Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, has seen a significant exodus from centralized exchanges in recent weeks, with data suggesting a growing preference for holding the asset outside of trading platforms.

At the time of writing, ETH was trading at $2,289, down 0.7% in the last 24 hours, but managed to gain 1.6% in the last week, data from Coingecko shows.

Ethereum Outflow Hits $1.2 Billion

According to blockchain analytics firm IntoTheBlock, a staggering $500 million worth of ETH exited exchanges last week, contributing to a total outflow of $1.2 billion for the entire month of January. This represents a major shift compared to previous months, raising questions about the motivations behind this trend.

$500M in $ETH was withdrawn from CEXs this week, adding to a total of over $1.2B in outflows in the last month pic.twitter.com/e8NFOGtrDV

— IntoTheBlock (@intotheblock) February 2, 2024

CryptoQuant data paints an even starker picture, showcasing a dominant pattern of outflows since the beginning of January. The chart reveals a persistent decline in exchange holdings, with the last inflow recorded on January 30th. At the time of writing, the outflow continues unabated, with over 3,000 ETH leaving exchanges every hour.

However, the impact on overall exchange supply is not entirely uniform. While the total amount of ETH held on exchanges initially increased in January, reaching around 10.7 million by mid-month, it subsequently dipped to 10.3 million by January 28th. Currently, the supply has resumed an upward trend, sitting at around 10.6 million.

Binance ETH Exodus: Investors’ Strategic Moves

Interestingly, the historical balance of ETH on Binance, the world’s largest cryptocurrency exchange, tells a different story. Despite the overall uptick in exchange holdings, Binance has witnessed a consistent decline in its ETH balance throughout January. From a peak of over 3.9 million ETH on January 23rd, the balance has shrunk to around 3.7 million, indicating that users are actively withdrawing their Ethereum from the platform.

While the exact reasons behind this trend remain unclear, several possible interpretations emerge:

Increased Investor Confidence: Moving ETH off exchanges could signal a growing sentiment among investors to hold the asset for the long term, potentially driven by confidence in its future potential. Additionally, some investors might be transferring their ETH to DeFi platforms for staking or yield farming opportunities.
Market Uncertainty: The recent outflows could also reflect broader concerns about market volatility or potential regulatory changes, prompting investors to seek safer storage for their holdings.
Binance-Specific Dynamics: The decline on Binance might be due to factors specific to the exchange, such as user preferences for alternative platforms or changes in its trading fees or policies.

Featured image from Adobe Stock, chart from TradingView

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The allure of creating your own NFTs and BRC-20 tokens is undeniable. For artists, owning and monetizing their digital creations through NFTs offers a new level of control and potential financial reward. Beyond the realm of art, NFTs can foster passionate communities, grant exclusive access to events, and even act as fundraising tools. 

However, stepping into the world of token creation isn’t without its challenges. It demands both a technical understanding of blockchain technology and smart contracts, along with a careful consideration of financial risks and potential regulatory implications. Before diving in, it’s crucial to assess your goals, resources, and risk tolerance. While the possibilities are vast and exciting, responsible and informed action is key to navigating this rapidly evolving landscape.

NFTs, or Non-Fungible Tokens, are digital assets that represent ownership or proof of authenticity for specific items or content. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, NFTs cannot be exchanged on a one-to-one basis due to their unique nature.

NFTs are typically created and traded on blockchain platforms such as Ethereum, Binance Smart Chain, and decentralized marketplaces like OpenSea. These platforms utilize smart contracts to establish ownership and enable transparent and immutable transactions for NFTs.

NFTs can represent a wide range of digital items, including artwork, music, videos, virtual real estate, and collectibles. Each NFT has metadata describing the item it represents and a unique identifier that sets it apart from other NFTs

Creating NFTs On The Ethereum Network

The primary stage in the creation of NFTs involves identifying the content you wish to associate with your NFT. Consider the specific representation you desire for your NFT, whether it be digital artwork, collectibles, virtual real estate, or any other distinct digital item.

In this article, we will use illustrations from OpenSea to guide you on the steps you need to create your own NFTs. OpenSea stands as a leading decentralized marketplace built on the Ethereum blockchain, dedicated to NFTs. It creates a space where users can engage in buying, selling, and discovering an extensive array of digital assets, encompassing artwork, virtual real estate, collectibles, and more.

OpenSea delivers a user-friendly interface, showcasing a vast selection of NFT listings curated from diverse creators and projects. Through OpenSea, users gain the ability to explore the NFT community, partake in auctions, and securely manage their digital assets. With a commitment to fostering the expansion and accessibility of the NFT market, OpenSea ensures a seamless experience for enthusiasts and collectors alike.

This step-by-step guide covers how to create an NFT collection and mint directly to your wallet. 

First, visit the original OpenSea website, and click on the “Login” button at the top to connect your preffered wallet.

To figure out the best wallet to use on the Ethereum network, check here.

Next,  click on your “Profile Icon” at the top right of your OpenSea interface in order to deploy a smart contract and select “Studio” through the pop-up options.

To initiate the creation of a fresh NFT, simply click the “Create” button located at the top right corner.

