Is Ethereum Getting Ready for a New Bull Run?

Ethereum (ETH) continues to enjoy a bullish momentum above the psychological price of $3,000. 

The second-largest cryptocurrency based on market capitalisation was up by 0.36% in the last 24 hours to hit $3,102 during intraday trading, according to CoinMarketCap

Based on the surge in the number of Ethereum whales holding more than 10,000 ETH, Market analyst Ali Martinez believes this might trigger a new bull run. Martinez explained:

“Ethereum price is correlated with the number of whales with over 10K ETH. When whales began accumulating in Sept 2020, ETH rose by 1,300%. When they started offloading in May 2021, ETH fell by 62%. 60 whales have joined the network since Feb 2022, signaling the start of a new bull run.”


Source: Alicharts

Ethereum set an all-time high (ATH) price of $4,850 in November last year as institutional investments took centre stage. Nevertheless, it has not been able to reclaim this level ever since. 

Meanwhile, ETH has been experiencing an upward momentum for the past few days, making profit-taking transactions surpass those in a loss. Crypto insight provider Santiment stated:

“There are currently 3.05x more transactions being taken in profit on the Ethereum network compared to transactions taken at a loss. If this ratio holds, it would be the highest relative profit-taking day since Oct. 20, exactly six months ago.”


Source: Santiment

Furthermore, investors are showing bullish sentiment because the number of ETH on exchanges hit a 4-year low. The amount of Ethereum supply in centralised exchanges stands at 17.33%.

eth balance on exchanges

Source: Glassnode

Coins leaving exchanges show a hodling culture because they are transferred to digital wallets and cold storage. It is a bullish trend because it reduces selling pressure. 

On the other hand, Ethereum lead developer Tim Beiko recently revealed that the much-anticipated merge would not happen in June as planned. The merge will facilitate the transition of the Ethereum network from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) framework. 

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64% of Bitcoin’s Circulating Supply Stagnated for more than 12 Months as Accumulation Continues

The amount of Bitcoin’s circulating supply that has stagnated for at least a year hit an all-time high (ATH) of 64%, signalling a supply deficit. 

Market analyst under the pseudonym Plan C explained:

“An all-time high 64% of the Bitcoin circulating supply has not moved in at least 1 year. I expect this metric to max out at 66-68% before the major uptrend begins.”


Source: Glassnode

According to CoinMarketCap, the circulating supply on the Bitcoin network currently stands at 19.01 million BTC. Around 12.16 million worth BTC remain unchanged.

Based on market forces, if demand rises, the Bitcoin price is anticipated to increase on the foundation of slashed supply.

Currently, the leading cryptocurrency was up by 1.28% in the last 24 hours to hit $41,876 during intraday trading, according to CoinMarketCap.

Bitcoin accumulation is happening across the board

The accumulation of more coins on the Bitcoin network is not only being undertaken by whales but also by smaller addresses.

Data analytic firm IntoTheBlock stated: 

“The BTC accumulation is not only a whale’s game. Addresses holding <10 BTC have increased their holdings in 2022 dramatically. While the group of addresses with 10k-100k BTC reduced their exposure from 4m to 3.9m BTC in 2022, the different clusters of small addresses accumulated.”


Source: IntoTheBlock

Heavy accumulation of Bitcoin remains between the $37K and $40K zone. Market insight provider CryptoQuant pointed out:

“A price range of BTC between 37K ~ 40K is where this accumulation phase has been ongoing since Mar 2022 until the present.”


Source: CryptoQuant

Meanwhile, Bitcoin recently breached the $40K level based on an uptick in trading volume after experiencing a dormant Easter weekend. 

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Digital Currency Ecosystems Company BTCS Inc. Adds Ethereum Layer 2 Sidechain Polygon

An early mover in the blockchain and digital currency ecosystems BTCS Inc. announced the addition of Layer 2 Proof-of-Stake (PoS) sidechain Polygon (“MATIC”) to its blockchain infrastructure operations.

BTCS Inc. (“BTCS”) is the first “Pure Play” U.S. public company focused on blockchain technologies. The company secures the blockchain through their transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast-growing multi-billion dollar industry.

At present, BTCS has become the technical work of running Polygon validator nodes and has pledged 456,445 MATIC, allowing users to entangle the corresponding annual percentage income in the pledged tokens.

