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ETH 2.0 deposit contract may be launched this week

ConsenSys developer Ben Edgington announced that the Ethereum 2.0 deposit contract will be launched "in the coming days." It will allow transferring coins between Ethereum and Ethereum 2.0. This is one of the few remaining updates required to launch the second version of the web. Genesis block ETH 2.0 will appear within 6-8 weeks, according to the developer who clarifies that this is "not an official statement." "Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official announcements: do not send Eth to random contracts; this is not DeFi,” Edgington warned.

The BTC rate has come close to $12,000 On October 20, the bitcoin price rose to$11,930, which became the highest value since the beginning of September. In 24 hours, the first cryptocurrency went up by 2.8%, and in two weeks it added more than 11% in price. The bitcoin dominance index in the cryptocurrency market rose to 59%. Earlier, the BTC hashrate once again updated its historical maximum. In addition, the trading volume of the first cryptocurrency jumped sharply in relation to altcoins - to a three-year peak. At the same time, the altcoin market capitalization decreased by 4.8% over the week.

Large investors withdraw ethereum from exchanges

Santiment analysts noticed that Ethereum whales are withdrawing coins from exchanges. Over the past two months, the amount of ETH on the largest exchangers' wallets has decreased by 20.5%. This indicates "price confidence on the part of leaders," Santiment writes. A similar trend is noted by the Glassnode service, according to which the volume of ethereum on the exchanges fell to a minimum of nine months. At the same time, the number of addresses with a balance of more than 32 ETH has reached a historic peak - this is how many coins are needed for staking on the Ethereum 2.0 network.

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Bitcoin price updated a 15-months maximum

On Wednesday night, the first cryptocurrency rose in price to $13,200, which became a record value since July 2019. Over the past 24 hours, bitcoin has gained 5.90% in price, and has strengthened by 14.50% over the week. The active stage of growth began after the announcement that PayPal would support cryptocurrency. The share of bitcoin in the cryptocurrency market has also increased, at the moment reaching 61.67%. At the same time, market capitalization exceeded$394 billion, having updated a maximum of two and a half years.

10% of bitcoins haven't moved in over 10 years

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Bill Miller: Every Investment Bank Will Want to Buy Bitcoin

Legendary investor Bill Miller stated that the risks of bitcoin price zeroing are "lower than ever before" and predicted an increase in institutional investment in cryptocurrency. “The bitcoin story is very easy, it's supply and demand. Bitcoin's supply is growing around 2.5% a year and the demand is growing faster than that,” he said. After MicroStrategy's $425 million purchase of bitcoin, Square's$50 million investment, and the integration of cryptocurrencies into the PayPal wallet, Miller believes every major investment bank and company will eventually want to own cryptocurrency. He added that Bitcoin has performed well over the past three-, five- and ten-year periods.

Bitcoin surpasses Coca-Cola, Netflix and Disney in terms of capitalization

In early September, BTC's market capitalization was at $190 billion, when the price of the cryptocurrency was hovering around$10,000. However, over the past two months, the asset’s price has grown by more than 50% to the levels above $15,000, thanks to which the market capitalization has reached$280 billion. By this indicator, Bitcoin has surpassed most large US companies. In the rating of the capitalization of American public companies, Bitcoin would take the 18th place between Home Depot with $306 billion and Verizon with$242 billion. Companies that BTC has surpassed in recent months include such names as Netflix, PayPal, Coca-Cola, and Disney.

In 2020, the number of Bitcoin-ATMs has increased by 83%

The number of cryptocurrency ATMs has reached 11,665, CoinATMRadar portal reports. At the beginning of the year there were 6,372 of them, which indicates an increase of 83%. According to CoinATMRadar, an average of 23 new devices are installed per day, or almost one ATM per hour. More than 79% of exchangers are in the USA. At the same time, since 2019, their number has grown by 2.2 times: 4,213 in 2019 and 9,242 in 2020. The first bitcoin ATM appeared in 2013 - it was installed by Robocoin in a Vancouver coffee shop.

