Bitcoin is accumulating
The daily price of Bitcoin is almost unchanged and there is not much volatility. The same goes for most of the other altcoins, but ETH has seen stronger growth in anticipation of the network’s London update in July. Let’s see how the on-chain indices of two big coins, BTC and ETH, performed over the weekend.
Bitcoin on-chain analysis Phân
The number of Bitcoin deposits and withdrawals in the last few days shows that many retail investors are selling BTC. There are now signs of whales that big investors are collecting BTC. In general, the amount of Bitcoin that is withdrawn from the exchange is higher than the amount deposited
As for the regular exchange (cash exchange), the amount of BTC on the floor is decreasing.
The Bitcoin Net Transfer Volume from / to Exchanges indicator shows the same thing. The blue column shows the amount of BTC that has been loaded onto the exchange. In 2018, while the price was going up, waves of BTC were still being loaded onto the exchange to take incremental profits. This has not been seen lately. The time BTC was placed on the major exchange was when the price of BTC quickly fell from $ 65,000 to $ 30,000.
The situation of long-term BTC stored or recently purchased large amounts of BTC shows no signs of movement. This confirms that BTC may not be ending its bull season just yet.
Ethereum is in the spotlight
Similarly, Ethereum is also bought and withdrawn from the exchange very quickly. Investors who are currently withdrawing BTC from the exchange can save, plug in, use it for defi, … The share of ETH that takes part in staking now makes up more than 5.3% of the total ETH on the market and is still increasing. Investors who participate in staking believe in long-term growth and are ready to lock their ETH on.
Some exchanges such as Binance currently support the staking of ETH 2.0 and during the staking period investors will be given temporary representation. The London update with the updated version EIP1559 is to take place in July. This update will help rebalance fees on the ETH network and burn off base fees that could cause ETH to go into deflation. However, this update contains some suggestions to move the date to August 4th. We are waiting for official information from the ETH team.
Recently, the International Economic Forum mentioned that blockchain can improve the transparency and disclosure of procurement processes, investments can be lost to corrupt hands. In particular, public blockchains such as the BTC and ETH grid.
This new technology could also improve land and property registration systems, streamline tedious processes, and protect people’s rights as used in some African countries.
A bank in Switzerland, Sygnum, is the first bank in the world to allow its customers to pay interest on ETH 2.0 at an interest rate of 7% / year. Previously, this bank also offered Tezos staking and is now still ETH. In times of low interest rates, staking attracts customers to bank deposits and this is also one of the reasons banks often mention ETH.
Next, the Visa company partnered with the BlockFi company to issue a Visa credit card. To keep users motivated, users of this card will get 1.5% cashback and up to $ 500 per month in BTC. If a user spends at least $ 50,000 per year, they can get up to 2% cashback.
Alabama Congressman Barry Moore is among the crypto supporters in the U.S. government. He went public with his investments in Dogecoin (DOGE), Ether (ETH) and Cardano (ADA). In particular, he has invested between $ 1,000 and $ 5,000 in Dogecoin since 2013.
Ethereum is collected and perceived by many large companies in the world due to the diverse uses of the Ethereum network such as Defi, NFT, etc. And if the ETH 2.0 is used successfully, can the development of the ETH to what extent?