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The ongoing bull run in the crypto markets caused, in addition to price increases, an unprecedented collapse for mining machinery manufacturers.
This situation was explained by Reuters, which received several statements from various industry leaders.
The first to confirm this situation was Alex Ao, vice president of Innosilicon, and chip designer and major provider of mining equipment, who said:
There are not enough chips to support the production of mining rigs,
This phenomenon is here on such a scale for the first time, but it is a classic reaction to the market, which was very aptly named by Gordon Chen, co-founder of cryptocurrency asset manager and miner GMR:
When gold prices jump, you need more shovels. When milk prices rise, you want more cows.
For the third time, Reuters also managed to get a statement from Lei Tong, managing director of financial services at Babel Finance, which lends to miners:
almost all major miners are scouring the market for rigs, and they are willing to pay high prices for second-hand machines.
According to Lei Tong, North America is behind the largest purchases, which should even have overtaken China. Many mining companies even have to place orders with delivery times from August to September 2021.
As for the prices of crypto mining rigs, they should have increased by an average of 50% over the last year for used sets, the prices of new machines have doubled.
Recall also a recent announcement from the executive vice president and chief financial officer of NVIDIA, which stated that if the demand for the crypto market still increases, the company will start considering the production of specialized graphics cards intended only for the crypto mining.
Read also: The number of Bitcoin whales is growing rapidly in 2021
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Despite the global outbreak of COVID-19, which was behind the March slump in all financial markets, 2020 was the best year for cryptocurrencies to date.
Even though only Bitcoin was mostly talked about, it is probably not surprising that Ethereum achieved significantly better results than BTC.
To compare the results, we borrowed a chart this time, which is part of a report from Coinbase called “2020 in Review”.
As you can see, the second largest cryptocurrency by market capitalization overtook all popular assets when it managed to increase in value by up to 487%. Compared to Bitcoin, which reported 321%, therefore, investors who bet on Ethereum valued their investment even more, namely by + 166%.
Ethereum ended 2020 at $ 745, but its growth is far from over. ETH in less than three weeks, specifically on January 19, reached $ 1440 (Coinbase) and increased its value by another +93%.
ETH is currently trading at $ 1350.
Read also: Up to 83% of known altcoins from 2018 melt in 90% minus compared to ATH
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We have only recently written about the fact that Bitcoin whales, which own more than 1K BTCs, are rapidly increasing their numbers in 2021.
However, this scenario does not apply to Ethereum, which reports a 3-year low of addresses holding more than 1K ETHs.
As you can see in the graph, there is obviously a big mismatch between the maximum value held at the addresses and the number of these addresses. Although the max. number of ETHs at addresses is growing, the number of addresses that own more than 1K ETHs is falling sharply.
Only externally owned addresses (EOAs) are recorded in the graph, contracts are excluded.
Ethereum reached a maximum price of $ 1,430 (CMC) this week and lacked little to beat the previous January 13, 2018 ATH of $ 1,432 (CMC). ETH is currently trading around $ 1,200.
Read also: The number of Bitcoin whales is growing rapidly in 2021
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Due to the fact that new ministers are being elected in the USA, the Senate and the Finance Committee must thoroughly examine each nominee.
One of them was Janet Yellen, who was nominated by the new president Joe Biden for the position of US Treasury Secretary, and the committee did not forget about the cryptocurrencies during this extensive 114-page hearing.
In a speech, the US Finance Committee first acknowledged the potential benefits of cryptocurrencies for the US and compared them to technological developments. At the same time, however, he emphasized that it is cryptocurrencies that provide an opportunity for various entities that want to bypass the financial system and undermine American interests.
The question was as follows:
Dr. Yellen, what do you view as the potential threats and benefits these innovations and technologies will have on U.S. national security? Do you think more needs to be done to ensure we have appropriate safeguards and regulations for digital and cryptocurrencies in place?
Answer:
I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system. At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems.
I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.
It is clear from this answer that J. Yellen is not indifferent to cryptocurrencies and is interested in creating an effective regulatory framework. So, if J. Yellen were elected as US treasury secretary, it could mean that, as a country, US would no longer be considered one of the worst places for crypto and fintech companies.
