Ethereum Balance on Crypto Exchanges Drops to Years Low, In Wake of Bullish Signals

Amid the price rally, the Ethereum balance on all cryptocurrency exchanges has dropped to the lowest level noticed since 2018. According to Glassnode data, only 7% of Ethereum’s circulating supply is held on centralized exchanges.

Currently, exchanges have 8.1 million ETH in the reserves. CryptoQuant data showing that the number of Ethereum stored on exchanges has fallen significantly over the past two days. Alex Saunders, who highlighted a 10% fall in reserves, said:

“Exchanges could be out of $ETH within 48 hours. Demand has skyrocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range.” 

Investors are withdrawing their assets from the crypto exchanges in concern of a hack. According to the market data, the total number of Bitcoin on exchanges has also declined by 2.4%. The total number of Bitcoin balances on all cryptocurrency exchanges hit $2.3 million, years low.

Ethereum Gas Fees Surges Abruptly

As reported earlier, the Ethereum network transaction fees have grown almost 400% since January 1. According to data from Glassnode, the network transaction gas fees have smashed a new all-time high of $898,000 in a single day, surpassing the last high recorded in 2018.

Gas fees climb up as demand on the Ethereum network rises. Highly elevated network congestion leads to longer processing times. Recently, Ethereum has launched its long-awaited network upgrade, called Ethereum 2.0. It is an essential upgrade to the network. It intends to direct the network’s security by bringing modifications to its infrastructure—most prominently the shift to a proof of stake (PoS) model from a proof of work (PoW) consensus mechanism. 

According to crypto market data, Ethereum is presenting various bullish signals. Currently, it is trading at $1,192.

XRP Price Falls as SEC Set to File Lawsuit Against Ripple

While the crypto community is enjoying the price rally of Bitcoin, the third-largest cryptocurrency XRP has dropped significantly. According to the reports, the US Securities and Exchange Commission, SEC, has sued Ripple and its two executives, CEO Brad Garlinghouse and co-founder Christian Larsen. 

The lawsuit affirms that Ripple has raised unregistered securities offerings of almost $1.3 billion. During a press release, the US Securities and Exchange Commission noted, “the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.” 

In response to SEC alleges, Brad Garlinghouse said:

“Today, the SEC voted to attack crypto. Chairman Jay Clayton — in his final act — is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments — speed, cost, scalability, and energy efficiency. It’s traded on 200+ exchanges globally and will continue to thrive.”

Crypto Exchanges Start Delisting of XRP

After Garlinghouse discloses the suit, the price of XRP has fallen by 41% over the past three days. Various crypto exchanges have already stopped XRP deposit and withdrawal services. Based on the reports, three small exchanges, including OSL, Beaxy, and CrossTower, have suspended XRP trading up till now. As per data from CoinMarketCap, XRP is trading at $0.32.

Some crypto experts showed concerns about the situation. Hailey Lennon, a partner at Anderson Kill, said:

“You know who is at risk if XRP is considered a security? EVERY EXCHANGE THAT LISTS XRP.”

Previously, several crypto companies received legal notices from the United States Security and Exchange Commission for allegedly conducting unlicensed securities, among them Block.One, which raised funds to develop the EOS blockchain. Similarly, in summer 2020, the regulator filed a lawsuit against Telegram, a popular messaging app, stating that the firm had carried a pre-sale of its native tokens (GRAM) and collected $1.7 billion, against the United States securities law. After losing a legal fight, Telegram decided to cease the operation behind its blockchain project and return the fund to investors.

Tether Market Cap Hit $20 Billion, Amid Bitcoin Price Rally

The US dollar-backed stablecoin Tether has set a new record as its market cap hit $20 billion for the first time. This milestone means there’s approximately the same amount ($20 billion) of real US dollars resting in the vault that users have swapped for Tether (USDT).

On December 18, the firm official Twitter update unveils, “Tether has just surpassed a $20B market capitalization!”

“This fantastic milestone is another confirmation for Tether maintaining its number one spot as the most liquid, stable, and trusted currency!”

Tether is also known as the most dominant stablecoin. It captures approximately 80% of the entire stablecoin market share. Based on data, Tether’s market cap has been accelerating at a record pace since the start of 2020. It surpassed $10 billion just three months ago.

