Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum

Just before the end of the year, the crypto market continues to take a beating. After the initial green start of the last week of 2021, prices have only been going down.

This rout further extended to late Wednesday and early Thursday when Bitcoin price dipped further just under $45,900 and Ether to about $3,585. As of writing, BTC/USD has been trading above $47k while Ether is also over $3,700.

While the leading cryptocurrency is down 31.6% from its $69,000 all-time high early last month, Ether is only down about 24%. This month, however, Bitcoin is down 17.5% compared to ether’s almost 20%, according to Skew.

But while Bitcoin managed to record losses less than Ether, the latter’s 2021 gains at 407% are still greater than Bitcoin’s only 60%.

“It’s not really that clear to the world at large, to the mainstream, that what’s really happening with Bitcoin, with Ethereum, with this whole bucket of technologies…is really a revolution in software development,” said Coinlist CEO Graham Jenkin in an interview. “Blockchain technology represents a totally new way to build, distribute and run software.”

The largest cryptocurrency has shown a positive correlation with the S&P 500 Index this year. But this week, S&P 500 rose to new highs while Bitcoin has only been recording losses.

With the subdued price action, the cryptocurrency’s volatility has also decreased. Even during the winter festive season and weekends, which have seen thin volume, the cryptocurrency has failed to have any wild swings.

“A lot of traders have made life-changing money in 2021 and have been waiting to take profits until after the turn of the year to delay tax payments until 2023,” said Sergio Silva, sales director at Fireblocks. “That’s another source of selling pressure that could cascade into additional weakness in January.”

But despite the ongoing weakness in the crypto market, exchange-traded fund investors (ETF) are still putting money into these products.

The ProShares Bitcoin Strategy ETF (BITO), the first Bitcoin futures ETF that started trading in October, has attracted more than $40 million in December for the third straight monthly inflows.

Investors have also poured in $6.5 million into another futures ETF, the Valkyrie Bitcoin Strategy ETF (BTF), since the end of last month, its third consecutive month of inflows as well.

2021 belongs to altcoins and not Bitcoin or Ether. The biggest gainers this year have been the NFT pay-to-earn (P2E) game Axie Infinity (AXS) whose gains have been more than 15,900%, and the NFT-based virtual world The Sandbox (SAND), whose returns have been 15,550%. AXS 1.17% Axie Infinity / USD AXSUSD $ 94.97
$1.111.17%
Volume 180.63 m Change $1.11 Open $94.97 Circulating 60.91 m Market Cap 5.78 b
10 h Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 1 d South Korean Exchange Suspends Withdrawals to External Wallets, Govt. Reaches Out to Apple and Google to Block P2E Apps 2 d Axie Infinity Daily Revenue Plunges Over 94% from Peak as Daily Active Addresses Drops by 72%
SAND 1.32% The Sandbox / USD SANDUSD $ 5.91
$0.081.32%
Volume 1.16 b Change $0.08 Open $5.91 Circulating 919.5 m Market Cap 5.43 b
9 h The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 10 h Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 6 d Is This The Beginning of the Santa Rally? Markets Jump in Asia Session

Ethereum killers have been another good play of 2021, with Polygon (13,860%), Terra (12,960%), Fantom (12,260%), and Solana (9,320%) leading this rally.

MATIC 3.24% Polygon / USD MATICUSD $ 2.56
$0.083.24%
Volume 1.93 b Change $0.08 Open $2.56 Circulating 7.16 b Market Cap 18.32 b
7 h StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet 9 h The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 10 h Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
LUNA 1.41% Luna Coin / USD LUNAUSD $ 0.01
$0.001.41%
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 13.68 K
10 h Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 2 d UST Grows 55x to Become the 4th Largest Stablecoin, Terra DeFi Ecosystem Amasses $18B in Assets 6 d Is This The Beginning of the Santa Rally? Markets Jump in Asia Session
FTM -1.91% Fantom / USD FTMUSD $ 2.10
-$0.04-1.91%
Volume 607.67 m Change -$0.04 Open $2.10 Circulating 2.55 b Market Cap 5.34 b
10 h Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 3 d Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 3 w ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021
SOL 0.92% Solana / USD SOLUSD $ 172.53
$1.590.92%
Volume 1.51 b Change $1.59 Open $172.53 Circulating 309.48 m Market Cap 53.39 b
10 h Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 1 w Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 w Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions

“While Bitcoin showed strength in 2021, we’ve seen a constant stream of capital trickling down into altcoins,” Arcane Research wrote in a note. The firm’s analysts predict the strongest momentum in tokens related to GameFi and the metaverse, along with “ETH-killers” targeting Ethereum.

