Autor Cointelegraph By Martin Young

World population reaches 8 billion, but how many are in crypto?

World population reaches 8 billion, but how many are in crypto?

Uverejnil používateľ | nov 15, 2022 |

The global population figure has just reached a huge milestone, with 8 billion souls now sharing the planet. Meanwhile, crypto adoption continues to grow. According to Worldometer, which draws estimates from a 2022 United Nations report, the global population ticked over 8 billion on Nov. 15, doubling from a population count of 4 billion in 1974 — some 48 years ago. Worldometer said that as of 2022, the population’s annual growth rate sits at around 0.84% but will continue to slow. This could mean it could take another 15 years for the world’s population to reach 9 billion, while the population won’t hit 10 billion until 2080.In late 2022, the eight billionth human being will enter the world, ushering in a new milestone for humanity In just 48 years, the world population has doubled in size, jumping from four to eight billion.To learn more:https://t.co/M69jeqOAjm pic.twitter.com/F1pmAovthA— Visual Capitalist (@VisualCap) November 8, 2022China and India are the two most populous countries, with almost 36% of the global population between them.However, there currently doesn’t exist a consensus around how much of the world’s population currently holds digital assets such as cryptocurrency, with estimates varying. Market research firm GWI suggests that as much as 10.2% already hold crypto, with most ownership skewed toward nations experiencing high inflation or fluctuation in the value of their national fiat. Singapore-based blockchain firm TripleA estimated that as of 2022, the global crypto ownership rate is around 4.2%, with over 320 million crypto users worldwide. It reported that the United States was top with 46 million crypto holders, followed by India, Pakistan and Nigeria.In June, Blockware Intelligence predicts that Bitcoin adoption alone will hit 10% worldwide by 2030, as reported by Cointelegraph earlier this year. Earlier this year, Chainalysis ranked 146 countries in five categories in its 2022 Global Crypto Adoption Index. It found that Vietnam led the pack for overall adoption rates, followed by the Philippines, India, Ukraine and the United States. However, the report did not suggest actual ownership figures.Related: Global crypto adoption could ‘soon hit a hyper-inflection point’China, however, remains a difficult country to ascertain the level of crypto ownership. A large portion of people in the world’s most populous country is understood to be tech-savvy and hungry for crypto. However, the ruling regime has other ideas at the moment. No accurate crypto ownership figures are available.Crypto adoption will inevitably continue to grow across the planet so we’ll round off with happy birthday, global citizen number 8,000,000,000.

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Exchange outflows hit historic highs as Bitcoin investors self-custody

Exchange outflows hit historic highs as Bitcoin investors self-custody

Uverejnil používateľ | nov 14, 2022 |

Bitcoin (BTC) investors have been increasingly moving their holdings to self-custody solutions following the collapse of the world’s second-largest crypto exchange last week.On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, according to analytics provider Glassnode.In a Nov. 13 post on Twitter, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month.It added that this has happened only three other times — in April 2022 and November 2020, as well as in June/July 2022. It also reported that the number of Bitcoin wallets receiving the asset from exchange addresses surged to around 90,000 on Nov. 9.Following the collapse of FTX, #Bitcoin investors have been withdrawing coins to self-custody at a historic rate of 106k $BTC/month.This compares with only three other times:- Apr 2020- Nov 2020- June-July 2022https://t.co/92aYVYU4Yt pic.twitter.com/em7CsDBWUf— glassnode (@glassnode) November 13, 2022Exchange outflows are usually a bullish sign that BTC is being hodled for the long term. However, in this scenario, it appears to be the result of loundering confidence in centralized crypto exchanges.Glassnode commented that outflows have resulted in “positive balance changes across all wallet cohorts, from shrimp to whales,” before adding:“The failure of FTX has created a very distinct change in #Bitcoin holder behavior across all cohorts.”Since Nov. 6, when the FTX fiasco began, balance changes have increased across all BTC wallet sizes with “shrimps” that have less than one coin increasing by 33,700 BTC. Whale wallets with more than 1,000 coins have seen an increase of 3,600 BTC indicating that the self-custodian push is happening across the board.Industry leaders are now starting to advocate self-custody solutions as the phrase “not your keys, not your coins” bears more weight than ever before.On Nov. 13, Ethereum educator Anthony Sassano said that crypto holders shouldn’t be storing their assets on centralized exchanges unless their actively trading large amounts.MicroStrategy’s Michael Saylor told Cointelegraph in an interview that self-custody prevents centralized third parties from abusing their power.Related: $740M in Bitcoin exits exchanges, the biggest outflow since June’s BTC price crashGlassnode also reported that stablecoins, many of which destabilized last week, have been flowing onto exchanges at increased rates over the past week. Nov. 10 saw more than $1 billion in stablecoins arriving on centralized exchanges. The total stablecoin reserve across all exchanges it tracks reached a new all-time high of $41.2 billion, it added.“The echos of the FTX collapse will likely act to reshape the industry across many sectors, and shift the dominance, and preference for trustless vs centrally issued assets,” it concluded.

