JPMorgan CEO Jamie Dimon Still on The Sidelines, Bitcoin’s ‘Not My cup of Tea’

Jamie Dimon, the CEO of banking giant J.P Morgan Chase, has again expressed his disinterest in Bitcoin during the recently concluded DealBook Online Summit. Andrew Ross of CNBC hosted the virtual event, and in-attendance were other prominent figures, including Lebron James, Elizabeth Warren, and the CFO of Google and Alphabet, Ruth Porat.

Dimon reiterated that he is not interested in Bitcoin but believes in properly regulated and properly backed cryptocurrencies. He was keen to note that Bitcoin is not his cup of tea and doesn’t want to make headlines in line with the flagship cryptocurrency. This is not the first time the JP Morgan CEO has come at Bitcoin; back in 2017, Dimon called BTC a fraud, attracting a backlash from the crypto community.

Nonetheless, he highlighted that blockchain would be a critical tech ‘in helping people move money around the world cheaper.’ JP Morgan already runs its dollar-backed coin and has been developing solutions around blockchain tech. Dimon echoed that,

“We have the JP Morgan Coin, which is a dollar-backed blockchain. You can move the money, split it into pieces … We believe in cryptocurrencies properly regulated and properly backed. Bitcoin is different, and that’s not my cup of tea.”

Meanwhile, BTC continues its bullish trend, although the market seems to have consolidated between $17,500-17,900. Interestingly, financial institutions, including JP Morgan bank, are among the stakeholders that have recently signaled BTC’s fundamentally bullish trend in the coming decade.

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Author: Edwin Munyui

Bitcoin Cash Node (BCHN) in the Lead with 123 Blocks Following the Hard Fork Chain Split

The Bitcoin Cash Network, a hard fork of the largest network Bitcoin, has yet again split into two new Blockchains.

Out of the total hash rate, Bitcoin accounts for the majority at 98.1% while Bitcoin Cash has a share of 1.2%, and a mere 0.7% goes to mine Bitcoin SV, which was the result of the hard fork from Bitcoin Cash in Nov. 2018.

During this upgrade, Bitcoin Cash ABC (BCH ABC) received no hash power making it possible for Bitcoin Cash Node (BCHN) to become the dominant software of the Bitcoin Cash network.

BitMEX’s research arm said there are no two chains because BCHN produced three blocks after the split, and not a single one was produced by BCHA.

But Bitcoin ABC took to Twitter to share that Bitcoin Cash blockchain has split into two chains, and now there are two separate coins called BCHA and BCHN. As such, people who owned Bitcoin Cash before the split now own both of those coins.

All of this has been because Bitcoin Cash went through a hard fork on Nov. 15 at 12:00 UTC, which has been contentious.

It is a regular thing for the Bitcoin Cash network, which undergoes an upgrade every six months. If the community is unable to meet consensus, the chain splits, which is what happened when BSV came into existence and exactly what’s happening this time as well.

This time, the upgrade also included a controversial new “Coinbase Rule,” which requires 8% of mined Bitcoin Cash to be redistributed to Bitcoin ABC to fund protocol development.

This was opposed by another group who removed this “miner-tax” from their source code.

With the last common block between the BCHN & BCHA networks now mined by Antpool, the chains have split at height: 661,647.

The BCHN chain is currently 123 blocks ahead.

Bitcoin Cash Hash Rates by Network Summary
Source: Coin.Dance

Even before the fork, 80% of the miners supported it, and some major crypto exchanges also announced support for BCHN.

With hash power in BCHN’s favor, if BCH ABC doesn’t attract enough hash power, the blockchain may just disappear.

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Author: AnTy

Immature Bitcoin Market Data Is ‘Garbage’ But It’s Sign of ‘Being Early’ – MicroStrategy CEO

Since first announcing bitcoin purchase in August and again in September, MicroStrategy CEO Michael Saylor had become a very vocal bitcoin supporter, a big change from seven years back when he thought its days were numbered.

Now, it is the ultimate hedge, according to him.

He constantly tweets about Bitcoin and how “it is an ark of encrypted energy to escape the currency flood.”

Recently, he talked about “The Long-Term Bull Case” for Bitcoin in an interview with Keith McCullough to convince Hedgeye CEO to “change his opinion of Bitcoin and join the cyber hornets.”

McCullough actually sold all his BTC earlier this month, just a couple of weeks before Bitcoin rallied 23% following Square’s $50 million investment, UK’s public listed Mode converting 10% of its cash reserves into BTC, and PayPal announcing buy, sell, hold, and shopping support for it.