When you explore the options, you will find the choice to either Drop a collection or Create/Mint an NFT. Selecting “Create an NFT”. This will enable you to mint an NFT directly into your wallet.

Once you proceed, a fresh “Create an NFT” screen will be presented. If you are using OpenSea Studio tools for the first time to create an NFT, select “Create a new collection.” You will be able to add one NFT to this collection initially, with the option to include more NFTs at a later stage.

After selecting “Create a new collection,” you will be guided through the steps on your screen to deploy a smart contract. This process will enable you to create NFTs for your newly created collection.

To customize your contract, you need to add a logo image, choose a contract name, and designate a token symbol. Additionally, you will need to choose an EVM blockchain. It’s important to note that deploying a smart contract incurs gas fees, and the estimated fees for each blockchain will be displayed. If the fees are higher than anticipated, you can revisit the process at a later time, as they are subject to change based on network activity.

 

When you are prepared, proceed by clicking on “Continue”. This action will prompt a transaction signature request in your wallet, which will necessitate gas.

Once the process is finalized, you will receive a confirmation message. Proceed to the next step by selecting “Create an NFT” as shown below.                                  :

Having successfully created a smart contract, you are now prepared to generate an NFT. It is important to note that once your item is minted, further editing becomes impossible as it permanently resides on the blockchain. In this case, you will be creating an ERC-1155 NFT, which allows for the creation of multiple copies of the same item.

To begin this phase, upload the media for your NFT, which represents the artwork associated with it. Next, choose the collection in which you wish to mint your NFT.

Subsequently, provide a name for your item and set the desired item supply. The item supply determines the number of copies you wish to mint for the NFT. If you choose 1, then the item will be a one-of-one. 

Next, click on the “Create” button at the bottom right, as shown in the above image.  A loading message will appear as the item is being minted. To proceed with the minting process, you will need to approve the transaction using your wallet.   

Congratulations! You have successfully minted your very first NFT!

Conclusion

Although NFTs and BRC-20 tokens have distinct functions and operate on separate blockchains, they both contribute to the growing realm of blockchain-based digital assets. NFTs have captured widespread interest for their exceptional nature and capacity to represent ownership of digital assets. 

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Avalanche, the blockchain platform poised for a major event in the month of love, is gearing up for a significant development. As February unfolds, the cryptocurrency market is anticipating the release of nearly $900 million worth of vested tokens from a diverse array of projects. This imminent influx into the market has sparked a wave of concerns among investors who are closely watching the unfolding scenario.

Projects involved in this token release include Avalanche (AVAX), Aptos (APT), The Sandbox (SAND), Optimism (OP), and SUI. Avalanche is strategically targeting strategic partners, team members, and an airdrop to maintain a balance between long-term commitment and potential short-term sell-offs.

Avalanche Braces For Major Token Release

Scheduled for release on February 22, Avalanche is set to unleash 9.5 million tokens valued at approximately $320 million. Similarly, Aptos is gearing up to release 24.8 million tokens worth around $233 million on February 11. The distribution strategy for Aptos aims to ensure market stability while fostering community involvement.

The impending release of these vested tokens has put the crypto community on high alert. Investors and analysts are closely monitoring the developments with a mix of excitement and caution. While anticipation surrounds the token releases, there is also a sense of vigilance as market participants evaluate how the surge in supply might impact project valuations and overall stability.

Navigating A Potential Correction Phase: AVAX Price Analysis

Avalanche (AVAX) has recently caught the attention of the market with an impressive price performance, boasting a remarkable 470% increase after breaking through its bear market descending trendline on November 1.

Recent analyses suggest that AVAX is currently facing resistance at a descending trendline from the December high, which could lead to a price rejection and subsequent decrease.

If this correction signifies the commencement of a lasting bull phase for Avalanche, support levels around $20, aligning with the 0.5 to 0.618 Fibonacci retracement levels, may come into play. Following this correction phase, AVAX could potentially embark on a new uptrend, surpassing its all-time high.

Meanwhile, AVAX has grown exponentially in the last year, and according to DeFiLlama data, it is now the sixth-largest DeFi chain. An artificial intelligence (AI) based price prediction model has predicted that the AVAX token’s price would soar by more than 500% from its present levels, reaching over $200 by the beginning of 2025.

Previous AVAX Unlock And Its Impact On The Market

It’s crucial to note that AVAX’s previous token unlock on November 23 did not cause significant price fluctuations. However, in the anticipation leading up to the unlock, the price experienced a 16% fall from nearly $23 on November 20 to $19 at the tokens’ release.

This historical precedent underscores the importance of closely monitoring market dynamics during token release events. Market participants should exercise caution and carefully consider the potential impact of these developments on their investment strategies.

Featured image from Adobe Stock, chart from TradingView

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What are BRC-20 Tokens?

BRC-20 tokens are a novel standard on the Bitcoin blockchain, BRC-20 tokens were inspired by Ethereum’s ERC-20. Like Ethereum’s ERC-20 strands for Ethereum Request for Comment, BRC-20 also strands for Bitcoin Request for Comment.

BRC-20 tokens allow the creation, minting, trading, and transfer of fungible tokens or assets on the Bitcoin blockchain through the Ordinals protocol. The Bitcoin Ordinals protocol is a numbering system that allows users to attach extra data to satoshis, the smallest unit of Bitcoin.

