For crypto exchanges like Binance growth in 2020 dependent on select markets

The restricted performance of the crypto market in the second quarter of 2020, did not come as a surprise to its users. The consolidation phase in June was the main reason for this blow followed by the user sentiment. However, prominent exchanges believed that the upcoming quarter and the second half of 2020 could provide rapid growth for the crypto market.

As the price of the largest cryptocurrency, Bitcoin breaks away from the kangaroo market, the consolidation phase might note an end. At press time Bitcoin has a trading value of $11,158 and a 24-hour trading volume of $7.1 billion.

As volatility snuck back in, highlighted a ‘Greedy’ market, at press time, which was better than ‘Extreme Greed’ that was indicated yesterday. As the sentiment in the market stabilizes, it was important to identify prominent exchanges and key sources of users based on countries.

According to the data collected by TokenInsight, webpage popularity represented professional users’ attitudes towards the exchange. Thus, if an exchange had a higher number of independent visitors [UV] it meant that professional users were relatively recognized by the exchange.

As per the chart above, Binance, Coinbase Pro, OKEx, ZB, and Kraken have obtained 77% of independent visitors from key exchanges. This may be indicative of a high user base and a higher proportion of professional users.

As the prominent exchanges were known, they could be linked with the user source analysis, which suggested the value of orders of quarterly visitors to an exchange. TokenInsight’s data suggested that the United States, Ukraine, Russia, the United Kingdom, and China were the key markets for most prominent exchanges.

As per the data highlighted by the above chart, Coinbase Pro and OKEx had a market share of 12.493 million and 8.186 million orders, respectively. Coinbase Pro’s primary user source was in the United States, followed by the United Kingdom. Whereas,  OKEx saw its major traffic from Ukraine, followed by China.

As per the analysis, no other single country or region could acquire 2 million orders of quarterly visitors to the exchange. Apart from the above mentioned five countries, the remaining single geographic market shares were below 5%. Thus, the main driver for the rapid growth in the second half of 2020 could be expected by users from these five countries on the key exchanges.

Even though the market sentiment may bring about small-scale positive changes, other problems like false transactions, capital security, and limited incremental users remain unsolved and would have to be resolved for crypto to usher in real market dynamics.


writen by Namrata Shukla

Heiko Closhen, Entrepreneur

How Blockchain Is Changing the Job Market

How Blockchain Is Changing the Job Market

How Blockchain Is Changing the Job Market

By Anurag Gautam

Blockchain technologies have enabled job creation across many industries. Even more interesting, however, is the scalability of jobs enabled by blockchain technology, specifically within the gig economy.


Blockchain industry growth and potential

Today blockchain and cryptocurrency are synonymous to most people. Throw the term “Bitcoin” into the mix and many people probably can’t properly define all three terms or properly differentiate between them. As a result, the general public sees the volatile Bitcoin and cryptocurrency price fluctuations and thinks the whole blockchain industry is unstable or otherwise “risky.”

Yet while cryptocurrency prices fluctuate, the investment and development activity in the blockchain industry is continually increasing. This blockchain investment and development does not just impact a few industries. Blockchain technologies are being used in consumer products, the financial sector, healthcare and pharma, IoT, supply chain, manufacturing, gaming, and even governments.

With so many applications for so many different industries, the upside potential of the blockchain industry is huge.


Blockchain impact on the job market

One often-overlooked benefit of the massive investment in blockchain technologies is the impact on the job market. Payroll is the largest single cost of most businesses, accounting for up to 70% of total business costs. As worldwide spending on blockchain reaches $11.7 billion in 2022, the number of jobs created in the blockchain industry will reach an all-time high.

The impact of the blockchain industry is already clearly visible, creating jobs in hardware and software development, auditing, security, economics, marketing, consulting, asset management, funds, and many more.

Many of these job functions already exist in other industries but the blockchain industry has very specific needs and attributes, and these job functions needed to be adapted to fit this new “wild west” blockchain world.

While some existing companies have adapted and added blockchain to their service offerings, this adaptation has led to thousands of new companies that focus specifically on the blockchain.


New jobs enabled by blockchain technologies

Even more interesting than jobs created in the blockchain industry are the new jobs enabled by blockchain technologies. Numerous jobs and ways to make money exist now that are only possible because of blockchain technologies, and that number will only continue to increase as the technologies further develop.

The most interesting and game-changing possibilities in job creation are the possibilities for the gig economy. Technology has already turned the gig economy into a common term. And now blockchain technologies enable the creation of potentially limitless micro-jobs in the gig economy thanks to the ability to facilitate micropayments, cross-border transactions, and decentralized systems.

