Crypto Exchanges and Companies React to China’s Ban, PBoC Injects 100B Yuan Liquidity in Markets

Despite boosting the net liquidity injection of 510 billion yuan (almost $79 billion) in the preceding six days, the central bank failed to spur risk appetite; meanwhile, crypto-asset prices jumped.

China has taken even more concrete steps towards its crackdown on the cryptocurrency industry. Last week, the central bank declared virtual currency-related business activities, including the provision of services by overseas exchanges to Chinese residents through the Internet, to be “illegal financial activities.”

This time the People’s Bank of China involved the Supreme People’s Court of the Central Cyberspace Administration of PBOC, Ministry of Industry and Information Technology, Ministry of Public Security, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission Foreign Exchange Bureau in the crackdown.

Given that the notice that appeared on PBOC’s website was dated Sept. 15, some local crypto users maintain that there was a lot of chatter about the ban in the community before it was announced, while others say while rumors were swirling for weeks, the actual confirmation made it a “material event.”

In response to this, cryptocurrency exchanges Binance, Huobi, and OKEx stopped allowing new users from mainland China to register with the platform.

On Saturday, Huobi Global officially announced that in order to comply with the local laws and regulations, they have already ceased new account registrations and will further “gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021.”

“We have not allowed Chinese people to use it since 2017, and we have no exchange business in China,” the exchanges then told the Chinese media over the weekend.

Besides these popular exchanges, BiONE, TokenPocket, BHEX, HyperDAO (HDAO) Foundation, Loopring Technology Limited, and ZKSwap stated that they would stop providing their services to Chinese users and are withdrawing business in mainland China.

Ethereum mining pool Xinghuo Pool also announced that it wouldn’t provide its mining pool services to users in mainland China the same as graphics card mining machine management software NBMINER, which would no longer provide technical support either.

In Inner Mongolia, so far, authorities have closed 45 crypto mining farms, “theoretically saving 6.58 billion kilowatt-hours of electricity per year,” and confiscated over 10,000 mining machines in its latest operation.

Crypto prices have already taken a hit from the news, and a “panic selling” of USDT was also seen, which went from 6.40 to 6.01 against RMB.

Amidst this, on Monday, the PBOC injected 100 billion yuan (US$15.5 billion) into the local banking system through open market operations, boosting the net liquidity injection of 510 billion yuan (almost $79 billion) in the preceding six days.

Still, the central bank failed to spur risk appetite as crypto-linked stocks Huobi Technology, OKG Technology, and Meitu slumped, and Hang Seng Index lost almost all its advance with no sign of a resolution to Evergrande’s debt crisis, reported SCMP.

The prices of crypto assets, however, have recouped most of their losses and especially the DeFi sector, which is seeing traction among Chinese users.

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Author: AnTy

More than 100,000 Ether Already Burned in Just 3 Weeks, Daily Issuance Falls Below Bitcoin

Despite Ethereum doing 60x of Bitcoin’s daily total fees and 5x the daily number of transactions, ETH is still lagging in valuation, worth only 0.0669 of BTC.

In a matter of three weeks, over 108,118 ETH worth more than $340 million have been burned ever since EIP 1559 was activated on August 5th.

Throughout this time, NFT marketplace OpenSea remains the biggest contributor to the burn accounting for nearly 16k Ether. Uniswap V2, Uniswap V3, Axie Infinity, USDT, USDC, and MetaMask, are other top ETH burners, according to Dune Analytics.

As we reported, the burn has led the daily net ETH issuance to fall about 27%. Now, for the first time, Ether’s daily issuance dropped lower than Bitcoin’s as well, noted Lucas Outumuro, head of research at IntoTheBlock.

Ether’s net inflation was 1.11% annualized at 3,574 ETH compared to Bitcoin’s 1.75% annualized net inflation at 900 BTC at one point.

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It was due to the recent surge in non-fungible token (NFT) activity that increased the Ethereum fees, in turn, the amount of Ether being burnt.

“This has led to several hours where more ETH was burnt than issued, effectively making it deflationary during brief periods of time,” said Outumuro.

“Ether’s decreasing issuance raises questions about how it is valued… Now that its issuance is provably lower (and potentially deflationary), it is likely to develop a monetary premium like BTC.”

As of writing, Ether is trading above $3,220, down about $28% from mid-May all-time high of $4,380 and worth 0.0669 of BTC, which is trading near $48k.