The process of attaching extra data to satoshis is called inscription, BRC-20 tokens do not need smart contracts to execute transactions as ERC-20 tokens do, their transactions are done through JSON inscriptions on satoshis through Bitcoin Ordinals.

Differences And Comparison Between BRC-20 And ERC-20

Ethereum’s ERC-20 might have inspired the creation of BRC-20 on the Bitcoin blockchain, but make no mistake, they are not the same, and we are going to explore that in this section of this article.

Operation: One of the key differences between BRC-20 and ERC-20 is that BRC-20 tokens find their home within the Bitcoin blockchain while ERC-20 operates on the Ethereum blockchain.

Implementation: BRC-20 and ERC-20 are both implemented differently; however, BRC-20 is experimental, meaning it has not undergone the BIP process. It only implements changes in the Bitcoin protocol, while ERC-20 has undergone the EIP process, which was approved by the Ethereum community before implementation after being scrutinized.

Security: They are both secure as they are both secure by the top two blockchains in the crypto space, but BRC-20 is secured by the Bitcoin blockchain and ERC-20 is secured by the Ethereum blockchain.

High Gas Fee Or Transaction Fees: They both have high gas fees if you are trading on decentralized exchanges (DEXs).

Wallets: Their wallets are different, you can store your BRC-20 token on wallets that support the Bitcoin Taproot upgrade like Unisat, Xverse, CoinW, and Alex. While ERC-20 tokens are stored on Ethereum-supported wallets like Metamask, Exodus, Trust wallet, Atomic, MyEtherWallet, and all EVM compactable wallets

Smart Contract functionality: BRC-20 tokens do not rely on smart contracts to execute transactions, but ERC-20 tokens do.

Token Value Drive: BRC-20 tokens are token values driven by inscriptions, and ERC-20 token values are driven by utilities and speculations.

Fungibility: BRC-20 tokens are semi-fungible because they are only interchanged in set increments. For example, BRC-20 tokens are being sold in sets, so you can’t buy 1003 xBRC-20 tokens (x being the token) if the only people sell decide to sell in sets of 250, 500, 750, and 1000 depending on how many tokens they want to sell. Meanwhile, ERC-20 tokens are fully fungible because they can be exchanged in any quantity.

Functions: The BRC-20 token standard is majorly to create meme tokens currently, while the ERC-20 token standard is used for a good number of fungible tokens on Ethereum, including stablecoins, governance tokens, wrapped tokens, and utility tokens.

Pros of the BRC-20 Token Standard

The fact that BRC-20 tokens are built on the most secure blockchain in the crypto space Bitcoin, should help you understand these tokens are going benefit from the security that the Bitcoin Blockchain provides.

The interoperability with the Bitcoin network is one of the major advantages of the BRC-20 tokens, as they enjoy and leverage the widespread acceptance of Bitcoin as the most successful crypto, which has contributed to the BRC-20 token’s overall success. Also, this compatibility with Bitcoin gives the BRC-20 standard access to utilize the existing infrastructure the Bitcoin network already has, including its wallets and exchanges.

BRC-20 standard is still in its early stages, so there is huge potential for growth in the future, and as more people keep adopting and investing in BRC-20 tokens 

Cons of the BRC-20 Token Standard

In the same way, as the BRC-20 token standard enjoys the benefits of the Bitcoin network, they are still going to be affected in the areas where Bitcoin lags behind. This is because Bitcoin is not as scalable as some other blockchains like Ethereum. As BRC-20 tokens keep gaining popularity and awareness there are concerns about congestion, which could lead to potential higher gas or transaction fee issues.

Another consideration is that BRC-20 tokens run on ordinals protocol, a protocol that is still in its early phases of development, which means there is a possibility of it being vulnerable or having glitches as the technology evolves.

The Bitcoin Request for Comment (BRC-20) token standard is still in its early stage of development, so it is safe to say it is still semi-fungible compared to the ERC-20 token standard. It has some limitations, like it being sold and bought in sets, you are limited to what is available in the DEX marketplace, and you can’t buy any amount you want, whether in large or small quantities.

BRC-20 Tokens DEX Exchanges

This article is going to cover how to trade Bitcoin Request for Comment (BRC-20) tokens on UniSat, the most used decentralized exchange (DEX) to trade BRC-20 tokens. You can also check out other DEX like Xverse and Alex.

How To Install And Set up UniSat Wallet 

To trade on a decentralized exchange (DEX) you need a wallet, go to your Chrome browser and search for the UniSat Wallet extension as shown below, click on “Add to Chrome” to download and add the UniSat Wallet extension to your Chrome browser.

Click the “Create new wallet” button to create your UniSat Wallet.

Create your password, use a password you can remember, as you would need your password to make transfers and click on the “Continue” button. The Secret Recover Phrase page will pop up. Write down your secret phrase and keep it in a safe place because anyone who has access to your secret phrase has access to your wallet. Then click on “Continue”.

Expect you are a crypto genius I would advise you to leave the Step 2 page the way it is, just click on “Continue”. The“Compatibility Tips” will pop up check the boxes and click on “Ok”

You have now successfully created your UniSat wallet, where you can receive, send, and buy crypto.

