• Ethereum on-chain activity has recorded a new high following the crypto market revival.
• Network usage in terms of addresses has also surged, with an all-time high of 92.5 million addresses over the weekend.
• With the transition into proof of stake (PoS) mechanism, Ethereum is expected to become a deflationary token.
Ethereum On-Chain Activity Records New Highs
The crypto market revival has caused various metrics under the Ethereum network to show steady increases over the past few months. According to data from Etherscan, the total number of ETH transferred daily on the network surpassed 1 million once again in recent years, indicating that the network activity has not had any significant decline over the past three months.
Network Usage in Terms of Addresses Surges
In addition to increased daily transfers, another metric known as network usage in terms of addresses has also seen growth. According to PrimeXBT’s recent report on Ethereum, there was an all-time high of 92.5 million addresses recorded over the weekend – a 10% increase from its previous levels.
Ethereum’s Transition into Proof Of Stake Mechanism
With Ethereum’s transition into proof of stake (PoS) mechanism, it is expected for it to become a deflationary token and eliminate sell pressure from miners. This could help further solidify its position in being second largest crypto by market cap and rival Bitcoin for top spot in future years ahead.
Rapid Adoption and Birthing Of New Ecosystems In Web3
The rapid adoption and birthing of new ecosystems in Web3 have only pushed potential blockchains such as Ethereum forward with no significant retracement or declines seen so far in its metrics or native token price holds steadily throughout bear markets according to crypto YouTuber Lark Davis’ analysis on January 29th 2021 tweet post.
In conclusion, Ethereum continues to amass new highs pushing forward despite current market conditions which have only continued to push its network activity even higher than before with various metrics showing steady increases over time – making this blockchain one that could potentially compete with Bitcoin for top spot soon enough if everything continues progressing positively overall!
• Floki Inu, a meme coin birthed by fans and the SHIB community, has seen tremendous performance after its governing DAO issued an important proposal.
• The proposal called for a burn of nearly $55 million worth of FLOKI tokens to reduce the tax that users pay for transacting on the network and to address potential safety hazards associated with bridges.
• After the proposal was issued, FLOKI saw a massive price increase of 25%.
The cryptocurrency world has been abuzz lately with the performance of a surprisingly popular meme coin that has been captivating the attention of investors and traders alike. Floki Inu, a meme coin birthed by fans and the SHIB community, has joined the class of rising coins and recently seen tremendous performance over the past few hours. This impressive performance has been attributed to a developmental proposal issued by its governing DAO.
As a strict Shiba Inu competitor, this meme coin has earned the nickname “Shiba Inu-Killer” and has been rapidly gaining attention from the crypto-world. The proposal issued by the decentralized autonomous organization (DAO) governing Floki called for a burn of nearly $55 million worth of FLOKI tokens. This proposed change was intended to reduce the tax that users pay for transacting on the network as well as to address potential safety hazards associated with bridges.
Reports had indicated that over $2 billion alone had been either misplaced or stolen from cross-chain bridges in the year 2022. Taking this into consideration, the developers of Floki Inu felt that it was necessary to take extra precautions and address the safety risks associated with bridges. This token burn was meant to reduce the total circulating token supply and, in turn, increase the asset’s value, provided demand does not change.
The proposal was met with much enthusiasm and Floki saw a massive price increase of 25%, making it one of the fastest-growing coins on the market. As a people’s cryptocurrency, Floki Inu has been a huge success and the proposal to burn tokens has only added to its popularity. This meme coin is proving to be a serious competitor to the already established Shiba Inu coin and is likely to continue to attract more attention from the crypto-world.
• Chainalysis released a report showing that ransomware attack revenue fell by 40.58% in 2022 compared to 2021.
• The total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021.
• The decrease in ransomware revenue is due to organizations increasingly refusing to pay attackers, rather than the hackers limiting their efforts.
The cryptocurrency industry has experienced a surge in popularity in recent years, and with that has come an increased risk of cybercrime. According to a recently released report by on-chain analytics firm Chainalysis, the revenue of ransomware attacks has fallen by 40.58% in 2022 compared to 2021.
Ransomware is a type of malicious software that infects computers and locks them, preventing users from accessing their data until they pay a ransom. The report found that the total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021. However, Chainalysis cautioned that this number could be even higher, as not all addresses linked to attacks have been identified.
It appears that the decrease in ransomware revenue is not because the hackers are limiting their efforts, but rather, because organizations are increasingly choosing to stand up to criminals instead of paying them. This is likely due to the increased regulatory focus on the crypto industry, which has pushed organizations to apply stricter cybersecurity measures.
