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Binance Leads Bitcoin and Ethereum Outflows in 2024

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9 hours ago

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Binance Exchange is in the spotlight as the trading platform that dominated Bitcoin (BTC) and Ethereum (ETH) outflows in the past year. According to CryptoQuant analyst Crazzyblockk, the trading platform set a new benchmark for exchange activity. 

The Binance Bitcoin and Ethereum Outflow Dominance

According to Crazzyblockk, crypto exchange Binance processed nearly 2 million Bitcoin and Ethereum outflow transactions in December 2024. Since 2018, the exchange has consistently led the market per Bitcoin and Ethereum outflow transaction counts. 

Despite the shift in the U.S. market per the emergence of crypto-based exchange-traded funds, CryptoQuant noted that Binance maintained its dominance. The trading firm led its rivals to process the highest monthly BTC and ETH outflow trades.

The analyst pointed out that the December 2 million outflow transaction count shows Binance’s deep liquidity. The record presents the exchange with robust infrastructure and a defined role as a core gateway for crypto trading withdrawals.

Binance achieved this milestone despite the impact of the departure of Changpeng ‘CZ’ Zhao as the CEO in 2023 

Exchanges Supporting Crypto Market

While Binance ranked as the biggest per Bitcoin and Ethereum outflow processing, exchanges generally played a vital role in the crypto market’s evolution last year.

Coinbase exchange, for instance, played a vital role as a major custodian for Bitcoin and Ethereum ETF issuers. Beyond its role in the institutional market, Coinbase also played a key role in offering retail products through new token listings. Coingape reported recently that Coinbase listed MOG Coin, Moo Deng, and other retail-focused tokens.

Rivals like Binance have also stepped up their listing game to match support for other evolving assets beyond BTC and ETH.

Market Predictions For 2025 – Bitcoin and Ethereum In Focus

Bitcoin and Ethereum influence the market with a combined dominance of at least 68.8%. While CryptoQuant did not predict what outflow trends might accompany the assets this year, industry leaders gave some forecasts about both coins and their ecosystems.

Bitwise, for instance, predicted that Bitcoin and Ethereum prices would hit a new all-time high (ATH) this year. Specifically, Bitwise said BTC would hit $200,000 and Ethereum would hit $7,000 this year. 

Meanwhile, BTC has recorded multiple ATHs this bull cycle fueled by demand from Binance and other platforms. However, Ethereum has yet to break a similar record. Other asset managers like Galaxy Digital also issued optimistic forecasts for BTC and ETH this year.

Ultimately, the belief is that due to their dominance and correlation with altcoins, a growth in their price might create a ripple effect for other digital assets.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Senate Banking Committee Advances Plans for Crypto Subcommittee Vote

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2 hours ago

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January 10, 2025

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The Senate Banking Committee, under the leadership of Senator Tim Scott, is preparing to establish its first-ever subcommittee focused on cryptocurrency oversight. This initiative comes amid increased government attention on digital assets, including the recent sale of $6.7 billion in Bitcoin seized from the Silk Road case by the U.S. Department of Justice.

The move is seen as part of broader efforts to provide regulatory clarity for the rapidly growing cryptocurrency industry. According to a report shared by FOX Business reporter Eleanor Terrett, Senator Cynthia Lummis has been tentatively selected to chair the subcommittee.

Senate Banking Committee Pushes for Dedicated Crypto Subcommittee

The new cryptocurrency subcommittee is similar to the one established in the House Financial Services Committee in 2023 by Patrick McHenry. The decision made by the Senate Banking Committee is in line with the efforts made by both parties to fill the gaps in the regulation of cryptocurrencies, which has been a concern within the digital asset industry.

A Senate aide stated that a vote to formalize Senator Lummis as chair with new Republican and Democrat members will most probably take place next Thursday. This vote is to occur before another confirmation hearing for Scott Turner, the person chosen by President-elect Donald Trump for the position of Secretary of Housing and Urban Development.

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

Industry Seeks Clearer Regulations Amid Government Action

Senator Lummis has been one of the biggest proponents of the growth of digital assets and blockchain technologies. Her leadership in the subcommittee may be able to help bring more attention to addressing industry issues, for example the uncertainty of regulation that has led some companies to shift operations overseas.

The formation of the Senate’s crypto subcommittee is likely to make the process of enacting coherent and comprehensible legislation even easier. This follows other actions by the government in the crypto sphere such as the sale of Bitcoin that was seized from Silk Road. The DOJ’s auctioning off of $6.7 billion worth of Bitcoin not only represented a significant enforcement action, but also highlighted the government’s increasing presence within the asset class.

As the change of government admin looms, the cryptocurrency industry is also putting pressure on the incoming President of the United States, Donald Trump, to support friendlier policies. Moreover, sources indicate that industry leaders have called for formation of a US Bitcoin reserve and executive orders to foster advancement of the blockchain technology.

Expectations for Senator Lummis’s Leadership

If approved as chair, Senator Cynthia Lummis will have a pivotal influence on setting up the new course for the U.S. cryptocurrency policies. Lummis has long been a proponent of digital assets, often campaigning for their acceptance into the US financial system.

This comes amidst appointments by the Trump administration to replace important regulatory heads such as SEC Chair Gary Gensler with others that are more liberal in the cryptocurrency space. There has also been a suggestion of a new White House position called the “Crypto Czar” within the transition team’s plans.

