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CEX.IO Spotlight: Aurus (AWX, AWG, AWS)

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Supply: Manhattan Gold & Silver

Once we evaluate the infographic above, it’s clear to see that though gold and treasured metals could come in several types, all of them nonetheless face severe limitations. Tokenization of those property manifests an advantageous funding automobile that comes with out the duty of holding the precise bodily metals. 

Aurus gives a number of distinct tokens

Whereas gold is commonly the primary focus of treasured metals buyers, silver and platinum are additionally distinguished. Aurus has launched a number of sorts of tokens to fulfill the calls for of those buyers. At present they provide three tokens which might be backed by these commodities, in addition to one token that represents the general ecosystem and community that they’ve created. All of those are Ethereum erc20 tokens, transferable on each the Ethereum and Polygon blockchains. 

AurusDeFi (AWX): 

Aurus is an organization that exists within the rising decentralized finance (DeFi) house. As such, the AWX token has an essential function within the ecosystem that Aurus has created. Not solely does it reward holders with transaction charges from the sale of Aurus’ different tokens, however it’s also used for voting and governance functions. AWX is traded on the open market, and it’s restricted to the 30,000,000 created tokens that at present exist. 

AurusGOLD (AWG):

The AWG token represents digital gold. These tokens are minted as digital representations of actual gold in storage. 

AurusSILVER (AWS):

The AWS token represents digital silver in the identical approach.

AurusPLATINUM (AWP): 

The AWP token represents digital platinum. AWP will not be but listed on the general public market however is deliberate for someday later in 2022.

Moreover, every AWG, AWS, and AWP token are all backed by one gram of their respective commodity. This additionally signifies that the worth of those tokens fluctuates in tune with the dear metals market. As well as, every token is, in truth, redeemable for one gram of the bodily steel it represents. 

As they’re cryptocurrencies, these tokens are additionally divisible to the smallest fraction of a token. Whereas most gold sellers will solely assist you to buy full gold bars or cash, these tokens allow you to purchase no matter quantity you need. That is splendid for dollar-cost-averaging over time. 

How does Aurus work?

Aurus has constructed a considerable multinational community of treasured metals corporations. From the start, Aurus understood that they might have extra success working along with these companies, as an alternative of competing towards them. On this symbiotic relationship, they convey the crypto infrastructure and community essential to tokenize their gold, silver, and platinum reserves. 

To incentivize participation on this system, Aurus gives these corporations part of a profitable revenue-sharing program. Suppliers of those treasured metals obtain a share of the charges generated from the usage of their AWG, AWS, and AWP tokens. 

AWG

50% of all charges generated from this token go to AWX token holders, the remaining 50% is cut up evenly between the gold supplier and vault storage supplier. 

AWS / AWP: 

30% of all charges generated from these tokens go to AWX token holders, the remaining 70% is cut up evenly between the asset supplier and vault storage supplier.

 



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Crypto Exchanges

Crypto Ecosystem Update #27 (August 17, 2022)

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Each week, CEX.IO takes a deep dive into the cryptocurrency ecosystem. Within the twenty seventh version of the Crypto Ecosystem Replace, we discover the worth motion and on-chain exercise for Bitcoin. Moreover, we offer a concise overview of essential developments that might influence the ecosystem within the weeks or months forward.

Learn alongside for perception on the most recent DeFi developments, discover in-depth value analyses, and luxuriate in critiques for correlated markets that will help you take advantage of knowledgeable choices alongside your crypto journey. 

Bitcoin nonetheless contained in the channel

In July, the U.S. shopper value index (CPI) dropped for the primary time since 2020, resulting from slumping power costs (from 9.1% in June to eight.5% in July). The inflation announcement on August 10 introduced alongside a optimistic market motion, pushing the worth of Bitcoin as much as $25,000 by the following buying and selling day. 

Nonetheless, it’s fascinating to see that Bitcoin nonetheless didn’t escape of its two-month-old rising channel for the reason that announcement. Quite the opposite, the S&P 500 index, the asset class that Bitcoin has been most intently correlated with, was in a position to rise with considerably stronger momentum.

