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Data Shows Exceptional Increase In The Number Of Bitcoin Wallets Containing 1K Above BTC In One Day

Mark Brennan
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Data Shows Exceptional Increase In The Number Of Bitcoin Wallets Containing 1K Above BTC In One Day

There is a sudden change in the number of large Bitcoin addresses.



On Monday, February 28, the number of bitcoin addresses with balances over 1,000 BTC ($43.63 million) increased by more than 6%, reaching 2,226. According to data from the Glass node, the number has not reached this level since March 2021.

number of bitcoin wallets holding above 1K btc

On the same day, the number of bitcoin addresses with a balance of more than 100 BTC  also increased by 1.3%, to 15,929.

It is unknown what is behind the rise in the number of bitcoin whales. The head of Cake DeFi, Julian Hosp, suggested that the situation may indicate a sudden interest in cryptocurrency from a group of wealthy individuals.

“Wow! About 150 new #bitcoin addresses with > 1,000 BTC on them. This either means some rebalancing of exchanges or custodial services (non-event), or a group of people with deep pockets suddenly have strong interests to get into #bitcoin (big event!) Which one is it going to be?”

Other users have suggested that the rapid growth in the number of bitcoin whales is due to the attempts of the Russian elites to withdraw their assets in circumvention of the sanctions.

Earlier, the US, EU, UK, and Canada announced their readiness to disconnect some Russian banks from SWIFT and also limited the ability of the Bank of Russia to conduct operations to support the ruble. The measures aim to isolate the Russian Federation from the international financial systems.

Russian President Vladimir Putin signed a decree to limit the withdrawal of foreign currency from March 1.

According to Bloomberg, the administration of US President Joe Biden asked cryptocurrency exchanges to help prevent the use of digital currencies to circumvent sanctions by Russian individuals and organizations.

Two Main Reasons That Are Lifting Crypto Prices As Bitcoin And Ethereum Surges Over 10% In 24 Hours

Albert Brown
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Two Main Reasons That Are Lifting Crypto Prices As Bitcoin And Ethereum Surges Over 10% In 24 Hours

Russia’s Possible Bitcoin (BTC) purchasing to Navigate Global Sanctions Surges Cryptocurrency Prices.



The last 12 hours have been a pleasurable moment for cryptocurrency investors as digital currencies enjoyed a massive rally on Monday evening. 

Bitcoin and Ethereum Surges Over 10%

According to data on Coingecko, Bitcoin (BTC) and Ethereum (ETH) have skyrocketed more than 10% in the last 24 hours, thus putting smiles on the faces of cryptocurrency traders again. 

Per the data, Bitcoin, which was trading at around $38,000 by this time yesterday, is currently up 14% and is changing hands at $43,500.  

Similarly, Ethereum (ETH), which dipped below $2,700 during the weekend bloodbath, is up 11.3% in the last 24 hours, and it is trading around $2,926 at press time.  

Other Cryptocurrencies Follow 

Aside from the two largest cryptocurrencies by market capitalization, other cryptocurrencies like Terra (LUNA), Ripple (XRP), Dogecoin (DOGE), Avalanche (AVAX), Cardano (ADA), and Solana (SOL), among others, have enjoyed major surges within this timeframe. 

LUNA has had the most significant rally in the last 24 hours, rising 23% during this time, while ADA, SOL, and AVAX are up 10.2%, 10.1%, and 15%, respectively. 

Ripple and Dogecoin have seen a slight increase of 6.2% and 6.4%, respectively, over the last 24 hours. 

While the cryptocurrency market has been reacting positively over the last 24 hours, it is worth noting that the stock and commodity markets have not been able to replicate the feat. 

Russia Turning To Bitcoin

According to widespread reports, following the massive sanctions lined up for Russia based on its ongoing invasion of Ukraine, the country is considering turning to Bitcoin and other cryptocurrencies to navigate these sanctions. Market sentiment states that sanctions may lead to a rise in Bitcoin adoption. Rumors about Russian purchases of Bitcoin are spreading.

Over the weekend, after days of hesitation, the United States and Europe resolved to remove Russian banks from using SWIFT, a messaging network supporting global financial transactions. 

The move, which will have negative implications for Russia’s financial industry, was seen tumbling the market capitalization of the Russian Ruble, with the BTC flipping the currency to become the 14-largest global currency. 

However, the SWIFT ban may not affect Russia’s economy as the country is reportedly considering adopting Bitcoin payments and may exploit European nations’ heavy reliance on its gas supplies. 

