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Profile photo of Dave, an author at BitcoinNewsCrypto

Dave is a seasoned cryptocurrency expert and passionate writer in the digital currency space. Since diving into the world of crypto in 2015, he has been an ardent observer and participant in this ever-evolving domain. His fascination with cryptocurrencies, especially Bitcoin, and his keen interest in the transformative potential of blockchain technology have fueled his journey. With a deep understanding of cryptocurrency markets and trends, Dave brings a wealth of knowledge to his readers.

Stablecoins

Tether Freezes $29.62M in Tron Address Linked to Cambodian Ruling Family

by dave
written by dave 5 minutes read

Tether Freezes $29.62 Million in Tron Address Linked to Cambodian Ruling Family

Introduction

Stablecoin issuer Tether has frozen $29,620,000 in USDT held in a Tron network address. This address is linked to an online bazaar used by scam operators in Southeast Asia, including the Cambodian ruling Hun family.

The Frozen Funds

On July 13, 2024, Tether froze the TRON address TNVaKW, holding over $29.62 million in USDT. Blockchain data analysis firm Bitrace confirmed that this wallet is tied to Huione Guarantee, an online marketplace owned by a conglomerate connected to Cambodia’s ruling family. Bitrace’s analysis showed that the address was activated on July 9, 2024.

Who is Huione Guarantee?

Huione Guarantee is an online marketplace owned by a Cambodian conglomerate. This group is linked to the ruling Hun family of Cambodia. According to Bitrace, Huione Guarantee has facilitated at least $11 billion in transactions. Many of these transactions are linked to scams like pig butchering, sextortion, and other cybercrimes. They mainly use USDT for payments, making it easier to move money quickly and anonymously.

Why Tether Froze the Address

Bitrace suggests that Tether froze the TRON address because of its ties to illicit activities. The address was likely assisting in laundering funds for crimes such as fraud and crypto theft. By freezing the address, Tether aims to prevent further criminal activities.

The Role of Blockchain Analytics Firms

Blockchain analytics firms like Bitrace and Elliptic play a crucial role in identifying and tracking illicit activities on the blockchain. These firms analyze blockchain data to uncover patterns and connections between addresses and transactions. In this case, Bitrace and Elliptic both identified the suspicious activities linked to Huione Guarantee and its related addresses.

The Impact of the Freeze

Despite Tether’s action, Huione Guarantee continues its operations. Bitrace reports that Huione has activated a new business address, TQuFSv, and transferred 114,800 USDC from the frozen TNVaKW address. Additionally, their old business address, TL8TBp, is still operational. This means that Huione Guarantee can still receive and move funds through these other addresses.

Cybercrime and Crypto Scams

Huione Guarantee has been linked to various cybercrimes and crypto scams. These include pig butchering scams, sextortion scams, and other fraudulent activities. In pig butchering scams, victims are tricked into investing in fake schemes, while sextortion scams involve threatening individuals with the release of private information unless they pay a ransom. These scams often use cryptocurrencies like USDT to facilitate transactions, making it difficult for authorities to trace the funds.

The Importance of Freezing Illicit Addresses

Freezing addresses involved in illicit activities is essential to prevent further crimes. By freezing the TRON address linked to Huione Guarantee, Tether has made it more challenging for the group to continue its fraudulent activities. This action also sends a message to other scam operators that their activities can be tracked and stopped.

Tether’s Role in the Crypto Ecosystem

As a stablecoin issuer, Tether plays a significant role in the crypto ecosystem. USDT is widely used for various transactions due to its stability and liquidity. However, this also makes it attractive to criminals who want to move large sums of money quickly and anonymously. Tether’s actions to freeze illicit addresses help maintain trust in the stability and security of its stablecoin.

The Future of Blockchain Security

The collaboration between Tether, blockchain analytics firms, and other stakeholders is crucial for enhancing blockchain security. By working together, they can identify and stop illicit activities more effectively. As technology evolves, so will the methods used by criminals. Therefore, continuous efforts and advancements in blockchain analytics are necessary to stay ahead of cybercriminals.

Conclusion

Tether’s decision to freeze $29.62 million in USDT linked to a Tron address associated with the Cambodian ruling family highlights the ongoing battle against crypto-related fraud and cybercrime. With the help of blockchain analytics firms like Bitrace and Elliptic, illicit activities can be identified and stopped, ensuring a safer and more trustworthy crypto ecosystem. Despite the challenges, actions like these are essential in maintaining the integrity of the crypto market and protecting users from scams and frauds.

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Ethereum

Ethereum ETFs Set to Launch July 23: Major Boost for Crypto Market

by dave
written by dave 4 minutes read

Ethereum ETFs Launching July 23, Bloomberg Analyst Reports

Introduction

Exciting news for crypto enthusiasts and investors: Ethereum ETFs are set to launch on July 23, as reported by a Bloomberg analyst. This event is expected to coincide with the Bitcoin Conference in Nashville, which could draw even more attention to the crypto market.