“Bitcoin is an asset, not a commodity. Commodities are abundant and should be traded. Assets are scarce and should be owned. Pure monetary energy is the ideal treasury reserve asset, and for the first time in history, we can now own some,” is Saylor’s message to McCullough.

The “Garbage” Market Data

On Tuesday, he argued his Bitcoin investment by comparing it with Google and Apple investments.

“The thing with technology, Figure out the thing that is gonna eat the world, if you are right, own it, hold it and wait,” said Saylor.

In the current environment, bitcoin is the choice when the monetary expansion is expected to double, he said. Adding that the Federal Reserve has crowded everybody out of Treasury and debt with yield being effectively zero, which has been “stampeding investors into a store of value.”

As a matter of fact, Apple has been more volatile than bitcoin in the past three months, said Saylor. This has been because while monetary stimulus has been debasing fiat currencies, it has been pushing the stock market to new highs.

He particularly talked about the market data during the interview, which he argued is just “garbage.” The trading volume figures of the bitcoin market, according to him, are widely inflated as he challenged Bitcoin’s $25 billion volume to Apple stocks’ $24.76 billion.

“I know for a fact you can’t buy more than $35 million a day without people knowing, so there’s no freaking way there’s $24 billion trading,” Saylor said.

It isn’t even surprising, but a known fact as a 2019 report to the US SEC concluded that 95% of reported volume on crypto exchanges is actually fake.

According to Saylor, false market data is holding the leading digital currency back as it could erode trust in Bitcoin as an asset.

But on a positive note, Saylor said he “love[s] the fact that the data is a little immature” as it represents “the pain and the work of being first or being early.” But of course, the market “needs” high-quality data.

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Author: AnTy

Here’s Why Bitcoin Is A Better Bet Than Gold & Even Stocks

Bitcoin again came close to hitting $12,000 yesterday but failed to do so and currently trades around $11,785.

While the digital asset has been struggling to reach this level for a fortnight now, bitcoin’s gains since its March lows has helped crypto-focused hedge funds to navigate choppy markets better than their peers focused on bonds and stocks.

In these past seven months, crypto fund managers returned over 50% compared to low single-digit gains generated across traditional classes of asset. Last year, crypto hedge funds gained only 16%, but even then, it outperformed mainstream hedge funds, which were up 9%.

This rally is the result of bitcoin surging 60% for the year against the US dollar and up 215% since March sell-off.

A Lot of Upside Potential

Currently, everything from stocks to gold is enjoying a rally thanks to government policies. This is why even Warren Buffett has pivoted to gold — he has cut down his bank holdings and sold all the shares in Goldman with gold miner Barrick Gold being the only addition in Q2.

“Warren Buffett said he would never invest in gold. He did invest in gold miners because it made sense. Warren also said that he would never invest in Bitcoin. I am waiting for the day when Warren changes his mind on Bitcoin,” said Gabor Gurbacs, digital asset strategist at VanEck.

But according to veteran Wall Street fund manager Michael Novogratz, bitcoin is a better bet than gold.

Novogratz, who has about 25% of his net worth in BTC, says the digital asset is “harder to buy” than the traditional haven and, as such, a more worthy investment.

“It’s only got a $20 billion market cap, while gold is over $10 trillion,” he said, adding, “so it’s got a long way to go to catch gold in terms of just adoption.”

While Novogratz doesn’t recommend beginners to put in more than 1-2% of their money into the digital currency, London-based digital asset management firm CoinShare recommend investor to allocate 4% of their portfolio to the cryptocurrency because it is “in its growth phase (and) behaves like a tech stock.”

Increased Interest in Bitcoin

The prospect of strong returns over longer periods continues to draw investors, according to Michael Sonnenshein, managing director at Grayscale Investments, the $5.7 billion AUM crypto fund, which attracted $900 million of inflows in 2020, three times the entire 2019.

“Overwhelmingly, the inflows are coming from major hedge funds,” said Mr. Sonnenshein. “Conversations are being driven by zero interest rates, which is eroding the value of fiat currencies.”

The current environment of collapsing interest rates is also turning out to be good for Bitcoin with high stock price keeping pressure on dividend yields.

“There is no yield on crypto, but look at it this way: the floor in bitcoin is zero whereas in many traditional markets we now have negative rates and yields,” said Max Boonen, co-founder of crypto trading company B2C2.

