Crypto Finds Solidarity with Reddit Degens Winning the GameStop (GME) Battle Against Wall Street

More Affirmation for Bitcoin & DeFi

If anyone can most relate to the chart of GameStop (GME) share prices, it is the crypto market.

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The cryptocurrency market can point to many charts where crypto assets have pumped to the moon, sometimes without any rhyme or reason when it comes to certain coins, and dumped just as hard in a very short time period.

While it usually happens when retail is involved, this time, institutions also jumped in on Bitcoin as an inflation hedge, a store of value, a safe haven, and an asset whose performance beats traditional asset classes.

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When it comes to GameStop, its share prices are currently trading at $380, up from yesterday’s closing price of $147.98. At the beginning of this month, GME shares were worth just $17. This represents a surge of 2,135% in just 26 days.

Interestingly, crypto-friendly Elon Musk and Bitcoiner Chamath Palihapitiya also contributed to this monster rally when they tweeted about the NYSE listed video game retailer.

Palihapitiya, the CEO of Social Capital, shared with his Twitter followers that he bought February call options of the stock.

“Bought some YOLO calls on GME,” he again tweeted today.

The Reddit page shared by Musk, r/wallstreetbets, has 2.8 million subscribers and has been pumping the stock prices, betting against the short-sellers, which are hedge funds’.

One of the subreddit posts calls this “A tug of war between tradition and the future.”

“This affects every single one of you, whether or not you’re holding $GME. TLDR: Fuck hedge funds. This is a crosspoint into the future.”

“We can remain retards longer than they can remain solvent,” reads another one.

The notable victim of this has been Citron Research’s Andrew Left and Michael Burry of Big Short Fame who are forced to close their positions.

In the light of this, Nasdaq chief Adena Friedman said on Wednesday that regulators and exchanges need to pay attention to the potential “pump and dump” driven by social media chatter.

However, GME is not the only one that has got the attention of Reddit; AMC Entertainment and BlackBerry are also their YOLO favorites.

The Crypto industry, meanwhile, is applauding this move. Derivatives platform FTX also jumped in and listed GME stocks today.

According to SkyBridge Capital co-founder Anthony Scaramucci, the retail traders winning the battle is a positive for Bitcoin as he said,

“The activity in GameStop is more proof of concept that Bitcoin is going to work.”

“How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance.”

Scaramucci’s SkyBridge has exposure to Bitcoin of about $385 million. The firm’s bitcoin-focused fund, SkyBridge Bitcoin Fund, has about $60 million.

“It’s the age of the micro investor, and you better take it seriously; otherwise, you’ll get taken to the cleaners,” Scaramucci said.

“WSB/$GME is ABSOLUTELY in the spirit of Bitcoin,” said Bitcoin proponent Max Keiser. “The corrupt finance cartel got served up some PAY BACK in a completely legal and brilliant way. Bitcoin is doing same to central banks,” he added.

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Author: AnTy

Everyone Wants to Know ‘WTF is Going On With Bitcoin’

What’s happening now, faster than anyone could ever imagine, is that “Bitcoin is moving from a fringe esoteric asset to the mainstream.”

This is why we are still early in the game.

Q4 has been an epic one for the world’s largest cryptocurrency. With a 160% uptrend in this quarter, 4Q20 has become the second-best one after Q4 of 2017 in which BTC recorded over 210% gains and hit $20k.

This time, the quarter started just around $10,500 and we pushed through several all-time highs, with the latest one made just today at above $28,500.

But nocoiners are having a hard time understanding why this is happening.

Youtuber KSI with 6.4 million followers asked about what is happening with the digital asset the day it first jumped past $28k.

Bitcoin’s price action got another no-coiner Sara Mauskopf, co-founder and CEO of daycare and parenting search app Winnie to enquire about this ‘number only go up’ technology.

“Does anyone understand why?? Not complaining just trying to make sense of what’s going on…” was her exact question.

Even China’s state media continue to feature Bitcoin articles, with the latest one titled “Why Bitcoin repeatedly breaks its ATH.”

“What’s happening now — and it’s happening faster than anyone could ever imagine — is that Bitcoin is moving from a fringe esoteric asset to the mainstream,” said Matt Hougan, a chief investment officer of Bitwise Asset Management.

“If it’s going mainstream, there is just so much money on the sidelines that is going to have to come in and establish a position that leaves me very bullish for 2021.”

Relentless Demand

In the meantime, Bitcoiners are throwing caution to the wind and going all the way in. As one degen wrote on Twitter, “I sold my house and borrowed from my 401k twice to buy bitcoin and would do it again at current prices.”

This isn’t’ the first and this won’t be the last.

