99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them

99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them

Digital Currency Group, the parent company of the world’s largest digital asset manager, Grayscale Investments, announced this week that it would be purchasing $50 million worth of shares of Grayscale Ethereum Classic Trust (ETCG).

The company will be using cash on hand to fund the purchase that will be made on the open market.

This announcement came after DCG CEO Barry Silbert said early last week that “99% (of cryptos) are overpriced.”

This comment was made after he explained his reasoning for why he went long on VIX in preparation for the macro fireworks. He said at the time,

“No clue what will be the spark, hence the volatility hedge. but food prices, oil prices, investor complacency, speculative excess, lack of trust in the fed, interest rate normalization, meme stocks, overpriced cryptos, etc., are all on my mind.”

Now, he has announced that his company is buying the shares of an altcoin, Ethereum Classic (ETC), which is the hard fork of the second-largest cryptocurrency Ethereum and has been 51% attacked several times.

With a market cap of $5.1 billion, ETC is currently the 20th largest crypto trading at $37.51, down 77.5% from its all-time high above $167 in early May.

ETCG, meanwhile, is trading at a 33% discount, the same as GBTC and ETHE. Grayscale currently has a total of 12.35M ETC with it. BTC 2.68% Bitcoin / USD BTCUSD $ 32,471.09
$870.232.68%
Volume 58.95 b Change $870.23 Open $32,471.09 Circulating 18.74 m Market Cap 608.53 b
7 h Bitcoin and Ether Options Market Experiences a Boom 8 h Strike Dumps Tether, Set To Partner With Banks for El Salvador Remittances 8 h Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700
ETH -0.73% Ethereum / USD ETHUSD $ 1,873.29
-$13.68-0.73%
Volume 35.54 b Change -$13.68 Open $1,873.29 Circulating 116.4 m Market Cap 218.05 b
7 h Bitcoin and Ether Options Market Experiences a Boom 8 h Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700 10 h FONGO is Creeping into The Crypto Market Just as the Shape of the Curve Changes

Just last week, Grayscale added 13 tokens, including Bancor, Curve, Polygon, and 0x, to the list of coins under consideration for investment products, most of them belonging to the decentralized finance (DeFi) sector. BNT -1.03% Bancor / USD BNTUSD $ 2.93
-$0.03-1.03%
Volume 125.25 m Change -$0.03 Open $2.93 Circulating 214.67 m Market Cap 628.94 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 w Financial Institutions ‘Should be Concerned’ of Competition from Crypto/DeFi Businesses: Mark Cuban 1 mon Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards
CRV -3.50% Curve DAO Token / USD CRVUSD $ 1.40
-$0.05-3.50%
Volume 187.38 m Change -$0.05 Open $1.40 Circulating 374.93 m Market Cap 524.31 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 5 d Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program 5 d DeFi Protocol Curve Proposes Enforcing IP Rights against Infringers Including Saddle Finance
MATIC -2.54% Polygon / USD MATICUSD $ 1.07
-$0.03-2.54%
Volume 2.5 b Change -$0.03 Open $1.07 Circulating 6.29 b Market Cap 6.73 b
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 11 h Despite Crashing 72% Since Elon Musk’s SNL Peak, DOGE Is Still The Best Performing Coin of 2021 4 d Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
ZRX -4.44% 0x / USD ZRXUSD $ 0.58
-$0.03-4.44%
Volume 87.69 m Change -$0.03 Open $0.58 Circulating 845.23 m Market Cap 486.03 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 w Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 3 w DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC)

With this update, Grayscale is now considering a total of 31 coins. But not all will be turned into investment products which requires a significant due process and would be subject to custody arrangements and regulatory considerations.

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Author: AnTy

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Cryptocurrencies have seen wide adoption in the Australian continent, as reflected by a new survey.

Volatility Deterring Widespread Adoption Of Crypto

In a previous survey by The Finder of 1,004 participants in January, about 1 in 4 respondents revealed that they invest in or plan to buy cryptocurrencies.

The number has nearly doubled according to new findings, per reports by The Australian. Of the unknown number of surveyed respondents, about 1 in six Australians (about 17%) said they now own cryptocurrencies. A further 13% said they are interested in cryptocurrencies and would place a stake in the nascent industry as the months go by.

