Bitcoin (BTC) Price May Peak at $400,000 This Cycle: Bloomberg Report

Bitcoin is also “replacing old-guard” gold, that too more sudden than gradual as it fulfills the need for a digital reserve asset in a low-yield environment.

The bitcoin price target has been increased to $400,000 by analyst Mike McGlone in the April edition of Bloomberg’s Crypto Outlook 2021 report.

While BTC price continues to consolidate under $60k, its support has risen toward $50k, with $40k representing more extreme downside risk and resistance around $60k eroding with volatility, reads the report.

With little change with the price, Bitcoin “appears to be a bull market resting for the next leg of its stair-step rally.”

McGlone wrote that a backup to $40k is less likely and a more likely Q2 scenario is to breach $60k resistance and head toward $80k. Overall, the technical outlook for the year, if past patterns repeat, remains “strongly upward.”

Compared to 55x gains in 2013 and 15x in 2017, similar price extremes would take the largest crypto to $400,000 this time, based on the regression since 2011 high.

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Source: Bloomberg

The bullish factor is that there are few signs of BTC holders looking to sell as coins continue to leave exchanges indicating signs of demand.

According to the Commodity Strategist at Bloomberg, Bitcoin’s adoption has been rather sudden than gradual, which is only expected to accelerate with a “rising tide from institutions and individual investors.”

This has the narrative shifting to a small crypto allocation from the risks of missing out on the potential for Bitcoin.

Bitcoin is actually fulfilling the need for a digital reserve asset in a low-yield environment as gold, a traditional safe-haven asset, which has been rather lackluster in its performance, said McGlone.

The largest cryptocurrency is actually “replacing old-guard,” which again is more sudden than gradual.

“The adage that money flows to where it’s treated best describes what we see as firming underpinnings for the price of Bitcoin,” states the report. While not bearish for the precious metal, which continues to back into $1,700 support an ounce, most indicators show

“a shifting global tide that favors the nascent digital currency as a reserve asset.”

The report also mentions the dollar’s digital dominance eclipsing China’s yuan’s global adoption. The same is happening in the crypto world, where Tether (USDT), defined as “currency to bitcoin’s digital gold,” is trading more than the cryptocurrency itself.

As for the much-talked-about discount on Grayscale Bitcoin Trust (GBTC), it could be just a normal dip in a strong bull market with appreciation expected to be the most likely outcome.

“The increasing probability for Bitcoin ETFs in the U.S. is supporting the price but contributed to a shift to discount in GBTC.”

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Author: AnTy

South Koreans Are Trading XRP & BTT More than BTC and Ether

South Koreans Are Trading XRP & BTT More than BTC and Ether

Bitcoin kimchi premium is also taking a drop after surging to 22% as Upbit temporarily suspends fiat (KRW) deposits and withdrawals, and Bithumb sees an “increasing” inflow of BTC.

Kimchi premium has been flying high until it wasn’t.

Bitcoin prices on South Korean exchanges at one point today were as much as over 22% higher than other cryptocurrency exchanges. But soon it took a big hit and dropped to about 13%. Ki-Young Ju of data provider Crypto Quant noted,

“It seems someone finally figured out how to arbitrage this Kimchi premium opportunity. The trading volume in 30min time frame on Upbit, the largest Korean exchange, was bigger than Binance’s. This drop seems related to Kimchi pullback.”

As of writing, Bitcoin is trading at $56,740 on Coinbase Pro, $56,824 on Binance, $64,247 on Upbit, $64,469 on Bithumb, and $64,494 on Coinone.

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Bithumb, according to CryptoQuant, is seeing an “increasing” inflow of BTC, unlike all the other exchanges which have been seeing a decrease.

A possible reason for the drop could be Upbit announcing a temporary suspension of fiat (Korean Won) deposit and withdrawals and KRW account registration services.

The suspension has been due to an urgent inspection by the KRW deposit and withdrawal service provider. Once this maintenance is completed, the exchange will resume the services. The translated notice reads,

“After the urgent inspection of the KRW deposit and withdrawal service provider has been completed, the KRW deposit and withdrawal and KRW account registration services will be resumed.”

