Archives: December 2022

Venezuela Strengthens Crypto Controls to Protect Bolivar Value

31. December 2022 at 15:03 by

• Venezuela’s banking watchdog, Sudeban, is attempting to create a mechanism to monitor crypto-related transactions in real-time.
• Analysts have linked the recent drop in the value of the bolivar to the situation in P2P crypto markets.
• The Venezuelan government has blocked more than 75 bank accounts connected to suspicious cryptocurrency transactions.

The Venezuelan government has recently announced measures to strengthen its control over the local cryptocurrency markets, in order to protect the value of the bolivar. Through its banking watchdog, Sudeban, the government is looking to create a system to monitor crypto-related transactions in real-time. This move comes after numerous analysts have linked the recent drop in the value of the bolivar to the situation in peer-to-peer (P2P) crypto markets.

The Venezuelan banking watchdog Sudeban has explained that it is currently in the process of designing a system to monitor banking transactions in real-time, with the help of Sunacrip, the national cryptocurrency regulator. While details of the mechanism have yet to be announced, the organization has stated that its objective is to “fight the irregular practices that attack our currency and the stability of the exchange market”. This suggests that the government is looking to examine the link between the volumes exchanged in cryptocurrency markets and the U.S. dollar – Venezuelan bolivar exchange rate.

In addition to this measure, the Venezuelan government has also blocked more than 75 bank accounts due to suspicious activity related to cryptocurrency transactions. This is part of a broader effort to protect the value of the bolivar, as the government believes that unregulated crypto markets are having a negative effect on the stability of the currency.

The recent moves by the Venezuelan government have been welcomed by many in the local cryptocurrency community, as it is seen as a sign that the government is taking the issue seriously and is willing to invest in the necessary infrastructure to combat any illicit activity in the space. It remains to be seen how effective these measures will be in stabilizing the currency, however, it is a positive step towards creating a safer and more regulated crypto environment in Venezuela.

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Monitor Your Crypto Investments with Watchlists: 4.8M+ BTC Watchlists on CMC & CG

30. December 2022 at 20:17 by

• Bitcoin (BTC) is the most watched top ten crypto coin in 2022, with a total of over 4.8 million watchlists on coinmarketcap.com and coingecko.com combined.
• Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB) are the other three crypto assets that have the most watchlists.
• Coin market capitalization aggregation websites offer watchlists so visitors can monitor the market value of their favorite coins.

As the crypto industry continues to grow, the number of users and investors interested in digital currencies is also increasing. As a result, crypto market and price aggregation websites like coinmarketcap.com (CMC) and coingecko.com (CG) have become popular sources for crypto enthusiasts who want to stay up to date on the latest market trends and prices. These sites offer watchlists so that users can track their favorite coins, allowing them to easily monitor the market value of their investments.

At the end of December 2022, Bitcoin (BTC) is the most watched top ten crypto asset on CMC and CG, with a total of over 4.8 million watchlists. Ethereum (ETH) comes in second, followed by Cardano (ADA) and Binance Coin (BNB). It is worth noting that the top ten crypto assets make up a large portion of the crypto economy’s current $797.95 billion value on Dec. 29, 2022.

For investors, watchlists are a great tool to keep track of their investments, as well as to stay informed about the latest market trends. With watchlists, users can easily add their favorite coins to monitor their market value and the overall performance of the crypto industry. Additionally, watchlists can be used to compare coins and compare prices across different exchanges.

Overall, watchlists are a great way for crypto enthusiasts to stay up to date on the latest market trends and prices. They can be used to monitor their investments as well as to compare coins and prices across different exchanges. With more users and investors entering the crypto space, watchlists are becoming an increasingly popular tool to stay informed.

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Ethereum’s Inflation Rate Lowered By 80% After PoS Transition

at 20:16 by

• Ethereum’s proof-of-stake (PoS) network has been operational for over three months and the issuance rate of new coins has dropped to 0.014% per annum.
• If Ethereum remained a proof-of-work (PoW) chain, its inflation rate would have been 3.58% per year, significantly higher than the current rate.
• Since the Merge in September 2022, 2,795,773 ether or $8.78 billion in U.S. dollar value has been burned by destroying ETH.

Since Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus algorithms on September 15th 2022, the issuance rate of new coins has gone down considerably. Metrics from ultrasound.money show that Ethereum’s current issuance rate of new coins is 0.014% per annum. This is a significantly lower rate than what it would have been if Ethereum remained a PoW chain, with an inflation rate of 3.58% per year.

Since The Merge, 4,790.45 Ether or $5.7 million in value has been added to the supply. In contrast, if Ethereum had remained a PoW chain for the last 105 days, the issuance rate would have been 1,247,674.60 Ether added to the supply, amounting to more than $1.5 billion in value.

In addition to the lower issuance rate, Ethereum has a burn mechanism which serves to reduce the overall supply of the coins. Data from Dune Analytics indicates that the biggest contributor to the number of ETH burned is tied to the network fee associated with Ethereum transactions. Since the London Hard Fork of August 5th 2021, 2,795,773 Ether or $8.78 billion in U.S. dollar value has been burned by destroying ETH.

As the number of Ethereum validators is set to surpass 500,000 in 2023, the lower inflation rate will help to maintain the long-term stability of the cryptocurrency. The Ethereum network is thus ensuring that its coins remain scarce, and therefore more valuable, as the network grows and evolves.

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