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Cryptocurrency

$30 billion worth of BTCs disappears forever 

Data from Coinmarketcap shows that BTC is presently trading around the $9300 support levels.

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Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Nigerians losing millions to crypto fraud, Investing in cryptocurrencies in this economic shutdown, Bitcoin could hit above $100,000 by August 2021, Hedge funds, Institutional investors rush to have a stake in Bitcoin, An unknown Bitcoin whale moved $1.3 billion in few mins. Binance, Bitfinex Coinbase, Huobi, receive about 40% of all BTCs , How to buy and sell bitcoins in Nigeria, Investors Are Selling Gold Etf for Cryptocurrency, Investors Are Selling Gold Etf for Cryptocurrency

When access to a BTC wallet disappears, the BTC is lost forever. Data retrieved from Coincover, a British crypto analytic firm, showed that about 4 million BTCs are (worth some $30 billion at current prices) lost as a result of BTCs owners dying, and their next of kin not having access to such BTC wallet  

As BTCs and cryptos become more prominent in human daily activities, the volume of BTC being lost forever is more likely to surge  

READ ALSO: 83% of BTCs addresses are smiling to the Bank 

“As bitcoin becomes more popular and its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult,” said David JanczewskiCoincover’s co-founder and chief executive, adding that, with bitcoin, “there’s no bank manager to ask, and no one can break in for you.” 

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What you need to know: Only 21 million BTCs are ever going to be produced in total, and presently, there are about 18.5 million BTCs in circulation. This shows a differential of about 2.5 million BTCs that are left to be produced. 

Meanwhile, data from Coinmarketcap shows that BTC is presently trading around the $9300 support levels, with a market capitalization of over $170 million dollars and the flagship cryptocurrency having a trading volume at around $13.8 billion, 

READ ALSO: There are now 13,173 BTC millionaires around the world

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BTC transformed digital money by decentralizing this accounting process. Instead of a central figure that is responsible for making sure that their users’ transactions were always adding up, BTC works by sharing the account balances and transactions of every user across the globe in a pseudonymous form. 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Ethereum keeps breaking new highs, trading at $4,115

    Ether traded at $4,115.72 with a daily trading volume of $53.5 billion.

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    Ethereum

    Ether, the world’s most popular utility crypto broke above $4,000 in the early hours of Monday and keeps soaring high after passing the all-important resistance level on many crypto exchanges’ barrier including the FTX exchange.

    Such a milestone comes barely a week after it breached above the $3,000 price level.

    At the time of writing this report, Ether traded at $4,115.72 with a daily trading volume of $53.5 billion. Ethereum is up 3.85% for the day and is presently the second most valuable crypto asset by the market value of $476.7 billion.

    Crypto pundits argue that the leading altcoin has attracted a new wave of institutional investors in credence to its recent approval of 3 Ethereum exchange-traded funds (ETFs) in North America.

    Adding credence to Ethereum’s record buying pressures is data retrieved from Glassnode, an advanced crypto analytic firm, revealing the Number of Addresses Holding 0.01+ Coins just reached an all-time high of 14,969,657.

    A previous all-time high of 14,966,780 was observed on 9th May 2021.

    The rising use of non-fungible tokens to validate the ownership of digital assets is notably purchased and used on Ethereum, thereby attracting more apps and contracts.

    Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

    The rise of many DeFi crypto assets that thrive on the Ethereum Blockchain has added more buying pressures from investors globally with YAM, UniSwap, Chainlink, Compound, Cream finance, and Melon seeing record cash inflows.

    Investors are getting more attracted more to DeFi because they can receive higher interest rates when compared to what is gotten in traditional finance, on the basis that lower operating costs are enabled when operating on an automated decentralized network.

    Just recently it upgraded to Ethereum 2.0, which is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers around the world.

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    Cryptocurrency

    Dogecoin investor loses $12 million on Binance as Doge suffers violent dump

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

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    The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.

    At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

    The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.

    READ: Dogecoin up 168%, more valuable than Polkadot, Cardano

    READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs

    Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.

    Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time,  impact negatively on its price.

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