Skip to main content

CoinDesk Crypto

Binance to Perform Reverse Splits on Uniswap, Litecoin-Linked Tokens

CoinDesk Crypto
5 years 2 months ago

Crypto exchange Binance said it will perform reverse splits on certain trading tokens linked to litecoin and uniswap.

  • UNIDOWN and LTCDOWN – which generate leveraged gains when the underlying crypto assets decrease in price – will undergo a 100,000:1 reverse token split, Binance announced Monday.
  • This process consolidates existing tokens into a smaller number with higher value.
  • Users with 1 million of the tokens before the split will have 10 after, users with 1 billion tokens before the split will have 10,000 after and so on.
  • Binance will suspend trading in the tokens at 3:00 a.m. UTC Aug. 17, taking a snapshot of the balance in users’ accounts, then update them 24 hours later before resuming trading.
  • The company advised users to redeem their existing tokens into USDT before the start of the split to protect against fluctuations in price during the process.
Related Stories

Argo Blockchain First-Half Revenue Surges on Bitcoin Production, Price

CoinDesk Crypto
5 years 2 months ago

Argo Blockchain said first-half revenue surged 180% to £31.1 million ($43 million) as it produced more bitcoin and the cryptocurrency’s price increased.

  • The London Stock Exchange-listed mining company reported growth of more than 300% in earnings before interest, tax, depreciation and amortization to £16 million ($22 million).
  • The company also said it canceled its $8 million order, announced February, for mining machines from ePIC Blockchain Technologies due to “limitations of technology.” With $5 million already deposited with ePIC, Argo has the option of purchasing ePIC mining machines, ePIC shares or receiving a full refund.
  • As of June 30, Argo held 1,268 bitcoin and bitcoin equivalent compared with 127 a year previously.
  • Argo CEO Peter Wall attributed the performance to a change in market conditions.
  • The price of bitcoin jumped to about $36,000 at end-June from around $9,200 a year earlier.
  • At the time of writing, Argo Blockchain shares have slumped almost 7% today.
  • The London-based firm recently said it expects to list in the U.S. this quarter subject to regulatory approval and has submitted a draft registration statement to the Securities and Exchange Commission.

UPDATE (AUG. 9, 9:34 UTC): Adds cancelled order for mining machines.

Related Stories

Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large

CoinDesk Crypto
5 years 2 months ago

Bitcoin, the world’s oldest crypto, reached its highest point in almost three months on Saturday before paring back some of the weekend’s gains.

Prices have since cooled and are down around 1.5% on a 24-hour basis after reaching a top of $45,300 – their highest point since May 18. As of press time, bitcoin is changing hands for around $43,430.

Datamish data show bitcoin’s push to higher price highs (HH) and higher price lows (HL) was precipitated by a short squeeze which saw 126 BTC short positions liquidated on Friday.

Related: Crypto Long & Short: How Do You Measure Relative Value in Crypto?

“Perpetual funding rates have turned positive, meaning that the derivatives market is clearly positioned to the long side,” Toby Chapple, head of trading at digital asset firm Zerocap told CoinDesk via Telegram. “This positioning is also supported by an expanding futures basis curve, showing that market sentiment is gradually building.”

Significant outflows from exchanges have also been accelerating, indicating a lack of short-term selling intent, according to the digital asset firm. Despite market concerns around the proposed crypto tax reporting provision in the U.S. infrastructure bill, institutional activity is once again on the rise.

“This is reflected in the Grayscale premium reaching toward positive territory, albeit slowly,” said Chapple.

Indeed, on-chain data also suggests further signs of bullish activity. Wallet addresses with greater than 0.1 BTC are at their highest point in two months and have continued to rise since July 28, up 3.19 million from June 14’s 3.14 million, Glassnode data show.

Related: Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues

Whales, or large market participants holding between 100 and 10,000 BTC, continue to build long-term positioning which “bodes well for the structure of the market,” according to Zerocap.

Bitcoin’s HH and HL bullish charting pattern tells of the risk-taking mood currently brewing in the market which has driven prices toward the 200-day moving average – a significant marker of bullish activity when prices are above and conversely bearish when below.

“The 200-day moving average at approximately $45,000 has provided some resistance –  a clean break here could lead to the next accelerated push higher,” Chapple said.

Other notable cryptos in the top 20 by market capitalization are also shedding some of the weekend gains with chainlink, polygon, and dogecoin having sunk the lowest.

Meanwhile, the often touted cousin of bitcoin, gold’s spot price briefly plummeted to a low of $1,681 from around $1,760 on Sunday evening. Prices have continued to build and are sitting around $1,761 per troy ounce.

Related Stories

Indonesia’s Pintu Exchange Raises $35M in Extended Series A Led by Lightspeed Venture

CoinDesk Crypto
5 years 2 months ago

Indonesia-based cryptocurrency exchange Pintu has completed an extended Series A funding round led by Lightspeed Venture Partners.