These jobs can range from the quick and simple: product testing, surveys, watching videos, even walking, to the creative or complex: mining, content creation, and development. Below are some of the current companies creating jobs in the gig economy.

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Micro tasks

Sweatcoin: Sweatcoin rewards users for how active they are throughout the day. The Sweatcoin app tracks a user’s steps and rewards them with Sweatcoins which are redeemed or donated with the various partners in the Sweatcoin network.

WOM Authenticator: With the WOM Authenticator, users rate product recommendations based on authenticity, creativity, and positivity and earn WOM tokens.

Bitfortip: On Bitfortip, users ask questions and “tip” other users who help them find the answers. Users are paid in Bitcoin.

Stormx: Users on Stormx earn various cryptocurrencies for completing micro tasks such as completing surveys, trying products, and testing games.


Content creation

eSteem: eSteem is a social blogging platform. Creators share blog posts, videos, and photos similar to Medium or other blogging platforms and earn STEEM tokens as users engage with the content.

Lbry: Lbry is a platform where creators can offer their content–videos, books, games, etc. for free or for a price. Creators then earn as people pay for what they have created.

YEAY: The YEAY app allows creators to upload product recommendation videos which are authenticated through the WOM Protocol. Creators then earn WOM tokens based on the engagement with the content.

Vibravid: Vibravid is a YouTube-esque video and music hub where content creators can upload their content and charge users to watch or listen. Creators earn Beatzcoin and use the token to pay for advertising.



WOM Protocol: The WOM Protocol enables platform developers to reward their users for their word-of-mouth recommendations. New and existing social networks, e-commerce sites, and other content platforms can incorporate the WOM Protocol and earn a share of the WOM tokens earned by their users.

Kin: Developers can create apps on the Kin blockchain and tap into the Kin rewards engine to reward their users and earn a portion of those rewards themselves based on their share of the activity within the Kin ecosystem.

Steem: Similar to Kin, developers can create social networks and other platforms on the Steem blockchain, offer STEEM rewards to their users for various types of actions and engagement, and earn a portion of those rewards.

The “Uber, Airbnb, Taskrabbit, Fiverr, YouTube” gig economy has been around for a while and some people have adopted gig jobs either part or full time. These gigs, however, often require a minimum investment, competition against other “gig-ers” for attention, and certainly have a minimum earning threshold in order to make these gigs viable options as jobs.

In contrast, the benefits of blockchain technologies highlighted above (the ability to facilitate micropayments, cross-border transactions, and decentralized systems), enable a multitude of new “gigs” that can be picked up and switched between seamlessly without any minimum needs or requirements.

For example, Sweatcoin, the WOM Authenticator, and Stormx can be picked up and put down at any time and users can earn whatever amount with no investment other than time. Content creators on YEAY, eSteem, and Vibravid naturally need to put in the effort to create content worth consuming, but they can start earning immediately without needing to reach some minimum view or follower threshold, and the revenue share is often much more skewed in the content creators’ favour. And developers and platforms in the Kin, WOM, and Steem development ecosystems are rewarded immediately based on the value they bring to their users rather than based on ad clicks.

The gig economy is being expanded and made much more accessible to many more people around the world through blockchain technologies.


The future of the job market is bright

The specific needs and attributes of the blockchain industry have necessitated the creation of many new jobs: some traditional jobs that have been adapted to the unique nature of the blockchain industry and – even more game-changing – countless new jobs enabled by blockchain technologies.

And with the current development trends and blockchain spending reaching $11.7 billion next year, the positive effects of the blockchain industry on the job market will only increase.

Article produced by Anurag Gautam


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Heiko Closhen, Entrepreneur

Bank of Japan doubles down on a digital yen

Bank of Japan doubles down on a digital yen

Bank of Japan doubles down on a digital yen

By Robert Stevens

Plans for a central bank digital currency within the Bank of Japan have moved "beyond the preparatory stage," according to its director general.

In brief

  • The Bank of Japan is pushing forward with its plans for a central bank digital currency, or CBDC.
  • The central bank's department director-general said talks of a digital yen have moved "beyond the preparatory stage."
  • China, BOJ's main rival, is already moving toward issuing digital yuan.

The Bank of Japan is going full steam ahead with its research into a central bank digital currency, or CBDC. 

