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DIA, the open source data platform for decentralised finance and the UK FCA-regulated crypto index provider CF Benchmarks announced today that they will make CF Benchmarks’ crypto index reference prices available via the DIA oracle suite. With a total settlement volume of more than $500bn since its inception in 2017, UK-based CF Benchmarks Ltd is the world’s leading crypto index provider. Acquired in 2019 by the global digital asset exchange Kraken, CF Benchmarks provides reference rates that are tracked by ETFs and ETPs listed on exchanges around the globe, including Canada, Brazil, Switzerland and Germany. CF Benchmarks is best known for its CME CF Bitcoin Reference Rate, a price benchmark used by the CME Group to settle Bitcoin futures and options. Access to Compliant ETH and SOL prices In this new move, DIA will include CF Benchmarks’ reference prices as feeds in its data offering. As a start, reference prices for native tokens of the Layer 1 blockchains Ethereum and Solana will be provided as oracles. Oracles are smart-contract-readable data streams that enable applications running on the blockchain to ingest and read data from outside their own ecosystems. ETH and SOL reference prices will be provided to both Ethereum-native and Solana-native developers. The availability of institutional-grade reference prices from a benchmark regulation compliant and Big 4 audited provider will enable secure development of new financial products and services underpinned by resilient and robust methodologies. Bridging Traditional and Digital Asset Markets Notwithstanding its nascency and volatility relative to more developed traditional asset markets, the digital asset ecosystem has shown staggering growth and attracted significant interest from retail and institutional investors alike. With an estimated market capitalisation of $2 trillion, the digital asset market falls far behind its legacy counterpart. Products like the reference prices provided by CF Benchmarks are a crucial building block for enabling safe institutional access and fostering regulated rails to this new asset class. “The emergence of decentralised finance poses a challenge and opportunity for investors and regulators alike”, said Michael Weber, DIA’s Founder. “Teams like CF Benchmarks are at the forefront of creating a safe and secure environment for investors to allocate their capital. This is crucial for the development and the maturing of the ecosystem and we are excited to be a part of that journey.” “CF Benchmarks is continually looking for ways to improve the availability of robust, reliable cryptocurrency pricing data, for users of digital asset ecosystems, as well as institutional and individual investors”, said CF Benchmarks CEO Sui Chung. “That is why we are proud to partner with DIA, one of the most comprehensive and fastest-growing oracle platforms, with a user base deeply embedded in the blockchain development community. We are confident that this partnership will be a significant step towards enabling the high-integrity pricing that will be critical for mass adoption of DeFi, Web3 and beyond.” About DIA DIA (Decentralised Information Asset) is a cross-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the sourcing, validation and sharing of transparent and verified data feeds for traditional and digital financial applications. DIA’s institutional grade data feeds cover asset prices, metaverse data, lending rates and more. DIA’s data is sourced from a broad array of on-chain and off-chain sources and can be fully customised with regards to the mix of sources and methodologies. DIA’s oracles are available to developers on all relevant layer 1 and layer 2 networks including Ethereum, Solana, Polkadot, Binance Smart Chain, Polygon, xDaiChain, Avalanche, and many more. About CF Benchmarks CF Benchmarks is the leading provider of cryptocurrency benchmark indices, authorised and regulated by the UK FCA under the UK Benchmarks Regulation. Its benchmark indices are provided through public methodologies and transparent governance; for tracking, valuing and settling risk in cryptocurrency financial services and products. CF Benchmarks’ indices have been used to settle over $500bn of cryptocurrency derivative contracts, including those listed for trading by CME Group and Kraken Futures, as well as serving as the reference index for ETFs and ETPs listed in Canada, Germany, Switzerland, France, and Brazil. CF Benchmarks is a wholly-owned subsidiary of Kraken.
