BeInCrypto's on-chain analysis today looks at indicators of the behavior of long- and short-term Bitcoin holders, the amount of supply they have, and the amount of BTC in circulation. The on-chain data shows that the market is at the end of the accumulation phase and ready to surge in the price of Bitcoin historically.
Bank Of Canada Says Cryptocurrencies Pose No Risk To Economy
The apex bank of Canada does not consider cryptocurrencies to be a major threat to the balance of the financial ecosystem. The bank's vice president shared this idea at a symposium and underlined the potential power of the stablecoin.
Bad News for Cryptocurrency Exchanges in the UK
Cryptocurrency exchanges operating in the UK will have to pay the 2% digital services tax after a new update to HMRC regulations. According to The Telegraph, Britain’s tax authority, HMRC, does not recognize digital assets as financial instruments, and therefore exchanges are not eligible for financial exemptions.
Ethereum Developer's New Solution to Lower Fees: EIP-4488
Ethereum has been criticized because of high fees since the end of June (today, the average Ethereum transaction fee is between $5 and $34 per transfer). While there’s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) that aims to decrease transaction costs by five times.
Decentralized Exchanges Near $100 Billion In Monthly Volume for November
Monthly data for decentralized exchanges (DEXs) indicates that the ecosystem has seen nearly $100 billion in volume for November. According to The Block's Data Dashboard, the total for November is approximately $99.5 billion as of November 28. Monthly volumes have climbed since hitting a low for the year of $56.35 billion in July, with the November figure surpassing October's $89.15 billion.
El Salvador Buys 100 More Bitcoins
On Friday, Covid-19 new variant came up and tumbled the crypto market, El Salvador bought the dip. The country has added another 100 Bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), raising the total number of Bitcoins to 1,220.
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