Blockbuster Week, Bitcoin Rallied to The New All-Time High

In the past, Tether (USDT) has been prone to numerous allegations as certain reports proposed that Tether needs more dollars to back the token supply. The organization has been attempting to convince the crypto sector that USDT is supported with the proper measure of dollar possessions.

Over the concerns about Tether’s USDT, both Bitfinex and Tether have been blamed for market manipulation, with few progressing claims asserting that the organizations caused Bitcoin’s 2017 bull run that led up to the previous record-breaking level of $20,000.

As of now, Bitcoin’s price has surged to its all-time high. At the same time, Tether has continued issuing more money. According to data from CoinMarketCap, Bitcoin is trading at $23,500.

While Excitement Around Ethereum Continues To Increase, Transaction Volume Soars Significantly


Amid the DeFi boom, the Ethereum network saw a massive wave of activities, which at courses examined the technical boundaries of the network. According to the most recent analysis, Ethereum transaction volume surged by over 1,780% compared to last year. 

Based on the DappRadar report, transaction volume amounted to $41 billion in November. Decentralized finance (DeFi) protocols have a major contribution of 99% in this volume, as users invested billions of dollars into non-custodial financial offerings.

The researchers said, “While overall activity mostly decreased in the DeFi dapp ecosystem in terms of headline, figures there were still important events taking place. Important mergers happened during November.” 

Number of Ethereum Addresses Hit an All-Time High 

While the network activities keep climbing up, the number of crypto wallets holding at least single ETH has also rallied to hit an all-time high. According to data from Glassnode, there are 1,175,681 Ethereum addresses. 

Furthermore, the report reveals that the number of Ethereum wallets holding a single asset or more has surged by over 12% in the last few months. Although figures are not much promising, however, it shows growing enthusiasm for the second largest crypto asset.

Likewise, the price of ETH jumped almost 9.5% in the past week to hit the $600 mark. According to data from CoinMarketCap, ETH is currently trading at $594. The price of Ethereum has accelerated following the Bitcoin bull run, which began in October. After blasting its record price of about $19,500, set in 2017. The price of Bitcoin is $19,115 at the time of reporting.

Yearn.Finance Jumps 11% After Coinbase Announce to List YFI

Coinbase, a giant cryptocurrency exchange, has announced to list Yearn Finance governance token YFI to its Pro trading platform.

YFI is not the first DeFi governance coin to be listed on the exchange’s platform. Maker, Compound, and Band tokens have already been listed on Coinbase so far in 2020. However, in response to Coinbase Pro listing YFI has grown more than 11% in the past 24 hours.

According to the exchange blog post:

“On Monday, September 14, we will begin accepting inbound transfers of YFI to Coinbase Pro. Trading will begin on or aft9 AM9AM Pacific Time (PT) Tuesday September 15, if liquidity conditions are met, Once a sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading.”

Yearn Finance Introduce Stablecoin Lending Protocol 

yearn.Finance has emerged as a popular decentralized finance platform. As per CoinMarketCap data, yearn.Finance has more than $540 billion daily trade volume, with a market capitalization of $1 Billion. Moreover, on August 31, YFI rallied to attain an all-time high of $39,300, almost four times the price of leading crypto asset Bitcoin.

The user interface is initially completed, as per the September 10 announcement. “In the coming weeks,” the protocol will be available for public use. Investors are allowed to earn stableCredit USD at a ratio of 75% by transferring USD Coin. However, investors need to return borrowed stableCredit in order to release the locked assets.

At the time of reporting, Uniswap still leads the DeFi market space, even after the ‘vampire attack’ from SushiSwap, followed by Curve Finance, Maker, and Aave. Whereas, Yearn Finance stands at 5th spot with more than $804 million locked in its smart contracts.

DeFi Boom: Ethereum-Based DEX Uniswap Surpasses Coinbase Pro

Uniswap, the leading decentralized exchange built on top of Ethereum, has hit new highs, exceeding Coinbase Pro in terms of daily trade on August 30.

According to CoinMarketCap analysis, Coinbase Pro reached $349 million in 24 hours of the trading volume, and Uniswap reached over $426 million at the time of reporting. However, analysis shows that Binance still drives the market by standing at $6.5 billion in 24 hours of the trading volume.

