Category: Bitcoin Investment

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Bitcoin Trading Volume Holds Near 1-Year Highs

Data shows that Bitcoin trading volume has hovered near one-year highs recently as activity on Binance remains high after the fee was removed.

Bitcoin’s 7-day average trading volume has remained at high levels in recent weeks

According to the latest weekly report from Arcane Research, about 80% of the latest activity on the BTC network is powered by cryptocurrency exchange Binance.

“Trading volume” is an indicator that measures the total amount of Bitcoin moved on the blockchain on a given day.

When the value of this metric is high, it means that a significant number of coins are changing hands on the network right now. This trend may suggest that the chain is quite active these days as investors are attracted to the cryptocurrency.

On the other hand, low values ​​of the indicator indicate that the network activity is not so high at the moment. This type of trend could be a sign that the general interest around cryptocurrency among traders is currently low.

Now, here is a graph showing the trend of Bitcoin trading volume over the last year:

The value of the metric seems to have been high in the last few days | Source: The Arcane Research Weekly Update – Week 30, 2022

As you can see from the chart above, Bitcoin transaction volume has been high for the past few weeks. Currently, network activity is just below a one-year high. However, it is likely that not all of the volume at this time is caused by organic activity.

The chart also includes data on Binance’s share of the total volume. It seems that when the value of the indicator rose to the current high levels, the contribution of the cryptocurrency exchange increased simultaneously.

The reason behind this is that about three weeks ago, exactly when these increases were seen, Binance lowered the trading fee for some Bitcoin trading pairs.

Seeking to exploit this fact, many merchants have indulged in “wash trading” to unlock higher fee levels on the platform. Such activity is considered inorganic and is therefore falsely inflating the actual volume.

However, three weeks later, volumes are still unchanged, and while Binance’s share remains around 80%, the report notes that a significant portion of the volume may come from organic activity.

This activity would come from traders who prefer to trade on Binance due to the removal of the fee, which would help keep the crypto exchange’s market share fairly high.

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Crypto Exchange Zipmex resumes certain Altcoin withdrawals

Cryptocurrency exchange Zipmex has resumed withdrawals of some altcoins in addition to Bitcoin and Ethereum. So far, there are no updates on Bitcoin and Ethereum withdrawals. The withdrawal of withdrawals on Zipmex came after the other two exchanges Babel and Celsius froze withdrawals.

The cryptocurrency exchange has now started allowing users to withdraw some tokens from their trading accounts. Zipmex also mentioned a schedule for withdrawals of Solana, XRP and Cardano from merchant wallets. Market movers like Bitcoin and Ethereum still remain blocked.

The cryptocurrency exchange operates in Thailand, Singapore, Indonesia as well as Australia and has stopped withdrawals stating:

Volatile market conditions and resulting financial difficulties for our key business partners.

Sometime last week, the Securities and Exchange Commission of Thailand issued an order to the Zipmex Thailand unit asking them to resume withdrawals in some digital currencies. As per the schedule, Solana tokens will be delivered on Tuesday, while XRP withdrawals are expected to wait until Thursday; however, Cardano will be available for withdrawals on the same day as Solana.

Crypto Exchange Zipmex is working to recover deposits

Zipmex has a link to Celsius and Babel and mentioned that both companies have respectable status due to financial support. It also stated that due diligence was ensured in this case.

At the moment, the company continues with the recovery of deposits from Babel Finance. Along with that, the cryptocurrency exchange also assured that the bankruptcy rumors are false. He clarified that he requested a moratorium before the Singapore court.

This ensures that Zipmex has enough time to analyze the issues and decide on an outcome acceptable to customers. To address the current liquidity crisis, it is working with Celsius and Zipmex to find a rescue package with investors.

quoted zipex,

We promise to resolve the Z Wallet situation and resume services. That is why, after stabilizing the situation, we are releasing unaffected digital assets namely: ADA, SOL and XRP into users’ trading wallets starting tomorrow, August 2, 2022.

The road to recovery

An anonymous Zipmex shareholder made an additional investment in the company’s native token. This was done to support the company, increasing investor confidence. It also ensures that token development stays on track.

While the cryptocurrency exchange has not said anything about Bitcoin and Ethereum withdrawals, the move to unfreeze a select number of cryptocurrencies is a positive step towards recovery. In the month of July, co-founder Akalarp Yimwilai in a YouTube video was allegedly in talks with interested investors.

Regarding the same, the company mentioned that negotiations are still ongoing, but potential investors have already signed a confidentiality agreement after having examined the exchange’s finances. There is still no official statement on the outcome of these negotiations.

