Category Archives: Bitcoin News

Ethereum Has Burned More Than a Million ETH Over the Last 3 Months

Currently, ethereum ( ETH) is the second-largest cryptocurrency asset in terms market capitalization. Its overall value today is just over $500 billion. Ethereum’s market capitalization is 18.8% of the crypto economy worth $2.7 trillion. On August 5, 2021 Ethereum’s market capitalization was 18.8%. The most significant were EIP-1559 as well EIP-35554 . EIP-1559 created a new fee scheme that allows the network burn a portion.

Github hosts the summary of EIP-1559:

Protocol has a base fee for each gas. This fee can be used to move blocks up or down according to a formula that is a function gas used in parent blocks and gas target (block limit divided by the elasticity multiplier). Based on the algorithm, the base fee per gaz increases when blocks exceed the gas target and decreases when blocks fall below the gas target. The base fee for gas is burned.

Dune Analytics has reported that 1,001,212ether, or $3.8 billion in ethereum, was burned since the new feature was added.

According to etherscan.io, the API that shows the circulating ETH supply at the time of writing, there are currently 118,472,428 ether. Opensea, a non-fungible token marketplace (NFT), is the largest ethereum burner with 110,081 Ethereum or $398 Million burned so far.

Opensea usage resulted in the burning of 7,941,975 Ethereum Transfers. Since August’s upgrade, regular ethereum transfer are tied to 94 800 and ETH. The third largest ethereum burner is the decentralized exchange platform Uniswap V2 version 2. Uniswap V2 has burned 92,239 ether (or $373 million) of ethereum according to today’s exchange rates.

Ethereum is also being burned by the stablecoins USDT and USDC. Tether ( USDT), which is fourth behind Uniswap V2, is seventh in ethereum burning. Tether has been responsible for 53,988 ether burnt or $210 million, thanks to 11,499,787 transfer. USDC contributed to the current burning of 20,042ether, or $77 millions. Additional applications such as Metamask and 1inch, Sushiswap and Axie Infinity contribute to significant ether burning.

Jeff Bezos-backed Latin American real estate app to accept Bitcoin as payment

La Haus, a Latin American property startup, was backed by Bezos Expeditions. It said that it will accept Bitcoin to pay for real estate transactions. This is a further endorsement of the growing acceptance of cryptocurrency in the region.

Users can purchase homes using the company’s app. Buyers will be able to pay with digital currency starting with a Playa del Carmen housing development. According to the company, it will eventually open its remaining inventory of over 80,000 properties to Bitcoin.

Rodrigo SanchezRios (president and co-founder at La Haus), stated that Bitcoin is the future reserve currency. “At the core of our company, we are a technology company. It is natural for us that we are pioneers in this technology.

OpenNode, a Los Angeles-based payment processor, has been chosen by the company to partner with them. This will allow transactions on-chain as well as over the Lightning Network. It was created to make purchasing faster and easier. La Haus will act as an intermediary and pay the sellers in fiat. He said that the company is still deciding how much Bitcoin it will keep in its balance sheets.

Despite Bitcoin’s volatility, its acceptance is growing throughout Latin America. This adds legitimacy to the largest cryptocoin in the world, with a market worth of over $1.2 trillion. The price has risen 20% in the past month, pushing it to record highs of $68,000. El Salvador became the first country in the world to legalize Bitcoin in September, sparking interest from other countries and companies.

It is not clear if La Haus is actually the first proptech to accept Bitcoin. Sanchez-Rios stated that the technology will make it easier to buy a home in emerging markets. It will reduce the amount of paperwork required and the time taken to complete traditional transactions.

La Haus hired Jehudi Cruz-Sierra, a former Colombian deputy Minister and Presidential Advisor, to spearhead the project.

Sanchez-Rios, Jeronimo Uribe and Tomas Uribe (son of former Colombia President Alvaro Uribe), co-founded the company with Tomas Uribe in 2017. It has a presence in 10 cities in Colombia and Mexico. The company focuses on housing development. Sanchez-Rios stated that the app has over 1 million monthly users and more than $1 billion in annual gross transactions.

It has raised over $150 million in equity and debt from investors including Acrew Capital, Renegade Partners and Kaszek Ventures. Nubank co-founder David Velez and TIME Ventures are both Salesforce.com Inc.’s investment funds. La Haus didn’t disclose its valuation.

Sanchez-Rios stated that La Haus will likely raise funds again next year. It intends to expand to all major cities in Colombia and Mexico by the end of next year, and throughout Latin America.

ProShares Bitcoin Futures ETF ‘BITO’ Hauls In $570M of Assets in Stock-Market Debut

The first ever exchange-traded fund (ETF), backed by bitcoin futures, brought in $570 million on its first day. This is a sign that investors are still hungry for the cryptocurrency.

The fund’s sponsor ProShares announced the amount of assets via an emailed notice sent by a representative. ProShares Bitcoin Strategy Fund launched Tuesday on New York Stock Exchange under ticker BITO. It had $20 million in seed capital as of Tuesday morning.

ProShares also reported that the fund saw $1 billion in trading volume its first day. According to ProShares, this made it the second most traded new ETF ever, according to Bloomberg.

At the close of stock market trading, the price of the fund rose to $41.94, up 4.9% from its initial $40 net asset value.

Dave Nadig is chief investment officer and director for research at ETF Trends. He stated that a lot of Tuesday’s trading volume was likely to have come from retail investors since there were not many large block trades the size that large institutional traders are used to.