But most of those who participated in the new survey noted that volatility was a huge deterrent. About 43% said that the erratic price swings were a barrier for them to place a stake in virtual currencies. This reflects a 14% increase from the January survey.

Aside from volatility, the knowledge gap of what crypto does comes in at 19%, and limited utility comes in at 18%. Another barrier is that Australians do not know how to buy it, with 22% of respondents stating this fact.

50% of male participants pointed to volatility as a reason they cannot invest in the nascent sector compared to 37% female respondents.

Speaking on the results, Finder personal finance expert Kate Browne said that risk has continued to undermine the adoption of cryptocurrencies. However, she noted that this is a norm for any investment.

Browne noted that the greater involvement of women in the crypto space was a good sign. According to her, this is because more businesses accept BTC payment, and the use of Bitcoin automated teller machines (ATMs) and debit cards was further aiding the growth of the digital asset.

Crypto Is Overvalued

Bitcoin is still the top dog despite volatility with a 9% market share. However, it has lost 4% from the 13% market share it enjoyed in the Jan. survey. Ethereum follows with 8% while parody coin DOGE comes in third 5%. Finally, Bitcoin Cash takes up the rear with 4%. BTC -5.90% Bitcoin / USD BTCUSD $ 35,777.75
-$2,110.89-5.90%
Volume 36.12 b Change -$2,110.89 Open $35,777.75 Circulating 18.74 m Market Cap 670.41 b
2 h NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship 3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 5 h There’s “Significant Desire” for Crypto Among Investor says BBVA as it Launches Bitcoin Trading Service
ETH -5.72% Ethereum / USD ETHUSD $ 2,234.15
-$127.79-5.72%
Volume 22.7 b Change -$127.79 Open $2,234.15 Circulating 116.35 m Market Cap 259.94 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 7 h Bitcoin, Gold, Stocks, and Yields Take a Beating as Fed’s Bullard Talks of Tapering 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
DOGE -4.53% Dogecoin / USD DOGEUSD $ 0.29
-$0.01-4.53%
Volume 1.84 b Change -$0.01 Open $0.29 Circulating 130.08 b Market Cap 38.05 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d CoinFlip to ‘Demystify’ Crypto With Actor Neil Patrick Harris who Reveals Himself a Bitcoiner
BCH -5.91% Bitcoin Cash / USD BCHUSD $ 563.24
-$33.29-5.91%
Volume 1.64 b Change -$33.29 Open $563.24 Circulating 18.77 m Market Cap 10.57 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report

The survey also noted that one-quarter (about 25%) felt that cryptocurrencies were overvalued. This number has grown 9% higher from the earlier survey. In addition, 32% said they would rather buy shares or place their money in savings than purchase crypto assets.

The crypto market has seen negative price action after concerns about BTC mining protocol were aired by Tesla boss Elon Musk. In addition, following China’s ban of digital assets for payment, the crypto market lost 50% of its value and is still struggling. BTC trades at $35,600 on the 24hr chart.

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Author: Jimmy Aki

Best Cryptocurrencies with Growth Potential to Buy In June

Despite the market downturn, cryptocurrencies are still popular. If you’re new to the space, it could be mind-boggling picking the best digital asset to invest in.

These virtual currencies have grown exponentially, and early adopters have substantial returns to show for their investments. While there are thousands of crypto assets on the market, these five cryptocurrencies have the best growth potential coming into the month of June.

Top Cryptocurrencies to Buy With Massive Potential

PancakeSwap (CAKE)

PancakeSwap is a decentralized finance (DeFi) application and automated market maker (AMM) that enable users to convert digital tokens on its platform. It is also popular due to the massive returns users get from farming its liquidity pool.

Aside from users providing liquidity and earning CAKE (a native token) and SYRUPs back, PancakeSwap runs a lottery session, and users can stake CAKE to win a specified amount of CAKE.

Rivaling popular decentralized application (dApps) platform Ethereum, PancakeSwap was created in response to the high gas fees users have to pay while using the second most valuable cryptocurrency network.

