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Tag: Bitcoin

  • XRP Assets Under Management Doubles in Value

    XRP Assets Under Management Doubles in Value

    As the market for Bitcoin turned bearish, investors have started flocking towards altcoins. Ripple has had a rocky journey ever since the bull run started as Ripple Labs found itself tangled in litigation. However, as the defense appears to be performing well currently in the Ripple Labs v. US Securities & Exchange Commission lawsuit, the cryptocurrency has begun moving upwards.

    Recently a discovery motion was submitted by the legal team of Ripple Labs to gain access to SEC’s documentation on Bitcoin and Ethereum in order to refute the claim of SEC that Ripple is fundamentally different than other cryptocurrencies. The victory along with the denial of access to Ripple executives’ financial records has put the cryptocurrency back on track.

    XRP saw a huge rally of investors the past week. CoinShares Weekly digital asset fund flow report revealed that around $33 million were injected into XRP products the past week. This makes the total asset under management of XRP almost double to a total of $83 million.

    Most of the altcoins observed huge investment inflows according to the report. Around $65 million were injected into Ethereum products, $3 million into Binance Coin, $4 million to Bitcoin Cash while Polkadot saw $5 million in investment and Tezos $7 million. Although Bitcoin products still hold a majority of assets under management at $50 billion – which is nearly 78% of the total AUM – but the bearish momentum of Bitcoin may divert the attention to altcoins.

    Institutional interest in the crypto sphere, in general, has been increasing. From a time when institutions like Goldman Sachs regarded cryptocurrencies to have mere speculative to investing heavily into them. Goldman Sachs along with other leading banks have announced to offer cryptocurrencies because of high client demand.

  • JPMorgan: Institutions Losing Interest in Bitcoin?

    JPMorgan: Institutions Losing Interest in Bitcoin?

    The king of cryptocurrencies has started off on a downward descent after establishing an all-time high at a staggering price level of $64,000. With the price of Bitcoin now hovering near $55,000, traders are beginning to panic. The fear in the market was evident when the funding rate of Bitcoin futures fell to a record low of -0.3% in seven months. The technical indicators for the cryptocurrency have also turned bearish – indicating the dominance of sellers in the market.

    Where analyst Willy Woo is calling to the traders to calm down, institutions are beginning to panic as well. Bitcoin had faced a lot of bashing from large institutions before its glory days but with their subsequent backing Bitcoin saw new levels of adoption. However, as the market for Bitcoin turned bearish, institutional support have begun to fade as well.

    JPMorgan Chase & Co. has turned bearish on Bitcoin. JPMorgan strategist Nikolaos Panigirtzoglou has begun to worry about the Bitcoin dips – a note from a team of strategists led by Panigirtzoglou revealed. The strategist states that if Bitcoin is not able to reach back to $60,000, momentum levels will collapse.

    Although Bitcoin had suffered from dips in the past few months, the flow impulse was sufficiently strong to allow Bitcoin to break resistance levels. However, the likelihood of that happening this time appears to be bleak, per JPMorgan.

  • Bitcoin Funding Rate Crashed to -0.03% Amidst Panic in the Market

    Bitcoin Funding Rate Crashed to -0.03% Amidst Panic in the Market

    Bitcoin funding rate crashed to a record low not seen since September 2020. The sudden drop in the funding rate indicates fear in the market. The market has been largely bullish since the beginning of the new year but market corrections are imminent. With Bitcoin operating at a whopping level of above $50,000, the market retracement is expected to be as harsh.

    The Bitcoin futures contracts’ funding rate has fallen to a low of -0.03%. The crash of the funding rate comes as the cryptocurrency violently fell by a high of $64,000 to around $50,000. The bullish market sentiment transformed into bearish in a spur of a moment.

    Bitcoin surged upwards to a new all-time high during the Coinbase listing in anticipation of what the NASDAQ listing would mean for the cryptocurrency sphere. At the same time, the funding rate also remained stable. But as the king of the market fell downwards – which some people account to the power outage in China – the funding rate followed.

    The funding rate uses the simple demand and supply mechanism of the market to reach equilibrium. If there are more long positions in the market then short ones, the funding rate will go up and vice versa. The crash of the funding rate represents more short positions as sellers dominate the market.

  • Bitcoin Crash: Did The Chinese Cause It?

    Bitcoin Crash: Did The Chinese Cause It?

    The king of cryptocurrencies soared to $64,000 but suffered a massive crash afterwards to around $53,000. At the time of writing, Bitcoin is trading at $57,000 apiece. But what caused the hard crash of the cryptocurrency in the middle of strong bullish momentum? One analyst suggests it was the Chinese!

    Chinese mining hub in Xinjiang had suffered from power outages and on-chain analyst Willy Woo speculates it to be the cause of the fall of Bitcoin’s price. In the aftermath of a flooding accident in a coal mine, blackouts in the region were rampant to facilitate safety inspections.