Recall only the recent outrage of CEO Coinbase, who publicly called on people to fight new crypto regulations from the U.S. Department of Treasury.
Read also: Asia can be rightly called a Crypto Landscape
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If you belong to the category of traders that was already here during the first bull run, you will certainly remember the countless altcoins that tried to follow this wave.
Only time has shown which of these projects were able to fulfill what they promised and found real application.
The sad news is that up to 83% of these altcoins have failed to do this, and compared to their ATH, which they reached in 2018, they are in heavy minus to date, averaging -90%.
On the other hand, apart from the losses of investors, it also has its positives, because the cryptocurrency market has got rid of many fraudulent or non-functioning crypto projects.
These statistics were published by analyst Matt Casto, who worked with data from Messari.
Read also: Miami plans to allow its citizens to pay city taxes in Bitcoin
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On September 25, 2020, Russia listed the Binance crypto exchange on the Blacklist of banned domains, but after less than four months, the court overturned this decision.
This decision to block the Binance website was overturned by the Regional Court in Arkhangelsk, 20 January 2021, informs Kommersant.
The partner of the law firm Digital Rights Center, Mikhail Bautin, who represented Binance in court, also commented on the situation. M. Bautin is convinced that the fact that Binance was not informed about the initiation of the proceedings in good time is a coarse procedural breach. As a result, they inadvertently missed the deadline and had to lodge the necessary appeals.
As a result, the prosecutor’s office was forced to waive its claims.
Read also: Asia can be rightly called a Crypto Landscape
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Only 20 days have passed since the beginning of the year, but in such a short time, 164 BTC addresses have been added, which are currently worth $ 6 billion.
With this information came analysts from glassnode, which closely monitor the development of Bitcoin addresses with more than 1K BTC.
As you can see in the chart, the Bitcoin addresses with more than 1000 BTC have just reached the new ATH and it seems that the growth trend will continue.
Read also: Total Hash Rate in the Bitcoin network at a record high
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Messari analysts today published an extensive study proving that Asia is a country with a major influence on cryptocurrencies.
As you know Japan, Shanghai, and Hong Kong are among the top five largest stock markets in the world. Therefore, it was highly probable that with such a high concentration of investors, companies would also become interested in the nascent cryptocurrency industry.
As a result, Asian companies dominated the crypto futures market, accounting for 98% of ETH and 94% of BTC futures volumes.
Other data confirming the importance of Asia in the cryptocurrency sector are statistics from Chainalysis, which showed that as of the last 12 months ending in June 2020, Asia accounted for 43% of global cryptocurrency activity, or $ 296B in transactions.
As for the division of the country, East Asia is dominated by larger trades and 90% of these trades are above $ 10K. Traders prefer short-term trades with a wider range of assets. Central and Southern Asia, and Oceania control about 15-22% of transactions under $ 10K.
Let us also not forget that, according to the latest survey, China controls up to 65% of Bitcoin’s hashrate, which is a high difference compared to other countries such as the U.S. in second place with 7.24%.
Read also: Miami plans to allow its citizens to pay city taxes in Bitcoin
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Most investors and traders in the world’s largest banks are now looking at the rapidly growing stocks of technology companies and the price of cryptocurrencies.
Based on this situation, Deutsche Bank in a monthly money-manager study focused on what respondents think about Bitcoin and currently the most successful technology company Tesla.
Bitcoin rose 300% last year and Tesla shares jumped 750%, making Tesla a symbol of highly priced tech stocks.
This study showed that almost 90% of respondents think that Bitcoin is at a maximum of 10 according to a bubble scale from 1-10. Most respondents also think that right now the price of Bitcoin and the value of Tesla is much more likely to be halved then the chances that they would grow further.
The Bank of America has recently come up with a similar survey that showed that investing in Bitcoin replaced the purchase of technology stocks, and for the first time since October 2019, they knocked down tech from first place to second.
Read also: Miami plans to allow its citizens to pay city taxes in Bitcoin
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After football clubs such as FC Barcelona, Paris Saint-Germain, Juventus and AS Roma generated last year’s profit from fan crypto tokens of about $ 30 million, AC Milan also opted for this strategy.