The Bitcoin market has also been maturing; not only the volatility fell lower than stock markets this year, but price discrepancies on different exchanges that created arbitrage opportunities have faded.

In the past two months, Boonen, who is a former interest rates trader at Goldman Sachs, has been even approached by “blue-chip” names to run a crypto-dedicated for them.

“A number of very large traditional hedge funds are active in crypto, even if they don’t necessarily talk about it,” said Michael Bucella, a partner at BlockTower Capital.

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Author: AnTy

Bitcoin Working on Being a Reserve Asset while S&P 500, Yield, & Inflation Takes the Wheel

The equities market is yet again just inches away from its all-time high. Yesterday, the ATH from February was briefly broken only for the S&P 500 to retrace a bit, currently sitting at 3,382. Another small leg higher today, and it will breach the new ATH at 3,387.89.

It only took 175 days for the index to go from peak to bottom to the peak again. However, only a handful of companies are pushing the overall index higher; energy companies are nursing losses of more than 20%.

Thanks to the Federal Reserve stimulus and frenetic buying by buyers, it took less than six months for the S&P 500 to fully recover, unlike the previous 12 cycles when the stocks took an average of four years to recover from the drop of at least 20%.

“It’s really a policy-driven market at this point,” said Jon Adams, senior investment strategist at BMO Global Asset Management.

Loss of Appetite for Assets not offering Income

Despite the ongoing policies, much like stocks, US Treasury yields rose, going to a five-week high as new debt issuance this week drives prices lower and yields higher. Analyst Mati Greenspan wrote in his daily newsletter Quantum Economics,

“The U.S. junk bond market has been on fire lately, setting a new record for the month of August by generating more than $30 billion in trading volume in only seven business days,”

“The amount of big money chasing small money at high-risk is simply breathtaking.”

The anticipation for the bond yields to head higher is weakening the appetite for assets that don’t offer income.

As seen in gold, the precious metal had its worst plunge since 2013 to as low as $1,866. Although it rebounded sharply from yesterday’s fall, it is still trading at $1,932, down 7.3% from its ATH.

Inflation is coming, Much quicker than anticipated

Government policies are also not good in the long term. Already, US consumer prices are rising; in July, they soared more than expected, especially in auto and apparel costs.

Inflation remained muted as the coronavirus suppressed demand, but the Consumer price index rose 0.6% from the previous month following a 0.6% gain in June.

US core inflation jump

On an annual basis, core inflation is at a four-month high of 1.6%, after measuring 1.2% in June.

Gasoline prices rose 5.6%, clothing 1.1%, used cars 2.3%, new vehicles 0.8%, and car insurance 9.3%, but the cost of grocery falling 1.1% from last month provided consumers some relief.

This increase in consumer prices reflects a rebound in demand for goods and services. The Fed meanwhile doesn’t see a threat of inflation and expects to hold interest rates near zero for the foreseeable future. Brett Ryan, senior U.S. economist at Deutsche Bank Securities Inc., said,

“That’s not a sustained increase in inflation,”

“The bigger picture here is that you’re going to have a persistent output gap and elevated unemployment, and that’s going to put downward pressure on wages.”

Bitcoin Recognized as a Reserve Asset

In these times, people are turning to bitcoin as an inflation hedge.

For now, bitcoin is stuck around $11,500, in red, but up over 200% since March low. In 2020, so far, BTC has recorded 56% returns while still being down 42.5% from its ATH of $20,000.

However, in this cycle, bitcoin is expected to be seen as a reserve by the “most open-minded sovereign state,” said on-chain analyst Willy Woo. As we saw with MicroStrategy and Paul Tudor Jones, it has already started to take shape. He said,

“The thing with BTC is it trades as a risk-on asset, getting bigger shakes this, maybe $1T marketcap that’s 5x from here. $50k-60k BTC will be a mark in the sand.”

In the broad crypto market, altcoins record even harder losses. However, a few coins are still making good gains such as Chainlink (8.62%), TomoChain (10.43%), Algorand (20.39%), WazirX (23%), Aragon network (34%), Waves (36%), HOT (64%), and Numeraire (159%).

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Author: AnTy

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend.

Interestingly, despite the fact that the leading cryptocurrency is still trading 30% below its all-time high of $20,000, the dollar cost averaging from the peak of the market in December 2017 would have meant a return of 61.8% or 20.1% annually, noted Coin Metrics.

