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Economy / Marketplace / Circulating Bitcoin Majority Remain Sequestered to Investment Wallets
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on: September 21, 2018, 08:14:08 AM
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Over 55% of Bitcoins currently sit in wallets that have balances upwards of 200 coins – worth over $1Mn at any point in time within the last 11 months when the price of Bitcoin breached the $5k mark. And impressively, 1/3 of the Bitcoins that are sitting in these wallets, have never made an outgoing transaction, which, outside of exchange wallets could indicate either lost private keys, lowering real supply, or a very strong resolve by cryptocurrency believers.
Data crunching by Diar shows that the majority of circulating Bitcoins, 55%, are sitting in wallets that are valued north of $1.3Mn at current prices.
At pixel time, over 87% of Bitcoins are stored in wallets that are above 10 Bitcoins ($60K+) – the total value just shy of $100Bn of the total market capitalization. These coins sit in only 0.7% of all Bitcoin addresses.
Accounting for wallets with over 100 coins ($640K+), this number drops to under 0.1% of all addresses, but represent 62% of all outstanding Bitcoins.
as the largest wallets are owned by cryptocurrency exchanges that are holding the coins on behalf of clients. In fact, 3.8% of the total bitcoin supply are currently sitting in the top 5 wallets that are known to be managed by major exchanges – approx. $4.2Bn in value.
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Economy / Marketplace / SEC Moves to Make Decision on VanEck-SolidX Bitcoin ETF Proposal
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on: September 21, 2018, 08:05:58 AM
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The U.S. Securities and Exchange Commission (SEC) announced Thursday that it has begun proceedings to decide whether to approve a proposed bitcoin exchange-traded fund (ETF).
The SEC published an "order instituting proceedings to determine whether to approve or disapprove a proposed rule change" filed by Cboe BZX Exchange, Inc. If approved, Cboe would have the green light to list a bitcoin ETF pitched earlier this year by money management firm VanEck and crypto startup SolidX.
As part of that process, the SEC wants more input from the public – to date, according to the agency, more than 1,400 comments have been submitted.
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14
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Economy / Exchanges / Zaif cryptocurrency exchange loses $60 million in recent hack
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on: September 20, 2018, 10:03:23 AM
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The Osaka-based cryptocurrency exchange discovered hack two days ago, and is working to secure funds to reimburse affected users.
Japanese cryptocurrency exchange Zaif announced today that it lost $60 million worth of company and user funds during a security incident that took place last week.
The company said it discovered the hack on Monday, September 17, and confirmed it a day later, when it reached out to authorities and reported the incident.
The Zaif team suspended user deposits and withdrawals earlier today, while its staff is making sure the hacker(s) is out of their network for good.
Investigators are still gathering details, but Zaif said the hack took place on September 14, between 17:00 and 19:00 local time, when the attacker siphoned off three types of cryptocurrencies from the company's "hot wallets."
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