Binance Have Already Surpassed Coinbase and Now Holds the Most Bitcoin in the World

Jenson Nunez
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Binance confirmed that it surpassed Coinbase and other exchanges in the market. In addition to its constant growth, it is now the entity that holds the most Bitcoins in the world.

The wealth of Binance and Coinbase was in stark contrast to each other as the comprehensive market reigned in the financial world. Binance and its CEO Changpeng Zhao were highlighted in the crypto press due to a display of solidity and continued hiring.

Coinbase and its CEO Brian Armstrong, on the other hand, generated plenty of concerns. These concerns included waves of layoffs, pauses in recruitment, and even gossip about the possibility of bankruptcy status.

Binance now deals with an unchallenged Supremacy

Binance continues to pave its way and further set up itself as the most prominent player in the crypto environment worldwide. The entity is currently generating a wave filled with significant influence. Its BNB token ranks 5th regarding market cap, and its stablecoin ranks 6th.

While most entities are staggering suspensions and payment limits on their users, Binance continues to execute protocols that present more cost savings than fee disbursements.

Indeed, Binance highlighted many weeks ago that more than 2,000 jobs were waiting for workers at the entity. The company said they desire people with a strong desire for growth and expansion intensified by the current market.

At the same time, while several entities or exchange networks stopped certain commercial agreements, Binance increased its partnerships. This increase happened through a partnership with the Portuguese star Cristiano Ronaldo. Ronaldo currently has the most followed Instagram account worldwide, registering a sum of more than 400 million users.

Finally, as a first step to commemorate its 5th anniversary, the exchange has decided to make free transaction fees on Bitcoin and to keep this improvement afterward.

Coinbase Still Faces Some Problems

On the other hand, the North American exchange is still receiving awful critics. Even recently, rumors reappeared after Coinbase decided to stop its affiliate program. Subsequently, the failures kept appearing along with the Crashdown of its NFT marketplace and the decline of Coinbase stock on the stock market.

While the Coinbase exchange was the network housing the most BTC since 2014, the dynamic has completely changed since 2021. Previously, Coinbase and Binance were in parallel regarding their holdings in BTC. However, since 2021, Binance has observed how its bitcoin holdings increase while Coinbase has done the opposite. The phenomenon took effect on Monday, July 18.

Now, the transfer of power seems to have materialized, and it is hard to see how Coinbase could reclaim its supremacy. While Binance keeps extending its tentacles, Coinbase could even get left behind by other entities like FTX, which is also experiencing growth in the current market.

Binance and Coinbase marked a precedent in the crypto industry by becoming the entities with the most prominent amount of Bitcoins worldwide. But a newly crowned king appears; Binance has just won the contest and is now the most popular exchange in the entire globe.

By: Jenson Nuñez.

Revived Cryptocurrency Nobody Expected and Returns to Profit: Why It Can Beat Bitcoin

Audy Castañeda
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Ethereum broke through its resistance and is on the brink of $1,500. Is a cryptocurrency bull market coming?

Bitcoin and cryptocurrencies opened the week with a significant rise in their price. And one of the best performers was Ethereum (ETH), which managed to overcome the resistance of $ 1,400 that it had for several weeks.

The cryptocurrency, considered the second most important in the market due to the large number of practical applications that its network has, was established at over $1,400 and was close to $1,500 today.

This represents a positive variation of 8.4% in the last 24 hours, while on a weekly level it is already 27% higher. This is the best performance of the 10 cryptocurrencies with the highest market volume.

How Bitcoin Opened Today

The opening of Bitcoin is the main reason why the rises that are being registered in the last few hours attract attention. And it is that it represents a significant increase since the fall due to the Luna/Terra crisis that has been suffering for a few weeks.

Crypto Trader/Analyst Rekt Capital posted on Twitter that, “#BTC still remains below the 200-week MA resistance. Until that level breaks, it’s technically premature to assume this is now a sustained relief rally.”

As explained by the Whalemap platform, which specializes in following the movement of the cryptocurrency, it is currently the “best time to buy Bitcoin” if current yields are taken into account.

Current Situation of the Rest of the Market

As for the rest of the market, the ten cryptocurrencies with the highest volume are in the green with positive price variations ranging from 2% to 8% up in the last 24 hours.