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In market movement, CAKE has experienced the best of both worlds. Surging over 30% year to date, PancakeSwap’s CAKE has traded as high as $42.91 in the April boom. However, the recent downtrend of Bitcoin has seen CAKE lose a third of its value in the May crypto market crash.

Currently, 1 CAKE currency trades for $16.71, with a 6.28% slump on the daily trading chart. This is an opportunity to get in on the action.

Elrond (EGLD)

Elrond with crypto ticker EGLD is our second best crypto investors need to put their money on. With a $1.5 billion market cap, Elrond is a blockchain platform that aims to fast-track the shift to Web 3.0 with its sharding technology.

image2

Elrond’s native token EGLD has also benefited from the recent crypto boom surging to a mouth-watering $243.4 on April 11. But the decline of Bitcoin has seen it lose 70% in the massive selloffs that followed regulatory tightening in China.

Trading at $86.48, the altcoin is poised for a remarkable recovery once the broader crypto market escapes the volatile stage.

BitTorrent (BTT)

If you are familiar with the entertainment industry, then you will understand what BitTorrent (BTT) aims to achieve.

Bram Cohen created BitTorrent in 2001 to make people share files trustlessly, thereby bypassing go-betweens. This way, content creators can receive fees from consumers without having to go through intermediaries.

Ranked forty-eight on the global crypto chart, BitTorrent is home to over 100 million active users who share everything from music to videos, documents, and podcasts.

image3

Eventually acquired by the Tron network in 2018, BitTorrent has grown exponentially as more users flock to its P2P communications protocol.

Riding on the crypto wave of April, BitTorrent’s BTT TRC-10 native token surged to $0.1068 from $0.003337 a few weeks earlier. However, following the general market downtrend, BTT has seen negative price action and sits 3.74% with a valuation of $0.00355.

With a market cap of over $2.3 billion, BitTorrent is a crypto protocol to keep on your watchlist.

Siacoin (SC)

Altcoin Siacoin (SC) is the native utility token of blockchain-based, decentralized storage platform Sia.

The protocol is looking to onboard users with a decentralized storage marketplace and at a competitive rate.

image5

Speaking on its mission, the Sia development team said Sia wants to become the backbone storage layer of the internet, and if anything is to come out of this, Sia is performing well in the market.

Ranking ninety-third on the charts, Sia boasts of over $750 million in market valuation. However, Siacoin is also facing volatility like other altcoins mentioned here and trades below the dollar mark at $0.01564.

Qtum (QTUM)

Quantum (that’s how it’s pronounced) is a proof-of-stake (PoS) blockchain protocol that leverages Bitcoin’s unspent transaction output (UTXO) model and Ethereum’s smart contract capabilities.

image4

Qtum aims to offer crypto users all the benefits of the two large-cap protocols without any of their deficits. Qtum has dipped from 30 days high of $27 to $9.30.

Ranking eighty-second on the chart, QTUM has a market cap of $964 million and trades at $9.28.

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Author: Jimmy Aki

Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation

Upbit, the largest cryptocurrency exchange in South Korea, is removing several cryptocurrencies from its platform.

The exchange announced the removal of the KRW market pair of MARO, Paycoin (PCI), Observer (OBSR), Solvecare (SOLVE), and Quiz Talk (QTCON) on Friday.

MARO/KRW, PCI/KRW, OBSR/KRW, SOLVE/KRW, and QTCON/KRW pairs will no longer be available for trading after June 18, 12 PM (KST).

While BTC pairs won’t be affected, the exchange would not support the trading for GBP against these crypto assets either.

The exchange cited failure to meet internal standards for maintaining the KRW market pair as the reason for the removal.

The same day, the exchange flagged 25 crypto assets with an “investment warning.” These cryptocurrencies include Komodo (KMD), ADX, LBRY Credit (LBC), Ignis, D-Market (DMT), Einsteinium (EMC2), Twelve Ships (TSHP), Lambda (LAMB), Endor (EDR), Pixel (PXL), PICA, Red Coin (RDD), RINGX, Byte Token (VITE), ITAM, Syscoin (SYS), BASIC, NXT, BFT Token (BFT), Nucleus Vision (NCASH), Fusion (FSN), Flian (PI), Ripio Credit Network (RCN), PRO, and Aragon (ANT).

