• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / All Posts

All Posts

Ethereum’s Shapella Upgrade Set To Revolutionize Network Operations On April 12th

March 29, 2023 by Ammar Raza

The Ethereum Foundation has officially announced the activation of the Shapella network upgrades on the Ethereum network, scheduled for April 12th at epoch 194048, at 22:27:35 UTC. 

The upgrade will allow validators to withdraw their stake from the Beacon Chain back to the execution layer and introduce new functionality to both the execution and consensus layers.

Ethereum’s Shapella Upgrade & Bug Bounty

Prior to the upgrade, the ETH Bug Bounty rewards have been doubled for Shapella vulnerabilities until April 5th, encouraging stakeholders to report any potential issues they may discover, as per the announcement.

The upgrade combines changes to the execution layer (Shanghai), consensus layer (Capella), and the Engine API, introducing various improvements such as full and partial withdrawals for validators and independent state and block historical accumulators. 

Client teams expect SELFDESTRUCT semantics to change in future network upgrades, but the opcode’s behavior remains unchanged in Shanghai. 

Changes to the Engine API are specified in the shanghai.md file of the execution-APIs repository and the full set of Shanghai changes can now be viewed in the ETH Execution Layer Specification (EELS), a new Python reference implementation for the execution layer.

The following client releases support Shanghai & Capella on the Ethereum mainnet: Besu v23.1.2, Erigon v2.41.0 v2.42.0, go-ethereum (geth) v1.11.5, and Nethermind v1.17.3. Previous Shapella releases only supported testnet deployments and are incompatible with the mainnet upgrade.

According to the announcement post, stakers and node operators are advised to read the Withdrawals FAQ to prepare for Capella and to update their node to the latest version of their ETH client listed in the table provided. The table lists the client releases that support Shanghai and Capella on the Ethereum mainnet.

As an Ethereum user, Ether holder, or non-staking node operator, there is no immediate action needed unless informed by your exchange or wallet provider. However, those running their own Ethereum node should update to the latest client version listed to be compatible with the Mainnet upgrade.

However, Ethereum stakeholders are encouraged to keep an eye out for any updates or announcements regarding the Shapella network upgrade to ensure a smooth transition and avoid any compatibility issues.

Related Reading |  FTX Founder’s New Bail Agreement & Latest Bribery Charge: A Complicated Legal Saga

Filed Under: News, Altcoin News Tagged With: Beacon chain, Ethereum (ETH), Shapella upgrade

Bitcoin’s Scalability Gets A Major Boost With ZK Proofs Launch

March 29, 2023 by Lipika Deka

The Bitcoin network is bolstered by the launch of Ethereum scaling solution StarkWare’s Zero-knowledge proofs [ZK-proofs/ZKPs]. With these, individual blocks and eventually the entire blockchain can now be verified faster by users.

ZeroSync, the newly formed non-profit entity has been tasked to build tools to validate the state of the Bitcoin network without having to download the blockchain or trust a third party for verification.

The group uses StarkWare which pioneered the Zero-Knowledge Scalable Transparent Argument of Knowledge [zk-STARK)]to transform the process of verifying the Bitcoin blockchain.

The BTC network still requires node operators to download a large amount of data to synchronize the correct state.

Already native to the Ethereum ecosystem, many layer-2 scaling platforms such as Polygon, Arbitrum, Optimism, and StarkNet have effectively tapped ZK technology.

Simply put, Zero-knowledge proofs, or ZK proofs, are a type of cryptographic encryption that hides blockchain transaction details.

Blockchain requires a huge network of computers called nodes to verify transactions and mutually agree on the authenticity of the data under scrutiny before it is added to the blockchain.

This means that the user’s data is shared between many computers scattered across the globe, raising concerns about user privacy.

Since blockchains give decentralization more priority than user privacy, more nodes are continuously added to the network. Additionally, because blockchains use public ledgers, it is easy to view a user’s wallet address using a blockchain explorer.