However, on South Korean exchanges, the biggest trading assets by volume are a bunch of altcoins, with XRP and BitTorrent (BTT) taking the top place BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
$0.005.17%
Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 1 mon Why Are Celebrities Exclusively Endorsing Tron, “Is TRX Mass Adoption On The Horizon?”
. XRP is trading nearly 16% higher at $1.10 on South Korean crypto exchanges than about $0.95 on Bitfinex. XRP -13.13% XRP / USD XRPUSD $ 0.92
-$0.12-13.13%
Volume 21.61 b Change -$0.12 Open $0.92 Circulating 45.4 b Market Cap 41.74 b
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 9 h Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

XRP on these platforms is actually pulling in more than double the volume of Bitcoin BTC -3.52% Bitcoin / USD BTCUSD $ 56,041.45
-$1,972.66-3.52%
Volume 74.98 b Change -$1,972.66 Open $56,041.45 Circulating 18.68 m Market Cap 1.05 t
6 h Hindenburg Research Shorts Chinese Bitcoin Mining Maker; Ebang Continues its Fundraising Spree 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
and Ether ETH -7.09% Ethereum / USD ETHUSD $ 1,968.30
-$139.55-7.09%
Volume 35.9 b Change -$139.55 Open $1,968.30 Circulating 115.38 m Market Cap 227.09 b
7 h Seven-Time Superbowl Champ, Tom Brady, Is Launching an NFT Platform Called Autograph 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
.

For instance, on Upbit, XRP and BTT are the two most traded crypto assets at $2.9 billion and $2.3 billion volume, respectively, versus $1.2 billion on BTC/KRW pair and a mere $428 million for ETH/KRW.

Korean investors are also piling into the nation’s crypto stocks, driven by Coinbase’s upcoming public listing.

Hanwha Investment & Securities Co., which owns a 6.15% stake in Dunamu, is the best performer among Kospi stocks this year, as it uptrends over 210% YTD.

Dunamu actually operates Upbit, which local media reported last week has also explored a possible listing on the Nasdaq.

Other shareholders in the company are also enjoying an increase in their value. Woori Technology Investment Co. and Kakao Corp., both of which have about 8% stake in Dunamu, saw their share prices increasing by 140% and 38% respectively so far this year.

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Author: AnTy

Vitalik Buterin: EIP1559 Will Make Ether “Ultrasound Money,” Scaling is “Coming Very Soon” too

Ethereum co-founder isn’t concerned at all about the chain split due to the proposal. Also, a PoS chain is already here and running; it just doesn’t have sharding because the priority is currently the merge.

Ether is seeing some red today, much like the broad crypto market. Still, it is trading above $1,750, up nearly 140% YTD. However, the big thing is the upcoming upgrade, EIP 1559, that the market believes isn’t priced in yet.

The proposal is facing some pushback from miners, some of them even come together to attack the blockchain, but the market isn’t really concerned. This is because of the multi-billion decentralized finance (DeFi), especially the stablecoins, which collectively now surpass 56 billion in supply, built on the second largest network, as shared by Arthur of DeFianceCapital on “UpOnlyTV” recently.

Ethereum co-founder Vitalik Buterin isn’t concerned either, as he explained on The Tim Ferriss’ Show.

When asked by AngelList founder Naval Ravikant who is bullish on crypto and DeFi, if there’s a possibility that some miners and people will stay on Eth1 instead of Eth2, Buterin said, “the risks are much lower.”

Buterin attributed being very open about proof-of-stake and sharding from the first day as the big part of the reason. Not to mention, the market has gone through it already with Ethereum Classic (ETC). He said,

“Why stay on the chain where the core developers and lots of people are eagerly expecting a proof-of-stake change if you can just move on to a platform already that accepts your values? So I think that was one of the factors that did actually end up making the Eth2 transition a bit more secure.”