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Author: AnTy

Kryptoin’s Spot Bitcoin ETF Is Next in Line for Rejection Before Christmas, After SEC Declines WisdomTree’s ETF

Kryptoin’s Spot Bitcoin ETF Is Next in Line for Rejection Before Christmas, After SEC Declines WisdomTree’s ETF

The US Securities and Exchange Commission (SEC) denied WisdomTree’s application for a spot Bitcoin exchange-traded fund (ETF) this week.

“The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest,” said the agency in a letter on Wednesday.

The rejection comes seven months after the SEC first started evaluating WisdomTree’s Bitcoin Trust application, filed with the Cboe BZX exchange in March. The watchdog delayed the decision on it twice, first in June and then in July.

If approved, the Trust would have allowed retail and institutional investors to invest in a regulated financial product covering Bitcoin without investing in crypto directly.

The rejection, however, wasn’t unexpected as SEC Chair Gary Gensler has repeatedly shown a preference for a Bitcoin futures ETF, which began trading in the US in October over those physically-backed.

Last month, the SEC also rejected investment firm VanEck’s proposal for a spot Bitcoin ETF. The next in line is Kryptoin’s application which is also “likely to be denied” just before Christmas.

Earlier this week, the largest digital asset manager, Grayscale, which has filed to convert its bitcoin trust (GBTC) to an ETF, sent a letter to the agency arguing that SEC’s repeated rejections are “arbitrary and capricious” since it has approved futures-based ETFs.

Additionally, this could violate the Administrative Procedure Act (APA), which covers the decision-making process of federal agencies, it said.

“The number of plaintiffs with standing to sue the SEC for an APA violation just increased by one,” commented Jake Chervinsky, Head of Policy at Blockchain Association.

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Author: AnTy

SBI Holdings to Launch Japan’s First Crypto Fund Before 2021 is Over

SBI Holdings to Launch Japan’s First Crypto Fund Before 2021 is Over

Japanese financial giant SBI Holdings is now planning to launch the country’s first cryptocurrency fund before the year is over. With this offering, the company aims to give individual investors a way to diversify their broader portfolio, reported Bloomberg.

The fund that seeks to be launched by the end of November could grow to several hundred million dollars.

It will invest in Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and other crypto assets, said Tomoya Asakura, who oversees asset management for Japan’s biggest online brokerage, SBI affiliate Morningstar Japan K.K.

“I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios,” Asakura told Bloomberg, adding that if the fund succeeded, the company would “move quickly” to launch a second one.

Investors in the fund may be required to put in a minimum of roughly 1 million yen ($9,100) to 3 million yen.

Asakura further said that this fund would mainly be aimed at people who understand risks associated with cryptocurrencies, such as high volatility.

It took four years for SBI to come to this point, primarily because of Japan’s tightening restrictions over crypto investing.

Earlier last month, Japan’s Financial Services Agency (FSA) Commissioner Junichi Nakajima said he is open-minded about the potential benefits of crypto but added that digital currencies are currently being used primarily for speculation and investment and not as a means of transferring money. Nakajima said at the time,

“We need to consider carefully whether it is necessary to make it easier for the general public to invest in crypto assets.”

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Author: AnTy

Is The Worst Over? This Is What The Bears And Bulls Have To Say

What started the week before last got worse towards the end of last week. While Bitcoin already had its bottom at $30,000 on Coinbase and on some exchanges almost $28k, the pain continued for Ether prices.

On Sunday, while BTC went down yet again to $31,100, Ether fell to about $1,725 on Coinbase, representing a 60.6% drawdown.

Altcoins simply got obliterated during the Sunday sell-off, losing more than 90% of their value.

The new week, for now, is starting on a green note with BTC near $38k and ETH at just under $2,400. Just like altcoins went down hard, they are now up 10%-50% in the past 24 hours.  BNB +33%, ADA +34%, DOGE +13%, XRP +24%, DOT +78%, LTC +23%, LINK +44%, MATIC +80%, and SOL +33%.

It could be expected that the worst is over as the funding rates are in deep negative territory. Also, this seems to be the end of the largest liquidations as after the Black Wednesday blow-up, liquidations have been under $1.5 billion, and the open internet halved.

While amidst the low liquidity, selling pressure, and China panic continues to be a big negative for the market, miner capitulation and selling from corporates who have Bitcoin on their balance sheet could bring the bears back.

However, the market also has positive drivers in the form of increasing stablecoin supply. In the past seven days, USDT’s market cap has increased from $58.14 billion to $60.26 billion, and USDC’s rose from $16.86 billion to $20.63 billion, as per CoinGecko.