Dollar-cost averaging is an investment strategy in which an investor divides the total amount to be invested across the period to purchase the target asset to reduce the overall impact of volatility on the price of that asset and avoid putting all the investment amount at a poor time.

BTC Dollar Cost Averaging
Source: CoinMetrics

Meanwhile, as BTC reaches a 1-year high, the short-term holder MVRV, which assesses the behavior of short term investors by taking into account only those UTXOs younger than 155 days, remains bullish by keeping above 1.

“Coming from below 1 and reaching the current level (1.25), has previously marked the start of bull markets,” said Rafael Schultze-Kraft, CTO at Glassnode. And as long as MVRV stays above 1, one can remain bullish.

BTC Short Term Holder MVRV
Source: Glassnode

While one on one side, bitcoin’s price is aiming for $12,000 after closing above the important $10,500 level, on the other side, the realized price, which is realized cap divided by the current supply, has hit $6,000 for the first time.

This means, realized market cap continues to surge to all-time highs as well, hitting $111.2 billion, surging nearly 10% in 2020. Back in April, realized market cap fell to just under $101 billion, to early January 2020 levels.

Unlike market capitalization, where each bitcoin in circulation is multiplied by the current price, the realized cap has it multiplied by the price at the time it was moved last.

BTC Realized Price
Source: Glassnode

Not only is the current price is giving bullish signals, the realized BTC price is just another factor adding to all the bullishness.

It is not only the price of bitcoin that is enjoying an uptrend; the fundamentals of the world’s largest cryptocurrency are just as strong and continuing to grow.

Bitcoin user adoption is also pacing up as we have reported a 1-year active supply has already hit new ATH, and a 1-year active supply percentage is at 10-year lows. Hash rate and difficulty had been recovering for quite some time now, hovering around their all-time highs.

Another network fundamental, daily transactions, also recorded over $2.5 billion. The weekly transaction volume is almost $21.6 billion, with 2.2 million in transaction count, as per ByteTree.

Amidst this, the number of new addresses created is growing rapidly, reaching almost the peak of the 2017 bull market level of 1.29 million. Currently, sitting at June 2019 levels, on August 6th, 478,000 new BTC addresses were created.

Source: CryptoCompare & IntoTheBlock

Another bullish facet includes the number of bitcoin addresses holding at least $10 worth of the digital asset surging to a record high of 16.6 million, up 14% from previous a peak of 14.5 million in January 2018.

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Author: AnTy

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a small retracement before we blast through $12,000 would be good for the largest digital currency.

“But judging by the current temperature, I’m not even sure a cooldown period is possible,” he said in his daily Quantum Economics email.

However, bitcoin has already jumped the $12,000 resistance on CME Group. Yesterday while people were awaiting $12k, BTC futures went as high as $12,100 before dropping back under $12k level.

The positive thing is while the spot price is around $11,780, CME Bitcoin futures are trading at $11,955, at a premium of nearly 1.5%.

Source: TradingView

The futures premium has been soaring since last week amidst the bitcoin rally, a trend which is continuing this week as well while the digital asset continues to rise further.

When it comes to September contracts, CME bitcoin futures contracts are trading at even a larger premium than the retail exchanges. The September premium has increased from 2.05% to 2.76% over the last week, as per Arcane Research. Denis Vinokourov of Bequant noted,

“The futures term structure remained in deep contango, suggesting risk appetite is aplenty, and this demand for leverage has been particularly evident in the lending market, where traders were seeking to borrow fiat versus crypto holdings to maximise basis trading strategies.”

The premium rates at retail exchanges have also been rising during this period, indicating strong bullish sentiments. At the time of writing, BTC was trading at $11,800 on Bitfinex, $11,824 on Coinbase, and $11,831 on Bitstamp and Gemini.

Increasing institutional demand

As bitcoin started rallying last week, the futures market saw a sudden increase in its funding rates, a tool to reassure the price of the perpetual swap is kept close to the underlying asset. The funding turns positive when the perpetual contract is trading above the BTC spot price, which has long trades paying a fee while short trades received a rebate.

The funding rates soared this week, on Binance they peaked at 0.14% as “investors sought to get leveraged exposure to the upside,” only to fall back to near normal state at 0.021%. The crypto data provider states,

“This is a healthy sign in the market, as it indicates that the market is stabilizing, and the leveraged longs are on a decline.”

