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Cryptocurrency

Unknown Ethereum Whale transfers a whopping 89,874 ETH

An unknown ETH whale just moved 89,874 ETH worth$ 42.4 million.

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Ethereum,Ethereum Whales Cumulative Holdings Touch 10 Months High, ETH Passes $220, Ethereum wallets holding at least 0.1 ETH just crossed the 3 million mark for the first time

Ethereum whales have been on the rise lately, as major entities are rushing to cash in on this valuable crypto more frequently.

Data from advanced crypto tracker, Whale Alert, showed that an unknown ETH whale just moved 89,874 ETH worth $42.4 million, transferred from an unknown wallet to another unknown wallet just a few hours ago.

READ: Ethereum miners on steroids, earn $500,000 in just one hour

READ: Crypto: Celo gains over 50% within a day, as Coinbase announces its listing

At the time this report was drafted ETH was trading at $471.57 with a daily trading volume of $19.63, billion. ETH price has been up 8.0% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

What you must know: In the Ethereum world, traders or investors who own a large number of Ethereum are typically called whales. This means an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

READ: Bitcoin whale transfers 92,857 BTC worth $1.1 billion

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Things you need to know about Ethereum

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

While Ethereum refers to the blockchain network, the native currency that flows within the Ethereum economy is called Ether (ETH).

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READ: BAND, fastest growing crypto gains 5,620% in 7 months

On Ethereum, all transactions and smart contract executions require a small fee to be paid. This fee is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.

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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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Business News

CBN, SEC working on regulatory guideline for cryptocurrency trading

The SEC has stated that it is in discussion with the CBN to better understand and regulate the crypto-assets market.

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The Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country.

This is coming after CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos and other digital assets.

This disclosure was made by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC) virtual news conference.

Yuguda said that the commission was in discussion with the CBN for better understanding and regulation of the crypto-assets market, adding that the capital market regulator had suspended the implementation of crypto assets guidelines due to lack of access to Nigerian bank accounts.

READ: Binance, Quidax, Buycoins Africa, Bundle obey CBN’s crypto ban

What the Director-General of SEC is saying

Yuguda in his statement said, “We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.

But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” he said.

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Yuguda, however, pointed out that SEC had always provided support to Fintechs and had invested so much in developing a framework to support their operations.

READ: Why buying Bitcoin in Nigeria is not cheap

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He said, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

He acknowledged the fact that the fintech market had been disrupted by the CBN’s ban on access to Nigerian bank accounts by the crypto exchange.

He said, “In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

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And the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

READ: Analysing the Central Bank of Nigeria’s Dollar Remittance Policy

In case you missed it

  • The apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.

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Cryptocurrency

Ripple’s CTO advises investors to reduce their crypto investments

The crypto leader recently made the warning on Twitter.

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XRP

David Schwartz, Ripple’s Chief Technology Officer has advised investors and crypto traders to consider offloading some amounts of their crypto holdings to reduce risk. The crypto leader recently made the warning on Twitter.

“This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do,” his tweet stated.

READ: Billionaire investors in Nigeria you may not know

To lend credence to his advice, about $1.39 billion dollars were liquidated in the crypto market arbitrarily with about 240,759 traders liquidated.

The largest single liquidation order happened on Huobi-XRP valued at $11.69 million.

Despite the recent pullback in some trending crypto assets, some crypto traders remain upbeat that crypto assets are the best tools for hedging against rising inflation, offer better returns than many traditional assets, and are set to win more attention from the corporate world.

READ: US moves against misuse of cryptocurrencies, to employ new financial technologies

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Many weeks ago, the Financial Conduct Authority, a leading United Kingdom financial regulator, issued a piece of stern advice on the risk associated with trading crypto assets.

The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets and warned the public that there were high chances that all their funds could be lost.

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READ: List of unpopular Cryptos likely to outperform

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.

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