Key Details of the Launch

Ethereum ETFs will begin trading on July 23, according to Eric Balchunas, a Bloomberg ETF analyst. He shared that the SEC is asking issuers to submit their final S-1 forms by July 17. This means the launch is very close and should happen without any last-minute issues.

SEC and S-1 Forms

The SEC requires S-1 forms as an initial registration before any security can be publicly traded. The Ethereum ETF issuers filed these forms on July 8, but most left out the fees. This move is likely to check how competitive the funds’ fees are, especially compared to big names like BlackRock.

Impact of the Bitcoin Conference

The timing of the Ethereum ETFs’ launch is strategic, as it will occur during the Bitcoin Conference in Nashville. This overlap could boost market attention significantly. Ethereum’s debut as an exchange-traded fund is a big step for crypto adoption by mainstream investors. It shows that Ethereum is becoming a solid asset for institutional investors.

Market Predictions and Inflows

According to Matt Hougan, the Chief Investment Officer at Bitwise, Ethereum ETFs could see $15 billion in inflows by the end of 2025. This prediction was shared in a report by Crypto Briefing. Hougan believes that these investment instruments will attract significant capital from both institutional and retail investors.

Comparison with Bitcoin ETPs

Currently, US investors hold around $56 billion in Bitcoin ETPs, and Bitwise expects this number to rise above $100 billion by 2025. Ethereum’s market cap, which stands at $432 billion, suggests it has a huge potential for asset inflow, aiming to match Bitcoin ETPs at around $35 billion.

Challenges and Expectations

Despite the optimism, there are some challenges. Ethereum ETPs are slightly underperforming relative to their market cap weight. They are currently gathering 22-23% of total assets under management, whereas they should be at around 26%. Hougan has adjusted his expectations accordingly, predicting $18 billion instead of $25 billion in assets, excluding those from Grayscale’s trust.

Solana ETFs and Future Prospects

The launch of Ethereum ETFs also opens doors for other crypto ETFs. VanEck and 21Shares have already filed for the first spot Solana ETFs in the US. This development shows the growing interest and potential for other cryptocurrencies to follow in Ethereum’s footsteps.

Ethereum Price Surge

Ahead of the key ETF decision, Ethereum’s price surged by 5%, reaching over $3,400, according to data from TradingView. This price rally indicates strong market anticipation and confidence in the upcoming ETFs.

Carry Trade Strategy

Another factor influencing the market is the carry trade strategy. This involves buying spot Bitcoin ETPs and selling Bitcoin futures contracts against that position. Traders profit from the premium between futures and spot prices. This strategy might also impact Ethereum ETFs once they launch.

Conclusion

The launch of Ethereum ETFs on July 23 is a significant event for the crypto market. It aligns with the Bitcoin Conference, potentially boosting market attention. With predictions of substantial inflows and growing interest from institutional investors, Ethereum is set to solidify its position as a key asset in the crypto world. This move not only benefits Ethereum but also paves the way for other cryptocurrencies to gain mainstream acceptance through similar investment products.

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Ethereum

Ethereum Set for Gains: Key Bullish Indicators Point to Price Increase

by dave
written by dave 5 minutes read

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is showing signs of a potential upside move. Key indicators are turning bullish, and this positive momentum may be triggered by an increase in market buying pressure. Optimism is growing about Ethereum’s near-term prospects.

In this article, we will explore the key indicators signaling this upside potential and discuss what this could mean for Ethereum’s price trajectory.

Technical Indicators: Key Signals Pointing to an Upside Move

4-Hour Chart Analysis

Currently, the price of Ethereum on the 4-hour chart is showing bullish momentum. It is attempting a move toward the 100-day Simple Moving Average (SMA) and the 4-hour bearish trendline. Since breaking above the $3,200 mark, Ethereum has maintained its bullish sentiment. This price stability could lead to a potential rally toward the $3,400 resistance level.

The 4-hour Relative Strength Index (RSI) also suggests that Ethereum’s price may start a bullish move toward the $3,400 resistance level. The signal line of the RSI indicator is maintaining its bullish sentiment above 50% and is currently rising toward the overbought zone.

1-Day Chart Analysis

On the 1-day chart, Ethereum’s price is still trading below the 100-day SMA and the bearish trendline. However, the crypto asset is attempting a bullish move toward the $3,400 resistance level. Since crossing above $3,051, Ethereum has shown bullish resilience, keeping its pace above this level. If Ethereum breaks above both the bearish trendline and the 1-day SMA, it could potentially start a bullish rally.

A close examination of the 1-day RSI formation reveals that Ethereum could sustain its bullish rally above the 1-day SMA and the bearish trendline toward the $3,400 resistance mark. The signal line of the indicator has moved out of the oversold zone and is heading to 50%.

Assessing Ethereum’s Upside Potential

If Ethereum starts a rally toward the $3,600 resistance level and closes above it, it may continue to move upward to challenge the $3,959 resistance. When this level is breached, the digital asset may experience a further price increase toward the $4,275 resistance level and possibly other levels above.

However, if Ethereum encounters a pullback at $3,460, it may start to decline toward the $3,151 support level. Additionally, the crypto asset may see further price declines to challenge the $2,895 support target and perhaps other levels below if this level is broken.

