🗞 Daily Crypto News, March, 12th💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Miner Selling Pressure Declines, Could Fuel Bitcoin Rally, Blockchain Analysis Shows

Selling pressure on bitcoin (BTC) miners has been declining after a major sell-off in January. This could be a positive thing for bitcoin, seen as a “catalyst for prices to float higher,” according to a report by Stack Funds, a provider of cryptocurrency index funds in Asia.

Miners' seven-day outflows are at the lowest level in five years, currently trading around the 1.0 level, according to CryptoQuant, a South Korean cryptocurrency data firm.

The last time the miner outflow indicator dipped to current levels was back in 2015 when “bitcoin went on a parabolic rise that lasted more than two years,” according to Stack Funds.

The breakdown in the outflow indicator suggests miner selling pressure will continue to remain low.

🗞 Binance Faces CFTC Probe Over US Customers Trading Derivatives: Report

Binance is being investigated by the Commodity Futures Trading Commission to determine if U.S. residents traded derivatives on the cryptocurrency exchange in violation of U.S. rules, Bloomberg reported.

Binance hasn’t been accused of any wrongdoing and the CFTC may not bring an enforcement action, according to the report, which cited people familiar with the matter. Bloomberg also did not outline a time period for this alleged trading.

Spokespeople for Binance and the CFTC did not immediately return requests for comment. However, in a tweet posted after Bloomberg’s report ran, the exchange’s founder and CEO, Changpeng Zhao, appeared to call the report “FUD,” using an acronym for “fear, uncertainty and doubt” that is often used to refer to unwelcome news in the crypto industry.

The news comes a day after Binance announced it has hired Max Baucus, a former U.S. senator and ambassador to China, as a policy adviser who would be able to navigate the exchange’s relationship with U.S. regulators. Baucus currently operates a consulting business.

🗞 Eth2 transition accelerates amid rumblings of a miner rebellion

Ethereum’s developers appear to be hastening the network’s shift toward Proof-of-Stake consensus and away from the Proof-of-Work mining community.

On March 11, developer “Mikhail Kalinin” published specifications for Eth2’s future blockchain merge with the existing Ethereum network. The documentation notes the consensus upgrade from PoS to PoW will be the core change enacted.

The publication of specs comes as tensions between Ethereum miners and developers ramp up. Miners stand to lose significant revenue with the transition to proof-of-stake, while Ethereum’s developers are keen to ameliorate the persistently high fees and congestion on Ethereum.

Last week, Cointelegraph reported that Ethereum’s core developers had scheduled to implement Ethereum Improvement Proposal-1559 in July, which will replace Ethereuem’s existing fee market with a flat price and burn mechanism.

🗞 Bitcoin futures open interest hits new ATH as traders flock to derivatives

With BTC again edging toward all-time highs, a large volume of money is flowing into the Bitcoin derivatives markets.

According to crypto market data aggregator Glassnode, outstanding futures contracts pushed into new all-time highs on March 11, with open interest across exchanges approaching $20 billion.

Similarly record fees also appear to have deterred traders from Ethereum-powered decentralized futures, with daily volume on dYdX plummeting from tens of billions in January to roughly $100 million over the past week.

🗞 Daily Crypto Calendar, March, 12th💰

NEM (XEM)

"Symbol Launch Date and Snapshot Height Confirmed | Snapshot: 12th March 2021 | Snapshot Height: 3,105,500..."

Bridge Oracle (BRG)

"Bridge Oracle #Mainnet services launches in 48 hours"

Hedera Hashgraph (HBAR)

"Hedera Will Be Upgrading Mainnet to v0.12.0 on Friday, March 12th 2021 at 18:00 UTC."

Elevate (ELE), reflect.finance (RFI)

"It's called an Infinity Pool and will reward stakers FOREVER. Pools will be available for $RFI, $ELE, and $NRCH."

Swipe (SXP)

"UI/Frontend & API will Launch Friday. Starting with 6 farms & adding more."

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