Ethereum Settled $2.5 Trillion in Transactions in Q2 2021 / US Senator advocating for bitcoin as a retirement asset
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“In investing, what is comfortable is rarely profitable.” — Robert Arnott
1. US legislator purchases Dogecoin, Ethereum, and Cardano
In recent months, Alabama Congressman Barry Moore has purchased a variety of cryptocurrencies. He has lost money on all of his crypto investments thus far, based on current values.
Moore specifically purchased “Etherium” on May 5, followed by three purchases of Cardano on May 10, 11, and 13, before purchasing dogecoin on June 13.
Moore’s declarations do not disclose how much of each coin he purchased, but they do include a range of $1,000 to $15,000 for each purchase. That indicates he’s spent between $5,000 and $75,000 on purchases.
2. The Next Film of Oscar Winner Anthony Hopkins Will Be an NFT
Anthony Hopkins has already won two Academy Awards. He’ll soon have another one-of-a-kind thing to go with them — a non-transferable token related to his next film.
VUELE, a collaboration between Enderby Entertainment and CurrencyWorks, announced today that Hopkins’ next film, “Zero Contact,” will be the first to be distributed on the company’s NFT viewing platform.
According to the company, it is “the world’s first NFT feature film.”
3. Bitcoin Miners have been Accumulating for over a Month
4. The number of addresses holding more than 100,000 BTC has reached a 27-month high
Bitcoin whales appear to be stockpiling the cryptocurrency at current levels. The overall number of holders of more than 100,000 BTC is still at a 27-month high. The accumulation looks to be taking place during bitcoin’s recent price drop from its all-time high of $64,000.
According to Santiment, an on-chain analysis, and market insights organization, bitcoin addresses with more than 100,000 BTC account for 3.64 percent of the supply.
5. Bank of America Establishes Cryptocurrency Research Team
According to an internal letter obtained by Bloomberg, the Bank of America (BOFA) has formed a new division dedicated to researching cryptocurrencies. The contents of the message were confirmed by a bank representative.
Alkesh Shah, a founding member of Bank of America’s Data & Innovation Strategy Group, will lead the new crypto team. It will report to Michael Maras, the bank’s global fixed income, currencies, and commodities research director. Aside from cryptocurrencies, the team will also explore digital currency-related technology.
Candace Browning, head of worldwide research at Bank of America, stated in the memo:
Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and our blockchain expertise.
6. Grayscale® Digital Large Cap Fund Becomes SEC Reporting Company As Grayscale Investments Files Registration Statements on Form 10 For Three Additional Products
Grayscale Investments®, the world’s largest digital currency asset manager and manager of Grayscale® Digital Large Cap Fund (OTCQX: GDLC) (the Fund), today announced that the Registration Statement on Form 10 that it filed with the Securities and Exchange Commission (SEC) on behalf of the Fund has become effective.
The Fund is Grayscale’s first diversified digital currency investment fund to become an SEC reporting company with its shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (Exchange Act).*
Grayscale also announced today that it has publicly filed three additional Registration Statements on Form 10 with the SEC on behalf of Grayscale® Bitcoin Cash Trust*, Grayscale® Ethereum Classic Trust*, and Grayscale® Litecoin Trust*.The company already has two SEC reporting products: Grayscale® Bitcoin Trust and Grayscale® Ethereum Trust.
7. Warner Bros moves into NFT space
Nifty’s has collaborated with Warner Bros. to develop 92,000 NFT collectibles for Space Jam: A New Legacy, which will be released on July 16.
Anyone who registers on Nifty’s and visits the Space Jam 2 gallery will receive a free Space Jam NFT. (The regular price is $2.99 per item.) The NFTs are available in 2D and 3D formats and feature over a dozen characters from the film, including LeBron James and Bugs and Lola Bunnies.
Users are encouraged to share the NFTs on social media and are rewarded with another Space Jam NFT if they do so. All of the NFTs were chosen at random and have varying degrees of rarity. Aside from the freebies, users can only buy one NFT every day.
8. Traders Withdrawing Bitcoin from Exchanges
Traders withdraw 2,000 BTC every day from centralised exchanges.