When you click on “Receive” you will be given a QR code that you can scan on your phone and also an option to copy your wallet address manually. 

When you click on “Send”, you will see where to fill in the Recipient address you want to send your Bitcoin to, and underneath it is where you will input the amount of Bitcoin you want to send. You can choose the transfer speed you want, but note that the faster the transfer, the higher your gas fee or transaction fee.

I would not recommend that you use the “Buy” feature as it is too expensive, and it is better to buy your Bitcoin on a centralized exchange and send it to your UniSat wallet.

How To Buy, Sell, and Trade on UniSat 

To buy, sell, and trade BRC-20 tokens you need Bitcoin in your wallet for gas fees and Bitcoin to buy the BRC-20 token. So go to any centralized exchange of your choice like Binance, OKX, or ByBit to buy your Bitcoin, copy your UniSat wallet, paste it into the recipient address on the centralized exchange, and send the Bitcoin.

Now that your wallet has been funded it is time to trade, go to the UniSat website, and click on “Connect”.

Click on “UniSat Wallet”, and connect your UniSat Wallet.

Once your UniSat Wallet is connected, Click on “brc-20”, as shown below, to see the full list of BRC-20 tokens you can trade on UniSat. 

Click on any of the BRC-20 tokens you which to buy, for example, I clicked on the “meme” token below. There are buttons on the top right of the screenshot circled in red “View” and “Trade”.

If you click on View, it will take you to OKLINK where you can see the meme BRC-20 inscription with all its details, Total Supply, Limit per mint, Holders, Minted tokens, and Price.

When you click on Trade, it will take you to the UniSat Marketplace, where you will see all the listed meme token inscriptions you can buy.

Click on any of the sellers that have the exact number of meme inscriptions you want to buy or any of the sellers that come close to how many meme inscriptions you want to buy. After selecting a seller, the buy page below with the “Buy Now” button will pop up.

Click on “Buy Now” and the confirmation page to confirm your order will pop up, click on “Confirm” and you have bought the BRC-20 token.

After buying your BRC-20 and you want to sell, go to the marketplace, click on “my brc-20”,  click on the inscription you want to sell, and then click on the list.

Click on the plus button, input the exact number you like to sell, and click on “Next”.

Click “Next again”.

“Sign and pay”, and “Done”,  your inscriptions will be listed. When your order gets picked up, your inscription will be sold, and the money will be transferred to your wallet.

Use CoinW To Track The Price Of Your BRC-20 Tokens

CoinW is a centralized crypto exchange where you can track your BRC-20 and use the charts to make well-informed decisions on the token you want to buy.

To search for BRC-20 tokens, click on “Market”, click on “Hot”, and then click on “BRC-20”, as shown below.

For example, I clicked on ORDI, as you can see in the chart below.

Here is another example with RATS, another BRC-20 token on the list.

Conclusion

In conclusion, BRC-20 tokens provide a novel avenue for tokenization within the Bitcoin blockchain, expanding its utility beyond traditional cryptocurrency transactions. They offer a seamless integration of additional data onto satoshis, enabling a broader range of use cases and applications. 

With BRC-20 tokens, the Bitcoin ecosystem gains enhanced functionality and opens up possibilities for innovative decentralized finance (DeFi) solutions. By leveraging the Ordinals protocol, BRC-20 tokens contribute to the growing diversity and maturity of the blockchain industry as a whole.

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Understanding the challenges of crypto after death is vital for anyone investing in digital assets. Without proper preparation, your digital wealth could become inaccessible after your passing. This guide aims to navigate the complexities of managing cryptocurrencies after death. It covers essential steps, from documenting holdings to navigating legal considerations, ensuring your digital legacy is secure and your loved ones are taken care of.

The Importance Of Planning For Crypto After Death

In the realm of crypto, your investments don’t automatically transfer to your next of kin upon your demise. The absence of traditional banking or legal structures in the crypto world means the responsibility of managing and passing on your assets falls entirely on you. Planning becomes essential to ensure that your crypto holdings do not get locked away in the digital world, but instead, serve as a valuable part of your legacy.

Proper planning not only secures your assets but also simplifies the process for your beneficiaries. It mitigates the risk of loss due to forgotten passwords or keys and prevents potential legal hurdles that your loved ones might face. As the crypto market continues to mature, understanding and preparing for the implications of crypto after death becomes increasingly crucial.

Understanding The Unique Challenges Of Cryptocurrencies After Death

Navigating the unique challenges of crypto after death is crucial for effective estate planning. Cryptocurrencies operate on technology that inherently promotes anonymity and security. While these features are advantageous for protecting your assets during your lifetime, they pose significant challenges after death. The absence of a central authority like a bank means there is no straightforward process to claim or transfer assets.

Accessing cryptocurrencies after death requires knowledge of private keys or seed phrases, which are often known only to the asset holder. Without proper planning and communication, these crucial pieces of information might never reach the intended beneficiaries, leading to permanent loss of the assets.

Additionally, the legal landscape surrounding digital assets is still evolving, which adds another layer of complexity to managing crypto after death. Recognizing these challenges represents the initial step toward crafting a robust plan to ensure your digital assets are passed on as intended, streamlining the process for your loved ones as much as possible.

