Ethereum 2.0 Contract Reaches 100,000 ETH Milestone

A recent post on CryptoQuant by TemptingBeef has confirmed that the number of staked Ethereum on the ETH 2.0 deposit contract has now exceeded 100,000. This means that the number of staked ETH is now more than 5% of the amount of Ethereum that is currently in circulation.

Chart of staked Ethereum reaching 100k

Chart of staked Ethereum reaching 100k

Chart showing the amount of staked ETH over time | Source: TemptingBeef on CryptoQuant

ETH 2.0 has been in the pipeline for a number of years now. Hopes were that an Ethereum proof of stake would be unveiled in 2020. But developers want to make sure that the network was completely safe before they rolled it out. Users wait in anticipation for the announcement of release dates as it looks like the release will be delayed again due to it not being ready yet.

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People Are The Reason For The Delays

According to Ethereum’s founder Vitalik Buterin, the biggest problem causing the delays with ETH 2.0 has not been technical problems of any kind. But have been the people working on it.

The CEO pointed out that the project is ravaged by internal conflicts. Leading to delays in finishing up the project.

Related Reading | Cardano Founder: Ethereum Will Overtake Bitcoin

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The ETH 2.0 is a response to the growing criticism of the power consumption of the proof of work systems used by coins like bitcoin, with the blockchain requiring miners’ computers to solve complex mathematical problems to approve transactions. This requires high computing power from computers. Which translates to high energy consumptions by the mining operations.

Ethereum 2.0 is going to reduce network fees and increase transaction speeds. This will be done by providing scalability to the Ethereum network. It is also expected to use 99.95% less energy than proof of work protocols like the bitcoin blockchain.

This is a staggering number when compared to the amount of energy that mining currently uses. It is estimated that bitcoin currently uses more energy annually than entire countries like the Netherlands and Argentina.

It is no surprise then that there is a rush to find more energy-efficient ways to mine cryptocurrencies. Mining activities are a big concern when it comes to the pollution created by fossil fuel-based energy consumption.

Ethereum chart from

Ethereum chart from

Ethereum trading below $2,000 as ETH 2.0 hits milestone | Source: ETHUSD on

The anticipated move from PoW to PoF with ETH 2.0 has been further delayed to 2022. Expectations were that the transition would be done this year. As was announced back in 2020. But it seems that investors will just have to wait another year for the move.

Benefits Of Ethereum 2.0

Ethereum 2.0 is going to eliminate the bottlenecks that are currently present in the network. Things like high gas fees during high traffic hours will be eliminated. Transactions will be faster regardless of how congested the network is. And faster transaction speeds means fewer network congestions.

It will also increase the security in the network. Providing more scalability and throughput.

But the primary advantages lie in the energy efficiency of the network.

The first part of the ETH 2.0 is the Beacon Chain, which is currently live now. This is what allows users to stake their coins for new ETH rewards.

Related Reading | Ethereum to $20,000? Factors Behind The Bold Call

The Merge will come after this. This is when the main net merges with the Beacon Chain. This is estimated to happen in 2021. But for now, there are no definite dates given for when this will happen.

Finally will come the shard chains. It will enable Ethereum to process more transactions. And it also increases the capacity of the network to store data.

Shard chains will gain more features as time goes on. These features will be rolled out in multiple stages.

As for holders of Ethereum, rest assured that their coins will be safe in the move from ETH 1.0 to ETH 2.0. All of the data history, transaction records, and asset ownership of ETH coins will remain. Just that new transactions will be carried out on the new network.

Featured image from Bitcoin Market Journal, charts from CryptoQuant,


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Shanghai Man: China retains mining control? Alipay’s ancient NFTs and Amber’s big raise

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

So low you’ve got to reach up to touch the bottom

This week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too sure when it comes to downwards volatility in cryptocurrency. Canaan, one of the largest mining companies in China, announced it was setting up shop in neighboring Kazakhstan. This is an ideal compromise for Canaan as it can remain close to China, while mitigating their regulatory risk. Reading between the lines, it seems like the plan is to mostly continue administration of the company from China while sending the machines overseas.

This would put a wrench in the works of the Bitcoin purists who believe that the crackdowns are a good way to break up China’s dominance in the mining industry. Just this week, a professor at a university in Singapore wrote in Chinese that the shift to a more decentralized network would be a good thing. This raised some eyebrows for the use of a made up word that translates roughly to ‘de-China-ization’, but the article holds even less weight when large mining companies like Canaan are able to shift physical equipment overseas but still remain in control of the governance.