    Around 25% of the global hashrate can be attributed to Xinjiang and amidst the blackout one of the largest drops in Bitcoin network hash was recorded – from 172 million terahashes per second to 154 TH/s. The analyst Willy Woo has attributed the fall in Bitcoin price to the drop in the hashrate on account of power outages in Xinjiang.

     

    However, not everyone agrees with the analysis. Adam Cochran – a partner at Cinneanhaim Ventures – regarded the idea of the Bitcoin crash due to hashrate fall as nonsense. Cochran further talked about the events merely occurring at the same time while there is no causation or correlation between Bitcoin price and hashrate.

  • Cryptocurrencies Touching All-time Highs – (Bitcoin, Ethereum, Wrapped Bitcoin, Decred, Nexo)

    Cryptocurrencies Touching All-time Highs – (Bitcoin, Ethereum, Wrapped Bitcoin, Decred, Nexo)

    Cryptocurrencies vie upwards as the bulls continue to dominate the market. Every day, new cryptocurrencies establish new all-time highs. Here is a list of the top five all-time high coins.

    Bitcoin – the king of the market has made a comeback as it broke strong resistance levels and established a new all-time high at $62,849. The bull run of the market continues as indicated by the market leader, once again, moving upwards. 

    Ethereum – the queen of cryptocurrencies had been on a strong bullish uptrend, breaking resistance after resistance. Ethereum (ETH) made another record high at $2,227. The rise of DeFi is propelling cryptocurrency upwards.

    Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that is based on the Ethereum block chain which allows Bitcoin to be used on decentralized applications. WBTC is backed 1:1 by Bitcoin so the ATH of Bitcoin will pull WBTC upwards. Wrapped Bitcoin established its all-time high at $62,934.

    Decred (DCR) has been on an upward trend since November 2020. The cryptocurrency reached an all-time high at its current price of $198. The daily trading volume of $41,765,500 has also increased by 43% in the past 24 hours. Decred cryptocurrency was launched with the aim of creating a sustainable ecosystem of open governance and community interaction. 

    Nexo (NEXO) is a lending platform based on block chain that provides instant cryptocurrency loans. Nexo is on a steady upward trajectory. It established a new all-time high at the current price of $3.45.

  • The Crypto Market’s Top Headlines of the Week

    The Crypto Market’s Top Headlines of the Week

    The cryptocurrency market has been on a roll and bullish momentum appears to only be further escalated. Here are the top developments in the crypto sphere that took place in the past week:

    • Bitcoin (BTC) finally crossed the strong resistance level of $60,000 and has stabilized in the region while Ethereum (ETH) established another all-time high at $2,199
    • The cryptocurrency market surpassed a market capitalization of $2 trillion – a testament to the mammoth of a market it is destined to become
    • Kraken, the fourth-largest cryptocurrency exchange has hinted towards going public in 2022 following Coinbase’s NASDAQ listing on the 14th of April
    • The second oldest bank in the US, State Street, has entered the crypto market with its forex exchange, Currenex, providing infrastructure to a crypto trading platform
    • Caruso properties, one of the largest privately-held real estate firms, has incorporated payment of rent in cryptocurrencies
    • Celebrities like Paris Hilton and Lindsay Lohan has becoming increasingly interest in the NFT market as it takes off while Gucci and Playboy has also announced their debut in the field
    • In the Ripple lawsuit, odds are tipping in the favor of Ripple Labs as the firm was granted access to the discovery documents of BTC and ETH while the SEC was denied access to the financial statements of Ripple Labs’ executives – all the while XRP skirts close of $1.50

    In the global sphere,

    • Asian market’s love-hate relationship with cryptocurrencies continues. After the alarm bells ringing in Thailand and Korea, they have reached Sri Lanka. The Sri Lankan Central Bank has warned the population about the risks of investing in cryptocurrencies.
    • Vietnamese miners are panicking and selling off mining equipment in large quantities as a market crash is imminent.
    • The Chinese government has launched a digital Yuan – e-Renminbi. The digital currency, if successful, may have the potential to overthrow the king of the market – Bitcoin.
    • A Romanian public university, Lucian Blaga University of Sibiu, has announced to start accepting tuition payments in Elrond cryptocurrency in order to support the local project
  • Cryptocurrencies Moving Into Miami Nightlife

    Cryptocurrencies Moving Into Miami Nightlife

    E11EVEN, a high-end Miami nightclub, has announced the acceptance of Bitcoin and other cryptocurrencies as a payment mode. E11EVEN will become the first corporate club to dip their toes into the cryptocurrency world. Other nightclubs can be expected to follow the footsteps of E11EVEN and create a ripple effect.

    The operating partner Gino Lopinto stated that the club has exclusive clientele from all over the world – most of whom are already into the cryptocurrency sphere. The club disregarded the press release as just that but rather expects payments to be made in Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies soon.