As of the time of writing, Ethereum’s price is trading around $3,333. It has increased by 2.73% in the past day, with a market capitalization of over $394 billion and a trading volume of over $11 billion. There has been a 24-hour increase of 4.11% in its market capitalization and a 27.64% decrease in trading volume.

Justin Sun’s Influence on Ethereum

Addresses potentially linked to crypto tycoon Justin Sun, creator of Tron (TRX) and former executive of Huobi (now HTX), have accumulated billions of dollars worth of Ethereum since February. On July 13, one of these addresses withdrew 14,436 ETH from Binance, worth $45.51 million.

SpotOnChain reported this recent activity, linking the Ethereum address ‘0x43594da‘ to Justin Sun. Previously, the wallet sent $45 million in Tether USD (USDT) to the exchange three days before the withdrawal. At that time, Ethereum was priced at $3,117 per token, and Sun could have purchased the token since then. By the withdrawal time, Ethereum was trading at $3,152, signaling a multi-millionaire position built with a 1.1% spread.

According to SpotOnChain, other addresses potentially owned by the crypto tycoon have accumulated 377,188 ETH since February 8. The report calculates a cost of $1.15 billion at an average price of $3,049 per token. Thus, so far, holding $50 million in unrealized profit, which is a 4.4% gain over the initial investment.

Who is Justin Sun?

Justin Sun is a prominent figure in the cryptocurrency world and rose to fame as the founder of the Tron blockchain. He has been a controversial figure known for his aggressive marketing tactics and bold claims. Despite this, he has shown interest in Ethereum’s ecosystem, particularly in decentralized finance (DeFi).

Sun’s relationship with Ethereum is complex. Tron was initially built on Ethereum before launching its own blockchain. Despite this, Sun remains involved in Ethereum’s ecosystem. He has acquired BitTorrent (BTT) and serves as an advisor to Huobi Global, a major cryptocurrency exchange now renamed HTX.

Sun’s recent actions, including large Ethereum purchases, have sparked speculation about his intentions in the crypto market. His ability to generate buzz and his substantial wealth have made him a closely watched figure in the industry.

In conclusion, Ethereum is gearing up for gains with several bullish indicators signaling potential upside. Key technical indicators on both the 4-hour and 1-day charts suggest a possible rally toward higher resistance levels. Additionally, influential figures like Justin Sun are making significant moves in the Ethereum market, further fueling speculation and interest. With a market capitalization of over $394 billion and a trading volume of over $11 billion, Ethereum’s price trajectory remains a hot topic in the crypto community.

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Bitcoin

Spot Bitcoin ETFs See Record Inflows: Highest in Over Five Weeks

by dave
written by dave 4 minutes read

Introduction

Spot Bitcoin ETFs have recorded their highest daily inflow in over five weeks, signaling renewed investor interest and confidence in the digital asset. On July 12, these ETFs attracted $886.75 million, underscoring a growing interest among investors in Bitcoin as a digital asset.

What Are Bitcoin ETFs?

Background on Bitcoin ETFs

Bitcoin exchange-traded funds (ETFs) are investment funds that hold Bitcoin and allow investors to buy shares representing a portion of the cryptocurrency. This financial instrument provides a way for investors to gain exposure to Bitcoin without needing to hold the cryptocurrency directly, simplifying the investment process.

Key Players in the Market

Several prominent financial institutions are leading the market in Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are among the top ETFs, with significant inflows recorded. These products have made substantial contributions to the overall inflows, reflecting their popularity and trust among investors.

Why Are Bitcoin ETFs Gaining Popularity?

Factors Driving the Inflows

The inflows into Bitcoin ETFs can be attributed to several factors, including increasing regulatory clarity, institutional adoption, and growing recognition of Bitcoin’s potential as a hedge against inflation. The approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) has also played a crucial role in boosting investor confidence.

Comparison with Other Assets

Recent data from Bitcoin brokerage firm River indicates that Bitcoin ETFs are gaining traction faster than traditional assets like gold ETFs. In the first quarter of 2024, more professional firms invested in Bitcoin ETFs compared to gold ETFs, highlighting a shift in investment preferences.

What Does This Mean for the Market?

Market Implications

The substantial inflows into Bitcoin ETFs suggest a positive outlook for Bitcoin and the broader cryptocurrency market. As more investors seek exposure to digital assets, the demand for Bitcoin ETFs is expected to grow, potentially driving up the price of Bitcoin.

Future Outlook

With the increasing adoption of Bitcoin ETFs, market analysts predict further growth in this sector. Continuous regulatory support and the entry of more financial institutions into the Bitcoin ETF market are likely to sustain this upward trend.

Why This Is Important

This surge in inflows indicates strong investor confidence in Bitcoin and its associated financial products. It reflects the growing acceptance of Bitcoin as a legitimate investment asset, providing more opportunities for both retail and institutional investors.

Possible Implications

  • Increased legitimacy and acceptance of Bitcoin in traditional finance.
  • Potential upward pressure on Bitcoin prices due to higher demand.
  • Enhanced interest from institutional investors and financial firms.

