The number of active addresses on the Bitcoin network has crashed by around 60% in the past six weeks, going from 1.3 million to roughly 500,000 per day on average. The collapse in activity has seen Ethereum overtake Bitcoin by the number of active addresses.

The Cayman Islands‘ financial regulator has joined a growing list of watchdogs throughout the world scrutinizing the leading cryptocurrency exchange Binance and its dealings.

MV Index Solutions in partnership with CryptoCompare has launched new institutional-grade price indices for three of today’s most popular cryptoassets: Polkadot (DOT) Solana (SOL), and TRON (TRX).

Top stories in the Crypto Roundup today:

• Bitcoin Active Addresses Plunged 60% in Six Weeks
• Binance Isn’t Authorized to Operate in the Cayman Islands, Regulator Says
• MVIS and CryptoCompare’s Digital Asset Index Family Now Supports DOT, SOL, and TRX

Bitcoin Active Addresses Plunged 60% in Six Weeks

The number of active addresses on the Bitcoin network has crashed by around 60% in the past six weeks, going from 1.3 million to roughly 500,000 per day on average. The collapse in activity has seen Ethereum overtake Bitcoin by the number of active addresses.

Ethereum now has roughly 200,000 more active addresses than Bitcoin. This is notably the third time this year ETH overtakes the apex cryptocurrency, having done so on June 5 and June 6 as well. The previous time ETH was in the lead was in early 2017.

Several factors may be contributing to the aggressive drop in active Bitcoin addresses, including the cryptocurrency’s significant drop from its near $64,000 all-time high, as well as the hashrate’s massive crash triggered by China’s latest crackdown on cryptocurrency mining operations.

Meanwhile, Ethereum’s active addresses have been on the rise as decentralized finance keeps growing and demand for the cryptocurrency remains high.

Binance Isn’t Authorized to Operate in the Cayman Islands, Regulator Says

The Cayman Islands‘ financial regulator has joined a growing list of watchdogs throughout the world scrutinizing the leading cryptocurrency exchange Binance and its dealings.

The islands’ Monetary Authority said in a statement:

“Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorized by the Authority to operate a cryptocurrency exchange from or within the Cayman Islands.”

The move is the latest in a series of developments from regulators throughout the world against Binance, and followers reports of Singapore’s financial regulator following up on developments from regulators in the U.K. and Japan.

The Cayman Islands’ Monetary Authority said Binance Holdings Ltd. and Binance Group were not subject to any regulatory oversight and as such were investigating whether the firm’s businesses fell within its jurisdiction.

MVIS and CryptoCompare’s Digital Asset Index Family Now Supports DOT, SOL, and TRX

MV Index Solutions in partnership with CryptoCompare has launched new institutional-grade price indices for three of today’s most popular cryptoassets: Polkadot (DOT) Solana (SOL), and TRON (TRX).

These three products are the MVIS CryptoCompare Polkadot VWAP Close Index (ticker:MVDOTV), MVIS CryptoCompare Solana VWAP Close Index (ticker: MVSOLV), and the MVIS CryptoCompare TRON VWAP Close Index (ticker: MVTRXV).

These three indices are designed to measure the performance of the respective digital assets — DOT, SOL, and TRX — with a closing value based on an hourly Volume Weighted Average Price (VWAP).

The volume-weighted average price (VWAP) is a trading benchmark used by traders that gives the average price a security has traded at throughout the day, based on both volume and price, and it is important because it provides traders with insight into both the trend and value of a security.

Examining New Terra User Activity

The graph above from @scottincrypto examines new wallet addresses (defined as those with their first non-zero balance in Terra native coins). As we can see, these addresses spent most of the past few months being added at a rate of more than 5,000 per day. In the past week or so, however, there’s been a notable spike of as many as 20,000 users per day.

State of the Crypto by Top Tier Exchange Volume

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