BTC_chart_with_paralle_rising_channel

Bitcoin/U.S. Greenback value chart with the parallel rising channel. Supply: Tradingview 

bitcoin_chart_4-hours_candles

Bitcoin/U.S. Greenback value chart in 4-hour candles

s&p_chart_in_4-hour_candles

S&P 500 value chart in 4-hour candles

Bitcoin’s parallel rising channel might point out a make-or-break level is on the horizon. Traditionally, the later a value motion happens, the extra explosive it has the potential to be. In that sense, a escape of the channel might swiftly take the worth of Bitcoin above $30,000 or under $20,000.   

Because the S&P 500 index is getting overbought in a number of time frames, market individuals could must maintain a better eye on this house to extra precisely consider Bitcoin’s subsequent attainable strikes. Needless to say there might all the time be a lag within the value strikes of correlated property: even when the S&P tops out, it doesn’t imply Bitcoin goes to high concurrently. 

S&P 500 overbought at main resistance

Following the $3,600 backside in June, the S&P 500 was in a position to breach the primary main resistance on August 10 ($4,170), proper after the lower-CPI announcement.

In solely 4 buying and selling days, the index value hit the following main resistance at $4,300.

s&p_chart_with_major_resistance_levels

S&P 500 chart within the each day timeframe with main resistance ranges

Overbought within the weekly timeframe

The stochastic RSI for S&P 500 has change into considerably overbought within the weekly timeframe. Stochastic RSI is a momentum indicator used to find out overbought and oversold value ranges for an asset. The values of the indicator can vary between 0 and 100, the place 0 signifies an oversold value and 100 signifies an overbought value. 

The S&P 500’s weekly stochastic RSI hit 100 on the week of August 1, and has stayed at that stage since then. This might recommend that the $4,300 resistance might not be damaged on the first try, not less than within the quick time period. 

weekly_stochastic_chart_for_s&p_500

Weekly stochastic RSI chart for S&P 500

Attainable cup & deal with formation for Bitcoin

Within the meantime, the worth of Bitcoin is sitting on short-term assist at $23,800. If the assist sustains, the worth motion since July 26 might play out as a cup and deal with formation:  

daily_btc_chart_with_resistance_level

Every day Bitcoin/U.S. Greenback chart with the $23,800 resistance

cup_and_handle_formation_4-time_frame

Zoomed-in view of the cup & deal with formation within the 4-hour timeframe 

If the S&P 500 index ranges across the $4,300 resistance for a while, it might give Bitcoin the momentum it must lastly escape of the channel and head to the foremost $29,000 resistance.

Rising wedge

Then again, Bitcoin has additionally been touring inside a rising wedge since July 26. Rising wedges, particularly throughout bear markets, typically play out as a bull entice. If that is certainly the case, we  might see the wedge break to the draw back, again to the $20,800 assist from June 26. 

Presently, the worth of Bitcoin is precisely on the backside assist of the wedge (see the chart under) so it’s value watching this wedge formation to higher monitor the place Bitcoin could possibly be headed subsequent.

bitcoin_chart_with_rising_wedge

The rising wedge formation on the Bitcoin chart    

Spent Output Revenue Ratio

By way of Bitcoin’s on-chain exercise, the Spent Output Revenue Ratio (SOPR) has reached the traditionally important 1.0 threshold. 

SOPR calculates the ratio of realized revenue or loss for all bitcoins moved on-chain.  

Previously, every time the Bitcoin SOPR hovered above 1.0 for an prolonged interval, it introduced a large bull run. The historic 2016/17 bull run (from $300 to $20,000), the large 2019 bear market rally (from $3,000 to $14,000), and the final bull run in 2021 (from $10,000 to $60,000) all mark the intervals when the SOPR was constantly above 1.0 (see the chart under).

entity_adjusted_sopr_and_bitcoin_chart

Entity-adjusted Spent Output Revenue Ratio (SOPR) & Bitcoin value chart. Supply: Glassnode

Please be aware that the chart above shows the entity-adjusted SOPR which discards transactions between addresses of the identical entity (“in-house” transactions). The entity-adjusted SOPR accounts for actual financial exercise solely and gives a superior market sign in comparison with its uncooked counterpart.

