Crypto News September 14: Bitcoin reserves on the exchanges hit 3-year low with news Ethereum, Litecoin, Polkadot, Algorand, Polygon, Polymarket, Hedera Hashgraph
From that perspective, Bitcoin is showing long-term momentum as reserves on the exchanges hit the bottom of the Ethereum hashrate that ATH hits. Here are some highlights from the crypto market.
On-chain data shows that Bitcoin reserves on the exchanges have reached their lowest level in the last 3 years.
The analyst firm CryptoQuant said that the BTC reserves on the exchanges continued their downward trend and have now reached a three-year low.
Reserve BTC on exchanges | Source: cryptoquant
The reserve on all exchanges is an indicator of the total number of bitcoins held in the wallets of all centralized exchanges.
The appreciation of the index shows that many investors deposit their funds in order to withdraw them to buy fiat or altcoins. The decline, on the other hand, means that more buyers are moving their BTC to personal wallets for buy-sell or OTC transactions.
BTC flows from exchanges | Source: cryptoquant
The downtrend on this indicator could signal bullish momentum in the long term as more and more people hold Bitcoin.
However, looking at the current Bitcoin price movement, the market appears to be tilting in favor of the sellers. However, since the reserves on the stock exchanges have not increased (in contrast to the crash in May), sell trades can be settled via OTC.
Currently, if most of the money that flows out of the exchanges is being sold through OTC transactions, there is still a chance the market is falling into a downtrend.
Bitcoin could hit $ 500,000 in the next 5 years.
Cathie Wood, Chief Executive Officer of the investment management firm Ark Invest, called Bitcoin could hit $ 500,000 in the next 5 years at Wall Street’s SALT conference.
This superstar investor believes that the price of the largest cryptocurrency could rise tenfold if institutions continued to allocate 5% of their portfolios to it.
The ARK Next Generation Internet ETF, which currently holds shares in the Grayscale Bitcoin Trust valued at $ 301 million, recently revised its prospectus to allow it to invest in Canadian Bitcoin-linked ETFs.
According to Cryptobuzz, the ETH network’s hashrate has reached the ATH threshold.
According to the shared graph, the network’s average daily hashrate has reached 715,000 GH / s.
– Crypto₿uzz (@cryptobuzznews) September 14, 2021
On Monday, September 13th, the Litecoin Project’s official Twitter account announced that retail giant Walmart and the Litecoin Foundation are entering into a partnership. The news was also covered by many mainstream media outlets, including Reuters.
The event put Litecoin in 16th place in the marketplace, printing a giant green candle with a gain of over 36% from $ 174 to $ 237 in less than an hour.
The press release later proved to be a hoax and the LTC price plummeted back to $ 174.
Seasoned trader Peter Brandt called this dramatic increase and subsequent decrease a “popcorn rally” and compared LTC to a popcorn kernel that pops, pops out of the pan and then bounces back again.
– Peter Brandt (@PeterLBrandt) September 13, 2021
Polkado recently had a market cap that surpassed the Dogecoin crypto meme cryptocurrency.
According to CoinMarketCap data, Polkadot is currently valued at $ 36.7 billion, nearly $ 5.5 billion more than Dogecoin.
Market capitalization | Source: Coinmarketcap
Previously, Tesla CEO Elon Musk posted a photo of his Shiba Inu dog, which caused the price of Dogecoin to skyrocket in a short period of time.
However, that Dogecoin is not seeing sustained returns due to the viral photo is the most recent indication of Musk’s influence on the project.
Algorand notification in partnership with Wyre (Top Cryptocurrency Infrastructure Provider) Starting next month, Algorand blockchain developers will enjoy some of Wyre’s top services such as checkout, API card processing and swaps.
In addition, this integration enables developers to offer end users near-instant payment processing solutions within apps. Not only Wyre APIs support ALGO, but also USDT and USDC on Algorand.
Ernst & Young (EY), the “Big 4” accounting firm, will use the Polygon Network (MATIC) protocol and framework to provide Ethereum blockchain solutions. EY says the move will allow them to transition to more efficient and less risky public networks in the future.
– Sami Rusani (@SamRusani) September 14, 2021
Specifically, according to a September 13 press release, EY will acquire Polygon’s scaling solutions, which will enable EY to increase trading volume, provide “predictable costs” and solve problems for corporate customers. The company says EY will also have the option to move transactions to the public Ethereum mainnet.
The blockchain-based prediction market Polymarket has delivered on what it promised IOG CEO Charles Hoskinson.
At Polymarket we believe in giving credit where it is appropriate and we stand by our word. We stand corrected and donated $ 50,000 on behalf of @IOHK_Charles & the Cardano community. https://t.co/0MfIUh9zZm pic.twitter.com/TqMLlCzEDh
– Polymarket (@PolymarketHQ) September 13, 2021
It donated $ 50,000 on behalf of Hoskinson and the Cardano community to the Magic Yarn Project, a nonprofit that works on wigs for children with cancer-related hair loss.
News Hedera Hashgraph
The Indian Institute of Technology Madras (IITM) is a member of the decentralized board of directors of Hedera Hashgraph.
“Regarded as one of the best universities in the world, @iitmadras has in-depth research expertise in #DLT, served as an incubator for India’s National Blockchain Project and developed a unique one #blockchain-based secure medical data exchange app ”: https://t.co/GBS0FXyPhr
– Hedera Hashgraph (@hedera) September 14, 2021
IIT Madras is one of the leading technical training institutes in India under the direct direction of the Indian Ministry of Education. As a member of the Hedera Board of Directors, IITM has become one of 39 global organizations that operate the original network nodes to manage the Hedera public ledger, which is based on Distributed Ledger Technology (DLT).
In addition to improving DLT’s skills in education and research, IITM plans to investigate use cases around public blockchains that allow users to make payments through the Hedera Consensus Service and the Hedera Token Service.
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