So, how do blockchains address consumer privacy while being decentralized? That’s where ZK Proofs hopes to plug in.

ZK Proofs is a technology that authenticates data without revealing the data itself. This idea is to prevent the Prover [whose data needs to be validated] from sharing the data with the Verifiers [the nodes] unnecessarily. At the same time, the Verifiers can ascertain that the Prover’s data is valid.

ZK Proofs Might Play A Factor In Resolving Blockchain Trilemma For Bitcoin

These are referred to as “Zero-Knowledge Proofs” because the Verifier does not actually possess the information being verified; rather, they only know that the data is accurate.

With respect to Bitcoin, one of the major factors limiting the network’s scalability lies in its cryptographic algorithm- Elliptic Curve Digital Signature Algorithm [ECDSA].

In a paper published by StarkWare on Aug 2022, the software firm first proposed the method for effectively verifying ECDSA from within the STARK ecosystem, potentially overcoming the blockchain trilemma for Bitcoin — i.e., attaining scalability, security, and decentralization concurrently.

Filed Under: Bitcoin News Tagged With: Bitcoin, btc, zksync

Binance’s BUSD Bleeds As Outflows Hit Over $500 Million

March 29, 2023 by Lipika Deka

Outflows of BUSD, a Binance stablecoin pegged to the US dollar have steeply increased following CFTC’s lawsuit alleging “Willful Evasion” of U.S. regulations and the sale of unregistered crypto derivative products.

Over $500 million of the asset has been removed from the exchange in 24 hours since the lawsuit went public, but this is still less than the February SEC crackdown on BUSD issuer Paxos, which resulted in over $2 billion in BUSD outflows.

After Paxos was told by US regulators to stop minting BUSD, the exchange is reportedly converting its BUSD holdings in the Secure Asset Fund for Users [SAFU] to TUSD and USDT.

The trading platform recently announced the addition of XRP, Solana, Matic, SSV, Lido DAO, and Optimism as additional TUSD trading pairs. The blog stated that trading them can begin on March 29 at 08:00 UTC.

Even though the stablecoin backed by Justin Sun only has a $2 billion market cap, Binance’s preference for it has sparked discussions in the crypto community.

“It might be due to the fact that Binance was preparing for the transition from BUSD to an alternative stablecoin such as TUSD or USDC,” CryptoQuant head of marketing Hochan Chung told media source in a Telegram message.

“Also the changes in Binance’s exchange reserves of BTC, ETH, and other stablecoins are not notably significant. Only the BNB price has been damaged [down 5.78% in the past 24 hours] from the issue,” Chung added.

Data from Nansen revealed that the trading exchange holds over $7 billion in BUSD.

BUSD Is A Commodity- CFTC’s Complaint

As reported by TronWeekly, Binance was the subject of a complaint filed by the Commodity Futures Trading Commission [CFTC] for violating federal regulations.

C.Z dismissed the CFTC’s civil lawsuit as an ”incomplete recitation of facts” and called it unexpected after cooperating with the agency for more than two years. He also assured a full response to the lawsuit in the near future.

As per the lawsuit, CFTC considers BTC, ETH, LTC, and BUSD as commodities while the SEC labeled these as security, reflecting regulators’ lack of clarity over the crypto assets classification.

Meanwhile, the filing has sent a panic wave in the crypto markets, as the market rally stalled at the $1.2 trillion level.

Filed Under: Altcoin News Tagged With: Binance, BUSD, CFTC, TUSD

Ethereum Supply Hits Lowest In 8 Years, Only 10% Remains

March 29, 2023 by Lipika Deka

Ethereum’s supply on exchanges has dwindled, hitting an all-time low since it sprung into public existence in 2015. Investors scrambled to secure the asset, leaving only 10.3% of the current ETH on exchanges, as shown by Santiment.

