FalconX Exchange Raises $17M to Enhance Trading Services For Its Growing Demand

FalconX, the US-based virtual assets trading startup that offers its customers best execution via data science, has announced that it has raised $17 million from different investors.

The firm stated that the funding round comprised Coinbase Ventures, Accel, Fenbushi Capital, Accomplice VC, Lightspeed Venture Partners, Flybridge Capital Partners as well as Avon Ventures.

According to a press release shared with Bitcoin EXchange Guide, the money will be utilized in rolling out fresh products, enhancing FalconX’s crypto trading services, as well as, enhancing its infrastructure in order to serve the expanding institutional clients in the market.

According to FalconX CEO, Raghu Yarlagadda, the firm’s technology is set to offer the right infrastructure that will define the future of digital assets.

According to the firm, in the last 10 months, it has processed over $7 billion in worldwide trading volume, which also translates to 600% quarterly growth rate which is fueled by tight spreads, removing spillage as well as hidden fees. The firm also attributes the exponential growth to high levels of enterprise-grade security.

The San Francisco, CA-based Exchange FalconX provides digital asset trading and has developed robust liquidity via various liquidity pools or exchanges as well as proprietary dark pools. Currently, the firm boasts more than 100 financial-based institutions ranging from crypto miners, hedge funds, payment gateways, and exchanges. The firm also revealed that it was seeking licenses in different jurisdictions in efforts to expand its footprint in the world.

FalconX was started in 2018 by Prabhahar Reddy as well as Raghu Yarlagadda. Before founding FalconX, Yarlagadda, an engineer and renowned entrepreneur, held various leadership positions including an executive role at Google. Yarlagadda played a vital role in scaling Chromebooks, helping to turn it into a multi-billion dollar venture. On the other hand, Reddy previously worked at Accel, a venture capital firm.

The FalconX team is made up of experienced individuals from Silicon Valley as well as Wall Street.

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Author: Joseph Kibe

Bitcoin Halving Is Not An Event; “There Just Ain’t Enough BTC To Satisfy New Investor Demand”

The equities market finished April with a 12% gain, having its best monthly performance since 1991 despite the ruptured economy.

“Soaring jobless claims, empty restaurants, and a falling count for active oil rigs show the breadth and depth of the blow to the economy,” said Bloomberg economists Eliza Winger and Tom Orlik.

Amidst this, the Federal Reserve continues to power its money printer. The Fed has dramatically stepped up its effort to prevent a coronavirus depression as it promises to start buying corporate bonds and ETFs in early May. The US central bank later added junk bonds and junk bond ETFs to this list as well.

This meanwhile is helping gold which hovers around $1,700. “The massive monetary support we are witnessing at the movement is helping gold,” Commerzbank analyst Eugen Weinberg said.

But the monetary stimulus is not only helping the precious metal but also the digital currency.

Bitcoin outperformed other assets by finishing April up 34%. The leading digital asset has completely retraced the March 12 lows and is currently trading under $9,000.

“Record monetary and fiscal stimulus is creating the perfect macro backdrop for this inflation-protected, non-sovereign digital asset class,” said Jeff Dorman, Chief Investment Officer at Arca.

Bitcoin’s correlation with the S&P 500 which recently surged to its peak is also starting to subsidize. Moreover, the Chinese Yuan is falling against the dollar once again, which “historically had a much higher negative correlation to Bitcoin.”

Amount of Newly Issued Bitcoin Minuscule to Investment Dollar

Bitcoin has some strong tailwinds ahead of halving, which is less than a week away now. Google searches for the keyword “Bitcoin halving” is already at a record high and continues to climb upwards.

Could the rally that started last month continue into May and see us reaching the all-time high? According to Arca, “the halving is not an event at all.”

Bitcoin has a fixed supply of 21 million coins which is a well-known fact. As such, the supply curve is vertical — perfectly inelastic because it doesn’t change based on demand or price.

This means, “price can only change due to a shift in the demand curve.”

Income, trends and tastes, expectations, price of related goods, and the size and composition of the population are the attributes that cause a shift in the demand curve.

Although these factors contribute to the future growth in bitcoin adoption and as such price, they aren’t specific to halving.

But the price of bitcoin is still expected to move higher for the very reason that “the amount of newly issued Bitcoin is minuscule relative to the number of investment dollars.”

Unlike the corporate bond and equity markets which reached $260 billion in March and then added another $25 billion in April 2020, newly minted bitcoin will fall from 1800 BTC per day to 900 BTC per day post halving.

