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5 million ETH is now locked up in the Ethereum 2.0 deposit contract

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5 million ETH is now locked up in the Ethereum 2.0 deposit contract

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Months after the ‘beacon chain’ for Ethereum 2.0 was launched, over 5 million ETH are now locked on the protocol.

· 2 min read

5 million ETH is now locked up in the Ethereum 2.0 deposit contract

5.2 million ETH are now locked up in the Ethereum 2 contract, data from on-chain analysis tool Dune Analytics shows.

The lock-up is part of the network’s shift from a ‘proof of work’ (PoW) consensus design to a ‘proof of stake’ (PoS) one.

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Source: https://cryptoslate.com/5-million-eth-ethereum-2-0-deposit-contract/

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Coinbase scores $1.3 million deal with US government even after SEC alarms

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Coinbase, the largest crypto exchange in the United States has been able to secure a new deal with the United States’ Immigration and Customs Enforcement (ICE) office which would see it use its Coinbase Analytics tool for undisclosed purposes. Per available information, the government agency will be paying as high as $1.36 million as licensing fee to the Brian Armstrong-led crypto exchange.

Coinbase, US agencies partnerships

In proof of the exchange capability, SAM.gov’s database indicated that the crypto firm was the “only vendor” who could provide the services needed by the ICE. However, details of the kind of information Coinbase would be sharing or analyzing remain obscure.

It is interesting to note that the ICE is a branch of the U.S. Homeland Security. It is in charge of investigating cross-border crimes and also to check the influx of illegal migration into the United States.

The Armstrong-led exchange has also seen its Coinbase Analytics tool enjoy some level of patronage from different government agencies. Earlier in the year, it inked a deal with Secret Service which contracted the exchange until 2024 and would see it use the firm’s blockchain forensics tools.

Apart from the security agencies, other government agencies like the Drug Enforcement Administration (DEA) and the Internal Revenue Services (IRS) have also shown an interest in analytics tools for their various operations or investigations.

Critics lambast Coinbase’s partnerships

The exchange has also faced some criticism from onlookers who believe it is cashing on its users’ information as its government partnerships run against the core tenet of the crypto industry which is privacy.

One such critic is DJ Booth, who once said “Coinbase collect private information about their customers due to AML regulations, track customer transactions before and after exiting Coinbase, and then onsell that private information and public data to law enforcement, all without ethical remorse. OK, it’s just business.”

However, despite the amorous relationship between Coinbase and some of the government agencies, the exchange has enjoyed a somewhat frothy relationship with its regulator, the Security and Exchange Commission (SEC) who recently hinted that it could sue the exchange if it proceeds with its plans to provide lending services to its users.

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Source: https://cryptoslate.com/coinbase-scores-deal-with-us-government-after-sec-alarms/

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‘Cryptos are Not Currencies,’ Says ECB’s Lagarde

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European Central Bank (ECB) President Christine Lagarde recently emphasized that cryptocurrencies are not actually currencies, but “highly speculative assets.”

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“Cryptos are not currencies, full stop,” Lagarde stressed. “Cryptos are highly speculative assets that claim their fame as currency, possibly, but they’re not. They are not.” Although not a currency, she did say that they were “highly speculative, suspicious occasionally, and high intensity in terms of energy consumption.

Stablecoins and CBDCs

Despite her disdain for cryptocurrencies, Lagarde is more open to stablecoins, as they could facilitate central bank digital currencies (CBDCs). However, as they continue to spread, she believes they and the companies issuing them need more regulation.

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“You have those stablecoins that are beginning to proliferate, which some big techs are trying to promote and push along the way, which are a different animal and need to be regulated, where there has to be oversight that corresponds to the business that they’re actually conducting, irrespective of how they name themselves,” Lagarde said.

To this end, the ECB under Lagarde launched its digital euro projects this year in response to private-sector digital currencies. “I was keen to push the issue, the CBDC issue, on our agenda because I believe that we have to stand ready for that,” she said. Despite the push, the ECB President previously said that a digital Euro could take up to four years to produce. She remarked upon being “prompted by a demand of customers to produce something that will make the central bank and central bank digital currencies fit for the century we are in.”  

CBDC need

The Bank of International Settlements (BIS) shares Lagarde’s perspective about the need for CBDCs to stand up to the rise in privately issued cryptocurrencies. It also believes that without CBDCs, digital money would become increasingly dominated by big tech firms. This could potentially happen primarily by them leveraging their enormous social media user base.

In its latest Annual Economic Report, released earlier this summer, BIS dedicated a chapter to CBDCs. While applauding advancement in the payment systems, the report said that their benefits would depend on their structure and governance. On the one hand, the technology could enable a “virtuous cycle” of broader access, lower costs, as well as better services.

However, the report notes the potential for a “vicious cycle” of data silos, market power, and anti-competitive practices. “CBDCs and open platforms are the most conducive to a virtuous circle,” the report notes.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/cryptos-are-not-currencies-says-ecbs-lagarde/

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Altcoin Market Cap Scrambles for Support

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The altcoin market cap (ALTCAP) has created a double top pattern close to its all-time high price.

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It has also broken down from an ascending support line and is currently attempting to find support above $1 Trillion (tn) 

Double top

The weekly chart for ALTCAP provides a bearish reading. On Sept 7, it reached a high of $1.44 tn. This was just slightly below the actual all-time high of $1.49 tn, which was reached on May 12. 

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The same week, it created a long upper wick and has been falling since. 

Furthermore, technical indicator readings are bearish. Both the RSI and MACD have generated considerable bearish divergences. In the case of the latter, it is visible in both the histogram and the signal line. 

Furthermore, it seems that ALTCAP has created a double top, which is considered a bearish reversal pattern. 

Therefore, it is possible that a drop will follow.

Altcap double top
Chart By TradingView

Future movement 

The shorter-term daily chart also supports these readings. 

ALTCAP has broken down from an ascending support line and validated it as resistance afterwards. In addition to this, it has fallen below the $1.2 tn horizontal support area. 

The RSI and MACD both support the continuation of the downward movement. The former has fallen below 50 while the latter is decreasing, approaching negative territory. 

The closest support area is at $1 tn. This is the 0.5 Fib retracement support level and coincides with the Supertrend support (green line).

A decrease to this level would also sweep the Sept 7 low, making it a very likely place for ALTCAP to bounce.

Altcap breakdown
Chart By TradingView

Wave count

Cryptocurrency trader @Mesawine1 outlined an altcoin marketcap chart, stating that the fifth and final wave is likely to take it well into a new all-time high.

ALTCAP Wave count
Source: Twitter

When looking at the movement since 2015, this does seem like the most likely wave count, in which ALTCAP is in the final sub-wave (red) of the final wave (white) of a bullish impulse.

Therefore, a new all-time high is eventually expected.

ALTCAP Count
Chart By TradingView

However, it is not yet clear if the longer-term wave four (red) has ended or if it is still developing. Due to the shape and length of the preceding wave two, it is more likely that ALTCAP is still in wave four and will consolidate more prior to an eventual breakout.

ALTCAP Count
Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto’s Senior Analyst.

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Source: https://beincrypto.com/altcoin-market-cap-scrambles-for-support/

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