Recently, Bitcoiner Peter McCormack also shared how he took out a $46,250 loan earlier this month and bought 2.55 BTC from it. “May do this again a few more times,” he had said at the time.

Bitcoin is actually on track for its longest monthly winning streak in over a year.

Thanks to central banks all around the world running the campaign of debasing fiat currencies, people are realizing the value of a hard asset that not only has a fixed supply but offers asymmetric returns.

Just this Sunday, President Donald Trump signed a $2.3 trillion stimulus into law. New stimulus checks, falling USD, and Brexit fueling investors’ risk appetite.

People are increasingly seeing Bitcoin as a hedge against dollar weakness and risk of inflation.

According to Edward Moya, senior market analyst at Oanda, demand for Bitcoin is “relentless.” “Bitcoin is still the trendy trade on Wall Street and that might not go away,” he wrote. “Volatility remains elevated, but for now seems like it will attract buyers on every major dip.”

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Author: AnTy

Salt Lending to Begin the Process of Refunds to Investors in Early 2021

“Anyone who bought SALT from us directly before and including 12/31/2019 will have an opportunity to submit a written claim at a later date to recover the consideration paid plus interest,” tweeted SALT Lending.

This has been in response to the Securities and Exchange Commission (SEC) ordering Salt Blockchain, the owner of the lending platform that offers dollar-denominated loans collateralized by cryptos that it has to refund the raised amount to investors.

As per the SEC’s decision, the token is deemed a security because Salt told investors they could expect to make a return on their investment. Investors will have three months after the filing of a registering statement to submit their claims to Salt, which the company is obligated to pay back with any agreed interest.

“We’re in the early stages of registering the token with the SEC,” said Salt adding that the claim form is expected to be available “in the early part of 2021.”

The refunds for tokens purchased will be provided directly from the company, as per the SEC Order, and if one no longer holds the tokens, they will be asked to provide the evidence of loss or damages.

The company raised $47 million in its initial coin offering (ICO) starting in 2017 through 2019.

Interestingly, the news of Salt reaching a “settlement” with the SEC, which means the company doesn’t have to agree or deny the agency’s findings, worked in its token’s favor. In the past 24 hours, the SALT price has spiked nearly 150%.

At the time of writing, SALT has been trading at $0.131 with a 24 hour ‘real’ volume of $106,183

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Author: AnTy

IRS to Pay $625k Bounty For Building Monero (XMR) and Lightning Network Tracking Solution

The U.S Internal Revenue Service (IRS) has issued an incentive of up to $625,000 in bounty for anyone who will develop a Monero (XMR) Tracking solution for the law enforcement agency. According to the proposal floated last week, the IRS is looking to equip its Criminal Investigation (CI) better when it comes to virtual currencies; the focus is currently on private coins like Monero and transactions on Lightning Networks. The proposal reads,

“IRS-CI is seeking a solution with one or more contractors to provide innovative solutions for tracing and attribution of privacy coins, such as expert tools, data, source code, algorithms, and software development services.”

IRS pointed out that criminal activity related to private coins, especially Monero, has been on the rise in recent years. The latest market stats show that XMR is used for around 45% of darknet activity, only second to Bitcoin. Given its surging use for illegal activity, the IRS has since been prompted to act and looking to increase its investigative resources with this challenge.

Interested participants have up to September 16 to have submitted their working prototypes, after which the selected applicants will be granted an initial $500,000. This grant is expected to facilitate further development of the working prototypes for around eight months. The final process will be pilot testing and government approval for the applicants to receive the pending $125,000.

Expected Solutions!

The proposal highlights three fundamental goals of this initiative and specifically notes that all solutions must support crypto transactions that occurred this year. For starters, selected participants are expected to deliver by providing information and technical capabilities to the IRS Special agents such that they can trace Monero transactions in the near future.

Also, the underlying infrastructure should feature other functionalities like statistical likelihoods to help CI’s predict unusual patterns in private coin transactions. Last but not least, they should provide the code for their innovations and ensure that the IRS can further develop without external assistance.

“Provide algorithms and source code to allow CI to further develop, modify, and integrate these capabilities with internal code and systems with minimal costs, licensing issues, or dependency on external vendors.”

This initiative by the IRS is not the first debut of a Monero tracking solution, intelligence firm CipherTrace recently announced that it has developed Monero tracking tools for the U.S Department of Homeland Security.

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Author: Edwin Munyui

Twitter Found the Solution to Bitcoin Scams, No More Cryptocurrency Addresses Allowed

That’s right!

It was this easy, just not let anyone post cryptocurrency addresses on Twitter, no more crypto scams.

When trying to post a tweet containing a cryptocurrency address, Twitter prompts the message “Something went wrong, but don’t fret — let’s give it another shot” in a glaring red strip.