This means ETH is being held in self-custody. In retrospect, the trend also indicates hodlers’ confidence.

image 87
Ethereum Supply Hits Lowest In 8 Years, Only 10% Remains 3

This comes amidst CFTC’s civil complaint against Binance on March 27 where the regulator termed Bitcoin, Ethereum, and Litecoin as Commodities.

While Binance has vowed to come back with a full response to CFTC allegations, one cannot help but notice how regulators are not on the same footing over the classification of ETH.

image 87 1
Ethereum Supply Hits Lowest In 8 Years, Only 10% Remains 4

Weeks before CFTC leveled charges against Binance, another leading crypto exchange Kraken was forced to shut down its staking services by the SEC which labeled Ethereum as a security.

United States Securities and Exchange Commission [SEC] chair Gary Gensler has steadfastly maintained that Ether is likely a security under U.S. law.

His comments shortly came after Ethereum completed “The Merge,” its shift to a proof-of-stake [PoS] transaction processing algorithm, last Sept.

Ethereum Commodity Or Security?

Without naming the asset directly, Gensler in a Senate Banking Committee told that digital asset exchanges and other online providers who offer PoS blockchain “staking services” act like lenders. 

“From the coin’s perspective…that’s another indicia that under the Howey Test, the investing public is anticipating profits based on the efforts of others,” Gensler stated to the Wall Street Journal.

On the other hand, CFTC, in a court filing on 13 December 2022, insisted on calling ETH a commodity.

Post FTX, the regulatory body stated, “Certain digital assets are ‘commodities,’ including Bitcoin [BTC], Ether [ETH], Tether [USDT] and others, as defined under Section 1a(9) of the Act, 7 U.S.C. § 1a(9).”

As regulatory bodies grapple over the asset’s classification, the co-founder of Ethereum, Joseph Lubin, criticized authorities for comparing the ether to security and claimed that it was more comparable to a commodity like oil.

During a recent interview with CNBC, Lubin said he was “very confident” ether was not a security.

If it were treated as such, ether would need to be registered with regulators and subjected to much stricter requirements around pre-clearance and reporting. “Anyone can say anything, it doesn’t make it true,” Lubin told CNBC.

Filed Under: Altcoin News Tagged With: CFTC, ETH, Ethereum, SEC

FTX Founder’s New Bail Agreement & Latest Bribery Charge: A Complicated Legal Saga

March 29, 2023 by Mishal Ali

The founder of FTX, Sam Bankman-Fried, has reportedly reached a new bail agreement with United States prosecutors following concerns raised by the judge overseeing his case about the possibility of him being sent to jail while awaiting trial, according to a report.

The proposed new bail conditions would allow Bankman-Fried to remain at his parents’ home in Palo Alto, California, but would restrict his use of certain electronic devices and apps. 

Under the new conditions, he would be provided with a new phone and laptop with limited functionality and monitoring software to prevent tampering. Bankman-Fried would be prohibited from using other electronic communication devices and messaging applications.

In addition, Bankman-Fried’s parents have agreed to restrict his access to their devices and have signed affidavits promising not to bring prohibited electronic devices into the home. If there is any reasonable suspicion of a violation, Bankman-Fried must submit his devices for a search.

The proposed bail agreement is still subject to approval by U.S. District Judge Lewis Kaplan. Bankman-Fried’s lawyers have argued that the new restrictions are unnecessary and that he is not a flight risk or a danger to the community.

SBF Faces New Bribery Charge In FTX Scandal

Bankman-Fried, facing criminal charges of stealing billions of dollars in FTX customer funds and making large illegal political donations, has pleaded not guilty to eight counts and has not yet been arraigned on four more. His trial is set for October 2.

However, in addition to this, according to the latest update, the U.S. government has accused FTX’s Bankman-Fried of paying a $40 million bribe to Chinese officials to regain access to trading accounts linked to Alameda Research, FTX’s sister company had been frozen by Chinese law enforcement. 