Business and team competency, public disclosure of information and communication, technical competence, and global liquidity for investor protection are the reasons given by the exchange for the investment warning.

Upbit will conduct a detailed review of these digital assets for a week to determine whether these cryptos should be delisted. The exchange said,

“If the reason for designation of a significant item is not fully clarified during the clarification period, Upbit will notify the end of the transaction support through a separate notice, and the exact transaction support end schedule will be announced through the transaction support termination notice.”

Cryptos designated as items of concern cannot be deposited after the time this notice is posted, added the exchange.

“Korean traders are calling it “Bloody Friday,” said DooWanNam, co-founder of StableNode and working with DeFi project MakerDAO. He further shared that this move is taken by Upbit because “the new regulation is incoming and it penalizes exchanges for having too many coins, especially shady ones.”

Additionally, there are rumors that “the exchange is watching the Financial Services Commission and is taking action against a project with conflict of interests.”

According to DooWanNam, these 25 cryptos flagged are “most likely” to be removed while noting some of these coins are popular Korean natives with high volume. He said,

“Many of them only have Upbit as the major exchange (or for some only exchange), so it will be for sure death unless they find an alternative exchange. Likely global ones this time.”

“While this will be bad for Korean coins, it can turn out to be good news for global retail coins like ADA and XRP.”

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Author: AnTy

NHL Team, San Jose Sharks, to Accept BTC, ETH, DOGE, And Alts Next Season

Cryptocurrencies are gaining more adoption in the US despite growing calls for the regulation of the nascent industry. In a recent report, top sports franchise Sharks Sports & Entertainment is looking to wade into Bitcoin.

Bitcoin, Dogecoin Feature Prominently

In a Sports Business Journal report, National Hockey League (NHL) top seed San Jose’s Sharks would start accepting cryptocurrencies starting from next season.

Confirming the news, club president Jonathan Becher said that the team would be accepting cryptocurrencies majorly for large purchases like season tickets, corporate sponsorships, and suite leases of its home-ground, the SAP Arena.

However, Becher noted that the team would eventually add smaller purchases like merchandise and one-game tickets to its crypto payment option as time goes on.

Popular blockchain company BitPay has been tapped as the partner, and for now, the Sharks will accept Bitcoin, Ethereum, Bitcoin Cash, Wrapped Bitcoin, and Dogecoin alongside five top stablecoins, including GUSD, BUSD, DAI, PAX, and USDC. Tether’s USDT was notably absent from the list.

The Sharks join a growing number of sports franchises who have looked at cryptocurrencies to enable more financial inclusion for its fan base.

Foremost in the space has been Mark Cuban-owned Dallas Mavericks, who have become one of the nascent industry’s prominent supporters. Fellow National Basketball Association (NBA) team Sacramento Kings has also started accepting cryptocurrencies for team merchandise. Also, the Kings are currently exploring the idea of paying players with Bitcoin, according to a Forbes report.

The NBA has not been left on the crypto sidelines and has been the face of the emerging world of non-fungible tokens (NFTs). With its partnership with blockchain company Top Shot, the NBA Top Shot online marketplace which sells in-game short clips has raked in over $700 million in NFT sales.

Major League Baseball team the Oakland A’s have also started accepting BTC and DOGE as payment for its full-season suites and game tickets.

Crypto Gaining Wave In The World Of Sports

Aside from cryptocurrencies being adopted by top sports franchises, business deals with industry players in the crypto space have also been welcomed.

Crypto-friendly US state Miami has been a vocal supporter of virtual currencies.

The Miami Heat recently signed a 19-year deal worth $135 million with crypto exchange FTX as a sponsor. This deal would see the home arena of the Heats changed to the FTX Arena.

It hasn’t stopped here, though, as more professional players are already warming to the idea of receiving their salary in Bitcoin. Kansas City Chiefs tight end Sean Culkin said in a tweet that he would be converting his $920,000 salary into BTC.

Football teams are also working with blockchain company Chiliz to stay connected to their fans during the pandemic with the Socios Fan App. Notable names are Premier League Champions, Manchester City, FC Barcelona, Real Madrid, and a host of others.