Experienced crypto traders who’re willing to share their insights with others in return for rewards might want to take a quick look at NAGAX now that the platform has opened for pre-registration. NAGAX is a new platform that’s aiming to bring the concept of “social trading” into the crypto trading space. In many ways it’s like any other cryptocurrency exchange, with more than 700 different cryptocurrency trading pairs to choose from. But it goes beyond what many traditional crypto exchanges like Binance offer, as it also provides the ability to trade other assets such as stocks, FOREX and derivatives. The biggest difference though is its social trading capability. Social trading is an established feature on many stock trading platforms, allowing users to copy the trades of more experienced platform users to share in their profits. NAGAX enables the same thing for crypto trading. With its Autocopy feature, users can mirror the trades of other traders for a fee of just $1 per trade, with a portion of that fee going back to the original trader. NAGAX also incorporates some facets from Facebook, with a kind of social news feed that will serve as a place for traders to share and discuss news, publish their own content and learn from each other. Obviously, if NAGAX is going to popularize the idea of social trading in crypto it will need more than a few decent traders to start using its platform. That explains why it’s offering some tempting incentives for those who sign up fast. It’s offering three prizes of $USDT5,000, $USDT3,000 and $USDT2,000 respectively for three lucky registrants who sign up and also promote the platform’s launch on Telegram or some other social media channel. It’s also offering five $USDT1,000 prizes, with the winners chosen at random from the first 10,000 people who pre-register to use the platform and also follow NAGAX on both Twitter and Telegram. Lastly, there will be a somewhat less tempting prize of $10 in BTC awarded to the first 2,000 registered users, with no strings attached. In all three promotions, the prizes will be credited to user’s NAGAX accounts once the platform is up and running on March 7. Once NAGAX is up and running, the company promises its site will have plenty of educational content for new traders (besides the ability to just copy trade). In future, NAGAX says it will evolve to become a more comprehensive web3 platform, with NFT content and trading, spot and futures markets, staking and more. Image source: NAGAX
These five moments shaped Bitcoin On-Chain analysis. Down below you’ll find a basic 101 article that reviews the basic concepts of the trade. If you have any problem with the list, David Puell is to blame. He’s a full-time on-chain analyst and the creator of MVRV and Puell Multiple. He didn’t include the metrics he created on the list, which says a lot. Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc In the following article, there’s also something for on-chain analysis experts. A side game called: Did your favorite moment make it? 1. ByteCoin invents cointime destroyed in 2011, the very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset. — David Puell (@kenoshaking) February 17, 2022 Anyway, let’s get into it. On-Chain Analysis Moment #1- ByteCoin Invents Coin Days Destroyed (CDD) AKA Coin Time Destroyed Invented In 2011, according to Puell, CDD is “the very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset.” How does the metric detect holders, though? According to Glassnode Academy, “Coin Days Destroyed is a measure of economic activity which gives more weight to coins which haven’t been spent for a long time.” So, the first eureka moment was to get the coin’s age into the equation. That way, the all-important holders also entered. Glassnode again: “It is considered an important alternative to looking at total transaction volumes, which may not accurately represent economic activity if value was not stored for a meaningful time. Conversely, coins held in cold storage as a long term store of value are considered economically important when they are spent as it signals a notable change in long-term holder behaviour.” BTC price chart for 02/17/2022 on Gemini | Source: BTC/USD on TradingView.com 2. Moment #2 – Willy Woo and Chris Burniske Invent NVT Ratio This one emerged in 2017, and, according to Puell, it’s “where on-chain begins its Golden Age and became clearly an ecosystem of specialists”. It’s also “the first application of traditional economic/financial concepts to Bitcoin”. But, what’s the NVT Ratio specifically? Glassnode Academy responds: “Network Value to Transactions (NVT) Ratio describes the relationship between market cap and transfer volume. Per Willy Woo, its creator, NVT can be considered analogous to the PE (price to earnings) Ratio used in equity markets.” Another way to look at it is, “NVT is that it is the inverse of monetary velocity, comparing two of Bitcoin’s primary value propositions”. Those are store of value Vs. settlement/payments network. 3. @nic__carter and @khannib invent realized cap in 2018, the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset. — David Puell (@kenoshaking) February 17, 2022 On-Chain Analysis Moment #3 – Nic Carter And Antoine Le Calvez Invent Realized Capitalization Created In 2018, Puell thinks Realized Capitalization is “ the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset”. But, what is it exactly? According to Glassnode Academy, Realized Capitalization also makes on-chain analysis look into the age of the coins. “Realized capitalization (realized cap) is a variation of market capitalization that values each UTXO based on the price when it was last moved, as opposed to its current value. As such, it represents the realized value of all the coins in the network, as opposed to their market value.” Ok, “realized cap reduces the impact of lost and long dormant coins, and weights coins according to their actual presence in the economy of a given chain”. How does it do it, though? Glassnode again: “When a coin that was last moved at significantly cheaper prices is spent, it will re-value the coins to the current price, and thus increase realized cap by a corresponding amount. Similarly, if