Institutions own over 8% of BTC supply / Morgan Stanley owns 1M shares of GBTC / SK to establish independent crypto bureau / Brazil Fed Police seized 591 BTC

Plus: EIP-1559 has burned over 100K ETH (~$300M) 20 days after London upgrade

Inside.com Part of   Network August 26, 2021

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The global crypto market cap is $2.00T 4.03%▼ with a 24-hour market volume of $109.95B 3.87%▼. Bitcoin's dominance is currently 44.08% 0.04%▲. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $47,018.57 3.60% ▼ 2 Ethereum ETH $3,120.64 2.87% ▼ 3 Cardano ADA $2.52 3.69%▼ 4 Binance Coin BNB $480.85 3.69%▼ 5 XRP XRP $1.09 5.69% ▼ *Prices as of 5:00 p.m. ET.

Companies and institutions now own over 8% of bitcoin’s total hard cap supply (1.6M BTC). The majority of all company BTC purchases occurred over the past year and a half. More: MicroStrategy is currently the top corporate BTC holder, with nearly 109,000 BTC on its balance sheet. MicroStrategy’s BTC holding of 0.5% of the total BTC supply represents 75% of the company’s total market cap. Tesla is the second-largest holding company with 43,200 BTC, followed by Square, Marathon Digital Holdings, and Coinbase.

A recent SEC filing revealed that Morgan Stanley owns over 1 million shares of Grayscale Bitcoin Trust (GBTC). The bank now offers indirect exposure to BTC across 30 different portfolios. More: The total number of GBTC shares purchased is worth roughly $40M. Morgan Insight Fund purchased the largest amount of GBTC shares with around 928,000 shares (~$36M). Morgan Stanley has been increasingly accepting of bitcoin and other digital assets, even going as far as comparing bitcoin to gold in a report published back in April.

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▲ TOP GAINERS # Name Price 24h % 1 Celo CELO $3.33 7.69% ▲ 2 Solana SOL $75.04 6.14% ▲ 3 Revain REV $0.01355 1.90% ▲ ▼  TOP LOSERS # Name Price 24h % 1 Perpetual Protocol PREP $15.24 15.46%▼ 2 Tezos XTZ $4.45 15.42%▼ 3 XinFin Network XDC $0.137 12.39%▼ 4 Audius AUDIO $2.44 11.81%▼ 5 Fantom FTM $0.4388 11.59%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 5:00 p.m. ET.

South Korea’s Financial Service Commission (FSC) announced that it will establish an independent bureau to handle crypto-related matters. The announcement came a day after the FSC declined to acknowledge the possibility of cryptocurrency as a financial asset. More: The new crypto bureau will be set up by the Korea Financial Intelligence Unit (KFIU). The KFIU has additionally been charged with handling new crypto regulations set to take effect on Sept. 24. Exchanges that fail to comply with the upcoming regulations will be denied access to operate in South Korea.

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The Brazilian Federal Police seized 591 BTC (~$27.7M) in connection to a corporate pyramid scheme. The police additionally took $2.6M in cash, 21 luxury cars, jewelry, and other materials. More: The company in question reportedly was engaged in a pyramid scheme linked to speculation in the crypto market. The arrest is part of the police investigation titled “Operation Kryptos,” which has arrested at least another five persons involved in this scheme. Among those arrested was Glaidson Acacio, who was accused of promising 15% ROI to investing clients through his bitcoin consultancy business.

The EIP-1559 fee mechanism has burned over 100,000 ETH (~$300M) in the 20 days since the Ethereum London upgrade was implemented. The transaction fee process includes a base fee that is burned, and a priority fee that is paid to the miner.  More: The new fee structure has reduced inflation on the Ethereum blockchain by 35%. Inflation had averaged 5% a year. 1.2 million transactions a day take place on the Ethereum blockchain, moving $8.7B in volume daily and $200M monthly.

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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