7 November

Ethereum founder Vitalik Buterin has sent his first ether for staking on the next iteration of the blockchain network.

Buterin’s “VB2” address sent 100 transactions for 32 ether each, all in totaling 3,200 units of the cryptocurrency. The amount is worth around $1.4 million at press time.

The transactions were sent to Ethereum 2.0’s newly launched deposit contract, which went live Wednesday as a means for network participants to move funds from the current proof-of-work blockchain to the soon-to-launch proof-of-stake (PoS) blockchain.

The deposit contract now holds 38,693 ether, worth some $17 million. The “Genesis” launch requires 16,384 validators to deposited funds equivalent to 524,288 ether into the contract. At that point the Beacon chain, the core of Ethereum 2.0, will go live.”

Red-hot spot markets are primarily fueling bitcoin’s recent rally suggesting the bull market may have room to continue. Unlike previously rallies, derivatives markets are playing a markedly less prominent role, demonstrated by mild liquidation volumes.

The market is clearly spot-dominated, and it appears that most of the bidding is coming out of the U.S.”

The Bank of England said Thursday it would buy up over £150 billion ($196 million) worth of government bonds as it seeks to revive an ailing economy as the country enters a second lockdown. The stimulus is “larger-than-expected” and will be used to fuel bond purchases.

Meanwhile, to further provide for its citizens, the UK also announced the extension of its furlough program yesterday—which would see the government pay up to 80% of the wages of 9 million people working in various sectors. The cost of this is expected to be another £25 billion.”

“In October, transaction volume surpassed $47 billion. The DeFi ecosystem accounts for 99% of total transaction volume. Daily active wallets grew by 341% year-on-year and by 14% month-on-month. The biggest contributors were still DeFi ecosystem dapps that accounted for 83% of total daily active wallets.”

See Also: Ethereum’s Daily Active Addresses Headed for Highest Divergence vs. Price in Three Weeks

“Cash App, the Bitcoin-friendly mobile payments app from U.S. financial services firm Square, has reported Bitcoin (BTC) has overtaken all other revenue sources, making up almost 80% of its entire revenue in the third quarter.

Cash App’s Bitcoin-derived revenue of $1.63 billion in Bitcoin marked a massive increase of more than 1,100% when compared to the same period in 2019.

“The “Central Bank Governors’ Club,” including institutions from the Central Asia, the Black Sea region and the Balkans, said the pandemic has brought growth to e-commerce and digital settlement technologies.

The group further said the economic crisis brought by COVID-19 will have “far-reaching global implications,” including a higher debt burden and “financial vulnerability.””

See Also: Licensed Swiss Crypto Bank Launches Tezos Trading and Staking

“These days my wealth management peers are still making the same mistake with Bitcoin they did with Amazon in 2005. (See the list above of criticisms of Amazon stock 15 years ago – bubble, competition, low usage, criminality, inability to scale and no cashflow.)

Wealth managers who didn’t buy bitcoin for their clients will be like those wealth managers who never bought Amazon: out of business.”

“EY has so far found $29.8 million through selling assets from Cotten’s estate, settling with Cotten’s widow, and retrieving funds from a third-party payments firm used by the exchange.

The trustee plans to convert all recovered assets into Canadian dollars and allocate funds to users based on cryptocurrency prices from either April 15, 2019 — when QuadrigaCX declared bankruptcy, or Feb. 5, 2019 — when users were blocked from accessing the exchange.

Mr. Cotten proceeded to trade these account balances with Affected Users that had deposited real assets, as such, Quadriga’s assets likely never matched the liabilities owed to Affected Users.”