Besides all this, trading volume is also enjoying a surge. Bakkt had its moment when it hit a new all-time high of $132 million, 200% higher than the old record signaling a shift in institutional sentiment to bitcoin exposure after it broke $10,000.

The total open interest on Bakkt futures jumped to $24 million last week, a spike of 550% from the lows on July 16th. This week, it has further grown to $26 million.

CME’s OI has been having even more eventful days as it reaches $830 million, currently holding 16.8% of the total open interest in the BTC futures market, a record high dominance for CME — a clear indication of increasing institutional demand for bitcoin.

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Author: AnTy

Department of Homeland Security Seeks Blockchain Start-Ups to Mitigate Real Life Challenges

  • The U.S. Department of Homeland Security has called on Blockchain start-ups yet again to create real-life solutions that could solve problems they face.
  • Through their tech scouting wing, the Silicon Valley Innovation Program (SVIP), they have issued a set of potential use cases they would like solutions for.

Among the array of use cases, the SVIP has included traceability of supply chains revolving on the e-commerce, food and natural gas industry, essential personnel license compelled by Covid-19 travel restrictions, and a potential stand into their Social Security Number system.

SVIP’s technical director, Anil John, highlighted this during a virtual day event on Tuesday, insisting that they were seeking solutions to solve local shortcomings.

In a previous similar Blockchain start-up, the initiative by the DHS and SVIP, where they dangled an $800k grant incentive for start-ups with solutions whose purview could help supplement their anti-counterfeiting and anti-forgery measures. The U.S. Customs and Border Protection (CBP), U.S. Citizenship and Immigration Services (USCIS), and Transportation Security Administration (TSA) were all set to gain from the initiative.

Uses Cases That Blockchain May Optimize:

Social Security Number Alternative

Even though the SVIP often been commissioned with finding mitigations to unique problems facing the DHS on numerous occasions. They have called on the Blockchain start-ups to generate a unique identifier system to serve as an option to their SSN program for the DHS privacy office.

Senior director for Privacy Policy and Oversight at DHS, David Linder, has clarified that the system wouldn’t be a replacement to SSN rather a unique identifier that could be shared while averting the risk of revealing personal information.

Essential Personnel Verification

There has also been mention of a digital essential person verification system for U.S. Citizen Immigration Services. To lessen the spread of the Covid-19 virus, travel restrictions in the U.S. were imposed.

To curb the spread of Covid-19 in the U.S., they want to make verification for essential staff easier as core government functions have to carry on. Citing a border control analogy, John illustrated how such a system would come in handy in attestation of essential staff seeking to move across the border to and from Canada.

They have, however, confirmed that this would not be a version of the Covid-19 immunity certificate with John unsatisfied with the logic and science behind the issuance of immunity passports and certificates.

Streamline Supply Chain Traceability

Pitches for Supply chain tracing solutions are also welcome with a keen focus on e-commerce, food, and natural gas sectors.

Director of CBP’s business transformation division, Vincent Annunziato, disclosed that his agency is seeking to do away with paper-based systems in favor of a fully digitized system that has been greenlighted by auditors. He cited Walmart’s leafy greens and FDA’s projects that are all leveraging Blockchain Tech.

Blockchain Interoperability

The SVIP top brass, John, deems the exchange of information across the various Blockchain crucial. He has reiterated on the importance of operating standards that will allow the platforms to overlap hence facilitating information sharing across the Blockchains.

There will be accepting solutions from across the globe and not limit their search to local talents.

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Author: Lujan Odera

Stock Market Madness Puts 2017 Altcoin Run to Shame

Mainstream media has time and again taken a dig at the parabolic returns experienced by the cryptocurrency market.

But the stock market is seeing something that even the crypto market hasn’t seen.

Car rental company Hertz enjoyed a 1400% increase in its share prices declaring bankruptcy.

“I’ve been trading for 7 years and I’ve never seen this stock market behave like any other market before. Even the Altcoin run of 2017, markets were over-reactive and bad news would still dump a coin,” said trader Altcoin Psycho. “This is just madness.”

This has been while the likes of Goldman Sachs compares the returns of Bitcoin and Ether with that of “Tulipmania” and equity bubbles in the Nasdaq and stating “cryptocurrencies moved beyond bubble levels in financial markets.”

As such, Goldman Sachs concluded in its client call from just a couple of weeks back, that they “do not recommend bitcoin on a strategic or tactical basis for clients’ investment portfolios even though its volatility might lend itself to momentum-oriented traders.”