The bribe, sent in cryptocurrency, was allegedly directed by Bankman-Fried after months of failed attempts to unfreeze the accounts, during which he had hired attorneys to lobby on the company’s behalf and tried to use the personal identifying information of several individuals to circumvent the freeze orders.

The latest bribery charge has been added to the 12 counts already faced by Bankman-Fried, which include securities fraud and conspiracy to commit bank fraud. 

The collapse of FTX last year was preceded by a wave of withdrawal demands from customers. A former head of engineering at FTX, Nishad Singh, reached a plea deal with prosecutors last month. He joined former Alameda boss Caroline Ellison and FTX co-founder Gary Wang in agreeing to help the government build its case against Bankman-Fried.

Related Reading | Cardano (ADA) and Uniswap (UNI) Join Collateral Network (COLT) for Massive Growth Projection From Experts

Filed Under: News, World Tagged With: ftx

Nassim Taleb Sounds Alarm On Bitcoin Liquidity: Are Investors In Danger?

March 29, 2023 by Ammar Raza

Bitcoin’s recent rally has raised concerns about its sustainability, as highlighted by Nassim Nicholas Taleb, the acclaimed author of “The Black Swan.” Taleb pointed to a severe drop in liquidity as a potential red flag for investors, citing a Bloomberg article that reported Bitcoin’s liquidity hitting a 10-month low.

Bitcoin: a severe drop in liquidity… Past suckers are all "hodling"; few new suckers are coming.https://t.co/F7Ji487VO0

— Nassim Nicholas Taleb (@nntaleb) March 27, 2023

Market Watchers Wary Of Bitcoin’s Double-Digit Rally Amidst Liquidity Crisis

According to Conor Ryder at Kaiko, one measure of how easily the largest cryptocurrency can be bought or sold has fallen to 10-month lows, summing up the bids and asks within the 2% range of the price on both sides of market maker order books. 

Crypto liquidity is dwindling as financial institutions, such as Silvergate Capital Corp. and Signature Bank, which had close ties with the crypto industry, have recently shut down. Despite Bitcoin’s strong performance this year, the lack of liquidity could result in less support for market downturns and upswings. 

Numerous digital-asset firms and exchanges depended on these banks for real-time payments and other services. Ryder predicts that until the US government provides clarity, investors should brace for further short-term volatility until the market receives the liquidity boost it requires.

After FTX’s collapse, the trading volumes in the crypto market significantly decreased, causing concerns among investors and leading them to withdraw from the market. Although trading volumes have increased with the rise in prices this year, they still haven’t reached their previous record levels. 

Moneta’s CIO, Aoifinn Devitt, suggests that the ownership of coins is concentrated among a small group of investors, which makes the market more susceptible to increased volatility.

As financial sector turmoil persists, crypto prices surge, leading some to believe that investors are turning to digital tokens for safety. However, others argue that the rally is not solely due to this factor. 

According to analysts at K33, Bitcoin behaves like a high-risk asset and has outperformed Nasdaq and even other high-risk crypto assets. The market may also be more volatile due to a concentration of ownership among a small number of investors.

Despite the Bitcoin price surge, the community’s responses to Taleb’s tweet suggest that the hype around cryptocurrencies may be waning. One response pointed out that no one is talking about crypto during nights out, while another suggested that SVB talk is more interesting.

image 87

Other responses highlighted the concentration of ownership in the cryptocurrency market, which makes it prone to greater volatility.

Related Reading | Bitcoin Bounces Back: Digital Asset Inflows Reach Record High Since 2022

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), Cryptocurrency, ftx

MicroStrategy’s Bitcoin Buying Spree Continues: Acquires 6,455 BTC For $150M

March 29, 2023 by Mishal Ali

MicroStrategy, a leading business intelligence firm, disclosed on March 27th, 2023, that it had acquired about 6,455 Bitcoins for roughly $150.0 million in cash, according to the SEC filing.

The acquisition was made between February 16th and March 23rd this year at an average price of approximately $23,238 per BTC, including fees and expenses.

