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Analyst: Ether (ETH) Set to Hit New ATH as Reserve Plunge on Exchanges 

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Crypto analysts have predicted that the price of ether (ETH) may reach another all-time high in the coming weeks, if the current plunge of ETH reserves on centralized exchanges is anything to go by. 

Ether Reserves Fall by 27 Percent in 48 Hours 

It’s no longer news that the bull market is upon us once again! The price of the world’s flagship cryptocurrency, bitcoin (BTC) recently surged to an ATH of $41,946 for the first time in its existence, before settling around the $38k price region. Altcoins have not done badly themselves, as the value of a good number of them have surged significantly this season.

In the latest development, Alex Saunders, the CEO and Founder of Nuggets News, a digital media channel that’s focused on delivering the latest developments in the cryptospace and other financial markets, has taken to Twitter to hint that centralized exchanges could run out of ether soon, due to massive demands from hodlers.

Saunders noted that the ether reserves of centralized exchanges fell by a massive 20 percent from 10 million to 8 million ETH within a few hours today, having previously dropped by 10 percent on January 14.

He tweeted:

The Numbers 

Notably, data from other crypto markets data providers have also confirmed that traders are actively stacking up on ether, as exchange balances have decreased by 42.5 percent since hitting an ATH of 14.1 million ETH in May last year.

According to crypto market statistics on Glassnode, ether reserves on centralized exchanges has hit its lowest ebb since July 2018. At press time, centralized exchanges hold only a meager seven percent of ether’s total circulating supply.

Against that backdrop, Saunders believes that the price of the world’s second-largest crypto could hit new ATHs in the coming weeks.

“We all know what happened when demand outstripped the supply of $BTC. It quadrupled in 90 days,” added Saunders.

With ETH 2.0 staking set to go live shortly, the attention of some crypto enthusiasts has shifted from bitcoin to ether, as data available on crypto market data aggregator, Into The Block has revealed that ether’s bid-to-ask volume has a  nine percent imbalance, a strong indication that the bulls are firmly in charge of the token.

At press time, the price of ether (ETH) sits at $1,226.68, with a market cap of $140.19 billion, as seen on CoinMarketCap.

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Source: https://btcmanager.com/analyst-ether-eth-new-ath-reserve-exchanges/

Blockchain

OpenSea Crashes Following BossLogic NFT Drop via Ethernity

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The hype around non-fungible tokens (NFTs) continues to escalate as demand for primary sales is only growing higher.

The last manifestation of this was earlier during the BossLogic NFT drop that took place on the OpenSea marketplace, causing it to essentially crash under the high traffic.

OpenSea Crashes as Traffic Surges

OpenSea, touted as the largest NFT marketplace crashed last night under a serious surge in traffic caused by an NFT drop.

The platform took it to Twitter to explain what happened:

Outage notice: the Bosslogic drop caused a 2X surge in traffic at 19:30 UTC, ultimately causing two spikes of failed requests, at 19:50 and 20:40.

The issue was our servers’ ability to reclaim memory. We will have a fix out shortly, but sincerely apologize to all affected!

Naturally, this caused some users to be upset because they’d lost gas fees as a result of the outage. The team responded that they “will not have to pay gas the next time you bid, for the next auction – that cost is only for the first time you ever bid on anything (converting ETH to wrapped ETH).”

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BossLogic’s NFT Drop

BossLogic is a well-known artist with almost half a million followers on Twitter and a lot more across different social media platforms.

His latest NFT drop was through a partnership with Ethernity chain to offer 2501 pieces of art to the very first lucky community members.

The tokens were sold for 0.299 ETH and each one of them represented digital artwork that’s featured in the collection.

This latest NFT drop is the latest to create massive hype around it. As CryptoPotato reported yesterday, the interest surrounding non-fungible tokens have surpassed that of ICOs from back during their peak in early 2018. This has caused many people to believe that they are in a state of a bubble.

Featured image courtesy of Inverse

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Source: https://cryptopotato.com/opensea-crashes-following-bosslogic-nft-drop-via-ethernity/

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Norwegian Oil Mogul Sets Up $58 Million Entity to Buy Bitcoin

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The institutional bitcoin frenzy continues to spread like an epidemic. After several United States mega corporations added the digital currency to their balance sheet, the floodgates have been opened to major institutions across the world. Norwegian holding company Aker ASA said today that it will establish a new unit dedicated to bitcoin investment and the digital asset’s underlying technology.