How To Pass On Your Crypto After Death

Understanding how to pass on your crypto after death ensures that your investments continue to benefit your loved ones, aligning with your wishes and intentions. This section outlines the essential steps you need to take to prepare your digital estate, focusing on documentation, secure information sharing, and the mechanisms to ensure a smooth transition of your assets.

Essential Steps

Inventory Of Assets: Begin by compiling a comprehensive list of your cryptocurrencies, including wallet addresses, balances, and the platforms where they are stored.
Instructions For Access: Provide detailed instructions on how to access your wallets, including hardware devices or any specific software needed.
Legal Documentation: Consult with a legal professional to integrate your digital assets into your estate planning. This includes wills, trusts, or any other relevant legal documents that ensure your crypto assets are recognized and managed as part of your estate.
Backup And Security: Make sure to securely back up all information pertaining to your crypto holdings, including access instructions and legal documents, in a manner that allows your executor or beneficiaries to access it when needed.

Documenting Your Crypto Holdings

Documenting your crypto holdings thoroughly is the cornerstone of ensuring they can be successfully passed on. This documentation should include:

List Of Assets: List all the cryptocurrencies you own, their respective amounts, and specify the wallets or exchanges where they are held.
Access Details: Wallet addresses, private keys, seed phrases, and any other information necessary to access and manage the cryptocurrencies.
Transaction Records: Records of transactions, purchases, or sales, which can be crucial for tax purposes or for tracking the evolution of your portfolio.

Regularly update and securely store this documentation in a manner that remains accessible to those entrusted with managing your estate.

Securely Sharing Access Information

Securely sharing access information is delicate but essential. Consider the following:

Physical Storage: Use a safety deposit box or a secure home safe for storing hardware wallets and paper records of your access information.
Digital Security: If you store information digitally, use encryption and secure backups. Ensure your beneficiaries know how to access and decrypt these files if necessary.

Best Practices For Storing Private Keys And Passphrases

Redundancy: Store your private keys and seed phrases in multiple secure locations.
Avoid Digital Copies: If possible, avoid storing your private keys or seed phrases on internet-connected devices.

The Role Of Multi-Signature Wallets In Managing Crypto After Death

Consider setting up a multi-signature wallet that requires multiple approvals for transactions. This can provide an additional layer of security and a clear pathway for your beneficiaries to access the funds with the right set of keys.

Legal Considerations for Cryptocurrencies After Death

Addressing the legal considerations for cryptocurrencies after death is crucial to ensure that your digital assets are transferred according to your wishes and in compliance with the law. As the legal framework for digital assets continues to evolve, understanding how to navigate this landscape is key.

How To Incorporate Crypto Assets In Your Will

Incorporating crypto assets into your will requires careful planning and precision. Consider these steps:

Specify Your Assets: Clearly list all your crypto assets in your will. Include details like wallet addresses and the types of cryptocurrencies you own.
Access Instructions: Rather than including sensitive access information directly in your will (which becomes a public document upon death), use a letter of instruction or a similar private document to provide detailed access instructions.
Choose Your Beneficiaries: Specify who inherits each portion of your crypto assets. Be as clear and unambiguous as possible.
Select An Executor: Choose an executor who is not only trustworthy but also has or is willing to gain a basic understanding of cryptocurrencies and how to handle them.
Consult Legal Professionals: Work with attorneys who have expertise in estate planning and a solid understanding of digital assets. They can help ensure that your will complies with current laws and effectively encompasses your crypto holdings.

Navigating Inheritance Laws And Cryptocurrencies

Navigating inheritance laws in the context of cryptocurrencies can be complex due to the relatively new and evolving nature of these digital assets. Consider these factors:

Legal Status Of Cryptocurrencies: Gain an understanding of how your local jurisdiction classifies cryptocurrencies – as property, currency, or something else – as this classification can impact how they treat these assets in the context of inheritance.
Taxes: Be aware of potential tax implications for your heirs. In some jurisdictions, inheriting cryptocurrencies can trigger tax events like inheritance tax or capital gains tax upon their eventual sale.
International Considerations: If your crypto assets reside in wallets or exchanges located in different countries, international laws and regulations may come into play, potentially complicating the inheritance process.
Updating Estate Plans: The legal landscape surrounding cryptocurrencies is still in flux. Regularly review and update your estate planning documents to accommodate new laws and regulations.

By addressing these legal considerations and preparing thoroughly, you can ensure that your cryptocurrencies are managed after your death as you intended. This provides clear guidance to your loved ones and reduces the potential for legal complications.