As of March 23rd, MicroStrategy and its subsidiaries owned nearly 138,955 BTC, the total purchase cost was approximately $4.14 billion, and the average price per Bitcoin, including all fees and expenses, was around $29,817. 

This recent acquisition of Bitcoin is in line with MicroStrategy’s ongoing investment strategy, which focuses on using cryptocurrency to store value.

MicroStrategy’s investment in Bitcoin has been a subject of conversation in the financial sector for a while. The company made this move to safeguard against inflation by investing in digital assets. Michael Saylor, the CEO of MicroStrategy, has expressed his opinion that Bitcoin is a better asset to store value than conventional options like gold.

MicroStrategy revealed that, apart from acquiring bitcoins, it has also sold a total of 1,348,855 shares of its Class A common stock. The sale was carried out following a sales agreement with Cowen and Company, LLC, and BTIG, LLC, who acted as sales agents.

This sales agreement empowers the company to issue and sell shares of its Class A common stock, amounting to a total offering price of up to $500.0 million, periodically through the agents.

MacroStrategy Repays $205M Loan With Bitcoin Collateral

Between January 1st and March 24th, MicroStrategy issued and sold an aggregate of 1,348,855 shares under the sales agreement for aggregate net proceeds to MicroStrategy, fewer sales commissions and expenses, of approximately $339.4 million. 

The net proceeds were used to fund MacroStrategy LLC’s prepayment of a $205.0 million term loan issued by Silvergate Bank.

MacroStrategy is a wholly-owned subsidiary of MicroStrategy and had collateralized the loan with certain bitcoin owned by the company and a $5.0 million cash reserve account held by MacroStrategy at Silvergate. 

MacroStrategy voluntarily prepaid Silvergate approximately $161.0 million on March 24th, 2023, in full repayment, satisfaction, and discharge of the loan and all other obligations under the credit agreement.

After receiving the full payment, Silvergate terminated the credit agreement and released its security interest in all of MacroStrategy’s assets that were being used as collateral, which included Bitcoin.

The prepayment was fully funded using proceeds from the sale of shares under the sales agreement and the $5.0 million in the cash reserve account held by MacroStrategy at Silvergate.

Related Reading | Nvidia’s CTO Skeptical Of Crypto’s Value, Believes AI Is The Future

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Cryptocurrency, microstrategy

OKX Expands Global Presence: Establishes Hong Kong Entity & Targets Turkish Market

March 29, 2023 by Mishal Ali

OKX, the world’s second-largest crypto exchange, has announced the establishment of a Hong Kong entity to offer virtual asset services in the region. 

According to the press release, the company also intends to apply for the virtual asset service provider (VASP) license and Type 1 & 7 licenses under the Securities and Futures Ordinance in compliance with the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to take effect on 1 June 2023.

OKX has spent over a year preparing for anticipated regulatory requirements and meeting organizational, product, security, and compliance standards. According to Lennix Lai, the Managing Director of Global Institutional at OKX, regulation, and licensing are crucial to the success of the crypto and Web3 sectors. 

The company sees immense potential in Hong Kong and plans to invest in talent and collaborate with regulators to build the local ecosystem.

Bing Zhao, OKX General Counsel, added that the company is committed to working with the SFC throughout the application process and will exceed the robust standards expected of virtual asset service providers under the regulatory regime.

Hong Kong has become a hub for the crypto industry in recent years, making it an increasingly important location for innovative firms, entrepreneurs, and top talent. The company will sponsor two industry conferences in Hong Kong, the WOW Summit and the Hong Kong Web3 Festival. It will participate in keynote and panel discussions to outline its growth plans.

OKX launches Turkish Lira Deposits & Withdrawals

Along with this addition to its developments, the company has recently expanded its offerings by launching Turkish Lira (TRY) deposits and withdrawals on Android, iOS, and the web. 

The move is part of OKX’s strategy to deepen its focus on the fast-growing Turkish market and provide more worldwide options for users wishing to trade cryptocurrencies with TRY.

