Tag: On-Chain

BlackStar Seeks SEC Registration for On-Chain Stock Trading

by Blockchain News

Delaware-based BlackStar Enterprise Group has made an innovative move towards conducting over-the-counter (OTC) stock trading on-chain, seeking registration with the United States Securities and Exchange Commission (SEC). This represents a significant breakthrough in the adoption of blockchain technology in the traditional finance space.

The development of the platform started in 2018 and since then, the company has been working tirelessly towards the goal of integrating blockchain technology with the traditional stock market. BlackStar has been in communication with regulators and examiners over the past two years, answering dozens of questions and comments to ensure compliance with SEC regulations.

After years of research and development, the company has taken a big step forward by presenting a detailed plan to the SEC Trading and Market division. This plan outlines how its platforms will operate, and seeks regulatory approval for carrying out OTC trading on-chain.

By carrying out OTC trading on-chain, BlackStar aims to reduce the need for intermediaries and make trading more efficient and secure. The platform will leverage the transparency and immutability of blockchain technology, allowing investors to trade assets directly with each other in a trustless environment.

Moreover, BlackStar’s platform could also provide the SEC with increased transparency and oversight of the trading process. The blockchain’s ability to create an immutable record of transactions could assist the SEC in identifying market manipulations, insider trading, and other fraudulent activities.

BlackStar’s initiative has the potential to revolutionize the traditional finance industry, creating a more secure, efficient, and transparent environment for investors. However, the integration of blockchain technology with the traditional finance space poses regulatory challenges, and it will be interesting to see how the SEC responds to BlackStar’s registration request.

In conclusion, BlackStar Enterprise Group’s move to conduct on-chain OTC trading is a significant development for the adoption of blockchain technology in the traditional finance space. The company’s dedication to regulatory compliance and innovation is commendable, and its initiative has the potential to revolutionize the way we conduct financial transactions.

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Despite Red Bitcoin, On-Chain Signals Flip Green

by NEWSBTC

Bitcoin on-chain signals have remained green despite the recent red week. Bitcoin’s price had taken a plunge towards $40K and had brought a lot of losses with it as billions of dollars in long positions were liquidated on December 4th in one of the sharpest declines of the year. Mostly this has brought down a number of metrics associated with the asset but on-chain signals remain resistant.

On-chain data all ranging from miner revenues, transaction fees, hashrate, and daily transaction volumes have all shown positive trends for bitcoin. None of this has been affected by the price decline.

Related Reading | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months

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Hashrate Continues Recovery Trend

Bitcoin hashrate had taken a big heat with the China crackdown on mining that took place earlier in the year. The region had gone from providing about 70% of the mining power to almost zero in a matter of weeks, leaving the hashrate to suffer greatly. This has since been rectified as bitcoin miners have found new locations to resume their mining activities.

Chart showing bitcoin hashrate increase

BTC hashrate recovers post-market crash | Source: Arcane Research

Since then, hashrate has been gradually picking back up and in the past week saw a significant increase. Bitcoin hashrate is up for the past seven days after the first difficulty reduction following ten difficulty adjustments. As the difficulty has dropped, so has the profitability of mining activities increased. Given this, more miners have gotten back in the game and set up their mining rigs once more, leading to a rise in hashrate.

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Arcane Research also reported that this increased hashrate has led to an increase in block production rate. As more miners come back on board, an average of 6.46 blocks have been created each hour in the past week. This represents a significant increase of 11% in the same time frame.

Bitcoin price chart from TradingView.com

BTC loses footing at $50,000 | Source: BTCUSD on TradingView.com

Bitcoin Transaction Fees Rise

Bitcoin transactions fees have remained low through the past weeks, but there was a recorded increase in fees in the past seven days. On average, bitcoin transaction fees grew by 33%. This growth however does not do much for miner revenue. Even though fees are up, they are still relatively meager and only bring in about 1.7% of the total miner revenues.

Related Reading | Majority Of Bitcoin Investors Got In This Year, Says Grayscale

Average transaction value also jumped in the past week. As investors rushed to sell their holdings during the crash, the average transaction volume climbed by 8.3%. This was mostly due to holders who hold larger volumes moving their BTC to exchanges to sell, not only increasing average transaction volume, but also transaction fees at the same time.

Bitcoin daily miner revenues in the first week of December was $52,271,223 compared to daily revenues of $49,975,895 from the previous week. Fees per day, as well as transactions per day, were up at $891,499 and 276,680 respectively.

Featured image from PSU Watch, charts from Arcane Research and TradingView.com

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Record whale accumulation precipitated latest all-time high Bitcoin breakout

by Cointelegraph

Bitcoin investors appear to be increasingly sitting on their hands in hopes of higher prices, with the share of Bitcoin’s supply that has remained inactive for the past three months spiking to a record high of 85%. 

On-chain analytics provider Glassnode identified the milestone in its Nov. 8 “The Week Onchain” report, concluding: “Investors are just not spending their coins.”

Addresses that have not moved their BTC in 12-months, dubbed “long-term holders” (LTH), are among those most actively stockpiling coins — with said addresses moving just 6,500 BTC daily.

The trend of accumulation does not appear to be slowing down, with the share of supply held on centralized exchanges also dropping to a record low of 12.9% as BTC is increasingly placed into secure storage.

Glassnode reports that more than 5,000 BTC (approximately $338.6 million) was withdrawn from centralized trading venues during last week. The report asserted:

“The market is likely still in the quiet accumulation phase, punctuated by low activity, large exchange outflows, and very modest strategic spending by experienced holders.”

Bitcoin broke into new all-time highs above $67,000 on Nov. 8, with its market capitalization also surpassing that of Tesla and Facebook.

Related: BTC price ‘ready to rally,’ with Bitcoin bulls clear to charge at $85K — Analysis

The report notes that increased Bitcoin accumulation from long-term holders served as a precursor to April’s previous BTC all-time high as well.

The share of Bitcoin’s supply represented by long-term holders reached a high of 80.6% in August 2020 before leading to April 2021’s highs of roughly $66,000.

Since the $66,000 price point, LTHs spent 0.73% of the Bitcoin supply, reducing the amount of supply they held to about 68%.