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Ethereum Addresses with at least 0.1 ETH Hit All-Time High as Amount Held on Exchanges Drops

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Pundits, investors, and traders are keeping a keen eye on Ethereum (ETH) as it continues to show budding potential. The second-largest cryptocurrency by market capitalization has been up by 15.54% in the past week and is currently trading at $1,218 at press time, according to CoinMarketCap. This price brings it a lot closer to its record-high of $1,400.

New data by Glassnode reveals that the number of crypto addresses holding more than 0.1 coins has broken a record. The on-chain data provider noted:

“Number of Ethereum addresses Holding 0.1+ coins just reached an ATH of 3,716,113.” 

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These statistics show that more participants are joining the Ethereum bandwagon as its fame continues to rise in the crypto space. The future looks bright for ETH based on notable developments in its network. 

For instance, the launch of Ethereum 2.0 has gained considerable attention in the crypto sector, as Ethereum seeks to transit to a proof-of-stake consensus mechanism, where validation of block transactions is based on the number of ETH held and this approach is deemed more environmentally friendly than mining. Furthermore, a boom in the decentralized finance (DeFi) sector is the icing on the cake for Ethereum.  

Ethereum in exchanges shrinks

Data by IntoTheBlock, a blockchain analytic firm, shows that Ethereum in exchanges is leaving in droves. For instance, 621,000 ETH recently exited exchanges, which cements the confidence of hodlers.

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Notably, whenever coins leave crypto exchanges, they are stored in cold wallets for long-term purposes and this boils down to more faith on the part of whales and other hodlers. This trend may be in anticipation of the fact that Ethereum’s price will go to the moon in the near future. 

For instance, crypto analyst Michael van de Poppe recently revealed that ETH price might go ballistic in late 2021. His sentiments are echoed by veteran Wall Street trader Raoul Pal who stipulated that Ethereum’s price might reach $20,000 in price, based on Metcalfe’s Law.  

Image source: Shutterstock Source: https://Blockchain.News/news/ethereum-addresses-with-least-0.1-eth-hit-all-time-high-amount-held-exchanges-drops

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Bitcoin down 3.5% as MicroStrategy confirms $1bn purchase

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Bitcoin is currently trading 3.5% down from today’s high of $51,500 following MicroStrategy’s announcement that it had purchased more than $1 billion worth of Bitcoin.

MicroStrategy CEO Michael Saylor revealed that the Bitcoin was purchased at an average price of $52,765, taking the company’s overall holdings of BTC up to 90,531 ($4.44 billion).

Whilst many would expect this news to have a bullish reaction, the market immediately sold-off as it suppressed rumours that MicroStrategy was yet to buy after it raised $1 billion in the form of an unsecured loan last week.

Despite rallying alongside Bitcoin’s increase in value earlier this year, MicroStrategy’s share price is 43% down from its peak of $1,320 on February 8.

The high risk and potentially high reward approach from MicroStrategy has not yet converted to many other companies with the exception of Tesla and Square, with the former investing $1.5 billion in January.

This may be due to the volatile nature of cryptocurrencies in general, with market cycles being susceptible to 80% drawdowns once the hype and euphoria around respective bull markets subside.

At the time of writing Bitcoin is trading at $49,450, a stark contrast to this time last year when Bitcoin was valued at $10,000 before it crashed to $3,800 in March.

For more news, guides and cryptocurrency analysis, click here.

Source: https://coinrivet.com/bitcoin-down-3-5-as-microstrategy-confirms-1bn-purchase/

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Tether and Bitfinex hit with $18.5m penalty in NYAG case

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The New York Attorney General (NYAG) Letitia James has issued Bitfinex and Tether with an $18.5 million penalty after both parties settled an ongoing lawsuit.

Tether is a stablecoin that is pegged to the US Dollar, it has been under scrutiny for more than four years as a result of rumours that suggested it wasn’t entirely backed by USD, and that it had a role in manipulating the Bitcoin price in the 2017 bull market.

However, as previously mentioned to Coin Rivet, Bitfinex and Tether CTO Paolo Ardoino dismissed those rumours, adding that there was evidence to the contrary.