The technical part and launch will be provided by the Blockchain company Chilliz, and then the token will be listed and added to the fan engagement and rewards platform Socios.com.
If you are a fan and own a token, it means many benefits for you, such as voting rights in polls, VIP rewards, ‘super-fan’ recognition or participation in games and chat forums.
According to official data, the Socios application has been downloaded by more than 450,000 people, 14M tokens have been sold and more than 700,000 votes have been registered in the Blockchain network in one year.
Read also: Miami plans to allow its citizens to pay city taxes in Bitcoin
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Colette Kress, executive vice president and chief financial officer of NVIDIA, attended a recent event where she also revealed that the company is considering the resale of specialized graphics cards called CMPs.
According to C. Kress, NVIDIA could start producing specialized cards for crypto mining again after the demand in the crypto market rises to the “meaningful” level, published by Coindesk.
These crypto GPUs differ mainly because of no video outputs, which simplifies the whole production process and makes it cheaper.
At present, the video game industry is still in first place for Nvidia, and C. Kress said:
we don’t believe [mining demand is] a big part of our business today.
However, “gaming demand is very strong, and we think that’s larger than our current supply,
Due to the fact that there is a great interest in the latest RTX series worldwide, many interested parties have to wait. They are unavailable in most stores and therefore we believe that the production of CMPs could be the right compromise that would please crypto miners as well as gamers.
Read also: Total Hash Rate in the Bitcoin network at a record high
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Since our last analysis, when Bitcoin lost more than $ 10K in a short time due to a correction, BTC immediately got to its feet and returned to $ 40K. Bitcoin has once again shown that it can recover quickly, and investors used this dump to buy in the support area for $ 30K.
So after the first attempts in the $ 40K area, we witnessed also a second bull wave this month, but Bitcoin still didn’t have that much strength and the bears bounced him out of the $ 40K area.
However, we are currently seeing one strong bullish sign, which is the acquisition of $ 35K resistance in its favor, and it looks like this zone will be a valid support before another $ 40K attempt.
In case Bitcoin falls below $ 35K, it is possible that it will face another dump towards $ 30K and possibly lower.
What else does technical analysis tell us?
Read also: Miami plans to allow its citizens to pay city taxes in Bitcoin
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Francis Suarez, the mayor of Miami, attended an interview for Fox Business this week where he revealed his proposition on cryptocurrencies.
F. Suarez revealed at the outset that he wanted to make Miami an attractive place for the technology industry, and the adoption of Bitcoin could help. However, it would not be just an insignificant acceptance, because the mayor plans to invest a certain part of government funds in the cryptocurrency.
In the context of this topic, F. Suarez said:
If I would have done it last year, I would have made 200 plus percent,
So I would have looked like a genius.
Immediately afterwards, the mayor introduced another important innovation, namely that Miami is working to ensure that citizens can pay taxes and fees in Bitcoins to the city.
We want to be one of the most crypto-forward and technological cities in the country,
So we’re looking at … creating a regulatory framework that makes us the easiest place in the United States to do business if you’re doing it in cryptocurrencies.
Suarez hopes that he will be able to bring more high-tech companies to Miami in this way, which, as a creative and innovative class, will create high-paying jobs for the locals.
Read also: Russian economist A. Aksakov called Bitcoin a bubble that would burst over time
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The activity of Bitcoin miners almost simultaneously correlates with the increasing price of BTC. The latest proof of this is the indicator of the total hash rate in the Bitcoin network, which is currently reaching the new ATH.
The estimated number of terahashes per second the Bitcoin network was on January 16, 2021 153.019 which is the highest measured value ever.
When it comes to mining hashrate, this is one of the key metrics of network security. The more hashing power in the network, the higher the security and overall resistance to attacks.
Read also: Bitcoin futures open interest reaching new ATH
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TASS conducted an interview on digital currencies today with Anatoly Aksakov, a renowned economist and head of the State Duma Financial Market Committee of Russia.
Despite the fact that A. Aksakov only recently declared that the digital ruble is one of the future forms of the ruble against Bitcoin itself is skeptical.
Although Aksakov first pointed out that Bitcoin is the mother of blockchain and it is thanks to it that the technology has gained great popularity and is widely used.