Technological Solutions To Ensure Safe Transfer Of Your Crypto After Death

The following solutions aim to address the unique challenges posed by the digital nature of cryptocurrencies, ensuring a smooth and secure transfer of your assets. Consider the following technological strategies:

Smart Contracts: Utilize smart contracts on blockchain platforms to automate the transfer of assets upon meeting certain conditions, such as verifying death. This ensures a direct and automatic transfer to your beneficiaries, eliminating the need for intermediaries.
Multi-Signature Wallets: Implement multi-signature wallets that require multiple keys to authorize transactions. Allocate one key to your beneficiary and another to a trusted third party or attorney, ensuring that your assets can only be accessed after your death.
Dead Man’s Switch: Consider services or programmable arrangements that automatically release your crypto assets if you fail to perform certain actions within a specified period, indicating potential incapacitation or death.
Encrypted Backup Solutions: Use encrypted backup solutions to store access information securely. Ensure that your beneficiaries have a way to decrypt the information when needed, without compromising security during your lifetime.
Cold Wallets: Utilize hardware wallets like Trezor or BitBox02 for storing cryptocurrencies. These cold wallets keep your assets offline and secure from online threats. You can physically hand them over to your chosen heirs, along with instructions for access.
Steel Wallets For Your Private Key Backup: Protect your private keys against physical damage by using steel wallets. These wallets safeguard your backup seed phrases or private keys from fire, water, and other environmental risks. They ensure that your crucial access information remains intact and retrievable by your heirs.

Common Mistakes To Avoid With Crypto After Death

When planning for the transfer of crypto assets after death, it’s crucial to be aware of common pitfalls. Avoiding these mistakes can save your beneficiaries from unnecessary stress and potential loss of assets:

Lack Of Documentation: Failing to comprehensively document your crypto holdings and access information may result in the permanent loss of your assets.
Ignoring Security Measures: Underestimating the importance of secure storage for access information can expose your assets to theft or loss.
Overlooking Legal Aspects: Neglecting to incorporate your crypto assets into your will or estate plan properly can result in legal challenges for your heirs.
Assuming Family Know-How: Assuming that your beneficiaries understand how to manage cryptocurrencies can lead to loss of assets. Provide clear instructions and, if possible, basic education on handling cryptocurrencies.
Not Updating Your Plan: The crypto landscape and your personal portfolio are likely to evolve. Regularly update your estate plan to reflect changes in your holdings, the regulatory environment, and technological advancements.

FAQ – Key Questions About Crypto After Death

How Can I Ensure My Loved Ones Access My Cryptocurrencies After Death?

Create a detailed inventory of your crypto assets and store access information securely. Integrate your crypto holdings into your will or trust. Consult a legal professional for proper documentation.

What Legal Documents Should I Prepare For Managing My Crypto After Death?

Prepare a will or trust that includes your crypto assets. Create a separate, secure letter of instruction for access details. Consider a Power of Attorney for asset management in case of incapacitation.

Can Cryptocurrencies Be Part Of A Traditional Will Or Trust?

Yes, you can include cryptocurrencies in traditional wills or trusts. Clearly list each asset and provide guidance on access without exposing private keys or passwords in the documents.

What Are The Risks If I Don’t Plan For My Crypto After Death?

Without a plan, your crypto assets may become inaccessible, potentially leading to loss of assets. Legal disputes or confusion can arise among heirs, potentially compromising the value of your digital legacy.

What Happens To Your Crypto After You Die?

Without proper planning, you risk losing your crypto assets or making them inaccessible. A comprehensive plan enables secure transfer to your designated beneficiaries.

What Happens To Crypto Assets Held On Exchanges After Death?

Heirs can transfer crypto assets on exchanges if they provide proper legal documentation and account details. Without these, accessing or transferring the assets can be complex and may require legal intervention.

What Happens To Your Crypto When You Die?

Your crypto remains in its respective blockchain or exchange until accessed by someone with the correct credentials. Effective estate planning ensures that your assets are managed in accordance with your wishes.

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Dogecoin, the meme-inspired cryptocurrency, is experiencing a resurgence in popularity, with key metrics showcasing explosive growth in network activity and user adoption.

Dogecoin New Addresses Surge

Over the past seven days, a staggering 890,000 new DOGE addresses were created, reflecting an 86% adoption rate as new users engage in their first transactions. This represents a remarkable 1,100% increase in new addresses compared to the previous week, according to on-chain data analyst Ali Martinez. January 29th alone saw a record-breaking 247,240 new addresses created, highlighting the rapid expansion of the Dogecoin network.

Over 890.000 new Dogecoin addresses were created in the past 7 days. Activity also spiked, with the new adoption rate reaching as high as 86% as the new users made their first transactions.
https://t.co/sVl5CEGkou pic.twitter.com/0LxATAEGaO

— IntoTheBlock (@intotheblock) February 1, 2024

Doginals And Xpayments Spark Interest

Renewed enthusiasm for Doginals, NFTs minted on the Dogecoin blockchain, and rumors surrounding potential integration with Xpayments are believed to be contributing factors to the recent surge.

Santiment data reveals a significant uptick in active addresses, reaching 1.4 million as of February 3rd. This marks the highest level observed in the past six months, surpassing even December’s peak of 1.3 million.

Daily transaction volume on the Dogecoin network has also seen a boost, exceeding one million transactions for the past five days. This indicates active use of the DOGE network and suggests potential growth in its real-world application.

Mavericks Remain Loyal

Adding fuel to the fire, entrepreneur Mark Cuban reaffirmed the Dallas Mavericks’ unwavering support for Dogecoin during a recent AMA session. The team’s continued acceptance of DOGE for merchandise and tickets reinforces their commitment to embracing digital currencies.