Participation also came by way of Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital and others.

The $35 million in funding will go toward hiring efforts, improving Pintu’s market position via strategic partnerships, undertaking educational marketing campaigns and delivering new products and features.

Related: A16z, BlockTower, Alameda Back $12.5M Round for TrustToken

The Series A extends from a $6 million raise in May in which Pantera Capital, Intudo Ventures and Coinbase Ventures also led. It comes as Indonesia has been eyeing a plan to tax profits on crypto trading in response to increasing popularity.

Though that does not appear to be slowing progression in the world’s fourth-largest country by population with over 273.5 million people. As of June 2021, Pintu said there were over 6.6 million crypto investors in Indonesia, roughly triple that of the country’s 2.2 million public equity investors.

Pintu began in April 2020 with a focus on simplifying the trading experience for beginners. The exchange is registered as a licensed crypto broker under the Indonesian Commodity Futures Trading Regulatory Agency.

“With the support of our investors, we look forward to facilitating greater financial inclusion for Indonesians from all walks of life,” said Jeth Soetoyo, co-founder and CEO of Pintu.

Related Stories

Much Wow on a Bun! Oscar Mayer’s Hot Doge Wieners Auction Closes at $15K

CoinDesk Crypto
5 years 2 months ago

Hot diggity DOGE! Someone relished a single pack of dogecoin-themed hotdogs enough to buy them on eBay for $15,001.00.

  • Oscar Mayer, a unit of American food giant Kraft Heinz, initially began the auction on Wednesday at an opening bid of $0.99.
  • The winner will receive the world’s only package of ‘Hot Doge Wieners’ and the cash equivalent of 20,000 dogecoins–worth roughly $4,000.
  • In what will likely be a surprise to no one, this by far tops the highest price ever paid for a pack of hot dogs. The Guinness Book of World Records puts the previous record at $169.
  • There were a total of 76 bids, meaning that 75 other offers didn’t cut the mustard.
  • All proceeds from the auction will go to Feeding America, a hunger relief organization that operates 200 food banks across the country.
  • Oscar Mayer is not the first company to capitalize on dogecoin’s popularity. Earlier this year, smoked meat purveyor Slim Jim started a dogecoin-themed marketing campaign that sent dogecoin prices to a new all-time-high.
Related Stories

2 Senators Propose Exemptions to Crypto Tax Reporting Required by US Infrastructure Bill

CoinDesk Crypto
5 years 2 months ago

U.S. Senators Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.) on Saturday updated their amendment modifying a crypto tax reporting provision in the Senate’s landmark infrastructure bill.

The original amendment, introduced late Thursday, would exclude cryptocurrency miners who are involved in validating transactions on distributed ledgers and companies that are selling private key hardware or software wallets. 

An initial updated version would broaden the exemption beyond just proof-of-work validators, but a second revision appears to only exempt proof-of-work and proof-of-stake validators.

Related: Senate’s Infrastructure Bill: What to Expect on Saturday

The Senate is expected to vote on both this amendment, as well as a directly competing amendment written by Senators Ron Wyden (D-Ore.), Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.). This amendment would exempt a broader swath of non-broker entities from the provision.

The current version of the crypto reporting provision in the bill would broaden the definition of a “broker” to any entity within the cryptocurrency industry that facilitates the transfer of digital currencies for another person. Opponents of the provision have said that it would force miners, hardware and software developers to track transactions of individuals who are not their direct customers.

Jerry Brito, executive director of crypto advocacy think tank Coin Center, noted on Twitter that the amendment didn’t include protocol developers.

Early Saturday, the Senate invoked cloture by a tally of 67-27. This is the first procedural step toward passing the bill. By invoking cloture, the Senate is limiting debate on the measure to 30 hours, thus allowing for a final vote by the chamber later Saturday or on Sunday.

Related: Tesla’s Musk Urges Lawmakers Weighing Infrastructure Bill’s Tax Provision Not to Pick Crypto ‘Winners or Losers’

CORRECTION (August 8, 19:05 UTC): An earlier version of this story said U.S. Senators Ron Wyden (D-Ore.) and Kyrsten Sinema (D-Ariz.) had introduced the amendment. The amendment was introduced by Mark Warner (D-Va.) and Sinema. Adds updates throughout.

Related Stories

2 Senators Propose Exemptions to Crypto Tax Reporting Required By US Infrastructure Bill

CoinDesk Crypto
5 years 2 months ago

U.S. Senators Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.) on Saturday updated their amendment modifying a crypto tax reporting provision in the Senate’s landmark infrastructure bill.

The original amendment, introduced late Thursday, would exclude cryptocurrency miners who are involved in validating transactions on distributed ledgers and companies that are selling private key hardware or software wallets. 