Cryptocurrencies Rival SWIFT

In a recent note, aside from the possibility of Russia purchasing the world’s largest cryptocurrency, digital currencies are now being considered as close competition to SWIFT, Edward Moya, a senior analyst with OANDA, said. Supporting Moya’s comments, Michaël van de Poppe, a top cryptocurrency trader, said: 

“Bitcoin and all the top altcoins are rallying today as investors realize the likelihood of massive investments into DeFi following the latest round of Russian sanctions.” 

Poppe further suggested that Bitcoin and other cryptocurrencies could continue the rally in the coming weeks. 

However, should Russia turn to Bitcoin and other cryptocurrencies, there is a possibility that global regulators could place stringent measures on the asset class to undermine its value further. 

Yesterday Top Economist gave his views that Russia Using Crypto To Bypass Sanctions Would Be Dreadfully Bearish For Digital Assets.

Ripple CEO Response to SEC Opposition Requesting for Production of EstaBrook Notes

Albert Brown
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Ripple CEO Response to SEC Opposition Requesting for Production of EstaBrook Notes

Ripple CEO and founder Brad Garlinghouse has filed a response dismissing the Securities and Exchange Commission’s opposition seeking the disclosure of the Estabrook Notes. 


 

The Estabrook Notes is a document to the meeting between Mr Garlinghouse and a former SEC commissioner Roisman, which was held on November 9, 2018. 

The note, if provided, would corroborate Garlinghouse’s account of the discussions he had with key SEC representatives at the time regarding the regulation of crypto asset offerings in the United States, the Ripple’s letter stated. 

Garlinghouse’s Response to the SEC Opposition

Garlinghouse’s lawyers argue that the SEC’s opposition to the production of the Eastbrook note on the grounds that the Ripple co-founder was present at the meeting shows that the agency knows the evidence may not support its case. 

“With the Eastbrook Notes – also a record of a meeting between an SEC commissioner and Garlinghouse – the Securities and Exchange Commission has evidently concluded that the document does not support its case and so it is withholding it,” excerpt of the letter read.

Commenting on the recent developments, attorney Jeremy Hogan stated that the SEC’s opposition to the production of the documents shows that there is no indication that the letter is in contrast to what Garlinhouse said. 

However, if the notes are not produced, there is no guarantee that Roisman and Eastbrook would back Garlinghouse’s testimony, which could result in the Ripple founder being seen as one who lied in his testimony. 

Attorney Hogan added that should the court consider Garlinghouse to be lying, the blockchain company would file several lawsuits against the SEC, which could result in them losing DPP privilege. 

“[…] Which means that the SEC has no evidence AT ALL about the meeting but can only argue that Garlinghouse’s testimony is self-serving and… ALL testimony is self serving,” attorney Hogan, said. 

He concluded that whatever the court rules, the SEC will bear the brunt of any ruling. 

SEC Lawsuit Outcome Could Propel XRP Price

The SEC lawsuit against Ripple has taken a toll on investors since December 2020. Ripple (XRP) has suffered huge losses since the case started with the coin shredding over 50% of its value as several U.S.-based cryptocurrency exchanges halted support for the coin. 

It is widely speculated that an outcome in favor of Ripple will likely spike XRP price above its previous all-time high (ATH). 

Floki Inu Price Soars Over 24% On The Launch Of First Playable Version Of Play-To-Earn Metaverse Game

Zabi
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Floki Inu Price Soars Over 24% On The Launch Of First Playable Version Of Play-To-Earn Metaverse Game

Floki Inu’s (FLOKI) team has fulfilled another promise, which might take the FLOKI token to the next level.



Floki Inu’s price soared over 24% in the last 24 hours to $0.0000375 as the team launched the playable Valhalla Alpha Battle Arena Testnet and made it live to play.

The 24-hours trading volume for the token shows a whopping increase of 46.38% compared to the previous trading day and reaches $6,652,762.22.

Just before the launch, the Valhalla was also seen as trending on Twitter and reported by many community members on their Twitter feeds.

Details about the Valhalla Alpha Battle Arena Testnet:

The launch is reported to be a prototype which means the FLOKI Community will test the game, and any feedback will be reported o the team, and they will update the game accordingly. In this way, FLOKI directly involves its community in the development of Valhalla at the very earliest stages. This is why FLOKI stands different from many other meme projects in the crypto space right now.

The prototype testnet is available to play on the Optimism Kovan Testnet. To apply and claim test tokens, the team has shared the links in its official medium blog post.

