Archiv für den Monat: Februar 2023

27. Februar 2023
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Bitcoin On Exchanges Lowest Since 2017: What’s Causing The Drop?

• Bitcoin supply on exchanges has hit its lowest level since 2017, when the crypto market saw its all-time high.
• This trend of Bitcoin leaving exchanges has been consistent since March 2020, when the crypto market bottomed ahead of a pandemic bull run.
• The decrease in Bitcoin supply is likely due to concerns over security and transparency, heightened after the FTX collapse.

Bitcoin Supply Falls to Lowest Level Since 2017

The balance of bitcoins on exchanges is now down to 2.27 million – that is the lowest mark since March 2018. This figure is even lower when compared to the overall supply; there is currently 11.8% of the Bitcoin supply on exchanges, which is the lowest mark since December 2017, when Bitcoin reached an all-time high price point.

Supply Decrease Since March 2020

The pattern of Bitcoin fleeing exchanges has been consistently falling since March 2020, when crypto bottomed ahead of an explosive pandemic bull run. Originally, people pulled their coins from exchanges in order to participate in a vibrant crypto ecosystem with high volumes and activity and much scope for yield farming and DeFi projects. However, today interest levels have fallen but this pattern continues – albeit for different reasons – with many fearing for their digital asset’s security and transparency after FTX collapsed earlier this year.

What Does This Mean?

The fall in bitcoins on exchange wallets could mean several things: it could be a sign that people are becoming more aware about keeping their coins safe by withdrawing them onto private wallets; or it could be an indication that financial institutions are buying up large amounts of bitcoin; or it may simply mean that people are holding onto their coins in anticipation of another bull run later this year. Ultimately only time will tell what lies ahead for bitcoin’s future price movements!

Not Your Keys Not Your Coins

The old saying „Not your keys not your coins“ rings true even more than ever before after FTX’s collapse earlier this year – reminding us once again just how important it is to keep our digital assets secure by withdrawing them off exchange wallets whenever possible!

Conclusions

Overall, bitcoins leaving exchanges shows us a clear indication that investors are becoming increasingly aware about protecting their investments by transferring them onto private wallets as well as being careful about where they store their digital assets. With news from institutional players such as Tesla investing into bitcoin also boosting confidence in the market, we can only hope for further positive developments in 2021!

19. Februar 2023
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Top Mt.Gox Creditors Opt for Bitcoin Payout: Get Ready to Reap the Benefits!

• Two of Mt.Gox’s largest creditors, Mt. Gox Investment Fund and Bitcoinica, have opted for a reimbursement payout in Bitcoin.
• Creditors agreed to the reimbursement program in October 2021, with payments set to begin on 30 September 2023.
• The move is largely positive for Bitcoin as receiving the payments in cryptocurrency significantly reduces the impact of a dump if the Trustee had to liquidate coins in order to pay out in fiat.

Two Creditors Opt for Bitcoin Payout

Mt.Gox Investment Fund and Bitcoinica reportedly want their reimbursement from the Mt.Gox Trustee to be paid out in Bitcoin (BTC). The two firms are two of the largest creditors of Mt.Gox, a once-popular Bitcoin exchange that went bankrupt in 2014. A reimbursement program has been established for all creditors and payouts will begin on 30 September 2023.

Creditor Registration Deadline

Mt. Gox creditors have waited nearly a decade for compensation following the collapse of one of Bitcoin’s earliest exchanges. Earlier this year, Mt.Gox Trustee Nobuaki Kobayashi notified creditors that they can update their payout details until 10 March 2023 as they choose payment options – either cryptocurrencies or fiat currencies – before repayments commence on 30 September 2023.

Bitcoin Payout Positively Affects Crypto Market

Both Mt.Gox Investment Fund and Bitcoinica have chosen to receive 90% of their repayments in BTC, according to Bloomberg reports which stated that both firms will get paid out come September this year. This move is largely positive for Bitcoin as it prevents any potential dump from occurring if the Trustee had sold off coins held by them in order to pay out fiat currency compensation packages instead.

