Cryptocurrency
BTC & ETH on pace to hit transactions worth $1.3 trillion in 2020
These settlement assurances are at the core of what allows public blockchains to scale globally.
In recent times, the human race with open hands has finally accepted the blockchain systems in making payment for goods and services, as data obtained from Messari’s top researcher, Ryan Watkins revealed BTC and ETH are on pace to settle a combined $1.3 trillion in transactions in 2020.
READ ALSO: There are now 13,173 BTC millionaires around the world
Strong settlement assurances are a necessity for public blockchains as they need to guarantee payments between untrusting and potentially unknown parties.
These settlement assurances are at the core of what allows public blockchains to scale globally.https://t.co/B0RvSwjKL3
— Ryan Watkins (@RyanWatkins_) July 21, 2020
These settlement assurances are at the core of what allows public blockchains to scale globally.
READ MORE: BTC scammers breach Twitter accounts of Bill Gates, Obama, Google, Apple, Uber
Quick fact: The purpose of these blockchain systems is to fully guarantee payments so that they cannot be repudiated, reversed, or charged back without the agreement of the recipient, and they’re meant to settle immediately.
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While it’s true most individuals do not want to transact in volatile financial instruments like crypto though most would prefer to hold their BTCs or ETH for investment purposes, it’s not necessarily true they’re not used for payments at all. In each of the past 3 years, BTC and ETH have settled a combined $1 trillion annually. This year they’re on pace to settle $1.3 trillion – their most ever.
Strong settlement assurances are a necessity for public blockchains as they need to guarantee payments between untrusting and potentially unknown parties.
READ ALSO: Paris Club: Debt payments suspended for Chad, Ethiopia, Pakistan and DRC in $1.1 billion waiver
Meanwhile the second most valuable cryptocurrency, ETH is on pace to shatter its previous annual record for total gas spent (in native units)
Ethereum is on pace to shatter its previous annual record for total gas spent (in native units)
The rise of DeFi and Tether’s continued invasion of Ethereum have, in part, increased network activity as well as the demand for block space pic.twitter.com/CnQiewrfsd
— Wilson Withiam (@WilsonWithiam) July 20, 2020
Cryptocurrency
Bitcoin ETF in North America has reached $1 billion in assets
The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.
Cryptocurrency
Bitcoin is on fire, breaks above all-time high
The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.
Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.
At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.
Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.
BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.
READ: Why Bitcoin might likely hit $100,000 soon
📉 #Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702
View metric:https://t.co/v3uKq4dCjX pic.twitter.com/MTLDQeL5Oj
— glassnode alerts (@glassnodealerts) April 13, 2021
READ: Bitcoin produces 4 billionaires worth at least $3 billion each
More details later…