An initial updated version would broaden the exemption beyond just proof-of-work validators, but a second revision appears to only exempt proof-of-work and proof-of-stake validators.

Related: Senate’s Infrastructure Bill: What to Expect on Saturday

The Senate is expected to vote on both this amendment, as well as a directly competing amendment written by Senators Ron Wyden (D-Ore.), Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.). This amendment would exempt a broader swath of non-broker entities from the provision.

The current version of the crypto reporting provision in the bill would broaden the definition of a “broker” to any entity within the cryptocurrency industry that facilitates the transfer of digital currencies for another person. Opponents of the provision have said that it would force miners, hardware and software developers to track transactions of individuals who are not their direct customers.

Jerry Brito, executive director of crypto advocacy think tank Coin Center, noted on Twitter that the amendment didn’t include protocol developers.

Early Saturday, the Senate invoked cloture by a tally of 67-27. This is the first procedural step toward passing the bill. By invoking cloture, the Senate is limiting debate on the measure to 30 hours, thus allowing for a final vote by the chamber later Saturday or on Sunday.

Related: Tesla’s Musk Urges Lawmakers Weighing Infrastructure Bill’s Tax Provision Not to Pick Crypto ‘Winners or Losers’

CORRECTION (August 8, 19:05 UTC): An earlier version of this story said U.S. Senators Ron Wyden (D-Ore.) and Kyrsten Sinema (D-Ariz.) had introduced the amendment. The amendment was introduced by Mark Warner (D-Va.) and Sinema. Adds updates throughout.

Related Stories

Two Senators Propose Exemptions to Crypto Tax Reporting Required By US Infrastructure Bill

CoinDesk Crypto
5 years 2 months ago

U.S. Senators Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.) on Saturday updated their amendment modifying a crypto tax reporting provision in the Senate’s landmark infrastructure bill.

The original amendment, introduced late Thursday, would exclude cryptocurrency miners who are involved in validating transactions on distributed ledgers and companies that are selling private key hardware or software wallets. 

An initial updated version would broaden the exemption beyond just proof-of-work validators, but a second revision appears to only exempt proof-of-work and proof-of-stake validators.

Related: Senate’s Infrastructure Bill: What to Expect on Saturday

The Senate is expected to vote on both this amendment, as well as a directly competing amendment written by Senators Ron Wyden (D-Ore.), Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.). This amendment would exempt a broader swath of non-broker entities from the provision.

The current version of the crypto reporting provision in the bill would broaden the definition of a “broker” to any entity within the cryptocurrency industry that facilitates the transfer of digital currencies for another person. Opponents of the provision have said that it would force miners, hardware and software developers to track transactions of individuals who are not their direct customers.

Jerry Brito, executive director of crypto advocacy think tank Coin Center, noted on Twitter that the amendment didn’t include protocol developers.

Early Saturday, the Senate invoked cloture by a tally of 67-27. This is the first procedural step toward passing the bill. By invoking cloture, the Senate is limiting debate on the measure to 30 hours, thus allowing for a final vote by the chamber later Saturday or on Sunday.

Related: Tesla’s Musk Urges Lawmakers Weighing Infrastructure Bill’s Tax Provision Not to Pick Crypto ‘Winners or Losers’

CORRECTION (August 8, 19:05 UTC): An earlier version of this story said U.S. Senators Ron Wyden (D-Ore.) and Kyrsten Sinema (D-Ariz.) had introduced the amendment. The amendment was introduced by Mark Warner (D-Va.) and Sinema. Adds updates throughout.

Related Stories

Senate’s Infrastructure Bill: What to Expect on Saturday

CoinDesk Crypto
5 years 2 months ago

The U.S. Senate is poised to vote on a $1 trillion infrastructure bill that will see some $550 billion in new spending for rail networks, roads and bridges, water management and a plethora of other issues. Before that, however, it must work through more than a dozen amendments, including two that seek to narrow a cryptocurrency tax reporting provision that would raise about $28 billion over 10 years.

In its present form, the provision would broaden the definition of a “broker” to any entity within the cryptocurrency industry that facilitates the transfer of digital currencies for another person. This could include miners, hardware and software developers, and other parties that help facilitate a transaction, but don’t participate in the transaction, the Blockchain Association, Coin Center, Coinbase, Ribbit Capital and Square said in a joint statement earlier this week.

“Second, it makes possible a massive increase in financial surveillance, potentially requiring companies to report information about individuals even if they are not customers,” the groups added.

Related: Two Senators Propose Exemptions to Crypto Tax Reporting Required By US Infrastructure Bill

The provision was one of a few that held up the introduction of the overall bill last week, and may have contributed to a delay in votes on Thursday, an individual close to the negotiations told CoinDesk.

To narrow the scope of the provision, Senators Ron Wyden (D-Ore.), Pat Toomey (R-Pa.) and Cynthia Lummis (R-Wyo.) introduced an amendment that would exempt miners and other types of validators, as well as other entities that don’t provide custody and trading services. The Senate is expected to vote on this amendment at some point on Saturday, though negotiations may push the vote to as late as Monday.