While it could be used for buying crypto, it could also be used to park in yield farms or collateral for someone trying to get super short, said Sam Trabucco, a quant trader at Alameda.

Not to mention, the supply increases if the peg goes above $1. Both USDT and USDC have seen some fluctuations, more than usual, since the mid of May.

Also, funds are coming with their money to scoop up cheap coins. As Jason Choi of the crypto fund, The Spartan Group noted: “Almost every retail friend I know has sold or is selling, and almost every fund I speak to is bidding, albeit slowly.”

Another fund Amber Group is reporting flows from crypto funds, macro funds, opportunistic VCs” who it says are “beginning to buy this dip in BTC+ETH as well as blue-chip DeFi by staggering limit orders and running longer TWAPs. Buying is still relatively passive/measured at this moment.”

The market is reversing from small Alts to Bitcoin, and Ether with Korean trading funds are spot buying.

“Asian family offices and UHNWIs which were sidelined are starting to fade this moving using options (selling puts) given the favorable skew / high implied vol as a way to scale in,” added Amber Group.

Bitcoin had its worst monthly performance in May since March 2020 and before that Dec. 2018. Bitcoin’s realized cap or “cost basis” actually decreased for 8 straight days during this recent sell-off, indicative of newer coins selling.

But this isn’t the same as the past bear markets.

“The difference between the price of BTC vs. that blended cost basis at current levels is the tightest its been since 9/8/20 and back in the ~50% range all time,” while in 2015, 2018, and 2020, it hit 0% and flip negative at various points, noted John Street Capital.

All of this has the market expecting the ongoing sell-off to be the mid-way of the bull run instead of a bear market.

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Author: AnTy

Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch

Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch

Ethereum competitor Polkadot Network is well on its way to create a heterogeneous scalable multichain, according to founder Dr. Gavin Wood.

Parachain Reconnaissance On Kusama

In a Medium post, Wood said the final phase in the launch of the Polkadot Network has begun. According to the former co-founder of Ethereum, this is due to the recent release of Polkadot version 0.9 by Parity Technologies (the development team behind the Polkadot project).

The release, which is being run in sister chain network Kusama, allows the running of parachain slots and logic for crowdloans used to crowd-fund auction bids for the Polkadot network.

Speaking on when likely Polkadot would be available for parachain bids, Wood said a full external audit on all-new logic must first be completed. He also noted that the Kusama network must successfully demonstrate that the new logic works without constant supervision.

This will be determined if Kusama (KSM) can execute a successful auction involving crowdloans and hosts one functional parachain. Wood laid out a roadmap for the parachains deployment. KSM 3.18% Kusama / USD KSMUSD $ 592.76
$18.853.18%
Volume 612.09 m Change $18.85 Open $592.76 Circulating 8.47 m Market Cap 5.02 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 1 mon Plasm Network Partners with Secret Network to Launch the First Polkadot-Cosmos Cross-Chain Bridge 1 mon Tether (USDT) to Become First Stablecoin on Polkadot (DOT) And Kusama (KSM) Network

To kick off the project, a shell parachain would be deployed into the Kusama network. This shell or empty parachain would be tasked with producing blocks. However, it would not be used in storing user accounts, staking, governance, or balances. It would only be upgradable to any new logic the Relay Chain authorizes.

Following this, the Polkadot governance team would vote to upgrade the shell parachain to the Statemine parachain, Kusama’s replica of the Statemint parachain. This will see it host arbitrary assets like fungible and non-fungible tokens (NFTs) and serve as a storage and transfer module for the KSM/DOT native tokens.

The third and final stage will see the Polkadot Network begin the auctioning of its parachains to interested crypto projects.

Wood says that the first set of five auctions would be announced on the Kusama website a week before, and each would be seven days apart. He says that if the first set of auctions on the Kusama network do not run into any issues, auctioning on the Polkadot Network would commence afterward.

Polkadot The Ethereum Killer

Many crypto protocols have been dubbed the Ethereum killer alongside Polkadot (DOT), with Cardano (ADA), Solana (SOL), NEO, and EOS filling the ranks.