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Author: Jimmy Aki

City of Williston North Dakota Adopts Crypto Payments for Utility Services

Following mainstream adoption of cryptocurrencies as a payment option, the City of Williston is joining a posse of US states accepting crypto payments.

Crypto Payment Cost-Effective

According to an announcement posted on its website, the North Dakota city said it would be accepting cryptocurrencies as a payment option. However, this would be limited to utility bill settlements only.

But it says it has plans to enable other bill payments soon. The city will conduct quality assessments to know if there is market demand for crypto payment in areas like landfills, permits, and licenses before supporting them.

Speaking on the initiative, Finance Director Hercules Cummings said the state is exploring the digital payment method to keep pace with a fast-changing financial landscape. Cummings said that it is also trying to meet growing market demand for these services and cater to users of all types.

He noted that digital payment methods like cryptocurrencies brought about convenience, cost savings, and security. Cummings stated the affordability of crypto payments, noting that Bitcoin payments attracts1% transaction fee against 3% from other payment options.

The City of Williston has selected Bitcoin payment company Bitpay as a partner.

Aside from crypto payments, the City of Williston said it would also be accepting fiat, checks, credit card, and automatic payment methods. This will see them support consumer payment platforms like Google Pay and Apple Pay.

It is also planning to add PayPal and Venmo to its virtual payment methods.

Williston Joins The Crypto Payment Wagon

Despite what many crypto investors believe about the US crypto space, there is growing interest in the volatile asset class. Across major cities in the U.S, more government officials are turning to cryptocurrencies. One of such is Miami.

The City of Miami has been pro-crypto for a long time. Its principal, Mayor Francis Suarez, has committed to making the state a crypto haven for crypto startups.

To facilitate this initiative, Suarez proposed that municipal workers should be paid with cryptocurrencies. He also said the City of Miami should begin receiving tax payments in Bitcoin.

Suarez has also reportedly hired Miami’s first CTO for crypto Saif Ishoof who he said would provide “concierge services” for crypto startups coming into the state.

In Jackson, Tennessee, Mayor Scott Conger said the city is working on paying workers in cryptocurrencies. The municipality will also be mining Bitcoin and adding it to the city’s balance sheet.

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Author: Jimmy Aki

Market Experts View Cryptocurrencies As Major Risk, Fed Survey Reveals

Market Experts View Cryptocurrencies As Major Risk, Fed Survey Reveals

The latest version of the US Federal Reserve’s Financial Stability Report has highlighted cryptocurrency as one of the threats to financial stability. The survey polled responses from market experts, including investors and academics, political advisers, and brokerage firms.

Fear of Cryptocurrency Replaces Coronavirus Pandemic Worries

Cryptocurrencies like Bitcoin and stablecoins were seen as a potential risk to the financial stability of the existing financial system, according to about 20% of the 24 professionals contacted by the Fed in the report.

Recall that the Feds had not included cryptocurrencies or stablecoins as a threat in a previous analysis of the risks. Instead, the coronavirus pandemic was mentioned in the previous report published in November.

The top risks or vulnerabilities in the Thursday report were all associated with the pandemic and its effects on the US and global economies. “Vaccine-resistant variants” ranked the highest, with 60% of respondents earmarking it as a potential threat to the continued stability of the economy.

This was followed by a “sharp rise in real interest rates,” which took 50%.

Inflation surge” came next, with 45% of respondents stating this may adversely impact the economy. “US-China tensions” and “risky asset valuations/corrections” both saw 35% of participants tapping them as probable threats, among other concerns.

Fed Reserve, A Potential Threat Not Crypto

The Federal Reserve has been seen as a potential threat to financial stability in the past due to the alleged printing of trillions of dollars by the Central bank, which sprung worries of inflation.

The Fed was said to have pushed the printing of dollars agenda as one of the many tools to help prop up the ailing economy during the coronavirus pandemic.

It also said that it could allow inflation to exceed its 2% target to escape the pandemic-induced recession; it won’t rush to raise rates to head off inflation.