However, Senators Rob Portman (R-Ohio), one of the key negotiators of the overall infrastructure package and the lawmaker who inserted the original provision, introduced a competing amendment with Senators Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.), the other lead negotiator on the overall bill.

This amendment would specifically exempt proof-of-work validators (i.e. miners) and entities involved in selling hardware or software that allows individuals to control their own private keys. The Senate is also expected to vote on this amendment on Saturday.

Bipartisan conflict

Related: Tesla’s Musk Urges Lawmakers Weighing Infrastructure Bill’s Tax Provision Not to Pick Crypto ‘Winners or Losers’

Both amendments have bipartisan support and are sitting in front of a Senate that has 50 Democrats and Republicans apiece.

CoinDesk reached out to every Senator who is not a named sponsor to ask if they would vote for either amendment. The majority did not respond by press time.

Spokespeople for Senators Marsha Blackburn (R-Tenn.), Ted Cruz (R-Texas), Steve Daines (R-Mont.) and Mike Lee (R-Utah) told CoinDesk the lawmakers would support the Wyden/Lummis/Toomey amendment.

On the other hand, Senator Sherrod Brown (D-Ohio) told CoinDesk through a spokesperson that “crypto assets and trading platforms need to play by the same rules as everyone else.” He did not address non-trading businesses or explicitly say if he would vote for either amendment.

President Biden has also thrown his support behind the Warner/Portman/Sinema amendment.

“We believe that the alternative amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance,” White House Press Secretary Jen Psaki told reporters on Friday.

The bill will go to the House after the Senate passes it, where there is also bipartisan opposition to the crypto provision. Reps. Ted Budd (R-N.C.), Tom Emmer (R-Minn.), Darren Soto (D-Fla.) and Ro Khanna (D-Calif.) have all expressed support for either the Wyden/Toomey/Lummis amendment specifically, or at least narrowing the language.

The House won’t take up the infrastructure bill until this fall, after it returns from a recess.

UPDATE (Aug. 7, 2021, 20:00 UTC): Adds a statement from Sen. Mike Lee’s spokesperson.

Related Stories

Tesla’s Musk Urges Lawmakers Weighing Infrastructure Bill’s Tax Provision Not to Pick Crypto ‘Winners or Losers’

CoinDesk Crypto
5 years 2 months ago

Elon Musk urged lawmakers considering the Senate infrastructure bill’s crypto tax provision not “to pick technology winners or losers in cryptocurrency technology” in a tweet responding to Coinbase CEO Brian Armstrong on Friday.

  • “There is no crisis that compels hasty legislation,” the Tesla CEO and crypto influencer tweeted after Armstrong called the most recent proposed amendment to the contentious tax provision “disastrous.”
  • The amendment submitted late Thursday by Senators Rob Portman (R-Ohio), who wrote the original tax provision, and Mark Warner (D-Va.) was meant to water down the provision by excluding proof-of-work mining and entities involved in the selling of hardware or software that gives individuals control of private keys for digital assets. Lawmakers are expected to vote on the $1 trillion infrastructure bill Saturday.
  • Armstrong has been among the most vocal critics of the tax provision. In a 10-tweet series, his second in two days, he largely directed his ire at the Portman-Warner amendment. “At the 11th hour, @MarkWarner has proposed an amendment that would decide which foundational technologies are OK and which are not in crypto,” Armstrong wrote. “This is disastrous.”
  • Armstrong urged readers to reject the Portman-Warner amendment and vote for an earlier proposed change by Senators Ron Wyden (D-Ore.), Pat Toomey (R-Pa.) and Cynthia Lummis (R-Wyo.), which he praised in a Wednesday tweet thread for narrowing the definition of “intermediaries who have the capacity to report.”
  • He believes that the bill could threaten the development of crypto in the U.S. and drive innovation in the industry to other countries by saddling miners, validators, smart contracts, open source developers and others with “massive reporting obligations.”
  • These requirements would require Coinbase and other exchanges “to surveil” their customers’ transactions more closely than traditional financial services organizations, Armstrong wrote and urged readers to ask their representatives to remove the surveillance language.
Related Stories

Ethereum Burns 36% of New Coin Issuance Over 2 Days

CoinDesk Crypto
5 years 2 months ago

Since the activation of Ethereum Improvement Proposal (EIP) 1559, the network has removed from circulation, or “burned,” over 5,000 ETH, worth roughly $14 million. This represents 36% of total new coin issuance over the same time period. 

Average fees on Ethereum have increased slightly since the upgrade went live on Thursday at 12:33 (UTC), rising from 0.003 ETH to 0.005 ETH. In addition block sizes, measured on Ethereum in units of gas, have been trending as anticipated toward the block gas target of 15 million gas. 

