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The Number of Addresses Sending Bitcoin to Exchanges Since January Has Doubled Since The Beginning of the Year

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The Number of Addresses Sending Bitcoin to Exchanges Since January Has Doubled Since The Beginning of the Year

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The number of addresses sending BTC to exchanges has doubled from January to now, data from Glassnode reveals. There are now roughly 100 thousand unique addresses that send BTC to exchanges daily which is a remarkable increase following the huge outflow of funds from exchanges earlier in the year.

This may be due to an increasing interest in BTC as more uncertainty continues to build up concerning the future of the U.S Dollar. Recent reports indicate that the U.S Dollar inflation rate is constantly increasing and this is expected to worsen as the U.S Fed continues to print dollar bills indiscriminately.

This compromises the currency as a reserve currency and investors are looking for a better reserve currency and Bitcoin seems to be taking over that status lately.

What this means

The huge increase in the number of unique addresses sending Bitcoin to exchanges isn’t a new trend. It is however not one that has been witnessed recently as according to Glassnode, the last time such an increase was experienced was at the peak of the 2017 bull market which was followed by a steep decline in Bitcoin’s price.

As trends in the cryptocurrency market usually repeat themselves, the current increase in the number of addresses sending bitcoin to exchanges may be suggesting that a similar pattern is about to unfold. Could it be that Bitcoin may be on the verge of crashing like it did in January 2018?

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The month of September is historically not friendly to Bitcoin, which may explain why its price has been fluctuating just above $10,000. It has even dipped below the psychological $10,000 level during the struggle with the bears a few weeks ago. Although it has gone close to $11,000, it has slipped below $10,500 and currently hovers around $10,300. 

The bitcoin market is expected to improve by October since September usually doesn’t favor the digital asset. But if the 2017 pattern plays out, does that mean Bitcoin will be sliding even further down?


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/the-number-of-addresses-sending-bitcoin-to-exchanges-since-january-has-doubled-since-the-beginning-of-the-year/

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Market Analysis Report (24 Sep 2020)

DACOM Summit Announces CFTC Commissioner Dan Berkovitz as Keynote Speake | Winklevoss Twins’ Gemini Exchange Now Allows Buying Crypto With British Pound | Leading Crypto Payments Platform Wirex Announces Launch of $1.2 Million Crowdfunding

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Leading crypto payments platform Wirex has announced its first crowdfunding round, aimed at raising £1 million ($1.2 million) with the intention to scale-up in the coming months. 

In a press release, the fintech firm detailed it is giving customers and fans the opportunity to invest in it via the crowdfunding round, to which pre-registrations are now open. The crowdfunding round is expected to be “one of the largest and most successful campaigns” carried out by the equity platform Crowdcube.

Pavel Matveev, CEO and co-founder of Wirex, said the decision to crowdfund came at a crucial period in the company’s development. He said:

“Wirex has been making huge strides in changing the financial landscape, by making it easier for everyone to access cryptocurrency and spend it in the everyday. By offering a platform that bridges the traditional and digital economy, we are helping to encourage the mass adoption of cryptocurrency for future generations.”

Since 2014, Wirex has become a popular platform for crypto-enabled payment solutions and providing businesses and individuals an alternative to conventional finance. 

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Brazil’s Rainforests Are Getting a $182 Million Blockchain Boost

The world’s largest meat-processor aims to use blockchain technology to curb the country’s rising deforestation.

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In brief

  • A Brazilian meat-processor announced a $182 million fund on Wednesday to curb deforestation in the country.
  • The firm will invest over $44 million until 2025 and expects other companies to match funding efforts.
  • Deforestation has hit record levels in Brazil, which is facing backlash for its failure to control the concern.

Brazil-based JBS, the world’s leading firm for meat processing and packing, said Wednesday it would deploy blockchain technology to combat the rising ill-effects of deforestation by meat suppliers in South America, according to news outlet Reuters.

The firm vowed to monitor its entire supply chain using blockchain by 2025, amidst widespread concerns from environmentalists about rapidly diminishing forest cover in the country. Brazil’s meat industry, among others, is said to contribute to deforestation as meat producers clear out vast areas for cattle pasture.

So far, meatpackers in Brazil, such as JBS, have ensured they do not source meat from farms that illegally cut forests. However, such a system just monitors and measures activity from its final suppliers—leaving space for indirect suppliers (which supply to JBS’s suppliers) to evade such monitoring and eventually manage to sell their product to firms like JBS.

Brazil rainforests are facing a threat from local industries. Image: Shutterstock

But blockchain technology could present a solution for that, said JBS. It launched a $182.77 million fund yesterday to foster social and economic development in the Amazonian rainforest region, aiming to invest over $44 million in the next five years, and another equal amount from then on to 2030.

Other local and international firms are expected to join the project and contribute the remaining amount, the report noted.

The funds will allow JBS to build an expansive blockchain system that tracks every supplier on its meat supply network, both direct and indirect. “Currently, the company does not monitor indirect suppliers and no company does so. But we plan to close this gap using technology,” said JBS CEO Gilberto Tomazoni.

Tomazoni added the firm’s 50,000 direct suppliers were, however, already monitored. Meanwhile, JBS is expected to launch the system in 2021, starting in the Brazilian state of Mato Grosso. 

The development comes at a time when global meat importers, such as Norway, have threatened to pull out their investments from Brazil if the country fails to curb deforestation, noted the report.

Deforestation has remained a global concern since the last decade, with regions like the Amazonian rainforest in South America among the most affected. Data from last year showed that Amazon deforestation hit levels last seen in 2006. So, it will take a major effort to turn the situation around.

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