Author: dfmines

Bitcoin on-chain data shows the crypto exchange Binance  observed large inflows amounting to almost 10k BTC yesterday. Bitcoin Netflow Shows A Huge Positive Spike As 10k BTC Enters Binance As pointed out by an analyst in a CryptoQuant post, the BTC netflow had a big positive spike yesterday, a sign that’s usually bearish for the price. The “all exchanges netflow” is an indicator that measures the net amount of Bitcoin entering or exiting wallets of all exchanges. The metric’s value is simply calculated by taking the difference between the inflows and the outflows. When the indicator has positive values, it means there are currently more inflows happening than outflows. Such a trend is often bearish as investors usually deposit their Bitcoin for selling purposes. On the other hand, when the value of the metric is negative, it implies outflows are overwhelming inflows as a net amount of BTC is exiting exchanges. This kind of trend can be bullish for the price of the crypto as holders generally withdraw their coins to hold them. Related Reading | Bitcoin Leverage: Lack Of Liquidations Could Indicate Another Wave Of Selling Now, here is a chart that shows the trend in the Bitcoin netflow over the last couple of months: Looks like the value of the metric showed a huge positive spike recently | Source: CryptoQuant As you can see in the above graph, yesterday the Bitcoin netflow showed that almost 10k BTC entered exchanges yesterday within an hour. A look at the chain data reveals these inflows were to Binance. Interestingly, just a few hours later, the crypto exchange Gemini observed an outflow of about 10k BTC, cancelling out these inflows and making the netflow neutral again. The negative spike makes up for the positive one from a few hours earlier | Source: CryptoQuant As mentioned earlier, inflows are usually bearish for the price of Bitcoin. However, since outflows of the same amount occurred just a couple of hours later, the netflows effectively became neutral. Related Reading | Anthony Scaramucci Urges Bitcoin Holders To Think Long-Term As Downtrend Won’t Last Now, outflows can be bullish for the price if they occurred for the purpose of accumulation. But that doesn’t necessarily have to be the case. If the investors who were behind the withdrawal intend to sell them through OTC deals, the effect on the price may be bearish instead. BTC Price At the time of writing, Bitcoin’s price floats around $36.8k, down 12% in the last seven days. The below chart shows the trend in the value of the coin over the last five days. BTC’s price has retraced a lot of the recovery that it made over the last few days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradignView.com, CryptoQuant.com

“Facebook seems to be the antithesis of what actual consumers want their digital futures to look like,” said Subversive Capital Advisor founder Michael Auerbach.

Mettalex, a decentralized commodities derivatives exchange on Fetch.ai, is integrating industrial-grade price feeds in the DeFi ecosystem leading to higher blockchain efficiencies following their partnership with S&P Global Platts. Mettalex Empowers Commodity Traders Details on January 25 revealed that the deal would be advantageous to traders and businesses. Notably, Mettalex global traders would have access to unique commodities markets with a guarantee of smooth operations due to the use of premium and secure price feeds supplied by S&P 500 Platts. Meanwhile, businesses’ pain points would be quickly relieved as the availability of credible commodity and energy information on the blockchain encourages creators to develop community-facing automated market maker (AMM) models. At the same time, the availability of better risk reduction methods from solutions anchored on a reliable base layer translates to higher capital and cost efficiencies, all of which further help democratize access to the commodities market. The Role of Dependable Price Feeds in DeFi Innovation Matt Eversman, the Director of Licensing and Exchange Relationships for S&P Global Platts, said Mettalex’s decision to integrate their price feeds recognizes the crucial role access to reliable data is especially when rolling out innovative solutions. According to the Director, their data would bring more efficiency in the Mettallex’s marketplace: “We’re pleased that Mettalex recognizes the value of the transparency S&P Global Platts brings to the commodities markets we serve and that it endeavors to utilize our data in innovative new ways as new technologies continue to bring efficiency to the marketplace.” Bringing the $20 Trillion Commodity Market to DeFi Mettalex is a decentralized commodities derivatives platform on Fetch.ai—a distributed ledger incorporating artificial intelligence and machine learning techniques for efficiency and privacy preservation. Their core mission is to bring the global commodities market estimated to be worth at least $20 trillion to DeFi. From their easy-to-use interface, traders would trade confidently, posting long or short positions confidently as they use the industrial-grade energy and commodity price feeds supplied by S&P Global Platts. More users would easily access unique and niche commodity markets with a reliable base exploring more trading opportunities. S&P Global Platts is an established provider of valuable market insights that traders can use to make valuable decisions in risk management. With a global presence, S&P Global Platts has grown to be a leading independent supplier of information and benchmark prices for the commodities and energy markets. The Founder of Mettalex believes that, gradually, more commodity assets would be available on-chain. The migration of commodity instruments to DeFi has only been accelerated with the integration of S&P Global Platts’ price feeds: “We believe that a wide range of commodity assets will eventually become tradable on-chain. Mettalex’s mission is to advance this process by enabling the market to manage risk, particularly in new niche commodities markets, and democratizing access to the raw materials asset class. We are thrilled to have one of the leaders in the price benchmarks space, S&P Global Platts, to help us in this endeavor.” The partnership is amid a recovering global economy punctuated by soaring commodity prices. Analysts pin the surge on various factors, including high demand for raw materials as economies open up, supply-side hitches because of the COVID-19 disruptions, and financial elements such as the depreciation of the USD.  