They do not recommend gold either because the bullion doesn’t offer reliable downside protection and its correlation with inflation is also “very unstable.”

Retail Creates a Bubble

It wasn’t only Hertz Global Holdings Inc., that experienced such an increase, retailer J.C. Penney’s stocks have jumped 167% since May 15 and oil driller Whiting Petroleum is up 835% since April 1, are among those that have seen their shares more than double. This has been despite being in Chapter 11 bankruptcy, a process allowing companies to keep operating while working on a plan to repay creditors.

Pier 1 Imports also more than doubled but is still down 97% since filing for bankruptcy on Feb. 17. Those that have begun planning or bankruptcy like Chesapeake Energy and GNC Holdings also recorded an increase of 182% and 106% respectively on Monday.

Tesla competitor Nikola Motors with zero revenue also surging over 100% is yet another indication of market exuberance.

Retail investors don’t know where to put their money and are buying big names that they recognize or have low prices. But what they aren’t realizing is that they are wagering against a court process where shareholders rarely get anything back.

Under US bankruptcy law, shareholders are the last in line, after lawyers, lenders, and vendors, to get any kind of payout.

This rally in bankrupt shares could be the result of short covering where traders who have bet against a company close their positions by re-buying shares which lifts prices and also fueled by amateur traders using platforms like Robinhood who are currently bored in lockdown and looking for quick money, reported Bloomberg.

“I’ve seen a lot of unusual micro-bubbles over the years. Cannabis. Blockchain. Fuel cells. Space. Electric cars. Etc. But I don’t think I’d have ever guessed before that *bankruptcy* itself would be an exciting investment theme,” tweeted Joe Weisenthal from BloombergTV.

Interestingly, over the last 10 weeks, not a single S&P 500 stock has been down while the economy is struggling with the coronavirus pandemic, nearly 20% unemployment rate, and riots across the US.

The Bitcoin and crypto market, on the other hand, have been holding steady for the last few weeks.

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Author: AnTy

Crypto Pump and Dumps Back in the Market; ‘Coinbase Effect’ Is Showing Signs Again

The crypto market has yet again seen the signs of a pump and dump.

Not that they have been completely eradicated from the market since the 2017 bull market but in the past few years as the market corrected and then consolidated, the blatant pump and dumps took a rest.

There have been cases of traders on Twitter dumping the coins on their followers, but last week, saw the infamous pump and dump caused by the listing on prominent exchanges.

The US-based Coinbase has been notorious for giving the prices of crypto a pump in anticipation of their listing on its platform.

Over the past few years, this “Coinbase Effect” was very popular only to break its winning streak with XRP. But the latest ones have been feeling the effects.

Coinbase Effect is Back

With the announcement of OmiseGo (OMG) listing, the market experienced the comeback of pump and dump schemes.

On May 21, Coinbase announced that it is launching OMG on its platform and Android and iOS apps.

“OMG continues to predictably rise as the Coinbase Pro listing effect continues to draw in new investors,” said Santiment.

Coinbase’s announcement led to a large rise in its daily active addresses and skyrocketing of social volume which brought in “a tremendous amount of FOMO.”

OMG prices started surging on May 19, when it was trading at $0.96 to $1.19 on May 20th. Then on May 21, OMG went parabolic, going to over $2.15 from $1.11 the previous day, jumping 93%.

OMG Prices in the past 3 months

The first day of OMG trading, analyst Matt Casto found a “ridiculous” amount of premium 82.34% on the prices of OMG on Coinbase and Binance.

“If you bought 1 BTC worth of OmiseGO in May 2018 it would have been worth about 0.04 BTC last week. If you bought 1 BTC worth of OmiseGO last week it would be worth about 1.6 BTC now,” said Francis Pouliot.

Currently trading at $1.66, OMG prices are heavily down 94% from its all-time high hit in 2017 bull rally.

Interestingly, Coinbase was accused of insider trading back in 2017 when it listed BCH. Just after minutes of trading, the exchange suspended its operations. A class-action lawsuit was also filed and the judge ruled the “incompetence born of haste.”

AVA made a New ATH on Binance Merger

Another token to pump last week was Travala (AVA) which soared to its all-time high at $0.492 on May 20th, the day Binance announced the merger with the travel booking service provider.

AVA prices started surging a week before that. Around that time, on May 13th AVA deposits and trading went live on Poloniex, a crypto exchange acquired by Tron founder and CEO Justin Sun.

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Author: AnTy