From comments that Bitcoin spot reserves continue to decline, to Sri Lanka’s approval for a proposal to attract blockchain and cryptocurrency investments. Here are some highlights from the crypto market.
KryptoQuant pointed out The BTC spot reserves have fallen to lows that have not been seen since October 2017.
Spot Reserve is a bitcoin indicator that shows the total amount of funds held in the wallets of all spot exchanges.
If the value of the index rises, it means that the supply of BTC to sell and buy altcoins has now increased. This change could push the price of BTC lower.
On the other hand, the supply of BTC on the spot exchanges decreases when the value of the reserve decreases. This move could reflect a long-term uptrend.
BTC spot reserves continue to decline | Source: CryptoQuant
The graph above shows that reserves shot up and reached a very high level during the 2017 bull run.
Next, this value will be kept as the curve has been moving sideways for many years for the most part, except in 2019 when the metric shows a higher value before going down in early 2020.
However, in 2020 the trend changed and the BTC spot reserves started to decline. This continues until 2021, when the values continue to decline.
Currently the indicator has reached the same level as October 2017 before the strong bull run took place.
The drop in reserves means a supply shock for Bitcoin. This can cause the cryptocurrency to rise in price.
They have added several new assets for safekeeping and transferring, according to the Copper team’s official announcement on Twitter.
This brings the total number of assets supported to an industry-leading 350+ .😮🙌🏽 pic.twitter.com/KSpMR7vqI8
– copper (@CopperHQ) October 8, 2021
Copper has added 61 Ethereum-based ERC-20 tokens, 25 tokens on Binance Smart Chain (BSC), native assets from the Solana platform, Mango Markets and SGB, and Songbird governance and utility tokens.
Songbird is a “Canarian Network” of the Flare Blockchain (FLR). A full EVM compatible smart contract environment is expected to be rolled out in the coming months.
Intercontinental Exchange’s digital asset platform, Bakkt, announced Friday that it has partnered with Google “to bring digital assets to millions of consumers.”
– Bakkt (@Bakkt) October 8, 2021
By partnering with Google, consumers will benefit from expanded reach and access to digital assets, according to Bakkt.
Bakkt states that “Users can add their Bakkt Visa virtual debit card to Google Pay to buy everyday goods and services online, in-store, or anywhere that Google Pay is accepted.” The company added that cryptocurrencies such as Bitcoin in Fiat -Money can be converted to make these payments.
Cryptocurrency lender BlockFi has filed with the US Securities and Exchange Commission (SEC) to launch a futures market-based Bitcoin ETF in the United States.
– Bloqport (@Bloqport) October 8, 2021
If approved, the shares will be traded on the Cboe BZX Exchange.
The fund will not invest in bitcoin directly, but will attempt to invest in bitcoin futures.
A wide range of analysts expect the SEC to finally approve an ETF based on Bitcoin futures in October.
According to Cryptoquant, the stablecoin supply on the exchanges is declining and OTC transactions are likely to increase.
The supply of stablecoins on the stock exchanges has been declining since September 26th (minus around 16%).
The decline started two days before the price of BTC rebounded. It appears that part of the recent bull run could be driven by converting capital into bitcoin.
Also, the exchange’s cash flow ratio suggests there is more OTC trading going on, causing stablecoin supply to collapse on the exchanges.
Stablecoin supply on the stock exchanges is falling | Source: cryptoquant
The Vienna-based digital investment platform Bitpanda has enable Shiba Inu trade support, according to Friday’s announcement.
In addition, a SHIB fan trading competition with a total prize pool of 10,000 euros was announced.
After closing a $ 170 million Series B financing round in March, Bitpanda became Austria’s first fintech unicorn.
The valuation subsequently rose to more than $ 4 billion after raising an additional $ 263 million in August.
Strips financial news
Strips Finance (STRP) became announced Auction on MISO on October 13th.
Accordingly, Strips Finance will conduct its IDO in the form of a Dutch auction on MISO, starting on October 13th at 9:00 p.m. and ending on October 14th at 9:00 p.m. (Synthetic Team time).
The lowest bid is $ 1 per STRP and the highest is $ 5 per STRP. The hardcap of the public sale is 750,000 STRP (0.75% offer).
Sri Lanka agrees to the proposal to attract investment in blockchain and cryptocurrencies.
Sri Lanka joins the global crypto adoption trend after forming a committee to research and implement blockchain and cryptocurrency mining technology.
follow information 8 by Sri Lanka’s general director for government information, Mohan Samaranayake, reveals that authorities recently approved a proposal to attract investment in blockchain and cryptocurrency initiatives.
According to Samaranayake, the Sri Lankan authorities have recognized the need to develop an “integrated system of digital banking, blockchain mining technology and cryptocurrencies” to bring the country on par with global partners and international markets.
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