Coins to Follow

Bitcoin (BTC) and Ethereum (ETH) are among the top-performing cryptocurrencies associated with ETFs. These digital assets are likely to see increased interest and investment as the popularity of Bitcoin ETFs grows.

What to Follow

Investors should keep an eye on regulatory developments related to Bitcoin ETFs, performance and inflow trends of major Bitcoin ETFs, and market reactions and price movements of Bitcoin and other cryptocurrencies.

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Bitcoin

Bitcoin Bottom Signal? German Gov’t Out of BTC Amid US PPI Data

by dave
written by dave 6 minutes read

Bitcoin Bottom Signal? German Government Runs Out of BTC to Sell

Key BTC Price Levels Emerge as Bitcoin Hits $58K on ‘Sticky’ US PPI

Bitcoin’s price hit $58,000 around July 12 when Wall Street opened. This happened as markets reacted to the “sticky” United States inflation data.

Bitcoin Joins Stocks in Positive PPI Reaction

Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin’s strength improved as the Producer Price Index (PPI) print for June rose more than expected. The year-on-year PPI came in at 2.6%, higher than the expected 2.3%, and 0.1% more than the previous month.

“On an unadjusted basis, the index for final demand rose 2.6 percent for the 12 months ended in June, the largest advance since moving up 2.7 percent for the 12 months ended March 2023,” said the US Bureau of Labor Statistics.

While the July 11 Consumer Price Index (CPI) numbers showed a different story, BTC/USD avoided a downturn. Instead, it gained modestly along with US stocks while the dollar weakened.

Analyst Insights on PPI Data

Popular trader Skew noted that while prices for energy, food, and trade services were rising, the overall PPI was “sticky.” He pointed out that without these sectors, the index was “basically flat,” which was less surprising for the markets.

He observed that initial market reactions showed the US Dollar Index (DXY) and yields rising before falling again. This indicated a market shift, expecting a tough future if demand continues to weaken. He mentioned that stocks like NQ and ES might recover as hedges are removed, with end-of-day performance being crucial.

The US Dollar Index (DXY) dropped 0.35% on July 12, reaching its lowest level in over a month.

Bitcoin Order Book and Market Health

Skew described the order book on Binance, the largest global exchange, as “pretty healthy.” He noted that although the order books leaned towards buying, it was important to see this translate into actual market activity.

Higher BTC Price Daily Close Needed

Other analysts demanded a stronger BTC/USD to consider a long-term recovery. Popular trader Rekt Capital highlighted that Bitcoin needed to close above $58,350 daily to break the Lower High and aim for $60,600. He shared an explanatory chart showing Bitcoin challenging the Lower High resistance again.

German Government’s Bitcoin Holdings and Market Impact

Bitcoin’s price could be on track for a reaccumulation phase as the German government is out of Bitcoin to sell. According to Arkham Intelligence, as of July 12, 2024, the German Government (BKA) held no more Bitcoin. They had transferred their Bitcoin to major exchanges like Coinbase, Kraken, and Bitstamp, as well as to trading firms like Flow Traders and a wallet linked to B2C2 Group.

On July 12 at 15:02 UTC+8, the government continued its transfer activity, moving 1,200 BTC equally among Bitstamp, Kraken, and Coinbase (400 BTC each). They also transferred 1,000 BTC to an address suspected to belong to B2C2 Group and 500 BTC to an unmarked address. Interestingly, in two separate transfers early on Friday morning, 4,169 BTC were received back from Coinbase, Kraken, and Bitstamp, possibly due to a failed sell transaction.

These movements reduced the German Government’s Bitcoin holdings significantly from 9,094 BTC. A research note by 10x Research on Friday stated that the selling pressure from the German government is easing and Bitcoin appears technically oversold. ETFs are buying the dip, and the Fed is expected to cut interest rates soon, which could provide the liquidity support anticipated by many.

“If the Fed cuts rates solely due to inflation concerns in September 2024, it could be short-term bullish for Bitcoin. However, if growth concerns drive the cut, either in September or later, Bitcoin might face significant selling pressure,” the report stated.

MicroStrategy’s 10-for-1 Stock Split

MicroStrategy, the largest corporate holder of Bitcoin, announced a 10-for-1 stock split. The shares rose about 6% but are still 34% off an all-time high of $1,999.99, reached in March. This move comes during a lull in Bitcoin’s price, which has been stuck in a tight range for four months.

MicroStrategy’s stock split will create class A and class B common stock, aiming to make the stock more accessible to investors and employees. The shares rose about 6% but are still 34% off their all-time high of $1,999.99, reached in March.

The company plans to pay a dividend on August 1, giving shareholders an additional nine shares for every one they hold. Trading on a post-split basis will begin on August 8.

MicroStrategy started as an enterprise software provider but began aggressively buying Bitcoin in 2020. It has mainly traded as a proxy for Bitcoin’s price since then. This February, the company announced it would focus more on Bitcoin development.