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Major stablecoins destabilized as market volatility and redemptions surge

Major stablecoins destabilized as market volatility and redemptions surge

Uverejnil používateľ | nov 11, 2022 |

Plunging cryptocurrency prices are not the only consequence of this week’s FTX-induced crypto contagion. Significant market volatility this week induced by the collapse of the FTX exchange has impacted stablecoins with many of them de-pegging temporarily.According to CryptoQuant senior analyst Julio Moreno, nearly all leading stablecoins have experienced some level of peg volatility this week.The world’s dominant stablecoin, Tether (USDT) temporarily declined to $0.97 on Nov. 10 as redemptions surpassed $600 million over the past two days, he noted. CoinGecko currently reports that USDT is still slightly below its peg, trading at $0.998 at the time of writing.Cointelegraph reported the Tether de-pegging incident citing evidence that FTX and sister company Alameda Research were attempting to short USDT.Crypto market volatility has gone up tremendously in the last few days amid the FTT/FTX downfall.How are stablecoins doing in this environment? Tether’s price shortly declined to $0.97 today as redemptions surpass $600M in the last 2 days. pic.twitter.com/52eAtBs3NP— Julio Moreno (@jjcmoreno) November 10, 2022Circle’s USDC has not been immune from the volatility either as redemptions topped $1 billion. The stablecoin fell to $0.977 very briefly yesterday but rapidly regained its peg according to CoinGecko.TrueUSD redemptions barely surpassed $1 million, Moreno noted, but that didn’t prevent a de-pegging to $0.98 yesterday. The Paxos USDP stablecoin dropped as low as $0.96 as redemptions hit $100 million, he noted.There was some volatility for the Binance stablecoin, BUSD, on the Gemini exchange resulting in a brief dip to $0.98.Tron’s algorithmic USDD stablecoin is still way off its peg, currently trading at $0.973 according to CoinGecko. It fell as low as $0.952 yesterday at peak volatility.Concerns over the collateral backing the stablecoin are rising as Tron’s TRX token, which is used to redeem USDD, has tanked 12% since the beginning of the week. Justin Sun also accused FTX and Alameda of shorting USDD.The de-pegging incidents coincided with a slew of stablecoins leaving the FTX exchange on Nov. 10.FTX Exchange (0x2faf) has resumed transfer out 1 hour ago.A total of 99 transfers were made, with $4,433,330 stablecoins.Including:28 transfers of $USDC, 3,985,236 $USDC in total.22 transfers of $USDT, 325,569 $USDT in total.3 transfers of $BUSD,122,526 $BUSD in total. pic.twitter.com/CdsSG1aWc9— Lookonchain (@lookonchain) November 10, 2022

Related: FTX crisis feeds the Twitter rumor mill with hot takes and conspiracy theoriesAt the time of writing, most major stablecoins including USDC, BUSD, USDP, GUSD, and TUSD had returned to their dollar peg, meaning market participants fearing another Terra-type stablecoin collapse can breathe easy again for now.Markets have recovered marginally from yesterday’s rout with a 5% gain in total capitalization which was back over $900 billion once again.