He immediately criticized Bitcoin as the currency, because its value is determined by people’s trust, and it is in this context that Aksakov says “Bitcoin is the basis of one of the bubbles in the crypto market, and I think sooner or later this bubble must burst.”
A. Aksakov also added:
I think bitcoin should be regulated. Maybe it should be banned as a means of payment.
Finally, the Russian economist recalled that a new law on digital financial assets is already in place in the country, which prohibits the use of cryptocurrencies as a means of payment, and all cryptocurrency owners must declare income from which they must pay taxes.
Read also: HSBC, the largest bank in Europe, blocks crypto payments
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The price of Bitcoin is again in the $ 40K range, which raises the need for most traders to engage in speculation and trading about the future price of BTC.
It was during this period that the activity of traders in the markets with Bitcoin futures contracts increased rapidly. The increase also accumulated due to instead of physically delivering Bitcoin after the settlement of the contract they delivered FIAT.
According to the latest data from skew, Bitcoin futures open interest has achieved a new ATH today.
For specific exchanges, the largest open interest by some margin was recorded on the Chicago Mercantile Exchange (CME) at $ 2.39b.
Read also: PayPal cleared $ 242M in crypto trades in just one day
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The second most popular cryptocurrency in the world currently has a strong group of investors (hodlers) who have decided not to trade and store this cryptocurrency in their cold wallet.
With that data came analysts from Trustnodes, who found that in just over a week, about 1M ETH worth $ 1.2 billion had been withdrawn from exchanges like Coinbase and Kraken.
As for the longer time frame, ETHs held on crypto exchanges have fallen from 14M to 10M (-28.5%) since May last year.
Read also: The DeFi market exploded in 2021
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As you know, on 22nd of December 2020, the Securities and Exchange Commission brought an action against Ripple for an unregistered offer of securities.
Since then, a wave of reactions has started, such as the suspension of trading on Binance US, Coinbase and EToro US. A lawsuit from the British investment company Tetragon Financial Group Ltd or the current report that the leader in digital currency investing has been canceled for the Grayscale XRP Trust (XRP) product.
Grayscale states that one of the main reasons is the fact that XRP has been delisted from popular trading platforms, making it increasingly difficult to convert XRP to US dollars.
As for the shareholders of this product, Grayscale stated:
In connection with the dissolution, the Sponsor has liquidated the Trust’s XRP and intends to distribute the net cash proceeds to Trust shareholders, after deducting expenses and providing appropriate reserves and subject to any applicable withholding.
The Trust will terminate following distribution of the net cash proceeds.
Read also: The leading Swiss stock exchange is listing the new Bitcoin ETP
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A post has appeared on the Internet these days claiming that the popular P2P Bitcoin marketplace, LocalBitcoins, is closing all accounts in 13 US states, namely FL, CT, UT, AR, NV, NE, MS, IA, DC, ND, MN, KY, VT.
This information was posted on the popular reddit r/Bitcoin but the user has already deleted some of their content.
However, as this information spreads at great speed, the original message that LocalBitcoins sends to its clients has been preserved:
LocalBitcoins confirmed the truth of this situation for the crypto daily beINcrypto.
Read also: HSBC, the largest bank in Europe, blocks crypto payments
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The Swiss Stock Exchange, the world’s leading marketplace for regulated crypto products, announces a new partnership with the ETC Group. From now on, ETC Group will be the new issuer to have the BTCetc Bitcoin ETP product listed on the Swiss SIX Stock Exchange.
We welcome ETC Group to the family of ETP providers offering their products at SIX. With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio.
Christian Reuss, Head SIX Swiss Exchange, Markets, SIX
The newly listed BTCE product is focused on the development of the price of bitcoin and is 100% physically backed. Investors are thus assured that this is a transparent way to obtain exposure to Bitcoin.
All this thanks to ETC Group’s specializations in the innovative digital asset-backed securities and support from major financial institutions in London.
As for the Swiss Stock Exchange, 2020 was extremely successful for it when trading turnover in crypto products exceeded CHF 1.1 billion.
Read also: PayPal cleared $ 242M in crypto trades in just one day
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