According to him, Ether is all about having more scalability which is going to deliver great environments for Ethereum users and everyone is roughly on board with the idea.

More Direct Connection Between Users & ETH’s Value

Ethereum Improvement Proposal 1559 was accepted a week back to be included in the London hard fork scheduled for July.

“It basically creates this more direct connection between people using the Ethereum blockchain and ETH having some value,” described Buterin.

He further explained that the proposal redesigns how the transaction fee market works, which means the majority of fees, instead of going to the miner or corporate who creates the block, would get burned. “It would just literally get deleted out of existence.”

“If demand to use Ethereum is high enough, then there would actually be more ETH being destroyed than is being created,” says Buterin adding, it would make Ether “ultrasound money” to Bitcoin’s sound money.

Before the London hard fork, however, the Ethereum Proof-of-Work (PoW) is undergoing a mainnet upgrade, called Berlin, on April 14, 2021.

A backward-incompatible fork will require updating the software to continue to follow the mainnet. As such, stakers are required to upgrade their Ethereum PoW nodes before April 14, 2021, and if you run the Pyrmont testnet, you must upgrade your Goerli nodes before March 17, 2021, shared developer Danny Ryan.

PoS is Already Here and Running Stable

While EIP-1559 would cement Ether’s economic value within the Ethereum platform, the big thing that would change the network and the market is eagerly awaiting is ETH 2.0, which will give the network 100 times improvement over the current processing.

While the Beacon Chain, Phase 0 has been launched with 3.2 million ETH deposited for staking, the full transition will take time. This multi-step approach is taken to “give proof-of-stake sometime to prove itself before the entire ecosystem is asked to upgrade over,” said Buterin.

Talking about the ETH 2, Buterin said, “there’s already a proof-of-stake chain. It does not yet have sharding, but the proof-of-stake system is running. The thing that has not yet happened is the event that we call the merge,” where the existing activity on Ethereum will be fully moved over from the proof-of-work chain to the proof-of-stake chain which would make PoW irrelevant.

The PoS not only exists but has been running stable ever since its launch, and “at some point fairly soon, we are going to actually go and merge all of the proof-of-work activity onto it,” he added.

As for sharding, Buterin said there are prototypes of parts of it, but they are prioritizing the merge rather than sharding because of rollups which still provide 100x factor scaling. Buterin said,

“So rollups are coming very soon, and we’re fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.”

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Author: AnTy

Bitcoin Lending Grew Nearly 12x; Only Accounts for 0.15% of the $20T Total Collateral Market

There is also growing demand for Ether among traditional actors entering crypto lending with ultra-high-net-worth individuals, corporations, traditional hedge funds, and family offices wanting to enter the market looking to generate excess yield on idle cash.

Total active collateral in the Bitcoin lending markets has grown from $1.9 billion in Q3 2019 to a whopping $24.3 billion in Q4 2020, reveals the latest joint report by Arcane Research and crypto exchange Bitstamp.

The crypto lending market is simply flourishing, but it has a long way to go with the collateral markets’ current size estimated to be $20 trillion, providing a huge potential for bitcoin as collateral.

Over 400,000 BTC are estimated to be used as collateral for Bitcoin-backed loans today, doubling over the last year, reads the report. It is particularly used to leverage up and buy more crypto for arbitrage, market-making, tax deferment, and the need for fiat and miners covering costs.

The interest rate on Bitcoin deposits is currently high at 6-10%, which is expected to decline as more BTC are collateralized, and the crypto sector grows.

In total, 625,000 BTC, approximately $30 billion, are used as collateral in the crypto market today, based on estimations of collateral held in the derivatives market and tokenized BTC in DeFi. Still, bitcoin collateral only accounts for 0.15% of the total collateral market, which is growing rapidly, states the report.

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Arcane Research expects further growth in the BTC lending market, which could be “very bullish” for Bitcoin as it allows users to employ their cryptocurrency to serve their everyday fiat-needs, without requiring the hodlers to sell and realize profits.