Bitcoin Price Reaches Highs Above $25k

The crypto market sentiment has ticked up despite US regulators‘ latest actions which saw BTC pushing above $24k once again following an earlier dip down near $23,300 mark on Friday (11:00 am ET). The price rose even higher again reaching highs above $25k this week due to these developments surrounding repayment plans being made official by top creditors opting for bitcoin instead of fiat currency payments..

Conclusion

Creditors of Mt Gox’s bankruptcy can now look forward to receiving some form compensation after almost a decade since its collapse with two major creditors opting towards payment packages being made available only through bitcoin rather than fiat currencies – thus preventing any possible dumps from occurring due such large sums potentially entering into circulation at once while also making sure those affected can receive some form of recompense regardless .

12. Februar 2023
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Tether Records $700M Profit in Q4 2022: Reserves Remain Strong

• Tether reported a net profit of $700 million in Q4 2022.
• The profit is in addition to the company’s reserves and was attested by BDO.
• Tether’s consolidated assets exceeded its liabilities as of Dec. 31, 2022.

Tether Reports $700 Million Net Profit in Q4 2022

Stablecoin issuer Tether published its latest attestation report on Thursday, February 9th, revealing a net profit of $700 million in the fourth quarter of 2022. This amount is in addition to the company’s reserves and was attested by accounting firm BDO.

Consolidated Assets Exceed Liabilities

The report stated that Tether’s consolidated assets exceeded its liabilities as of December 31, 2022, with total assets amounting to at least $67.04 billion and total liabilities amounting to $66.08 billion. This reflects excess reserves of at least $960 million and is part of shareholder equity – that which is over and above reserves.

Profit Part Of Shareholder Equity

Tether CTO Paolo Ardoino commented that; “It’s basically additional capital sitting in the company to further strengthen Tether.“ As such, the reported profit forms part of shareholder equity – i.e what is left after reserves are taken into account – rather than being taken from them directly.

$21 Billion Redemptions

The stablecoin issuer also revealed that it had smoothly executed over $21 billion dollars in redemptions during the tumultuous events of last year – an indication for continued organic growth and adoption for Tether’s services globally.

Removal Of Commercial Paper From Reserves

In October 2021, just two months before releasing this report, Tether pledged to stop issuing secured loans from its reserves – a step towards further strengthening transparency for their platform going forward.

4. Februar 2023
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Indonesia Unveils National Crypto Exchange: Play, Earn, Build & Connect!

• Indonesia is set to launch a national cryptocurrency exchange by June 2023.
• The government’s Trade Ministry has identified five active, registered exchanges from a list of 25 for the role.
• The Indonesian House of Representatives passed the Financial Sector Development and Reinforcement Bill as the country’s primary legal reference for the broader financial services industry.

Indonesia to Launch National Crypto Exchange

Indonesia is set to roll out its own national crypto exchange by June 2023, according to an announcement from the country’s Trade Ministry. The government has identified five active and licensed platforms from a list of 25 that will be included in the exchange.

Financial Sector Development and Reinforcement Bill

The Indonesian House of Representatives passed the Financial Sector Development and Reinforcement Bill which serves as the country’s primary legal reference for broader financial services industry. This includes regulations on digital asset exchanges being part of the new law. Currently, crypto assets trading in Indonesia fall under the purview of the Commodity Futures Trading Regulatory Agency (CFTC).

Regulatory Review Underway

A review of digital asset exchanges earmarked to join Indonesia’s national crypto exchange is currently underway. Trade Minister Zulkifli Hasan said there is a need for everything to be done properly before launch, as rushing could result in public harm due to lack of knowledge about trading cryptocurrencies.

Growing Crypto Community

Indonesia has one of the fastest growing crypto communities in Asia, with increased interest from both institutional and retail investors looking to take advantage of digital currencies such as Bitcoin and Ethereum. With more countries embracing cryptocurrencies, it is likely that other governments may soon follow suit with their own regulatory frameworks governing blockchain-based assets.

Conclusion

As more countries begin to recognize cryptocurrencies as legitimate investments, it’s likely we will see more nations introducing their own regulated exchanges in order to protect their citizens while also providing an avenue for investment opportunities within their own borders. It remains unclear how successful this initiative will be in Indonesia but it looks like they are taking steps towards creating a safe environment for crypto traders within their jurisdiction.