Today we bring you a summary of the crypto news that you cannot lose sight of this week to start Monday on the right foot.
Highlights of the week
We know well that it is very easy to get lost among so many news in the crypto market. It is precisely for this reason that today we will tell you the events of the week that you should know.
Uncertainty grips crypto investors in OKEx
On Friday we reported on CryptoTrend that crypto exchange OKEx stopped withdrawals from the platform. Shortly after the exchange announced that, rumors began to spread regarding OKEx founder Xu Mingxing.
Specifically, some rumors said that the founder had been arrested by the police. However, local media reported that the police only questioned him. Importantly, it would not be the first time that Xu Mingxing collaborated with the police.
But, unsurprisingly, uncertainty is a crypto exchange’s worst enemy. Subsequently, it became viral that, after withdrawals were suspended, significant amounts of Bitcoin left and entered the crypto exchange.
At the moment there is still no clear explanation in this regard. OKEx assured that the source addresses of these transactions did not belong to the crypto exchange.
The news had a clear impact on OKB, the crypto exchange’s token, which fell from roughly $ 6 to $ 4.13, according to CoinMarketCap.
Institutional investment in crypto is a fact
Grayscale Investments announced this week that for the third quarter of this year it raised $ 1.05 billion in its investment products.
The leader of its products in the Grayscale Bitcoin Trust (GBTC), with an entry of just under $ 720 million this quarter. However, the demand for other of its products also grew, with a total of 31% of the entries represented in the third quarter.
Likewise, the annual investment in all the products offered by the company exceeds $ 2.4 billion.
Grayscale noted that 80% of investment during the third quarter comes from institutional investors.
The amount of Bitcoin in DeFi will be impressive in 2021
The growth of the DeFis sector has left us all in the crypto market stunned, especially by the impact it has had on the most important cryptos.
We have observed how the amount of Bitcoins blocked in DeFi has grown at an important rate.
This week Spencer Noon, president of DTC Capital, pointed out that the total of Bitcoin in DeFi will increase 20 times by 2021; that is, it will reach the equivalent of $ 30 billion USD of Total Blocked Value (TVL) in the Ethereum ecosystem.
Binance burns $ 68 million in BNB
Over the weekend, Binance CEO Changpeng Zhao announced that $ 68 million of his crypto, Binance Coin (BNB) was burned.
In this sense, 2,243,888 tokens or 1.13% of the supply were destroyed; being the highest burn in terms of dollar value and the fourth highest in terms of the amount of BNB burned.
What is this for? Since it consists of removing BNB from circulation, it allows to increase the scarcity of the token and, consequently, in theory upward pressures are generated in the price.
Bitcoin had a week marked by bullish sentiment
Despite the crypto leader suffering as a result of OKEx’s withdrawal suspension, Bitcoin had a week where news pointed to an uptrend.
Overall, sentiment has been boosting as a result of increased institutional investments as well as whale stocks.
Along the same lines, Raoul Pal, founder of Real Vision, pointed out during an interview this week that Bitcoin could be worth $ 1 million by 2025.
Likewise, Fidelity Digital Assets published a report where it suggested that investors allocate and keep 5% of their investment portfolio in Bitcoin.
Presidential elections on the Blockchain
This week, specifically on Tuesday, a vote in the United States presidential election was cast for the first time through a mobile phone, of course making use of Blockchain technology.
“This is a historic day not only for the integrity of the ballot papers and electoral systems, but also for freedom and the republic itself”, Utah resident Josh Daniels told Fox News in a statement.
Therefore, as the 2020 presidential elections approach, Blockchain technology is being tested in small parts of the country.
Obviously the crypto community is quite proud and excited about it.
What did you think of this week’s crypto news? Let us know in the comment box.