The report is a welcome sign of progress, showing that the global clampdown on cybercrime is having an effect. However, it is important to remember that this does not necessarily mean that ransomware attacks are down, as the drastic drop in payments could be attributed to organizations refusing to pay attackers. It is also possible that hackers are simply becoming more sophisticated, making it more difficult for law enforcement to track them.
Regardless of the reason, the decrease in ransomware revenue is a positive step forward in the fight against cybercrime. It is essential that organizations remain vigilant and continue to apply appropriate cybersecurity measures, as hackers are likely to continue to look for new ways to exploit the system.
• Samsung Asset Management has received approval to list its Bitcoin futures ETF on the Hong Kong Stock Exchange.
• The listing is set to happen on January 13 and the ETF will primarily invest in CME Bitcoin Futures.
• The Hong Kong government is taking steps to transform the city into a global cryptocurrency hub.
The cryptocurrency industry is continuing to make strides towards mainstream adoption with the news that Samsung Asset Management has been approved to list its Bitcoin futures Exchange-Traded Fund (ETF) on the Hong Kong Stock Exchange. The listing will take place on January 13, 2021 and will be the first of its kind in the region.
The ETF, known as the Samsung Bitcoin Futures Active exchange-traded fund, will invest primarily in Bitcoin futures products that are traded on the Chicago Mercantile Exchange (CME). It is expected to generate returns that are similar to spot Bitcoin. In addition, it has been confirmed that some of the ETF investments will be in CME Micro-Bitcoin Futures.
Park Seong-jin, the head of Samsung Asset Management in Hong Kong, commented on the listing: “Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.”
The government of Hong Kong is also actively supporting the cryptocurrency industry. Paul Chan, Hong Kong’s Financial Secretary, recently spoke at the Hong Kong Web3 Innovator Summit and discussed the need for laws to set up a licensing system for virtual asset service providers. He said: “We need to establish a comprehensive licensing system to regulate the activities of virtual asset trading platform operators, custodians and other service providers.”
The listing of the Samsung Bitcoin Futures ETF is another major step forward for the cryptocurrency industry. It is a sign that more traditional financial institutions are beginning to recognize the potential of digital assets. It also indicates that the cryptocurrency regulatory framework in Hong Kong is becoming increasingly robust, which could attract more businesses to the region.
With the listing of Samsung’s Bitcoin futures ETF, investors will now have access to a regulated and institutional-grade product that can help them gain exposure to the cryptocurrency markets. This could be a major turning point for the industry as it further legitimizes digital assets and encourages further investment in the space.
• Bitcoin 7-day volatility has recently declined to the lowest value since July 2020.
• This is demonstrated in the graph provided which shows the trend in the 7-day and 30-day Bitcoin volatilities over the past year.
• Low values suggest the price of the crypto hasn’t been showing many returns in recent days.
The recent market movements of Bitcoin have been quite mundane and uneventful, with the 7-day volatility reaching its lowest value in two and a half years. According to the latest weekly report from Arcane Research, the BTC volatility has sharply declined recently, with the 7-day version of the metric currently having a value of 0.7%.
The “volatility” here is a metric that measures the deviation in the daily returns for Bitcoin from the average over a specified period. This rolling average period can be of any length, but the most useful versions of the metric are the ones taken over 7 days and 30 days. When the value of the indicator is high, it means BTC is currently observing large fluctuations compared to the average recently. On the other hand, low values suggest the price of the crypto hasn’t been showing many returns in recent days.
Naturally, trading during highly volatile periods involves more risk than in ones with stale price action, and this is why the current low volatility is a bit concerning. This is because, when the market is too stagnant and stable, it can indicate a lack of interest or enthusiasm from investors. This can lead to a prolonged period of stagnation, which can be quite damaging to the price of Bitcoin.
This is demonstrated in the graph provided which shows the trend in the 7-day and 30-day Bitcoin volatilities over the past year. Both the weekly and monthly Bitcoin volatilities have sharply declined in the last few weeks as the crypto’s price has been stuck in endless consolidation. Such low values suggest the price of the crypto hasn’t been showing many returns in recent days.
It remains to be seen if the current low volatility is a sign of the market cooling off before the next major move, or if it indicates a lack of interest from investors. It is also important to note that it is not uncommon for the market to experience periods of low volatility, and this is often followed by a period of higher volatility. As such, it is important to remain vigilant and keep an eye on the markets in order to be able to capitalize on any potential opportunities that may arise.
• Bitcoin’s 7-day volatility has dropped to its lowest level in 2.5 years, sitting at a value of 0.7%.
• Arcane Research’s latest report showed that the 7-day and 30-day Bitcoin volatility metrics have sharply declined in recent weeks.
• Trading during highly volatile periods involves more risk than in times of stale price action.
