This week has been a roller coaster ride for everyone. Bitcoin’s price is so close to a new all-time high, but then the market suddenly crashed two days ago.
Crypto Digest is here to bring the seven biggest crypto news of the week from reliable and trusted new outlets. It aims to help anyone stay updated with all the news and events in the crypto space. Instead of reading lengthy news, Crypto Digest delves into the core facts and issues to deliver you the biggest crypto news.
Chinese Authorities Seized USD 4.2 Billion of Crypto Assets
The arrest of 109 individuals connected to the PlusToken Ponzi by Chinese police also resulted in a titanic seizure of crypto assets worth USD 4.2 billion at today’s prices.
According to court filings released publicly, authorities seized a staggering 194,775 Bitcoin (BTC); 833,083 Ethereum (ETH); 1.4 million Litecoin (LTC); 27.6 million EOS; 74,167 Dash; 487 million XRP; 6 billion Dogecoin (DOGE); 79,581 Bitcoin Cash (BCH); and 213,724 Tether (USDT) from seven individuals convicted in the case.
According to the Yancheng Intermediate People’s Court, the crypto assets will be forfeited in favour of the national treasury.
Huge Amount of Bitcoin Returns to OKEx Despite Outflows
Thousands of Bitcoin left crypto exchange OKEx after it reopened withdrawals however a large amount of Bitcoin was also deposited.
According to the data from on-chain analysis tool Glassnode, 29,300 BTC left the exchange. In the same period, 21,600 BTC were deposited on the Malta-based exchange. This means that only 7,700 BTC more was withdrawn than arrived on the exchange.
Despite the minor exodus, OKEx continues to sit on over 212,000 BTC which is about 1.1 percent of the asset’s total circulating supply.
Ethereum 2.0 Genesis Day Set for December 1
According to a tweet by ETH 2.0 researcher Justin Drake, the launch of Ethereum 2.0’s Beacon Chain has been set for December 1.
The launch date was immediately announced right after the smart contract required for triggering the first phase of Ethereum 2.0 secured sufficient funds. A total of 775,232 ETH is currently locked in the contract which is 148 percent of the required amount.
The Beacon Chain is considered as the backbone of Ethereum 2.0, an interim blockchain that will operate alongside the current network as Ethereum begins the first four migration phases to the new network.
XRP's Price Rallies to Two-Year High
Ripple is continuing its remarkable price despite the dip in the whole market, outperforming many of its competitor.
According to Jehan Chu, the managing partner at Hong Kong-based blockchain investment firm Kinetic Capital, the impending airdrop of Flare Network’s Spark (FLR) token to XRP holders is supercharging the XRP bull market. A lot of exchanges have also announced the support for the distribution of Spark (FLR) token in the past weeks.
Spark (FLR) token is the native token of the Flare network. The Flare Network is a distributed network running the Avalanche consensus protocol adapted to Federated Byzantine Agreement and leveraging the Ethereum Virtual Machine.
Top Bloomberg Strategist Says Bitcoin Could Peak USD 180K
Bloomberg senior commodity strategist Mike McGlone says Bitcoin may be on path to six figures and beyond.
In an interview with Bloomberg TV, the seasoned analyst assessed Bitcoin’s past performance and estimated that it may grow tenfold by the end of 2021 or even more. McGlones said that while the last bull cycle was primarily fueled by retail fear of missing out, this cycle could be fueled by a Wall Street equivalent.
He also pointed out that Bitcoin’s volatility is decreasing, even against the traditional stock market and that its increasing demand and limited supply will play a key role in its price actions.
Bitcoin Stored on Exchanges Falls to Two-Year Low
The Bitcoin balances on all major crypto exchanges have fallen to their lowest point since August 2018 according to market insights platform Unfolded.
In August, the total amount of Bitcoin on exchanges fell to 2.6 million. This week, the number is all the way down to 2.3 million, hitting a 27-month low, a level which has not been seen since August 2018.
The current balance on exchanges is 2.3 million Bitcoin, according to data from Glassnode.
Facebook’s Libra to Launch in January 2021
The long-awaited digital currency of Facebook, Libra, is set to launch in next year as a USD stablecoin, according to a new report.
Expected in January, the Financial Times wrote that the exact date is still not known and would depend on when the Libra Association receives regulatory approval by the Swiss Financial Market Supervisory Authority to operate as a payments service.
Citing three people involved in the project, the Financial Times also wrote that the Libra Association plans to eventually add more fiat currencies to the basket of assets that back Libra’s value.
- Chinese Police Seized Crypto Assets Worth $4.2B Today from PlusToken Ponzi, https://cointelegraph.com/news/chinese-police-seized-crypto-assets-worth-4-2b-today-from-plustoken-ponzi
- Huge Amount of Bitcoin Returns to OKEx Despite Outflows, https://decrypt.co/49740/huge-amount-of-bitcoin-returns-to-okex-despite-outflows
- Ethereum 2.0’s Genesis Day Is Officially Set for Dec. 1, https://www.coindesk.com/ethereum-2-0-launch-genesis-day-dec-1
- Here’s What Triggered XRP’s Epic Rally, According to Kenetic Capital’s Jehan Chu, https://dailyhodl.com/2020/11/26/heres-what-triggered-xrps-epic-rally-according-to-kenetic-capitals-jehan-chu/
- Top Bloomberg Strategist Says Bitcoin Could Peak at $180,000 – Here’s When, https://dailyhodl.com/2020/11/25/top-bloomberg-strategist-says-bitcoin-could-shatter-180000-next-year/
- Bitcoin Stored on Exchanges Falls to Two-Year Low, https://decrypt.co/49720/bitcoin-stored-on-exchanges-falls-to-two-year-low
- Facebook’s Libra to Reportedly Launch in January 2021 as USD Stablecoin, https://cointelegraph.com/news/facebook-s-libra-to-reportedly-launch-in-january-2021-as-usd-stablecoin