The only positive case is that of Cardano (ADA), which reported a rise of 7.5% in the last 24 hours to leave its price at $0.41. As for the rest of the quotes, the prices varied as follows:

  • Binance Coin (BNB): $259 (2.7% up)
  • Ripple (XRP): $0.36 (2.6% up)
  • Solana (SOL): $41 (4.7% up)
  • Dogecoin (DOGE): $0.06 (2.9% up)

On a weekly basis, all cryptos are in the green. BNB is up 11%, XRP is up 10%, DOGE is up 2%, ADA is up 8%, and SOL is up 18% from its price a week ago.

Some Traders Buying Large Amounts of Call Options

The six-month put-call bias, which measures the cost of puts (bearish bets) relative to calls (bullish bets), fell below zero to -4%, the lowest figure since January 3, according to data provided by the Skew analysis platform.

The negative spin indicates that the premium paid by call option buyers for six-month upside protection is now greater than the cost paid by put buyers for downside insurance.

One-week, one-month, and three-month put-call biases have all seen a similar drop below zero, also the first since early January, in a sign of relatively stronger renewed demand for short- and medium-term bull bets.

The change in sentiment validates Ether’s ongoing rally, allegedly triggered by developers recently citing September 19 as a tentative date for the completion of Ethereum’s long-awaited transition from a proof-of-work consensus mechanism to proof-of-stake.

“At this point, some traders are buying a lot of calls (which typically expire after a week) and the underlying asset in the spot market,” said Griffin Ardern, volatility trader at crypto digital asset management firm Blofin.

By Audy Castaneda

The Medellin Council Signs an Agreement to Promote Blockchain Use in High Schools and Universities

Alexander Salazar
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The Medellin Council Signs an Agreement to Promote Blockchain Use in High Schools and Universities

The agreement document includes creating entrepreneurship and financing programs that support blockchain-based projects. The councilor rapporteur of the agreement considers blockchain will contribute to democratizing services and fighting against corruption.

The Medellín Council and nonprofit organization AsoBlockchain signed an agreement to promote training in blockchain technology in public high schools and universities.

Camilo Suárez, President of blockchain association AsoBlockchain, said they supported this relevant agreement. He explained that it is part of their management to promote the use and adoption of crypto and blockchain technology.

Suárez stated that the agreement contemplates creating governance tables composed of union entities to propose alternative citizen finances. The document also includes the beginning of pilots for the election of student representatives through blockchain, a crucial point for the advancement of Colombia.

The agreement also indicates that the Medellín District Administration will create entrepreneurship and financing programs to support blockchain-based projects.

Likewise, the document states that the government agency will promote the spaces for training and appropriating blockchain technology in media belonging to them.

Steps to Promote the Use of Blockchain Technology in Colombia

Twenty-eight of the companies that founded nonprofit organization AsoBlockchain are from Medellín. They currently have 1,650 members, most of which are companies from Antioquia.

The Medellín Council and AsoBlockchain seek to propose different regulations to promote the correct use and adoption of blockchain technology in Colombia.

The agreement published by the Medellin Council highlights that AsoBlockchain will participate in the policies of the elected national government. It even states that the 2022-2025 National Development Plan will include blockchain technology.

The Agreement Seeks to Democratize Services by Preserving Blockchain Principles

According to the document, the Council and AsoBlockchain want to make Colombia well-known for exporting innovation, science, and technology. It explains that this is a global trend that the European Union and the United States have followed. The idea is to build a policy that encourages developing blockchain projects to give transparency and efficiency to state contracting processes.

The agreement document also includes robust research on blockchain, the scope of the technology, and some success stories from other countries. That way, they show they are reaching a decision based on facts rather than mere intuition.

They also wrote in the agreement that they hoped this would contribute to developing Medellín as a science, innovation, and technology district. In addition, they expressed they believe that blockchain technology will revolutionize how people interact, as has happened with the Internet. Likewise, they expect it will help democratize services and fight against corruption.

Aura Maleny Arcila Giraldo, the councilor rapporteur of the agreement, said she hopes the principles promoted by blockchain technology will remain. She wants the Council and AsoBlockchain to preserve its security, resistance, immutability, transparency, value creation, property preservation, and social inclusion.