The entity-adjusted SOPR is at the moment making an attempt to interrupt above the 1.0 resistance as circled in crimson within the chart. If the resistance is decisively damaged, a brand new Bitcoin bull development might begin with the worth breaking above the rising channel resistance.

Quite the opposite, the 2022 bear market has not but seen the SOPR plunge to its 2018-20 lows. In December 2018, the ratio dropped to as little as 0.75 earlier than persevering with to drop to lower than 0.70 throughout the COVID-19 crash in March 2020. This implies that absolutely the market backside might not be in Bitcoin’s future simply but relating to the present cycle.  

Bitcoin dominance again on the 40% assist

Bitcoin dominance is the ratio of Bitcoin’s market capitalization in opposition to the whole cryptocurrency market worth. Thus a better Bitcoin dominance means a weaker altcoin market.

The dominance began an uptrend in Could, throughout the Terra/UST collapse, as a consequence of shaken investor confidence for altcoins and stablecoins. The ratio elevated as the worth of Bitcoin stored dropping till June 18.  

Following Bitcoin’s capitulation, the 48% stage acted as resistance once more for Bitcoin dominance (the resistance from the 2021 bull market). After hitting the resistance, the dominance began to crash very quickly which manifested itself in Ethereum outpacing Bitcoin all through July. Moreover, July noticed over 100% value beneficial properties in main altcoins like Polygon, Aave, and Uniswap. 

The ratio is now virtually again on the 40% assist from final 12 months. If Bitcoin dominance makes a brand new low under 39%, it is going to be the primary time in cryptocurrency’s historical past that the dominance breaks down long-term assist throughout a bear market.

bitcoin_dominance_chart_with_daily_candles

Bitcoin dominance chart with each day candles

To this point, bear markets have had rising Bitcoin dominance which peaked throughout Bitcoin’s cycle-topping bull runs. Cycles have been then accomplished with a large crash in dominance as a full-blown altcoin season set in. 

However the query stays: will there be an alt season this time in the midst of a bear market? 

It’s attainable that the dominance might maintain plummeting and take a look at the descending assist line at 39% (the inexperienced line within the chart under).

market_cap_btc_domance_chart

By way of market fundamentals, the ever-increasing hype in regards to the Ethereum Merge might set off a breakdown under 39% since Ethereum is by far the most important altcoin and a serious market mover for altcoins. The previous bear markets by no means witnessed such a basic improvement contemplating Bitcoin dominated the market’s general path throughout these cycles.

In any other case, if the 39% stage performs out as a bull entice, then the Merge might find yourself as simply one other “purchase the rumor, promote the information” occasion in cryptocurrency historical past.

Twister Money sanction sparks fears of crypto enforcement

Twister Money was sanctioned by the U.S. Treasury after allegations of cash laundering have been adopted by current cryptocurrency heists. 

Twister Money is a privateness protocol on the Ethereum blockchain that anonymizes coin transactions by masking transaction hashes in addition to each sender and receiver pockets info. In that sense, the protocol is akin to privateness cash like Monero and Zcash. 

The protocol has been accused of facilitating the $455 million hack from Axie Infinity’s Ronin bridge by North Korea’s state-sponsored Lazarus Group. 

Twister Money was additionally used throughout the $100 million heist on Concord’s Horizon bridge.

Hackers would typically use Twister Money when stealing funds on blockchain bridges or from particular person person wallets. When transactions are made by way of Twister Money, transaction hashes don’t seem on blockchain explorers nor on the hacker’s pockets tackle. 

On account of this, the U.S. authorities enforced the sanction to have the ability to observe stolen funds and entry pockets info within the curiosity of nationwide safety.