According to Haider Rafique, Chief Marketing Officer at OKX, the company’s goal is to become the leading crypto platform in Turkey. He added that the company is listening to the community about their needs and investing in the market to give the Turkish community a platform to explore, experiment, and dream up the future with OKX and other crypto companies.

To further its presence in Turkey, the company has announced its name sponsorship of Istanbul Fintech Week, which will be held on 13-14 April. OKX’s Global Government Relations Officer, Tim Byun, will deliver a keynote at the event.

Related Reading | Binance CEO Addresses Few Key Points On The CFTC Complaint

Filed Under: News, World Tagged With: OKX exchange, Turkish Lira (TRY), Web3

Cardano (ADA) and Uniswap (UNI) Join Collateral Network (COLT) for Massive Growth Projection From Experts

March 28, 2023 by Akash Anand

Crypto markets have seen an uncertain start to the year, and it’s difficult to give accurate projections. However, experts are reaching a consensus on a few popular tokens. 

Collateral Network (COLT) is one of the most promising blockchain projects of 2023. It is currently in its presale, during which experts project a 35x return for investors. In addition, experts project massive returns for Cardano (ADA) and Uniswap (UNI). 

>>BUY COLT PRESALE TOKENS NOW<<

Cardano (ADA)

Cardano (ADA) is a decentralized blockchain platform focused on scalability, sustainability, and security. Its unique approach to consensus and its modular architecture made Cardano popular among investors.

One of the key benefits of Cardano is its focus on sustainability. Cardano achieves this through its proof-of-stake (PoS) consensus mechanism. Additionally, Cardano’s supports smart contracts and decentralized applications (dApps). This led to the development of numerous dApps and protocols on its platform.

Cardano’s rigorous approach to tech, as well as its strong founding team have won it a loyal following. The Cardano community is currently one of the most active in crypto. All these are signs that ADA will continue to outperform in the future.  

u T5w cj4nMb NAUZ96s45npB8hc2R3rCOEY8vXVC0jMjJiYJtocoUaxavOANav PGVb2VfeJQKwbhaqvsfMjYXyBjIpET Q5x67Z0UlM60NyLhDb41EqeLdsaTX X4uJ9y2FPjuES hfB8wj36DUus

Uniswap (UNI)

Uniswap (UNI) is a decentralized exchange (DEX) that operates on the Ethereum blockchain. Its unique approach to liquidity made Uniswap a popular choice for DeFi traders. 

One of the key benefits of Uniswap is its focus on facilitating peer-to-peer trading. By allowing trades without intermediaries, Uniswap gave traders a key advantage over centralized exchanges. 

Additionally, Uniswap’s supports automated market-making (AMM) and liquidity providers. These features also boosted its popularity in the DeFi space. 

With growing scrutiny of centralized exchanges, DeFi solution like Uniswap could become more popular. Uniswap is the biggest and the most advanced among them, meaning it will likely benefit the most. 

u T5w cj4nMb NAUZ96s45npB8hc2R3rCOEY8vXVC0jMjJiYJtocoUaxavOANav PGVb2VfeJQKwbhaqvsfMjYXyBjIpET Q5x67Z0UlM60NyLhDb41EqeLdsaTX X4uJ9y2FPjuES hfB8wj36DUus

Collateral Network (COLT)

Collateral Network is an upcoming decentralized crowdlending platform that caught the attention of traders. 

This innovative platform enables anyone to borrow money against their assets. This includes real estate, fine art, watches, fine wines, and collectables.  Collateral Network enables users to mint NFTs backed by these assets. They can then use these NFTs to access loans. That way, Collateral Network provides borrowers with a low-cost, quick and transparent way to obtain loans from their physical assets. 

For investors, Collateral Network creates opportunities to generate passive income with asset-backed NFTs. Investors can provide fractional loans to borrowers for an agreed fixed rate against NFTs on the platform with peace of mind knowing that the NFT is 100% backed by the real world asset. This is the first project to implement this technology and could revolutionize the crypto and lending industry.