At the current price, this equates to about $240 million per month of new bitcoin, this is about 12 times less than the new equity offerings and 500 to 1000x less than the corporate bonds offerings.

“There just ain’t enough Bitcoin to satisfy new investor demand,” Dorman said.

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Author: AnTy

Cryptocurrency Analyst Says XRP Is Gearing Up For A 170% Move

  • Altcoins following the past trend, the first quarter is the best quarter for altcoins
  • Trader and analyst Crypto Michaël is going long on XRP
  • The downtrend in the USD market broken, XRP chart resembling the Jan. 2016 one

On January 14, Bitcoin price surged 10% and altcoins followed behind with a much harder rally.

“When Bitcoin goes up, our customers usually start buying altcoins as they tend to follow the leader,” said Steve Ehrlich, chief executive officer of crypto-asset broker Voyager Digital.

The third-largest cryptocurrency XRP also surged 14%, going as high as $0.24 but is back to now $0.225, down 4.43% in the past 24 hours.

However, it might not be the time to get dragged down but to fly.

According to the trader and technical analyst, Crypto Michaël, XRP can see a move as high as 170%. The trader is planning to long the XRP chart from here.

He points out how Zcash (ZEC) made its first HL in a long time and then moved 100%. ZEC is up 73% YTD. Similarly, VeChain Thor (VET) moved about 200% after making a slight HL in a while and breaking a long downtrend.

Just like in the last four years, when the first quarter of the year was the best quarter for the altcoins, cryptocurrencies have started breaking out this month.

As Dash, Ethereum Classic, and ZEC broke the long term downtrend, Ethereum and XRP are now facing similar movements.

XRP and Stellar Lumens (XLM) however, Crypto Michaël, says “don’t move in a natural way, they usually push hard before it goes.”

In the USD market, the downtrend is already broken and it looks to be January 2016 in the XRP market. As such, the trader thinks we are going to break to the upside. The analyst concluded,

“Losing the green area around 2500 is a no-go and that would mean new lower lows. However, breaking the downtrend after this compression and the targets are; 3750-3800, 4400-4450 & 6700-6800 for a move of around 170%.”

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Author: AnTy

Bitcoin FOMO Pushing Price Higher to $8,860 Amidst an ‘Epic’ Difficulty Adjustment

  • Bitcoin makes the best start of the year since 2020 with over 19% gains YTD
  • Trader calls a “classic bull exhaustion move,” another one says just FOMO driven
  • Bitcoin difficulty to increase by about 9% to reach ATH at 15 trillion
  • Strong mining activity and miners HODLing will push price higher but unabated increase in hash rate not good for the price

In another bullish explosion, BTC price has charged through $8,800. On Bitstamp, the price climbed as high as $8,863.

In 2020, to date, BTC has recorded gains of 19.20%, which is the best start of the year since 2012. Meanwhile, the trading volume on top ten exchanges with real volume is surpassing $2 billion.

It’s not only the BTC price that is surging, but altcoins are also soaring but much higher with BSV in the lead registering 90% gains. EOS, Dash, and ETC are also seeing sound gains of over 20%.

The market, however, is not feeling good about this move as veteran trader Peter Bradt says this is FOMO (Fear of Missing Out) driven. Trader CryptoWolrd also feels weak hands are feeling the FOMO here.

Trader Majin meanwhile says, “Blow-off top into rekt. Classic bull exhaustion move. rip in advance.”

Bitcoin Difficulty to Climb to an ATH of 15 trillion

This move came amidst one of the biggest Bitcoin difficulty adjustments of as much as about 9%. The difficulty of the Bitcoin network adjusts every 2,016 blocks based on how difficult it was to mine the previous block.

The difficulty is the number of hashes taken to find a solution below the global block difficulty target. If finding block is easy, miners will overproduce and if too difficult, no one would be able to mine the lock.

The design of Bitcoin’s difficulty is such that it adjusts itself based on the market changes. From Jan. 2 to Jan. 13, the difficulty was set at 13.79 trillion, about the same level as in November 2019, which would see an increase of about 8.9%.

Coin Metric also notes that this increase will take the difficulty to a new all-time high at approx. 15 trillion. This it notes, “is due to the implied hash rate of Bitcoin maintaining ATH levels since Jan 1.”

Bullish or Bearish

Bitcoin’s hash rate also hit an ATH at 117.15 Th/s on Jan. 5 and is currently at 104.9 Th/s. The increase in difficulty and hash rate shows that mining continues to increase.

