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Ethereum held on Crypto exchanges might run out of supply in 2 days
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Cryptocurrency
Crypto: Financial market that never sleeps, or is under any central authority
Cryptos are simply financial digital assets, and like the internet, they run 24/7.
There is only one known financial market that never sleeps, blinks, or shuts down. That’s the crypto market. There are no opening or closing trading sessions to be observed. This is why crypto traders and investors currently use the standard 24-hour price change by seeking differentials between the current market price to the price that the specific crypto of concern traded the previous day at the same time period used.
The major reason why the crypto market runs round the clock is simple; there are no individuals or central authorities that control these fast-changing financial markets; it’s decentralized in operations.
READ: Crypto: Celo gains over 50% within a day, as Coinbase announces its listing
What to know about Cryptos: Cryptos are simply financial digital assets, and like the internet, they run 24/7. You can trade your digital asset at any time of the week. Unlike other conventional financial instruments like commodities and stock, the crypto market doesn’t need to be traded on a regulated exchange.
Let’s assume that all crypto exchanges agreed to control the crypto-verse transactions, which almost seems impossible, there would be many unknown smaller exchanges providing market liquidity for traders and investors, which in principle could shut off the major crypto exchanges.
READ: Global Stocks rise higher, on positive Chinese manufacturing report
Advantages of trading Cryptos
You don’t even need a crypto exchange to buy or sell cryptos; individuals or entities could trade it via email or wallet or any choice of their own. This is why a lot of investors and traders believe the market in principle is efficient, as there is no authority that can thwart, manipulate or limit this fast-emerging financial asset on the basis that there is no binding authority that can control it.
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It’s no longer a major headline that the crypto market has been getting bigger lately, because the total market capitalization of cryptocurrencies has surged past its two year high. This was largely due to the recent rally in BTC and many altcoins in play.
READ: Bitcoin is becoming scarce as BTC Miners sell less BTCs
Data from Coingecko, an advanced crypto ranking company, revealed that the market capitalization value of BTC stood at $382 billion at the time this report was drafted.
Cryptocurrency
Ethereum held on Crypto exchanges might run out of supply in 2 days
A crypto expert has released key details on why Ether coins on crypto exchanges could be all gone within 48 hours.
The amount of Ethers held on Crypto exchanges could go into extinction amid the high buying pressure seen in recent days.
Alex Saunders, a crypto expert, via Twitter, released key details on why Ether coins on Crypto exchanges could be all gone within 48 hours amid high buying pressure.
READ: Crypto: Financial market that never sleeps, or is under any central authority
- “Crypto Exchanges could be out of Ether within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10 million to 8 million in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range”
READ: Why Ethereum could make you rich
Exchanges could be out of $ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range. 🌐🖥️👽 #ETH2 #DeFi #NFTs #Gaming #DAO pic.twitter.com/rYPOch2u7p
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 14, 2021
READ: 5 rules that Dangote has Adopted from The 48 Laws of Power
Ether reserves held on crypto exchanges have not been this low for about two and a half years ago. At press time, just 7% of Ether’s circulating supply is presently held on Crypto exchanges.
Meanwhile, Crypto investors are buying into the world’s acclaimed utility crypto, over owning a stake in Ether amid the boom seen recently in Crypto markets. Although it has not been strange to many crypto experts in the crypto-verse, seeing Ethereum demand at a record high.
READ: Hackers, expose crypto wallets worth $150 million at Kucoin
Recent data obtained from Glassnode, a crypto analytic firm revealed a number of Ethereum based addresses holding 0.01+ coins just reached an all-time high of 10,997,708.
The previous all-time high of 10,997,003 was observed earlier today.
Metric description: The number of unique addresses holding at least 0.01 coins. Only Externally Owned Addresses (EOAs) are counted, contracts are excluded.
READ: U.S Central Bank leader says no rush into crypto dollar
📈 #Ethereum $ETH Number of Addresses Holding 0.01+ coins just reached an ATH of 10,997,708
Previous ATH of 10,997,003 was observed earlier today
View metric:https://t.co/XXb0u19ouH pic.twitter.com/KYPPpuCtFM
— glassnode alerts (@glassnodealerts) January 15, 2021
What you should know
- At the time of drafting this report, Ether traded at $1,219.35 with a daily trading volume of $34.1 billion. Ethereum is up 11.13% for the day. The world’s leading utility has a market value of $139.3 Billion.
