Crypto investors have infused $3.2 billion - CoinShares

Crypto investors have infused $3.2 billion into digital asset investment products over the past three weeks, signaling strong bullish sentiment, according to CoinShares. Last week alone saw $1.35 billion invested, predominantly in ETFs, leading to a 45% week-on-week volume increase in crypto-backed funds.

 
Bitcoin (BTC) products, especially in the U.S., were the primary beneficiaries, attracting $1.24 billion between July 15 and July 19. Wall Street’s spot Bitcoin ETFs experienced net inflows for 11 consecutive days before last week’s surge, with products from issuers like BlackRock and Grayscale amassing over $60 billion in assets and $17 billion in net inflows since January, as reported by SoSoValue.

Processing A Cloud Mining

Cloud mining is a process of mining cryptocurrencies using remote data centers and hardware that are owned and maintained by third-party service providers. This allows individuals to mine cryptocurrencies without having to invest in and manage their own mining hardware, as they can simply rent hash power from the cloud mining provider.

To use a cloud mining service, a user typically needs to sign up for an account, select a mining plan, and pay the provider for the hash power they wish to rent. The provider will then allocate the hash power to the user, who can then start mining cryptocurrencies remotely. The provider typically charges a fee for the service, which can vary based on factors such as the amount of hash power rented, the duration of the contract, and the market conditions for the cryptocurrency being mined.

Cloud mining has become a popular option for individuals who want to participate in cryptocurrency mining without the need for specialized equipment or technical knowledge. However, it is important to note that cloud mining services can come with risks such as fraudulent providers, hidden fees, and fluctuating mining returns due to market conditions.

Before using a cloud mining service, it is important to research the provider thoroughly and understand the terms and fees involved. Some popular cloud mining providers include Genesis Mining, Hashflare, and NiceHash.

Ethereum Price: Why It Crashed?

KEY POINTS Ethereum is down 10% on Monday following reports of a Chinese Ponzi scheme
The whole crypto market is in red after ETH sell-off
BTC falls below $7,000 again

The bellwether for the recent drop in digital assets on Monday wasn't its usual culprit in Bitcoin (BTC ), Ethereum (ETH) was largely the suspect as it led the rest of its crypto counterparts in a 10% price dive.

Cryptocurrencies are red all across the board thanks to an ETH sell-off that happened in minutes. From $140.70, Ethereum fell to under $130, and the rest of the crypto market followed suit. Bitcoin finally broke below $7,000 after lingering for more than three weeks above it.

As of the time of writing, most cryptos are still in the red with Coindesk prices showing Litecoin (LTC) with a 24-hour change of -7.88%, Ripple (XRP) with -8.02%, Bitcoin Cash (BCH) changing -5.12%, and Bitcoin SV (BS) with 6.13%.

The cause of the price drop was attributed to a report from Bloomberg that cited a Chinese crypto scam, according to NEWSBTC. The scam's perpetrator was a certain PlusToken that allegedly dumped an estimated $2 billion worth of tokens to exchanges so that the scammers can cash out.

PlusToken used the classic Ponzi scheme to dupe all its investors in giving up those billion dollars worth of cryptos. What attracted investors was a ludicrous return of 600% and guaranteed rewards to those who would recruit new members. And, to make their offer more believable, PlusToken even had a listing on Chinese exchanges and presented itself as a legitimate company.

Chainalysis, the publisher of the report cited by Bloomberg, noted that they were able to track 800,000 ETH and 45,000 BTC that the scammers transferred to their addresses to launder. And of those 800,000 ETHs, only 10,000 has been cashed out, and the remaining 790,000 remained "untouched in a single Ethereum wallet for months." Also, 20,000 Bitcoins -- which roughly converts to $137 million -- are remaining from the 45,000 tracked from the criminals.

Knowledge of these dormant ETH and the fact that criminals had still been cashing out the stolen digital assets, particularly BTC, led to the market shorting the second most popular crypto.

As of press time, at $6,855, BTC is nearing the support line drawn from July that held through the end of September up to October and had been revisited again in November. Ethereum, on the other hand, is trading at $130.

UK’s Oldest Crypto Exchange to Delist Ethereum

Coinfloor, the U.K.’s longest-running cryptocurrency exchange, plans to delist ethereum next month, citing an unclear future of hard forks and the need for onerous technical support for the second-biggest coin by market capitalization.

The company will also delist bitcoin cash, the splinter currency founded two years ago in the aftermath of bitcoin’s heated scaling debate. Starting Jan. 3, Coinfloor will support only bitcoin, whose eleventh anniversary happens to fall on that day.

The plan comes ahead of the launch of ethereum 2.0, tentatively planned for early 2020, which will begin the process of shifting the network away from the energy-consuming proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

Coinfloor’s decision suggests that nurturing a team with the specific expertise to follow the technical trials and tribulations of coins like ethereum may be too expensive for smaller crypto players, particularly if this constitutes only a small part of their trading volume.

From the point at which it starts next year, ethereum’s platform upgrade “could take years to complete,” said Obi Nwosu, founder and CEO of Coinfloor. The complexity of the operation “means for a period of time there could be two versions of ethereum running.”

According to some ethereum developers, it’s likely to be years before the old ethereum PoW chain is fully merged into the new PoS network, leading to current discussions around ways to create a secure bridge between the two chains.

Founded in 2013, Coinfloor is a small exchange, with 24-hour volume of trading between bitcoin and GBP at just $450,000, according to CoinMarketCap, compared to $1.5 million of BTC/GBP at Coinbase Pro.

In Nwosu’s opinion, the headache of accommodating ethereum's planned upgrades was not worth a diminutive increase in overall trading volumes.

“You have to maintain that currency, every time they make an update or a change, and ethereum has got a long way to go with updates and changes to the platform,” Nwosu said.

Coinfloor, which is licensed by the U.K. Financial Conduct Authority (FCA) and has access to the country’s Faster Payments Service for instant fiat deposits and withdrawals, waited for regulatory certainty around ethereum before finally listing the token around the end of last year. Trading in ethereum comprises a tiny fraction of the exchange’s volume which is predominantly bitcoin, Nwosu said.

Bitcoin Price Drop Sharply

Panic is happening in Bitcoin due to it second halving coming this 9th July 2016. Price of Bitcoin drop sharply today as there are some speculation regarding the effect of miners.

There are news circulating today as miner  would abandon Bitcoin Mining as the reward became non profitable for them to continue mining.

So the nightmare were started to begin.

#2ndBitcoinHalving

Just to day before the estimated date for #2ndBitcoinHalving Bitcoin price were started gearing for momentum.

All Bitcoin expert were targetting Bitcoin price could go up till USD$1000. Hopefully it will go that high to compensate the mining cost.