Bernstein recently said that MicroStrategy is “building the world’s largest Bitcoin company” and has about 80% upside. MicroStrategy’s stock is up 106% this year compared to Bitcoin’s 38% gain, and 216% in the past 12 months compared to Bitcoin’s 91% advance.This article provides a comprehensive look at the recent developments in Bitcoin’s price and market trends. The German government’s Bitcoin sales and the latest US PPI inflation data have impacted the market. As Bitcoin navigates these events, it remains crucial to watch key price levels and market reactions.

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Bitcoin

Satoshi’s Vision: Bitcoin Shifting Towards More P2P Payments

by dave
written by dave 4 minutes read

On-chain data suggests that Satoshi’s original vision for Bitcoin is alive and kicking as the Bitcoin network is shifting towards smaller transactions.

Bitcoin P2P Payment Transfers on the Rise

Recently, there has been a noticeable increase in Bitcoin peer-to-peer (P2P) payment transfers. According to CryptoQuant founder and CEO Ki Young Ju, there is a significant pattern shift in Bitcoin transactions. More transactions are now classified as P2P payments.

Bitcoin Transaction Fees Trend

Ki Young Ju discussed the trend in Bitcoin transaction fees. Transaction fees are what senders pay to validators on the blockchain. The chart below, shared by Ju, compares median transaction fees on Bitcoin and Ethereum over the past decade.

Bitcoin vs. Ethereum Transaction Fees

The chart shows that Bitcoin’s median transaction fees were higher than Ethereum’s before 2021. However, since then, Bitcoin’s fees have generally been lower. Ju noted that contrary to popular belief, Bitcoin transaction fees have been cheaper than Ethereum’s for most of the time since 2021. Currently, the median fee on Bitcoin is around $0.40, while on Ethereum, it’s about $0.68. This means users would only use Bitcoin for larger transfers to make the fee worth it.

Filtering for P2P Payments

Considering the transaction fee rate of 1-3% in developing countries, the lower limit for a feasible transaction would be $13-40. To identify transactions likely representing P2P payments, Ju analyzed those between $40 to $1,000. The graph below shows the daily median transaction value and daily transaction count for various periods.

Bitcoin Small Transactions

The chart excludes transactions related to Runes and Ordinals protocols, as these do not represent real-life P2P payments. It shows that the median size of Bitcoin transactions was higher from 2019 to 2022 but has become smaller since 2023.

Increase in Bitcoin Transactions

Not only have transaction sizes become smaller, but the number of transactions has also increased. This suggests many small moves are happening, likely due to real-life P2P payments. Ju believes this trend indicates that Bitcoin is developing in the right direction, aligning with Satoshi’s original vision.

Bitcoin’s Adherence to Satoshi’s Vision

While some might think Bitcoin hasn’t lived up to Satoshi Nakamoto’s vision, the data suggests otherwise. Bitcoin is becoming more suitable for small P2P payments, showing that it is developing as intended.

BTC Price and Market Trends

Currently, Bitcoin’s price is around $57,800. Despite recent market fluctuations, the increase in small P2P transactions is a positive sign for Bitcoin’s future. This trend indicates growing adoption of Bitcoin for everyday transactions, staying true to Satoshi’s vision of a peer-to-peer electronic cash system.

Conclusion

In summary, on-chain data shows that Bitcoin is shifting towards smaller, peer-to-peer payments. The trend in transaction fees, the increase in small transactions, and the overall development of the Bitcoin network suggest that Satoshi Nakamoto’s vision is still alive. Bitcoin is evolving into a practical mode of payment for everyday use, aligning with its original purpose.

This rise in P2P transactions is a promising sign for Bitcoin’s future, indicating its growing use in real-life scenarios. As Bitcoin continues to develop, it is likely to see even more adoption as a peer-to-peer payment system.

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Bitcoin

Top Countries Trading Crypto in 2024: Comprehensive Analysis and Insights

by dave
written by dave 6 minutes read

WHICH COUNTRIES TRADE CRYPTO THE MOST?

A Comprehensive Analysis

The global cryptocurrency market has grown a lot in the past few years. Many people now accept and use digital assets. We studied 136 countries to see how much they trade crypto. We looked at four important factors: web traffic, website language, headquarters location, and trading time zone. This helped us understand which countries are the biggest players in the crypto market.

HOW WE DID OUR STUDY

Our study started by listing centralized exchanges (CEX) with trust scores above 6 from CoinGecko. Since crypto trading data is decentralized, we used a special method to estimate the trading volume for each country. We looked at web traffic by country, supported languages, headquarters location, and trading time zones. These factors were weighted to estimate the trading volume for each exchange. You can find the detailed methodology at the end of this article.

KEY FINDINGS

  1. Global Trading Volume: In 2024, the global cryptocurrency trading volume is expected to exceed $108 trillion, which is almost 90% higher than in 2022.
  2. United States: The U.S. has the highest estimated crypto trading volume in 2024, surpassing $2 trillion.
  3. Europe: Europe leads in crypto trading, accounting for 37.32% of global transaction value.
  4. Turkey and India: Turkey and India are ranked 2nd and 3rd globally, each with trading volumes exceeding $1 trillion.
  5. Binance: Binance is the most widely used crypto exchange, leading in 100 out of 136 countries.