At first glance, EIP 1559 seems to be working effectively, burning fees and pricing block space on Ethereum dynamically so that block sizes on average hit a healthy target. However, upon closer examination, there is evidence that EIP 1559 may not be so effective in its main aim to make fees on the network more predictable for users. 

Block size variation

Related: Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues

Under EIP 1559, blocks being mined on Ethereum oscillate dramatically from being 100% full to empty. The reason for this, according to Tim Beiko, thechair of the bi-weekly All Core Developers meeting, is because the pool of transactions eligible to be included in a block gets smaller and larger depending on the minimum fee, or “base fee,” decided by the network. 

“Say you have a block that raises the base fee because it’s full,” said Beiko in an interview with CoinDesk. “It’s possible that by the time the next block shows up, there’s just not been that many new transactions who are willing to pay this higher price.” 

Pseudonymous Ethereum user “Face Shaver” called this a “misalignment of incentives” that can lead to a number of problems, first and foremost being a lack of fee predictability and stability for the average user. 

“It’s not that easy for the average user to predict what the fee will be for the next one or two minutes,” said Shaver in an interview with CoinDesk. “If you are [trying] to get in, either in this block or the next block, the most [fee] volatility you face is ⅛ of the current base fee, but if you think of the average user as someone who is price sensitive, and so is willing to wait one, or even something like three minutes for their transaction to go through … then you have to consider what happens to the fee in next three minutes.” 

Related: Rising Ether-Bitcoin Price Ratio Shows Crypto Risk Appetite

Anticipating what the optimal transaction fee on Ethereum will be in three minutes or more is just as difficult with EIP 1559 as it was before EIP 1559, according to Shaver and Beiko. EIP 1559 helps price transactions for users in the moment, but it does not help users predict or anticipate what fees will be in the next moment because the supply and demand dynamics for block space fluctuate with each block.  

According to Beiko, such oscillations impacting block sizes and base fees were always expected from EIP 1559. However, Beiko argues the average user can still benefit from knowing the optimized base fee of sending a transaction on Ethereum in the moment, without having to guess or anticipate fees of future blocks. 

Incentivizing volatility and Ethereum burns

Savvy users will be careful not to spend more in fees than absolutely necessary.

If users are confident that fees will increase during the next block, there is a financial incentive to include more transactions in the current block than the next. However, if users are confident that fees will decrease during the next block, there is a financial incentive to include more transactions in the next block than the current one. 

These natural oscillations between heavy and light blocks, according to Mojtaba Tefagh, assistant professor at Sharif University of Technology, may mean the amount of gas used in each block will trend over the long term above the block gas target, which can create difficulties for network node operators responsible for propagating and maintaining transaction data. 

“If the variability in block size is high, people can send more transactions, on average. So if you just adapt the extreme oscillation of alternating between a full block and also an empty block, you can spend much more gas than the target and still the [base fee] would not go up,” said Tefagh in an interview with CoinDesk. “We are incentivizing people to create volatility and as they create volatility, we let them spend more gas.” 

For now, both developers and researchers like Moj are taking a wait-and-see approach to assess the full impacts of EIP 1559 on the usability of Ethereum for users and dapps. 

According to blockchain analytics firm Dune Analytics, over 90% of transactions on Ethereum have not leveraged the benefits of EIP 1559 two days into the upgrade’s activation. 

Related Stories

Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues

CoinDesk Crypto
5 years 2 months ago

Bitcoin rallied near $43,000 on Friday as short positions continue to unwind from the second quarter sell-off. The world’s largest cryptocurrency by market valu is up about 1% over the past week compared to a 17% gain in ether over the same period. 

Some analysts are optimistic about the broad crypto rally and see further upside, especially for ether. On Thursday, ether rallied past $2,600 as the latest hard fork upgrade, which was dubbed “London,” officially activated on the Ethereum blockchain network.

“A mood of optimism appears to have returned to cryptocurrency markets,” wrote Paolo Ardoino, CTO of Bitfinex, in an email to CoinDesk. “Still, the turbulence that we’ve seen in crypto markets over recent weeks is unlikely to subside.”

Latest prices

Related: Ethereum Burns 36% of New Coin Issuance Over 2 Days

Cryptocurrencies:

  • Bitcoin (BTC) $42,815 +4.53%
  • Ether (ETH) $2,924.1 +4.57%

Traditional markets:

  • S&P 500: 4436.5 +0.17%
  • Gold: $1761 -2.41%
  • 10-year Treasury yield closed at 1.309%, compared with 1.219% on Thursday.

“BTC is also showing strength, which is expected to carry on next week, as it broke out of a downtrend today which dated all the way back to the previous all-time highs in April,” wrote Marcus Sotiriou, trader at the U.K.-based digital asset broker GlobalBlock, in an email to CoinDesk.