“Bitcoin’s monetary premium stem is apparent when comparing fundamentals between BTC and ETH. Despite having 10x higher fees, ETH continues to be priced as 40% of Bitcoin,” Outumuro added.

Not only Ethereum is doing 60x of Bitcoin’s daily total fees, but the daily number of transactions on the second-largest network is also 5x of the leading network, and yet Ether is still lagging in valuation.

When it comes to adoption, as we reported, throughout this year, the smaller holders (0.01 to 1 unit of the crypto asset) of Ether are growing much faster at 58% than Bitcoin’s 15% growth which has also been flat since the end of April, and are now ready to surpass it too.

Overall, Ethereum has over 20 million more addresses holding the digital asset.

“As NFTs and other applications continue to grow on Ethereum, this creates deflationary pressure and reinforces Ether’s monetary premium. Ultimately, this aligns users and holders towards ETH becoming the store of value of the decentralized internet,” Outumuro noted.

When it comes to fundamentals, Ethereum’s hash rate has also hit a new ATH at 650.8 TH/s, surpassing the May peak of 643.8 Th/s, as per Etherscan.

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The network’s transition from Proof-of-Work (POW) to Proof-of-Stake (POS) consensus is not coming until Q1 or Q2 of next year, which would then mark the end of POW mining.

Before even becoming a fully PoS coin, the implementation of EIP-1559 has affected the miner revenue as a large portion of their earnings from transaction fees, the base fee is getting burnt while only the tip is paid to miners.

“Despite the numerous headwinds for ETH miners, mining doesn’t seem to be slowing down,” said Delphi Digital.

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Author: AnTy

‘Long Bitcoin” Is Still the Second-Most Crowded Trade, Despite 50% Drawdown: BoA Survey

‘Long Bitcoin” Is Still the Second-Most Crowded Trade, Despite 50% Drawdown: BoA Survey

80% of fund managers say the market is in a bubble with inflation and bond market taper tantrums being the top tail risk.

About 80% of fund managers surveyed by Bank of America say the market is in a bubble, up from 75% in May.

The survey of 207 investors with $645 billion in assets further revealed that “long Bitcoin” is the second-most crowded trade after commodities.

This has been despite the fact that Bitcoin had a 50% drawdown last month from its all-time high of nearly $65,000 in mid-April. Following the drop to $30,000 and on some exchanges as low as $28,000 during the sell-off, BTC is back above $40,000.

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Meanwhile, an increasing number of institutional investors, asset managers, and banks are adopting cryptocurrencies and offering services.

Just this week, veteran hedge fund manager Paul Tudor Jones said he likes “Bitcoin as a portfolio diversifier” and shared his plan to invest 5% of his portfolio in Bitcoin, the same percentage as gold, cash, and commodities.

Meanwhile, besides long Bitcoin, “long tech stock,” “long ESG,” “short US treasuries,” and “long Euro” are other crowded trades this month.

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The survey conducted between June 4 to 10 further revealed that while allocation to bonds is at a three-year low, net -69%, stocks are back up at 2021 highs of 61%.

Allocation to U.S. equities remained at 6% overweight while allocation to Eurozone equities increased to a net 41% overweight, the highest since Jan. 2018. Meanwhile, exposure to UK stocks increased to the highest level since March 2014 and is 4% overweight.

In the next four years, managers see a mix of value and tech stocks as best-performing assets.

According to 57% of investors, any equity correction to occur in the next six months is likely to be less than 10%.

When it comes to inflation, 72% of investors say it is transitory, and 63% expect the Federal Reserve to signal tapering in August-September. Inflation and bond market taper tantrum are the top tail risk.

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Author: AnTy

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.

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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.

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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.

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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.

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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

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

Latin America IT Giant Globant S.A Stakes $500,000 In BTC Investment

  • Despite a turbulent week in the crypto market, the nascent industry is still a major attraction for institutional investors.
  • Joining the likes of MicroStrategy and Tesla in holding Bitcoin, software firm Globant S.A has added Bitcoin to its balance sheet.

Globant Joins the ‘Bitcoin Express’

In a detailed financial statement forwarded to the Securities and Exchange Commission (SEC), Globant said that it has been making crypto investments for some time now. The IT firm has invested an aggregate of $500,000 for the first quarter of 2021 in cryptocurrencies. This investment was solely spent on Bitcoin.