The Asahi Shimbun, a Japanese news outlet, today published an interview with Takeshi Kimura, the central bank's department director-general. It reported that Kimura said that a CBDC is a top priority for the country.

“We will move forward with discussions while pushing up the level of consideration beyond the preparatory stage,” Kimura told the publication. 

A CBDC is a central bank’s version of digital cash; for the BOJ, a digital yen. According to the Bank of International Settlements, 80% of the world’s top central banks are researching them, although few rely on blockchain’s decentralized ledger (these are central banks, after all). 

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Kimura didn’t provide a timeline about when a BOJ CBDC might come out. And his comments don’t mean that the BOJ even intends on releasing one any time soon—it has previously said that it had no such plans. But still, the research and development progresses. Kimura said his department plans to tap the private sector for its knowledge.

Kimura reportedly said that a well-designed CBDC, must, at least in theory, be available for everyone at any time, even if there’s a power cut. He said a CBDC would probably go live when people stop using cash. The Asahi Shimbun pointed out that the Japanese still use lots of cash.

The BOJ’s main rival here is China, which is currently piloting its own CBDC, termed the DCEP. “China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts,” Norihiro Nakayama, Japan’s parliamentary vice minister for foreign affairs, told Reuters in January.

In response, the Bank of Japan this month set up its own CBDC division, replacing its old team. The new division, part of the BOJ’s Payment and Settlement System and headed by Akio Okuno, will spend its days schmoozing with the European Central Bank and the Bank of England, as well as expediting the research of a CDBC. 

Article produced by Robert Stevens


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Heiko Closhen, Entrepreneur

Spotting the Potential of NFTs in the Blockchain Gaming Industry

Spotting the Potential of NFTs in the Blockchain Gaming Industry

Spotting the Potential of NFTs in the Blockchain Gaming Industry


Polyient Games’ Craig Russo believes that the NFT market has come to represent one of the “most attractive opportunities” across digital assets.

Non-Fungible Tokens (NFTs) are emerging as a very popular blockchain trend in gaming, as they're also now being used in the sports industry (ticketing), financial services, and as a way to sell and transfer property, highlighted Craig Russo, director of innovation of an investment firm and startup ecosystem, Polyient Games.

In an interview with Cointelegraph, Russo explains that NFTs first captured the attention of the mainstream crypto community in 2017 with the launch of Ethereum (ETH) collectables game, CryptoKittie.

Since then, Russo believes that the NFT market has come to represent one of the “most attractive opportunities” across all digital assets, with immediate use cases already being found within the art, collectables and even the gaming industries

Polyient Games’ director of innovation explained further about the role of NFTs within the gaming space and its “steadily” popularity:

“One reason gamers are gravitating towards blockchain is that – unlike traditional games – blockchain environments permit players to gain true ownership of their in-game items.

This means blockchain games, driven by non-fungible tokens (NFTs) and digital collectibles, are unlocking an entirely new economic system that enables gamers to earn real money while they play.

Fueled by these applications, the collectibles market has reached $370 billion.”

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NFTs and DeFi

Russo states that we are also beginning to see NFTs emerge “as a standalone asset within decentralized finance (DeFi),” including lending and fractional trading, and companies within the industry such as Polyient Games are bullish on NFTs in DeFi.

However, Russo told Cointelegraph about the major hurdles that NFTs adoption is facing currently:

“A lack of understanding about NFTs from both the public’s perspective as well as mainstream media is probably the biggest hurdle, but – based on the feedback we’ve gotten so far – we’re seeing more and more mainstream interest daily.”


The role of the pandemic in the NFTs’ popularity within the gaming industry

COVID-19 has altered how people interact, travel, communicate, work and conduct business, says Russo, but “it’s also reshaping the entire gaming industry.” He quotes figures that reveal in April 2020 alone, U.S. consumers spent a record-breaking $10.5 billion on in-home gaming:

“This renewed passion for gaming has also caused a spike in gaming stocks.

As people continue to social distance, this trend will continue. And – as players discover blockchain games, powered by NFTs and digital collectibles, which offer an entirely new, fully-immersive gaming experience – they will continue to embrace blockchain games.”

Article produced by FELIPE ERAZO


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Heiko Closhen, Entrepreneur

Guizhou China Launches Blockchain-powered Int’l Trading Platform

Another Chinese province reported that it is about to launch a blockchain-powered cross-border financial service platform.

Per Haiwainet, Guizhou Province, in China’s mountainous southwest, will launch the initiative this month.