Too big for postage stamps

On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter that a logistics company in Guangzhou was shipping 3,000 kilograms worth of mining hardware to Maryland, US. According to her claim, the price was $9.37 per kilogram. Some quick math reveals that the total cost would be less than the price of one Bitcoin, at least at the time of writing.

Bitmain lends a helping hand

Cointelegraph reported on June 23 that massive mining company Bitmain was suspending sales of mining hardware in a move to support the over-supplied secondhand markets. According to the article, sales of hashing power in China has seen a decrease of around 75% since the Spring. Bitmain is reportedly moving operations abroad as well, which would be a major move for the hardware manufacturing giant.


Francis Suarez, everyone’s favorite Bitcoin-friendly mayor, was at it again on June 18 when he announced that all Chinese Bitcoin miners were welcome in Miami. The announcement was translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 comments from surprised netizens. Most of these user comments were negative in nature however, both towards Suarez and Bitcoin in general. A large portion of Weibo users hold cryptocurrencies in ill-regard, especially those that have been investing in the stagnant Chinese stock market.

Amber is the color of your energy

Amber, a cryptocurrency service provider based in Hong Kong, completed a Series B funding round worth $100m. Amber is well known among institutions for their financial services that include asset management, OTC services and lending.

Alipay’s foray into NFTs

Top payment processor Alipay continues to push its AntChain technology by partnering with the Dunhuang Research Academy to release 8,000 NFT skins. Dunhuang is famous for being an old silk road outpost and is home to Mogao Caves, a Unesco Heritage site. The NFTs featured artwork inspired by the cultural site and quickly sold out. AntChain is a private blockchain developed by Alibaba’s Ant Group.


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Crypto Price Alert: JPMorgan Issues Serious Bitcoin Warning As Ethereum, Binance’s BNB, Cardano, XRP And Dogecoin Lose Billions

Bitcoin and cryptocurrencies have had a rocky time over the last few weeks, with the bitcoin price swinging at a blistering clip.

The bitcoin price fell to lows of $28,600 per bitcoin on the Luxembourg-based Bitstamp exchange this week before bouncing back over $30,000—yo-yoing a white-knuckle $6,000 in a matter of hours. Meanwhile, other top ten cryptocurrencies ethereum, Binance’s BNB, cardano, dogecoin and Ripple’s XRP have also dropped sharply, wiping hundreds of billions in value from the combined $1.4 trillion crypto market.

Now, after correctly calling the latest bitcoin and crypto sell-off, analysts at Wall Street giant JPMorgan have predicted the bitcoin price is likely to move lower over the medium term.

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“It would still take price declines to the $25,000 level before longer-term momentum would signal capitulation,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note first reported by Bloomberg, giving bitcoin a fair value between $23,000 and $35,000 over the medium term, based on a comparison of its volatility versus gold.

While JPMorgan has given bitcoin a theoretical target price of $140,000, based on the convergence of bitcoin volatility with gold, bitcoin is almost six times as volatile as gold, giving it a fair value of one-sixth of $140,000, or $23,000.

“Despite this week’s correction we are reluctant to abandon our negative outlook for bitcoin and crypto markets more generally,” the analysts wrote, adding that though there has been “some improvement, our signals remain overall bearish.”

Bitcoin has long been the main driver of the cryptocurrency market, with almost all major tokens, including ethereum, Binance’s BNB, cardano, dogecoin and Ripple’s XRP, tracking bitcoin’s price movements.

While ethereum, the second-largest cryptocurrency after bitcoin, has outperformed bitcoin over the last year, ethereum’s price dropped along with bitcoin this week as China moved to crack down on crypto miners—who use vast amounts of electricity to secure blockchains and validate transactions in return for freshly-created tokens.

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Meanwhile, the bank’s strategists also warned the potential unlocking of shares in the Grayscale Bitcoin Trust (GBTC) could become a source of downside risk for the bitcoin price.

“Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin,” JPMorgan analysts wrote. The Grayscale Bitcoin Trust, the largest digital asset fund manager, allows institutional investors to gain exposure to bitcoin through shares in the trust, which currently holds just over 650,000 bitcoin tokens—3% of bitcoin’s supply.


