Weekly News 20/01/2022: 43% of Bitcoin trading volume during US market hours

20 January 2022

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Banks and Institutions

ESMA vice chair calls for proof of work mining ban

Erik Thedéen, vice chair of the European Securities and Markets Authority (ESMA) said regulators in Europe should consider banning proof of work mining in favour of proof of stake. Crypto miners have come under mounting pressure over their energy consumption.

UK regulator issues draft rules on crypto

The UK’s Financial Conduct Authority (FCA) is set to strengthen its rules on how high-risk financial products, including crypto, are marketed. The rules essentially bar firms from promoting crypto products to users without assessing their financial knowledge and experience. "We are therefore proposing to apply the same financial promotion rules to cryptoassets as we are proposing to apply to other high-risk investments", according to the FCA.

Visa and ConsenSys team up on CBDC tech

Visa and ConsenSys have been consulting with central banks around the world on new tech for central bank digital currencies. The pair are in the process of integrating the Visa payment module with the ConsenSys infrastructure, so that the platform can be ready to tap into enterprise blockchain technology. ConsenSys is already helping Australia, France, Hong Kong and Thailand develop CBDCs.

Ecosystem

43% of Bitcoin trading volume during US market hours

For 2022, the U.S. trading hours show a marked increase in trading volume, making up 43% of the 24-hour volume on average. The 40% is substantial given that the U.S. market hours of 9:30 a.m. to 4 p.m. Eastern Time account for less than 30% of a 24-hour day. These numbers can indicated an increased activity by institutional traders during the past months.

USDC’s supply on Ethereum surpasses USDT’s for the first time

The current total supply of USDC on Ethereum stands at 39.92 billion, whereas USDT’s total supply on the blockchain stands at 39.82 billion, according to Etherscan. One of the main reasons for USDC’s recent growth has been its increased usage in the decentralized finance (DeFi) market. USDT’s total supply across blockchains, however, remains higher than that of USDC’s.

Crypto.com gets hacked for $33 million

Crypto.com suffered a security breach which led to the theft of 4,830 ETH ($15 million) this week. Some analysts even clain an additional 444 BTC ($18.5 million) was siphoned from Crypto.com’s payout wallet. These bitcoins were funneled to a bitcoin tumbler used by North Korea hackers.

Tether freezes $150 million in USDT

Tether has added three more Ethereum addresses, holding more than $150 million worth of the Tether (USDT) stablecoin among them, to its blacklist. As a centralized company, Tether is able to blacklist addresses it believes are involved in crime, money laundering or for any other reason it chooses. Tether has not revealed why the three new addresses were blacklisted, but most of the time, these are for reasons of law enforcement.

Near Protocol (NEAR) just hit a new all-time high

NEAR is a community-run cloud computing platform focused on interoperability and lightning quick transaction speed. The price of NEAR climbed more than 50% to establish a new record high at $20.36 on Jan. 14. Three reasons that contributed to the growing strength of NEAR include the successful completion of a $150 million funding round, the success of the Aurora cross-chain Ethereum bridge protocol and an expanding ecosystem of projects and developers working on the NEAR network.

Man sells 933 selfies as NFTs for $3 each

Ghozali Ghozalu, 22, from Indonesia, has become an overnight celebrity in the non-fungible token (NFT) space after selling pictures of himself on OpenSea. “It’s really a picture of me standing in front of the computer day by day,” Ghozali described the collection on OpenSea. Yet during the sale a few NFT collectors piled in and it somehow became a meme. So far today, the collection has seen 194 ETH ($560,000) in sales.

Technology

EIP-1559 upgrade launches on Polygon to burn MATIC

The EIP-1559 upgrade introduces the same fee-burning mechanism to Polygon as happened last year on Ethereum, resulting in the destruction of MATIC tokens. It also removes the current method for calculating network fees, which leads to better cost estimations but does not reduce gas prices. The team stated that, just like Ethereum, the supply of MATIC is likely to become deflationary with 0.27% of the total supply being burned every year.

Figures

Crypto job ads surged by nearly 400% in 2021, says LinkedIn

Survey: 67% of Canadians want to get paid in crypto by 2027

UK is 3rd for ETH ownership

70% of US crypto holders started investing in 2021

Second tiny miner solves a block in a single week: one in a billion chance

350 million dollars in Ethereum were burned in a week

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Weekly News 20/01/2022: 43% of Bitcoin trading volume during US market hours

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