The province’s foreign exchange administrator is the platform’s mastermind. The administrator stated that it has been working on the project with the Guizhou branches of state-owned banking giants, including policy bank the Export-Import Bank of China.

The province said the platform will allow “private, small, medium and micro businesses” support when making cross-border transactions by providing faster, more effective, paper-free financing for foreign trade deals.

Smaller companies typically need to rely on banks to help with the financing their international trade deals. They also need to apply for customs clearance. This typically involves a long, drawn-out process – much of which is paper-based and involves face-to-face contact.

The operators of similar initiatives in other Chinese provinces said that in many cases, they have managed to cut down month-long processes to seven days or under.

Guizhou said that the move will also help cut down on fraudulent and error-ridden financing practices, with greater transparency and traceability.

The province’s population is around 35 million, and it has become the focus of a massive investment boost in recent years. In 2017, its provincial governor unveiled plans to construct 10,000km of motorways, 600km of canals, and 4,000km of high-speed railways – as well as 17 airports.

Guizhou also has thriving mining and agricultural sectors, and exports coal, timber, and tobacco.


written by Tim Alper

Heiko Closhen, Entrepreneur

UTE Joins Energy Web to Transform Energy Sector with Blockchain

UTE Joins Energy Web to Transform Energy Sector with Blockchain

UTE Joins Energy Web to Transform Energy Sector with Blockchain

By David Cox

In its efforts to become a global leader in digital innovation and rapid energy-sector decarbonization, Uruguay’s grid operator Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE) has announced its partnership with Energy Web (EW).

The partnership will allow UTE to leverage the blockchain-based solutions offered by Energy Web, including the Energy Web Decentralized Operating System (EW-DOS), the Energy Web Chain as well as the EW Origin and EW Flex software development tools to continue its innovations in electricity generation.

With this partnership, UTE will officially become a member of the Energy Web and will be able to host an EW Chain validator node.

Uruguay’s energy sector has been consistent in bringing innovations in energy transformation.

Earlier the country used to rely on oil but later moved toward hydro, wind, and photovoltaic renewable energy generation options to meet the electrification of energy demand. And that is why Uruguay’s electricity grids currently operate at 98% renewable energy.

UTE is a public energy sector company in Uruguay that is committed to making electric energy affordable for people through electricity generation, transmission and distribution, and commercialization.

It exports energy to its neighbouring countries, including Argentina and Brazil. Besides this, UTE’s vision is to provide quality service and expand renewable energy generation plants across the country to meet the growth of the local energy market.

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Energy Web is a non-profit that enables its members to create low-carbon electricity systems by leveraging its blockchain and decentralized technologies.

According to Walter Kok, CEO of Energy Web, this collaboration holds a lot of potentials where the Energy Web will support UTE in decarbonizing the electricity system by leveraging Energy Web’s decentralized blockchain technology. UTE will also be able to leverage the benefits of the collaboration for:

  1. Developing innovative solutions through EW-DOS to stabilize the power grid.
  2. Making the most out of the investments made in electric motor vehicles.
  3. Providing amplified traceability and transparency for energy services.
  4. Releasing new enterprise products to meet consumers’ needs.
  5. Providing smart meters to half of its 1.5M consumers by 2021.

UTE has a specialized Environmental Management unit and it plans to advance its electricity coverage of the national territory. With this collaboration, UTE is aiming at getting a foothold in the energy sector through digital innovation with the support of Energy Web’s blockchain and decentralized technology.

Article produced by David Cox


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Heiko Closhen, Entrepreneur

China’s BSN wants to integrate 100 public blockchains in 2020

China's BSN wants to integrate 100 public blockchains in 2020

China's BSN wants to integrate 100 public blockchains in 2020

By Nicholas Fearn

The Blockchain Service Network aims to connect the fragmented blockchain industry, providing a one-stop hub for dapp developers.

In brief

  • China's Blockchain Service Network (BSN) aims to integrate over 100 public blockchains within a year.
  • The BSN has already added support for Tezos, NEO, Nervos, EOS, IRISnet and Ethereum.
  • The project aims to provide a blockchain hosting platform for individuals and small businesses, acting as a one-stop hub for dapp developers.

China's Blockchain Service Network (BSN) has unveiled ambitious plans to connect more than 100 public blockchains this year, according to a report by Bloomberg.

Red Date Technology, the Beijing-based crypto company behind the network, is ramping up plans to roll out BSN across the world. BSN recently announced support for Tezos, NEO, Nervos, EOS, IRISnet and Ethereum; speaking to Bloomberg, Red Date CEO He Yifan revea;ed that it's looking to raise that number to 100 public chains within a year.


