Tuesday 8 September 2020 9:00 am

Ethereum miners’ revenue surges as monthly ETH transaction volumes surpass $24 billion

This week CryptoCompare data shows the price of Bitcoin (BTC) tested the $12,000 mark but couldn’t break that level, seeing a subsequent correction down to the $10,150 mark where it currently stands.

Ether (ETH), the second-largest cryptocurrency by market capitalization, started the week around $420 and moved up to $480 before BTC’s failure to break $12,000 affected the entire crypto market. CryptoCompare data shows ETH’s price dipped to a $325 low before moving back up to $340.

This data on the Ethereum blockchain was highlighted among crypto news outlets as transaction volumes on ETH surpassed the $24 billion mark, according to a report published by decentralized applications tracker DappRadar.

The average transaction fees being paid on the Ethereum blockchain hit a $14.5 high this week as interest in the decentralized finance space surges, and the cost of transacting on the cryptocurrency’s blockchain saw the number of daily active wallets drop by 6 per cent.

Nevertheless, transaction volumes on Ethereum “almost doubled in August” to surpass $24 billion, with decentralized finance and decentralized exchanges playing a “vital role” in said growth. Transaction volumes on leading decentralized exchange Uniswap even surpassed $1 billion, beating popular centralized trading platforms like Coinbase Pro.

The interest behind DeFi hasn’t started waning, with over $ 9 billion worth of cryptocurrency being locked in it before prices started dropping. At press time there are less than $8 billion locked in the space, because of price drops.

The increased activity on the Ethereum blockchain coupled with ether’s price increase has seen ETH miner revenues hit a two-year high of $602,000.

Ethereum wasn’t, however, the only cryptocurrency marking headlines throughout the week, as bitcoin ads started appearing on London’s bus stops. The move came from leading cryptocurrency exchange Binance, which announced back in June the upcoming launch of Binance.UK, a new entity regulated by the UK’s Financial Conduct Authority (FCA).

Binance.UK is set to be a UK-focused cryptoasset trading platform where users can pay with British Pounds (GBP) and Euros (EUR). Originally, the launch was planned for late summer, but it appears now that the launch is set for this autumn.

The ads Binance placed on London’s bus stops are part of their #TAkingOverLondon campaign, and promote Bitcoin as the next evolution of money

The privacy-centric cryptocurrency Monero (XMR) also made headlines after blockchain forensics firm CipherTrace claimed in a press release it developed the “world’s first” XMR tracing tools for the U.S. Department of Homeland Security (DHS).

Monero is a cryptocurrency launched in 2014 that rose to prominence thanks to its privacy enhancements over other cryptocurrencies like bitcoin. It uses ring signatures, bulletproofs, and one-time addresses to improve the privacy of those who use it. Per CipherTrace, 45 per cent of darknet markets now use XMR, and its tools allow it to “trace and visualize Monero transaction flows.” This could help law enforcement investigations into XMR transactions.

Switzerland’s canton of Zug, home to the so-called “Crypto Valley,” will start accepting bitcoin and ether for tax payments, as the popularity of cryptoassets keeps on rising. In a statement, the canton revealed residents will be able to use the top two cryptoassets for tax payments in February 2021, up to 100,000 Swiss francs ($109,600).

The region of about 127,000 will accept crypto payments for taxes via Bitcoin Suisse, which will convert the BTC and ETH to Swiss francs before transferring the funds to the state. The move was seen as widely positive for cryptoassets, as the Crypto Valley is home to some of the crypto space’s largest firms.

Cryptocurrencies also moved one step closer to becoming more widely accepted after Asia’s leading multi-asset exchange, Singapore Exchange (SGX) has started collaborating with UK-based cryptocurrency market data provider CryptoCompare to launch two cryptocurrencies indices, for bitcoin and ether.

 South Korean Exchanges Raided by Authorities

The Seoul Metropolitan Police Agency has reportedly raided the headquarters of South Korea’s largest cryptocurrency exchange, Bithumb, for alleged fraud related to a $25 million token sale.

Bithumb’s offices have reportedly been raided by authorities over the alleged pre-sale of its native BXA tokens. The firm reportedly sold 30 billion won (around $25 million) worth of the tokens to investors, but never ended up listing it over a failed acquisition.

As a result, the value of the tokens dropped significantly, from 150 to 300 KRW ($0.13 to $0.25) during the token sale, to 3 KRW ($0.0026). Bithumb’s chairman, Lee Jung-hoon, is now being accused of fraud and illicitly selling funds overseas.

Bithumb was the second top South Korean exchange to be raided by authorities in a week, as police recently seized Coinbit, the country’s third-largest crypto exchange, over wash trading allegations.

Crypto AM: Market View in association with Ziglu

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