SIGNIFICANT SURGE IN GLOBAL CRYPTO TRADING VOLUME

Global cryptocurrency trading volume has increased by 42% since 2023. Over the past three years, the market has grown by 89%. This shows the growing acceptance and adoption of digital assets worldwide.

Europe has become a leader in this market, making up 37.32% of global cryptocurrency transaction value. Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy population. Asia follows closely, contributing 36.17% to the world’s cryptocurrency transaction value. High mobile penetration, strong tech infrastructure, and rising institutional interest help Asia grow quickly in crypto.

ESTIMATED CRYPTO TRADING VOLUME OVER THREE YEARS (2022-2024)

Europe’s cryptocurrency trading volume is expected to reach $40.5 trillion in 2024, up from $15 trillion in 2022. In 2023, the volume was nearly $19.9 trillion. This growth highlights Europe’s strong influence in the global crypto market, thanks to its financial infrastructure, progressive regulations, and rising adoption of digital assets.

CRYPTO TRADING IN EUROPE

Europe accounts for 37.32% of global cryptocurrency transaction value, showing it is a key player in the global crypto market. The continent’s strong financial infrastructure and progressive regulatory environment make it a hub for crypto trading.

  • Russia: Russia leads Europe in cryptocurrency trading and is among the top five globally, with an estimated trading volume exceeding $633 billion.
  • United Kingdom: The UK follows closely, with a trading volume of over $624 billion, making it the second-largest market in Europe and sixth worldwide. London is a highly crypto-ready city due to its advanced financial services and supportive government policies.
  • Slovenia: Slovenia has the highest monthly cryptocurrency expenditure per capita, with individuals spending an average of $2,609 per month on crypto.
  • Ukraine: In Ukraine, cryptocurrency is crucial amid economic instability, with citizens spending nearly three times their monthly rent on crypto.

TOP CRYPTO EXCHANGES

Binance leads the crypto exchange market, dominating in 100 countries with a trading volume of $2.77 trillion. Binance US also dominates in 100 countries, but with a much lower trading volume of $3.9 billion.

Other notable exchanges include:

  • OKX: Leading in 93 countries with a trading volume of $759 billion.
  • CEX.IO: Leading in 92 countries with a trading volume of $1.83 billion.
  • Coinbase Exchange: Leading in 90 countries with a trading volume of $662 billion.
  • Bybit: Leading in 87 countries with a trading volume of $1.14 trillion.

These figures show the competitive landscape of crypto exchanges, with Binance maintaining a substantial lead in both geographical dominance and trading volume.

REGIONAL CRYPTO TRADING HIGHLIGHTS

  • Europe: Europe’s crypto trading volume is expected to reach $40.5 trillion by 2024. Russia and the UK are major contributors.
  • Asia: Asia accounts for 36.17% of the world’s cryptocurrency transaction value. High mobile penetration and strong tech infrastructure drive this growth.
  • Africa: Africa ranks third, showing steady growth in crypto adoption and trading.
  • South America: South America is emerging in the crypto space, with increasing trading volumes.
  • North America: North America continues to be a significant player, with the U.S. leading in global trading volumes.
  • Oceania: Oceania is growing in the crypto market, with rising adoption and trading volumes.

CONCLUSION

Cryptocurrency use and exchange are changing the global economy. Europe and Asia are leading the way, with significant contributions from other regions. As the market continues to develop, it will be essential to watch these trends and their impact on the global financial system and individual economies.

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Bitcoin

Germany’s Bitcoin Holdings Drop Below $400 Million Amid Massive Selloff

by dave
written by dave 3 minutes read

Germany Dumps Bitcoin on the Market

Germany has been selling a lot of Bitcoin recently. This week, they sent billions of dollars worth of Bitcoin to exchanges and market makers. Because of this, they don’t have much Bitcoin left to sell.

Big Bitcoin Sale Nears End

For weeks, there has been a lot of pressure to sell, and the crypto community has been worried. The German government is almost finished with their big Bitcoin selling campaign.

Back in June, Germany held 50,000 BTC. At today’s prices, that was worth $2.8 billion. These Bitcoins were taken from the owners of the film piracy site Movie2k in January of this year. Now, blockchain experts say the German government has moved most of those funds out of its digital wallet.

Bitcoin Holdings Shrink

As of today, data from Arkham Intelligence shows that Germany has only 6,435 BTC left in their wallets. That’s about $284 million at the current price. Early Thursday, German officials transferred a lot of Bitcoin to exchanges and market makers.

Where Is the Bitcoin Going?

Since June 20, Germany has sent billions of dollars in Bitcoin to places like Kraken, Coinbase, and Bitstamp. They have also sent Bitcoin to wealth management firm Cumberland and other addresses that are likely over-the-counter or institutional trading desks.

At first, the outflows were moderate. But earlier this week, the government sent out $900 million from its wallet on Monday alone.

