin Metrics　　Another indicator that institutional involvement

2021-01-08Deep Dive

Story from Markets ‘Bitcoin Rich List’ Rebounds to Hit All-Time High

The number of addresses holding over 1,000 bitcoin (worth of approximately $37.5 million at the current price) is now at 2,334, a new all-time high, after the number dropped at the end of December by 3.7% to 2,221. This is an indication “whales” (large bitcoin holders) have been bullishly accumulating more bitcoin and driving the price higher.　　The 2,334 addresses each holding more than 1,000 bitcoin represents a gain of more than 30% compared with the end of 2017, the height of the previous crypto bull market, according to on-chain data site Glassnode. The metric has been on the rise since mid-October 2020, but suffered a temporary 4% drop between Dec. 18 and Dec. 26.　　The number of addresses holding more than 1,000 bitcoin. Source: Glassnode　　“The dip and renewed increase at the end of December shows relatively little interest in profit taking on the part of these large holders, even though almost all holdings are currently in profit,” according to CoinDesk Researchs quarterly review report published on Jan. 7.　　By signing up, you will receive emails about CoinDesk products and you agree to our terms it has also attracted the attention of other investors. This self-reinforcing loop is likely to continue into 2021,

2021-01-08Deep Dive
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