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Ethereum Surpasses Bitcoin in Futures Trading Volume

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Ethereum Surpasses Bitcoin in Futures Trading Volume
  • Ethereum’s futures trading volume has exceeded bitcoin’s.
  • Currently, the ETH volume is at $11 billion and the BTC volume is at $10 billion.
  • Ethereum may be due for many more milestones as the Proof-of-Stake transition edges closer.

Ethereum’s futures trading volume has crossed that of bitcoin’s for the first time in about a year, according to information from Coinalyze. The switch first on July 24 with the ETH volume hitting $29 billion and BTC volume hitting $23 billion. The jump in the futures trading volume comes as the upcoming merge with the mainnet takes hold of investors, who are anticipating major improvements to the network.

ETH futures trading volume continues to be higher than bitcoin’s, with the former $11 billion and the latter $10 billion as of July 28. Ethereum’s futures trading volume exceeding that of bitcoin’s is something of a milestone for the asset. It is often the case that bitcoin futures trading volume would be considerably higher than that of any other assets — and predictably so, as BTC remains by far the most popular crypto asset.

However, the past 12 months have been exceptional for ETH, even if the price may not reflect it. There have been a lot of developments for the asset, and the many upgrades and milestones have generated a lot of interest in the asset and ecosystem.

Open interest for bitcoin remains much higher than that of ethereum’s, but that gap may not last for long. There is a lot to indicate that the future of ethereum is bright, and ETH investors have a lot to look forward to.

Ethereum Future Filled With Major Changes

Ethereum has always been a mainstay of the market, and outside of bitcoin, it has the most sway over the wider public. It could even be argued that the cryptocurrency has had more influence over the market, given that DeFi and NFTs have dominated the conversation of the crypto space in the past two years. Regulators are also particularly focused on the latter two niches, so it’s clear that ethereum is at the heart of many a discussion.

And there is much more to come in ethereum’s future, with the full transition to proof-of-stake (PoS) happening later this year. This will bring a sea change to ethereum, and many investors are no doubt holding high anticipation for the transition. Then there’s the fact that sharding will arrive after, which would bring a great deal of scalability to the network.

Ethereum co-founder Vitalik Buterin has spoken about the future of the asset, and it looks optimistic. In any case, the network is looking to make even more of a dent in the market.

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Ethereum

Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

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Tron’s Justin Sun Blocked By Aave Due to Tornado Cash Transaction

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Tron’s Justin Sun Blocked By Aave Due to Tornado Cash Transaction
  • Tron’s co-founder Justin Sun’s account was blocked on Aave this Saturday. 
  • According to Sun, the account was blocked after he randomly received 0.1 ETH from Tornado Cash. 
  • De-fi Protocol Aave has not issued a statement as of yet. 

A lot has happened since the U.S Government sanctioned Tornado cash, the mixing token that makes Ethereum transactions untraceable, on August 8. Following the sanction, an arrest took place later on August 10 by Dutch Authorities in the Netherlands, where a suspected Tornado cash developer was reprimanded by the Dutch Fiscal Information and Investigation service. 

There have been several reports that a few Defi protocols are taking action to comply with the U.S sanction and prohibiting accounts that have interacted with Tornado cash. Most recently, Tron’s co-founder Justin Sun reported on Twitter that Aave blocked his account on Saturday. 

According to Justin Sun, the account block followed just after he was sent 0.1 Eth randomly by an unknown address. 

Jerry Brito, executive director of crypto non-profit Coin Center, already warned that this would happen. The Tornado Cash sanction denies Americans their “constitutional right ot anonymity”. 

“Presumably, it means that anybody who interacts with those addresses would be in a technical violation”, even if they received a few dollars from a Tornado Cash mixer without their consent, Brito tells Fortune

American Celebrities and Popular Accounts Have Received 0.1 ETH From Tornado Cash

Reports show that many well-known accounts and a handful of American celebrities like Jimmy Fallon, Logan Paul have also been gifted 0.1 ETH by this anonymous user. The act is potentially a revolt towards the sanction introduced by Tornado Cash, and it’s implications.

It is now illegal for any American citizen to interact with Tornado Cash, however, it is technically impossible to stop users from sending funds via Tornado Cash to random accounts. 

The U.S government has been pretty clear that they would continue monitoring mixers and take any action if required; however, there already appear to be gray areas that are yet to be explored. 

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Tornado Cash DAO Website Goes Offline After Developer Alex Pertsev’s Arrest

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Tornado Cash DAO Website Goes Offline After Developer Alex Pertsev’s Arrest

TL;DR

  • The software developer arrested by Dutch authorities earlier this week is Alex Pertsev, according to The Block.
  • Tornado Cash DAO’s website has gone offline since the arrest.

Dutch police arrested suspected Tornado Cash developer on Wednesday, 10 August. According to The Block, the software developer is Alex Pertsev, as confirmed by his wife, Ksenia Malik. She continued to say that her husband had not done anything illegal and was shocked by this arrest. 

Read More: Alleged 29-Year-Old Tornado Cash Developer Arrested By Dutch Investigators In Amsterdam

Tornado Cash DAO website has gone dark since the arrest, with many users reporting that they have not been able to access Tornado’s discord channel or website. 

Tornado Cash was only added to the Office of Foreign Assets Control’s list on Monday.

It appears that users have not been able to access the website potentially due to internet service providers complying with the U.S Government sanctions.

However, alternative methods have been introduced on how to use TornadoCash since the ban. 

According to the U.S Department Of The Treasury, Tornado Cash was used to launder more than $7 billion worth of virtual currency since its creation in 2019. They have been linked to Lazarus Group, a Democratic People’s Republic of Korea state-sponsored hacking group involved in the largest known virtual currency heist to date. 

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