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BTC Whale Holding 80,000 Could Crush Market, China Mining Friendly, Binance Helps Ukraine

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. 80K BTC whale could bring a market apocalypse. China withdraws Bitcoin mining from the soon-to-be-banned industry list. Binance to help Ukraine build crypto regulations. Coinbase introduces Tezos staking. eToro acquires cryptocurrency portfolio company Delta, and USDC use grows among DeFi platforms.

BTC Whale Holding 80,000 Could Crush Market

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The people of Whale Alert, a Twitter account that records big cryptocurrency transactions of several blockchains, identified an 80K BTC whale that, according to them, could put the market upside down if it decided to sell. “If they decide, ‘Okay, let’s go sell them,’ it would crush the market completely,” they declared while on an interview with SFOX. However, they also recognized this 80K BTC whale was currently dormant, and they don’t know if the owner of the BTC still has control over them.

China Withdraws Bitcoin Mining From List of Industries to be Eliminated

BTC

The China National Development and Reform Commission scrapped the first version of a document that recommended eliminating Bitcoin Mining from China in the future. The document, called “Catalog for Guiding Industry Restructuring,” removed any mention of Bitcoin mining from the list of activities recommended to be phased out from the country. This happened after Xi Jinping, the President of China, gave positive remarks about blockchain, encouraging the country to hasten its development.

Binance Will Help Ukraine to Formulate Crypto Regulations

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Binance, the biggest cryptocurrency exchange by trading volumes, signed a memorandum of understanding with the government of Ukraine to help formulate the country’s cryptocurrency regulations. The Ministry of Digital Transformation of Ukraine and Binance will designate a working group to build and present several proposals regarding cryptocurrency regulation and blockchain. “We welcome Binance’s willingness to provide us with advisory assistance as the experience of one of the leading world players in this field is very useful,” declared Mykhailo Fedorov, the Vice Minister of Digital Transformation.

Coinbase Introduces Tezos Staking

Coinbase, the US-based exchange, introduced Tezos staking. Now Tezos owners will be able to receive passive rewards in their Coinbase accounts. The only requirement is to hold Tezos to receive 5% while you maintain control of your crypto. Tezos has also been added to the Coinbase Earn program, and each person can learn about the benefits and traits of the crypto while earning $6 that can be also staked to earn interest.

eToro Purchases Portfolio App Delta

eToro, a social cryptocurrency trading platform, acquired Delta, a cryptocurrency portfolio tracking app to complement its platform. Neither of the two companies disclosed the amount of money transacted for the purchase, but according to some reports, Delta cost them around $5 million. Delta, a price tracking and crypto watch app, will be maintained as a standalone, and users will be able to trade cryptocurrencies from the same app using eToro’s own cryptocurrency exchange, eToroX.

USDC Grows with DeFi Loans

USDC, the stablecoin supported by Circle and Coinbase, is being used in 1 of every 10 loans given by decentralized finance (DeFi) platforms, according to numbers provided by LoanScan, a decentralized finance aggregator. Trailing only behind Dai, an ERC20 algorithmic stablecoin, and Ethereum, USDC experienced growth in usage mainly due to being backed by US dollars and the release of monthly audits. The USDC product lead, Joao Reginatto, states he believes these numbers will keep growing.

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