Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
According to data from Chainalysis, Worldometers, and Triple A, Switzerland currently has the most profitable BTC traders globally, with $1,268 in gains per investor. The data, reported by online investing news and education platform Invezz, also found that France was the “best BTC trading nation”, followed by the Czech Republic and Belgium. With only 1.4% of its population invested in crypto, however, Switzerland ranked 6th in this regard. Additionally, while France ranked 12th in terms of the percentage of its population invested in crypto (3.3%), it came in 8th for BTC gains per investor ($13) and 3rd for BTC gains per capita ($275). Overall, mainland Europe dominated the list across all metrics.
US-based crypto investors realized record crypto gains of $46.9 billion in 2021, according to a Chainalysis report. The UK was a distant second in this regard, with almost 6 times less ($8.1 billion) in crypto gains last year, while Germany ranked 3rd ($5.8 billion). The US saw adoption and realized gains skyrocket last year, with total estimated gains for 2021 up 476% from 2020’s $8.1 billion; the UK and Germany saw a respective 431% and 423% year-on-year growth. In contrast, China was one of the only large countries whose 2021 crypto gains paled in comparison to those of other nations, despite impressive year-on-year growth of 194% to $5.1 billion.
Bastion, Near’s largest DeFi protocol, is launching its own token, BSTN, which will trade on the DEX Trisolaris from 11:59 PM UTC today. Bastion will allocate 5 billion BSTN ($180 million valuation), with an initial circulating of around 630 million tokens; BSTN holders will have governance rights. Approximately 15% of the total token allocation will go to investors, 25% go to team members and advisors, 30% to liquidity mining incentives and 30% to the protocol’s treasury. Eligible users who have pre-mined on Bastion or participated in its lock-drop IDO can claim their BSTN airdrop on its launch day, while BSTN holders can earn yield on their tokens by providing liquidity on Trisolaris, and stake their BTSN in Bastion’s Aurora Realm or mobile app.
Germany’s Commerzbank (CBK) is the country’s first major bank to move towards crypto adoption, with a spokesperson confirming last week that it had “applied for the crypto custody license in the first quarter of 2022”. Through the application, the bank is trying to obtain authorization to offer exchange services, as well as custody and protection of crypto assets. This comes after a law that took effect on 1 Jan, encouraging German banks to offer crypto services and requiring any business seeking to do so to obtain a licence from BaFin, Germany’s Federal Financial Supervisory Authority. So far, BaFin has approved just 4 of the 25 applications it has received.
Binance came under fire yesterday after releasing a new Binance emoji on Twitter, as users noticed its suspicious resemblance to the swastika. To make matters worse, CEO Changpeng Zhao retweeted Binance’s original post the same day — which also happened to be Adolf Hitler’s 133rd birthday.
The original tweets were quickly deleted, but not before screenshots were circulated and the exchange was roundly criticized. Binance later removed the emoji and issued a public apology almost 8 hours after it had first gone viral, saying: “We’re not sure how that emoji got through several layers of review without anyone noticing but we immediately flagged the issue (and) pulled it down, and the new emoji design is being rolled out as we speak.” Some (like crypto critic Bennet Tomlin) recognized it could have been an honest mistake, especially since the swastika was originally a spiritual symbol in ancient East Asian religions.
Show me the money
Following a 3-day gain of almost $3,000, BTC was most recently hovering near the $41,500 price level, with analysts attributing this movement to optimism over a spot BTC ETF potentially getting approval from the US SEC. Over the past 24 hours, ETH saw a marginal increase of 0.07% to $3,101.91, while other major altcoins saw mixed price movements: ADA and LUNA were up 0.13% and 0.68 respectively and SOL was down 0.46%. Within the same period, meme tokens DOGE and SHIB saw a reversal of yesterday’s increases, with a respective decline of 3.29% and 1.95%.