Ethereum Whales Sold 880K ETH: Is there a Silver Lining?

Ethereum Whales Sold 880K ETH: Is there a Silver Lining?

Following the demise of cryptocurrency exchange FTX, Ethereum (ETH) is under intense selling pressure. According to Ali Martinez, ETH whales traded about a million coins in December 2022, escalating investor concerns. According to Martinez, whales with between $10,000 and $100,000 in ETH sold or dispersed around 880,000 coins. At the time of publication, trading volume had declined by 3.05% in 24 hours. However, trading volume increased 23% to $4.5 billion the day before, while the market cap fell 2%.

To put it mildly, Ethereum’s price performance in December was poor. The key causes of the market’s lack of momentum were poor fundamentals, a grim economic background, and a lack of network activity. However, after investigating whale wallets, it appears that the fundamental problem is rather more basic. According to on-chain statistics, Ethereum whales with up to 100,000 ETH have sold or moved up to 880,000 ETH since the beginning of the month. At least a portion of the money was most certainly sold on the market, mirroring the selling pressure we experienced all month.

Ethereum has had a difficult year, with its value plummeting by 75.5% from its all-time high and 70.4% in a single year. Many people are concerned that the value of ETH may fall much more as we enter the new year. ETH has dropped below $1200 and may continue to decrease if it does not rise over $1215. Furthermore, since mid-December, issuance has grown.

While trading activity on Ethereum has been slow in December, with the market’s low liquidity, merely 500,000 ETH of selling pressure would be enough to push the market’s second largest cryptocurrency below the $1,200 barrier.

Another significant contributor to active asset redistribution was the global trend of capital migrating from centralised cryptocurrency exchanges to self-custody. Although migration from exchanges to wallets is not directly tied to selling activities, it may be a factor since some investors choose to liquidate their holdings rather than simply shift them to their own wallets.

As previously said, the primary cause for the ETH price drop might be related to decreased network activity as more investors leave the sector for good, or at least until the market rebounds. At the time of writing, Ethereum is trading at $1,199, attempting to hold the $1,200 price mark, which serves as a platform for any advance toward the next resistance.

What may propel Ethereum higher?

With issuance growing, the most likely scenario would be a rise in coin issuance with a gradual decline in supply following the new year. If more investors return to the market and produce more activity, the market’s burning process will speed up.

Guy of Coin Bureau, a well-known cryptocurrency specialist, forecasts that Ethereum will have a spectacular year in 2023. Guy believes that the upcoming Ethereum Shanghai upgrade will lead Ether’s trend to reverse. The Shanghai update will be unveiled in the first quarter of 2023.

If billions of dollars in ETH tied up in smart contracts are released, the analyst believes that investors will be enticed to stake their tokens for a potentially stress-free investment experience. The Shanghai update, among other things, will allow ETH stakers and validators to withdraw cash from the Beacon Chain. At the time of publication, ETH was trading at $1,194.74, up 0.2% in the previous 24 hours. However, in the previous 14 days, the cryptocurrency has fallen by 8.8%.

Binance has temporarily ceased operations of Terra Traditional (LUNC) Burns: Token Drops 12%

Binance has temporarily ceased operations of Terra Traditional (LUNC) Burns: Token Drops 12%

Binance is a cryptocurrency exchange that is the largest in the world in terms of daily cryptocurrency trading volume. It was formed in 2017. Its headquarter is in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who previously built high frequency trading software. Binance was founded in China but relocated its headquarters soon before the Chinese government put limits on cryptocurrency trading.

Binance was investigated for money laundering and tax evasion by the US Department of Justice and the Internal Revenue Service in 2021. The UK’s Financial Conduct Authority ordered Binance to discontinue all regulated activities in the UK by June 2021. Binance provided Russian authorities with client information, including names and addresses, in 2021.

Binance Suspends Terra Classic ($LUNC) Trading, LUNC Price Drops

Binance, the world’s largest cryptocurrency exchange, has temporarily halted the burning of Terra Classic (LUNC) transaction fees until March 2023. The move follows the discussions around Proposals 10983 and 11111 to support the commodities pool. Furthermore, instead of 100%, the crypto exchange will burn 50% of LUNC spot and margin trading costs.