Although Bitcoiners and crypto enthusiasts have argued that the Feds money printing practices could threaten financial stability and cause inflation, some economists do not believe so.

These concerns come at a time where cryptocurrencies have gotten a worldwide embrace from mainstream markets and institutional investors. Companies like Tesla, PayPal, Microsoft, Etsy, VISA, MasterCard, among others, have increasingly adopted cryptocurrencies for payments and services.

MasterCard recently signed a partnership with crypto exchange Gemini to help launch its cryptocurrency rewards credit card. The credit card would offer crypto cashback to Gemini customers every time they shop with it.

In the same vein, VISA partnered with Fintech firm Tala to push the use of the USD Coin (USDC). The collaboration involved Circle, the company behind USDC, and the Stellar Development Foundation that oversees the XLM cryptocurrency coming together to provide access to USDC via its digital wallet.

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Author: Jimmy Aki

Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE

Bitcoin may have brought cryptocurrencies to the limelight, but altcoins seem to be enjoying media attention in recent weeks.

The unprecedented surge in the value of small-cap cryptocurrencies has brought an influx of investors who have called for their listing on popular trading platforms.

The latest is meme-based cryptocurrency Dogecoin (DOGE) which enjoyed great fame following its bullish run in April.

In a few weeks that saw Dogecoin post over 300% increase in value, calls have continued to grow for the meme token to be listed on major crypto exchanges in the US.

The first response is coming from popular brokerage company eToro.

eToro US Lists DOGE

Israeli online brokerage firm eToro announced the listing of parody-based cryptocurrency Dogecoin on its U.S platform.

The listing will see Dogecoin join a host of other popular digital assets like Bitcoin (BTC), Ethereum (ETH), as well as, BCH, XRP, TRX, ETC, ADA, DASH, LTC, EOS, MIOTA, XLM, NEO, XTZ, ZEC, LINK, and UNI on the eToro US platform.

The brokerage firm with over 20 million active global users noted that this step was taken due to growing client demand for the meme coin to be listed.

eToro’s decision comes at a point in time when it witnessed remarkable rallies. It’s known as one of the most highly sought-after digital currencies.

It has also received backing from popular figures like Tesla’s Elon Musk and Shark Tank investor Mark Cuban.

Both men have contributed immensely to the continued success of Dogecoin.

At one point, Musk described DOGE as his favorite crypto.

This saw the price of the digital asset climb 20% with a further 10% when he confirmed his appearance on the popular tv show Saturday Night Live.

Cuban has been quite vocal too.

He has spent the better part of 2021 talking about cryptocurrencies and their potential to revolutionize the financial landscape.

In a recent tweet, he compared Bitcoin and gold as stores of value, noting that both are more or less financial religions in how they are used.

He also noted that BTC is easy to trade, create, and store with minimal delivery issues.

Also, Bitcoin allows for the transfer of value domestically and cross-border in contrast to gold which he said can be a hassle.

He also spoke on the decentralized platform Ethereum, which he said is far better, cheaper, and faster in authenticating financial transactions in a trustless manner through smart contracts than conventional financial institutions.

Cuban did not forget to speak about DOGE in his series of tweets. According to the billionaire investor, Doge may become a usable currency if more companies accept the digital coin in exchange for products and services.

Businesses Jumping on DOGE

Top on the list of companies adopting Dogecoin is NBA franchise Dallas Mavericks. The Mavs have since accepted Dogecoin as a form of payment for tickets and online merchandise. The solution was done in partnership with crypto payment provider BitPay.

Other businesses jumping on the Doge train have been consumer electronics company Newegg, Air Baltic, and Canada-based internet service provider EasyDNS.

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Author: Jimmy Aki

Venture Capital Giant Is Planning to Raise $1 Billion to Invest In Cryptocurrencies and Startups

Venture Capital Giant Is Planning to Raise $1 Billion to Invest In Cryptocurrencies and Startups

Andreessen Horowitz, a venture capital giant, is looking to raise as much as $1 billion in cryptocurrencies and crypto startups.

This new fund aims to raise between $800 million and $1 billion from investors, reported the Financial Times, citing people familiar with the matter.