In a telephone interview, Nadig stated that ‘This is likely going to be what everyone expected’, which is it’s an accessibility vehicle for certain market players. “There are many active participants in the markets that don’t want the crypto bridge alone.

Bullish signal

The launch of the new ETF came at a time when bitcoin’s price surged Tuesday, reaching a six-month high and climbing towards an all-time high of $65,000 set in April.

At press time, the cryptocurrency was trading at $63,839, an increase of 3.3% in the last 24 hours.

Matt Hougan (chief investment officer at Bitwise Asset Management) stated in emailed remarks that the strong first day showing “suggests that there is a large sum of capital that is still excluded form the crypto market simply due to it being difficult to access.”

Hougan stated that “that will change over the time, and that capital would enter the market,” “That’s a very bullish signal for long-term.”

Chief investment officer at Arca Funds Jeff Dorman wrote Tuesday in a newsletter that this was a long and difficult road for many. It is yet another sign that digital assets are becoming mainstream.

ProShares ETF is the first of its type in the U.S. and offers investors an opportunity to get exposure to bitcoin returns with the ease of purchasing an ETF from a brokerage account.

The U.S Securities and Exchange Commission (SEC approved ETF Friday. Other pending ETF proposals could also be approved by the SEC this week.

ProShares ETF invests in bitcoin futures contracts that are traded on the Chicago-based CME. It is not designed to directly invest in cryptocurrency.

The ETF won’t create any new demand for Bitcoin. Traders might purchase more bitcoin to hedge against futures prices or take advantage price disparities.

Valkyrie Investments CEO On Bitcoin: “Absolutely A Digital Store Of Value”

Leah Wald, CEO of Valkyrie Investments, was interviewed by Bloomberg Quicktake. She spoke about the bitcoin price which was hovering at $48,000 at the time.

Wald stated that if bitcoin can surpass $50,000 and keep this price, we expect this bull run will take it to near the tops in the fourth quarter. “I’m excited about October, and I’m excited about Q4.”

So far, her predictions have come true. Bitcoin has jumped above $50,000 since Tuesday. Around $27 million worth of BTC futures shorts had been liquidated. Today, it climbed to $55,000.

Wald also rejected Dimon’s claim that bitcoin has no intrinsic worth and is “a little bit fool’s gold”.

Wald stated that he didn’t believe it was fool’s gold. Wald stated, “I believe it is a wonderful digital asset and has done an amazing job in nailing the store of value narrative.”

She said that she believes we are still in the collectibles phase. It is becoming a strong monetary network and a digital storehouse of value.

Valkyrie Investments’ head also spoke out about the Federal Reserve’s recent actions regarding a central bank digital money (CBDC). She anticipates that the Federal Reserve will soon begin to review the pros and cons for a CBDC in America and invite public feedback on the digital currency.

Wald said that she believes the Bitcoin price would see a very bullish outcome if there was a digital currency.

“I believe that a digital dollar would strengthen and solidify the case for Bitcoin.

County to ask bitcoin operation to comply with zoning code

Monday’s vote by the Washington County Commission saw a request from a Limestone-based bitcoin mining company to conform to the appropriate zoning use or face potential litigation.

The commissioners ordered the county attorney to inform Red Dog Technologies, as well as the county planning director, that Red Dog Technologies’ cyber-mining operations are not in compliance with the zoning approved by BrightRidge last year.

“Let’s get to the root problem,” Commissioner Bryan Davenport said to his colleagues when he made the motion to take action. “Our attorney should write them a letter. It’s out of compliance. It is out of compliance.

After hearing complaints from residents of Limestone about the noise from the cooling fans and computers used in bitcoin mining, the commission started to address the issue in July.

Allyson Wilkinson, Washington County Attorney, stated to commissioners that the bitcoin mining operation isn’t being operated as a public service and is therefore not in compliance with the approved zoning. She suggested that the county and owners of adjacent properties could seek a court order as a legal remedy.

Red Dog representative Todd Napier stated earlier that the company had spent $500,000 to reduce noise levels at the property. This includes noise dampening louvers being installed near equipment and the construction of a 15-foot wall surrounding the facility.

Napier stated that decibel levels have fallen by almost 50% at the bitcoin mining site.

Commissioner Ken Huffine stated that he spoke to residents living nearby and they do not believe the problems are solved.

Monday, in other business

* The county and Jonesborough signed a lease-to-own agreement in 2019. These agreements were to construct a new K-8 school for $32.75 million. Washington County officials and county Board of Education members were informed earlier this month that the project would now cost $10M more than initially estimated.

Jonesborough Mayor Chuck Vest stated that construction costs and a lack of building materials have pushed up the project’s cost to $42,750,000. The amended agreement provides that the county will contribute an additional $464,050 annually to pay the $10 million extra over the next 30 year.

* The Commissioners accepted Sheriff Ed Graybeal’s resignation and began the process of naming an interim Sheriff to serve Graybeal’s term, until the voters vote on Aug. 4, 2022 to elect a new sheriff.

The Peace Officer Standards and Training Commission will verify the credentials of candidates for interim sheriff. The position will be filled by the board in November.

* The Jonesborough commissioners approved an interlocal agreement to establish a seven-member work crew. Officials said the plan would speed up construction and lower costs for county waterline projects within the town’s service region.

Funds from the American Rescue Plan Act will provide $425,000 to pay salaries and outfit the crew. Jonesborough officials will supervise the waterline crew.

* The commissioners approved $4.5 million in capital education funds to upgrade the football stadiums at Daniel Boone high schools and David Crockett. The county’s two high school will have synthetic turf installed and the home-side bleachers will be replaced.