Since August, when BTC’s price started gaining upward momentum, the percentage of coins on exchanges started dropping. Currently,  just 12.9% of bitcoin’s circulating supply(~$163 billion) is sitting on cryptocurrency exchanges.

Miami is set to share some of the yield generated from the city’s new cryptocurrency - Miamicoin -  with its residents through the distribution of Bitcoin as a dividend. The city’s cryptocurrency was launched in August.

Shortly after tweeting a screenshot of what appeared to be a cryptocurrency wallet integrated into Discord, the platform’s CEO, Jason Citron, said the company would not ship what he was previewing for the foreseeable future.

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Top stories in the Crypto Roundup today:

• Less than 13% of Bitcoin’s Supply is on Exchanges
• Mami to Distribute ‘Bitcoin Yield’ to its Residents
• Discord Halts Crypto Wallet Plans Amidst User Backlash
• Crypto Market Movers – LRC, KDA, HNT
• Sponsored: Check Out The Newest Liquidity Mining Pool on Curve Finance

Less than 13% of Bitcoin’s Supply is on Exchanges

Since August, when BTC’s price started gaining upward momentum, the percentage of coins on exchanges started dropping. Currently, just 12.9% of bitcoin’s circulating supply ($163 billion) is sitting on cryptocurrency exchanges.

When investors keep their coins on trading platforms it is usually a sign that they are preparing to sell their BTC or other crypto. Moving BTC off of these platforms usually means they’re ready to hold onto their coins for longer periods.

Analysis from Glassnode revealed that the daily net withdrawals from exchanges reached an average of 5,000 BTC, with on-chain activity remaining “only marginally above bear market levels” with bitcoin hovering close to its all-time high.

The rate at which new wallet addresses send or receive BTC has also moved up. On November 9,516,914 new addresses participated in a transaction - an increase of 72% over how many new addresses were sending and receiving BTC at the start of August.

New addresses, it’s worth noting, do not necessarily mean new users. One user can create as many addresses as they’d like, while some addresses hold the funds of thousands of users.

Mami to Distribute a ‘Bitcoin Yield’ to its Residents

Miami is set to share some of the yield generated from the city’s new cryptocurrency - Miamicoin -  with its residents through the distribution of Bitcoin as a dividend. The city’s cryptocurrency was launched in August.

MiamiCoin was launched through CityCoins, an open-source protocol that allocates 30% of its reward to cities when their coins are bought or mined. So far, MiamiCoin has generated over $21 million. Annualized, it’s seeing a return of around $80 million, which is one-fifth of the city’s annual tax revenue according to its mayor Francis Suarez. He said:

"We're going to be the first city in America to give a bitcoin yield as a dividend directly to its residents."

The city is yet to decide which residents will receive BTC. Possible parameters include taxpayers, voters, or residents. To distribute the funds he would also have to tap multiple companies and crypto exchanges to set up wallets for the recipients.

Discord Halts Crypto Wallet Plans Amidst User Backlash

Shortly after tweeting a screenshot of what appeared to be a cryptocurrency wallet integrated into Discord, the platform’s CEO Jason Citron said the company would not ship what he was previewing for the foreseeable future.

On social media, Citron thanked users for their perspectives on Discord’s potential crypto move, and added:

“We have no current plans to ship this internal concept. For now we’re focused on protecting users from spam, scams and fraud. Web3 has lots of good but also lots of problems we need to work through at our scale.”

The image of a crypto wallet in Discord reportedly came from an internal hackfest. Citron’s statement does not rule out the possibility of future crypto integrations but does leave them out for now.

On Twitter, Discord users wary of crypto were quickly encouraging each other to drop their subscriptions to Discord’s paid premium service over the environmental impact of cryptocurrency mining. Others broadly objected to non-fungible token (NFT) communities and the potential for crypto scams to increase on the platform.

Crypto Market Movers – LRC, KDA, HNT

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Loopring (LRC) - Loopring is an open, multilateral token exchange protocol for decentralized exchange on the Ethereum blockchain. Loopring is intended to serve as a common building block with open standards, driving interoperability among decentralized applications (DAPPs) that incorporate exchange functionality.

Kadena (KDA) - The Kadena network is designed to unite public applications, private blockchains, and other interoperable chains in one place, driving traffic to the high-bandwidth computer at the heart of the Kadena public chain. Similar to ETH on Ethereum, KDA on Kadena is the manner by which miners are compensated for mining blocks on the network and is the transaction fee that users pay in order to have their transactions included in a block.

Helium (HNT) - With a Helium Hotspot, anyone can earn cryptocurrency by building a wireless network in their city and creating a more connected future. It provides wireless coverage for low power Internet of Things (IoT) devices and earns a new cryptocurrency, Helium, from the users' living room. HNT is mined and distributed to Hotspot Owners, Helium Inc., and Investors.

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