Looking into the further details, we know that the game is not the full version, but it’s an Alpha release of the battle arena portion of Valhalla. The full version is yet to be released. However, the team hasn’t confirmed any specific date or time. At the same time, the team noted that once the game’s full release is set to launch, they’ll aggressively promote it all around the world.

The current version of the game doesn’t support Play to earn, as the purpose of this Alpha is for testing and further development toward the release of the complete, play to earn version of Valhalla.

Moreover, the release is browser-based, and anyone can play this alpha version of the game on their desktop or laptop computers, connected to their wallet and the Optimism Kovan Testnet.

Floki Inu (FLOKI) Reaches another Major Milestone of 300K Twitter Followers amid Aggressive Marketing Campaigns in Play.

Floki Inu (FLOKI) recently achieved another significant milestone as it reached 300k followers on Twitter.

FLOKI now has 300K followers on Twitter. The FLOKI team appreciated its community and said “Thank You” for the support.

The development comes after the FLOKI team launched a massive TV campaign in Turkey and the United States on February 19.

Floki is making its most aggressive marketing moves. Due to this, FLOKI is seen trending on Twitter more often. These marketing moves act as a tailwind for the growth of The Floki Community (aka FLOKI Vikings) and build it stronger day by day.

The commercial has been reportedly featured on seven famous American television channels: CNN, CNBC, Discovery, ESPN, Fox News, Fox Business, and MSNBC.

The ad campaign launched in Turkey is initially featuring a 15-second advertisement which is reported to be converted to a full 40-second ad after approximately a month. The full ad campaign will then run for the entire next month.

The ad campaigns have been rolled out since the 21st of February and will keep running for the entire two months.

This is not the first time FLOKI is doing such an aggressive marketing campaign, but formerly it has featured several cities and top-tier football teams around the globe. This ad campaign is expected to expose FLOKI to over 250 million people.

Besides this aggressive marketing move in play, FLOKI has partnered with legendary Formula 1 Racing team Sauber Motorsport, the driving force behind the Alfa Romeo Racing ORLEN team. With this partnership, FLOKI intends to get the attention of 1.5 billion people as Formula 1 is broadcast to 170 territories with an average TV viewership of 87 million per race.

45 Million Shiba Inu Burned In 24 Hours, While 1.49 Billion Shib Burnt In February

Mark Brennan
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45 Million Shiba Inu Burned In 24 Hours, While 1.49 Billion Shib Burnt In February

A Massive 45 million Shiba Inu Burnt in 24 hours, While 1.49 billion Shib Burnt in Feb.



Last 24 Hour Shib Burn:

The official Twitter handle of Shibburn reported that 45,086,353 (45M) Shiba Inu tokens had been taken out of circulation forever, with 12 transactions during the last 24 hours.

 

This means so far, 410,303,293,279,379 SHIB tokens in total were sent to dead wallets from the initial supply of 1 quadrillion.

At present, the total supply of Shiba Inu stands at 589,696,706,720,620, in which 548,801,938,400,149 SHIB tokens are reported as the tokens which are currently in circulation.

In contrast, the other 40,894,768,320,471 are staked tokens, as per data provided by shibburn.com official website.

Shiba Inu Monthly Burn

The Shiba Inu (SHIB) community has been working relentlessly to reduce the cryptocurrency’s total supply as part of efforts to increase its value. Yesterday we calculated that over 1.6 Billion shib were burned in Feb, according to data from Etherscan.

The Shibburn indicates that 1.49 Billion shib were burned and taken out of circulation in Feb 2022 as part of the community’s efforts to reduce Shiba Inu’s total supply from 1 quadrillion units, while Over 1.32 Billion Shiba Inu was burned in January.

 

Unlike other cryptocurrencies that have a burning mechanism to reduce the token supply, SHIB’s burning program requires major proponents and individuals of the community to send specific amounts of the cryptocurrency to an inferno wallet.

There have been several calls to reduce SHIB total supply, and the project team seems to be listening, as revealed in an AMA session held last week.  The company will be introducing a burning portal for cryptocurrency to bolster the coin’s value.

After NFTs, Crypto Payments May Come To eBay

Mark Brennan
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After NFTs, Crypto Payments May Come To eBay

One of the largest American multinational e-commerce corporations, eBay, might accept payments in cryptocurrencies.



The American edition of The Steet was the first to publish the news, company’s CEO Jamie Iannone; plans to announce something regarding crypto as early as March 10th.

eBay (EBAY) wants to be a market for Gen-Z and millennials, considering adding cryptocurrencies as a possible means of payment. CEO Jimmy Enon told TheStreet that the company could announce on March 10 during its investor day.