The relevance of cryptocurrencies and blockchain technology has become increasingly relevant worldwide. The agreement signed between the Medellín Council and AsoBlockchain is just an example of how governments seek to incorporate these new advancements.

By Alexander Salazar

Bitcoin Realized Price Faces a Recovery, but Bears Are Still Circulating

Jenson Nunez
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Bitcoin Realized Price Faces a Recovery, but Bears Are Still Circulating

Bitcoin has recovered its realized price at just over $22,000. It spent a month below that stage, but the standard point in a comprehensive market is 197 days. The abrupt macroeconomic behavior could still impact the current momentum.

Crypto markets are presenting some signs of recovery, but it could be just a false sign as the macroeconomic scenario remains bearish.

Cryptocurrency markets are back over the $1 trillion level again, but the joy might be premature as they’re still down almost 70% from November 2021’s peak.

The slight recovery showed that Bitcoin prices gained 4% on the day to reach $22,127 and is a little over $21,963, according to Willy Woo’s Bitcoin Price Model chart.

On July 18, on-chain analytics provider Glassnode highlighted that BTC had traded below its realized price for over a month. There were many signals that a capitulation had already taken effect. These signals had shown that genuine bottom emergence could be in progress.

Market Bottom Formation

The decreasing situation caused BTC prices to fall to a low rate registered at $17,760 on June 19. But it has remained within a range bound since then and is still dancing within that channel. The price broke out despite the 10.7% gain over the past week.

Bitcoin realized price is the value of all coins that remain active at the price they last moved, or an approximation of what the entire market gave for their tokens.

Glassnode dared to compare the current 35 days below the realized price and previous comprehensive markets. The standard time spent below realized price is 197 days, so there could be a long road to the bottom.

Glassnode noted that on-chain metrics and trends look like previous comprehensive market lows. However, there was a lack of time spent at the bottom. This situation means that the current market momentum could be a rare sign of further losses before any long-term recovery could get measured.

Macroeconomic Headwinds

Against a scenario of challenging macro-economic and geopolitical tension, high conviction holders are pushing BTC to experience peak saturation. This saturation could become the creation of an ultimate bottom, which would even dare to last for many months.

The further awful economic news coming from the U.S. this month, including another Fed rate hike and the highlight of a recession after two financial quarters of negative GDP, could lessen this momentum quickly.

Many prominent specialists in the economic field have also criticized Bitcoin’s inflation hedge features recently as it has failed to live up to them.

According to Glassnode, Bitcoin realized losses reached their third-highest rate in history. A realized loss is the loss that gets spotted when currencies get sold for a price lower than the original purchase price.

This loss shows slight differences from an unrealized loss, which takes effect when the holder has yet to sell, but the price gets registered below the purchase price. According to the report, realized losses peaked at higher levels during the volatile early Bitcoin trading days in 2011 and 2013.

By: Jenson Nuñez

Bitcoin: Intense Heat Wave Halts Cryptocurrency Mining in Texas

Audy Castañeda
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Bitcoin: Intense Heat Wave Halts Cryptocurrency Mining in Texas

It’s too hot for cryptocurrency mining in Texas. Blockchain technology companies have decided to voluntarily shut down, as energy demand and prices soar.

Cryptocurrency miners in Texas, United States, are temporarily shutting down operations this week as a heat wave punishes the power grid in the North American state.

On Monday, the Electric Reliability Council of Texas, or ERCOT, asked residents and businesses, especially large energy users, to reduce energy use to avoid blackouts and power outages during an intense heat wave, with temperatures exceeding 38 degrees Celsius (100 Fahrenheit).

“Extremely hot weather is causing record power demand across Texas,” the state’s grid operator said.

Last month, Texas already recorded high temperatures. This new heat wave is expected to last beyond this week.

Ecological Decision or Financial Reasons?

Major Bitcoin mining operations have agreed to shut down their energy-intensive systems so as not to tax Texas. Otherwise, they would have used more than 1,000 megawatts of electricity, according to the Texas Blockchain Council. As reported by The Verge, this freed up about 1 percent of the total network capacity.

“They’re shutting down for various reasons, but mainly because it’s the right thing to do to be a good ‘net citizen,'” Lee Bratcher, president of the Texas Blockchain Council, told The Verge. There are also financial reasons, Bratcher said, as spot electricity prices in Texas skyrocket when power is in short supply.

