Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet

Chainalysis has announced that it plans to add bitcoin to its balance sheet. The news came as a surprise to crypto investors as it is usually expected that a firm so deeply ingrained in the blockchain technology ecosystem would own some crypto. According to the blog post on its website, the firm had previously not owned any cryptocurrencies and this will be the first time Chainalysis is purchasing BTC. Bitcoin has been purchased as an investment strategy by companies who are in and out of the blockchain space. The digital asset presents an alternative means of investment for people who want to have total control of their assets. With its recent purchase, Chainalysis joins the ranks of companies who are holding BTC for the long term, according to statements on the post. Chainalysis Takes The Leap With Bitcoin Chainalysis revealed in the post that it was buying bitcoin to put on its balance sheet. The company which is valued at $4.2 billion will put the purchased BTC in its corporate investment portfolio and intends to hold for the long term. Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High The company provides valuable software analysis software that helps exchanges comply with regulations. Its software is also used to assess risk and identify illegal activities that are being carried out on the blockchain, helping law enforcement to track the perpetrators. Co-founder and CEO of Chainalysis, Michael Gronager, said, “Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset and we are thrilled to be adding bitcoin on our corporate investment portfolio.” Speaking on this being the first cryptocurrency purchase on the part of the firm, Gronager added, “This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.” BTC surges past $64K | Source: BTCUSD on TradingView.com Partnership With NYDIG In order to purchase and custody the bitcoins, Chainalysis had expanded its partnership with bitcoin technology and financial services firm NYDIG. Both firms have been working together since they announced that Chainalysis would be NYDIG’s compliance technology partner in 2018. The BTC was purchased through the financial services firm and NYDIG will custody the digital assets on behalf of Chainalysis. Related Reading | Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin “Our expanding partnership with Chainalysis is a mutually beneficial relationship. Chainalysis has long been building trust in the digital asset ecosystem, and this investment shows their belief that bitcoin is a sound investment for the future. We are happy that they trusted our platform to safeguard their assets.” – Nate Conrad, Head of Asset Management, NYDIG The acquisition highlights Chainalysis’ long-standing faith in BTC as a long-term investment strategy. Bitcoin has been a profitable investment venture for companies that have invested in the digital asset in the past and Chainalysis stands to profit from the asset’s growth in the future. Featured image from Bitcoin News, chart from TradingView.com

Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High

Bitcoin whales are not slowing down on their accumulation tour despite rising prices. Bitcoin has now hit $62K for the first time in five months and the market has rejoiced over this milestone. With more growth expected in the coming weeks, investors are making sure that they do not miss out on what the digital asset has to offer in terms of value. BTC is now the de facto internet store of value, so investors are FOMO-ing into the asset. This has translated to a higher price for BTC. However, the majority holding is still skewed in favor of the whales. These addresses which hold 100 to 1,000 BTC on their balances are increasing the share of the total circulating supply which they command, and data shows that there has been an uptick in the number of whale addresses holding 100 to 1,000 BTC. Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals Addresses Holding 100 To 1,000 BTC Jumps 1.9% A recent report from Santiment showed that the number of addresses holding between 100 and 1,000 BTC on their balances had grown in the past five weeks. A reported 254 new addresses had increased their holdings to join this category of whales, who now hold about 21.3% of the total bitcoin circulating supply. BTC price trading north of $61K | Source: BTCUSD on TradingView.com The 254 new addresses represent a 1.9% increase in the number of these whale holders, signaling more accumulation sentiment among bitcoin investors in the recent weeks. It is one of the fastest whale address growth in the history of the digital asset and as buy pressure continues to mount, it is expected that more addresses will add to their holdings to get above 100 BTC. “The number of #Bitcoin addresses holding between 100 to 1,000 $BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period. The number of #Bitcoin addresses holding between 100 to 1,000 $BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period.” – Santiment report Majority Of Bitcoin Holders Are In Profit The profit margins seen from bitcoin investors have contributed to the accumulation patterns witnessed in the asset. Glassnode reported that the majority of bitcoin holders are in profit given the recent price surge. It is estimated that 99.02% of the entire circulating supply of BTC is in profit. Related Reading | Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin With bitcoin only about $3,000 less than its previous high, the analytics firm reported that there is only 0.98 BTC left in circulation that was spent at a higher price. These are the coins that were spent by investors between the $62K to $64K price ranges, and with the price of the digital asset targeting new all-time highs, it may not be long until 100% of BTC in circulation are held at a profit. Featured image from Analytics Insight, chart from TradingView.com