“We’re just completing our transition to managing payments where we’re now managing $85 billion of volume on our platform directly; This gives us the ability to open up new forms of payment. And so we continue to evaluate other forms of payments that we should take on the platform.”

eBay is trying to attract more customers from the millennial generation, and numerous surveys, according to The Street, show that cryptocurrencies are the best way to do so. Until recently, eBay avoided digital currencies, but in the middle of last year, the company announced that users could buy and sell NFTs on its platform.

Tranglo Enables Ripple’s On-Demand Liquidity (ODL) To Facilitate Payment Across Its 25 Payment Corridors

Mark Brennan
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Tranglo Enables Ripple’s On-Demand Liquidity (ODL) To Facilitate Payment Across Its 25 Payment Corridors

Malaysia-Based Tranglo Enables Ripple’s On-Demand Liquidity (ODL) to Facilitate Payment across its 25 payment corridors, including Kuala Lumpur, Singapore, Jakarta, Dubai and London.



Tranglo, Asia’s leading cross-border payment hub, has announced that it has enabled Ripple’s On-Demand Liquidity (ODL) service in a bid to facilitate payments on behalf of its clients at a low cost. 

According to the official announcement today, remittance businesses that use the service will be given access to RippleNet and Tranglo Connect, which will enable them to meet diverse payment needs. 

Payment providers using the ODL service will not be required to pre-fund accounts, which will allow them to grow their business better. 

Ripple’s ODL Successes

Notably, the Malaysia-based fintech company said it is adopting Ripple’s ODL due to the success the payment solution has recorded since its initial launch. 

Ripple’s ODL, which made its debut in the global payment sector in September 2021, achieved a great deal in the early period of its launch, such as processing over 250,000 transactions worth $48 million in its first 100 days, among others. 

Currently, the ODL payment solution is mostly utilized by fintech companies in Australia, Singapore, Japan, and the Philippines, with other markets expected to follow suit in the near future. 

The blockchain company’s payment solution uses its native cryptocurrency, Ripple (XRP), to foster low-cost cross-border payments on the RippleNet, and the move resulted in massive demand of XRP.  

In2021, Ripple acquired a 40% stake of Tranglo shares in a bid to scale RippleNet and its ODL service to the Southeast Asia market. 

Following the acquisition, Jacky Lee, Tranglo Group CEO, said: 

“Our remittance partners want to enter markets as fast as possible at the lowest cost. ODL offers just that: they can start sending payments without locking in funds at different financial intermediaries, which can be costly and time-consuming.“ 

Reacting to the development, Ripple retweeted a post made by Tranglo on popular microblogging platform Twitter, showing its support for the initiative. 

Launched in 2018, Tranglo enables financial institutions and businesses to make global payments via its cross-border payment solution dubbed Tranglo Connect. 

Terra (Luna) Overtakes Cardano To Become 7th Largest Crypto By Market Cap

Mark Brennan
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Terra (Luna) Overtakes Cardano To Become 7th Largest Crypto By Market Cap

Terra (LUNA) takes 7th place beating Cardano.



While the cryptocurrency market remains highly volatile amid the ongoing armed conflict between Russia and Ukraine, Terra (LUNA) has moved quickly against the crowd and has been up to over 78% in the last seven days.

At press time, LUNA was trading at $89.46, up 26.18% in 24 hours and 78.66% in one week, according to data from Coinmarketcap.

Consequently, the price increase has increased the market capitalization of LUNA to over $33 billion, making it the seventh-largest cryptocurrency in the world. Terra overtook Cardano (ADA) and Solana (SOL) to take the seventh spot.

terra beats cardano to take 7th place

ADA and SOL ranked 9th and 8th; respectively, both currencies also show positive results. At press time, the ADA was trading at $0.9535, up 12.04% in 24 hours, while SOL reached US$ 99.18, up 16.67% in the last 24 hours.

Reasons Of Tera (Luna) Rise

Terra is getting closer to 10% of DeFi’s total value locked, which is a remarkable milestone.  According to the DeFi Llama tracking platform data, Terra has reached 9.65% of all of DeFi’s TVL.

terra reaching 9% of total TVL

Ethereum is leading the Defi TVL and is in charge of 56.7% of this volume, followed by Binance Smart Chain.

WuBlockchain reports that Terra has burnt 29 million UST for 21 days.

