In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.
Data Shows Almost 78% of All Bitcoin in Non-Custodial Wallets
Data from blockchain analytics firm Glassnode shows that around 15 million BTC is now stored in non-custodial wallets, or about 78% of all circulating supply. This leaves just over 4 million Bitcoin in circulation to be exchanged. The large increase in non-custodial wallet storage is largely due to public fears of cryptocurrency being lost to defunct cryptocurrency exchanges like FTX. This may be a sign that the majority of Bitcoin investors are holding onto their coins harder than ever, aka “diamond hands” in the crypto community. The figure below illustrates the amount of BTC in illiquid, liquid, and highly liquid supply over the last ten years. While the downward trend in liquid Bitcoin may signal that the market is ready for more major movement, it’s difficult to tell what all investors are thinking. Are you holding your Bitcoin through this wild market?
Liquid and Illiquid Supply of Bitcoin (Source: Glassnode)
FTX Ex-CEO Denies Knowledge of Misused Customer Funds
In an interview with Good Morning America, former FTX CEO Sam Bankman-Fried denied multiple claims about his knowledge of inner workings that led to the downfall of FTX. During the interview, Bankman-Fried reiterated FTX’s legitimacy as a business, and that it was not a “ponzi scheme” as some have called it. He also denied the claim that he knew about the misuse of customer funds between FTX and Alameda Research. The former billionaire’s net worth is around $100,000 and is focusing on working through legal processes amidst FTX’s bankruptcy, according to his interview.
Apple Denies Coinbase Wallet Update Over 30% “Apple Tax”
Smartphone giant Apple has denied cryptocurrency exchange Coinbase from pushing an update to their Wallet app on Apple devices, citing that they want to include a 30% tax on gas fees when sending NFTs. The feature included in the update allowed users to send NFTs to each other, which uses gas on the Ethereum network. Coinbase has stated that this demand is not possible due to how ethereum transactions work, and that it would require an immense amount of technology to figure it out. Apple has historically enforced a 30% “Apple tax” on all in-app purchases made on Apple devices, and apparently they want a cut of crypto transactions too. In your opinion, is Apple being too greedy? Find us on Twitter (@RockItCoin) and let us know your thoughts by using #rockitcoin!