From a technical perspective, bitcoin’s rally above $42,000 is an encouraging sign. Friday’s strong price action is an attempt to break above the intermediate-term downtrend, which, if confirmed, could yield further upside towards $50,000 to $55,000 resistance. 

Related: Chainlink Integrates Weather Data From the Google Cloud

“The market has been oversold for quite some time,” said Kevin Kang, founding principal of crypto hedge fund BKCoin Capital, in an interview with CoinDesk. “ I think we are resuming the bull market in the coming months.”

Ether bullish activity

The bulk of ether options activity has been concentrated in the higher strike, longer duration calls, or bullish bets.

Data provided by Switzerland-based Laevitas shows ether volumes on Deribit, the largest crypto options exchange, have increased by more than 50,000 ETH to 153,000 ETH ($424 million) in the past 24 hours. That takes it to the highest level since the end of May. On Deribit, one ether options contract represents 1 ETH.

Overall, call options have registered higher activity than puts, and the most popular options have been calls expiring March 2022 with strike prices of $50,000 and $40,000, wrote CoinDesk’s Omkar Godbole.

Recent bullish activity surrounding the Ethereum network upgrade contributed to ether’s outperformance relative to bitcoin, albeit with greater volatility. The chart below shows that ether tends to be more volatile than bitcoin.

Bitcoin transaction volume

Bitcoin’s total transfer volume (entity-adjusted) has grown to $7.48 billion a day over the past 14 days, indicating greater activity on the blockchain as the cryptocurrency’s price rises, according to Glassnode. 

Transactions over $1 million in size, which represents roughly 46.5% of total transaction volume, (approx. 25 $BTC), were rising, Glassnode noted.

“Entity-adjustment” is a methodology Glassnode developed to measure on-chain volume that actually changed hands. “Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms,” Glassnode wrote. (Read more here.)

LINK, MATIC, ETH volumes rise

There has been a steady increase in LINK’s volume on Coinbase, according to the exchange. The number has grown by 35% since the protocol released its smart contract kit v0.10.10 on July 25, which includes full support for Optimism. The volume in MATIC declined this week. 

Meanwhile, on Aug. 4, one day ahead of EIP 1559, ether’s volume outpaced that of bitcoin by 61%.  

Altcoin and DeFi roundup
  • Binance Smart Chain Beats Ethereum by Some Metrics: In the latest episode of blockchain competition, Binance Smart Chain, the public blockchain supported by Binance, the world’s biggest centralized crypto exchange by trading volume, surpassed the Ethereum blockchain in daily transactions, again. BSC previously flipped Ethereum on the number of transactions because of the success of PancakeSwap, a decentralized exchange on BSC that was popular in the midst of the decentralized finance (DeFi) craze. This time, however, Binance’s success came thanks to a relatively little-known game on BSC called “CryptoBlades.”
  • SEC Charges So-Called DeFi Company for Allegedly Fraudulent $30M Offering: The U.S. Securities and Exchange Commission (SEC) has charged what it described as a decentralized finance lender, Blockchain Credit Partners (d/b/a DeFi Money Market), and two of its top executives for raising $30 million through allegedly fraudulent offerings. The case is the agency’s first involving securities using DeFi technology, according to the SEC.
Relevant news: Other markets

Most digital assets on CoinDesk 20 ended higher on Friday. In fact, everything was in the green except for dollar-linked stablecoins.

Notable winners of 21:00 UTC (4:00 p.m. ET):

filecoin (FIL) +8.88%

polkadot (DOT) +8.12%

uniswap (UNI) +6.32%

Related Stories

Binance.US CEO Brian Brooks Quits, Cites ‘Strategic Differences’

CoinDesk Crypto
5 years 2 months ago

Brian Brooks announced on Twitter Friday afternoon that he’s resigned as Binance.US CEO after just four months on the job.

Brooks confirmed in an email to CoinDesk that his account was not hacked. In the tweet, Brooks cited “differences over strategic direction” between him and his colleagues.

Before joining the U.S. arm of the Binance global crypto exchange, Brooks helmed the Office of the Comptroller of the Currency (OCC), the regulator for national banks, under U.S. President Donald Trump.

Related: Binance to Wind Down Hong Kong Derivatives Trading in Switch to ‘Proactive’ Compliance Stance

In a statement, Binance CEO Changpeng “CZ” Zhao (Binance.US’ chairman) said he is “confident in Binance.US’s business and its commitment to serve its customers.”

Brooks’ departure, CZ added, would not affect Binance.US customers “in any way.”

Neither he nor Brooks elaborated on why they parted ways. No word on a successor, even an interim one, either.

“Brian’s work for Binance.US has been invaluable and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward,” Zhao said in a separate statement provided to CoinDesk. “We wish him the very best in his future endeavors.”