Bitcoin, which can be transferred around the world instantly, at almost no cost, is a superb collateral asset because it is without both counterparty risk and credit risk, reads the report.

Institutions are just as interested in the crypto lending market, with institution-focused Genesis seeing a YoY growth of 245% in their outstanding loans.

One of the market-leading companies in the lending market, Genesis has seen incredible growth over the past year. Their outstanding loans surged to $3.8 billion in Q4 of 2020, a roughly 80% growth from Q3.

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The company further processed nearly $20 billion on loans last year to institutions only, “showing tremendous demand for traditional actors entering crypto lending.” In Q4, the company also pointed to the inflow of institutional lenders as well with ultra-high-net-worth individuals, corporations, traditional hedge funds, and family offices wanting to enter the market for the first time looking to generate excess yield on idle cash.

But it isn’t only about Bitcoin; there is also growing demand for Ether among institutions. There has been a steady increase in ETH loans outstanding, which grew 177% during the last three quarters of 2020.

Like BTC, this growth was attributable to ETH’s price inflation, the biggest reason was tied to in-kind placements in Grayscale’s Ethereum Trust, according to Genesis.

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BlockFi is another company leading in crypto lending with over $4 billion in outstanding institutional loans. According to the report, BlockFi’s internal numbers show that the company is a clear competitor to Genesis on the institutional side.

In 2020, BlockFi processed $18.6 billion in loans to its institutions and private clients, and by the end of the year, it had $4.4 billion in outstanding institutional loans. These clients aren’t just based in the U.S. either, just 60%, but spread across the world — 25% in the Asia-Pacific and the last 15% are based in Europe.

Other notable competitors in this sector are Celsius which processed over $8 billion in loans, Nexo which has over 1 million users and shares profits with its token holders, and Nebeus, which was one of the first movers in 2014.

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Author: AnTy

Grayscale Bitcoin Trust (GBTC) Catching Up Fast to Gold’s Largest ETF (GLD)

Bitcoin ETFs are also making waves, with BTCC doing three times more volume than any other ETF in Canada. Meanwhile, Bitcoin price, which is ready to hit $58k, is up 92% YTD compared to gold’s -5.83%.

Grayscale, the world’s largest digital assets manager, has $43.63 billion in assets under management. In less than a month, the asset manager has doubled its AUM as earlier this month it was sitting at $26.4 billion and $20.2 billion at the beginning of the year.

The majority of this AUM belongs to Grayscale’s one product Bitcoin Trust (GBTC), which has $36.57 billion in assets under management. Grayscale Bitcoin Trust currently holds 455.47k BTC, just over 3.5% of Bitcoin’s circulating supply.

This is thanks to the price of Bitcoin hitting a new high above $57,000 today and becoming a trillion-dollar asset.

With this, Bitcoin has achieved 10% of gold’s market cap, with the precious metal’s market cap being around $10 trillion. Price-wise, gold is nowhere near in BTC’s realm. Spot gold is currently trading at $1,783 per ounce, as of writing, down 5.83% YTD compared to Bitcoin’s more than 90% gains in 2021 so far.

Just as the leading digital currency is slowly eating up gold’s market share, the biggest Bitcoin fund GBTC is closing in on the largest gold ETF, SPDR Gold Trust (GLD), which has $64.85 billion in assets under management.

“GBTC ($39.2b+) isn’t that far from flippening the largest gold ETF, GLD ($64b),” tweeted Nic Carter of Coin Metrics.

The gold ETF that provides “physically held” exposure to the precious metal records $1.49 billion in average daily volume.

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While Grayscale clearly dominates the market, an increasing number of funds are now making an appearance. Several organizations are filing for a Bitcoin ETF, allowing institutional investors exposure to the digital asset without actually buying or holding them.

While the US has yet to get one, Canada has already had two. This week, the Ontario Securities Commission (OSC) also approved the Evolve Funds Group’s application for a Bitcoin ETF.