ETH 3.59% Ethereum / USD ETHUSD $ 3,362.95
$120.733.59%
Volume 40.08 b Change $120.73 Open $3,362.95 Circulating 115.93 m Market Cap 389.87 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 6 h Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs)
ADA -1.73% Cardano / USD ADAUSD $ 2.00
-$0.03-1.73%
Volume 6.7 b Change -$0.03 Open $2.00 Circulating 31.95 b Market Cap 63.88 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 6 h Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs)
SOL 20.97% Solana / USD SOLUSD $ 55.93
$11.7320.97%
Volume 2.03 b Change $11.73 Open $55.93 Circulating 272.64 m Market Cap 15.25 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 1 d Tether (USDT) Launches on Avalanche Which is Burning Fees at Increasing Speed
NEO 2.23% Neo / USD NEOUSD $ 86.93
$1.942.23%
Volume 941.09 m Change $1.94 Open $86.93 Circulating 70.54 m Market Cap 6.13 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 2 w Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE
EOS 2.90% EOS / USD EOSUSD $ 9.27
$0.272.90%
Volume 4.44 b Change $0.27 Open $9.27 Circulating 953.49 m Market Cap 8.84 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 1 d Tether (USDT) Launches on Avalanche Which is Burning Fees at Increasing Speed

This has largely been due to the challenges the Ethereum network is facing. Ethereum, which has become the home of over 200 decentralized finance (DeFi) projects, has seen its success become its bane.

The boom in the broader crypto market, DeFi, and the sudden emergence of NFTs have seen Ethereum’s gas fees shoot up, and the network suffers congestion. This has forced many developers and companies to seek alternative projects as Ethereum works on migrating to a new consensus protocol.

Projects like Polkadot have been earmarked as a successor, and if it finally launches, it may take a large share of the booming DeFi market.

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Author: Jimmy Aki

Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles

Before moving into the weekend, Bitcoin started seeing traction and made its way past $58,500.

As of writing, we are still keeping around $57k on the back of very low funding rates. The highest Bitcoin funding rate is currently 0.0376% on Binance despite the price of Bitcoin increasing by about 11.5% to its highest level since mid-April.

Low funding rate has been the case ever since April 17, when over a million traders were liquidated for $10.1 billion. The funding even further minimized after another $4 billion were liquidated on April 22nd.

The same has been the case for ETH funding rates which are the highest at 0.056% on OKEx, while the price continues to hit a new all-time high — up 44% in the last 8 days to climb to $2,955.07 today and 0.052 BTC on Friday.

With seven straight green months in a row, Ether had its largest-ever monthly close. ETH 0.19% Ethereum / USD ETHUSD $ 2,951.18
$5.610.19%
Volume 28.03 b Change $5.61 Open $2,951.18 Circulating 115.71 m Market Cap 341.49 b
11 h Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles 1 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum 2 d “Institutional Money is Moving Toward Ethereum,” says Guggenheim’s Scott Minerd

With funding remaining flat, it means the rally is being led by spot buying, which makes it more sustainable and less prone to get wiped out by a brutal liquidation.

Open interest on Bitcoin futures also has yet to recover as it is currently at $19.8 billion, down from $27.68 billion on April 13. OI on Ethereum futures meanwhile continues to increase, perched on a record $8.5 billion, up from $2 billion at the beginning of this year.

Amidst all the positive action, hedge funds on CME that have been record short on Bitcoin since late last year to earn all the yield have also decreased their short exposure. Overall, the net short position has fallen to early March level.

image1

The latest price action has helped Bitcoin surpass the technical hurdle of its 50-day average price. According to traders, Bitcoin’s move above $57,000 is a bullish sign for further continuation, but it needs to be seen if it will be able to maintain this level.

Trader SmartContracter sees the current momentum to take bitcoin to $74,000.

image2

Interest in both Bitcoin and Ethereum continues to grow, especially the second-largest cryptocurrency, which has its big upgrade, London hard fork, with EIP 1559 coming in July. As we reported, Rothschild bought the shares of Grayscale Ethereum Trust for the first time in Q1, and Guggenheim’s CIO shared that money is also flowing into ETH and other credible cryptos.

Assets in Bitcoin products, including ETFs and ETPs, meanwhile have reached a record high of $9 billion at the end of the first quarter, as per ETFGI.

“If you make an investment today or you make an investment in early December like we did, you have to expect multiple 20% to 30% pullbacks in the bull-market phase,” Troy Gayeski of Skybridge Capital said this week on Bloomberg. “But that being said, I mean, the combination of extraordinary supply growth, we still think we’re in the early innings of the adoption cycle.”

Meanwhile, Mike McGlone of Bloomberg continues to see Bitcoin’s diminishing supply combined with the historically low interest rate and a substantial amount of money being pumped into the system to act as catalysts to take it to $100,000.