There was a CL call earlier where a potential target for the Merge going live was discussed: Mid June. I wanted to jump ahead of the inevitable misinformation claiming this is a hard-set date. ​ At this point, there is hope that a V2 of Kintsugi testnet will be released in about 2-3 weeks. From…
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Hoskinson on Twitter one hour ago – "If I set up a blockchain PAC, who would volunteer and donate?" PAC = Political Action Committee, the means with which the wealthy and powerful get representation (or cough, cough, BRIBE) our politicians to do their will. We definitely need some crypto representation because of bills like the…
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The Avalanche community has seen its fair share of drama in the past days as Wonderland (TIME) hit a new price low. Data from CoinGecko indicates that the token has lost over 90% of its value since November 2021. Related Reading | Hackers Are Now Using Compromised Cloud Accounts To Mine Crypto The Avalanche token was priced close to $10,000 and has been on a downtrend since that period reaching $406, as of press time. TIME has been one of the worst performers in the DeFi sector and could see further losses in the short term. According to a pseudonym investigator, Wonderland’s CFO known as OxSifu is the co-founder of QuadrigaCX, a former Canadian-based crypto exchange, Michael Patryn. This platform collapsed in 2019 shortly after its founder Gerald Cotten runaway with over $169 million. Per a report published by the Ontario Securities Commission, QuadrigaCX was created from “fraud”. The crypto exchange and its founder promised their clients that their assets will be safe. However, the Canadian authorities discovered that “Cotten spent, traded, and used those assets at will”. The pseudonym investigator decided to reveal the information related to Sifu due to TIME’s recent price action, and its implication for the inventors on the Avalanche project. He said the following via Twitter after sharing screenshots of a conversation with the founder of Wonderland, Daniele Sestagalli: I never would have expected this but cannot sit on it any longer especially after the events experienced earlier this week with TIME. In addition to the crypto exchange QuadrigaCX, Patryn was allegedly tied to an “identity theft ring” known as “Shadowcrew”. According to the investigator Patryn “plead guilty” to his ties with this illegal group. In their report, the Canadian authorities are unable to establish a connection between Patryn and the fraudulent behavior displayed by its founder. The OSC claims Patryn was involved with the QuadrigaCX until 2016, after that: Patryn ceased to be associated with Quadriga after 2016 and that the majority of client funds were deposited with Quadriga after Patryn’s departure. Based on the evidence we reviewed, Quadriga did not maintain proper accounting records from 2016 onward. Avalanche Project CFO, An Old Time Fraudster? Despite this report, Tay Vano CEO at crypto managing service MyCrypto shared the results of an investigation, conducted by independent reporter Amy Castor, that ties Patryn to the failed crypto exchange, and other Ponzi schemes. In 2019, according to images shared via her Twitter account, the Avalanche project CFO made ETH transactions that could directly link him to Quadriga. Quadriga ties back to Sifu.eth https://t.co/Ugb1I5J6gw — zachxbt.eth (@zachxbt) January 27, 2022 Patryn’s record of alleged fraudulent activities has been tracked back to Midas Gold, an exchange that operated between 2008 and 2013 until it was shut down, BlackHatWorld and TalkGold. The latter operated in 2003 as a forum to “push high yield investment programs” or Ponzi schemes. Moreover, the same investigation suggests Michael Patryn changed his name from Omar Dhanani until he met Cotton. Patryn apparently was released from a U.S. federal prison back in 2007 after serving an 18-month sentence related to his involvement with “Shadowcrew”. Related Reading | Crypto.com Restores Withdrawals After Reportedly Losing $15m To Hackers Due to this long history of fraud, and illicit schemes involvement, some believe the founder of Wonderland has put his “reputation on the line”. Sestagalli shared a vote to remove Sifu/Patryn from his position as Wonderland’s treasury manager after sharing a long statement on recent events. Daniele said: I found out about this 1 month ago, I am of the opinion of giving second chances (…). I have learned to give trust to people and to make my own opinions about them rather than just listen to the noise (…). I hope the community now comes together and decides what the future looks like and who they want managing their money.

In the future, let’s say even 6 years from now, we will have the ability to use whatever coin or token you want to barder with or hold value for, with most real estate companies. They will field all various types of payment and things will be streamlined for easy payment, yes even our moon…
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