Related: Chinese Crypto Traders Remain Confident in Binance Despite Regulatory Woes

That well-wishing contrasted with the way Binance.US dealt with Brooks’ predecessor Catherine Coley; the exchange didn’t even mention her when it hired Brooks in April.

During his time as acting comptroller of the currency, Brooks pursued an aggressively crypto-friendly reform agenda and met often with members of the digital asset industry – from corporate CEOs to bleeding-edge entrepreneurs from the decentralized finance (DeFi) space.

Read more: Who in Crypto Met With Brian Brooks When He Ran OCC? Here’s His Calendar

UPDATE (AUG. 6, 22:40 UTC): Adds comments from Binance CEO, background on Brooks.

Related Stories

Binance US CEO Brian Brooks Quits, Cites ‘Strategic Differences’

CoinDesk Crypto
5 years 2 months ago

Brian Brooks announced on Twitter Friday afternoon that he’s resigned as Binance.US CEO after just four months on the job.

Brooks confirmed in an email to CoinDesk that his account was not hacked. In the tweet, Brooks cited “differences over strategic direction” between him and his colleagues.

Before joining the U.S. arm of the Binance global crypto exchange, Brooks helmed the Office of the Comptroller of the Currency (OCC), the regulator for national banks, under U.S. President Donald Trump.

Related: Binance to Wind Down Hong Kong Derivatives Trading in Switch to ‘Proactive’ Compliance Stance

In a statement, Binance CEO Changpeng “CZ” Zhao (Binance.US’ chairman) said he is “confident in Binance.US’s business and its commitment to serve its customers.”

Brooks’ departure, CZ added, would not affect Binance.US customers “in any way.”

Neither he nor Brooks elaborated on why they parted ways. No word on a successor, even an interim one, either.

“Brian’s work for Binance.US has been invaluable and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward,” CZ said in a separate statement provided to CoinDesk. “We wish him the very best in his future endeavors.”

Related: Chinese Crypto Traders Remain Confident in Binance Despite Regulatory Woes

That well-wishing contrasted with the way Binance.US dealt with Brooks’ predecessor Catherine Coley; the exchange didn’t even mention her when it hired Brooks in April.

During his time as acting comptroller of the currency, Brooks pursued an aggressively crypto-friendly reform agenda and met often with members of the digital asset industry — from corporate CEOs to bleeding-edge entrepreneurs from the decentralized finance (DeFi) space.

Read more: Who in Crypto Met With Brian Brooks When He Ran OCC? Here’s His Calendar

UPDATE (AUG. 6, 22:40 UTC): Adds comments from Binance CEO, background on Brooks.

Related Stories

Chainlink Integrates Weather Data From the Google Cloud

CoinDesk Crypto
5 years 2 months ago

 Chainlink, a leading provider of data feeds to blockchain-based smart contracts, has now fully added decentralized weather data from the Google Cloud.

  • Google Cloud and Chainlink have been collaborating since 2019 to allow Chainlink to incorporate Google Cloud data.
  • Chainlink pipes in data from Google Cloud’s Big Query, which hosts weather data from the U.S. National Oceanic and Atmospheric Administration (NOAA) and other sources.
  • “The reason weather data is important is because it powers decentralized insurance around weather,” Chainlink co-founder Sergey Nazarov told CoinDesk.
  • The Google integration with Chainlink uses an oracle node that continuously sends data from the outside world into the Chainlink network, where it is then merged and made available in aggregated form for blockchain applications.
  • “Unexpected adverse weather events lead to economic losses across a wide range of industries, and these events are becoming more common as we experience climate change,” noted Allen Day, a Google spokesperson, in a blog post.
  • Earlier this week, Swisscom, Switzerland’s largest telecommunications provider, launched a Chainlink oracle node to provide data for decentralized finance (DeFi).
Related Stories

Chainlink Integrates Weather Data Into the Google Cloud

CoinDesk Crypto
5 years 2 months ago

 Chainlink, a leading provider of data feeds to blockchain-based smart contracts, has now fully added decentralized weather data to the Google Cloud.

  • Google and Chainlink signed an agreement in 2019 that allowed Google to integrate Chainlink’s data.
  • Chainlink pipes in data from the U.S. National Oceanic and Atmospheric Administration (NOAA) and other sources.
  • “The reason weather data is important is because it powers decentralized insurance around weather,” Chainlink co-founder Sergey Nazarov told CoinDesk.
  • The Google integration with Chainlink uses an oracle node that continuously sends data from the outside world into the Chainlink network, where it is then merged and made available in aggregated form for blockchain applications.
  • “Unexpected adverse weather events lead to economic losses across a wide range of industries, and these events are becoming more common as we experience climate change,” noted Allen Day, a Google spokesperson, in a blog post.
  • Earlier this week, Swisscom, Switzerland’s largest telecommunications provider, launched a Chainlink oracle node to provide data for decentralized finance (DeFi).
Related Stories

Bitcoin Surges Above $43K for First Time Since May

CoinDesk Crypto
5 years 2 months ago

The price of bitcoin rose above $43,000 for the first time since May.

