Centralized exchanges are running out of cryptocurrencies, data providers note, so their services may be affected, especially in BTC and ETH. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍 The data provider cryptoquant He noted that BTC reserves within centralized exchanges have decreased by 21% in recent months. It seems that cryptocurrency users and large investors have had a strong impact on Bitcoin liquidity due to HODLing, causing several platforms to limit buying and selling actions within them.
📍 cryptoquant It also notes that the holdings of the main exchanges centralized of Ethereum (ETH) are running out, seeing a drop between 10% and 20% this weekend. According to the data provider, only about 8 million ETH are held within exchanges. Likewise, NuggetsNewsAU CEO and founder, Alex Saunders, highlighted that ETH users are setting long-term targets of 5K, 10K, and 20K, so it is highly unlikely that they will sell their holdings in the $1.000 to $2.000 USD range.
📍 Grayscale and its product Grayscale Bitcoin Trust now have a new competitor in the digital markets. The company Osprey Funds, which offers digital asset solutions for smart investors, announced the arrival of its product Osprey Bitcoin Trust, where investors will be able to easily acquire their shares and stocks in BTC, in the same way as they do with Grayscale.
Osprey’s new Bitcoin fund began operating legally on January 15, and is offering a fairly low management fee of just 0,49% compared to Grayscale’s 2% to attract a larger number of clients. Moreover, Grayscale’s 6-month asset lock remains the most attractive on the market at the moment, as those who acquire their shares in Osprey will see their assets locked for 12 months before being able to sell them on a secondary market.
📍 XRP, the token Ripple, loses ground against the token DOT de Polkadot. DOT has had a growth of more than 84% in the last week, which led it to surpass the market capitalization of XRP for over $3 billion at the time of writing. With its new values, DOT positions itself as the 4th most important token in digital markets, displacing XRP to fifth place.
📍 In Miami, the mayor of the city Francis Suárez is convinced of the potential of Bitcoin and the cryptocurrencies, , and is considering turning the city into a crypto territory. Suarez is studying the possibility of several cryptocurrency companies opening new headquarters within the city, noting that investments in crypto assets are among the most stable currently. Recently, Suarez said which is open to the possibility of converting 1% of the city's treasury into BTC.
📍 Galaxy Digital, the investment management and services company for connecting cryptocurrencies with the institutional ecosystem, is making its way into Bitcoin mining. The company announced Galaxy Digital plans to open two business units dedicated to BTC mining in 2021; it will also offer financial products and services for the network's miners, integrating with existing business lines in the market. Galaxy Digital plans to offer trading and risk management solutions, principal lending and capital investments, and M&A advisory services for Bitcoin miners.
At press time, BTC is trading at $35.100 USD, and has a market cap of $650 billion.
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