Well, given that hackers are smart and always one step ahead of companies, it won’t be long before they find a solution. They don’t even need addresses; their one-page website seems to do the trick already. Soon, deep-fakes are expected to “revolutionize the scam market” already, as reported by the Crypto Whales in its report.

Moreover, companies are not proactive, it takes several attempts to report a scammer, and it still doesn’t get it down.

Twitter’s latest ban of crypto addresses altogether from the social networking platform could be just a fix before they find the solution, which comes after last night’s major Twitter accounts including the likes of Elon Musk, Jeff Bezos, Bill Gates, Barack Obama, Joe Biden, Kanye West and many more getting hacked and used to promote bitcoin-related scams.

Twitter is currently investigating the hack, which is believed to be a “coordinated social engineering attack” by using the “internal systems and tools.”

All the accounts hacked asked people to send them bitcoin in order to get it double, and the hacker was able to swipe nearly 13 BTC, worth about $120,000.

These kinds of scams aren’t anything new. They have been going on for a long time, given that the scammer was able to get only 13 BTC out of it.

As we reported, in just the first six months of 2020, scammers made off with about $24 million in BTC, which is predicted by Crypto Whale to reach $50 million by this year-end, over twenty-fold since 2017.

Also, BTC giveaways bearing the name of Tesla CEO and the founder and CEO of SpaceX, Musk has already been raking in more than $2 million in a matter of months.

Earlier this year, Musk called out the scams saying, “the crypto scam level on Twitter is reaching new levels,” in response to such a giveaway scam.

He urged people to “report [the scam] as soon as you see it,” and encouraged Twitter to delete the bots and scammer accounts.

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Author: AnTy

Is it that Time Again? Yes it is! The Market is giving All the Signs that it is an Alt Season

Everything is popping!

Is anyone getting 2017 vibes?

Tis’ the time when gains floweth over.

Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading volume.

Now, when it comes to altcoins, even XRP spiked more than 7% to nearly $0.20. And yes, Chainlink (LINK) continues to make new highs every day, the latest one being $6.38.

Cardano (ADA) has started to simmer down after days of pumping while Dogecoin (DOGE) is still going strong after Tik Tok users took it upon themselves to push it to $1, but it is still almost 27,000% off from the target. So, that’s to be seen.

VeChain (VET) is also popping today with 24.3% greens; in the past week, it has been up 125%.

So, why are Altcoins’ Surging?

In 2020 after the March sell-off, cryptocurrencies, including bitcoin, recovered handsomely, but while the world’s leading digital asset entered into a tight range, altcoins took this time to fire off.

For the past couple of months, bitcoin’s dominance has also been chipping off, which has been working in favor of altcoins.

Moreover, as we saw in the second quarter of 2020, the stock market has been growing off the charts as well. This growth was propelled by young investors who were at home during the lockdown with free time, internet, and of course, stimulus money in their hands and apps like Robinhood that charges zero commission at their disposal.

The young generation put their money in the stocks that have the least value, even if they were of bankrupt companies. And now, their attention seems to be on crypto.

Robinhood, however, only has seven cryptos listed viz. Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DOGE), and the last one is already being pumped.

This time zoomers had Tik Tok with them to advertise it among their peers and sent the prices mooning.

“Think TikTok will actually become the biggest distribution channel for crypto products,” said Qiao Wang, an independent trader, and startup investor. And if the US bans it, “Then a TikTok copycat will be built and *it* will become the biggest distribution channel.”

This also means, ‘one-man marketing army,’ Tron founder Justin Sun has also found a way to pump his coin.

Does this mean the alt season has officially kicked off?

It looks like it!

But according to analyst Mati Greenspan, “This is more like Alt-Wednesday with a hope of turning into Alt-July,” because “a season implies that it lasts a while.”

But given that “It’s officially “refresh blockfolio every 30 seconds” season,” we are getting signs that say it is an altcoin season.

According to analyst Rekt Capital, over the years, Dogecoin has played an important role in crypto, it either predicts altcoin season or confirms them.

“This time Dogecoin has confirmed Altseason,” he said.

And who doesn’t believe it’s all season, technical analyst Pentoshi has all the checkpoints including soaring Doge price, BTC dominance which has broken a 3-year trend, and the retail on Robinhood and Tik Tok.

Some believe this wildness in the market means Chainlink won’t stop here either; it will only go on to make even new highs.

Amidst this frenzy, trader Crypto Yoda warns about staying vigilant. “Remain cautious about the possibility of BTC suddenly ending this momentum with an impulsive move.”

Meanwhile, Binance CEO, Changpeng Zhao feels, “Not all alts will pump during the next #altszn,” which is “more like 95%.”

“If a project has been around for 3 years but not much to show for, then…A few that have consistently pushed development will thrive,” he said.

