November 2022

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Crypto Trading Platforms Deal With Massive Withdrawal Requests — Over $5 Billion in BTC, ETH Removed From Exchanges

During the last week, the crypto community has been dealing with the demise of FTX and its affiliated crypto businesses, and ever since then, the proof-of-reserves topic has found its way to the forefront of conversations. Another silver lining to the fiasco is the fact that cryptocurrency enthusiasts have removed large quantities of bitcoin and ethereum from centralized trading platforms. Seven-day statistics from cryptoquant.com indicate that more than $3.4 billion in bitcoin has been removed from exchanges since Nov. 7, 2022.

More Than $3.4 Billion in Bitcoin Has Been Removed From Exchanges Over the Last Week

A full week has passed since the start of the FTX fiasco, and it’s safe to say the event has shaken crypto investors a great deal. Metrics show that not only are exchanges dealing with some of the highest trade volumes in months, but trading platforms have seen a significant number of withdrawals as well.

After seven days of significant crypto price fluctuations, on Sunday, Nov. 13, crypto exchange volumes have seen momentum drop down to levels recorded prior to Nov. 7. Statistics from cryptoquant.com indicate that exchanges held 2,312,458 bitcoin (BTC) on Nov. 7, and by Sunday, Nov. 13, exchanges held 2,098,600 BTC.

This means that 213,858 bitcoin worth roughly $3.4 billion left exchanges since Nov. 7. Cryptoquant.com’s website notes that as “exchange reserves continue to fall, it indicates lower selling pressure.”

According to statistics collected by Peckshield, Bituniverse, and etherscan.io, the top bitcoin (BTC) holding exchange today is Coinbase. Coinbase’s bitcoin reserves stash is followed by the crypto exchanges Binance, Huobi Global, Kraken, and Okx, respectively.

$1.8 Billion in Ether Leaves Exchanges, Crypto.com Ethereum Wallet Processes Nearly 90,000 Transactions in 24 Hours

In addition to the BTC that left centralized digital currency exchanges, a significant amount of ethereum (ETH) has left the top trading platforms as well. Data from cryptoquant.com indicates that on Nov. 7, exchanges held 21,640,394 ether and the number of ether on trading platforms dropped to 20,077,244 ether.

The data shows that approximately 1,563,150 ether was removed from exchanges over the last week or 7.22% lower than the week prior. In terms of the ethereum removed in USD value, the 1.5 million ether was valued at more than $1.8 billion.

Between both the BTC and ETH removed from centralized exchanges from Nov. 7 to Nov. 13, the USD value equates to over $5.3 billion. Additionally, crypto enthusiasts have been monitoring crypto exchange wallets since quite a few are well known. Ever since a number of crypto trading platforms shared proof-of-reserve addresses, those too are being monitored.

Exchange wallets from Binance, Crypto.com, Kucoin, Bitfinex, and Huobi saw a significant number of transactions during the last few days. For instance, Crypto.com’s ethereum (ETH) wallet flagged as “Crypto.com2,” saw a massive spike in transactions during the last 24 hours.

Close to 90,000 ether transactions were processed through the Crypto.com2 address. Kucoin’s and Huobi’s ETH wallets also saw significant spikes during the last 24 hours, but the Crypto.com2 ethereum address outpaced them both in terms of processed transactions.

What do you think about the more than $5 billion worth of bitcoin and ethereum removed from exchanges this past week? Let us know your thoughts about this subject in the comments section below.

Binance Forming Crypto Industry Recovery Fund to ‘Reduce Further Cascading Negative Effects of FTX’

Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao (CZ). “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.”

Binance Establishing Crypto Industry Recovery Fund

Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry. CEO Changpeng Zhao (CZ) tweeted early Monday morning:

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.

“Also welcome other industry players with cash who wants to co-invest,” the Binance boss added. “Crypto is not going away. We are still here. Let’s rebuild.”

Crypto exchange FTX filed for Chapter 11 bankruptcy Friday. Prior to the bankruptcy filing, Binance was considering acquiring the rival crypto exchange. However, after performing due diligence, the company decided to walk away from the deal, citing reports of FTX mishandling customer funds and investigations by U.S. authorities.

At a fintech conference in Indonesia Friday, CZ talked about cryptocurrency regulation and his firm’s efforts to set global standards for cryptocurrency in collaboration with other industry players.

He likened the FTX fiasco to the 2008 financial crisis, warning of cascading effects. The Binance chief said at the conference:

As an industry, we need to increase transparency. We need to work very closely with regulators all around the world to make this industry more robust. There is a strong role for regulators to play but we can’t blame this on any single party.

The Binance executive noted that the crypto “industry is still growing” and “we are still building.”

What do you think about Binance launching a recovery fund for the crypto industry? Let us know in the comments section below.

Bitcoin, Ethereum Technical Analysis: BTC Rebounds Following Bullish Comments From Elon Musk

Bitcoin started the week trading below $17,000, as volatility in the cryptocurrency space continued to intensify. Following last week’s collapse of FTX, account withdrawals have increased, with several customers opting to remove their tokens from exchanges. However, strong comments from Twitter CEO Elon Musk have helped boost prices. Ethereum remained below $1,300 on Monday.

Bitcoin

Bitcoin (BTC) started the week trading below $17,000, as market volatility remained high, following last week’s collapse of FTX.

Since FTX’s bankruptcy, the market has struggled to attempt to find support, with BTC trading near this point in today’s session.

BTC fell to a low of $15,872.94 earlier in today’s session, before rallying and reaching a high of $16,864.76.

The move away from its current support of $15,800 came as Twitter CEO Elon Musk gave his view on the token.

In a response to a tweet from Jason Calacanis, Musk tweeted, “BTC will make it, but might be a long winter.”