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Author: AnTy

BTC to Hit $100k-$200k in 2021 But a Pullback Could Come Before Going into Next Year

BTC to Hit $100k-$200k in 2021 But a Pullback Could Come Before Going into Next Year: Bitcoin Analyst

Charles Edwards of Capriole Investments says, “would be shocked if BTC doesn’t hit at least $50K” next year.

Yesterday, Bitcoin hit another all-time high, a new norm for BTC, to celebrate Christmas. Currently, trading around $24,900, retail looks ready to take advantage of the holiday season and weekend to push the prices higher and make institutions go FOMO next week.

By the looks of all the things that are bullish, bitcoin looks primed to hit more new levels. As noted by Charles Edwards of Capriole Investments, “fresh all-time highs (ATH) usually lead to more ATHs.”

However, the good thing for anyone looking for some good pullback, Edwards sees one before we move into 2021.

Using old school Wyckoff’s theory, he sees the correction next week that could take us to $21,000.

“Some short-term metrics suggest a brief pull back may be due and if this occurs, would likely represent a great buying opportunity in the region of $19-21K. But don’t count on it,” wrote Edwards, who advanced the Hash Ribbons indicator for timing entry points in the Bitcoin market, in the newsletter.

This is because the $19-21K region has a lot of support. Furthermore, Bitcoin Production cost is also around $18.6K and growing.

Overall, there is a high probability of bullish continuation over the coming months, both in technicals and fundamental terms.

“It’s incredible how the institutional media narratives and fiat hyper inflation is all aligning with the highest returning period in the Bitcoin four year cycle, 2021.”

“Buckle up and get ready for an incredible year.”

Charles Edwards Capriole Investments

Talking about next year, Edwards points to the big opportunity that only occurs once every four years.

Going into 2021 with great confidence, “We expect to see Bitcoin in the region of $100K-200K in 2021, and would be shocked if it doesn’t hit at least $50K.”

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Author: AnTy

Bitcoin Poised to Kickstart the Next Cycle with a Giant Monster Candle: Analyst

Today, Bitcoin dipped to $17,930 before bouncing back above $18,000 following yesterday’s dump.

The volume is low, and the market is currently in the red, but according to one analyst, “We are in the very final weeks of Bitcoin’s current Four Year Cycle.”

According to his analysis, the next cycle will give us the giant monster candle, which during the last bull run occurred in 2017, taking BTC from about $700 to the all-time high of $20,000.

BTC 4 Year Cycle
Source: Rekt Capital

Following the explosive October and November, December is turning out to be a month for correction and sideways action.

As the price of Bitcoin tries to find the direction it wants to move in, the network metrics are also showing weakness. The transaction value has eased back down to $22bn, and “the more people that exchange value, the higher the Bitcoin price will be,” noted Charlie Morris of ByteTree.

After amassing over 600,000 BTC, institutional investment flows also waned with the next upturn expected to “coincide with the long-awaited $20k breakout.”

Keep the Money Coming

While the largest cryptocurrency is taking a rest after rallying for the last two months to a new high, the stock market powered up. On Wednesday, S&P 500 surged to hit a new peak at 3,710 before falling to 3,660 the same day.

The US Dollar Index meanwhile continues to trade under 91 ever since its fall on Nov. 30. On the other hand, Gold has recovered from its loss to $1,760 as it makes a strong comeback to around $1,850 in these last 10 days.

These movements have been in response to the coronavirus stimulus package of $916 billion, which Congress continues to negotiate over but with no clarity.

Unlike the European Union, the European Central Bank has unleashed €500 billion ($605 billion) in new stimulus to prop the economy as “uncertainty remains high,” as per the central bank’s statement on Thursday. With this, the total stimulus program comes to 1.85 trillion ($2.24 trillion).

With the government’s money printer going brrrr… “it’s a bit silly to speculate on which one exactly will fall the fastest. However, it can be a good way to diversify your portfolio and drastically reduce risk,” wrote analyst Mati Greenspan in his daily newsletter Quantum Economics.

And this is why everyone is jumping into crypto. “Wall Street is quickly realizing that having a minimal exposure to crypto assets can be very healthy for your overall portfolio,” said Greenspan.

From Ray Dalio, Stanley Druckenmiller to Paul Tudor Jones, and Bill Miller, everyone finds bitcoin as a diversifier.

Wang Xing, CEO of China’s third-largest internet company Meituan is also into Bitcoin, as revealed by a Chinese publication.

Xing, who has previously said that bitcoin could be the biggest transfer of wealth in human history, recently revealed that he owns BTC adding, “I just think bitcoin is an awesome idea, the kind of awesome that is destined to go down in the history of human civilization.”

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Author: AnTy