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Author: AnTy

Bitcoin Market Currently in ‘Fear’ But Don’t Try to Predict What’s Gonna Happen Next

Bitcoin will do what bitcoin does. And if anyone tries to bet on the digital currency’s next move, it will prove you wrong. We have seen how the calls of “bitcoin never going below X” have ended up pushing the digital asset to do just that.

Just this week, many were calling this $10,000 to be the last test and that the flagship cryptocurrency won’t move below it again. The very next day bitcoin crashed almost 10% to $9,150 and $8,600 on BitMEX and we are now back to testing the important $10,000 level.

Another such incident was seen this week, when Galaxy Digital CEO Michael Novogratz bet dinner on bitcoin’s next move to be higher to Arthur Hayes, BitMEX co-founder and CEO after he asked “Which way we gonna go?” while BTC/USD was trading at $9,800, up 2.31%.

Less than 24 hours later, bitcoin is trading at $9,690, down 0.44% with the ‘real’ volume of just $1.7 billion.

CNBC’s bitcoin calls have been famously known for eliciting such behavior in bitcoin and worked as a contra indicator to its price movement.

Nothing is more bullish

Bitcoin might be moving downwards today which has some people panicking but it is an “important technical step for BTC,” said analyst Rekt Capital.

“Price is trying to retest $9650 as support. For most of May – Bitcoin has failed to do so. Here’s the 5th try this month.”

Market analyst Benjamin Blunts is also feeling “pretty bullish” with the “continual SR flips that keep getting bought back up in one 15 minute candle.”

This is him going long on BTC but he also cautioned that if the cryptocurrency dumps now, it “will be filthy.”

Another bullish call is made by trader The Cryptomist who points out how each bitcoin dump is being bought quickly is a bullish sign and should the ascending triangle break up as it normally does, we could even get to see $11,000.

Interestingly, the market sentiment is currently of fear based on the S2F model value, which might mean it is an opportunity to be greedy.

Not to mention, the bitcoin network continues to grow.

The daily active addresses of bitcoin, unique addresses transacting on the network, are now getting close to a six-month high of 1.01 million.

Another dose of bullishness is the “beginning of the end for govt bonds as a functioning productive asset class.” And according to Dan Tapiero, nothing is more bullish for bitcoin or gold.

Interestingly, in the week of April 27 to May 3, the US bond fund market saw a record inflow of $22.5 billion, the highest since 2007, as investors shift out of safer options to riskier long-term options.

Despite carrying high risk compared to safe-haven money markets which lost $36 billion in the same week, the bond market is attracting investors.

This week, 10-year US Treasury yields also rose above 0.80%, highest since late-March, as bond traders grew increasingly optimistic about economic recovery.

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Author: AnTy

Bank of America Merrill Lynch Calls Bitcoin (BTC) The Best Asset Class In The Last 10 Years

This may not be news for anyone following cryptocurrencies in the last couple of years, but Bitcoin is now considered the best asset class in the last ten years. This is according to a list from the banking giant Bank of America Merrill Lynch (BAML) in which it included some of the best and worst asset classes of the decade.

Bitcoin Became One Of The Best Asset Classes In The Last Decade

According to BAML, an investor who would have paid $1 for a Bitcoin in 2010 would now have a $90,026 investment today. This is a large difference compared to an investment in U.S. equities that would have turned $1 in 2010 to $3.46 today.

At the same time, the worst investment would have been Myanmar, the Burmese Kyat, that today would be worth $0.004. This shows Bitcoin registered a massive increase in price since it was launched back in 2008 by Satoshi Nakamoto.

Nowadays, the cryptocurrency is being stagnant trading in the range of $7100 to $7,250 with a market capitalization of $131.56 billion. Although this is a massive price compared to the early days of the cryptocurrency, enthusiasts are waiting for new all-time highs. Bitcoin hit $20,000 in 2017 and quickly started to decline afterward. Experiencing one of the worst bear markets in crypto history. While the BTC price did hit just shy of $14,000 earlier this year, investors are waiting on the digital currency to reach new highs again. And that may happen in the next 6 months if the Bitcoin reward halving in May 2020 will push the price towards an all-time high.

Bitcoin can be used to make international transfers in just a few minutes and it can also be used as a speculative asset. Many investors bet that Bitcoin would skyrocket to new all-time highs in the future. Indeed, some analysts suggest Bitcoin could be a once-in-a-lifetime opportunity for enthusiasts.

It is not possible to predict what can happen to Bitcoin in the next ten years and whether it will remain as the best performing asset class. However, larger investors such as institutions could enter the market and push its price even higher. If governments decide to adopt it, this cryptocurrency could eventually be considered the best performing asset in the next decade as well.

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Author: Carl T