The settlement with NYAG includes a stipulation that restricts Bitfinex and Tether from offering services to New York residents, while it also states that the company has to become more transparent by submitting audits.

“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said Attorney General James.

“Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”

The price of Bitcoin immediately rose from a low of $45,800 to $49,000, quelling fears over continuation of a correction that has spanned over the past 48-hours.

For more news, guides and cryptocurrency analysis, click here.

Source: https://coinrivet.com/tether-and-bitfinex-hit-with-18-5m-penalty-in-nyag-case/

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Latest Bitcoin price and analysis (BTC to USD)

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Bitcoin is in the midst of a major correction from it’s all-time high of $58,500 following a failure to breach the psychological level of resistance at $60,000.

The world’s largest cryptocurrency is currently trading at $53,550 after temporarily taking out the $50,000 level of support.

The dramatic move to the downside coincided with a wider cryptocurrency market correction that led to a number of top exchanges like Binance suffering downtime.

Despite showing quite clear vulnerabilities in the short term, Bitcoin remains in a bullish posture on the weekly and monthly chart, that is until it begins closing daily candles beneath the $50,000 level.

BTCUSD chart by TradingView

Warning signs, however, are still there for Bitcoin. The 12-hour MACD has now suffered a bearish cross that resembles the cross in early January, while the sheer volume on this correction indicates a shift in the previously bullish sentiment.

If Bitcoin can continue its bounce and close Monday’s daily candle back above $55,400, it will likely go back to test its all-time high before the end of the week.

Much of it also depends on the economic situation around the world as lockdowns begin to ease coupled with the potential of increased interest rates in the United States.

For more news, guides and cryptocurrency analysis, click here.

Bitcoin pricing

Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:

US Dollar – BTCtoUSD

British Pound Sterling – BTCtoGBP

Japanese Yen – BTCtoJPY

Euro – BTCtoEUR

Australian Dollar – BTCtoAUD

Russian Rouble – BTCtoRUB

About Bitcoin

In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.

More BTC news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

Source: https://coinrivet.com/latest-bitcoin-price-and-analysis-btc-to-usd-113/

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Carrefour Shoppers in the UAE to Get Farm-to-Shelf Information with Blockchain Technology

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The shopping experience of Carrefour customers in the United Arab Emirates (UAE) is expected to be boosted as they will be in a position to track the place of origin of the products they intend to buy thanks to blockchain technology.

Carrefour Shoppers in the UAE to Get Farm-to-Shelf Information with Blockchain Technology

Blockchain-powered food trust solution

The collaboration between Majid Al Futtaim, the Carrefour franchisee, and IBM, is expected to boost shoppers satisfaction levels because the latter will provide a blockchain-based ‘Food Trust’ solution.

Carrefour shoppers will be able to trace the origin of fresh chicken or vegetables by just a simple scan using their smartphones.

According to the announcement:

“By using their smartphone to scan a QR code on products such as Carrefour’s fresh chicken, customers will be able to get immediate access to actionable food supply chain data, from farm to store shelf.”

Furthermore, the product’s history, such as nutrition and temperature data, halal and hygiene certifications, and production process, will be included in the blockchain-based system.

Conscious consumerism

People are continuously advocating for conscious consumerism because they are attentive to detail on what they eat or drink. For instance, knowing how their food was grown and its origin, and whether it was produced ethically and sustainably.

IBM Food Trust was first launched in August 2017 by10 Foundation members to enhance the realization of this objective by using blockchain to solve challenges in the food supply chain.

Carrefour supermarkets in the UAE join Coop Italia in using IBM’s blockchain technology to boost food traceability because the biggest retail chain in Italy deployed this cutting-edge technology in December 2019 to trace the origin of eggs in its supply chain.

Precisely, by leveraging blockchain technology, Coop Italia wanted to have full visibility and transparency of the different players taking part in the production chain involving nearly 2 million hens producing at least 200 million eggs annually.

Image source: Shutterstock Source: https://Blockchain.News/news/carrefour-shoppers-in-the-uae-to-get-farm-to-shelf-information-with-blockchain-technology

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