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Long-term bitcoin hodlers weren’t behind last week’s massive sell-off, blockchain data shows.
The Steem community is planning to hard fork to create a new blockchain called Hive, in a bid to escape Justin Sun’s Steemit Inc and its potential control over the Steem blockchain.
CoinZoom, a FinCEN-registered cryptocurrency exchange, has launched a crypto debit card for users in the United States, allowing them to pay for goods and services with cryptocurrency.
Top stories in the Crypto Roundup today:
- Long-term BTC Hodlers Weren’t Selling During Last Week’s Crash, Data Shows
- Steem Community Plans Hard Fork to Escape Justin Sun’s Steemit
- Regulated Exchange ‘CoinZoom’ Launches Crypto-backed Visa Card
At the time of writing, bitcoin (BTC) is trading at $5,440.60 (5.41%) with a daily Top Tier volume of $3.29. As for ether (ETH), it is trading at $119.55 (6.20%) with a daily Top Tier volume of $860.57 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 1,897.45 (4.30%).
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Long-term BTC Hodlers Weren’t Selling During Last Week’s Crash, Data Shows
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Blockchain data shows that long-term bitcoin hodlers weren’t behind last week’s massive cryptocurrency sell-off, that saw the price of the flagship crypto drop from about $7,100 to around $4,000 in two days.
According to data from Unchained Capital, the majority of the funds moved at the time of the sell-off were funds that had been stored for six months or less. These funds were likely acquired last year, after the 2019 bull run that saw BTC hit a $12,000 high.
In a series of tweets, Unchained Capital analyzed the BTC that moved. It wrote:
“A majority of the volatility came from UTXOs 6 months old or younger. Between 3/11 and 3/15, assuming 18.265m BTC, here's how much moved: .64%, or ~116,900k BTC from 1-3 month; 1.36%, or ~248,400k BTC from 3-6 month; .51%, or ~93,200 BTC from 6-12 month.”
The analysis of blockchain data showed, on the other hand, that most of the BTC that hasn’t moved for at least five years actually increased, from 20.37% to 21.65% of all circulating bitcoin. In total, around 233,600 bitcoin made up the difference, Unchained Capital estimates.
Out of the funds that have been parked for five years or more., around 3,650 BTC ended up moving. Out of these funds, at least 1,000 BTC that were mined a decade ago moved amid the sell-off. The funds were tied to a user who asked for help moving the funds on the Bitcointalk forums.
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Steem Community Plans Hard Fork to Escape Justin Sun’s Steemit
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The Steem community is reportedly planning a hard fork to move to Hive.io, in a bid to escape Justin Sun’s Steemit Inc. The hard fork is scheduled for March 20 at 10 am EST. SteemPeak, a front-end application for Steem, wrote:
“Hive is a DPOS [Delegated Proof of Stake] governance blockchain created by implementing a hard fork of existing Steem code. This new direction steps away from the burden of the Steemit Inc.”
Blocktrades, a leading validator on the Steem blockchain, wrote in a separate post that it believes Steemit Inc has “nearly zero value now,” as “all the developers” that were working for the company when Justin Sun acquired it reportedly quit. The post added the Steem community doesn’t want Justin Sun to be involved in it, and some members are “willing to pay him to leave.”
Justin Sun, CEO of the TRON Foundation, acquired Steemit last month, and in a controversial move executed what many called a “hostile takeover” of the Steem blockchain, while Sun himself claimed he repelled an attack that was seeing hackers try to control the Steem blockchain.
While Justin Sun’s move was initially supported by crypto exchanges Binance, Huobi, and the TRON-owned Poloniex, Binance later on removed the vote claiming it had “no interest in chain governance,” and it will not support the upcoming hard fork.
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Regulated Exchange ‘CoinZoom’ Launches Crypto-backed Visa Card
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Utah-based cryptocurrency exchange CoinZoom has launched its own debit card that lets holders pay for goods and services with their cryptoassets. The FinCEN-registered trading platform has announced it will start onboarding new institutional and retail clients with the Visa card, which instantly converts crypto into USD.
The trading platform support most top cryptocurrencies including BTC and ETH, in pairs trading against the USD. It also includes a staking facility for some proof-of-stake (PoS) cryptocurrencies. Its founder and CEO Todd Crosland was quoted as saying:
“CoinZoom is not only the first U.S. cryptocurrency exchange to provide a Visa card to its customers, but also offers ... industry-first features like ZoomMe, CoinZoom’s free Peer-to-Peer crypto and fiat payment system.”
CoinZoom is a registered money service business with FinCEN in most stated and territories of the U.S., and as such has to comply with local regulations. These include know-your-customer (KYC) requirements.
Last year Coinbase, a U.S.-based cryptocurrency exchange registered with FinCEN, launched its own Visa-backed debit card to users in the European Union and the U.K.
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Buying Cryptoasset on eToro
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Cryptoassets have become extremely popular over recent years as traditional assets suffer from the ongoing volatility caused by political uncertainty.
eToro has been building its platform community of online traders for more than a decade, first through stocks and traditional currencies, and then later through crypto.
Why trade crypto on eToro
There are no over 2,000 cryptocurrencies (a type of cryptoasset) in existence, although not all of them are frequently traded or available via the eToro platform. With so many to choose from, it is difficult to know which is the best to invest in.
In reality, there is unlikely to be just one perfect crypto. Making the right decision depends on why it is valuable. If you can pinpoint that, then it could well be worth a go.
How to trade crypto
Before making a trade, make sure you have a good idea as to what is driving that particular coin, how much you are willing to invest, and work out a timeline of how long you should hold it.
To get started you will need an account on a platform such as eToro, which will facilitate the trades you choose to make as you go through. You aren’t just limited to crypto either, you can also invest in other assets offered by eToro.
Disclaimer
Cryptoassets are highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
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State of the Crypto by Top Tier Exchange Volume
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