Miners Send 260% of Daily Revenue to Exchanges – Uncover the Surprising Reason!
• Vodafone confirms rumors of Cardano NFT plans
• CME Group to offer Ether/Bitcoin ratio futures in July
• Miners sent 260% of their daily revenue to exchanges
Vodafone Confirms Plans for Cardano NFTs
Vodafone has confirmed rumors that they are planning to launch a Non-Fungible Token (NFT) platform on the Cardano blockchain. The new platform will allow users to purchase and use digital assets such as artwork, music, and videos. This move follows Revolut’s recent delisting of Cardano, Polygon, and Solana from its US market.
CME Group Offering Ether/Bitcoin Ratio Futures
The Chicago Mercantile Exchange (CME) Group announced it will begin offering Ether/Bitcoin ratio futures contracts starting in July 2021. This move is seen as an effort by the CME Group to provide more trading outlets for cryptocurrency investors. Additionally, Fidelity Investments has reapplied for a spot Bitcoin ETF despite an earlier rejection in 2022.
Surveillance Agreement Key to SEC Approval
Elliot Johnson recently argued that a surveillance agreement between the SEC and a crypto exchange is key for the approval of spot Bitcoin ETFs. Such agreements would allow exchanges to monitor suspicious activities related to ETF funds and protect investors from fraud or manipulation.
Miners Sent 260% of Daily Revenue To Exchanges
On-chain data reveals that miners recently sent an equivalent of 260% of their daily mining income to exchanges – significantly higher than previous records seen before June 22nd when miners had sent 315%. It’s believed this increase is mainly attributed to one of the largest Bitcoin mining pools – Poolin – who saw an unusual spike in selling activity.
In conclusion, various developments have been taking place in the cryptocurrency space lately including Vodafone’s plans for Cardano NFTs, CME groups offering Ether/Bitcoin ratio futures contracts, and miners sending an unprecedented amount of their daily revenue to exchanges. While these events may seem unrelated at first glance, they point towards increased adoption of cryptocurrencies which bodes well for the future of digital assets.