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3 reasons why Ethereum exchange reserves are falling to new lows

Over the past week, astute crypto market analysts noticed some interesting developments related to the supply of Ether (ETH) as the networks August 4 London hard fork approaches.　　Recent data from CryptoQuant, an on-chain analytics firm, indicates that the amount of Ether held in cryptocurrency exchanges reserves has hit new daily lows since the start of July.　　Ethereum all exchange reserves. Source: CryptoQuant　　To determine if this is a bullish or bearish development for the top altcoin, lets take a closer look at some of the factors playing a role in the increased demand for Ether, including the Eth2.0 staking contract, increased activity in decentralized finance and traders possible excitement ahead of the implementation of Ethereum Improvement Proposal (EIP) 1559.　　Eth2 staking surpasses 6 million Ether　　One source for the increased demand for Ether is the Eth2 staking contract which surpassed the 6 million Ether mark on June 30.　　Data from CryptoQuant shows that July 1 saw the largest single-day outflow of Ether from exchanges since January 21 with more than 596,000 Ether pulled off exchanges.　　Ethereum all exchanges netflow. Source: CryptoQuant　　The most recent data provided by Eth2 Launchpad indicates that the current amount staked is 6,166,661, which indicates that not all of the Ether withdrawn from

2021-07-09Deep Dive

Survey finds most El Salvador citizens are skeptical of making BTC legal tender

According to a newly released survey, up to three-quarters of Salvadorans are skeptical over President Nayib Bukeles Bitcoin adoption plans.　　The survey, which polled 1,233 people across El Salvador between July 1 and 4, revealed that only 20% approved of the plan to make Bitcoin legal tender　　The survey, which has a margin of error of 2.8%, was conducted by researcher Disruptiva, which is affiliated with Francisco Gavidia University. According to Reuters, it found that about 54% of people viewed the Bitcoin adoption program as “not at all correct”, while another 24% described it as “only a little correct.”　　Almost half of the respondents, or 46%, admitted that they knew nothing about Bitcoin. Around 65% of them were not open to the idea of being paid in digital currency.　　Head of Disruptivas institute of science, technology, and innovation, Oscar Picardo, commented that “this is a risky bet on digital transformation.”　　The country‘s new Bitcoin law was passed on June 9, and is due to take effect on September 7 making the world’s leading crypto asset a parallel official currency in the Central American nation. Late last month, the government unveiled a Bitcoin wallet called Chivo but stated that it is just one option available.　　At the

2021-07-09Deep Dive

Balancer launches stable pools for like-kind swaps

Balancer, a popular automated market maker for cryptocurrencies, has launched a new protocol feature designed to lower fees and improve the trading execution for like-kind swaps.　　Stable pools “are designed specifically for assets that trade at a similar price,” wrote Fernando Martinelli, the co-founder and CEO of Balancer Labs. As such, the pools increase capital efficiency for like-kind swaps, thereby offering traders tighter spreads and lower slippage. Liquidity providers, meanwhile, have the opportunity to earn a competitive yield.　　Martinelli explained that, unlike traditional weighted pools, all tokens inside the Balancer stable pools are contained in a single vault:　　“On Balancer, a trader can make trades that route through both pools at the same time with a very small increase in gas costs compared to a trade that routes through Curve and Uniswap for example.”　　With the launch of stable pools, Balancer now has at least three different types of pools — the other two being weighted pools and the Element Finance integration that was introduced in April of this year.　　Balancer Labs has raised tens of millions of dollars from venture funds seeking long-term exposure to the decentralized finance, or DeFi, market. Some of the most prominent VC investors in Balancer include Three Arrows Capital,

