We would like to introduce current events in the world of blockchain and cryptocurrencies over the past week to all EDC Blockchain users.
Paper Hands VC Diamond Hands
The protracted correction of the crypto market once again demonstrates that mainly long-term crypto holders become millionaires, while short-term traders do not withstand the pressure and get out of the market.
According to Glassnode's data, over the past 30 days, “diamond hands” (long-term holders) have bought around 579,940 BTC, while “paper hands” (short-term holders) have sold around 521,983 BTC. The actions of both parties are asymmetric: for industry newcomers, the price of Bitcoin at $30,000 is a large drawdown, while for the market mastodons, this is a large discount.
Fiat or cryptocurrencies?
One of the richest businessmen in Mexico, Ricardo Salinas Pliego, gave a candid interview to Bloomberg. If for the next 30 years he had to convert his assets into just one currency, it would neither be gold, nor American dollars, he said. Instead, he would have preferred cryptocurrency.
He explained his choice by inflation of “endless” paper money.
The Morgan Stanley Europe Opportunity Fund (one of the investment divisions of Morgan Stanley) became the owner of the Grayscale Bitcoin Trust shares, which is actually an investment in cryptocurrency.
As more evidence came to light, the fund submitted a declaration to the US Securities and Exchange Commission (SEC), which again gave a signal to other market participants about the progress in both institutional capital and cryptographic technology.
The block confirmation speed in the bitcoin network has dropped to the values observed in 2010! Due to the big hash rate drop (which, in turn, was a consequence of the ban on miners in China), the average block confirmation time amounted to 25 minutes this week, while the hash rate dropped to 58.461 TH/s. As an example, the EDC Blockchain platform maintains an average block confirmation rate of about 2.5 seconds thanks to the use of a more advanced consensus algorithm (Proof-of-Stake). This allows EDC Blockchain users to conduct transactions in just a few seconds using personal wallets that have EDC Bonus Coin, EDCB Token (BEP20) and Binance BNB token available.
Destruction of 1 million BTC
Last week, the lives of some of the largest bitcoin holders, the extravagant creator of the McAfee antivirus John McAfee, and the crypto gray eminence Mircea Popescu, were tragically cut short. As it is known, they both hold several hundred thousand (up to one million) bitcoins in their wallets.
After their death, there is a high probability of irrevocably losing access to all their coins, which, as it will be more clear to EDC Blockchain users, could be called “burning”: if the version about the loss is confirmed, then the circulation of bitcoins in the world will decrease by almost 5%, which will affect the balance of supply and demand in favor of continuing the uptrend.
As you can see, these crypto events can have a very long trace in further history: the future clearly belongs to high-tech projects with their own ecosystems and opportunities for everyday use. This is what we strive for at EDC Blockchain.
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