Uniswap Surge Observing DeFi Growing Trend 

Uniswap mainly jumps by the growing trend of the decentralized finance (DeFi) sector. reveals that the total value locked in the sector rallied almost 271% to attain a $7 billion threshold for the first time.

Uniswap usually launches small DeFi tokens before they are listed on centralized exchanges, as it does not need the permission of central authorities. The growth of several small DeFi tokens plays a significant role in the increase of Uniswap.

Pointing the fast expansion of Uniswap Hayden Adams, the founder of Uniswap, wrote:

“Wow, Uniswap 24hr trading volume is higher than Coinbase for the first time ever. Uniswap: $426M Bank Coinbase: $348M. Hard to express with how crazy this is.”

The abrupt growth of Uniswap has also pushed the daily Ethereum transaction volume. Etherscan, the Ethereum blockchain explorer, displays that Ethereum transactions have jumped to almost 1.1 million, starting from around 435,000 transactions.

However, the growing Ethereum transactions have also pushed gas fees to attain an all-time high of $6.87 million. On August 12, some traders have faced unusual transaction fees on Ethereum, mainly fuelled by an increase in new ICOs and DeFi protocols.

Blockchain Africa Conference Held Despite Virus Outbreak

Several crypto conferences have been postponed due to the spread of the Coronavirus pandemic. The market is in a bearish phase as the virus has affected multiple cryptocurrencies, and even Bitcoin has hit rock bottom.

Despite the current circumstances, the Blockchain Africa Conference 2020 was held according to schedule. The conference was not at its full glory as the event’s chief speaker, Charles Hoskinson, had to cancel his trip because of travel restrictions. Only 230 members were able to attend the conference.

However, the event was able to attract the biggest crypto exchange, Binance. During the conference, Changpeng Zhao, CEO of Binance, revealed the news to extend its services in South Africa. The platform will allow users to trade using the local fiat currency (Rand). The new trading pairs will be offered for the South African market. The initial trading pair will include BNB/ZAR, BTC/ZAR, ETH/ZAR, and USDT/ZAR.

“Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-Saharan Africans are listed as unbanked. So instead of trying to bank the unbanked, let’s try and Bitcoin the un-Bitcoined.” – States Binance

Event Successfully Attracted US Investors

The conference was able to bring several positive news for the African crypto market. Alternet Systems Inc (ALYI), the US electric motorbike company, is currently starting its operation in Africa. The company has partnered with a blockchain-based company to differentiate its services from the competition by adding user-centric features of transparency. However, the name of the chosen partner has not yet been disclosed, but it is claimed that the firm has been successfully operating cryptocurrencies on the Ethereum blockchain.

To grab the African rider market share, ALYI has developed the designs of electric vehicles. ALYI is now looking to raise $100 million funds through ICOs. The firm will utilize the funds in the production of electric motorcycles. 

ICOs are currently at an all time low, far from monthly 10-figure sell-outs, as was seen in early 2018. However new markets, unique products, and strong market-fits could turn the diminishing tide of ICOs into a once-again booming sector.

Binance Considering to Expand Support For United States Users With 30 Tokens


Leading cryptocurrency exchange Binance in a blog post on August 9, has announced that it is considering launching support for a larger number of digital assets available to its United States-based users.

According the report, Binance intends to launch support for 30 digital assets in its Binance US platform created specifically for United States-based users. It noted that:

“Binance US strives to be a reliable and efficient marketplace for a rich selection of high-quality digital assets, so that our users can be part of the open and competitive market that discovers projects with true utility.”

Digital assets to be included in the Binance US platform include: Bitcoin (BTC), EOS (EOS), Ethereum (ETH), Cardano (ADA), Cosmos (ATOM), Tether (USDT), TrueUSD (TUSD), Litecoin (LTC), Ripple (XRP), its BNB token and many others, all amounting to 30 tokens.

The report noted that Binance is currently evaluating the 30 tokens its intends to launch on the Binance US platform under its Digital Asset Risk Assessment Framework, a body set up to investigate and determine that all blockchain projects listed on the platform complies with every legal requirements demanded by the country.