As can be seen from the chart above, price strength has also rebounded since this tweet, with the 14-day relative strength index (RSI) now moving higher, towards a ceiling of 39.00.

Ethereum

Ethereum (ETH) was trading below $1,300 for a third straight day, which comes following recent uncertainty in the marketplace.

Despite starting the day, and week, trading at a bottom of $1,178.43, ETH/USD marginally rebounded, climbing above $1,200.

The world’s second largest cryptocurrency surged to an intraday peak of $1,267.48, which is over 2% higher than earlier lows.

Looking at the chart, the surge in price has also led to the RSI climbing higher, with the index now hovering below a ceiling of 43.00

In order for ETH to extend today’s surge and move above $1,300, this point of resistance will likely need to be broken.

Overall, ethereum is currently down by as much as 20% from the same time last week.

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Do you expect cryptocurrencies to fall even lower this week? Leave your thoughts in the comments below.

PEGA Pool to Launch in 2023 to Help You Offset Your Carbon Footprint While Crypto Mining

PEGA Pool is an eco-friendly crypto mining pool currently in private beta testing and is expected to be open to the public in the first quarter of 2023. Regarding bitcoin mining, there have always been concerns about its environmental impact; however, now is the ideal time to make a difference and contribute to a greener future by helping create a more sustainable industry. As a means to offset CO2 emissions, a portion of the fees from the PEGA pool will be used to plant trees to offset the emissions. Those who sign up for the waiting list will receive a permanent 50% discount after launch.

PEGA Pool to Help Miners Create a Greener Future


To create a more eco-friendly industry, PEGA Pool is on a mission to reduce the carbon footprint of bitcoin mining so that it can be more sustainable.

With PEGA Pool‘s robust Global Pool infrastructure, the team can handle equipment failures and outages with great confidence because the infrastructure is highly resilient. By strategically placing infrastructure in critical regions worldwide, the team has been able to mitigate the risk of traditional equipment outages and those caused by natural disasters, thereby ensuring solid up-time and availability for people who need mining services. The same core regions are also responsible for ensuring low-latency connections. It allows miners to meet deadlines promptly and experience a lower job rejection rate while increasing their profit margins regardless of location.

PEGA Pool offers a competitive revenue model, a 50% reduction in pool fees for members using renewable energy sources. In addition, PEGA Pool will continue to accept clients who use non-renewable sources of energy, and PEGA Pool will use a portion of its pool fees to help offset its mining carbon footprint by planting trees to promote the renewal of natural resources.

BTC.com Explorer has already ranked PEGA Pool 12th in terms of the largest pools in the world. (https://explorer.btc.com/pools)

As well as being a British-owned and operated company, PEGA Pool’s sister company in the United Kingdom – PEGA Mining – has been in business since 2020 already. It is dedicated to using green energy sources for all its operations.

Join the Waiting List Right Now


Sign up now to be one of the first to be able to join PEGA Pool on the day of launch by joining the waiting list. There is currently a private beta testing phase for PEGA Pool, and the service will be made available to the public in the first quarter of 2023. In addition, there will be a permanent 50% reduction in pool fees for all early-access clients. If someone is interested in participating in beta testing, don’t hesitate to get in touch with the team with as much information as possible regarding the setup. In the early phases of the beta test, beta testers are entitled to 0% pool fees, and a 0.5% pool fee will be applied after the beta test period. Those interested in learning more about the project can visit the website and also join the waiting list.

 

 

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St. Kitts and Nevis to Explore Possibility of Making Bitcoin Cash Legal Tender by March 2023

St. Kitts and Nevis will explore the possibility of making bitcoin cash legal tender by March 2023. The statement was made by St. Kitts and Nevis Prime Minister Terrance Drew as part of the Bitcoin Cash 2022 Conference held in the country, declaring that Bitcoin Cash mining activities will also be explored in the same way.

Bitcoin Cash Could Become Legal Tender in St. Kitts and Nevis Next Year

The Government of St. Kitts and Nevis will be exploring the possibility of declaring bitcoin cash legal tender as part of the process of introducing cryptocurrencies into the economy of the country. The announcement was made by Prime Minister Terrance Drew, who participated in the Bitcoin Cash 2022 Conference on Nov. 12.

As part of his speech, Drew stated:

I welcome the opportunity to dialog further with a view to exploring opportunities for Bitcoin Cash mining and making bitcoin cash legal tender in St. Kitts and Nevis by March 2023 once the safeguards to our country and our people are guaranteed.

Drew explained that his country was aware of the possible advantages that adopting a cryptocurrency as a legal tender would bring, stating that many businesses on the island already accept bitcoin cash as a payment method. However, he was clear that this move could only be made after considering all the important aspects of such an endeavor, and complying with due diligence.

The move would follow in the steps of countries like El Salvador, which declared Bitcoin legal tender in June 2021.

Benefits of Making Bitcoin Cash Legal Tender

St. Maarten’s Member of Parliament Rolando Brison explained the benefits that declaring Bitcoin Cash as legal tender might bring to the country. Brison, who declared that he was planning to receive his full salary paid in bitcoin cash in March, stated that making bitcoin cash legal tender would simplify the procedures to collect salaries in that cryptocurrency.

Also, Brison stated that legacy legal contracts are based on legal currency, so no such large transactions could be completed with bitcoin cash without it having legal tender status. This would also ostensibly exempt bitcoin cash holdings from capital gains taxes and would simplify accounting paperwork and procedures for cryptocurrency holders. Finally, Brison stated this was the best way of countering the trend of Central Bank Digital Currencies (CBDCs) that many governments are currently exploring.

Brison has been a supporter of the cryptocurrency in his country, exploring regulations to make bitcoin cash legal tender since March.

What do you think about St. Kitts and Nevis’ plan? Tell us in the comments section below.