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November 6, 2020 By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf Cash App generated over $1 billion in bitcoin revenues in Q3. Vitalik Buterin sent 3,200 ETH to Ethereum 2.0's deposit contract. Google search data shows little "FOMO" amid the current market bull run.
Monster quarter Buterin’s stake VASP Identity CoinDesk's upcoming virtual event Bitcoin for Advisors, on two half days Nov. 9-10, showcases a program tailored to the financial advisor community that covers investment theses for bitcoin, why younger demographics are turning to this asset and how it fits into the current global macroeconomic picture.
We will also walk through the practicalities: how to answer client questions about bitcoin, how to talk to your compliance department about bitcoin, how can bitcoin can help grow your book. Apply for Bitcoin for Advisors, Nov. 9-10.
Quick bites Buggy code in a Compound Finance fork froze $1 million in ethereum tokens. (CoinDesk) The United States Department of Justice (DOJ) is pursuing antitrust action against Visa’s planned $5.3 billion acquisition of fintech, and crypto-friendly, firm Plaid. (CoinDesk) “Crypto Twitter is not as influential as it likes to think, according to researchers at BDCenter.” (Decrypt) Grayscale's Ethereum Trust hits $1 billion in assets under management. (The Block) Andy Edstrom: Financial advisors, Bitcoin is the next Amazon. (CoinDesk)CoinDesk Research's latest Monthly Review covers asset performance in October, Bitcoin’s congestion problem and Ethereum’s shifting metrics as the launch of Ethereum 2.0 looms. Download the free report. Market intel No FOMO Webinar: How to Value Ethereum In this 30-minute webinar, the first of the four-part series How to Value Ethereum, CoinDesk Research looks at accounts - a concept that sounds familiar to blockchain addresses, but involves novelties and complexities that are critical to understanding how Ethereum works.
Register to join How to Value Ethereum on Nov. 11. At stake Gradually, then suddenly CoinDesk’s head of research, Noelle Acheson, thinks crypto is still in the “gradual” phase of “gradually, then suddenly.” Reading the tea leaves of headlines – from PayPal’s crypto play to Microstrategy’s bitcoin buy – in October can create the image that mass adoption is right around the corner. The truth is, crypto is still maturing.
In the latest CoinDesk Monthly Review (available for download here), the team looks back at some key Bitcoin and Ethereum performance metrics from last month. What was found is gathering momentum, and an ever clearer sense of real use cases, albeit gradually.
Notably, Ethereum’s volatility, transaction count and fees have cooled – after a summer that saw the second-largest blockchain “flippen” Bitcoin in many of those key measures.
In September, ETH’s 30-day volatility (annualized) spiked approximately 110%. While bitcoin’s volatility flattened throughout October, ether’s declined – a signal that “the ETH market is still more immature than that of BTC,” Acheson and CoinDesk research analyst Christine Kim write.
Further, average transaction fees on Ethereum fell over 80% in October, retracing September’s sharp increase. A similar drop in miner revenues also occurred, as dapp activity cooled.
“This is a positive sign for the network, which in recent months has been pushed to its limits by the splashy debuts of new DeFi assets such as COMP, SUSHI and others,” they write.
It’s likely that many more rises and falls are in store before Ethereum “suddenly” takes hold.
Who won #CryptoTwitter?
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