Bitcoin continues the bullish trend and surpasses large companies in capitalization, while DeFi recovers above $12 billion. However, Bitcoin miners' holding of BTC is gradually reducing. This and more news in this handy daily summary so you are always informed with most recent events that happen within the crypto world.
📍 Bitcoin (BTC) maintains the upward trend, with a value of $15.513 USD As of the date of this edition, and a growth of 3,3% in the last 24 hours, the cryptocurrency leader of digital markets surpassed several of the largest and most recognized companies in the world. With a market capitalization of over $287 billion to date, Bitcoin surpassed Nike, Adobe, Salesforce, PepsiCo, AT&T y Verizon, by market capitalization, and is close to being part of the top 20 of the largest companies and companies globally by capitalization.
This cryptocurrency, which in the past showed great volatility in its value, is entering a cycle of maturity with more stable prices than at the beginning, which is attracting more users and investors due to its high returns. In the last week, Bitcoin has shown a growth of 12,6%, while so far this year its growth has been more than 68%, as data from CoinGecko shows.
Source: CoinGecko
📍 For its part, a report published by the data provider in blockchain, Coin Metrics, reveals that the influence that Bitcoin miners exert on the price of the cryptocurrency is decreasing considerably, as the supply of this cryptocurrency in the hands of miners decreases. Coin Metrics points out that the high operating costs to maintain the network cause miners to invest their holdings in BTC to cover their expenses, such as equipment, energy consumption, rent, among others.
“With the supply in the hands of miners gradually decreasing and net flows from their addresses stabilizing, miners appear to be exerting less influence on the network.”
However, despite the gradual decline of its Bitcoin holdings, the data provider also notes that the importance of miners within the network continues to be significant and important. According to the report, miners accumulated an additional 318.000 BTC during 2019, the year before the third halving of the network. At press time, the miners' 318.000 BTC would be worth $4,93 billion.
📍Likewise, the decentralized finance sector, also known as DeFi, has not stopped growing in the last year, although at the end of October this sector suffered a slight adjustment. According to data from DeFiPulse, the DeFi sector has a current value of 12,4 billion in Total Value Locked (TVL), while the data provider DuneAnalytics shows that the number of users and investors in this sector almost reaches 1 billion.
DuneAnalytics points out that the sum of all users of DeFi projects on the blockchain, such as Uniswap, Compound, MakerDAO, Kyber, yearn Finance, Corners, Balancer, Ox, among others, contains nearly 940 million users. Likewise, although the data may be overestimated, considering that users may have more than one address within these projects, the great for Growth that this blockchain sector has experienced so far in 2020.
(I.e. Ripple, the American blockchain-based payments company, Opened a new headquarters in Dubai, which will be within one of the largest financial centers in the country and the world, the Dubai International Financial Center (DIFC). According to local media report, Ripple has established its regional headquarters in this center due to its innovative regulations, expansive network and reputation as a leading, global financial center, which will allow the payments company to meet its strategic objectives. to shape the future of digital finance.
📍 In Venezuela, citizens are receiving good and bad news related to the crypto and financial sector. On the one hand, Cryptobuyer announced that it will launch its first reloadable card with Bitcoin, Dash, Ethereum, Litecoin, Tether and other cryptocurrencies in the country, while AKB Fintech announces that the installation of its network of ATMs associated with the Mía digital wallet, for cash withdrawals in dollars in the main cities of Venezuela, was canceled.
The Visa card will cost $40 USD as an administrative payment for application procedures, and will be issued by View; while AKB Fintech pointed out that doubts and confusion about the ATM network caused the company to suspend the installation of these in Venezuelan territory, until all doubts on this matter are clarified.
📍 BLOX received approval from the Netherlands to provide services as exchange cryptocurrency exchange registered under the regulations of the Fifth Anti-Money Laundering Directive of the European Union, also known as AMLD5. On its blog, the company reported which received approval from the Central Bank of the Netherlands to operate legally and provide financial services focused on users and consumers, allowing the purchase, sale, trade and storage of cryptocurrencies.
📍 Vitalik Buterin, co-founder of Ethereum, sent more than $1,4 million to the Ethereum deposit contract Ethereum 2.0. The developer sent a total of 3.200 ETH to the new network's deposit contract, which is significantly advanced for its December 1 launch. As we have already reported in this medium, Ethereum 2.0 is the update of the Ethereum network that will allow the transition from the proof-of-work protocol (Proof of Work – PoW) to the proof of stake protocol (Proof of Stake – PoS), to improve scalability, reduce operating expenses, among other benefits.
Continue reading: Bitcoin Breaks $15.000 USD, Lightning Network Prepares for Bullish Rally