According to Glassnode’s Monday “The Week On-Chain” newsletter, Bitcoin balances on centralised exchanges have plunged to levels not seen since April, when BTC reached an all-time high of over $65,000.
9. Ethereum Settled $2.5 Trillion in Transactions in Q2 2021
10. Stable coin Activity Surging
Messari stated that the stablecoin monetary base reached over $107 billion in Q2 2021, up 70% from Q1 and moreover 800% year on year. The three-month period saw $1.7 trillion in stable coin transaction volume, an increase of 1,090 percent year over year and 59 percent since Q1.
Tether’s total supply is at 62.4 billion, up 197 percent from the start of the year, according to the transparency report. Less than half of this sum, or 30.9 billion USDT, is on the ERC-20 token standard. There are somewhat more on the Tron network, which has 32 billion USDT.
11. Ethereum Foundation Makes Official Announcement
Ethereum EIP 1559 London upgrade has been successfully tested on testnet and is ready to be activated on to Ethereum Mainnet
12. US Senator advocating for bitcoin as a retirement asset
Senator Cynthia Lummis (R-Wyo.) spoke with CNBC’s Ylan Mui on why she invests in bitcoin and why crypto should be a part of a retirement plan.
In her words, “ I see it as a great store of value but I don’t see it as a means of exchange right now. So I wanna buy and hold, I encourage people to buy and hold, I encourage them to say Bitcoin for their retirement, for their future and that is because Congress spends trillions and trillions of dollars and is flooding our economy and the world economy with US dollars”
Senator went on to say “ as part of diversification, one of the strongest stores of value for the long run is Bitcoin .”
Food for thought: Bitcoin has been declared dead more than 400 times by far in the last 9 years. It came back to life from the fud even stronger. 2008 narrative was it could be the global currency but the latest narrative is much better which institutions treating it as an asset.
13. Michael Saylor & Bitcoin Mining Council Results
Bitcoin mining council Q2 briefing’s agenda was renewable energy , bitcoin mining energy consumption statistics
Global Bitcoin Mining Council has got an immense reputation as it is being backed by Michael Saylor, 23 mining companies into their advisory group representing 32% of the network.
Bitcoin mining uses a negligible amount of energy, is rapidly becoming more efficient, and is powered by a higher mix of sustainable energy than any major country or industry.
To sustain the mining and network effect, and to gain profits, it's inevitable that the miners have no choice renewable energy over fossil fuels and the adaption is happening at a robust phase.
Q1 Vs Q2 2021 Bitcoin Mining Metrics In Q2, The Sustainable Energy Mix Reached 56%
14. Decentraland to Host VR music festival on Ethereum
The world’s first virtual and virtual music festival to the moon, using Ethereum technology, took take place this Sunday in Decentraland.
The festival initiative is the result of a collaboration between prominent NFT marketplace KnownOrigin, NFT agency BEAR NFT, and the Illumino NFT collective, and is a group from the non-Fungible Token (NFT) community.
The collaboration arose in response to the downturn in live music events caused by the Covid-19 outbreak, which resulted in the cancellation of major festivals such as Glastonbury.
The event will take place in KnownOrigin’s virtual headquarters in Decentraland, an Ethereum-based virtual reality world, and will feature live online musical performances by artists like Ookay, Fred Thurst, SNBRN, Autograf, and Win and Woo.
Attendees can look forward to more than just music, as organizers have announced a collection of exclusive NFTs that will be available throughout the festival.
15. The price of Ethereum has reached a two-week high as enthusiasm for the London hard fork grows.
On Sunday, the second-largest cryptocurrency by market cap reached a high of $2,350, its highest level since June 18. Investors’ thirst for ETH is being fueled by Bitcoin’s price stability and the anticipation of major protocol updates.
The expiry of $230 million in Ether (ETH) options on Friday looks to have altered market sentiment in favor of the bulls, at least temporarily, as investors remain cautiously optimistic about the forthcoming London hard fork and the likelihood that Bitcoin (BTC) has formed a strong bottom according to Cointelegraph.
On June 24, Ethereum’s London hard fork, which includes the widely anticipated Ethereum Improvement Proposal 1559, went live on the Ropsten testnet, paving the way for the full mainnet deployment later in July.