Miss Out? “No Way”!

Asian smartphone giants, Meitu yesterday joined the league of institutional bitcoin adopters, as reported by CryptoPotato. With the future of modern-day finance hanging in the balance, companies investing reserve cash in bitcoin is widely becoming a norm rather than an exception. The latest to embrace bitcoin is Norwegian holdings, Aker ASA. It made the announcement in a press release this morning.

Aker ASA is going a step beyond investing in the leading digital currency. It will set up a company devoted to investing in bitcoin and blockchain technology. The new company called “Setee AS” will actively participate in the cryptocurrency space by collaborating with other industry players. It will also invest in other companies with healthy prospects in the blockchain and cryptocurrency industry.

The company which majors in offshore fishing, construction, and engineering said it would convert all its liquid assets to bitcoin. The new dedicated bitcoin unit will have a capital of around 500 million Norwegian crowns (approximately $58.6 million).

.. With Great Power Comes Great Responsibility

According to Aker, the operation of the new entity will span beyond bitcoin investment. The unit is expected to leverage the capabilities of its parent organization to pursue innovations in cybersecurity, financial transactions, and emissions-free verification operations. As part of the latter, the company will research and work on alternative ways to verify bitcoin transactions in a more environmentally friendly manner.

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To set the ball rolling, Setee is collaborating with a Canadian global leader in Bitcoin and blockchain technologies, Blockstream. President and CEO of Aker ASA, Øyvind Eriksen, spoke on the launch of Setee and its first partnership.

“With the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation. We look forward to addressing these and other applications together with Blockstream and other partners”

Aker AS is owned by Norwegian billionaire businessman Kjell Inge Rokke. Rokke shared a letter concerning the latest development to the company’s stakeholders. In the letter, he wrote:

First, we will use bit­coin as our trea­sury as­set and join the com­mu­ni­ty. In Bit­coin speak, we will be hodlers. We will be dif­fer­ent, but ad­di­tive.

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Source: https://cryptopotato.com/norwegian-oil-mogul-sets-up-58-million-entity-to-buy-bitcoin/

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ETC Group adds Ethereum ETP on Deutsche Borse

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Exchange-Traded Products [ETPs] are gaining prominence and crypto investment firm ETC Group announced the launch of an Ethereum ETP on Deutsche Borse’s Xetra on 9 March. This ETP will go live with the ZET ticker and will be its second crypto investment product after Bitcoin ETP, as per reports.

The firm launched Bitcoin ETP in June 2020 and its assets under management have surged to $1 billion since. Since ETP’s value depended on the underlying security, this growth was a given for Bitcoin. Now that Ethereum has also joined the bandwagon, the results of its growth will also reflect positively for the investment firm.

Xetra, operated by the Frankfurt stock exchange, noted that more than 90% of trading in German shares goes through the marketplace, along with 30% of trading in exchange-traded funds [ETFs]. As per its website, more than 30 new ETFs and 4 ETCs are tradeable on Xetra since January.

However, ETC Group was not the only one listing ETPs on Deutsche Borse. 21Shares AG also announced the launch of the world’s first centrally cleared Ethereum [ETH] and Bitcoin Cash [BCH] ETPs a few days back.

According to reports, this was done to further push the institutionalization of crypto assets. Subject to approval by the Frankfurt Stock Exchange, the 21Shares Ethereum ETP [21XE] and 21Shares Bitcoin Cash ETP [21XC] will list on Deutsche Boerse on 9 March, with annual management fees of 1.49% and 2.50%, respectively.

The institutional interest has been increasing for Ethereum ever since the market has been rallying. The second-largest crypto and the most popular altcoin, Ethereum has managed to carve a niche for itself with the addition of decentralized finance [DeFi] and dApps.

Source: CoinStats

At the time of writing, ETH was going strong at $1,713, despite the high volatility in the market. It is returning 142% year-to-date to its investors as more people flock into the Ethereum ecosystem.


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Source: https://ambcrypto.com/etc-group-adds-ethereum-etp-on-deutsche-borse

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