Binance Makes Terra Classic (LUNC) Burning Changes

Cryptocurrency exchange Binance announced on December 28 that it is changing its LUNC burn process to continue to help the Terra Classic community in limiting the LUNC token supply. Thus, Binance will burn 50% of the LUNC spot and margin trading fees instead of 100% with effect from December 28. Binance claims the decision follows recent developments linked to Proposals 10983 and 11111, in which LUNC burn is re-minted as a development fund.

Furthermore, until March 1,2023, the crypto exchange will postpone delivering Terra Classic (LUNC) trade fees to the burn address. It will restrict the re-issuance of LUNC trading fees unless the community approves crucial measures. Furthermore, Binance is in talks with the Terra Grants Foundation, lead by Terra Classic core developer Edward Kim, to implement the necessary adjustments.

It entails generating a new burn wallet to prevent LUNC token re-minting and whitelisting Binance’s wallets to avoid tax when transferring between these wallets. Binance has stated that if the community does not make these modifications, the crypto exchange may discontinue the burn mechanism.

Terra Rebels was blamed by Validator LUNC DAO for entirely breaking its partnership with Binance. He proposes that the LUNC community meet the requirements in order to keep Binance’s support. The community voted to cancel Proposal 10983, which would have restored 10% remint from the 0.2% burn tax and added it to the communal pool instead of 50% remint.

What are Binance’s demands?

The exchange is in contact with the Terra Grants Foundation team in order to make certain improvements. Binance has requested the construction of a new burn wallet, according to the announcement.

The exchange will transmit the LUNC spot and margin trading costs to the new wallet, which will not enable the burn amount to be re-minted. The company has also requested that its wallets be whitelisted. It is done to avoid paying the transaction tax while transferring funds between these wallets.

Binance has halted delivering LUNC trading fee burn donations till March 1st. This will provide the project enough time to make the required improvements. However, if the adjustments are not implemented within the time limit specified, the exchange “will consider withholding the burn contribution in the future.”

The price of LUNC has fallen by 12% in the last 24 hours. It is crucial to note, however, that the asset has recovered 47% since December 22nd. LUNC was trading at $0.00016568 at press time, up 1% in the previous hour.

Cardano: Is ADA slowly building toward a price rebound?

Cardano: Is ADA slowly building toward a price rebound?

What is Cardano?

According to definitions, Cardano is a proof-of-stake blockchain platform: the first to be built on peer-reviewed research and evidence-based approaches. It is sometimes referred to as a third generation blockchain, succeeding Bitcoin (first generation) and Ethereum (second generation) (second generation). Cardano (ADA) was created as a development of the Ethereum concept, with the goal of creating a blockchain that is more versatile, sustainable, and scalable for running smart contracts, as well as providing a platform for a wide range of decentralized finance apps, new crypto currencies, and much more.

Vasil Hard Fork by Cardano Explained

Cardano’s Vasil Hard Fork is the next phase in its goal to increase network performance and scalability. This effectively moves the project one step closer to dethroning Ethereum, the world’s largest smart contract and DeFi platform. Cardano’s developers anticipate that this latest version will increase the efficiency of smart contracts, making Cardano cheaper and faster to use.

What makes this such a historic occasion? Because it will address two of the most pressing concerns that a blockchain network will encounter as it grows in popularity. Congestion and costs on the network. Ethereum is already struggling with it, with gas fees soaring above any tolerable levels, and this is what Cardano is attempting to address and avoid. Cardano’s smart contract capabilities debut witnessed a surge in traffic, with a large number of developers wishing to construct DeFi protocols on the chain. As blockchains become busy, speeds often drop and fees rise. As a result, the Vasil Hard Fork is likely to resolve this two-pronged problem instantly.