Given that, after Bitcoin halving in May 2020, about 4 months away, miners’ reward will be cut down into half, BTC miners would want to keep on mining and earn 12.5 BTC than the upcoming 6.25 coins.

With so much activity going on the Bitcoin network, the demand for available coins has risen. But the supply is falling short of filing that up. This is leading the price higher.

If miners also HODL their coins in anticipation of the halving and increase in prices, it could further pump prices.

However, if the hash rate continues to rise, this unabated increase could cause miners to capitulate.

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Author: AnTy

Ethereum, Tron, and EOS Form ‘Big Three’ in the 2019 DApp Industry Report

  • While Tron is best defined as the “Las Vegas on the blockchain,” EOS’ dapp ecosystem fizzled out in 2019

Decentralized applications (Dapps) continues to thrive and evolve in 2019. Last year, 1,955 new DApps were launched, taking the total tally of DApps to over 4,000, according to the 2019 Dapp Market Report by DappReview.

The scale of Dapp users, however, remains far behind the centralized applications while the total value of on-chain transactions reached $23 billion.

In Dapp space, Ethereum’s leading position “remains unbreakable” with both Tron and EOS maintaining a good momentum of development. These three public chains account for more than 98.65% share of total transaction volume of the dapp market, forming what DappReview says the “Big Three” in dapp space.

Users’ Enthusiasm Fell in H2 2019

During the first half of 2019, Casino and high-risk DApps contributed the most to the transactions on Tron and EOS.

With 8 of the top 10 Tron DApps being casino DApps, Tron is best defined as the “Las Vegas on the blockchain.” Wink was the most successful and profitable Casino dapp on Tron in 2019.

The dapp ecosystem of EOS started well but soon fizzled out. In the last quarter of 2019, EIDOS, an airdrop smart contract almost paralyzed the entire EOS after its launch on Nov. 1st.

In the second half of 2019 however as the price fell about 50%, so did users’ enthusiasm for speculation. This led to a decline in transaction volume of these blockchains.

Other than these “Big Three,” nine public chains, IOST, STEEM, NEO, ONT, LOOM, TOMO, WICC, WAVES, and WAX with a total of 354 DApps were listed in the last year.

The Most Vibrant Area of Crypto Industry

The dapp that took the limelight in 2019 was DeFi, which become the “growth gist” of Ethereum. DeFi includes financial applications and exchange services like payment solutions, asset management services, and borrowing and lending markets.

The transaction volume of DeFi accounted for over 90%, 61.05% of exchange DApps and 29.98% of finance daps, of the total transaction volume on Ethereum at $12.8 billion.

Last year, the monthly number of unique DeFi users ranged between 40k and 60k. On average Ethereum-based DeFi platforms recorded the unique daily users of 3,456. Taking ERC-20 tokens into account, Ethereum’s transaction value at $12.8 billion exceeds the combined value on both EOS ($6.1 billion) and Tron ($4.4).

During last year, the number of active projects which are defined as those with more than 50 daily unique users nearly doubled.

Within the crypto space, DeFi however, remains small as the total collateral locked in staking at $6 billion is about 5x than the total collateral in DeFi.

“While DeFi represents a tiny segment of the crypto-industry, it is one of its most vibrant areas,” states the report.

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Author: AnTy

Biggest Unicorn Of This Decade Wasn’t Uber, Airbnb, Or Snap. It Was Bitcoin: Former Coinbase CTO

  • Bitcoin has been the best performing asset of 2019. Despite being down 67% from its all-time high of $20,000, BTC is up 90% YTD.
  • The world’s leading cryptocurrency is currently trading around $7,200 with an ROI of 5,287%, as per CoinMarketCap.
  • Market commentators however have been predicting another moonshot to $100,000 as the top of the next bull market.

The Unicorn of the Decade

Bitcoin is not only the best performer of 2019 but it has been of the decade. Till early March, Bitcoin’s value was about nothing, with its earliest value recorded at $0.003 in March 2010 when it started trading on now-defunct BitcoinMarket.com, the first bitcoin exchange.

According to Balaji S. Srinivasan, co-founder of Earn and former CTO of Coinbase, it is the biggest unicorn of this decade. Nothing else than Bitcoin he says has been found at the same time that held at $100 billion for a longer time.

“As a tech investment, it is by some measures the best of the decade,” he said.

Unicorn is a privately held startup valued at over $1 billion and though not a company, Bitcoin as a tech investment is “by some measures the best of the decade.”