The creation of the Senate’s cryptocurrency subcommittee has been seen as a significant move to help combat the problems facing the sector. This is anticipated to help promote discussions between the government and businesses to support growth and coordination on regulations.

The vote to set the final list of the members of the subcommittee will be held on Thursday.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Aptos Leverages Chainlink To Enhance Scalability and Data Access

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6 hours ago

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January 9, 2025

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Thodoris Karakostas, head of blockchain partnerships at Chainlink commented,

“We are excited that Aptos has adopted the Chainlink standard. Chainlink Data Feeds will greatly enhance the reliability of applications built on the network, and we look forward to seeing the innovative ways developers leverage it.”

It is worth noting that Aptos Labs co-founder and CEO, Mo Shaikh recently resigned, with co-founder Avery Ching taking over as CEO.

Scalability and Security With Aptos’ Modular Architecture

Aptos has positioned itself as a high-performance blockchain with a focus on scalability and security. Its use of the Move programming language and Block-STM engine allows for efficient execution of complex transactions. This modular architecture supports reduced latency, ensuring fast and seamless user experiences.

With the addition of Chainlink Data Feeds, Aptos strengthens its ability to support enterprise-grade applications. Developers can now build decentralized solutions with enhanced security and scalability, addressing the evolving needs of blockchain users.

Chainlink has become a trusted standard for delivering verifiable data to blockchains, supporting major decentralized finance (DeFi) protocols. Its decentralized infrastructure eliminates manipulation risks by providing tamper-proof data through a network of reliable nodes. 

Chainlink’s technology plays a critical role in advancing Web3 by enabling real-time and accurate data delivery.

Notably, earlier this week, Ripple partnered with Chainlink to enhance its Ripple USD (RLUSD) stablecoin. Consequently, Chainlink’s decentralized oracle network now delivers secure price feeds for RLUSD on both Ethereum and the XRP Ledger.

Ripple’s adoption underscores the growing importance of secure data delivery in blockchain-based finance. The collaboration will boost RLUSD adoption by ensuring real-time, accurate pricing data. This will actively bridge the gap between blockchain technology and traditional finance.

Meanwhile, LINK whales offloaded 770,000 tokens worth $18.4 million between January 1 and January 4, following a 21% price rally. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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UK Court Denies James Howell’s Claim on £600M Bitcoin From Landfill

Published

13 hours ago

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January 9, 2025

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A High Court judge has dismissed James Howells’ legal effort to recover a hard drive containing access to Bitcoin worth £600 million ($739 million).

The decision, handed down by Judge Andrew John Keyser KC, marks the end of a long-standing legal battle between Howells and Newport City Council over access to a landfill site in South Wales.

Court Denies James Howell’s Claim on £600M Bitcoin

An early investor in Bitcoin, James Howells, said that he threw away a hard drive with 7,500 BTC in it in 2013. The council countered that once the hard drive was in the landfill, it became the property of the council under the current disposal of waste laws. The court also heard that environmental permits did not allow digging the landfill to extract the device.

According to the BBC report, Judge Keyser KC has dismissed Howells’ lawsuit stating that there are no reasonable grounds for the claim and there is no reasonable likelihood of success at trial. In the written judgment, the judge said that there was no good reason why the claim should be permitted to continue.

Howells had several times presented Newport City Council with a piece of the Bitcoin, which he estimated could be worth over £1 billion ($1.2 billion) by 2026 if the council helped him access the hard drive.

Environmental Concerns Block Landfill Access

Newport City Council told the court that James Howell should not be allowed to use the landfill because it would be against the law. The landfill, which contains over 1.4 million tonnes of waste, cannot be excavated under the current permit.

James Howells said that the search had been concentrated on an area that contained 100,000 tonnes of waste, where the hard drive was last known to be. However, the council argued that just trying to get the hard drive back could also be dangerous to the environment.

The council’s legal representative, James Goudie KC, stated that the planned excavation would make the council have to “play fast and loose” with the environmental laws. The court supported the council arguing that a set of waste management legislation was more significant than Howells’ rights to the lost device.

Bitcoin’s Value Adds Complexity

James Howell bought the 7,500 BTC in 2009 when the currency was not very valuable. Since then, the value of Bitcoin has increased, and in recent years, it has touched historical market values. Between 2024 alone, the price of Bitcoin rose by over 80%, and Howells felt that he had to act faster and renewed the efforts to get his BTC back.

At the time of the decision of the court, Bitcoin’s price was standing at nearly $95,000, thus making the lost wallet one of the most valuable single ownership of Bitcoins. Howells said that the lost funds could be a life-changing amount of money, but he could not retrieve the hard drive due to legal and regulatory restraints.

However, Howells had said earlier that he was ready to wheel his case to the UK Supreme Court. However, with the dismissal of the claim, it is quite difficult for him to recover the lost Bitcoin.

The James Howell case has drawn attention to the broader issue of lost Bitcoin and its potential effect on the cryptocurrency market. In a separate case, the United States government recently liquidated 69,370 BTC, worth $6.7 billion, seized from the Silk Road marketplace.

Bitcoin’s volatility has also been highlighted, as the digital asset briefly fell below $93,000 following the recent liquidation.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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