At the same time, Riot Blockchain, the largest mining operation in the state, said it was cutting power. The company retweeted a statement saying its massive Rockdale hub cut power on July 10 until 10 p.m., adding that it would do so again when the grid needed to stabilize again.

The United States, the Largest Mining Center in the World

Despite the kind gestures, as reported by Bloomberg, these cryptocurrency miners are expected to increase demand by as much as six gigawatts by the middle of next year, which is equivalent to powering all the homes in Houston. However, its power usage is now estimated to have dropped in the past month after the price of Bitcoin plummeted.

Bitcoin miners have flocked to Texas over the past year after China banned the practice, making the United States the world’s largest mining hub.

Battered Reputation

In recent years, awareness of the repercussions that Blockchain technology can have on the environment has grown. A concrete example has been the small, but “energy-rich” country of Kazakhstan, which has already faced problems when it struggled to simultaneously cope with the energy demands of cryptocurrency miners and heat their homes during a cold winter.

Texas has become one of the top destinations in the United States for miners thanks to liberal regulations and very welcoming leadership. Meanwhile, New York—one of its only rival states for hash rate (a measure of computing power)—has left carbon mining on a knife edge after the state senate approved last month a moratorium of two years on this practice.

By Audy Castaneda

Last week was Dynamic for Crypto: 3AC Founders Disappeared, Adoptions, and Celsius Face Accusations

Jenson Nunez
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Last week was Dynamic for Crypto: 3AC Founders Disappeared, Adoptions, and Celsius Face Accusations

Bitcoin’s Reserve Risk Indicator observed a concerning future for the asset’s price. Indonesia develops a strong affinity for digital assets as the country seeks a more solid financial inclusion. On the other hand, Binance goes through a procedure that Crushed American sanctions against Iran.

Bitcoin went through another week, flooded by declining prices and disadvantageous stances with regulators. The network’s mining hash rate crumbled by at least 26% over the last month, spelling a winter for the mining industry. Leading mining entities got obliged to lay off some of their workforces, while others are giving their Bitcoin holdings as a coping plan for the poor income.

According to the latest data from the Glass node, the Bitcoin Reserve Risk Indicator crumbled to rates registering a new wave of losses. The indicator works with longer-term holder trust, and metrics showed that the current price could crash significantly in the upcoming term.

The US Securities and Exchange Commission (SEC) further splashed the optimistic stance of the community after it postponed a decision regarding the ARK 21Shares spot Bitcoin fund. The regulator delayed its move on the subject by at least 45 days after rejecting Grayscale’s application a few days earlier.

The Increasing Crypto Adoption

Crypto adoption is continuously approaching new rates. Last week, Senator Kirsten Gillibrand accepted more than $150,000 from donations from crypto-representatives, including Sam Bankman-Fried and Brett Harrison.

Top crypto CEO cut the list of the most prominent personalities in finance. MicroStrategy’s CEO, Michael Saylor, and Dogecoin enthusiast Elon Musk played a role in the exclusive list that respondents revised when looking for the best investment advice.

In the UK, a judge has greenlighted legal documents to become a tool through Non-fungible tokens (NFTs) on the blockchain. The historic approval arrived during the case between the owner of a gambling entity and top crypto exchanges; and will help regulate legal procedures in the UK and other common law jurisdictions.

Crypto adoption is increasing in Indonesia, as the governor of the country’s apex bank spoke marvels about the potential of crypto for the economic structure in his country. At the top of his list of benefits was the improvement of financial inclusion, but he warned stakeholders of the systemic risk these procedures posed.

 About 3AC

The liquidators of 3AC won a case in court after the management of a subpoena intended for the embattled founders of the hedge fund. Reports highlighted that the founders are not contributing to the liquidators as they make efforts to reveal the repositories of the funds invested in the company.

 And Finally Celcius

Troubled Celsius got hit by a strong lawsuit trying to expose the entity as a prominent Ponzi archetype. The complaints made by the parties include the fact that Celsius got rid of unregistered securities through the Celsius Earn Rewards, which appears to be a shady move from the entity.

Taylor Goines, an Arkansas resident, noted that the entity carried out the unethical strategy of employing the funds of new investors to settle old investors.

By: Jenson Nuñez

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