a coin is spent at a price lower than when it was last moved, it will re-value to a cheaper price and have a corresponding decrease on realized cap.” Moment #4 – Dhruv Bansal Invents HODL Waves Created in 2018, HODL Waves is the “last major primer in on-chain analysis, first metric to segregate supply into different conceptual frameworks”. According to Purell, it’s also the “most comprehensive economic time analysis on Bitcoin to date”. Surprising no one, HODL Waves also looks at the age of the coins. According to Glassnode Academy: “HODL Waves provide a macro view of the age of coins as a proportion of total coin supply. This provides a gauge on the balance between short term and long term holdings. It can also indicate where changes in this age distribution occur as the thickness of HODL wave bands change in response to dormant coins maturing, or when old coins are spent, resetting their age into the youngest category.” 5. @ErgoBTC releases the forensics of PlusToken in 2019, the grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset. — David Puell (@kenoshaking) February 17, 2022 On-Chain Analysis Moment #5 – Ergo Releases The Forensics Of PlusToken This famous case happened in 2019. According to Purell, it’s “the grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset.” For a report on the situation, we had to consult Crypto Briefing, who spoke to: “Ergo, the lead researcher of the report, told Crypto Briefing in an email that the most striking feature of this scam was its size. “Billion-dollar scams are very rare,” they said. “We did not expect the previously reported 200K BTC volumes to be accurate, but they were.” Related Reading | Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom The Ergo team also explained why the laundry of the funds didn’t work that well. It was because they practiced “self-shuffling.” What’s that, you ask? Crypto Briefing again: “It refers to the “repeated UTXO splitting and merging in hundreds of transactions,” according to the report. This method was both easy to track and the most common way in which PlusToken funds were handled.” This case wouldn’t be complete without a big institution’s involvement. This time, the suspect is Huobi: “Huobi played a major role in off-loading these funds too, with nearly 250,000 addresses associated with the PlusToken funds. These addresses were reduced to two clusters which were identified following the incompetent privacy standards.” Of course, those are just suppositions. When it comes to the giant Huobi, nothing’s been proven. Feature Image by analogicus on Pixabay | Charts by TradingView
Prices for crypto ads on Telegram have outstripped those for other topics like investment and trading, according to one study.
The Ministry of Economic Development of Russia has suggested that crypto mining should be allowed in energy-rich regions and miners provided with access to inexpensive electricity. The department has joined calls to legalize the industry and utilize Russia’s strengths as a mining destination. Crypto Miners Should Have Access to Cheaper Power, Economy Ministry Says Amid […]
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Bitcoin price, in the face of a possible Russian invasion of Ukraine, is shedding 0.7% of its value and is currently trading at $43,352 on Coingecko charts Thursday, retreating from the $47,000 level it hit on January 1. Ethereum (ETH), the second most popular cryptocurrency also, is also down 2.14% to $2,873. The world’s most valuable cryptocurrencies are on the decline Thursday as news of a possible military action by Russia on Ukraine sends markets into a tailspin. Russian Invasion Jitters Jolt Top Cryptos Bitcoin is losing 3% of its value as Western jitters about Russian aggression on its neighbor Ukraine have grown higher, and worse than the Nasdaq Composite index’s 0.9% drop last December. Even though Russia is amassing more than 100,000 troops near the Ukrainian border, some investors refer to the relative calmness of trading during this period of escalating geopolitical tensions. Russia rejects western warnings of an invasion as “hypocrisy.” According to BuyBitcoinWorldwide’s volatility index, Bitcoin’s current 30-day volatility is losing 3.35% of its value; it averages 4.56% back in 2021, although it still has not given up all of its gains from lows of $32,950 two weeks ago. BTC total market cap at $817.952 billion in the daily chart | Source: TradingView.com Russia-Ukraine Frictions And Its Impact On Crypto According to reports, United States President Joe Biden held an hour-long chat with Ukrainian President Volodymyr Zelensky on Monday to discuss the ongoing tensions. For his part, US national security adviser Jake Sullivan reiterated his warning of a possible invasion. Bitcoin and Ethereum fell over 9% to its lowest level in six months as fears of a Russian strike on Ukraine grew. Globally, the market suffered a drop that extended sell-offs between many investors. Related Reading | Russia Just Suggested A Blanket Ban On Bitcoin And Cryptocurrency Crypto Industry Loses $200 Billion In A Day Commotions in the cryptocurrency market were also in a roll as Russia considers banning Bitcoin within their respective grounds. It’s possible that Russia is being swayed by skepticisms that seem to be sweeping the cryptocurrencies market. Meanwhile, Russia is reportedly mulling a total ban on Bitcoin mining and trade, according to its central bank’s assessment. Russia is an important processing hub for Bitcoin transactions because it accounts for around 10% of the world’s mining capacity. Over the previous 24 hours, the cryptocurrency industry has lost $200 billion in market value. Bitcoin’s total market capitalization is now at $1.8 trillion. In the current state of affairs, the vast majority of Bitcoin specialists feel that cryptocurrency and the future of the markets are interlinked at this time. In the wake of recent events, the value of Bitcoin, Ethereum and Cardano have taken quite a beating. Related Reading | Russia Plans To Impound Unlawfully Acquired Cryptocurrencies Featured image from CoinMarketCap, chart from TradingView.com
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