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Europe drives institutional crypto adoption: Blockchain Expo Amsterdam

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Europe remains fertile ground for the cryptocurrency ecosystem to flourish compared with harsher regulatory environments, according to prominent speakers at Blockchain Expo Europe 2023 in Amsterdam.

Cointelegraph attended the event held at the RAI Amsterdam convention center for the second year running, with the Blockchain Expo forming part of a larger Tech Expo event being hosted in the Netherlands.

The event has typically attracted prominent mainstream industry players from the financial world to showcase how blockchain technology is being leveraged to power innovative new products and solutions across a myriad of industries.

From finance, logistics, healthcare and marketing, blockchain technology and Web3 functionality continues to be a key growth area for different industry players.

MiCA bodes well for institutional adoption

Regulatory matters remain front and center, as was evident in a fireside chat featuring Coinbase institutional sales co-head James Morek and Zodia Markets co-founder Nick Philpott.

Trendmaster co-founder Chris Uhler, Zodia Markets co-founder Nick Philpott and Coinbase co-head of EMEA and APAC institutional sales James Morek onstage in Amsterdam. Source: Cointelegraph

Philpott described the European Union’s Markets in Crypto-Assets (MiCA) regulations as a progressive regulatory measure to guide the growth of the sector while protecting users.

“Institutions feel more comfortable knowing that there is a framework within which they can operate, which is at odds with what is happening in countries like America.”

Philpott’s reference to the United States’ regulatory landscape centered on a cloud of uncertainty over the cryptocurrency ecosystem. This has been primarily driven by the Securities and Exchange Commission’s separate enforcement actions against key industry players, including Coinbase, Ripple and Binance.US, for alleged securities violations.

Morek, who heads up Coinbase’s institutional sales in the EMEA and APAC regions, also highlighted the establishment of clear regulatory parameters across the EU and in the United Kingdom, which have helped crypto-related firms continue to do business.

Off-the-record conversations also suggest that major players like Coinbase continue attracting interest from institutional clients looking to gain exposure or custody of certain cryptocurrencies outside the United States.

Related: EU’s new crypto law: How MiCA can make Europe a digital asset hub

This includes many potential clients, ranging from traditional fund managers, large corporations, private banks and a variety of businesses. Morek told Cointelegraph that Coinbase currently serves over 1,300 institutional customers globally.

Legal frameworks that have long allowed companies to have both onshore and offshore entities continue to be an important element in allowing cryptocurrency exchanges and companies to offer services in different jurisdictions.

Philpott also highlighted the United Arab Emirates as a fast-growing crypto and Web3 hub actively looking to attract the biggest firms in the industry. Binance has already established a foothold in the UAE, while Coinbase was reportedly exploring setting up a base of operations in the jurisdiction earlier in 2023.

A tokenized future

Tokenization remains a drawcard for various institutions, including mainstream banks and financial firms looking to issue and manage debt and investments.

Cointelegraph also spoke to Martijn Siebrand, digital assets ecosystem manager of Dutch bank ABN AMRO. He shared insights into ABN AMRO’s recent issuance of a digital green bond using Polygon’s layer-2 Ethereum scaling technology to raise 5 million euros ($5.3 million).

ABN AMRO’s Martijn Siebrand fields questions from the crowd during his presentation on day one of the conference. Source: Cointelegraph

Siebrand said that blockchain technology is proving to be a useful tool for banks to better serve capital markets:

“It’s funny, if we have now talks within the bank, people say capital markets have been there for a long time already yet we haven’t seen many innovations. This could be one major change where a lot of banks are investing in.“

Siebrand added that ABN AMRO is already showcasing its blockchain-based digital bond exploits at conferences and exhibitions to both capital market players like mainstream banks, as well as private companies looking to raise funds:

“We see two tracks. We have the institutional one serving traditional capital markets. But we also have the chance to help clients that are too big for crowdfunding but too small for capital markets.”

Siebrand added that tokenized debt offerings can be useful for companies that want to avoid selling equity. However, jurisdictional regulatory frameworks need to be further developed before ABN AMRO can create a working roadmap to further its blockchain tokenization offerings:

“We think that private markets involving private issuances, which are one-on-one or with two or three investors, that will be easier to to scale than the institutional one.”

NFTs remain valuable for institutions

Mia Van, EMEA lead for blockchain and digital assets at Mastercard, delved into the value of nonfungible tokens (NFTs) for institutional users. The sector has produced $1.9 billion in sales volumes over the past year, according to Van, with the average number of Web3 wallets increasing despite sellers dominating NFT marketplaces in recent months.

According to Van, luxury brands such as Breitling and Louis Vuitton actively use NFTs to provide digital twins of items that prove their provenance. Meanwhile, mainstream brands like Adidas and Nike continue to explore NFTs and metaverse activations that give users ownership of objects in both the physical world and metaverse environments.

Related: NFT-styled debit cards the future of Web3 — Animoca founder on $30M Hi investment

Mastercard is also becoming part and parcel of the Web3 ecosystem. Earlier this year, Animoca Brands announced a $30 million investment in neobank platform Hi. A unique offering of the platform is a customizable NFT-styled crypto debit card. Users can stylize their Mastercard with NFTs they digitally own, allowing them to show off that prized Bored Ape in the physical world.

Van would not be drawn to comment on Mastercard’s blockchain and digital asset strategy and partnerships.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Cryptocurrency

Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Cryptocurrency

Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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