“According to Smart Stake, Luna has burned more than 29 million for 21 days. The demand for UST has increased. The total supply has increased from 11,256.43 million on February 9 to 12,942.91 million, an increase of nearly 15%.”

 

As Webitcoin has reported, cryptocurrencies have recently gained prominence and are playing a significant role in helping to facilitate donations to beleaguered Ukraine.

The new non-governmental organization created to support the Ukrainian army has already received over 201.9 Bitcoin from compassionate users, currently worth over $10 million.

Deputy Prime Minister of Ukraine Mykhailo Fedorov, who is not satisfied with Russia’s SWIFT ban, has also urged cryptocurrency exchanges to block all Russian addresses.

Since then, significant exchanges Binance, Kraken, and Coinbase, have officially refused. The exchanges think that Russian citizens are innocents and have nothing to do with Putin’s ambitions; also, perhaps it wasn’t a good idea to demand a ban on a community concentrated on decentralization and transparency.

Shiba Inu Team Announces Another Powerful Partnership As SHIB Steps Into Fashion Industry

Zabi
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Shiba Inu Team Announces Another Powerful Partnership As SHIB Steps Into Fashion Industry

Shiba Inu Team Announces Another Powerful Partnership To Change The Course Of Fashion industry.



Shiba Inu (SHIB) entered the Fashion Industry by partnering with John Richmond, an English fashion designer based in Italy.

Shiba Inu recently made an exciting announcement for all Shiba Inu holders that John Richmond has officially partnered with SHIB for cutting-edge fashion collaboration. The information is made public via Tweet.

John Richmond has followed Shiba Inu’s official Twitter handle, especially to make this historical announcement public.

The partnership is said to be launched on the final day of Italy’s fashion week and the first day of Paris Fashion Week. This partnership will enable SHIB to step into another industry with great energy.

The lead developer of Shiba Inu on this event posted a tweet and said this is another powerful partnership, which will change the fashion industry forever. However, further details about the partnership are not yet disclosed in detail.

Formerly on February 14, Shib’s official Twitter handle has officially released a video teaser. Most Shiba Inu Community members tried to crack the puzzle upon watching the teaser. Some concluded that SHIB might collaborate with clothing brand Forever 21, whereas few were thinking about John Richmond.

However, now the secret has been unveiled officially by SHIB, but still, we’re waiting for some more details about the announcement.

Many usually know John Richmond as a rock ‘n’ roll brand, as some of the biggest names in music have a special love for this brand. Madonna, Mick Jagger, and Annie Lennox have all been dressed by Richmond, whose collections are often influenced by musical movements. John Richmond is a true legend in the artistry, and vision for the world of fashion. Today the ShibArmy embarks on a journey that is set to show the beauty behind design while collaborating in the digital space.

Readers should keep in mind this is SHIB’s second partnership in real-life business, and an exciting thing to note here is that both partnerships are based in Italy. Shiba Inu has formerly made a deep-rooted partnership with Welly, the first-ever blockchain-based SHIB-themed Restaurant or a “Burger Joint.”

AMC CEO Confirms Shiba Inu Coming As Online Payment Method For AMC

Mark Brennan
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AMC CEO Confirms Shiba Inu Coming As Online Payment Method For AMC

Today AMC CEO confirms that Doge and Shib are coming as early as March on AMC as a payment method.



He announced:

“This might rev up the Cryptocurrency fans amongst you. AMC IT says that BitPay will be live for AMC online payments on our website by March 19 and live on our mobile apps by April 16. Possibly a few days earlier. BitPay, and therefore soon AMC, accepts DogeCoin and Shiba Inu.”

On Nov 16 last year, The CEO of the world’s largest Cinema Chain AMC Entertainment,  Adam Aron, said payment service provider Bitpay has agreed to support the Shiba Inu (SHIB) on his request.

At that time, AMC’s CEO announced that AMC would soon accept Shiba because Adam Aron convinced Bitpay to add SHIB so that AMC could make SHIB its payment method, which is finally happening in March.

According to Wikipedia ” AMC Entertainment Holdings, Inc is an American movie theater chain headquartered in Leawood, Kansas, and the largest movie theater chain in the world. Founded in 1920, AMC has the largest share of the U.S. theater market ahead of Regal and Cinemark Theatres. After acquiring Odeon Cinemas, UCI Cinemas, and Carmike Cinemas in 2016, it became the largest movie theater chain in the world. It has 2,866 screens in 358 theatres in Europe and 7,967 screens in 620 theatres in the United States.”

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