The BSN's global expansion

The BSN, which is supported by the Chinese government, aims to provide developers with the tools to create blockchain applications, acting as a blockchain hosting platform for individuals and small businesses.

BSN has already made a significant impact since its initial rollout in April,  signing up over 6,000 customers. Most of its users are government organizations, businesses, and people based in China, who are using it for tasks such as managing supply chains and government documents. 

BSN is excited to announce the six public chains that will be integrated at the launch of the redesigned BSN International Portal @ethereum @block_one_ @tezos @NervosNetwork @Neo_Blockchain @irisnetwork @IRITAchain @chainlink @dfuseio

— BSN (@bsnbase) July 21, 2020

Speaking to Bloomberg, He revealed that Red Date's aim is to push out BSN on a global scale so that anyone can create decentralized apps (dapps), "without having to then publish offerings on siloed platforms one by one."

"The Internet took off only after it became cheap for everyone to build websites," He added. "Our mission is to put everything blockchain-related onto BSN’s platform."

While many companies are already developing standards for the blockchain industry, BSN has a different aim in that it helps to connect the various protocols and networks that are currently fragmented. 

Yifan claimed that developers will be able to realize cost savings of up to 90% when it comes to developing blockchain-based apps using BSN.

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Geopolitical tensions pose obstacles 

Global expansion certainly won’t be an easy task for the BSN. Rising geopolitical tensions have caused pushback over Chinese-made technology from firms such as Huawei, in the USEU and UK

But He said that Red Date will work with international partners "without Chinese affiliations" to co-manage a new foundation, BSN-International. BSN will also achieve transparency through going open source within the next three years. 

He explained that BSN will make money by billing customers for their consummation of cloud storage and will make a profit within three to five years. The company is currently still finalizing these plans. 


What is the Blockchain Service Network?

China's Blockchain Service Network is billed as "a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain Dapps."

The BSN is financed and built by China’s largest telcos and banks, with nodes connecting over 100 cities across the country. In recent days, the BSN has split into two groups, BSN-China and BSN-International, with the latter headed up by Red Date. The move follows “pushback from its core, state-owned members on the public chain integrations”.

Speaking to CoinTelegraph, He stressed that BSN-China and BSN-International are working together as a global BSN network, and are not independent entities; five of the BSN-China nodes will be connected to BSN-International.

Article produced by Nicholas Fearn


ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

Tech-Related Industries Blockchain Could Change


Tech-Related Industries Blockchain Could Change

Tech-Related Industries Blockchain Could Change

By John Davenport

In its fairly brief existence to date, blockchain technology has already shown the potential to disrupt a variety of different industries. In some cases, in fact, it may stand to transform these industries entirely.

The ones that are discussed most frequently are those that relate at least somewhat to blockchain’s initial purpose: to digitally facilitate and log financial transactions.

Once blockchain established that it could perform these functions for cryptocurrency, it wasn’t long before it was applied to other financial services. Today, we see banks, trading platforms, and in some cases even national governments making use of blockchain or similar technology.

Outside of finances though, blockchain technology is also poised to disrupt various tech-related industries. We’re highlighting a few of them right here.



Without anyone really having thought of it this way, the gaming industry has actually been moving toward a point at which a blockchain system would make sense for some time now.

Gamers are already used to buying content digitally; there is a discussion about evening the playing field for developers, and cryptocurrency-like solutions have already been brought up as solutions for gamers’ desire to trade virtual goods. Blockchain technology can essentially capitalize on all of these developments and is beginning to do so.

The most significant development in this regard has been support of the Ultra blockchain by Ubisoft, which remains one of the biggest names in game development. Ultra is essentially seeking to build up a blockchain environment within which indie and established game developers can operate alongside and even in collaboration with one another.

The same environment would make it easy for gamers to buy content directly from developers, and to exchange digital assets with one another. It’s not fully realized just yet, but Ubisoft’s commitment — both to developing games for the system and to building blocks that will validate transactions on the Ultra blockchain — is a significant step in that direction.


PCB Design

PCB design may fly under the radar from a lot of people’s perspectives. But really, it’s at the heart of much of our digital world. Electronic devices from Bluetooth speakers, to smartphones, to connected thermostats all depend on advanced printed circuit boards to be able to function the way we expect them to.

Because of this, and as a result of the ever-expanding demands of modern tech, the design of PCBs has become increasingly complex — and increasingly collaborative.

