CBX Weekly Newsletter // 26 Aug 2020
- Bitcoin Price at $11,700 and Ether Below $400
- Boston Fed Is Looking at Blockchain Networks for Digital Dollar Experiments
- ‘Bitcoin Rich List’ Reaches All-Time High
Bitcoin Price at $11,700 and Ether Below $400
The bitcoin market is experiencing low volume this week as well as other alt-coins in the market.
Bitcoin’s price opened the week heading higher, hitting $11,823 on Monday before dipping lower.
Interestingly, there are more addresses now with 1,000 or more bitcoin than ever before. Those addresses hold nearly 7.87 million BTC, the equivalent of $92.2 billion.
Ether, the second-largest cryptocurrency by market capitalization, was up Monday, trading below $400.
The amount of “gas” used, denoted in gwei, worth 0.000000001 ether on the Ethereum network, hit an all-time high Sunday, reaching 79,294,213,632 gwei, according to aggregator Glassnode. A unit of measure to execute operations on the network, gas is used within Ethereum to conduct transactions or use smart contracts. The record amount of gas used is viewed as a sign that Ethereum’s utility for decentralized finance, or DeFi, is higher than ever.
Boston Fed Is Looking at Blockchain Networks for Digital Dollar Experiments
The Federal Reserve Bank of Boston, one of 12 regional Federal Reserve banks operating under the U.S. central bank, is evaluating more than 30 different blockchain networks to determine if they would support a digital dollar.
The Boston Fed, as it’s more commonly known, announced earlier this month it was actively testing a digital dollar — a tokenized version of the U.S. dollar — with the Massachusetts Institute of Technology’s Digital Currency Initiative.
The Boston Fed announced its formal collaboration with the DCI to test a digital dollar last week.
‘Bitcoin Rich List’ Reaches All-Time High
There are more than 2,000 addresses holding over 1,000 bitcoin, potentially reflecting increased interest from institutions and high-net-worth investors.
The Bitcoin Rich List, or the number of addresses holding all that bitcoin, is at a record high, according to data site Glassnode.
At press time, 2,190 addresses contain 1,000 or more bitcoin, according to data compiled by BitInfoCharts. The previous record was 2,184 on Sept. 28, 2019. Bitcoin’s price was $11,717, up 0.28% from the previous 24 hours as of 19:15 UTC.
The total amount of bitcoin held in accounts of 1,000 or more was 7,868,823 as of press time. That amounts to $92.2 billion.
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