In the next decade, Srinivasan believes any more of these tech companies will become or be disrupted by the decentralized protocol as such “protocol vs company will become more common as a comparison.”

Marching Forward

Bitcoin is already a preferential asset class among millennials, as further evident from the latest Charles Schwab reports that revealed GBTC in the top 5 holdings for millennial investors beating Disney, Microsoft, Netflix, Alibaba, and Berkshire Hathaway.

Also, in the light of its survey, digital asset management firm Grayscale Investments’ Managing Director Michael Sonnenshein stated, “About 21 million investors in the U.S. would have an interest in investing in bitcoin.”

Interestingly, 43% of those interested investors are female.

Germany’s Deutsche Banks’ strategist Jim Reid is already talking about the unraveling of current fiat system in the next decade that that would lead to the demand for alternative currencies like crypto to soar.

Global Stimulation

Capital controls imposed by the governments of citizens and cash hoarding and super-rich stockpiling gold because they don’t trust government and banks is another step towards a decentralized currency and store-of-value.

While on one side negative interest rates could push people towards Bitcoin, policies like the one in Greece, where citizens will be hit with a hefty fine if they do not spend 30% of their income electronically could further drive the demand for cryptocurrency.

Not to forget the money printing and QE.

Mati Greenspan, founder of newsletter Quantum Economics, as Chinese inflation jumps to 4.5% last month. questions,

“The world’s central banks have been pouring an inordinate amount of money into the economy for more than a decade. What did they think would happen?”

Could this just like Greenspan’s airplane taking off GIF see the Bitcoin flying?

Despite being 100% up this year to date, Bitcoin as an asset had a lower Sharpe Ratio, which is the ratio of the “average return earned in excess of the risk-free rate per unit of volatility or total risk,” at 1.39 than that of S&P 500 at 1.74.

This certainly means Bitcoin has some catching up to do and the 2020s just might be that decade.

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Author: AnTy

Grayscale Releases November Update For Its Investment Products

The best performing product on November 29 was the Grayscale Bitcoin Trust with a day change of 4.52% followed by the Grayscale Ethereum Classic Trust with an increase of 4.18%.

Grayscale Releases November Update

According to data provided by Grayscale on November 29, all their single asset products experienced gains.

The worst performing product was the Grayscale Stellar Lumens Trust that grew just 1.95%, followed by the Grayscale Litecoin Trust with a growth of only 2.67%.

Other products include the Grayscale Bitcoin Cash Trust with an increase of 3.75%, the Grayscale Ethereum Trust, that grew 3.75%, the Grayscale Horizen Trust, expanding 3.36%, the Grayscale XRP Trust, surging 2.73% and the Grayscale Zcash Trust with an appreciation of 3.75%.

A few weeks ago we wrote that back on November 19, 2018, things were looking very bad for cryptocurrencies.

Indeed, every single product provided by Grayscale was experiencing massive losses with the exception of the XRP Investment Trust that registered an increase of 3.2%.

It is worth mentioning that these losses were related to the fact that the crypto market was experiencing a capitulation. After the Bitcoin Cash (BCH) hard fork on November 15, things turned out to be very negative for Bitcoin (BTC) and all other cryptocurrencies in the market.

Grayscale is a market leader in digital currency investing with a wide range of solutions for investors in the crypto space. The company provides investing and crypto asset management for larger and traditional investors.

The solutions provided by the firm allow many interested parties in gaining exposure to this innovative and exciting market.

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Author: Carl T

Weekend factor? Altcoins looking to shine as Bitcoin (BTC) price stagnates around $10,000 USD

The weekend (Sat/Sun not the musician) always brings out the best in the crypto world –whether in volume, price, interactions or news flashes. As other markets close on Friday evening, the cryptocurrency markets keep running every second, minute, day and month.

Since the year began, weekends have had a rather significant impact in the growth of Bitcoin price from $3,500 at the start of the year to $10,100 USD as at time of writing. However, in the past few months, alternative coins (altcoins) have performed better than the pioneer cryptocurrency as reported by Bloomberg on Friday.

The Rise of Altseason?

BTC price momentum subsided in the past month and investors seem to have switched to altcoins. A number of top altcoins have outperformed the undisputed king of cryptocurrency in the last weeks as Ethereum, Ripple, and Bitcoin Cash (BCH) all experienced massive gains in the past fortnight.