Thanks to today’s digital design methods, teams of engineers can work on new PCB layouts through software, potentially working in teams and across distance in order to meet needs efficiently.

Following this process, a certain sort of file is used to convey the design to manufacturers. These are called Gerber files, and they essentially make it easier to visualize and make sense of complex PCB designs, which in turn helps manufacturers to turn digital renderings into functioning circuit boards.

Now consider how the blockchain might impact this process. With PCB design files changing hands throughout the process, and converted Gerber files ultimately being passed along to manufacturers, there are opportunities for a blockchain-like system to be implemented for the sake of transparency and integrity.

This industry relies upon designs being sent back and forth and orders being fulfilled, and all of this can happen more smoothly on a system designed to log activity and ensure agreed-upon outcomes.



You might not think of healthcare explicitly as a tech industry. Or at least it’s not typically categorized as such.

When you think about where healthcare is going, however — with remote patient monitoring, limitless data management needs, expanding use of automated technologies, and so on, it’s absolutely fair to consider it a tech industry now and moving forward.

Accordingly, the healthcare industry is already beginning to look like a natural partner for blockchain technology. This is basically because of data.

The healthcare generates an unthinkable volume of records relating to patients, medications, procedures, and costs, and as things stand now there are inevitable issues that arise with keeping all of this in order.

A blockchain-based data-sharing system could eliminate those issues by securing information and making data easy to trace. Disagreements, instances of fraud, and lost or misunderstood patient records would all be minimized.


Digital Identification

Digital identification is effectively a new industry, or at least one that seems to be emerging as we continue to transition to more digital lifestyles.

One aspect of the idea is simple: to be able to identify ourselves through trusted but entirely digital means, making things more convenient and likely doing away with various forms of identity fraud.

However, expanding digital identification also refers to the practice of gaining more control over our personal information and related data online. Right now, our “I.D.” in this sense is widely available, and our personal data is often sold and used without our knowledge. And it’s in this regard that blockchain technology may prove beneficial.

The concept of digital I.D. as relates to blockchain is that people could be issued official, digital identification “proofs” supplying basic information (such as name, date of birth, address, etc.).

Each individual would have full control over this information, and could thus decide when and where to use it. Basically, this would allow for people to verify their identities when necessary, via keys provided over a blockchain network, without simply releasing personal information to the web to be distributed to no end.

The list could go on with several more examples, both in technology and more broadly. But hopefully, these ideas have provided some more undertaking of just how widespread blockchain technology’s impact may be.

Article produced by John Davenport


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Heiko Closhen, Entrepreneur

Bitcoin balance on exchanges may soon see a resurgence

It has been a year of trends for Bitcoin and one of the most well-documented ones is the trend of more Bitcoin leaving exchanges than entering it. Since the start of the year, more specifically since March, over 92,000 BTC has moved out of exchanges.

A recent report had suggested that some amount of Bitcoin were starting to come back into the exchanges but recent data from Glassnode suggested that the Bitcoin balance on platforms was still stable.

According to the Glassnode’s tweet, Bitcoin’s current price explosion did not have a significant effect in terms of large-scale deposits of funds into exchanges. It said,

“So far, the Bitcoin balance on exchanges remains stable – at around 14.5% of the circulating BTC supply.”

Recent reports also cited that Bitcoin reached an 18-monthly low in terms of BTC balances on exchanges and recently, Shapeshift exchange released its self-custody app, where the users do not have to share their private keys with any third party domain.

However, the situation is most likely to undergo a trend reversal over the next few months.

Why did Bitcoin exit exchanges in the first place?

Although there wasn’t any clear cut reason, many suggested that a sentiment of distrust attached to exchanges ran like wildfire after the March Crash. Binance and Coinbase incurred less exiting Bitcoins but other exchanges faced major wrath, especially BitMEX.

However, it is important to remember that Bitcoin alongside the larger financial market was facing an economic collapse amidst the pandemic. With global lockdown a reality, many speculated that it was safer to keep Bitcoin under self-custody rather than with exchanges.

With the financial ecosystem improving, it is possible that users saw the benefit of storing Bitcoins in exchanges again.

With BitMEX’s Open-Interest improving over the past week, the largest derivatives platform image was recovering as well, which meant that users were ready to let go of the past.

Therefore, it seems like a matter of time before Bitcoins are swarming back into the exchanges, with the general sentiment becoming strongly positive over the past month.

written by Biraajmaan Tamuly




Heiko Closhen, Entrepreneur

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