This development comes amid reports by CryptoPotato who warned cryptocurrency users in the United States that they would no longer have access to trading cryptocurrencies, as Binance intends to shutdown access to many trading options come September, it noted.

Binance has recently come under fire over claims of a ‘KYC leaked FUD’ in which was alleged that hackers gained access to thousands of users personal information, a rumor which the CEO of leading cryptocurrency exchange, Changpeng Zhao, debunked as false, saying:

“Don’t fall into the ‘KYC leak’ FUD. We are investigating, will update shortly,” he tweeted.”



Ripple Looking to Effect New Investments and Acquisitions After MoneyGram


The CEO of blockchain payment firm Ripple, Brad Garlinghouse, has revealed that the firm is looking towards effecting new investments and acquisitions, following a $30 million partnership deal it signed with major remittance firm, MoneyGram. This was reported from a source on August 9.

According to the report, the deal signed between Ripple and MoneyGram, earned Ripple ownership of 10% stake in the entity, with option to increase its stake on the firm by another $20 million in the next two years.

Speaking in an interview with Yahoo Finance, the CEO, Brad Garlinghouse, said: “We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage.”

The $30 million deal is no doubt paying off, as MoneyGram CEO, Alex Holmes, in an announcement on August 3, disclosed that it has begun using Ripple’s xRapid liquidity product.

Garlinghouse further disclosed that MoneyGram integrated Ripple’s tech alongside its US dollar to Mexican peso and US dollar to Philippine peso pairings. Debunking claims that Ripple had forked out a premium on MoneyGram shares as a form of inducement for the remittance firm to adopt its tech, he said:

“I wouldn’t characterize it as an inducement […] we’re getting more and more customers to sign up and we’re seeing that value. If we want to accelerate that, we have the option of doing things that might be perceived and characterized by some as an inducement.”

He added that the firm will do “Anything it can to accelerate our growth and give us more capabilities that serve customer needs is a good place to be,” “We’re probably the largest investor in blockchain and crypto on the planet. We’ve publicly announced we’ve made about $500m [of investments] in the space over the last 18 months,” he said.

Also speaking on the impact the MoneyGram partnership will bring to play in the crypto world, Garlinghouse noted that:

“This is a big deal. If I were betting now, a year from now the MoneyGram deal will have a more consequential impact on the crypto markets than the Libra white paper.”




Australian Police Arrests Five Persons in Connection to a Fraudulent Cryptocurrency Scheme


In a cryptocurrency investment gone wrong, five people have been charged in Australia, in connection to an alleged fraudulent cryptocurrency scheme.

Per the report, a thorough investigation was carried out by the Financial and Cyber Crime Group, State Crime Command, led detectives to arrest three men and two women who have allegedly swindle over 100 investors into investing more than A$2.7 million, valued around (US$1.83 million) into a fraudulent cryptocurrency scheme that promised them high returns on investment.

However, a warning from Queensland police on August 8, revealed that was not the case, stating that as at 2017, some persons were said to have been cajoled into investing their crypto assets in an assumed “legitimate firm” by the name Exmount Holdings Group, which even convincingly had a website with a call center and sales staff.

Initially the victims were cajoled to participate in a trial investment which promised high returns if they invest more funds. The victims were also provided website accounts, created to enable them to monitor their investment in the time frame of the trial period.

Terry Lawrence a Detective Superintendent of the Financial and Cyber Crime Group, said:

“When victims attempted to withdraw their capital, they could not. Their money had gone and any attempt they made to contact one of the companies or their staff was unsuccessful.”

The police also disclosed that there were other entities and website that were also connected to the fraudulent cryptocurrency scheme, they include: “Exmount Holdings Ltd,” “The Quid Pro Quo Foundation,” “The Atlas Group,” “AFG Associates Pty Ltd,” “tradex123,” “exmounttrading,” “atlasfxgroup” and “amazonqus.”

The five person who were charged in connection to the fraudulent cryptocurrency scheme will subsequently be arraign before a magistrate court on August 9, August 22 and November 5.

Issuing a clear warning to the public, the Detective Superintendent, Lawrence advised citizens to “be wary of any unsolicited telephone calls or emails offering investment opportunities and seek independent advice from friends, family or financial advisors.”