Why We Could See The First Approved U.S. Bitcoin ETF In October

Various investment funds have applied for Bitcoin ETFs in the U.S. The number has grown as interest in crypto has been on the rise in recent months. A couple of countries so far have approved some crypto ETFs and investors can trade on these. However, the United States is yet to see the approval of its very first bitcoin ETF. Speculations around the approval of a bitcoin ETF have been on the rise lately. The Securities and Exchange Commission (SEC) was expected to make a ruling on various Bitcoin ETFs that had been filed. But the regulator had moved up the date. In the case of VanEck, moving it by 60 days until the SEC would provide its decision on the Bitcoin ETF. SEC Boss Clarifies Stance On Crypto After SEC Chairman Gary Gensler announced that the regulatory body had no intention of banning bitcoin in the United States, investors began to expect the approval of a bitcoin ETF soon. The reasoning behind this being that the chairman would not go out of his way to provide information like this if there wasn’t good news in the future. Related Reading | Number Of Bitcoin Active Entities Grows 19% To Hit 2020 Bull Levels, Set Up For New Highs? It is expected that October will see the approval of the first bitcoin ETF in the country, which would enable investors to begin trading on Bitcoin Futures ETFs. Instead of having to trade on Canadian crypto ETFs. In addition to the SEC’s stance on crypto regulation, a Canadian mutual fund with the same language as a bitcoin ETF had been previously approved by the regulation. This was put forward by asset manager James Seyffart, who believes that since the SEC had approved this mutual fund, then it would most likely approve an ETF that consisted of similar wording. Bitcoin ETFs Getting Closer To Approval Eric Balchunas, an ETF analyst for Bloomberg, took to Twitter to point out some events that may signal that the first bitcoin ETF is close to being approved. The analyst pointed out that Valkyrie, a digital asset management firm, had updated their Bitcoin Futures ETF prospectus. NOTABLE: Valkyrie just updated their bitcoin futures ETF prospectus (which typically only happens when ducks in row ready for launch). They added their ticker $BTF, altho no fee still. Can’t say this is done deal type evidence but a good sign IMO. pic.twitter.com/GlQo4C1lBc — Eric Balchunas (@EricBalchunas) October 13, 2021 BTC breaks above $57K again | Source: BTCUSD on TradingView.com Now, updates to ETFs are not a mundane thing. An update to a prospectus is only required when the regulators are close to approving it and the firm needs to make sure that the document contains the correct information. In addition to this update, Valkyrie had also updated added their ticker ($BTF) to the document. Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders Balchunas notes that while this is a good sign, it does not mean that a bitcoin ETF is going to be approved. If anything, it means that the firms who submitted these ETFs are moving in the right direction towards getting approval. However, every launch is usually preceded by an update. “That’s what happens right before a launch, they fill in all the XXs and add ticker,” said the analyst. Featured image from Coingape, chart from TradingView.com

