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Sunday, October 4, 2020

##Bitcoin’s Transaction Fees Almost Double Ethereum's After BitMEX Exodus

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An exodus of upward of 40,000 Bitcoin from derivatives exchanges BitMEX might have pushed up Bitcoin’s transaction fees. Meanwhile, Ethereum’s have fallen.

In brief

Bitcoin transaction fees are on the rise amid an exodus from derivatives exchange BitMEX.

Meanwhile, Ethereum's fees fell. Ethereum fees are usually higher than Bitcoin fees.

Bitcoin's fees are almost double Ethereum's.

While Bitcoin’s average transaction fees more than doubled in the past week, Ethereum’s are on the decline, according to data from BitInfoCharts. An exodus from a large cryptocurrency exchange accused of money-laundering could be partly responsible.

The average cost of processing a Bitcoin transaction, which must be paid to the miners that process each transaction on the Bitcoin blockchain, is $4. On Sunday, September 27, the same transaction cost an average of $1.5.

The average cost of an Ethereum transaction also rose at the beginning of the week, from $2.3 on Sunday to $3.6 on Tuesday, an increase of 57%. But then fees sharply declined, tumbling back down to $2.3 by Friday, the most recent date for which BitInfoCharts has data.

Transaction fees rise when lots of people move cryptocurrency at once. This is because the demand for minersto process cryptocurrency transactions outstrips the supply, so miners hike up their fees.

This means that Bitcoin’s transaction fees are almost double those of Ethereum. But Ethereum, not Bitcoin, is known for having sky-high transaction fees these days.

That’s largely the consequence of this summer’s DeFi(decentralized finance) boom, during which investors flooded the network with around $10 billion, hoping to reap some of the rewards offered by Ethereum-based DeFi protocols such as Compound, Aave and Uniswap. On September 2, an average Ethereum transaction cost $14; then, the average Bitcoin transaction cost $4.6.

So, why has Bitcoin edged out Ethereum this week? It could have something to do with a cryptocurrency exchange called BitMEX. On Thursday, the United States Commodity Futures Trading Commission filed money-laundering and criminal charges against BitMEX and its founders. This caused an exodus of the Bitcoin held on the exchange.

BitMEX is the fifth largest derivatives exchange, and crypto metrics site Glassnode tweeted yesterday that traders withdrew almost 40,000 Bitcoin from the exchange—a large chunk of the 170,000 Bitcoin ($1.8 billion) held in BitMEX’s wallets, or almost 1% of all Bitcoin in circulation.

Still, the charges were filed on Thursday, and fees have been rising since last Sunday. Bitcoin’s transaction fees haven’t been this much higher than Ethereum’s since the end of August. On August 27, Bitcoin’s average transaction fees were $4.2, compared to Ethereum’s, which were $2.4. (Coincidentally, on this day, Ethereum’s fees were also 57% of Bitcoin’s fees).

##SEC Chairman Open to Crypto-based Exchange-Traded Fund

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In brief

SEC Chair Jay Clayton is open to a tokenized ETF.

This would be a tokenized stock that represents an index.

But recent clampdowns on crypto companies suggests that current offerings don't cut it.

Though the US Securities and Exchange Commission has struggled to keep up with the pace of innovation in the decentralized finance space, its chairman, Jay Clayton, is open to its potential.

In a webinar with the Chamber of Digital Commerce yesterday, Clayton said, “It may very well be the case that [...stocks] all become tokenized.” Tokenized stocks form one of a slew of financial products that fall under the DeFi umbrella; others include non-custodial loans and decentralized stablecoins.

Clayton’s even open to a tokenized exchange-traded fund, or ETF—essentially, a stock whose price tracks an index. “We're willing to try that; our door is wide open. If you want to show how to tokenize the ETF product in a way that adds efficiency, we want to meet with you, we want to facilitate that,” he said.

Recent SEC actions suggest that this day has not yet come.

In July, the SEC, along with another US regulator, the Commodity Futures Trading Commission, took Abra, a company offering tokenized stocks to the cleaners. The SEC alleged that its tokenized stocks constituted “security-based swaps subject to US securities laws.” The California-based startup had to pay a $300,000 fine and stop offering such products.

And the SEC has rejected several attempts for Bitcoin ETFs—regular (non-tokenized) ETFs that track the price of Bitcoin—on the grounds that Bitcoin's price is prone to manipulation.

Without referencing Abra or the proposals for Bitcoin ETFs, Clayton said, ”we got off on the wrong foot in this innovation. There was the theory that because it was so efficient, because it could have had so much promise, we could toss aside some of those principles of responsibility and transparency.”

The SEC Chairman added, “you have to stay true to the principles, which is people who are distributing stock. People who are insiders of the companies for which the stock has been issued—they have responsibilities.”

His main advice: Don’t try and pull the wool over his eyes. The SEC has chased after many cryptocurrency companies that ran ICOs, claiming that they were exempt from securities regulations because they were setting up payment systems, not offering speculative investments.

“What we don't like is when someone says, ‘you know, the function is payments,’” he said. “Don't pretend that it's a payment system when it's actually a financing vehicle.”

