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Blocktrade raises €4.5M in its BTEX Token sale

  • Gamified asset marketplace Blocktrade says it has raised €4.5 million in an exclusive BTEX Token (BTEX) sale.
  • The sale attracted 1,400 community members from 42 countries.
  • Blocktrade will use the funds to grow its platform.

Blocktrade, a gamified crypto asset and marketplace, has announced that it has raised €4.5 million in an exclusive sale of its BTEX token. The sale, which ran from May 5th to 18th, was open to Blocktrade VIP members and attracted over 1,400 participants from 42 countries.

The BTEX token will be used to power the Blocktrade ecosystem, with holders able to access a variety of benefits, including reduced trading fees and participation in airdrops.

Blocktrade CEO Christian Niedermueller said that the successful token sale is a testament to the growing demand for the platform’s gamified crypto service. 

“We are grateful for the overwhelming response and participation by Blocktrade VIP members to this exclusive token sale round,” Niedermueller added. “This show of enthusiasm points to the appetite amongst crypto users today for an accessible and engaging digital asset trading platform. We now look forward to continuing to enhance the experience on offer to Blocktrade’s ever-growing community.”

The launch of the BTEX token is the latest development in Blocktrade’s rapid growth. The platform was established in 2018 and has received VASP registrations in Estonia, Italy, and Slovenia.

The post Blocktrade raises €4.5M in its BTEX Token sale appeared first on CoinJournal.

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Russia to use crypto exchanges for cross-border transactions

  • Russia appears to have ditched plans for a state-run cryptocurrency exchange, according to a new report.
  • Instead, it is looking to establish a framework to support cryptocurrency exchanges and digital assets in cross-border transactions.
  • The news was reported today by a local media outlet, citing comments from Anatoly Aksakov, the head of the State Duma committee on financial markets.

Russia is considering the use of cryptocurrency exchanges to facilitate the settlement of cross-border transactions, according to the latest crypto news from the country.

Local media publication Izvestiya revealed this development on Monday, citing a member of the State Duma.

Russia gives up plans for national crypto exchange

As CoinJournal reported last November, Russian authorities had hinted at plans to establish a state-run cryptocurrency exchange. The country’s Finance Minister Anton Siluanov also revisited this idea in April, noting the push to have a new payments system that included crypto in place.

As Izvestiya reported today, the country appears to be shelving these plans in favour of a new framework that would support crypto exchanges. 

The publication quoted Anatoly Aksakov, the head of the State Duma committee on financial markets. According to Aksakov, Russia is now looking to adopt a framework that would see rules for the use of crypto exchanges for cross-border settlements established.

The plans have received the support of the Ministry of Finance, which was reportedly against the launch of a single national digital assets exchange.

Ivan Chebeskov, director of financial policy at the Ministry of Finance told Izvestia that the ministry is focused on proper and comprehensive regulation of cryptocurrencies.

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DOT/USD technical analysis – will the bottom hold?

  • Polkadot hodlers are underwater
  • A bullish scenario remains valid if the lows hold
  • A move above $7 should lead to more gains

It has been a tough period for long-term holders of Polkadot. The DOT/USD exchange rate has moved South relentlessly after peaking at $56 in late 2021.

From $56 to $5, it was a straight decline. It took only one year for Polkadot to frustrate bulls.

And even now, as cryptocurrencies have rallied in 2023, one should be scared looking at the daily chart. After all, the bounce from the lows looks so small when interpreting the bigger picture that it is difficult to find a bullish argument.

Polkadot chart by TradingView

Polkadot should overcome $7 resistance area for bulls to be in control

Zooming in, one may see the 2023 rally that brought back optimism in the cryptocurrency market. Sure enough, Polkadot already gave back more than half of its YTD gains.

But the invalidation level for a bullish scenario still holds. Effectively, it means that the recent price action might be nothing but a correction part of a bigger-degree bullish trend.

Polkadot chart by TradingView

The Elliott Waves theory states that an impulsive move (i.e., the one that began at the start of the year) is followed by a corrective structure, an a-b-c.

This a-b-c that corrects a bullish trend should have two waves moving in the opposite direction (i.e., waves a and c), and one that moves in the main trend’s direction.

It means that one may easily say that the move from the 2022 lows is an impulsive structure, and the decline from the 2023 highs is the a-b-c. In this case, the implications are bullish for Polkadot and bearish for the US dollar.

However, only a move above the pivotal $7 level would cement the bullish Elliott Waves scenario. Until then, bulls might wish for the price action to hold above the invalidation area shown on the chart above.

The post DOT/USD technical analysis – will the bottom hold? appeared first on CoinJournal.

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Miner earnings from Bitcoin fees decline 90% from peak of BRC-20 frenzy

  • Bitcoin miners’ revenue from fees dropped 90% since the BRC-20 peak, from $17.8 million daily to $1.7 million per day as of 29 May, 2023.
  • However, current levels remain within historical levels with only 310 out of 4674 trading days having seen greater fees.
  • In 2018, transaction fees were higher than recent highs only on two trading days.

Bitcoin miner revenue from transaction fees has declined significantly since the BRC-20 frenzy that drove network activity higher earlier in the month.

Bitcoin mining is a key component of the flagship cryptocurrency’s network operations and miners earn from the set subsidy as well as transaction fees. BRC-20 tokens are a type of fungible tokens created on the Bitcoin blockchain. They are ordinal inscriptions that can are used to represent a variety of things, including digital assets and loyalty points.

Miner revenue from fees falls sharply after BRC-20 frenzy

According to data from Glassnode, a leading on-chain and financial markets data platform, miners were earning roughly $17.8 million from transaction fees per day. This happened as Bitcoin price traded near the YTD highs and as the BRC-20 craze hit the industry. 

However, as of May 29, 2023, the earnings had declined considerably and miners were taking home just $1.7 million from network fees per day.

Miner earnings from fees has thus fallen by about $16.1 million, or 90.85% from that recent peak, Glassnode highlighted on Monday.

But as the platform noted, miners’ revenues from fees dropping to latest levels still sees the figures near historical ones seen in most trading days. Only 310 out of 4,674 days, or 6.7% of BTC trading days have seen higher miner revenue from fees.

Glassnode noted:

“At the peak of the BRC-20 frenzy, Bitcoin miners were earning $17.8M in transaction fees, with only 2 trading days across the 2018 peak recording a larger fee revenue. Currently, miners are earning $1.7M in fee revenue, a -$16.1M decline from the recent peak. However, this remains significantly elevated when compared to historical precedence, with only 310 / 4674 (6.7%) trading days recording greater fees.”

The Bitcoin network recently saw a massive surge in activity as the demand for BRC-20 tokens soared. The result, as highlighted here, was network congestion as the rush to inscriptions helped fees to spike to year-to-date highs. It proved a bumper season for miners as Glassnode data shows.

In 2018, when Bitcoin fees also spiked significantly, only 2 trading days had recorded transaction fees higher than the $17.8 million miners earned recently.

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