BitMEX could be experiencing one of the worst days in its history. Around $ 421 million worth of Bitcoin, 40,000 BTC, has fled BitMEX in panic following the latest news.
BitMEX concerns rise as Bitcoin reacts
As you may recall, yesterday we reported on CryptoTrend that the crypto exchange would be facing charges from the CFTC and the New York prosecutor’s office.
The Bitcoin exodus began almost immediately after the charges were announced but, unfortunately for the crypto exchange, it did not stop.
In fact, shortly after the news, Glassnode reported via Twitter that 23,200 Bitcoin were withdrawn from BitMEX in a single hour.
But, today, Glassnode offered an update via Twitter where he noted that a total of almost 40,000 BTC has been withdrawn since the announcement.
The data firm also called the event the highest hourly outflow they have seen from the crypto exchange to date.
50 BTC Appear From Crypto Era Satoshi
Well yes, if the crypto market hasn’t surprised you yet, today 50 bitcoins from the Satoshi era were moved to Bitfinex.
This was reported by BTCparser, a Telegram bot that tracks Bitcoin transactions. Apparently those 50 Bitcoins were mined in May 2010 and is therefore referred to as a Sathoshi-era Bitcoin.
If we look back, in 2010 the valuation of Bitcoin was very low. Consequently, if the owner sold all his crypto on Bitfinex, he would get half a million dollars in net profit.
Vitalik Buterin: At the moment Ethereum is useless
Today Vitalik Buterin, co-founder of Ethereum, noted that crypto is currently “nearly unusable” for many types of applications and projects.
“L1 is nearly unusable for many kinds of applications, and there is no path other than L2 that can lead to scalability in the short to medium term,” Buterin wrote in an Ethereum development thread earlier today.
Buterin refers to the base protocol with L1, that is, to the Ethereum Blockchain. Consequently, L2 refers to any protocol built on top of Ethereum.
In this sense, Buterin wanted to emphasize that, while it is true that Ethereum 2.0 is approaching, the improvements of real scales will not be ready until several years from now.
Trump Has COVID and Global Markets Slump
Today the President of the United States, Donald Trump, reported on his Twitter that he had tested positive for COVID-19.
Within minutes of the announcement, global markets were stained red as Wall Street futures fell.
The sentiment was likely accompanied by the announcement that the US $ 2.2 billion stimulus package was not approved after negotiations between Democrats and Republicans came to a standstill.
Bitcoin balance on crypto exchanges reaches 23-month low
Data from Glassnode shows that the total amount of Bitcoin on crypto exchanges reached an all-time high on February 11, 2020, at 2.97 million BTC, and has since shown a downtrend.
In fact, right now, according to data from Glassnode, there are 2.66 million BTC. The last time there was a similar amount of the leading crypto on exchanges was in May 2019.
In a few lines …
- Coinbase will share the details of some of its clients to the UK tax authority, Decrypt reported.
- Glassnode revealed that hodlers control 63% of all Bitcoins.
- SBI Esports reported that it will pay its players in Ripple (XRP) as part of its approach to Blockchain technology.