Impact on Bitcoin Price

Most analysts believe that sending Bitcoin to trading platforms means it’s being sold on the market. This has added to the selling pressure, causing Bitcoin’s price to drop. On Thursday, Bitcoin was trading at $57,500, down 13% over the last month.

Transfer Doesn’t Always Mean Sale

Transferring Bitcoin to an exchange doesn’t always mean it will be sold. Sometimes, the government gets Bitcoin back into its wallet after sending it to an exchange, like Kraken.

Nearing Zero Balance

Despite this, the state’s Bitcoin balance is quickly heading towards zero. This means the government’s threat to crash the market may soon be over. Some Bitcoin investors think Germany is missing out on future gains by selling now.

Future Geopolitical Blunder?

Capriole Investments founder Charles Edwards tweeted, “In a few years, this will be looked back on as one of the biggest geopolitical blunders of all time. It will be studied in universities.”

Conclusion

Germany’s massive Bitcoin selloff is almost over. With only $369 million worth of Bitcoin left, the impact on the market is significant. While some see this as a missed opportunity, others are glad the selloff is ending. The future will tell if this was a wise move or a major mistake.

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Ethereum

Ethereum Staking ETFs Set to Launch in Hong Kong: A Six-Month Timeline

by dave
written by dave 6 minutes read

Ethereum staking ETFs will soon be available in Hong Kong. Within six months, these new crypto products will hit the financial hub, and the city has even more plans for the future.

Launch of Ethereum Staking ETFs

Hong Kong is set to launch Ethereum staking exchange-traded funds (ETFs) in the next six months. After the successful launch of Bitcoin and Ethereum ETFs in April, which were warmly received by the financial sector, the city is eager to offer more crypto products. A Uniswap ETF or Chainlink ETF might follow the Ethereum staking ETFs.

Key Role of HashKey Capital

Vivien Wong, a partner at HashKey Capital, a crypto asset management firm, played a vital role in launching Hong Kong’s spot Bitcoin and Ethereum ETFs. Wong shared that as soon as spot Ethereum ETFs were approved in the US, there was immediate interest in an Ether staking product. The firm has been in talks with the Hong Kong Securities and Futures Commission about the need for an Ether staking ETF. Regulators responded positively, asking for a detailed proposal.

US Spot Ethereum ETFs

Nine spot Ethereum ETFs are expected to launch in the US soon. Ethereum staking ETFs allow users to lock in their Ether holdings and earn a 3% yield, a process called staking. Unlike spot Ethereum ETFs, which give investors easy exposure to Ether through their brokerage accounts, staking ETFs offer the additional benefit of earning yield.

Fees and Launch Timeline

In Hong Kong, holders of these ETF shares must pay a management fee between 0.3% and 0.99%, depending on the fund. According to Wong, launching a new Ethereum staking product will likely take about six months.

Bitcoin ETF Issuers

Here are some key Bitcoin ETF issuers:

  1. Blackrock (IBIT) – $18.4 billion AUM, $32.20 price
  2. Grayscale (GBTC) – $16.38 billion AUM, $50.15 price
  3. Fidelity (FBTC) – $9.53 billion AUM, $49.43 price
  4. Ark/21 Shares (ARKB) – $2.62 billion AUM, $56.46 price
  5. Bitwise (BITB) – $1.07 billion AUM, $30.80 price
  6. VanEck (HODL) – $569.24 million AUM, $63.87 price
  7. Valkyrie (BRRR) – $501.52 million AUM, $16.01 price
  8. Invesco/Galaxy (BTCO) – $395.5 million AUM, $56.49 price
  9. Franklin Templeton (EZBC) – $334.46 million AUM, $32.77 price
  10. WisdomTree (BTCW) – $77.31 million AUM, $60.01 price

Hong Kong’s Fintech Ambitions

Hong Kong aims to become a fintech powerhouse by offering innovative products that aren’t yet available in the US. The process of launching these products has been smooth, attracting two types of investors: those who want to “buy and hold” and crypto natives. Crypto natives, in particular, appreciate the ETFs’ design, which allows for timely creation and redemption processes used in over-the-counter trading.

DeFi and Metaverse in Hong Kong

Hong Kong’s finance watchdogs are also focused on DeFi (decentralized finance) and the metaverse. By leading in advanced products, Hong Kong hopes to attract investors from other regions, especially mainland China. Wong hopes that an endorsement from China will open up the market further and bring in more inflows.

Success of Hong Kong’s Crypto ETFs

Since their launch in April, Hong Kong’s crypto ETFs have amassed nearly $260 million in assets. While this may seem small compared to the $14.6 billion brought in by US spot Bitcoin ETFs since January, it’s a significant achievement given Hong Kong’s ETF market size. The excitement around these products is palpable, with financial institutions, wealth managers, distributors, and high-net-worth individuals gradually becoming more comfortable with them.

Overcoming Challenges

Launching these products wasn’t guaranteed. Opinions about crypto had soured in the region due to scandals, such as the fraud case surrounding the Hong Kong crypto exchange JPEX. Despite these challenges, the ETFs have been successful.