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SBF tumbles off Bloomberg's billionaire index after trouble at FTX

SBF tumbles off Bloomberg's billionaire index after trouble at FTX

Uverejnil používateľ | nov 9, 2022 |

Crypto billionaire Sam Bankman-Fried may not be able to claim the “billionaire” accolade anymore after an estimated 94% plummet in his personal wealth overnight, according to the Bloomberg Billionaires Index.Bankman-Fried was once a high rider in Bloomberg’s wealth index with an estimated net worth of $26 billion at his peak. However, the crypto entrepreneur is now no longer appears in the top 500.On Nov. 9, the outlet reported that his personal fortune is “likely” to be “eviscerated” should the sale of his FTX exchange to rival Binance go through. Before the Binance takeover announcement, Bankman-Fried’s 53% stake in FTX was worth around $6.2 billion. He also maintained ownership of Alameda Research, adding a further $7.4 billion to his personal fortune.The Bloomberg wealth index assumes that Bankman-Fried and existing investors will be wiped out by the Binance takeover, and values the two companies at just $1. This means that Bankman-Fried is now worth around $1 billion, down from $15.6 billion on Nov. 8  in the “biggest one-day collapse ever among billionaires tracked by Bloomberg.”Details on the takeover have not been divulged yet but it does not include the U.S. arm of the exchange, FTX.US. The American-only exchange was valued at around $8 billion earlier this year.The agreement between the exchanges so far is only a non-binding letter of intent which Binance is able “to pull out from […] at any time” according to Bankman-Fried.Related: SBF calls for collaboration with Binance ‘for the ecosystem’On Nov. 8 Zhao posted his “two big lessons” from the latest crypto debacle. The first was never using a token that the exchange has created as collateral. Secondly, crypto businesses should not borrow or use capital “efficiently” but have a large reserve instead.FTX Token (FTT) the exchange’s native token at the epicenter of this latest crypto contagion, has tanked a whopping 75% over the past 12 hours. The collapsed FTT token was trading at $4.86 at the time of writing, down 94% from its September 2021 peak of $84.18.

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Rivals steadfast even as two Aussie crypto ETF providers bail

Rivals steadfast even as two Aussie crypto ETF providers bail

Uverejnil používateľ | nov 8, 2022 |

Two digital asset exchange-traded fund (ETF) issuers in Australia are set to leave the market amid heightened regulator scrutiny and a deepened crypto winter, though some remain bullish about the market’s prospects.In the last week, Australian crypto ETF providers including Holon Investments and Cosmos Asset Management have indicated they may be stepping back from the crypto ETF scene.On Nov. 6, Holon said it might close its three retail crypto funds following a hardline stance from the Australian financial regulator which has accused the fund of failing to “describe the risks to investors in its target market determination filings,” according to a report from the Australian Financial Review (AFR).It comes after the Australian Securities and Investments Commission (ASIC) issued an interim stop order on Oct. 17 directed at Holon’s three funds due to non-compliant target market determinations (TMDs). The AFR report notes that Holon has argued that the crypto funds were designed to be part of a diversified portfolio, not the majority of an investment strategy, though it may have fallen on deaf ears. Another crypto ETF issuer Cosmos is also jumping ship with last week’s announcement that it would de-list its crypto ETFs from the Cboe Australia exchange. According to the report, sources stated that Cosmos failed to attract sufficient assets under management to remain viable. It also had heavy overheads in crypto custody and professional indemnity insurance costs.According to public disclosures in September, Cosmos had around $1.6 million in AUM for its combined BTC and ETH funds.Related: Three crypto ETFs to be delisted in Australia as crypto winter continuesHowever, some crypto ETF providers appear to remain committed to the market, which is expected to see one million new crypto adopters over the next 12 months, according to a recent survey from crypto exchange Swyftx. Providers currently involved in the Australian crypto ETF market include 3iQ Digital Asset Management, Monochrome Asset Management, and Global X Australia, formerly known as ETF Securities. Global X Australia chief executive Evan Metcalf told the AFR that the firm continues to have a “strong conviction in digital assets and has no plans to close any crypto ETPs,” noting: “We are very bullish on the crypto markets in general, digital assets, and decentralized finance – we see enormous potential there.”Metcalf did however note that the funds had experienced a “relatively quiet” reception from investors amid the current market downturn, while there was an “unwillingness” from local stockbrokers to provide clients access to its funds.

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