#Bitcoin Price Stable Despite BitMEX Arrests and Trump's COVID Diagnosis

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As the rest of the market fluctuates, Bitcoin's price holds steady.

In brief

The Bitcoin price remains steady at $10,542 despite money-laundering charges against BitMEX Trump’s COVID-19 diagnosis.

After Thursday and Friday price drops, it remains one of the least volatile major cryptocurrencies.

Currently, major cryptocurrency market action happens in DeFi protocols, into which investors have poured more than $10 billion into over the past 4 months.

Despite the charges of money-laundering against derivatives giant BitMEX and Trump’s positive COVID test, Bitcoin’s price held steady over the past 24 hours. Meanwhile, decentralized finance coins are on the rise as the summer’s DeFi boom continues.

The current price of Bitcoin is $10,542, according to data from Coinmarketcap. It started the week at about $10,900 but fell by $400 on Thursday. Then it recovered slightly, before falling by a further $200 on Friday after the CFTC charged BitMEX with money-laundering and Trump caught COVID-19.

As the largest cryptocurrency by market cap—at least five times the size of the second-largest, Ethereum—Bitcoin’s price is a strong indicator for the health of the cryptocurrency market.

In the past day, Bitcoin’s daily price increase of 0.9% appears insignificant when compared to several of the top 10 cryptocurrencies by market cap. Ethereum increased by 2.6% in the past 24 hours, Binance Coin by 5.3%, Polkadot by 3.5% and Chainlink by 3.1%.

Zoom out to the past week, however, and Bitcoin comes out ahead. In the past seven days, Bitcoin fell by 1.4%. Meanwhile, Ethereum fell by 0.76%, XRP by 2.4%, Polkadot by 4.9% and Chainlink by 11%.

Far more volatile are coins that power leading decentralized finance, or DeFi protocols. The coin of decentralized exchange Balancer increased by 9% in the past 24 hours, interoperability protocol Ren by 16%, non-custodial loans protocol Aave by 8% and synthetics asset platform Synthetix by 8%.

Though the market caps of each are trivial compared to Bitcoin’s—never more than a billion dollars, compared to Bitcoin’s market cap of $195 billion—combined they represent a booming industry into which investors have poured in about $10 billion over the past four months.

The rise is likely linked to investors’ increased appetite for risk. DeFi protocols offer crazy-high interest rates, as well as lucrative incentives in the form of “governance tokens”—extra cryptocurrency earned from using the protocols.

Perhaps the rise is down to this year’s global economic contraction. When central banks like the U.S. Federal Reserve lower interest rates, low-risk assets no longer provide high returns. This makes cryptocurrency, a high-risk asset, more attractive for some investors.

This week, Bitcoin appears the safest bet.

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Friday, October 2, 2020

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Friday, September 18, 2020

###French Central Bank Will Use Tezos to Power Digital Euro Trials

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According to a report published September 15, the French Central Bank will see Tezos (XTZ) power its Digital Euro trial, after selected candidates Societe Generale and Forge chose Tezos as the blockchain for the experiment.

Multinational investment bank Societe Generale and startup Forge were selected to run the Central Bank Digital Currency trial by the Banque De France in July 2020

The CBDC will be used for interbank settlements

Tezos research unit Nomadic Labs is also contributing to the effort

France has shown a deep interest in blockchain technology and CBDCs, urging other EU nations to consider innovative fintech solutions

Tezos describes itself as a self-amending ledger that can seamlessly make upgrades to its protocol without necessitating hard forks

##Kraken is the First Crypto Exchange to be Approved as a Bank in the US

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San Francisco based exchange Kraken has received approval from the Wyoming Banking Board to serve as a special purpose depository institution (SPDI), according to an announcement made on September 16.

The approval makes Kraken the first crypto exchange in the US to become a bank, which has been named Kraken Financial

By receiving the license, Kraken Financial will be able to operate in other states without requiring individual approval from states

David Kinitsky, Managing Director at Kraken and CEO of Kraken Financial, said that this would give Kraken direct access to federal payments infrastructure, besides allowing for seamless banking and funding options for users

Kinitsky also hinted at several new offerings, including qualified custody for institutions, digital-asset debit cards and savings accounts all the way to new types of asset classes

##United States Will Pay You $625K if You Can Crack Monero's Privacy

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The United States Internal Revenue Service is offering a bounty of up to $625,000 to individuals who are successfully able to breach the privacy protocol of Monero (XMR), according to a proposal published in early September.

The proposal asks for submissions from anyone who can demonstrate working prototypes that can trace transactions on Monero as well as the Lightning Network

Specifically, the tax department desires innovative solutions for “tracing and attribution of privacy coins, such as expert tools, data, source code, algorithms, and software development services”

The IRS will offer a grant to successful applicants with their concepts, granted $500K for the first 8 months

Those who positively demonstrate the solution - a further $125,000 will be granted

Monero is the most popular privacy coin on the market and obfuscates both sender and receiver identities, and transaction amounts

The US government has been working with crypto companies to establish tracing solutions, with CipherTrace and Department of Homeland

Security recently signing a contract to that end