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New bipartisan US Senate bill seeks to exclude small cryptocurrency transactions from taxes

Republican Senator Pat Toomey of Pennsylvania and Democratic Senator Kyrsten Sinema of Arizona are proposing a new law that would tax small personal cryptocurrency transactions.

Under the current system, people who use digital assets to pay for goods and services owe capital gains taxes when the currency’s value rises.

The Virtual Currency Tax Fairness Act, introduced by Toomey and Sinema on Tuesday, aims to change that by introducing a de minimis exemption for daily cryptocurrency transactions.

The bill will exclude personal cryptocurrency transactions worth less than $50 or profits less than $50 from being subject to capital gains tax.

read the invoice

“A bill to amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency and for other purposes.”

To prevent abuse of the exemption, the bipartisan design also includes an aggregation rule, which states that all sales and deals that are part of the same transaction will be treated as one.

Toomey says the project will remove an obstacle preventing wider adoption of crypto assets.

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Banking Giant Barclays to Invest in $3 Billion Crypto Custody Firm

Sky News reports that British banking giant Barclays is buying a stake in a Europe-based crypto custody company.

According to a Sky News report, sources familiar with the matter say that Barclays intends to invest millions of dollars in Copper, a company that aims to provide a secure infrastructure for institutions looking to invest in cryptocurrencies.

According to the report, Barclays is participating in Copper’s most recent financing round, which is due to wrap up in the next few days.

At the end of last year, Copper had its sights set on a valuation of at least $3 billion.

Copper is incorporated in Switzerland and has offices in London, New York, Singapore, Dubai and Zurich. The cryptocurrency custodian is backed by technology investment firm Target Global and early-stage venture capital firm MMC Ventures. Billionaire hedge fund manager Alan Howard is also a major investor in Copper.

Copper has more than 500 clients with more than $50 billion in capital flowing through its infrastructure each month.

Earlier this year, US banking giants Citi, BNY Mellon, and Wells Fargo participated in a Series B fundraising round for crypto infrastructure firm Talos. The Series B round raised $105 million, valuing Talos at $1.25 billion.

Other companies that participated in the Talos fundraising round included Voyager Digital, which has since filed for bankruptcy after halting trading, deposits and withdrawals.

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Kryptomon Launches Exclusive User Acquisition Campaign on TikTok

Leeuwarden, Netherlands, July 25, 2022, Chainwire

Despite the slowdown in market conditions, The Kryptomon Company shows no signs of slowing down. In their recent Series A funding round led by NFX, they successfully raised $10 million, bringing the company’s valuation to $50 million.

Now, just two months after the funding announcement, Kryptomon has marked another milestone in its expansion plan by launching a unique and exclusive user acquisition campaign under the “TikTok For Business” program.

The program supports companies like Kryptomon looking to reach new audiences by running creative video ads on the popular TikTok platform.

Kryptomon is one of the first blockchain gaming companies to be licensed to work and advertise through TikTok in Southeast Asian countries. With TikTok seeing over 1.2 billion monthly active users, this partnership will no doubt be a big step forward in Kryptomon’s journey to break into the mainstream gaming market.

Additionally, recognizing Kryptomon’s potential to become a market leader in the blockchain gaming space, the TikTok gaming advertising team has been working closely with the Kryptomon team. Kryptomon can now leverage TikTok’s deep industry experience in regulating and optimizing campaign ad sets to ensure its content reaches the widest possible audience.
The results speak for themselves: the ads are already active in several countries and have already accumulated millions of views. Based on the learnings from this first run of campaigns, Kryptomon’s advertising efforts will likely not stop there, but will continue to aggressively expand into other regions.

The expected growth of Kryptomon players due to this user acquisition campaign comes at a perfect time as Kryptomon will soon launch its official mobile app. Currently only available to closed beta testers on Android operating systems, it will soon be offered to the general public on iOS and Android.

about kryptomon

Kryptomon is a Blockchain NFT Play-and-Earn game where Pokémon meets Tamagotchi and CryptoKitties.

Breed, train and fight with your NFT Kryptomon. It’s a new world where trainers can live a new adventure on Blockchain.

Set in the Kryptomon metaverse, community members play as “Trainers” of their own individual monsters, Kryptomons, each of which is a completely unique digital asset connected to an NFT. Each has a unique but changeable genetic code, made up of 38 random parameters that determine every aspect, physical and behavioral, of the creature.

Not only does this ensure that each Kryptomon is unique, it also brings each Kryptomon to life as a digital companion in Kryptomon’s metaverse. Cryptomons are able to learn, get sick, go hungry, and protect their trainers when they are on an adventure in the physical world. In turn, trainers will have to care for, feed and train their Kryptomon companions to grow and prepare for the battles to come.

Kryptomon creates the next step in the evolution of crypto gaming using advanced blockchain, digital genetics and location-based technologies.