2021-07-09Deep Dive

Regulations Are Cryptocurrencies Biggest Threat and Opportunity, Says Zumo CEO

BeinCrypto spoke to Nick Jones, CEO of Zumo, a cryptocurrency platform and exchange. Jones discusses the exchange, its commitment to green cryptocurrencies, and regulations in this space.　　Zumo is a cryptocurrency exchange that features a non-custodial wallet. It has a simple user interface to make buying, selling, and spending cryptocurrencies more accessible.　　This was the goal of Jones from the very beginning. He entered the cryptocurrency world with an express interest in blockchain technology as a solution to multiple issues, especially relating to finance and independence.　　Jones‘s background in the tech world meant that this tech wasn’t unfamiliar when he was first introduced in 2016.　　“My co-founder Paul and I worked together way back at Yahoo in the early 2000s. He is the product guy. I blame him. He called me. He got me interested in the blockchain space,” says Jones.　　“So Ive had a heavy mix of all those things that got me into the space based on being a tech enthusiast and interested in the societal impacts of technology.”　　Once he found his way into this space, it was all about finding the intersection of these interests.　　“We decided we were going to do something in blockchain and cryptocurrencies. Then the realization came of how

2021-07-09Deep Dive

Crypto.com Is Now The First Global Crypto Platform To Obtain An EMI License From Malta

Crypto.com has now become the first international cryptocurrency platform to receive an Electronic Money Institution license in Malta.　　 Crypto.com Receives EMI License From The MFSA　　The crypto exchange announced Thursday in a blog post that it has now been given an EMI license by the Malta Financial Services Authority (MFSA).　　The hong-kong based exchange has been working closely with the Malta regulator for a while now. Only two months ago, crypto.com became the first global crypto platform to have received the Class 3 Virtual Financial Assets (VFA) license from the MFSA.　　And now the firm has become the first to receive an EMI license as well. With this license, the exchange can now issue cards and offer direct bank transfers to customers in Malta.　　December last year, the crypto platform was also able to secure an Australian Financial Service License (AFSL).　　Kris Marszalek, the CEO and co-founder of crypto.com, said:　　We have been committed from day-one to building a fully regulated business. Working with regulators is the best way to fulfill our mission of accelerating the worlds transition to cryptocurrency. Being the first global cryptocurrency platform to receive an EMI License from the MFSA is a major milestone for the industry as a whole.　　In addition, Marszalek

2021-07-09Deep Dive

11% of Central Bankers Consider 'Cryptocurrencies Like Bitcoin' Gold Alternatives: UBS Survey

A UBS survey finds that central bankers see benefits in investing in cryptocurrencies like bitcoin. 28% see benefits from cryptocurrency being an uncorrelated asset and “11% would consider it as an alternative to gold.”　　Central Bankers See Benefits in Investing in Cryptocurrencies Like Bitcoin　　The 27th Annual Reserve Management Seminar Survey by UBS explores the prospects of cryptocurrencies as investments for central banks. This survey, conducted between April and June, questioned central bankers from close to 30 central banks in all regions globally, UBS explained. According to Switzerlands largest bank, this survey “is among the most authoritative depictions of official reserve management activities available.”　　Central bankers were asked what the motivation for central banks to invest in cryptocurrencies like bitcoin would be. The most popular answer was “Learning/ building up knowledge about crypto investing process and investment management.” UBS described, “83% of participants believe that the learning process itself of investing and managing this new asset class would be valuable for their institution.”　　The second most popular answer was “Uncorrelated asset.” The third was “Signaling technical progress of the institution.” Another common answer was “Gold alternative (independence from Western financial system).” UBS wrote:　　28% of participants see benefits coming from cryptocurrencies as an uncorrelated asset,

2021-07-09Deep Dive

Stablecoin Issuer Circle is Going Public at $4.5 Billion Valuation

Global fintech firm and developer of the USDC stablecoin, Circle, has revealed that it will be going public on the New York Stock Exchange (NYSE) via a new business alliance.　　According to an official announcement today, Circle has partnered with Concord Acquisition Corp, a publicly traded special purpose acquisition company (SPAC) with more than $276 million in trust.　　$4.5 Billion Valuation　　Once the deal is completed, Circle will have an enterprise value of $4.5 billion. Additionally, all existing shareholders at Circle will still have 86% ownership of the company, with the co-founder and CEO, Jeremy Allaire retaining his position.　　However, Bob Diamond, the Chairman of Concord Acquisition Corp, will join the companys board of directors.　　Several top investors, including Fidelity Management and Research, Marshall Wace, Adage Capital Management, Ark Investment Management, and Third Point, have all committed $415 million in private investment for public equity (PIPE) financing to support the new business.　　As soon as the deal is finalized, a new Irish holding firm will acquire both Concord and Circle to become a publicly traded company, which will trade on the NYSE under the symbol “CRCL.”　　Speaking on the partnership, Concords chair Bob Diamond said, “Circle is the true pioneer of trusted digital currencies, an increasingly critical