Waitlist For Coinbase NFT Marketplace Climbs Above 1.1 Million On Launch Day

Coinbase recently announced the launch of its NFT marketplace, much to the delight of crypto investors. Its aim is to make the minting, selling, buying, and storing of non-fungible tokens easier for investors who want to get into the market. It brings this service to its 68 million-strong user base in its mission to make crypto more accessible to investors. The NFT marketplace, which is yet to be opened for trading, will provide competition to the leading non-fungible token marketplace OpenSea. With its large user base, Coinbase may be set to be the largest NFT marketplace. Alongside the announcement of the marketplace was a waitlist sign-up for interested parties. On the first day following the launch, Coinbase has already broken the 1 million mark for users who had signed up. Over 1.1 Million Sign Up For Coinbase Waitlist The waitlist which is open to everybody has seen a tremendous amount of support. On its first day, Brian Armstrong, Co-Founder and CEO of Coinbase, announced that the waitlist had gotten over 1.1 million sign-ups. Interest in the non-fungible token marketplace has been high and users have poured out support for Coinbase following the announcement. Over 1M people have signed up for Coinbase NFT since we launched yesterday 🤯https://t.co/pNE3nfFmyW — Brian Armstrong (@brian_armstrong) October 14, 2021 Related Reading | SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network Traffic to the waitlist had been so high that it had to be scaled up to accommodate everyone. Coinbase’s Vice President of Product, Sanchan Saxena, gave the update a few hours after the announcement went live and assured users that they could keep signing up for the marketplace. Thanks for your patience everybody – for the last few hours, we have ramped up and scaled things for you to be able to sign up for the NFT marketplace. See you there https://t.co/ysu6Eku84b! https://t.co/kOHbZaPr8P — Sanchan S Saxena (@sanchans) October 13, 2021 Exchanges Taking The Plunge Into NFTs The success of non-fungible token platforms like OpenSea has driven the need for more NFT platforms in the space. OpenSea currently averages about 260,000 daily users and has seen significant NFT sales on its platform. This has prompted cryptocurrency exchanges to begin offering non-fungible token capabilities on their own platforms. Binance, the largest crypto exchange in the world, had launched its own NFT marketplace. Its offers users a place to mint, buy and sell non-fungible tokens without having to go through the rigorous process of minting the non-fungible tokens directly on the blockchains. FTX exchange also recently announced the launch of its very own NFT marketplace. FTX is one of the fastest-growing cryptocurrency exchanges and has recorded a 397% increase since January. Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase As more exchanges launch their own NFT marketplaces, speculations are they will become the go-to platforms for the minting and trading of non-fungible tokens. Coinbase will launch the marketplace to its U.S. users first and will roll out the feature to its other customers over time. “Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way – we want to do the same for the NFTs,” the announcement read. Featured image from Ledger Insights, chart from TradingView.com

SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network

NFTs have been live on the Cardano network for a while. Before smart contracts capability had debuted on the network, users were able to mint and sell NFTs without needing a smart contract address. This has been one of the pulls towards the network and users have taken full advantage of this capability to trade their NFTs on the blockchain. However, compared to leading NFTs blockchain Ethereum, Cardano NFT sales have been minute. Where the Ethereum network has seen NFTs sold for as high as $69.3 million in the case of Beeple, Cardano had yet to see its first million-dollar sale. This is mostly due to the network rolling out NFT capability later than Ethereum and having less interest from buyers. Related Reading | Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes SpaceBudz Sells First Million-Dollar NFT The NFT market on Cardano has boomed ever since smart contracts capability was introduced on the blockchain. Although these smart contracts are not required for minting NFTs, they brought more users to the network, which, in turn, brought more interest into NFTs minted on the platform. Various artists have released and sold their NFTs on the blockchain, and now, SpaceBudz has successfully recorded the first Cardano NFT sale above $1 million. ADA price trading at $2.11 | Source: ADAUSD on TradingView.com SpaceBudz is an NFT platform that is built on the Cardano blockchain. The SpaceBudz consists of 10,000 unique NFTs which users can personally own after they purchase it. The project broadcasts its sale on Twitter via a bot that reports every listing and sale of a SpaceBudz NFT. On Tuesday, the SpaceBudzBot account reported that SpaceBud #9936 had been sold for 510,000 ADA. Going by ADA’s current price of $2.11 at the time of this writing, the NFT sold for $1,076,100. A record sale on the Cardano network. SOLD – SpaceBud #9936 was bought for 510000 $ADA https://t.co/E3605AnMs0 #spacebudzsold pic.twitter.com/W6Jml5mbHt — SpaceBudzBot (@spacebudzbot) October 12, 2021 Cardano Celebrates Ada Lovelace Cardano’s native token ADA is named after one of the earliest programmers on record. Ada Lovelace is one of the women who pioneered software programming after the first computers were used in the 1940s. Members of the community refer to themselves as Lovelaces, an ode to the mathematician. IOHK joined the scientific community in celebrating Ada Lovelace Day, which commemorates the contributions and achievements of women in STEM fields. Today is Ada Lovelace Day – celebrating one of the earliest tech pioneers & programmers! It is an international celebration of the achievements of women in science, technology, engineering & math, to increase the profile of women in STEM #Cardano https://t.co/bp1X6rC79z pic.twitter.com/tCgcvaoZHZ — Input Output (@InputOutputHK) October 12, 2021 Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase Cardano Foundation has been making marked contributions to innovation and growth in the science and technology sector, and founder Charles Hoskinson is set to tour the continent of Africa as the foundation invests in startups building on the blockchain in the region. The Africa tour is scheduled to start in South Africa but a departure time has not been announced yet. Featured image from The Cryptonomist, chart from TradingView.com