As we reported, the first Bitcoin exchange-traded fund, Purpose Bitcoin ETF (BTCC), was a roaring success, beating the traditional numbers. The two-day AUM is estimated to be $330 million.

On Friday, BTCC traded $350 million, a jump of 40% from its debut day and three times more volume than any other ETF, noted Eric Balchunas, Senior ETF Analyst for Bloomberg. Joe McCann, a Microsoft strategist said,

“ETFs beget liquidity, and liquidity improves price discovery and price ascent. This is historic volume in Canada for its BTC ETF. When, not if, it gets approved in the US, we will see the same thing happen.”

The US Securities and Exchange Commission has shut down all the attempts to offer Bitcoin ETF in America, so far, but there are high expectations for one under the new SEC Chairman, for which President Joe Biden has nominated Gary Gensler, who taught a class on Blockchain at MIT.

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Author: AnTy

Bitcoin ‘Kimchi Premium’ Makes a Comeback As Euphoria Builds

South Koreans have also started to join in on the crypto rally.

Another sign of Bitcoin euphoria can be seen in the “kimchi premium” that has returned.

The positive price gap between South Korean cryptocurrency exchanges and other exchanges is the Kimchi premium which has hit two-year highs amidst the ongoing price rally.

This premium first made its presence known in December around the time Bitcoin breached its 2017 peak of $20,000. At one point this premium was above 6% in January this year.

As of writing, Bitcoin price BTC 4.05% Bitcoin / USD BTCUSD $ 35,315.36
$1,430.27 4.05%
Volume 68.8 b Change $1,430.27 Open $35,315.36 Circulating 18.59 m Market Cap 656.61 b
2 h Bitcoin Supply Liquidity Falling Faster than Ever Amidst ‘Tremendous Demand’ 2 h IGT Gets Regulatory Approval to Use Bitcoin & Crypto’s at Slot Machines 2 h What’s Happening on the Bitcoin Network Amidst The Red Hot Market?
is trading at $34,670 on Bitfinex, $34,685 on Coinbase, $35,621 on Upbit, $35,595 on Bithumb, and $34,834 on Binance, as per Coinmarketcap.

The last time such a difference in prices was seen was in early 2018.

“‘Player 2 has entered the game,” said Ari Paul CIO at Blocktower Capital. “The long-running trend of Asia hours being bearish may be broken as South Korea seems to have finally caught a major bid yesterday and continuing into tonight,” he added.

Korean exchanges are also seeing massive deposits. On Tuesday, 3,001 BTC worth more than $99 million was moved to Bithumb, as per data source CryptoQuant. Just this week, Bithumb Global also opened the BTC market for their KRW only market.

These premiums appear for a number of reasons which include the availability of crypto service providers, regulatory environment, fiat currency conversion ease, and economic situation.

As Bitcoin price rallies, people are getting back into crypto which can also be seen in Bitcoin trending on South Korea’s biggest search engine Naver, which happened the day the digital asset ripped past $30k. The volume on these exchanges has also started to trend up moving into 2021.

Just this week, Naver published an article about Bitcoin, gold, and real estate skyrocketing, noting how BTC surpassed 30 million won at the end of last year.

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Author: AnTy

Decentralized Protocol, Graph, Mainnet Goes Live; Coinbase Lists GRT For Trading

The day The Graph mainnet went live, Coinbase also listed the network token.

On Thursday, the San Francisco-based cryptocurrency exchange announced support for The Graph (GRT) at Coinbase.com. Coinbase customers can now buy, sell, convert, send, receive, and store GRT.

The token available in all Coinbase supported regions except for New York State is also available on its Android and iOS apps.

The same day the exchange also enabled earning up to $3 in GRT tokens on Coinbase Earn.

The decentralized protocol for indexing and querying data from blockchains, Graph makes it possible to build serverless dApps that run entirely on public infrastructure. It provides developers all the public data to build decentralized applications.

On Thursday, the project launched its maninnet after three long years of testnet. The testnet saw more than 200 Indexers deploying nodes and over 1,600 individuals successfully completing the Curator program.