Nonetheless, the sanction stirred a number of issues within the crypto group. Many individuals are frightened that this might create a slippery slope for Web3 privateness and ultimately make your entire house meaningless. Whereas Web3 envisions a decentralized ecosystem,with none privateness it might find yourself being no totally different than the centralized web we’re utilizing immediately.  

On August 10, the arrest of a Twister Money sensible contract developer within the Netherlands additional shocked the group as a result of it opened the door to broader questions of cross-border jurisdictions within the crypto house.. Crypto fans at the moment are asking the query, “if the sanction is enforced within the U.S., then why was there an arrest made on international soil?”

World cryptocurrency enforcements have been hanging above the crypto ecosystem for a while just like the sword of Damocles. As such, the current arrest might pave the way in which for crypto laws that span your entire globe.  

$1.6 billion transferred from USDC to Tether 

Regulatory clampdown fears began to dominate the house instantly after the Twister Money ban. For instance, Circle, the issuer of USD Coin (USDC), froze $75,000 value of USDC tokens that belong to Twister Money customers. 

The choice provoked widespread debates within the crypto group. Many individuals expressed their concern that company intrusion has eroded the cryptocurrency ethos of privateness and decentralization.

Following Circle’s account freezes, crypto customers transferred $1.6 billion from USDC to rival stablecoin, Tether (USDT). Though Tether was typically accused of missing transparency regarding the reserves that again its USDT stablecoin, many individuals discovered it the safer selection after Circle began freezing buyer accounts. 

Tether’s method is likely to be paying off for now, but when the U.S. Treasury releases extra particular tips round stablecoin issuance, the tides might flip in Circle’s favor.

Observers keep that the crypto ecosystem nonetheless wants new stablecoins which might be actually decentralized to beat these obstacles regardless of the bitterness of UST’s current collapse.

Ripple appears to be like to buy Celsius property

Ripple Labs is contemplating a possible buy of property from Celsius amidst Celsius’ chapter course of. It isn’t but clear whether or not Ripple is taken with buying Celsius in its entirety. 

In response to information shops, Celsius administration has not but responded to the inquiry. Again in June, Celsius rejected the same provide from Nexo, a outstanding cryptocurrency lending platform.

Tune in subsequent week, and each week, for the most recent CEX.IO crypto ecosystem replace. For extra info, head over to the Trade to verify present costs, or cease by CEX.IO College to proceed increasing your crypto data.



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Vitalik cheers Ethereum community push back over harsh Canadian crypto rules

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Ethereum co-founder Vitalik Buterin recommended group members for talking out towards new Canadian guidelines limiting crypto buys.

Canadian exchanges Bitbuy and Newton are imposing CAD$30,000 ($23,100) annual purchase limits on all tokens besides Bitcoin, Ethereum, Litecoin, and Bitcoin Money. Nevertheless, this doesn’t apply to British Columbia, Alberta, Manitoba, or Quebec residents.

Some social media customers identified that affected people can bypass the foundations by loading up on unrestricted tokens, transferring to a decentralized change, and swapping into the token of their alternative.

The transfer, mandated by the Ontario Securities Fee (OSO), has drawn criticism from a number of distinguished crypto trade figures.

OSO needs to guard buyers

Toronto-based Newton posted a discover detailing the brand new OSO guidelines, including that this “influence[s] all Canadian crypto buying and selling platforms.”

The discover defined that the OSO is bringing the modifications to “shield crypto buyers” and to extend consciousness of the dangers associated to cryptocurrency investing.

“These modifications are to guard crypto buyers, like your self, and to verify buyers are conscious of the dangers related to investing in crypto belongings.”

In addition to the annual purchase limits, Newton mentioned its customers will now be required to finish a buying and selling questionnaire earlier than being allowed to commerce. That is to gather info on customers’ buying and selling expertise, private monetary state of affairs, and danger tolerance.

Portfolios could have set loss ranges assigned based mostly on the danger tolerance said within the buying and selling questionnaire. Loss notifications can be despatched because the person’s portfolio approaches the loss stage indicated.