While the current trends paint a positive picture, questions remain about the long-term sustainability of this growth. Whether this surge translates to lasting momentum or a temporary spike is yet to be seen.

Dogecoin’s Value And Market Volatility

The article avoids delving into the intrinsic value of DOGE compared to other cryptocurrencies, and it’s crucial to remember that the overall crypto market is known for its inherent volatility. Positive sentiment can quickly shift, and investors should exercise caution before making any investment decisions.

Dogecoin’s proof-of-work consensus mechanism raises environmental concerns, which could potentially hinder its future adoption in the long run.

Despite these considerations, Dogecoin’s recent performance signifies a period of significant growth and renewed interest. As the cryptocurrency landscape continues to evolve, Dogecoin’s future trajectory remains intriguing, and its ability to sustain this momentum will be closely watched by investors and enthusiasts alike.

Featured image from iStock, chart from TradingView

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A recent ‘Navigating Narratives’ report by K33 Research provided insights on how to trade altcoins. Interestingly, as part of their analysis, they highlighted Solana (not ETH) as the main focus and elaborated on why this was so. 

Why Solana Is The Main Focus

The report, written by DeFi Analyst David Zimmerman, stated that they were focusing primarily on buying SOL if there was an opportunity to buy lower. They claim the reason for this is that “SOL has solidified its place in the market as one of the market leaders.” They also expect that SOL’s outperformance of ETH will continue in this market cycle. 

Meanwhile, Zimmerman highlighted how SOL’s on-chain activity has continued to flourish and noted that the narrative of SOL being ETH’s main competitor was still intact. The Solana network has long been dubbed the “Ethereum Killer,” with the belief that the former will dethrone the latter at some point. 

Indeed, Solana has gone toe-to-toe with Ethereum in recent times, momentarily surpassing it in significant metrics. Back in December, Solana ranked above Ethereum in seven-day DEX volume for the first time in history and outperformed it in NFT trading volume during that same period. More recently, Solana’s Jupiter outranked Ethereum’s Uniswap in daily trading volume. 

SOL also outperformed ETH last year, with the former seeing a gain of about 1000%. Crypto analyst Santiago Santos also recently gave his opinion on Solana and Ethereum’s fight for dominance. Comparing Ethereum’s run during the ICO boom to Solana’s current run, he noted that Solana had an edge since it has “applications seeing meaningful usage and growth.” 

This happens to be one of the reasons he believes that Solana will “converge on Ethereum faster than most believe.”

What Price Levels Present Buying Opportunities For SOL

Having explained why SOL was the main focus among altcoins, the Navigating Narratives report highlighted price levels they were eyeing in case in case the market gives deeper pullbacks for SOL. These levels include the $70, $50 and $30 price range. 

However, they noted that they weren’t expecting the $30 buy order to be filled since it would require a crash like the one that happened in March 2020. This was the period when Bitcoin lost almost half of its value in a two-day plunge. Other crypto tokens also experienced similar pain then.

Meanwhile, if SOL continues to rally, K33 Research highlighted the $115 and $140 price ranges as ideal areas for selling and taking profits. 

At the time of writing, SOL is trading at around $99, up in the last 24 hours according to data from CoinMarketCap. 

Featured image from Adobe Stock, chart from TradingView

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Analysts at cryptocurrency exchange Coinbase are backing Bitcoin and the entire crypto market to put up a significantly positive performance in Q2 2024. This development comes as BTC continues its market recovery, gaining by 3.31% in the last week to trade above $43,000. 

Downward Pressure On Bitcoin Subsides, Macro Factors To Come Into Play: Analysts

In the Coinbase weekly report on Friday, the American exchange’s analysts noted that the market factors that induced downward pressure on Bitcoin were being phased out. This claim is backed by the completion of the GBTC’s liquidations by defunct exchange FTX as well as the recovery of certain crypto entities from bankruptcy, indicating a change in the dynamics of the BTC market. 

Furthermore, the analysts also highlighted the stable performance of the Bitcoin spot ETF market in the last week, marked by average daily net inflows of $200 million and a daily trading volume of $1.35 billion in the last week. However, in the coming weeks, Coinbase market experts have predicted the macroeconomic factors to gain more influence in the crypto market. 

In particular, the analysts made reference to the US Federal Reserve’s decision to postpone the deliberation on scaling back its quantitative tightening (QT) to the next Federal Open Market Committee (FOMC) meeting in March. Based on this development, they predict the easing cycle will begin on May 1, which typically involves measures such as lowering interest rates to make loans cheaper and stimulate economic activity. In addition, they anticipate the Fed to start halting its balance sheet reductions by June to further support the US economy. 

Interestingly, they believe the Fed could consider implementing the end of the balance sheet reduction at the same time with rate cuts. Based on the “anodyne” policies policymakers implement in an election year, Coinbase analysts predict the US apex bank will cut interest rates by 100 basis points (bps) – 25bps more than the Fed’s expectation for future rates – which is equivalent to lowering rates by 1%. 

Generally, a reduction in interest rates is a positive omen for the digital asset ecosystem as it allows investors to pay low borrowing fees, accumulating more funds to invest in risk assets such as crypto tokens. Based on the multiple factors listed above combined with “idiosyncratic” factors, such as the Bitcoin halving, the analysts at Coinbae predict BTC, alongside other tokens, will serve as favorable portfolio additions in Q2 2024. 