As of press time, the largest cryptocurrency by market value was changing hands at around $42,901, up 4.9% over the past 24 hours.

The latest rally took bitcoin’s year-to-date return to 48%, far exceeding the Standard & Poor’s 18% gain.

Related: Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues

Cryptocurrency traders and analyst say a risk-taking mood has returned to digital-asset markets after a bear market that saw prices fall below $30,000 from an all-time high in April near $65,000.

Related Stories

Bundesliga Partners With Topps on First-Ever NFT Collection

CoinDesk Crypto
5 years 2 months ago

The Bundesliga has partnered with non-fungible token (NFT) platform ToppsNFT.com to release an exclusive collection of NFT trading cards.

  • The NFT collection is the first for the German football league, and will feature top players, rising stars and highlights from the 2020-2021 season. 
  • ToppsNFT.com is owned by legacy trading card company Topps, and is built on the Avalanche blockchain.
  • “Our vision is to create a fun, easy-to-use collecting experience on the Blockchain that appeals to all fans whether they have experience with NFTs or not,” Tobin Lent, VP & General Manager of Topps Digital Sports & Entertainment said in a press statement.
  • The NFT collection will go live on August 10 at 1 pm EST, and will be available for purchase via credit card.

Related Stories

Senador de Uruguay propone proyecto de ley para regular el uso de criptomonedas

CoinDesk Crypto
5 years 2 months ago

Un senador uruguayo presentó un proyecto de ley para permitir el uso de criptomonedas como medio de pago en contratos legales y regular su en ese país latinoamericano.

El proyecto de ley, que fue presentado el martes por el senador Juan Sartori, busca brindar “seguridad jurídica, financiera y fiscal en los negocios derivados de la producción y comercialización” de las criptomonedas. 

“Los activos virtuales o criptoactivos serán reconocidos y aceptados por la ley y aplicables en cualquier negocio jurídico. Se considerarán un medio de pago válido, sumado a los incluidos en la ley de inclusión financiera siempre que cumplan con las normas que la ley y la norma reglamentaria prevea”, dice el proyecto. 

Related: Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues

Read this article in English.

La propuesta de Sartori establece que las criptomonedas “son productos de libre venta por aquellas entidades e individuos que lo deseen comercializar”, y establece que cualquier persona física o jurídica comprendida en la ley “podrá recibir y/o enviar fondos en moneda de curso legal desde y hacia sus propias cuentas bancarias propias o de empresas con licencias otorgadas bajo la presente ley”. 

Sin embargo, el proyecto de ley no contempla la inclusión de criptomonedas como de curso legal dentro del país, dijo Sartori a CoinDesk. 

Si el proyecto se convirtiera en ley, el gobierno emitiría una primera licencia que permitiría a las empresas comerciar con criptoactivos en exchanges, una segunda licencia permitiría “almacenar, guardar o custodiar criptoactivos”, mientras que una tercera se utilizaría para emitir criptoactivos o tokens de utilidad con “características financieras”.

Related: Bitcoin Returns Above $40K; Faces Resistance at $45K-$50K

Según el proyecto de ley, el Poder Ejecutivo uruguayo otorgaría las licencias a las entidades que cumplan con la Secretaría Nacional para la Lucha contra el Lavado de Activos y el Financiamiento del Terrorismo (Senaclaft) y el Banco Central del Uruguay. Para el resto de las operaciones, la “utilización de todos estos instrumentos será libre y no requerirá consentimiento, permisos o licencias previas”. 

El proyecto de ley de Sartori también estipula la regulación de la minería de criptomonedas. Los mineros no necesitarían una licencia especial, pero sí permisos del Ministerio de Industria, Energía y Minería de Uruguay para poder operar.

La medida también incluye la “capacitación técnica de los ingenieros eléctricos, civiles e informáticos en la generación de activos virtuales”.

Según el proyecto de ley, la Senaclaft llevará un registro de prestadores de servicios de activos virtuales y de aquellas personas físicas o jurídicas que deseen realizar actividades de generación y comercialización de activos virtuales.

Sartori pertenece al gobernante Partido Nacional y por ese partido se presentó como precandidato a presidente de Uruguay en 2019. 

En el Senado, el Partido Nacional y sus aliados, que forman una coalición llamada Coalición Multicolor, tienen la mayoría, con 17 de los 30 escaños.

Related Stories
Checked
11 minutes 48 seconds ago
CoinDesk Crypto
Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web 3.0 news with analysis, video and live price updates.
URL
https://www.coindesk.com/
Subscribe to CoinDesk Crypto feed
#channel
All
Business
Nasdaq
NasdaqCryptocurrencies
Cryptocurrencies
Crypto
CoinDesk
Stocks