Polygon occupies a very pivotal position in the Ethereum and Web3.0 ecosystems.

Matic Network provides scalable, secure, and instant Ethereum transactions designed to use Plasma side chains and a Proof-of-Stake network to solve the pain points of slow block confirmation and high gas fees.

Michael Prevoznik, CFO of BTCS said:

“While Polygon is focused on Ethereum at the moment, it plans to support other blockchains with its scalable technology and provide cross-chain interoperability between different protocols.”

While Ethereum still ranks as the world’s most used blockchain network, transaction count and accompanying fees have skyrocketed over the years. With Polygon, these transactions can be carried out on Ethereum, scaled massively, and at a much lower fee.

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Simplify Asset Management Files Application of the “MAXI” Bitcoin ETF

According to filings with the U.S. Securities and Exchange Commission (SEC), on April 20, a Registered Investment Adviser Simplify Asset Management filed with the SEC for its Simplify Bitcoin Strategy Risk-Managed Income ETF under the ticker symbol “MAXI”. - 2022-04-21T161752.129.jpg

Currently, 22 ETFs are trading on U.S. markets. Simplify Asset Management Inc. ETFs have total assets under management of $1.40B.

The MAXI fund, which charges a management fee of 0.85%, does not hold cryptocurrencies themselves but the futures prices of cryptocurrencies.

The potential Bitcoin ETF aims at earning income through three strategies: Bitcoin futures strategy, income strategy, and option stacking strategy. For example, by selling call options and buying put options on Bitcoin futures or related ETFs to earn spread income to meet the first and third strategies through the integration.

The fund will focus on short-term U.S. Treasuries in its income strategy and ETFs on U.S. Treasuries.

The US SEC has approved America’s third functional Bitcoin Exchange Traded Fund (ETF) product that tracks the futures price of the world’s largest crypto asset.

The approval adds Teucrium to the list of other issuers, including ProShares and VanEck, both of whom received their go-ahead to list Bitcoin-futures-based ETFs last year.

More Bitcoin ETF products is expected to trade in the market. As reported by Blockchain.News on Wednesday, Australia’s first bitcoin ETF will be listed on the Chicago Board Options Exchange (CBOE) stock exchange next week on Apr 27.

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US Treasury Department Imposes Sanctions on Russian Crypto Mining Firm Bitriver

The United States announced that it has added Bitriver, a Russian cryptocurrency mining firm, to its sanctions list. 

The latest movement is part of the US ongoing efforts to block Russian companies from accessing the global financial network amid Russia’s invasion of Ukraine.

The Treasury Department’s Office of Foreign Asset Control (OFAC), the agency which handles the U.S. sanctions list, announced on Wednesday that it has put sanctions on Bitriver and 10 of its Russia-based subsidiaries by blocking them from accessing the global financial market. OFAC accused Bitriver and the subsidiaries of providing technical support to Russia in its war against Ukraine.

OFAC also said that it has put sanctions on Transkapitalbank, a Russian commercial bank. Transkapitalbank is known for serving several banks in Asia, including in China, and the Middle East, and has suggested options to evade international sanctions.

The Treasury further mentioned that it has targeted a global network of over 40 people and companies led by US-designated Russian oligarch Konstantin Malofeyev, including firms “whose primary mission is to facilitate sanctions evasion for Russian entities.”

In a statement, Brian Nelson, the Treasury’s under-secretary for terrorism and financial intelligence, talked about the development and said: “Treasury can and will target those who evade, attempt to evade, or aid the evasion of US sanctions against Russia, as they are helping support Putin’s brutal war of choice.”

“The United States will work to ensure that the sanctions we have imposed, in close coordination with our international partners, degrade the Kremlin’s ability to project power and fund its invasion,” Nelson elaborated further.

Mounting International Pressure

The US has imposed several series of sanctions on Russia since its February 24 invasion of Ukraine, including the nation’s largest financial institutions like Alfa Bank and Sberbank, major state-owned enterprises, as well as Russian government officials and their family members, including Putin himself.

The latest sanction on Bitriver and other Russian entities follow an announcement made early this month by the Biden administration about its plans to impose additional sanctions targeting Russian financial institutions, including Kremlin officials and their family members.

The fresh sanctions packages are being made through collaboration with European Union allies and the Group of 7 (G7) nations.