The hard fork is expected to boost Ether’s value due to numerous suggested enhancements, including the switch to eco-friendly proof-of-stake consensus and a new “scarcity” feature that would restrict the number of tokens in circulation.
16. Dogecoin Partygoers Dance For Free DOGE at Million Doge Disco
The Million Doge Disco debuted on July 03, 2021, and thousands of people from all around the world have already joined in on the fun.
An augmented reality game for Dogefans DOGE and NFTs was released.
Kyle Kemper, Justin Trudeau’s half-brother, is one of the game’s creators.
POP videos are currently being submitted by partygoers.
The augmented reality smartphone game, which resembles a cross between a dance party and Pokemon Go, invites users to video themselves dancing with animated Shiba Inu’s and going treasure hunting throughout town to win different DOGE NFTs, as well as a reward from a pool of a million Dogecoins worth $250k.
Prospective partygoers may signup for a Disco Doge NFT, also known as a ‘Dogeagotchi,’ from the Doge Disco website. Dogeagotchis may earn Dogecoin, spew out Doge knowledge on a regular basis, and hunt for NFT objects buried in augmented reality. The Dogeagotchi, like the Tamagotchi, needs regular care and attention from its owner. Doges who are well cared for are theoretically worth more than those that are allowed to starve.
17. Polygon Launches MakerDAO Vault and Commits $50 Million in Matic Tokens
The Maker Network will now have speed optimization vaults, according to Polygon. On Wednesday, the blockchain-enabled protocol, formerly known as Matic Chain, announced that it will “open a vault in Maker” and invest $ 50 million in MATIC tokens based on approved treasury liquidity.
With the latest merger, the protocol’s scope, ambition, and transformation have grown to become an Ethereum scale aggregator.
18. Chainlink Presently has a Total of 617 Integrations
19. With a new protocol, EY attempts to address Ethereum’s gas fee issue
EY launches Nightfall 3 to assist with making the Ethereum blockchain more affordable to use.
Nightfall 3 is the 2019 update of the original Nightfall protocol. The protocol employs zero-knowledge proofs (ZKP) in conjunction with optimistic rollup.
In times of strong demand, Ethereum’s scalability constraint might result in extraordinarily expensive transaction fees.
Users are financially incentivized to challenge faulty layer 2 blocks in order to ensure that only correctly-formed layer 2 blocks are integrated into the final blockchain record. When a challenge is sent, the smart contract adjudicates the challenge’s accuracy, rewarding correct challenges and eliminating the wrong layer 2 blocks.
Nightfall 3 can achieve a cost of around 8,200 gas per transaction while maintaining anonymity by using ZK-Optimistic Rollups. This is nearly one-eighth of the cost of a traditional, public ERC20 token transfer.
Nightfall 3 is also intended to shorten the learning curve for developers that want to implement privacy by providing them with a standardised application programming interface (API) that looks similar to other token transfer solutions.
20. Whales Buying Bitcoin !!
Bitcoin supply held by ‘Whale Entities’ has reached a two-month high, indicating a bullish trend.
On Friday, the amount of coins held by whale entities — clusters of addresses controlled by a single network user owning 1,000 to 10,000 BTC — increased by over 80,000 to 4.216 million BTC, the highest level since May.
The number of whale entities has also increased to a three-week high of 1,922 in the last three weeks.
The increased accumulation by whale entities is good news for the market, as these affluent investors were instrumental in propelling bitcoin from $10,000 to roughly $60,000 in the five months leading up to February 2021.
During the bull run, the balance owned by whale entities grew in lockstep with the price, reaching a record high of 4.542 million on Feb. 8.
In the months that followed, whales began to sell, putting a damper on the bull run, and by early May, their bitcoin holdings had fallen by 8% to 4.17 million BTC.
21. Aave will Begin Permissioned Rollout for Institutions in July
Aave, the leading decentralized finance (DeFi) money market, has revealed a roadmap to introduce a permissioned version of its platform for institutional investors this month.
The platform will be launched in collaboration with crypto custodian and service provider Fireblocks.
At the debut, Aave Pro will only support four assets: Bitcoin (BTC), Ether (ETH), Aave, and USD Coin (USDC), with its pools separate from the rest of Aave.