Ethereum (ETH), the second-largest crypto in market cap outperformed Bitcoin in six of the past 10 weekdays according to daily closing prices. Furthermore, ETH’s price beat Bitcoin’s in 8 of the past 11 weekends in total daily returns showing investors increasing confidence in the largest altcoin.

https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i71QUV4ew.kM/v3/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/620x-1.png

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Source: Bloomberg

Ripple (XRP) has also witnessed a bullish momentum in the past week growing by 7.1% to trade at $0.28 USD as at time of writing.

Scott Freeman, co-founder and partner of JST Capital spoke to Bloomberg saying altcoins are on the verge of a breakout. As most projects gain real world use cases, investors are expected to increase their stake in the altcoin market Scott explained.

“With the realization that these technologies now are being adopted, they’re starting to solve real problems, and it’s coming to fruition at some level where the value proposition of these things is being recognized more broadly.”

– Scott Freeman

A Tough Mountain to Climb

Despite the latest heroics from altcoins in the past two weeks or so –a period that BTC’s price has remained rather stagnant oscillating around $10,000 USD – the top cryptocurrency is still way ahead of the other altcoins.

Since the start of 2019, ETH/BTC pair dropped by over 40% to trade at 21 million satoshis. XRP/BTC pair plummeted under the 3000 satoshi-mark earlier in the month, representing a 70% drop since the start of the year. XRP is currently trading at 2974 sats, as at press time, 3.3% lower in the past 24 hours.

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Author: Lujan Odera

Bitcoin Has Been More Profitable Than All Tech IPOs Since 2010 Per Crypto Godfather Data

Bitcoin is the best investment that you could have possibly made in this decade. According to data shared by the “Crypto Godfather”, known as the CEO of Block Journal, the performance of BTC has dwarfed all technology Initial Public Offerings (IPOs) since 2010.

This is mostly because Bitcoin was absolutely inexpensive back in 2010. The oldest data that can be found is Bitcoinmarket’s March 2010 data. It shows Bitcoin being traded at only $0.003 USD, less than a single cent. Now, it is trading over $10,000. This is an increase of 338,433,233% if you were quick enough.

Even if you bought it later, you can have easily become a millionaire with this investment. Bitcoin’s price rose 7,420% from April 2013 to today. When you compare the data to tech IPOs, the profitable of BTC is even more astounding.

The most profitable IPO is The Trade Desk’s one, which has seen prices going up 1,317%. That’s not even 10% of the gains that Bitcoin had. Even high-profile companies such as Pinterest only went up 77% while Spotify went up 14%.

Say that you have bought BTC this year. The returns are already almost 300% if you bought at the right now. Famous investments such as S&P 500 and Global Dow, which only went up 18.7% and 12.9%.

With the U. S.-China Trade War going on, Bitcoin is set to grow even more and traditional markets may lose money, so crypto investments continue to be very interesting.

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Author: Gabriel Machado

XRP Continues To Expand Despite Negativity Over the Ripple Coin Price

XRP Continues To Expand Despite Negativity Over the Ripple Coin Price
  • XRP shows its strength being the best performing crypto among the top 13
  • Ripple continues to expand with new partnerships around the world

During July, XRP ahs outperform both Ethereum (ETH) and Bitcoin (BTC) in terms of the numbers of transactions processed by the network. According to data provided by BitInfoCharts, the XRP Ledger registered more than 1.1 million transactions on July 20.

Ethereum processed 584,000 transactions, followed by Bitcoin with 322,000 and Litecoin (LTC) with 28,000.

XRP Expands In The Market

There have been several critics to XRP regarding its price. Many investors and analysts say that the digital currency has been close to its support level of $0.3 that resisted very well during the last year. However, the Ripple network continues to expand with a large number of on-chain transactions.

As previously mentioned, XRP registered the largest number of transactions among the top 4 digital assets in the market throughout July.

The digital currency is also being traded around $0.325 and it has a market capitalization of $13.92 billion, according to CoinMarketCap. Although it’s price fell 1.72% in 24 hours, it has been the best performing virtual currency among the top 13.

During the same period of time, Bitcoin fell over 2%, Ethereum 3.25% and Litecoin 3%. This shows that the levels close to $0.3 are very important for the digital asset and it has helped it maintain its price over time.

Ripple has also been expanding with different partnerships. For example, MoneyGram, a firm that works with Ripple, has signed a new agreement with Sentbe, one of the largest companies for money transfer services in South Korea. At the same time, Sentbe showed they were working with Ripple.

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Author: Carl T