- Breaking the $1,300 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March 2020 following the market carnage that occurred as a result of the ravaging COVID-19 virus.
- Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.
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Cryptocurrency
U.S Central Bank leader says no rush into crypto dollar
Jerome Powell recently spoke on why the U.S central bank had no reason to rush into central bank digital currencies.
The world’s most powerful monetary policy chief, Jerome Powell, recently spoke on why the U.S central bank had no reason to rush into central bank digital currencies.
In a YouTube webinar organised by Yahoo Finance and conducted by highly revered economist, Markus Brunnermeier, the U.S Fed Reserve Chairman stated that the US central bank desires to get it right and hence doesn’t feel an urge or need to be the first.
READ: Central banks digital currencies pose a threat against the U.S dollar
“Since we are the world’s reserve currency, we actually think we need to get this right, and we don’t feel an urge or need to be first,” he said. “We effectively already have a first-mover advantage, because we’re the reserve currency.”
Powell also revealed that stablecoins were of high-level priority.
READ: Crypto usage absolutely certain – Standard Chartered
“We’ve been very focused… on potential regulatory answers for global stablecoins, in particular,” said Powell in response to a question about CBDCs, or central bank digital currencies.
“So that’s been a high-level focus, and that will continue to be a high-level focus because they could become systemically important overnight and we don’t begin to have, you know, our arms around the potential risks and how to manage those risks, and the public will expect we do and has every right to expect that… It’s a very high priority.”
READ: Gold prices up on U.S Central Bank’s will to keep interest rates low
Recall many months ago, the world’s largest economy considered the use of digital dollars, following slow COVID-19 stimulus payments to its citizens. The U.S Congress recently heard testimonies on the usage of digital dollars to facilitate the U.S’ legacy financial infrastructure.
Just yesterday, America’s Congressional Fintech Task Force examined Federation Accounts and the use of digital dollars in expanding financial reach in the United States.
READ: Naira gains at NAFEX window as CBN squashes early devaluation thoughts
What you need to know about Digital Dollar: The U.S government considered a framework in creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.
- The digital dollars would be stored in a distributed database via the internet, on an electronic computer database, within a stored-value card or virtual files.
Cryptocurrency
Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon
MicroStrategy CEO has disclosed why betting with Bitcoin is much better than investing in leading technology brands.
Michael Saylor, CEO of MicroStrategy, in a recent Youtube interview with Chris Jaszczynski of MMCrypto, revealed why betting with Bitcoin is much better than investing in leading technology brands.
Saylor has been very vocal about Bitcoin and its potentials since his company gained exposure late last year. It is worth stating that MicroStrategy was the first public-listed company to purchase Bitcoin as part of its treasury policy.
READ: $100 billion wiped in crypto market amid profit taking
- “I’ve invested in everything. I was an early investor in Apple, Facebook, Amazon, Google, OpenTable, eBay, and PayPal. I made huge amounts of money. I made 10x, 20x my money in those things, and let me tell you, none of them looks as good as this looks to me.”
The basis for such bias is based on the record inflows of funds comprising of “cash, debt, equities, [and] commercial real estate indices,” that are expected to shift at one point into Bitcoin.
The highly revered Chief Executive Officer of America’s leading business intelligence company further added that $300-$400 trillion could flow into the world’s flagship crypto.
This is nearly 60 times the prediction of $600 billion that was given by the world’s most valuable bank, JP Morgan Chase.
READ: Google, Facebook, Twitter stocks drop, investors ponder if big techs have become too powerful
What you should know
- MicroStrategy is listed on an American Stock exchange and has deployed about $250 million into Bitcoin in August and then added $175 million a month after.
- These two investments represented the first and second time a publicly-traded corporation bought Bitcoin for investment purposes.
- MicroStrategy increased its buying pressure subsequently by investing an additional $50 million and even going as far as to raise $650 million in the debt market.
- By the end of 2020, MicroStrategy had confirmed it had spent $1.125 billion to purchase 70,470 bitcoin, implying a cost basis of $15,964 per Bitcoin.
READ: Bitcoin jumpstarts strongly, daily trading volume hits $25 billion
Obinali promise
September 3, 2020 at 10:46 am
Please is the CBN bann on crypto true?