Potential for Uniswap and Chainlink ETFs

Wong mentioned that other cryptocurrencies might also get their own ETFs, though the choices aren’t obvious. For Hong Kong regulators to approve new crypto ETFs, the underlying token must be publicly tradable on registered virtual asset trading platforms and be highly liquid. Having a robust use case is also beneficial. ERC-20 tokens, like Chainlink or Uniswap, are generally preferred.

Future of Solana ETF

A Solana ETF might also be in the cards. Wong said they are currently in discussions with the Securities and Futures Commission about launching new products. Hong Kong is eager to expand its offerings and maintain its position as a leader in fintech innovation.

By launching Ethereum staking ETFs and exploring other crypto products, Hong Kong is positioning itself as a major player in the crypto and fintech industries. The financial hub’s efforts are drawing attention from investors globally, and its future looks promising.

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Bitcoin

Sony Launches Bitcoin Exchange in Japan

by dave
written by dave 5 minutes read

Sony Group Launches New Bitcoin Exchange: S.BLOX

Sony Group is making a big move into the cryptocurrency market by launching a new Bitcoin exchange in Japan. They recently acquired Amber Japan, a local subsidiary of Amber Group, and rebranded it as S.BLOX. This step marks Sony’s official entry into the Bitcoin and crypto space. Let’s break down what this means for Sony and the future of cryptocurrency.

Sony’s Acquisition of Amber Japan

In 2023, Sony Group, through its subsidiary Quetta Web, purchased Amber Japan. Amber Japan was initially known as DeCurret before being acquired by Singapore-based Amber Group in 2022. However, after facing financial troubles following the FTX collapse, Amber Japan was sold to Sony. Now, Sony is rebranding and revitalizing this platform as S.BLOX.

What is S.BLOX?

S.BLOX is the new name for the crypto exchange formerly known as Amber Japan. Sony plans to make significant improvements to the exchange, including a better user interface and a new mobile app. Though the exact launch date hasn’t been announced, this revamp aims to enhance the user experience and make crypto trading more accessible.

Sony’s Expansion into the Bitcoin and Crypto Space

Sony’s move into the cryptocurrency market shows its growing interest in Bitcoin and other digital assets. By leveraging the established platform of Amber Japan, now S.BLOX, Sony hopes to capitalize on its strong brand recognition. This could help boost the adoption of its Bitcoin and crypto offerings worldwide.

Japan’s Leading Role in the Bitcoin Market

Japan is one of the top markets for Bitcoin due to its proactive regulations and high consumer awareness. This makes it an ideal place for Sony to debut its crypto exchange. The country’s favorable environment for cryptocurrency trading can help Sony succeed in this new venture.

Major Corporations Embracing Cryptocurrency

Sony is not the only major company stepping into the cryptocurrency market. Other large corporations are also exploring Bitcoin and blockchain technology. Sony’s history of successful acquisitions, like CBS Records and Columbia Pictures, shows its capability to transform industries. Their latest acquisition, S.BLOX, could bring similar success to the Bitcoin market.

Improving WhaleFin Services

One of the key features of S.BLOX will be the overhaul of WhaleFin, a crypto trading service. Sony plans to enhance the user interface and launch new applications for WhaleFin. The goal is to create more value in cryptocurrency trading services and attract more users.

Sony’s Resources and Expertise

Sony, known for its ventures in gaming, music, and cameras, has a market value of over $100 billion. The company is using its vast resources and expertise to innovate in the regulated Japanese crypto market. By doing so, Sony aims to set new standards for the industry and expand its influence.

The Significance of Sony’s Crypto Move

Sony’s entry into the cryptocurrency market is significant for several reasons. It signals wider mainstream momentum for Bitcoin and other digital assets. It also reflects Sony’s strategy to diversify its portfolio beyond traditional electronics and media.

Challenges and Opportunities

While Sony’s move into the Bitcoin and crypto space is exciting, it also comes with challenges. The crypto market is known for its volatility and regulatory hurdles. However, Sony’s strong reputation and innovative approach can help it navigate these challenges and seize new opportunities.

Future Plans for S.BLOX

S.BLOX has ambitious plans for the future. Sony aims to release an improved version of WhaleFin and continue enhancing its services. By collaborating with various Sony Group businesses, S.BLOX hopes to create new value in the cryptocurrency trading space.

Sony’s NFT and Blockchain Ventures

Sony has also been exploring the use of non-fungible tokens (NFTs) and blockchain technology in gaming. In March 2023, Sony filed a patent for an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms”. This outlines a system for using NFTs across different gaming platforms. This innovation shows Sony’s commitment to staying at the forefront of technology.

Conclusion

Sony Group’s launch of the S.BLOX Bitcoin exchange marks a significant step into the cryptocurrency market. By acquiring Amber Japan and rebranding it, Sony is positioning itself as a major player in the Bitcoin and crypto space. With Japan’s favorable market conditions and Sony’s vast resources, S.BLOX has the potential to become a leading crypto exchange. This move reflects Sony’s strategy to diversify and innovate, making it an exciting time for the company and the broader cryptocurrency market.

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