2021-07-09Deep Dive

Publicly-listed company loses $17 million on Bitcoin. Makes $14 million on Ethereum instead

Meitu, a software tech company based in Hong Kong, has said that it recorded a loss of $17.3 million on its Bitcoin portfolios, while in contrast, it recorded a $14.7 million gain on its Ethereum investment.　　The software firm had made the headlines earlier in the year when it made a substantial investment into the crypto space. Then, the firm had cumulatively spent around $100 million on the purchase of the leading two digital assets. The tech company had over 900 BTC and 31,000 units of Ethereum in its portfolio.　　Meitu reveals the extent of gains and losses　　Meitu, in its bid to be compliant with the best international financial practices, revealed in a voluntary announcement that its Ethereum holdings had recorded gains while Bitcoin, on the other hand, had losses. According to the report, the announcement was based on the market prices of both assets as of June 30.　　Per the report, the $100 million investment of the firm had decreased by $2.6 million. A more in-depth look at the report showed that the firms BTC holdings had dropped to $32.2 million from $49.5 million while its ETH holdings had risen to $65.2 million from $50.5 million.　　Despite the performance of its crypto assets,

2021-07-09Deep Dive

EU to Propose New Anti-Money Laundering Body to Crack Down on Crypto: Report

The European Union will set up a new agency to crack down on money laundering and introduce transparency rules for cryptocurrency, according to Reuters.　　A new proposal from the EU wants crypto service providers—such as exchanges—to collect and make accessible the data of those making transactions, Reuters news agency reported today, citing documents it had seen.　　Currently, transfers of digital assets are not included in EU rules for financial services, the report states. A lack of rules “leaves holders of crypto-assets exposed to money laundering and financing of terrorism risks,” documents quoted by Reuters said.　　The European Commission, the EUs executive branch, will therefore propose an Anti-Money Laundering Authority (AMLA) that will work with national authorities to combat crime.　　If you‘re looking for a more proximate reason for the proposal, it’s that Danske Bank, Denmark‘s biggest bank, is under investigation for money laundering after €200 billion ($227 billion) in payments flowed through its tiny Estonian branch between 2007 and 2015. While that case is unrelated to cryptocurrency, digital assets will nonetheless fall under the AMLA’s purview because the EU believes that “flows of illicit money can be done through transfers of crypto-assets,” Reuters said.　　The EU currently doesn‘t have an initiative to stop dirty money,

2021-07-09Deep Dive

Why U.S. Senator Warren Gave SEC Deadline To Clarify Crypto Regulation

U.S. Senator Elizabeth Warren has been a known crypto adversary. She claims Bitcoin and cryptocurrencies have a negative impact on the environment and facilitate cyber-attacks. She has taken a new step that could change this industry.　　In a letter to the U.S. Securities and Exchange Commission (SEC) Chairman, Gary Gensler, Warren called for “properly” regulations of crypto exchanges. The Senator claims that these entities operate within “gaps”.　　Therefore, U.S. investors and consumers are left to operate in an alleged highly opaque and volatile market. In this country, the interest and demand for cryptocurrencies have been on the rise. In Q1 2021, crypto exchange Coinbase recorded $30 billion in trading volume.　　That number has grown ten-fold within a year. In Q1 2021, the exchange recorded $331 billion in trading volume. Thus, creating “unique risk to consumers”, Warred said. The Senator specifically expressed concerns about the classification of cryptocurrencies.　　Bitcoin is one of the few granted the “Commodity” classification by U.S. regulators. Other digital assets and tokens havent been given the same or any classification. This has been a problem highlighted by developers, investors, and other entities. U.S. authorities have been unable to provide a clear answer.　　Warren and Gensler believe that regulators in the U.S. offer

2021-07-09Deep Dive
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