Buterin praises the Ethereum group

The CEO of funding platform BnkToTheFuture, Simon Dixon, referred to as this “foolish,” because the laws don’t have in mind a person’s web value.

What’s extra, Dixon identified that the foundations, which exclude sure tokens, create a two-tier system, in impact selecting winners and losers. This goes towards the remit of regulators, who ought to oversee with neutrality.

Likewise, David Hoffman, the CEO of the crypto media outlet Bankless, expressed disbelief over the CAD$30,000 annual restrict on restricted tokens. He mentioned it makes little sense to severely prohibit buyers’ allocation alternative.

Buterin chimed in, saying it’s encouraging that the Ethereum group is voicing their grievances, despite the fact that ETH, in its privileged place, just isn’t affected by the brand new guidelines.





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ENS reaches 2 million names created

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The Ethereum Identify Service (ENS) has reached a milestone of two million “.ETH” addresses minted. The landmark comes simply three and half months after the service reached 1 million addresses.

ENS addresses enable customers to hyperlink a human-readable area ending in “.ETH” to their wallets. Domains reminiscent of “beer.eth” can be utilized to ship crypto on appropriate chains eradicating the necessity for QR codes or hard-to-remember public addresses. Customers should buy an NFT by way of ens.domains for 0.003ETH, which may then be traded or linked to a pockets to behave because the deposit tackle.

In line with knowledge from Nansen, 92% of gross sales come from the ENS Registrar Controller, and seven.5% are bought on OpenSea. Many addresses have been minted in February 2020, with a number of wallets minting over tens of hundreds of addresses.

0108888. eth and devaney.eth minted 77.5k thousand addresses between them by February 12, 2020. Nevertheless, each wallets are permitting the addresses to run out, as there’s been a decline in ENS addresses held since February 2022.

At 0.0017ETH per tackle (the unique mint worth), the whole value to mint the 77.5k addresses calculates to 131 ETH or $23,846 utilizing the worth of Ethereum from February 2020. From reviewing Etherscan knowledge for every pockets, it appears none of those addresses have ever been bought.

ENS holders
Supply: Nansen

Except for the outsized mints in early 2020, there was a broad distribution of ENS addresses with 500k distinctive addresses. Additional, over 60% of addresses haven’t moved in over 90s days suggesting homeowners are HODLing premium addresses or profiting from the utility of the NFTs by linking to a pockets tackle.

In line with knowledge from Nansen, roughly 70% of ENS tackle holders don’t personal another NFTs. Most ENS homeowners are thus not interacting with the broader NFT market. Whereas tracked on platforms reminiscent of OpenSea and LooksRare, ENS quantity is uncorrelated with the NFT market.

ens nansen
Supply: Nansen

One other statistic tracked by Nansen is the stream of “good cash” in a given NFT venture. Good cash, outlined by wallets tagged as both excessive internet value, excessive quantity, or a identified, institutional entity, began minting ENS addresses in October 2021. Good cash quantity has been surging since late 2021, with early NFT adopters proudly owning probably the most vital variety of addresses.

The desk under showcases the highest ENS tackle holders sorted by the variety of NFTs of their wallets. As seen within the first row, the burn tackle holds 153k ENS addresses as “.ETH” domains are rented somewhat than owned. A person purchases the rights to make use of a selected “.ETH” area for a time frame beginning at one 12 months.

Quantity throughout all NFT marketplaces spiked in July and has maintained a quantity of 200 – 600 ETH per day ever since. At present, the typical sale worth for an ENS tackle is 0.06 ETH, a 20x on the mint worth.

ENS addresses can be utilized for a number of blockchains, together with Ethereum, Bitcoin, Litecoin, and Doge. It will also be used to host IPFS web sites and connect a profile image to be used throughout web3 websites and dApps. With many buyers, manufacturers, and celebrities leaping on the ENS bandwagon, the long run is shiny for the premier blockchain naming service. NFT utility is among the largest tendencies of 2022, and no NFT has an incredible real-world utility than ENS.





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