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01.11.[News of the day] • The supply of BTC on exchanges fell to a three-year low • and other articles

4 min read

 

Welcome to today’s overview of crypto news:

MARKETS

In the last few days, the primary cryptocurrency has not been very successful, although it has managed to recover almost immediately from Thursday’s sudden fall to $ 58,500. Then jumped above $ 62,000 and a day later even tried for $ 63,000, but without success. The bulls intercepted the move and pushed it south, which fell to $ 60,000 on Sunday.

A few hours ago, BTC even fell below this closely watched threshold to an intraday low of $ 59,500. At that moment, however, the bulls commanded the attack and pushed the cryptocurrency upwards. BTC added and touched $ 62,500 before retreating slightly to its current level of around $ 61,400.

Most altcoins today are also in the green. ETH fell to $ 4,200 yesterday, but a slight increase on a 24-hour scale drove it back to $ 4,300.

Cryptocurrencies

The supply of BTC on exchanges fell to a three-year low

The supply of BTC on exchanges is the lowest in the last three years, which indicates that investors are not going to sell. Etherem’s exchanges balances are also at a two-year low.

Data from the Glassnode platform, which provides data on the cryptocurrency market, shows that the balance of BTC on exchanges is the lowest in the last three years. The balance held on the exchanges at the end of October 2021 is at the level of 2.46 million BTC. Compared to the second quarter of 2021, when the exchanges balance was more than 2.47 million BTC, this potentially indicates some bullish signals for the market.

Historically, BTC balances were low when the market was at the peak of a good boom, or at least strongly believed in its current valuation.

Elon Musk increased the market capitalization of Dogecoin by billions by jokingly about accepting DOGE as a form of tuition

Dogecoin’s market capitalization rose $ 3 billion in minutes after Tesla CEO Elon Musk wrote on Twitter that his imaginary university would accept the original cryptocurrency meme as a tuition payment.

Last week, the billionaire drove Twitter users crazy after unveiling his plan to start a university called the Texas Institute of Technology & Science.

While some saw Musk’s spicy design as childish and indiscriminate, others quickly made fun of their own acronym, which briefly became one of the most watched topics on Twitter.

Settled transaction of ETH climbed to $ 536 billion in the third quarter

The value of settled transactions with ETH from July to September this year reached an incredible $ 536.5 billion. This represents an increase of 398% over the same period in 2020. This is not the only impressive statistic in the third quarter of the world’s largest smart contracts platform.

The total transaction fees paid by users to miners increased by 511% year-on-year, which was good news for miners, but not so much for those who use the network. The network’s revenue for the period was an incredible $ 1.96 billion, just $ 321 million more than in the third quarter of 2020.

The report also states that 68% of these fees were burned after the deployment of EIP-1559 in August. At the time of writing, more than 710,600 ETH has been burned at an estimated value of $ 3 billion at current prices. At the end of last week, the first upgrade of the ETH Beacon Chain called Altair took place. 

Banks, crypto exchanges, companies

Houston car dealer offers purchases of luxury cars through BTC-covered loans

Post Oak Motor Cars (POMC) and NYDIG, a cryptocurrency company, recently announced a partnership that allows a Houston car dealer to sell vehicles through BTC-covered loans.

A partnership with a BTC financial services company will give POMC customers access to a full-fledged BTC  service package, including custody and loans.

“This product does not require customers to pay interest for the duration of the loan,” says a press release explaining that customers who do not want to sell their BTC can access part of its value by borrowing USD and using BTC as collateral.

CBDC, Regulation

New South African legislation seeks to ban non-CBDC crypto from pension funds

Under the old legislation, portfolio managers could invest up to 2.5% of member funds in a broad category of “other assets” that included crypto assets. Now the new rules in the new government journal explicitly exclude cryptocurrencies.

Insufficient investor protection has led South African regulators to raise persistent suspicions about the speculative nature of cryptocurrencies, while examining possible cases of distributed ledger technology.

Regulation 28 is a piece of legislation that draws its influence from the Pension Funds Act and directs funds how they can invest. Regulation 28 includes the protection of investors against over-investment in one particular asset class.

At the level of Kanzhou Prefecture, the Chinese city suppresses cryptoactivity

Other local governments in China are taking measures to curb mining and trade in cryptocurrencies. Kanzhou City, located at the prefecture level in the eastern province of Jiangxi, has introduced controls and inspections of local businesses.

The Ganzhou Economic Development Zone has announced that it is conducting inspections at a local industrial park in collaboration with the local central bank, the city’s financial regulator and the local public safety department.

Local authorities said they had issued risky warning letters to companies in the area and checked their business and licenses. Local intervention underscores the ongoing nationwide crackdown on the crypto industry, as China outlawed crypto mining and trading on September 24.

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