Impact of Cardano Vasil Upgrade on ADA Price

  • Cardano completed yesterday’s session at $0.458, with a market value of $15.55 billion and a circulating supply of 34.23 billion ADA.
  • The ADA price received the much-needed boost with the upgrade, which was greatly needed to prevent a price drop below $0.42.
  • Cardano is trading over $0.47 after gaining a temporary boost after the long-anticipated Vasil Hard Fork went live during the early trading hours. While it is clear that the price failed to attract bulls, the cryptocurrency was rejected at the critical resistance level of $0.48. However, the rejection looks to be a temporary measure that will be reversed very shortly.
  • Cardano (ADA) volatility has increased to some level as a result of the upgrade, which may cause the price to rise near to the necessary resistance. Furthermore, a modest push may result in a price above $0.48, which may then go towards $0.49 to complete a parabolic recovery. The ADA price may have a brief reversal here, but the rebound presently appears to be on track to reclaim $0.5 levels at the earliest.

Will the ADA price reach $0.55 by September’s end?

Following recent price swings, the Cardano price prediction for the month has lately shifted to optimistic. ADA coin began the September trading on a strong note, similar to August, however the token slid back towards the same support at $0.43. The ADA price is currently attempting to recover somewhat, although purchasing pressure remains below average. As a result, an upward consolidation may be on the way until the monthly closure.

On the contrary, a tiny probability of a major rise may not be eliminated as long as the RSI remains near ordinary levels. With a little increase in purchasing pressure, the Cardano price might easily rise over $0.5 and test greater resistance. As a result, the approaching weekend might be critical for the token, perhaps lifting the price from the protracted consolidation.

Will Cardano prices rise in the near future?

Based on the three factors presented above, the price of ADA should ideally rise in the future months. However, given the lack of other evidence, it is difficult to assess the study’s credibility. Furthermore, the crypto markets are linked, with Bitcoin at the top (BTC). It is doubtful that ADA will move unless BTC recovers on the charts.

Nonetheless, Cardano has made significant progress in terms of development. Cardano (ADA) has the most development activities, according to Santiment. According to the analytics firm, ADA has grown by 18% more than Polkadot (DOT). At the time of publication, ADA was trading at $0.255929, down 3% in the previous 24 hours.

Turkey’s central bank has completed its first CBDC test, with more planned until 2023

Turkey’s central bank has completed its first CBDC test, with more planned until 2023

Concerning the bank

Turkey’s central bank is the Central Bank of the Republic of Turkey (CBRT). Its functions include executing monetary and exchange rate policy, managing Turkey’s international reserves, producing and issuing banknotes, and developing, maintaining, and regulating the country’s payment networks. The CBRT is mandated by law to achieve and maintain price and financial stability in Turkey, and has the authority to utilise any policy tool at its disposal to achieve these goals. As a result, it possesses instrument independence but not goal independence. Since 2006, the CBRT has been operating under a full-fledged inflation targeting system.


The CBRT is a public firm. Its 25.000 Turkish lira capital is split into 250.000 shares. According to Turkish Central Bank Law, these shares are classified into four types:

  • The Turkish Ministry of Finance and Treasury is the only owner of Class A shares.
  • Class B shares are given to Turkish national banks.
  • Class C shares are issued to banks that are neither national banks or privileged enterprises.
  • Turkish business institutions, as well as real and legal people of Turkish nationality, are allotted Class D shares.

Class A shares formed 55.12% of CBRT’s capital as of the end of 2018, while class B, C, and D shares constituted 25.74%, 0.02%, and 19.12%, respectively.

Turkey’s central bank has completed its first CBDC test, with more planned until 2023.

Following the completion of its first payment transactions using a central bank digital currency, the Turkish central bank is planning more testing for 2023. The Central Bank of the Republic of Turkey (CBRT) has completed the first testing of the Digital Turkish Lira, the central bank digital currency (CBDC). It has stated that testing will take place till 2023.

According to a CBRT announcement issued on December 29, the central bank authority successfully completed its “first payment transactions” utilising the digital lira. It stated that it will continue to conduct restricted, closed-circuit pilot testing with technology stakeholders in the first quarter of 2023 before expanding it to include chosen stakeholders and the remainder of the year will be dominated by financial technology firms.

It stated that the findings of these tests would be shared with the public via a “complete assessment report” before revealing more about the following phases of the project, which will broaden involvement even more. In September 2021, the bank stated that it will investigate the viability of creating a digital Turkish Lira as part of a research initiative called Central Bank Digital Turkish Lira Research and Development.