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $43,077.76 with a 0.20% gain in the last day. Meanwhile, the asset’s daily trading volume is down by 15.45% and is valued at $16.78 billion. With a market cap of $844.85 billion, BTC continues to rank as the largest cryptocurrency in the world.

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According to crypto intelligence platform Santiment, some altcoins have been enjoying increased attention from investors over the past few days. This comes as the crypto market continues to undergo a positive recovery from its recent slump in the aftermath of the Bitcoin ETF launch.

These Altcoins Show Potential For More Profit: Santiment

In a post on the X platform, Santiment revealed that three altcoins, including Chainlink (LINK), Immutable X (IMX), and Pyth (PYTH), have become assets of mainstream interest in the past few days. 

This revelation is based on their performance in terms of Social Dominance, an indicator that compares the social volume of a particular asset to the combined social volume of the top 100 cryptocurrencies by market capitalization. 

As shown in the chart above, the Social Dominance of these three altcoins has seen a notable spike in recent days. Interestingly, Santiment has associated this renewed investor interest in Chainlink, Immutable X, and Pyth, with their market cap growth in the past week.

According to data from Santiment, the valuations of LINK, IMX, and PYTH have increased by 34%, 23%, and 26%, respectively, in the last seven. The on-chain analytics noted that the mainstream crowd discussion around these altcoins will lead to FOMO (fear of missing out) amongst investors.

Santiment further highlighted that this FOMO can trigger high price volatility and increased buying pressure for Chainlink, Immutable X, and Pyth. Ultimately, this can lead to more price gains for the three crypto assets.

Chainlink Price Overview

The price performance of Chainlink in the past week has been the most impressive of the three altcoins highlighted by Santiment. According to data from CoinGecko, LINK’s value has jumped by more than 24% in the past week.

In a week dominated by Bitcoin’s resurgence to above $43,000, Chainlink managed to become one of the biggest gainers in the last seven days. The cryptocurrency’s price registered a positive run to almost as high as $19.

As of this writing, the Chainlink token is valued at $17.69, reflecting a 1.2% price decline in the last 24 hours. The altcoin appears to be witnessing some amount of downward pressure as it is struggling to hold above the $18 level.

Nevertheless, Chainlink continues to lay a strong claim to a spot amongst the top 10 largest cryptocurrencies by market capitalization. With a market cap of over $10 billion, LINK ranks as the 13th-largest asset in the cryptocurrency sector.

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Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action. However, market expert Justin Bennett suggests that Bitcoin’s bottom has yet to be reached. 

Bennett’s analysis highlights the possibility of further price declines, with Tether’s stablecoin USDT dominance (USDT.D) chart indicating potential downward movements. 

Tether Dominance Signals Concerns For BTC’s Price

Bitcoin’s recent price recovery and ability to surpass the $40,000 level have provided optimism among investors. Nevertheless, Bennett believes further price declines could follow a retest of the mid $44,000 range. 

Bennett highlights the inverse relationship between Tether dominance and Bitcoin. According to his analysis, the levels on the Tether dominance chart since October have been reliable indicators for Bitcoin’s price movements. 

According to Bennett’s analysis, as depicted in the chart above, Tether’s dominance may experience a potential increase from its current level of 6%. This increase could bring it closer to the 8% mark. 

In such a scenario, Bitcoin’s performance would likely move in the opposite direction, indicating potential price declines soon.

On January 25, Bennett suggested that Bitcoin could drop another 20% from its current levels, which would place it around $30,000. If this scenario plays out, it would be crucial for Bitcoin bulls to defend the $30,000 level to maintain the current bullish structure.

A drop below $29,000 would give bears a stronger position, with only three major support lines remaining at $28,400, $25,900, and $24,000 before a potential retest of the $20,000 mark. 

The performance of these support levels and Bitcoin’s ability to withstand increased selling pressure will be key factors to monitor. The future market sentiment will also play a significant role in determining Bitcoin’s price trajectory.

Bitcoin Witnesses Stellar Accumulation Trend

Despite the possibility of further price drops, renowned crypto analyst Ali Martinez has shed light on a notable trend in BTC’s recent accumulation streak by investors.

According to Ali Martinez’s analysis, Bitcoin is experiencing a significant accumulation streak, rivaling some of the most notable periods observed over the past few years. 

The Accumulation Trend Score, a metric that gauges the buying activity of larger entities, has remained consistently high, hovering near 1 for the past four months.

This suggests that influential market participants are actively accumulating Bitcoin, signaling their confidence in the long-term potential of the cryptocurrency. 

Martinez’s observations further indicate that Bitcoin’s price range around $42,560 has emerged as a highly significant interest zone. 

Within this range, an impressive total of 912,626 BTC has been transacted. This is expected to be a significant support level, potentially preventing further downside movements and fostering increased buying interest.

These trends collectively contribute to a positive market outlook, suggesting that despite potential price drops, Bitcoin remains an attractive asset for long-term investment.

Featured image from Shutterstock, chart from TradingView.com 

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