The latest weekly report from Arcane Research has revealed that Bitcoin’s 7-day volatility has dropped to its lowest level in 2.5 years, sitting at a value of 0.7%. The “volatility” here is a metric that measures the deviation in the daily returns for Bitcoin from the average over a specified period, usually 7 days or 30 days. When the value of the indicator is high, it means Bitcoin is observing large fluctuations compared to the average recently. Low values suggest the price of the crypto is not showing many returns in recent days.
The report also showed that both the 7-day and 30-day Bitcoin volatility metrics have sharply declined in recent weeks as the crypto’s price has been stuck in endless consolidation. This means that trading during highly volatile periods involves more risk than in times of stale price action. It is important to note that there is a risk associated with any type of investment, and crypto traders should always exercise caution and do their own research before investing.
To help crypto traders better understand the current state of the market, Arcane Research has provided a chart that shows the trend in the 7-day and 30-day Bitcoin volatilities over the past year. The values of the two metrics have steadily declined over the past few weeks, indicating that the market has been relatively calm and stable compared to previous periods.
The Arcane Research report also discussed the potential implications of Bitcoin’s low volatility. While some traders may be happy to see a stable market, others may be concerned that the lack of movement is a sign of a potential bear market. However, it is important to remember that Bitcoin is still a relatively new asset and that volatility is to be expected.
Overall, it appears that the Bitcoin market is in a period of relative stability. While this may be a welcome change for some traders, it is important to remember that the market could still swing in either direction. Therefore, traders should always exercise caution and do their own research before investing.
• Coinbase has reached an agreement with the New York Department of Financial Services that will see it pay $100 million to improve its account and background checks.
• Half of the settlement will go into paying a $50 million fine, while the other half will be used to improve its compliance program.
• The New York State regulator determined that Coinbase allowed bad actors to use its platform to launder money, and thus required an independent monitor to be put in place.
Crypto exchange Coinbase has reached an agreement with the New York Department of Financial Services (NYDFS) that will see it pay around $100 million to improve its account and background checks. This settlement follows an investigation by the NYDFS that began in 2021, but detected issues with the company’s anti-money laundering controls dating back to 2018.
Coinbase has agreed to pay a $50 million fine as part of the settlement, with the other $50 million going towards improving its compliance program. The NYDFS found that Coinbase had allowed bad actors to use its platform to launder money, and thus required an independent monitor to be put in place. Adrienne Harris, Superintendent of Financial Services for the state of New York, said: “We found failures that really warranted putting in place an independent monitor rather than wait for a settlement. We have been very outspoken about illicit financing concerns in the space. It is why our framework holds crypto companies to the same standard as for banks.”
As part of the agreement, Coinbase will be required to implement stronger anti-money laundering controls, including enhanced customer due diligence, transaction monitoring, and customer risk profiling. The company will also have to provide regular reports to the NYDFS regarding its compliance with the agreement.
Coinbase has committed to improving its compliance program to ensure that it meets the same standards as other U.S. banks. The company will be investing heavily in its compliance program, and is expected to use the $50 million to hire independent firms to assist in this effort.
This agreement serves as a reminder that cryptocurrency companies must comply with the same regulations and standards as traditional financial institutions. Coinbase is the latest in a series of crypto companies that have been subject to investigations and enforcement actions by the NYDFS, and the settlement serves as a reminder that the regulator takes money laundering and other financial crimes seriously.
• The UK National Crime Agency (NCA) is creating a new team of cryptocurrency investigators to investigate unethical practices in the crypto industry
• The UK has experienced a total loss of $3 billion due to crypto hacks and scams
• The team of officials chosen for this position will be providing strategic and tactical advice on how to tackle crypto-related crimes
The UK National Crime Agency (NCA) is taking a firm stance on crypto-related crimes by creating a new team of cryptocurrency investigators. This team will be dedicated to tackling the unethical practices that are taking place in the industry, and to investigate those responsible.
The UK has been hit hard by crypto-related crime in recent times, with a total of $3 billion lost to crypto hacks and scams. This figure was highlighted in an investigation by the UK’s Financial Conduct Authority (FCA), which found that this industry has been a major contributing factor to financial scams. Between March 2021 and April 2022, a total of 432 scams were reported and scrutinised.
The team of officials who will be selected for this position of cryptocurrency investigator will be required to provide strategic and tactical advice on how to tackle crypto-related crimes, and to develop and implement the necessary tools and capabilities to do so. This includes the development of a “proactive cryptocurrency remit” in order to target UK-based subjects.
In order to ensure that the team is successful in their mission, the NCA have put out a job advertisement on the government’s website, asking for qualified individuals who possess the right skills and experience to join the team.
The establishment of a crypto crime cell is an important step in ensuring the safety of the UK financial market, and in tackling the rising number of crypto frauds. The team of investigators will be dedicated to protecting the public from such activities, and to ensure that the industry remains secure and safe for all.