All Russian flights have been banned from Canadian, EU, US, and UK airspace. The UK, EU, and the U.S. have sanctioned over 1,000 Russian individuals and businesses in total, including wealthy business leaders – the so-called oligarchs – who are regarded as close to the Kremlin.

The sweeping measures follow mounting global pressure on Russia amid its invasion of Ukraine.


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BlockApps Raises $41m in Series B Funding

Blockchain services company BlockApps announced that it has raised $41 million in Series B funding.

Liberty City Ventures and Morgan Creek Digital will participate as directors, and these two firms will receive seats on the BlockApps board. In this round of financing, investors like Eidetic Ventures and Givic. ConsenSys, Bloccelerate, Fitz Gate Ventures, Arab Angels, Kenetic Capital and PropelX also join this investment,

The latest capital will be used to prepare the company for an IPO and expand partnerships to drive innovation in the blockchain ecosystem. BlockApps has raised a total of $44.1M in funding over six rounds.

Xavier Segura, Partner at Morgan Creek Digital, said that:

“BlockApps is one of the most exciting players in enterprise blockchain. Crypto and NFT companies have seen some early successes in the industry, but there’s an even bigger opportunity for BlockApps.”

BlockApps is a Blockchain as a Service company with customers ranging from startups to Fortune 500 organisations. The company’s mission is to drive the adoption of blockchain technology through its platform, BlockApps STRATO. BlockApps was founded in 2015 and is headquartered in Brooklyn, New York.

The company stated that it would actively form alliances with energy companies such as Chevron and Exxon Mobil to solve the current energy shortage problem of the blockchain.

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Medical Blockchain LEMONCHAIN Token to List on MEXC Crypto Exchange

On April 20, the native token LEMC of LEMONCHAIN ​​Ltd., a project in the medical blockchain industry, announced its listing on the MEXC cryptocurrency platform.

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LEMONCHAIN ​​is an open data ecosystem that enhances the individual patients’ healthcare data authority through blockchain technology’s decentralisation of EMR (electronic medical record).

The trading of LEMC/USDT has been opened officially. This is the first additional token listing on the MEXC virtual currency exchange to the general public within a month, following ProBitGlobal’s global listing on March 18.

Kwon Ki-Uk, CEO of Lemon Chain, Co. Ltd., shared about the development and stated that one of their goals is to reduce information asymmetry between individual patients and medical institutions. He added that:

“Our goal is to decentralise personal information in the healthcare field and transform it into a patient-centred life-cycle healthcare ecosystem, enabling a reliable information exchange. Through this, we plan to enhance patients’ rights by solving short and long-term problems related to acquiring health records. The first DApp to which LEMC is being applied, ‘ChungGu-ui-Shin: All Mighty Reimbursement’, has already been launched. The second and third DApps are currently in development.”

MEXC Exchange provides real-time prices of crypto tokens such as Bitcoin BTC. Currently, MEXC Global caters to 6 million+ users in more than 70 countries around the world.

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Aura FAT SPAC Pulls $115m in IPO, Planning to Merge Crypto Firm

Cayman Islands incorporated Special Purpose Acquisition Company (SPAC) Aura FAT Projects Acquisition Corp has announced its successful Initial Public Offering (IPO) on the Nasdaq Exchange where it raised $115 million. 


As announced by the company, the public offering featured as many as 10,000,000 units given at $10.00 per unit. The IPO also saw the firm give out its Class A ordinary share and one redeemable warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. 

As a SPAC, Aura Fat is entitled to raise funds via this method, after which it can then complete a merger with any company within its line of focus.  Aura Fat said its approach to merge “will not be limited to a particular industry or geographic region, the company intends to focus its search on new emerging technology companies with an acute growth potential in Southeast Asia and Australasia in sectors such as the Web 3.0, blockchain, cryptocurrency, digital ledger, e-gaming, and other new financial technology and services sectors.”

A Growing Trend in the Blockchain Ecosystem

While SPAC mergers are not so common in the digital currency ecosystem nowadays as it is popular amongst Wall Street startups, a number of crypto-linked platforms have gone public through this means. One of the most prominent examples is the public debut of the Bakkt digital asset platform through a merger with VPC Impact Acquisition last year.

Additionally, startups like Core Scientific and Griid crypto mining firms have also gone public through mergers with different SPAC in July and December 2021 respectively.