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Top Trader Says He’s Buying Explosive Altcoin That’s Dramatically Outperforming Bitcoin, Ethereum and Crypto Markets

An analyst with a large following in the crypto space says he’s stockpiling an altcoin that’s significantly outperforming both Bitcoin and Ethereum during the major market downturn.

The pseudonymous trader Capo tells his 135,000 Twitter followers that he is steadily increasing his supply of Constellation Network (DAG), an open source platform designed to allow developers to build scalable blockchains.



According to CoinGecko, DAG is up over 58% on the week at time of publishing. Meanwhile, BTC is down 9% and ETH is down 15% in the last seven days.

DAG is also outperforming over the last month and is up 132% since May 23rd, while both Bitcoin and Ethereum are in the red.

Capo is mapping out key levels for DAG in its Bitcoin pair (DAG/BTC).

The trader’s analysis shows that DAG is in an accumulation phase versus BTC, as the altcoin ranges between 0.000002 and 0.00000016 satoshis (sats).

“Eyes on DAG – still accumulating this one.”

Source: Crypto Capo

DAG has been on the market since June of 2018, according to CoinGecko.

The trader is also looking at BTC and says the top cryptocurrency is likely in an accumulation phase and will be while it ranges between $30,000 and $40,000.

Source: Crypto Capo

The analyst is also sharing a chart issued by Alpha/DLT’s Mark Cullen, which shows Bitcoin bouncing off a slight dip below the specified accumulation range and rising past $40,000 by the end of July.

At time of writing, Bitcoin is trading around $33,000, up 2% in the past 24 hours, according to CoinGecko.

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Did John McAfee Put a Dead Man’s Switch on Ethereum?

Key Takeaways

  • Tech entrepreneur John McAfee was reported dead yesterday after allegedly committing suicide in his Spanish prison cell.
  • Some have speculated that McAfee had a dead man’s switch designed to leak government data upon his death.
  • It is not clear that McAfee had such a plan, and if he did, it is unlikely that he used the Ethereum blockchain.

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Rogue tech entrepreneur John McAfee was reported dead after committing suicide in his Spanish prison cell yesterday. Now, rumors of a blockchain-based “dead man’s switch” have emerged.

Did McAfee Post a Crypto Key on Instagram?

Shortly after McAfee’s death was reported, an image with the letter “Q” was posted to McAfee’s Instagram account. Later, McAfee’s entire account, including the post, was deleted.

Snapshot of McAfee’s Instagram page, via

The letter “Q” was seemingly a reference to the conspiracy group QAnon. That led some to believe that McAfee’s death had triggered a system that would leak secret government information.

Those who were able to access the image claimed that the image contained an Ethereum address key. However, those claims were incorrect. The string began with FBMD, indicating that the text was Facebook metadata, as is standard across the site.

Though some have suggested that the metadata contained a blockchain key in hexadecimal code, there does not seem to be any meaningful data in the string when it is converted from hex code.

Did McAfee Use Ethereum?

Others have drawn attention to recent activity concerning McAfee’s WHACKD token on the Ethereum blockchain.

McAfee launched the WHACKD token in November 2019. At that time, he expressed the belief that he would be killed by government agents under the guise of suicide, similar to conspiracy theories that emerged around the death of Jeffrey Epstein in 2019.

Now, SwitchDex’s token tracking contract for WHACKD has begun to receive funds after long periods of inactivity. Some have speculated that these transactions could have been triggered by McAfee’s death.

However, given that the contract is receiving incoming funds, the relevant transactions were not necessarily carried out at McAfee’s request. It is possible that McAfee’s death simply encouraged WHACKD token holders (or SwitchDex itself) to move funds.

It should also be noted that although the contract’s name is “Epstein,” this simply seems to be the name that SwitchDEX chose for its contract, not an indication of any information on Epstein.

Though it is conceivable that the transactions contain hidden data or were carried out in a pattern, this does not seem to be the case.

Blockchains Are Impractical for Data Storage

There is another more straightforward reason that the Ethereum blockchain is unlikely to be involved in a data leak.

Most blockchains cannot host large amounts of data. McAfee claimed that he had 31 TB of data on government corruption. Ethereum’s ledger, however, contains less than half a terabyte of data.