With this latest move, one of Silicon Valley’s highest-profile venture capital firms is introducing one of the largest pools of capital to crypto, potentially twice the size of its predecessor — its third crypto fund, which raised $515 million a year ago.

After the success of Coinbase, currently valued at about $60 billion down from the initial brief valuation of $100 billion, institutional investors such as endowments and foundations are now renewing their bet on the technology.

Founded in 2009 by Marc Andreessen and Ben Horowitz, the venture capital firm, which was also an early investor in Coinbase along with Ripple through traditional funds, was managing $35.8 billion in regulatory assets at the end of last year.

Its latest fundraising would rival the capital raised by Paradigm, a crypto investment firm founded by Coinbase co-founder Fred Ehsram and former Sequoia Capital partner Matt Huang in 2018.

Paradigm has raised $1 billion from investors, including endowments of Harvard and Yale universities.

Another one, Pantera Capital, aims to raise $600 million for a new blockchain fund that will combine investments in private companies and tradable tokens. Its last venture fund raised $175 million in 2018, which surged 3.8x in January this year.

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Author: AnTy

Gemini Survey Reveals Adults Are Becoming More Interested in Cryptocurrencies

With cryptocurrencies gaining more and more media attention, investors in traditional financial markets are gradually looking into cryptocurrencies. Beyond institutions, more women are starting to get involved with Bitcoin.

14% of US Populace Own Crypto

According to a Gemini State of Crypto Report for 2021 on 3000 US adults, crypto is beginning to broaden its investor base.

The document estimates that 14% of the US population, roughly 21.1 million adults, own crypto assets. It also showed that 74% of these crypto holders are male, while 77% are under the age of 45.

Women are not left out, as they make up 26% of crypto investors.

The document also pointed out that the average age of a cryptocurrency owner is 38 years old, making approximately $111,000 per annum.

Gemini spoke about another group of investors called the “crypto-curious.”

Gemini defines this group as investors who are yet to take the crypto plunge but planning to do so in 2021. This section comprises over 63% of US adults.

About 13% of this group plan to diversify their investment portfolio into cryptocurrencies in the next 12 months.

Gemini notes that this could see 19.3 million new crypto holders coming into the space, which would double the crypto population in the North American nation.

The survey also shows an interesting trend. Women are more likely to buy crypto soon as 53% of female respondents say they plan to own a digital asset by the end of the year. 4% of the current female crypto owners are 55 years or older, and the average age is 44 years.

Regarding demographics, 52% of current investors reside in urban or suburban areas, while 26% are domiciled in small towns and rural areas.

Bitcoin Still Most Dominant Digital Asset

Even though cryptocurrencies are gaining mainstream acceptance and more investors are coming into the crypto space, the knowledge of the various virtual currencies on offer is still lacking.

95% of respondents still associate crypto with Bitcoin and claim partial knowledge of other digital assets.

Even though Ethereum is the second most valuable cryptocurrency globally, just 38% of respondents said they have heard about it.

Bitcoin forks, Bitcoin Cash and Litecoin, followed after that with 24% and 16% of respondents claiming knowledge about these lesser traded digital coins, respectively.

Foremost stablecoin USDt could only gather 11%, while San-Francisco blockchain firm Ripple Labs’ XRP had 6%. Oracle provider Chainlink had 8% of respondents saying they must have come across it once.

The least known projects were Cardano’s ADA and Polkadot’s DOT which secured a meager 2% given their influence in the crypto space.

This showed that most crypto investors and enthusiasts are still experiencing knowledge gaps regarding the various crypto assets in the blockchain ecosystem. According to Gemini, this can be addressed with accessible educational crypto materials to turn the crypto-curious into active crypto investors.

The survey also noted that most crypto investors view these digital assets as a long-term investment strategy.

A whopping 69% of investors buy and hold for long-term appreciation compared to 36% who trade short-term for profits. 27% of the respondents use digital assets to make purchases online.

Another survey by analytics firm Piplsay points to a growing faith in the safety of trading cryptocurrencies, with 50% of respondents stating their willingness to invest in the space. A further 57% demanded that consumer companies like Amazon and Apple start accepting cryptocurrencies as a form of payment.

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Author: Jimmy Aki