In six months, the project saw the usage of its hosted service growing 10x from 1 billion in June to over 10 billion in November. Top DeFi applications like Curve, Zapper, Uniswap, Decentraland, and others are already using their Subgraphs. Yaniv Tal, Project Lead and Co-founder of The Graph said,

“It’s surreal that after years of hard work, our vision for a global decentralized indexing and API layer for Web3 has become real. We really believe in decentralization and the launch of The Graph Network is a major milestone for enabling humans to cooperate and organize in a decentralized way.”

The native token of the project GRT is used to coordinate the network, and node operators called Indexers can stake and earn the tokens for processing queries. The ERC20 token is currently trading at $0.19, up 62%.

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Author: AnTy

An ‘Extremely Bullish’ Institutional Catalyst for Ethereum is on the Horizon

As Bitcoin enjoys a wild ride to $23,800, Ethereum also managed to make it above $670.

Interestingly for the second-largest cryptocurrency with a market cap of $75 billion, it is still 57% away from its all-time high despite rallying more than 400% in 2020. And now that Bitcoin has hit a new peak, ETH is expected to follow and make it above $1,000.

In line with these gains, the total number of addresses with a balance of ETH surpassed 50 million for the first time, as per IntoTheBlock data. Not only did ETH make a new record, but it is the first crypto-asset to reach this milestone.

Yesterday, as we reported, CME also announced that it would be launching the Ether futures on February 8, 2021.

It is a big deal for the cryptocurrency as CME represents the institutional interest in the digital asset. Although CME’s bitcoin futures launch at the top of the 2017 bull market was taken as a negative sign for the prices, the retracement was expected after the wild rally.

CME’s bitcoin futures just acted as a catalyst for that correction. Now, as we see in 2020, the biggest regulated bitcoin futures market has been recording more than $1 billion in open interest (OI) on bitcoin futures.

Similarly, CME’s Ether futures, where each contract will have 50 units, will bring more institutional support to the digital asset. Trader and economist Alex Kruger said,

“People mostly remember how bitcoin hit its top on 2017 the exact day the CME BTC futures launched, and proceeded to crash right after. They forget that the CME launch drove the price from 6K to 20K, +225% in 2.5 months. The launch of CME ETH futures is extremely bullish.”

Institutions have been exclusively going into Bitcoin as an inflation hedge. Still, Ether is also now making its place among the investment portfolio, emerging as silver to Bitcoin’s gold, in reference to Ray Dalio discussing cryptocurrencies’ future, seeing their categorization as precious commodities and industrial commodities.

Already, Grayscale’s Ethereum product (ETHE) has 2.94 million Ether in its holding. Jake Chervinksy, General Counsel at Compound Finance, said,

“CME launching ETH futures is a big deal. Combined with Grayscale’s ETHE’s recent growth, this signals rising institutional interest in (& comfort with) ETH. This doesn’t happen without significant demand. ETH’s market structure is maturing quickly.”

Interestingly, while Grayscale holds over 2.5% of Ethereum supply, another 1.53 million Eth (worth more than $1 billion) is locked in ETH 2.0 deposit contract, and a whopping 7.1 million ETH is locked in DeFi.

Things are about to get interesting for Ethereum as well.

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Author: AnTy

XLM Records Impressive Volume; Co-founder says Team Is Making Stellar ‘Useful for Real People’

Much like the rest of the cryptocurrency market, Stellar has also been enjoying the gains this past month.

With nearly 113% gains in the last 30-days, XLM is currently trading at $0.175, which brings its year-to-date performance to over 289%.

In the last 60 days, Stellar’s trading volume has surged by a whopping 517% on the back of numerous fundamental developments, noted eToro.

Recently, Germany’s Bankhaus von der Heydt (BVDH) launched a Euro stablecoin on the Stellar network. The EURB stablecoin is a fully regulated one but won’t be openly traded on exchanges due to strict KYC requirements.