Though McAfee could use an Ethereum transaction to broadcast a link to the true location of his data leak, doing so would be an unnecessary intermediate step toward whatever method of distribution he supposedly chose to use.

In the unlikely event that McAfee did intend to leak information upon his death, blockchain would certainly not make up his entire plan.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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Bitcoin Retests $35,000 as Dogecoin, XRP Prices Jump 10%

Crypto traders have today managed to recover from a panic episode that resulted in Bitcoin plunging below $30,000, losing all of the gains that the cryptocurrency had incurred this year. It’s been a good day for BTC holders, but an even better one for investors in Dogecoin, Cardano, and Ripple’s XRP.

Bitcoin today touched the $35,000 price zone again. The recovery, while relatively modest at just 5%, is important because, in the short term, it shows that the bulls are not yet willing to concede a BTC price of $30,000 or below.

From a high today of $35,295, the market’s leading crypto asset has retracted a bit and is currently trading at $34,866.

Bitcoin price
Bitcoin price. Source: TradingView

But it’s not time to take out the champagne bottles just yet. Bitcoin is doing exactly what most keen observers would expect: bouncing to the average price and then falling back down again. To say there’s a new upward trend, experienced traders are likely waiting for a break out above $40,000.

Bitcoin seems to be following the movements of traditional markets today as well, as stocks showed marginal gains too. Apart from Amazon and Apple, the most important companies in the tech market are showing very positive numbers, with Tesla leading the way—perhaps to the resentment of Bitcoin maximalists who have a newfound villain in Elon Musk.

And if Bitcoin is moving at the pace of the stock market, the most important altcoins in the crypto market likewise followed the rhythm set by Bitcoin—even outperforming it.

Cardano, Dogecoin, and XRP are shining today within the top 10 crypto assets by market cap, with returns over 10% in the last 24 hours.

Elon Musk’s favorite coin, Dogecoin, rose 14.68% throughout the day. That may have something to do with the fact that DOGE developers are working on a proposal to reduce transaction fees on its network by 90%. (It’s also just as likely though that it’s an overreaction to Bitcoin’s market moves today.)

Cardano, the third-generation blockchain that’s gunning for Ethereum, also saw double-digit gains for its native coin: ADA is up 14.48% in the last 24 hours. ADA fans may be excited by the forthcoming release of the Alonzo hard fork, which will enable support for smart contracts, making it possible to have “DeFi” on Cardano. (DeFi, shorthand for crypto-based financial products that function without third-party intermediaries, is today mostly found on Ethereum.)

XRP, meanwhile, is up 12.25% on the day. The coin is, of course, synonymous with the software company that spawned it, and Ripple’s recent courtroom victories against the SEC may have sparked some optimism among XRP holders.

Overall, roughly 90% of the top 100 cryptocurrencies by market cap are in the green today, which means crypto investors the world over have reason to smile—at least for a few hours.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


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Blockchain Analytics Firm Chainalysis Nabs $4.2 Billion Valuation After Third $100 Million Funding Round In Seven Months

Blockchain analysis company Chainalysis, a member of the 2021 Forbes Fintech 50, has secured a $4.2 billion valuation after completing its third $100 million funding round in the past seven months, bringing its total capital raised to $365 million. In November 2020, Chainalysis raised $100 million and was valued at over $1 billion. In March 2021, Chainalysis raised the same amount, again boosting its valuation to over $2 billion. The latest fundraising represents an 320% gain in Chainalysis’ value in under twelve months and is a testament to the ongoing tech and crypto fundraising bubble that has persisted despite the recent pullback in crypto prices like Bitcoin. 

Chainalysis’ announcement is the latest in a series of nine-figure raises in the crypto space, following $440 million raised by peer-to-peer payments company Circle in May, $350 million by crypto exchange BlockFi in March and $314 million by the blockchain project Solana in June, among others. 

“The future of finance and national security will be based on blockchain data-driven decisions,” Co-founder and CEO of Chainalysis Michael Gronager said. “We’ve harnessed the transparency of blockchains to provide actionable insights into markets, threats, and business opportunities.”

Chainalysis offers its services — including on-chain profile tracking, automated cryptocurrency transaction monitoring, and funds tracking across blockchains — to governments and businesses, including the US Department of Justice, across 50 countries to carry out investigations into illicit crypto activity. 