The platform will add a whitelisting layer to its v2 smart contracts to ensure that Aave Pro is only accessible to “institutions, corporates, and fintechs” who have passed Fireblocks’ Know Your Customer verification. Fireblocks will also be in charge of Aave Pro’s anti-money laundering and anti-fraud measures.
The communication also mentions future ambitions to decentralise control for Aave Pro.
22. Wyoming is the First State in the United States to Legally Recognise DAO
Wyoming has become the first state in the United States to authorise and legally recognise a Decentralized Autonomous Organization (DAO).
The move became official when the American CryptoFed DAO got notification from the Wyoming Secretary of State’s office that it had been recognised as a legitimate corporate organisation.
“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world, what this means is that creating a truly digital currency with mass acceptance is now possible.” — Marian Orr, CEO of the American CryptoFed DAO
Wyoming also became the first state in the United States earlier this year to enact legislation that recognises DAOs as a unique type of limited liability company (LLC) as of July 1.
23. Another BTC Bottom Signal
Bitcoin is looking stable, Eth is going through the supply shock
24. Ethereum Supply Shock on Steroids !! ??
The reserves of all ETH exchanges have continued to fall and have reached their lowest point in the last year, which is 19.8272 million. Simultaneously, the effective balance in the ETH2.0 deposit contract increased, reaching 6.11424 million.
EIP1559 will kick start the scarcity
25. NFT Fever has Reached All-Time Highs, with Sales Totaling $ 2.5 Billion so Far in 2021
NFT sales increased by more than 18,000 percent in the first half of 2021, with non-fungible tokens generating $ 150 million in June alone, eleven times more than in the first six months of the previous year.
According to Dune Analytics statistics cited by Reuters, June was a record month for the non-fungible token (NFT) market on OpenSea, the biggest marketplace for non-fungible tokens. Nearly $ 150 million in NFT sales were recorded by the portal. This is over eleven times, or 1,000 percent, greater than total market sales in the first six months of the preceding year.
26. EIP 1559 Key Takeaways
- Ethereum’s EIP-1559 update is expected to be released on August 4.
- EIP-1559 is one of the most anticipated Ethereum improvements to date.
- It will impose a gas fee burn on every transaction, making fees more predictable and increasing the scarcity of ETH.
- It will be released as part of the blockchain’s London hard fork.
27. 4,000 German Institutional Funds Can Now Invest Up to 20% of Their Portfolios in Cryptocurrency Assets
- The much-anticipated Fund Location Act (Fondsstandortgesetz) come into force in Germany on July 1. On April 22, the German federal parliament, the Bundestag, approved the legislation.
- This legislation applies to around 4,000 such special funds. According to BVI Investments, as of the end of December 2020, 1.88 trillion euros ($2.23 trillion) were invested in open special funds, excluding special real estate funds.
- This regulation allows new and existing domestic special funds (Spezialfonds) to invest up to 20% of their holdings in crypto assets like bitcoin.
28. Highest Level of On-Chain Volume Since 10.3k
Bitcoin had massive activity in the 6000 to 12000 BTC range and now at 33k to 35000 dollar BTC, promising strong support for the Bitcoin
29. Grayscale’s big GBTC unlocking
Please read through an already published article by clicking here
30. San Marino Approves Blockchain ‘Covid Certificates’ on VeChain
The San Marino General Council has authorised an incentive for a green vaccination pass that employs VeChain technology and non-fungible coins (NFT).
The clearance was released on July 1st, along with a description of how the system works using QR codes and non-fungible tokens. By connecting to an NFT on the VeChainThor public blockchain, the QR codes may be read to verify validity.
PoA consensus backed
Digital certificates are a portable solution that may possibly be verified by anybody without the requirement to download special software. Global Director of Innovation and Growth at DNV, Renato Grottola, added:
“The use of VeChain’s blockchain technology and, in particular, non-fungible tokens, makes it possible to increase confidence in the authenticity of the information, reducing the risk of counterfeiting.”
We have witnessed institutions backing Crypto especially Bitcoin and Ethereum. We are now slowly witnessing countries adopting blockchain technology.
The adoption is inevitable.
Author: Eth!c@l Aka Kumar
Bitcoin Accumulation / Grayscale Unlocking / The world’s first NFT feature film was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.