At the time, the government made no commitment to eventual currency digitalization, claiming that it had “taken no final decision regarding the launch of the digital Turkish lira.” In its most recent release, the CBRT announced that it will continue to assess the use of distributed ledger technology in payment systems as well as its “integration” with instant payment systems.

It will also prioritise researching legal elements of the digital Turkish Lira, such as the “economic” and “legal framework” surrounding digital identity, as well as its technological needs. Several nations, notably the United Kingdom and Kazakhstan, have lately began testing digital currencies issued by central banks.

The Bank of England has asked for suggestions for a proof of concept for a CBDC wallet, while Kazakhstan’s central bank has proposed launching an in-house CBDC as early as 2023, with a three-year phase-in.

The Reserve Bank of Australia (RBA) recently expressed concern about its own CBDC plans, with assistant governor Brad Jones warning in a speech on December 8 that a CBDC might displace the Australian currency and cause consumers to shun commercial banks completely.

Celsius seeks to extend the deadline for filing claims for customers who have been burned

Celsius seeks to extend the deadline for filing claims for customers who have been burned

The action is intended to give Celsius account holders more time to file prospective proofs of claim. Celsius, the insolvent cryptocurrency lender, will file a petition asking for another month to extend the deadline for customers to submit claims in the ongoing bankruptcy proceedings.

Celsius Network, the embattled cryptocurrency lender, seeks to submit a petition that would offer consumers another month to make claims. The cryptocurrency community has become impatient as they watch Celsius’ legal bills continue to increase and deplete the lender’s fortune.

Celsius said on December 29 through Twitter that it will consider extending the current claim deadline from January 3 to early February. According to the crypto lender, the deadline of January 3 will be extended at least until then since the bankruptcy court is set to hear the request on January 10.

Creditors who believe they are entitled to payment during bankruptcy proceedings may make claims through the claims process. Celsius creditors have submitted around 17,200 claims as of December 29th.”Celsius is preparing to file a motion later this week seeking an extension of the bar date, from January 3, 2023 until early February,” the firm said late Wednesday.

According to the corporation, the delay is required “to provide account holders more time to file any proof of claim.” The application will be considered by the bankruptcy court on January 10, 2023, with the existing claims deadline set for the same date, according to the firm. According to Stretto, the firm’s claims agent, Celsius’ creditors who feel they are entitled to a refund have filed almost 17,200 claims as of today.

Celsius’ legal expenses are increasing.

Earlier this month, the bankruptcy court in charge of the Celsius case ordered the bankrupt crypto lender to restore around $44 million in cryptocurrency to clients of Celsius’ Custody and Withhold accounts.

These accounts basically served as cryptocurrency wallets, with no access to the firm’s interest-bearing lending business. After it was recently revealed that lawyers and other advisers in the Celsius case had also been seeking nearly $53 million in legal fees for their services in just four months since the firm filed for bankruptcy, a possible extension of the deadline for Celsius’ customers to submit their claims is likely to enrage many of the firm’s customers.

Kirkland & Ellis, which represents the unsecured creditors’ committee, billed over $20 million for its services from July to October, followed by White & Case LLP, which billed $10.2 million. Alvarez & Marsal North America LLC and M3 Advisory Partners LLP, who claimed $6.5 million and $4 million, respectively, for their efforts in the Celsius case, were also significant advisors.

Lawyer bills for Celsius continue to mount.

Despite the fact that Celsius’ administrative costs have risen since its original bankruptcy filing in July, creditors appear impatient. According to a December 27 Financial Times story, the costs charged by bankers, attorneys, and other consultants in the bankruptcy proceedings had already exceeded $53 million.

For example, a fee statement dated December 15 from one of the legal firms representing the business, Kirkland & Ellis, requested more than $9 million in payment for services provided in September and October. In comparison, Celsius has only put up $44 million for client reimbursements so far. This money, which accounts for a minuscule percentage of the crypto lender’s $4.72 billion in client deposits, belongs to customers who have only ever retained monies in the Custody Program.

Please enter CoinGecko Free Api Key to get this plugin works.