This month’s series E round was led by Tiger Cub hedge fund Coatue with participation from previous investors Benchmark, Accel and Addition while SVB Capital and Blackstone Group Inc, as well as new investors Blackstone, Sequoia Heritage and SVB Capital, among others.   


From the outside, there is no obvious indication that the New York-based startup was in need of cash. That said, the press release notes that funds will be used to expand Chainalysis’ suite of products, including introducing a feature which will allow users to see market signals of when to buy and sell cryptocurrencies. Gronager also noted in an interview with Bloomberg that an additional new tool will be an alert system to notify larger clients, like exchanges, when one of their users may need to be investigated due to suspicious activity. 

Customers will also soon be granted direct access to Chainalysis’ databases through APIs so that clients can combine its data with information held within client’s internal systems, according to Chainalysis.


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New York City to Become the ‘Center of Bitcoins,’ Promised Mayoral Front Runner

The number of US city mayors, whether current or running, supporting bitcoin continues to grow. After Miami’s Francis Suarez, the favorite to win the race in New York City, Eric Adams, promised to make NYC different in a year, including becoming the “center of bitcoins.”

BTC Going to NYC?

Running as a Democrat, Eric Adams is a polarizing figure that managed to get ahead in the race through an old-school strategy by receiving support from Black and Latino voters with unions.

Although roughly 70% of voters didn’t make him their first choice, the new and controversial voting system in the city has made him the favorite. The latest polls showed a lead of over 75,000 votes over Maya Wiley.

Apart from making the usual political promises of lowering crime rates and creating new jobs, he also outlined a somewhat unexpected strategy, which he believes will bring back economic prosperity to one of the world’s most important cities.

During a recent speech, he spoke about his intentions to turn New York City into a technology hub, and he even briefly mentioned the largest cryptocurrency – bitcoin.


“I’m going to promise you in one year, you are going to see a different city. We are going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of bitcoins.”

New York City. Source: LovelyPlanet
New York City. Source: LovelyPlanet

Somewhat expectedly, the CEO of MicroStrategy, Michael Saylor, was quick to weigh in on the matter, saying that “bitcoin is hope for New York.”

Miami’s Mayor Leads the Way

Months before Adams spoke about bitcoin, another mayor of a large US city was the first to express his support about the asset. Francis Suarez, the mayor of Miami, said he was opened to explore investing 1% of the treasury reserves in BTC.

Since then, he has reaffirmed his stance, indicating that he is a holder of bitcoin and ether. He also attracted the world’s largest Bitcoin conference to take place in Miami, where he praised the primary cryptocurrency once more.

Most recently, Suarez tried to lure BTC miners into relocating to his city and promised them incentives like cheap nuclear energy.

Featured Image Courtesy of TownandCountryMag


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Interview: Mass Bitcoin Adoption In Latin America

Three CEOs of Bitcoin-related projects in Latin America discussed impending adoption in the region.

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Following the historic news of El Salvador declaring bitcoin as legal tender, “Bitcoin Magazine Podcast” host Christian Keroles sat down with three CEOs of prominent Bitcoin-related projects in South America to react to the news as well as discuss Bitcoin adoption across Latin America.

Diego Gutierrez-Zaldivar, CEO of IOV Labs and RSK; Mauricio Tovar, CEO of Tropykus Finance; and Max Cajurzaa, CEO of the Money on Chain protocol all lent their experience in both building Bitcoin projects and educating users about Bitcoin.

They covered the challenges they face and tremendous progress that has been made so far. The panel spent time discussing how broken the legacy financial infrastructure is in South American countries and how RSK is serving as a permissionless financial stack for users in Latin America and across the globe. We are starting to see major ecommerce sites leveraging both bitcoin and stable assets built on RSK and Money on Chain, as well.

Next, the group took time to break down the El Salvador situation and give their opinions on Article 7 and other aspects of how this bill was implemented. The group tended to favor the bill, whereas many critics have shared mixed opinions over specific implementation details. Finally, the panel speculated on which countries are likely to be next, discussed the nuances around Panama’s “crypto bill” and much more.

Please enjoy this informative deep dive on Bitcoin adoption in Latin America!


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Bitcoin (BTC) $ 26,070.99 1.97%
Ethereum (ETH) $ 1,574.47 1.23%
Litecoin (LTC) $ 64.29 0.80%
Bitcoin Cash (BCH) $ 206.94 1.00%