By cutting out intermediaries, Collateral Network can offer better terms to both borrowers and lenders. Investors gain fixed income, and an opportunity to invest in tangible asset-backed NFTs.

Thanks to these features, analysts predict that Collateral Network could surge 3,500% during its presale phase. If Collateral Network manages to take a share of the growing alternative lending market, it could go even higher and become a top 10 cryptocurrency.

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://app.collateralnetwork.io/register 

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk

Filed Under: Press Release Tagged With: Cardano, collateral network, Uniswap

Bitcoin Bounces Back: Digital Asset Inflows Reach Record High Since 2022

March 28, 2023 by Mishal Ali

Investors are once again showing interest in digital assets, with Bitcoin leading the way as it saw inflows of $128 million. It marks a significant turnaround following six weeks of outflows that totaled $408 million, making it the largest inflow since July 2022.

image 84

According to a recent CoinShares Blog post, some investors are starting to view Bitcoin as a safe haven for the first time, while others remain cautious as short-Bitcoin also saw inflows of $31 million. Despite this, Bitcoin remains the investment product with the most inflows this year so far.

The inflows, which came relatively late compared to the broader crypto market, are believed to be due to increasing fears amongst investors for stability in the traditional finance sector. The inflows came from many countries, including the US, Germany, and Canada, with inflows of $69 million, $58 million, and $26 million, respectively.

image 85

Solana, Polygon, and XRP were among the altcoins that received inflows totaling $4.8 million, $1.9 million, and $1.2 million, respectively. In contrast, Ethereum experienced outflows of $5.2 million for the third consecutive week, likely due to investor concerns regarding the upcoming Shanghai upgrade scheduled for April 12th.

Despite Ethereum’s recent performance, the inflows into other altcoins indicate a general improvement in sentiment within the asset class. However, investors are seeking to diversify their portfolios and capitalize on potential gains in the digital asset space.

Growing Bitcoin Ownership In Emerging Markets

Bitcoin ownership is growing rapidly and is not just a Western phenomenon, according to a recent report by CoinShares. The study reviewed 22 publicly available research studies on Bitcoin ownership and adoption, revealing that ownership is concentrated in emerging and frontier markets. 

The data shows that an estimated 260 million people globally owned Bitcoin in 2022, with a compound annual adoption growth rate of 146% between 2016 and 2022 and 23% between 2018 and 2022. 

image 82

Most Bitcoin owners are under 45 years old and use it as a store of value or for speculation. The report also notes that ownership is likely higher than reported, with market cycles playing a role in adoption.

A typical Bitcoin owner is usually male and under 45, with Germany showing the highest gender skew of 68-32%. However, there is a trend towards greater diversity in both male-female distribution and age brackets in the US and Canada. 

image 83

The researchers suggest standardizing surveys across populations and time could provide better source material for ongoing ownership research. The demographic data available is fragmented and suffers from a lack of metrics standardization and sampling bias.

Related Reading | Coinbase L2 Network Eyes Inflation-Pegged Stablecoins

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), coinshares, Cryptocurrency, Ethereum (ETH)

  • « Go to Previous Page
  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to page 4
  • Interim pages omitted …
  • Go to page 752
  • Go to Next Page »

Primary Sidebar

Recent Posts

  • Habits to Help You Learn Better March 30, 2023
  • Cryptocurrencies to explode in 2023 – Don’t miss out on Hedera (HBAR) and Collateral Network (COLT) March 29, 2023
  • Ripple CTO Addresses Concerns Over XRP As A Security: A Twitter Debate  March 29, 2023
  • India’s Crypto Tax Collection Grosses $19M In FY23: Report March 29, 2023
  • Cardano Breaks Free: 11% Surge & Whales Accumulate 1.03B ADA In 5 Months March 29, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.