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UK Regulator FCA Appoints Victoria McLoughlin as Interim Head of Digital Assets Division

The Financial Conduct Authority (FCA), a financial regulatory body in the UK, on Wednesday announced the appointment of Victoria McLoughlin as interim head of its digital assets department.

In the new role, McLoughlin is expected to be in charge of supervising digital asset companies based in the United Kingdom and supporting the development of a regulatory framework based on the government’s vision for cryptocurrency business activities in the country.  

McLoughlin’s LinkedIn profile shows that she began performing the new role earlier this month. She assumed the role after serving as supervision manager of crypto assets and digital markets for the last two years. Before that, McLoughlin had been working for FCA for eleven years, where she started working for the regulator in 2009 as an associate.

McLoughlin talked about her appointment and said: “It’s an incredibly important time for the sector – and will be a real privilege to lead delivery of our supervisory strategy and our fantastic specialist teams in a new FCA Department as we shape the future of financial services & deliver good outcomes for consumers, markets and firms in coming months.”

McLoughlin has a legal background. She was trained as a solicitor at Magic Circle law firm Linklaters. During her training, she was seconded to Lehman Brothers, a global financial services firm, where she held positions in the corporate regulatory departments of the investment banking company.

Building Capabilities for Performance

In recent months, FCA has been recruiting serval new senior leaders across its supervision, competition and policy, and enforcement roles.

In March, the regulator began searching for candidates to head its digital assets department. It was looking for someone to build a team and lead and coordinate the FCA’s regulatory activities in the crypto market.

In February, FCA said that it was expecting 200 new joiners in the first quarter of this year, with 60 of these joined during that month and expected similar numbers in the coming months.

During Q4 of last year, FCA hired a number of senior leaders, including government lawyer and litigator Stephen Braviner Roman who joined the agency as a new general counsel.

The agency’s interim general counsel David Scott is staying on part-time for the transition while Miles Bake recently became FCA’s new director of governance after he joined the Bank of England.

The regulator also hired Amit Shanker as its new head of digital and intelligence. Previously, Shanker was chief data officer at JLL (Jones Lang LaSalle), a global commercial real estate services company, and head of digital transformation at HSBC.

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Ripple CEO Brad Garlingouse Speaks Against Bitcoin ‘Tribalism’

While many may consider the unwavering support from Bitcoin “Maximalists” like MicroStrategy’s Michael Saylor and Block Inc’s Jack Dorsey, Ripple CEO Brad Garlinghouse believes the culture of “Tribalism” in which some people support one digital asset only is dragging the growth of the cryptocurrency industry. - 2022-04-21T121031.975.jpg

“Polarization isn’t healthy in my judgement,” Garlinghouse said, speaking in an interview with CNBC at the Paris Blockchain Week Summit. “I own bitcoin. I own ether, I own some others. I am an absolute believer that this industry is going to continue to thrive.”

For an industry that began more than 13 years ago with Bitcoin, there has been a lot of evolution, with more than 18,900 diverse cryptocurrencies summing up to about $2 trillion in market capitalisation per data from CoinMarketCap. Amidst this diversity, Garlinghouse believes every digital asset has a specific solution it brings to the table, and these differences should be appreciated.

“Yahoo could be successful, and so could eBay … They’re solving different problems,” he said. “There’s different use cases and different audiences and different markets. I think a lot of those parallels exist today.”

The Ecosystem and the Ripple Backing Against SEC

While Garlinghouse’s company, Ripple, is closely associated with the XRP coin, which it uses for cross-border payments and general cash transactions, his claims that he has a divergent interest in a number of digital currencies is a position that is markedly different from a number of leaders in the ecosystem.

For Garlinghouse, the fragmentation in support is one of the reasons why the entire industry has a little representation in Washington, a reference he made to showcase how low the number of crypto-friendly lawmakers are in both the Senate and the House.

Despite the fragmentation that Garlinghouse observed, the broader crypto community has rallied in support of Ripple, which is currently in a heated legal tussle with the U.S. Securities and Exchange Commission (SEC) over the sale of XRP tokens as security. Despite Garlinghouse’s stance, changes to the maximalist mindset is a culture that will take time to change.

Image source: Brad Garlinghouse Twitter


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Bitcoin (BTC) $ 26,573.12 0.22%
Ethereum (ETH) $ 1,592.09 0.26%
Litecoin (LTC) $ 64.83 0.30%
Bitcoin Cash (BCH) $ 209.07 0.48%