BVDH managing director Philipp Doppelhammer said EURB’s first use case will be for “cross-border money transfers” for blockchain payments company SatoshiPay’s customers.

This came after earlier this week, German private bank Hauck & Aufhäuser announced its first crypto fund, the HAIC Digital Asset Fund I that will include Bitcoin (BTC), Ethereum (ETH), and Stellar (XLM). This fund will be launching on Jan. 1, 2021.

The Dollar Savings Project

Stellar co-founder Jed McCaleb, who was also behind the Mt. Gox exchange, recently appeared on The Pomp Podcast where he talked about the idea behind the 13th largest cryptocurrency which is to

“make this interoperable layer where all these things can communicate with each other, not just in financial networks but different currencies.”

McCaleb further explained,

“It just allows you to use any currency at any financial institution and seamlessly and effortlessly send anybody else in the world.

That’s kind of the goal and the way we do that is by leveraging this innovation that Bitcoin came up with which is this distributed ledger that everyone can see but no one can change arbitrarily.”

Stellar launched about six years ago and currently one of the big things the team is working on is the dollar savings app “which is a consumer app that allows people in places with really high inflation like say Argentina to be able to save their money in dollars,” said McCaleb.

These are the efforts where the team is working on making Stellar useful for real people with another big B2B payments corridor between Nigeria and Europe that “we’re helping it foster,” he added.

McCaleb, who is also the former CTO of Ripple, recently sold 29.5 million XRP worth about $135 million in a single day.

Between 2014 and 2019, he sold 1.05 billion XRP, as per Whale Alert. In 2020, he sold another 375 million XRP at a total of $75 million up to August 3.

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Author: AnTy

Artist Sells Digital Artwork on Gemini-Owned Platform for Over $21K

Asides from its business and government applications, blockchain is also gaining traction in gaming and art commerce.

Blockchain Art for Good

This week, Anthony Pompliano, the founder of Morgan Creek Digital Assets, announced on Twitter that his company had helped an artist sell his work online.

The artwork had been auctioned on Nifty Gateway, a blockchain-based digital art platform owned by the Gemini exchange. Pompliano and his partner, Jason Williams, had independently commissioned the artwork created by 17-year-old artist Fewocious.

Pompliano is so pumped about the digital art market that he claims the industry could have a larger market capitalization than the traditional arts sector in his tweet. While that might not be true, this artwork did sell for a cool $21,350.

The auctioneers had initially planned to use the artwork for relief efforts, with New York still suffering significantly from the coronavirus pandemic. The artist eventually donated a portion of his proceeds to the New York Food Bank, a nonprofit that provides free meals to New Yorkers stuck at home.

NFTs Attraction for Digital Art

NYC Skyline was sold in non-fungible tokens (NFT). While NFTs have been particularly famous for gaming, they have also found a home in the art world.

NFTs are unique digital tokens with individual values that aren’t synonymous with others. They’re rare and indivisible, and they represent specific assets – it could be real estate, event tickets, an in-game item, a real-world item, and even art.

These tokens have been particularly popular in the digital art space as they provide holders with easy ownership of art pieces.

In October, Christie’s, a top auction house located in the Rockefeller Center, Manhattan,  announced the sale of a digital portrait of the Bitcoin code. The deal marked the first time that an NFT was auctioned at a major auction house, and the $130,000 price even exceeded the auction house’s expectations.

Christie’s explained that an unknown buyer had purchased the artwork, known as “Block 21.” The painting contained a physical piece of art, as well as an NFT representing Bitcoin creator Satoshi Nakamoto. The sale was part of the auction house’s “Post-War and Contemporary Day Auction,” and bidding for Block 21 started at $20,000.

Block 21 was created by Ben Gentilli and the Robert Alice project. It is one of 40 pieces in a series, and it holds precisely 322,048 digits of the original Bitcoin code from Satoshi. The entire series, titled “Portraits of the Mind,” depicts the leading cryptocurrency’s 12.3 million initial digits of code engraved and painted on different circular panels.

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Author: Jimmy Aki