    E11EVEN had been closed due to the pandemic since 2020. However, as things start to move back to normal, the club is scheduled to reopen on April 23 with a bang. The nightclub has declined to comment on which cryptocurrency payment processor will it be utilizing.

    The bull run of 2021 has escalated cryptocurrency adoption throughout the world. From real estate firms accepting Bitcoin to major banks in the US making their debut into the cryptocurrency sphere, cryptocurrencies can be seen everywhere. The block chain technology has the potential to bridge many gaps that exists in processes throughout industries while cryptocurrencies provide a more efficient payment method. The adoption of cryptocurrencies can only be expected to increase in the coming days.

  • Bitcoin in Ethereum: Keep Network’s Second Version of tBTC

    Bitcoin in Ethereum: Keep Network’s Second Version of tBTC

    KEEP Network aim is to utilize computers on the global scale for storage of private information with the block chain and smart contract technology. The Network has been working on bringing Bitcoin to the Ethereum platform. For this purpose, a tokenized and trust-minimized version of Bitcoin – tBTC – has been under works.

    tBTC was launched on the main net in September and it has been a rollercoaster ride for Keep Network ever since. tBTC’s version one had some drawbacks because of which it struggled to scale. tBTC had required KEEP and ETH as collateral and the unavailability of ETH in the network proved to be a major constraint.

    EvandroSaturnino, a Keep Network developer, detailed major changes that are to be incorporated into the second version of tBTC in order to tackle the issues the first version had been facing. Per the developer, tBTC v2 will only require KEEP tokens to be kept as collateral. Moreover, a safer and more efficient wallet generation system is also under works which will generate a new wallet every week.

    Many entities have had numerous tries to bring Bitcoin to the Ethereum network – Bitcoin with its position in market and Ethereum being the pioneer of DeFi. However, none had been successful in completing the process in a completely decentralized way. Keep Network’s tBTC will enable BTC to be truly permission-less on the Ethereum network. The success of the project can result in to propel the value of both BTC and ETH.

  • Biden administration not a fan of Bitcoin?

    Biden administration not a fan of Bitcoin?

    With President Biden’s win into the office, there were mixed views of the administration’s stance on cryptocurrencies. The community had grown wary after the nomination of Janet Yellen for the head of the Treasury Department. Yellen had been vocal about her disdain for Bitcoin calling it a hotspot for illegal transactions. President Biden himself has been a strong critic of Bitcoin with two anti-encryption bills presented during his tenure at the Senate.

    Bitcoin, and other cryptocurrencies, have garnered interest from everywhere in the current bull run of 2021. Heavy investments from giants like MicroStrategy and Tesla are coming into the crypto market and the rise of the cryptocurrencies continue.

    Amidst the cryptocurrency craze, former presidential aspirant Ron Paul has warned of a government crackdown on cryptocurrencies. In an interview with Kitco News, Paul stated the crackdown can take the shape of increased taxation or increased dollar supply in the market.

    Bitcoin and other cryptocurrencies have the unique feature of staying immune to shocks in the economy. The pandemic and the subsequent crash of various stock markets was what contributed towards the rise of cryptocurrencies. According to Paul, the government does not like a contender for the place of the reserve currency, the dollar, which is why they will take measures to ensure the growth of the cryptocurrency market is trampled.

    However, all hope may not be lost yet because there exists several silver linings as well. Gary Gensler – the new head of SEC – can prove to be an ally of cryptocurrencies given his vast understanding of the technology having been taught on it at MIT.

  • Cryptocurrency adoption: Paying rent with Bitcoin?

    Cryptocurrency adoption: Paying rent with Bitcoin?

    After the cryptocurrency bull run of 2018, people grew increasingly skeptical of cryptocurrencies; however, the recent bull run is set to change the course of history with the pace at which cryptocurrencies are being adopted at a massive scale. From institutions discouraging the masses from crypto investing to them jumping on the bandwagon themselves.

    The masses have realized the potential that the block chain technology carry and with the world moving toward digitization cryptocurrencies being the standard mode of payment in the future appears to be a plausible reality.

    With PayPal accepting cryptocurrency payments, others are following suit. Caruso properties – one of the largest privately-held real estate firm in the US – has taken a bold step towards the mass adoption of cryptocurrencies. The real-estate giant based in California is now going to enable tenets of commercial and retail properties to pay their rent in Bitcoin. Caruso is the largest real estate firm in the United States to be accepting Bitcoin as a mode of payment. The move is being facilitated by Gemini Exchange.

    Bitcoin – and other cryptocurrencies – are expected to account for a sizeable chunk of a lot of major firms’ balance sheets in the coming days as giants like Tesla and MicroStrategy are investing heavily in the digital asset. The world is truly moving towards a mass adoption of cryptocurrencies.

    Caruso properties quest in the crypto world does not end with Bitcoin. In fact, it is just the beginning. The firm has big plans of cryptocurrency integration. Caruso intends on bringing other cryptocurrencies, the block chain technology, dApps and non-fungible tokens over to the real estate giant.