| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin: Exchange whale ratio declines to all-time low |  | The Bitcoin exchange whale ratio reached its ATL, indicating a possible BTC decrease Price-DAA suggested a possible exit position amid low volatility
Bitcoin price has seen a slip-up over the last 24 hours, falling behind the $29,000 region. This seems to be one piece of a puzzle depicting downfalls amid significant volatility. According to an analysis published by CryptoQuant, the exchange whale ratio had fallen to an all-time low. The analysis read,
"… Since Q4 '22, the ratio has been in a downward spiral, so there hasn't been a significant drop so far. But it's worth keeping an eye on because it could rebound at any time, and when it does, the price could follow historical patterns."
Meanwhile, overall transactions by whale have been decreasing. According to data from Santiment, $1 million BTC transactions had dropped from 373 on 29 July to 142 at press time. This also mirrored a decline in BTC volatility, which meant prices would continually compress.
Bitcoin's price has a strong correlation with the Daily Active Addresses. At press time, the price-DAA correlation dropped sharply to -73.37%, which could be taken as a potential BTC exit indicator. | | | Learn More | | Ethereum: 64% of holders hold at a profit, implying gains in value of holdings |  | ETH price has spent most of the last few months below the $1900 level Despite this, the majority of its investors continue to hold at a profit
According to a recent report, Ethereum has remained a profitable investment for holders despite the price facing resistance at $1900. On-chain data showed that 64% of current ETH holders hold a profit. This meant that most ETH holders were experiencing a gain in the value of their holdings.
Moreover, Santiment revealed that transactions involving ETH have mostly returned profits. At press time, ETH's ratio of daily on-chain transaction volume in profit to loss stood at 1.2. Moreover, on a 30-day moving average, this metric remained positive. The positive readings indicate that ETH profit-taking transactions happened almost twice as fast as loss-taking transactions.
ETH's MVRV ratio also remained above the zero line, hinting at a profitable transactions count rally. The 30-day moving average stood at 22%. As the ratio is one between the current price and the average price of every coin acquired, it suggests that more traders might be willing to sell their ETH holdings as the potential profits increase. | | Learn More | | Report: Polygon witnesses uptick in DAA following the zkEVM launch |  | Daily active addresses rallied on Polygon in Q2 following the launch of Polygon zkEVM During the same period, the network's transactions count trailed downwards
On 27 March, Polygon launched the mainnet beta of its Polygon zkEVM. Recently, Messari released a report which showed that the launch spurred a chain of recording significant ecosystem growth in Q2, which is the period between 1 April and 30 June.
The count of daily active addresses on Polygon surged from 243,000 to 866,000, representing a 256% growth quarter-over-quarter. The report also stated the new addresses had reached 80 million during the same 90-day period.
Moreover, during the first month of its launch, unique active wallet addresses climbed by 300% on the Polygon zkEVM mainnet. It had gone up from 12,658 addresses on 1 April to 49,673 addresses by 27 April. This, however, resulted in a decline in transactions across Polygon. The report added,
"… The number of transactions on the Polygon network experienced an 18% decline QoQ, decreasing from 2.9 million daily transactions to 2.4 million daily transactions. This decline in transaction volume directly corresponds to the launch of the zkEVM." | | Learn More | | Bankruptcy judge passes order allowing Terraform Labs to subpoena FTX
|  | | In a 31 July filing, Terraform Labs was permitted to serve FTX with subpoenas that could be used in its defense from SEC. The firm can serve FTX Trading and FTX US to gather evidence and information aimed against the agency. In the U.S. Bankruptcy Court for the District of Delaware, Judge John Dorsey stated,
"… The Debtors, FTX, may designate any production in response to the Subpoenas in accordance with the terms of the Protective Order entered in the SEC Action or any confidentiality agreement entered into between the Debtors and Terraform Labs."
In a previous filing, Terraform claimed that Alameda Research was involved in the failures of its stablecoin and governance token. Apparently, the failures were a result of a coordinated attack from short-sellers.
Lawyers for the FTX debtors agreed to the court order with "no formal objections." Terraform Labs requested the ability to subpoena records related to digital wallets used by short-sellers connected to FTX entities around May 2022, amid its failure. | | 3AC co-founder rejects bankruptcy court's jurisdiction, claiming he renounced US citizenship |  | Davies provided court documentation, including notarized copies of his US citizenship renunciation application from 2020 The filing stated that Davies ceased to be a US citizen long before the case started
In a 1 August filing, Kyle Davies, co-founder of bankrupt crypto hedge fund Three Arrows Capital (3AC), asserted that he is solely a citizen of Singapore, not the US, and is not "subjecting [him]self to, or accepting the jurisdiction of, the Courts in the US."
Davies provided court documentation, including notarized copies of his US citizenship renunciation application from 15 December, 2020, and stated that he received citizenship in Singapore after obtaining a passport in January 2021. The filing from Davies follows a subpoena from 3AC liquidators investigating the crypto hedge fund's collapse.
Davies was initially subpoenaed on Twitter, since his physical whereabouts were unknown, but parties argued that he should be held in contempt of court after he ignored the order. However, the filing argued that Davies has not been and cannot be validly served with process as a non-party in the case since he ceased to be a US citizen long before the case started. It added,
"...The Service Order and Compel Order were premised on the incorrect presumption that Davies is a US citizen, and therefore they should be vacated." | | MicroStrategy plans $750M stock sale to potentially boost Bitcoin holdings |  | The firm noted that it intends to utilize the proceeds from the proposed sale for general corporate needs This, will include expanding their Bitcoin holdings and meeting working capital requirements
MicroStrategy, a US software firm, is planning to raise $750 million through a stock sale and will potentially invest the proceeds in Bitcoin. In a recent filing to the SEC, the company disclosed that it has entered a sales agreement with three firms- Cowen and Company, Canaccord Genuity, and Berenberg Capital, for the sale of their class A common stock.
The firm noted that it intends to utilize the proceeds from the proposed sale for general corporate needs, including expanding their Bitcoin holdings and meeting working capital requirements. Notably, the Michael-Saylor-founded firm currently holds 152,800 Bitcoin, worth $4.5 billion at current prices. It added 12,333 Bitcoin in the second quarter and another 467 in July.
Saylor told investors on 1 August,
"...Our objective is to find ways to generate incremental Bitcoin for our shareholders and do that with either cash flow from the business or do it through intelligent accretive financings of equity or debt or other intelligent operations." | | Genesis Digital Assets launches three new facilities as part of US expansion |  | | Genesis Digital Assets announced on 1 August, that it has launched three new Bitcoin mining data centers in South Carolina, with the first facility located in Anderson and having an 18 MW capacity. The other two facilities, opened in the towns of Union and Lockhart, have a combined capacity of 15 MW. The data centers started operations in February and March, respectively.
The company said in a statement that the new facilities were part of an expansion in the United States. However, it is noteworthy that the added capacity is relatively small compared to their 300 MW facility in Texas opened in 2021.
The firm emphasized that its new data centers in South Carolina will run on clean energy. The Anderson data center specifically will utilize Hitachi dry-type distribution transformers and have the ability to return power to the grid whenever required. GDA CEO Andrey Kim stated,
"...Our goal is to be industry leaders and show the world that Bitcoin mining can be very ESG [environmental, social and governance]-friendly."
| | Top cryptos flash green |
|
| | | | |
|
|
No comments:
Post a Comment