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An unplanned hard fork might have occurred on the Ethereum network

Ethereum infrastructure providers Infura and Blockchair have reported outages, resulting in problems with exchanges and wallets. Initially thought to be an internal Infura issue, later independent node operators also reported malfunctions. The Binance exchange has suspended the withdrawal of funds, and its head Changpeng Zhao referred to a “possible chain split” as the culprit. Crashes were also reported by the MetaMask wallet, Bithumb, Upbit and Crypto.com marketplaces. After block 11'234'873 at 07:08 AM UTC, blockchain explorers Blockchair and Ehterscan began registering two different chains. “It seems that a minor hard fork occurred without anyone noticing it,” said Nikita Zhavoronkov, Blockchair development lead.

Opinion: ETH 2.0 won’t handle DeFi’s growth

FTX exchange CEO Sam Bankman-Fried believes that the Ethereum network is not able to of handling decentralized finance’s (DeFi) growth. According to him, the ETH blockchain is limiting the development of DeFi, and the only way to solve the problem is to use other networks. Bankman-Fried said that whenever his team tried to create a new DeFi project, they "immediately exceeded the throughput of the Ethereum blockchain by orders of magnitude." The FTX CEO believes that one day the DeFi audience will surpass 1 billion people, which means that blockchains will need to significantly expand their scalability in order to maintain a ten-digit user base. Scaling improvements on the Ethereum 2.0 network won't be enough either, he points out.

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Bitcoin Cash network again split into two

On November 15, a hard fork took place on the Bitcoin Cash network — the network split into Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCHA). Earlier, the BCHA developers proposed an updated version of the protocol, according to which 8% of miners' profits will go to finance the development of the network. The update was opposed by the BCHN community, which removed the "miner tax" from the source code of their network. As of the evening of November 15, the computing power of the BCHN blockchain was 1.12 EH/s, and BCHA - 0.094 EH/s, that is, 11 times lower. Most major exchanges have indicated they will support the longer chain, i.e. Bitcoin Cash Node.

$2.3 billion in BTC was withdrawn from exchanges in a month From October 15 to November 15, exchange reserves in bitcoins fell from 2.5 million to 2.355 million coins — the lowest level since August 2018. During this time, users withdrew about 145,000 BTC worth of$2.35 billion, according to the CryptoQuant portal. During the same period, miners mined about 27,000 BTC, which is 5 times less than the amount withdrawn from the exchanges. “This aggressive accumulation trend seen in the Bitcoin market shows that investors anticipate a prolonged post-halving uptrend,” said Cointelegraph analyst Joseph Young.

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Ripple grows 60% in price in three days

XRP, the third-largest cryptocurrency in terms of capitalization, gained 63% in price in three days and came close to $0.5 per coin. On Sunday, the token price reached$0.49567, which was a record high since June 2019. XRP has more than doubled in price since early November. Other major cryptocurrencies are also in positive territory: Ethereum and Litecoin added 32% in value in 7 days, Cardano showed more than 50% growth, and Stellar - 37%. Altcoins are strengthening in price amid BTC rate approaching its historical maximum. The main cryptocurrency traded at $18,945 last Saturday, less than$1,000 below its all-time high of $19,891. Research: BTC price volatility is lower than that of many stocks Investment management company Van Eck has published a study showing that bitcoin is less prone to fluctuations than a quarter of S&P 500 stocks. Since the beginning of the year, quotes of 29% of stocks have shown greater volatility than the first cryptocurrency, and 22% - over the past 90 days. Although Bitcoin is considered a “nascent and volatile asset outside of the traditional stock and capital markets” reality shows that it trades with volatility comparable to the world's largest stocks, analysts say. Grayscale: investors seek in Bitcoin protection against inflation According to Michael Sonnenschein, managing director of Grayscale Investments, Bitcoin is no longer a temporary phenomenon. Investors no longer believe that BTC has failed as a currency as we don't use it to buy a cup of coffee. The coronavirus pandemic this year has become another key factor for the flow of funds into cryptocurrency, he said. “I think investors understand today that buying Bitcoin and putting it in their portfolio is meant to be a store of value, inflation hedge, a digital gold, a digital form of money that is much better suited to the digital world we live in today versus historical stores of value like gold which would have been certainly much more applicable to a world characterized by physical exchanges. They view it as one of the most important next steps in the evolution of money and what constitutes a store of value,” Sonnenschein said. Grayscale manages nearly$11 billion in cryptocurrency.