The multinational tech company founded in 2003 said that it considered Bitcoin an intangible asset due to its lack of a physical form and the limitlessness of its useful life.

Globant S.A has categorized cryptocurrencies alongside its intangible assets like licenses, customer relationships, customer contracts, and non-compete agreements.

Globant S.A is not the first software company looking to diversify its investment portfolio. MicroStrategy’s Michael Saylor has long converted the software firm’s cash reserves to Bitcoin.

According to Saylor, Bitcoin is a better store of value than gold, given its hard-cap limit on the number of coins that will ever be mined (21 million to be exact).

This has seen the US firm commit a large portion of its cash reserves to cryptocurrencies, and it currently sits at the top of companies with BTC exposure with 92,079 BTC purchased so far.

BTC Market Crash Affects Institutional Investors

Crypto investors are still licking their wounds following a severe market correction that saw the market shed almost $300 billion. Despite Bitcoin rising almost 90% in Q1 2021 alone, breaking through resistance levels of $65,000, the asset has crashed almost 50%, trading below $32,000 in one week.

Following regulatory clampdown in China and pointed criticism on how each Bitcoin is mined, the premier digital asset suffered a huge shock spilling about $500 billion in the process.

Institutional investors like Globant S.A with Bitcoin on their balance sheets have also not fared well. Some have even seen their investments erode following the massive selloffs occasioned by the crackdown by China.

Data published by Bitcoin Treasuries revealed that some investors holding Bitcoin in their treasuries are treading in the red zone, as the value of their holdings plummets. One prime example of such investors is BlackRock which has seen its initial stake drop from $360,000 to $227,825. Another is Chinese photo app company Meitu which has lost 10% of its investment.

Some others have also gained, crypto mining company Riot blockchain and Voyager Digital Ltd posting 5.8 times the value they initially deposited.

The most affected have been investors who made the transition to crypto in 2021.

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Author: Jimmy Aki

Fund Managers See Bitcoin Outperforming in 2021 Despite Picking ‘Long BTC’ as the Most Crowded Trade

Fund Managers See Bitcoin Outperforming in 2021 Despite Picking ‘Long BTC’ as the Most Crowded Trade: BoA Survey

Hedge fund managers yet again think that “long Bitcoin” is the most crowded trade.

They must not have looked at the crypto market then, which means they might not even be involved meaning these fund managers think everyone is long on Bitcoin when no one really is.

Extending its losses from last week, Bitcoin crashed to $36,200, representing a 44.3% drawdown.

Still, the latest Bank of America fund manager survey, which took place between May 7 and 13 and polled 2216 participants, including 194 fund managers, with $625 billion worth of AUM, picked “Long Bitcoin” as the most crowded trade at 27%.

Prior “peaks” in crowded trades such as tech in Sept. 2018 and Sept. 2020, US Treasuries in March 2020, and US dollar in Jan. 2017 and Feb. 15 had been associated with relative tops, noted the report.

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This isn’t even the first time the fund managers have put the cryptocurrency at the top of the list. Back in January as well, “Long Bitcoin” was at the peak right before exploding to hit a new all-time high of $65,000. Before that, it topped the charts in 2017. Matt Maley, chief market strategist for Miller Tabak + Co. said,

“When an asset becomes the most crowded trade in the BofA survey, it has frequently signaled a near-term pullback in the past.”

“When you combine this with the news out of China, it’s not a surprise that Bitcoin is seeing some more weakness.”

Bitcoin has been ranked as the most crowded trade well ahead of technology stocks, ESG, thanks to the ongoing trend toward environmental, social, corporate governance, cyclical stocks, and short U.S. Treasurys.

Still, about 10% of fund managers said they think bitcoin will outperform in 2021.

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Author: AnTy

JPMorgan’s Jamie Dimon Still Has ‘No Interest’ in Bitcoin Despite Growing Adoption

JPMorgan’s Jamie Dimon Still Has ‘No Interest’ in Bitcoin Despite Growing Adoption

Institutional demand has played a critical role in the surge of cryptocurrencies in the past year, with many tech companies and large banks planning to custody virtual currencies.

But despite what many may call a significant victory for the nascent technology, critics still abound, with some openly declaring they cannot support the idea of digital currencies replacing fiat as a medium of exchange.

Jamie Dimon Still Not Intrigued by Bitcoin

One such detractor is JPMorgan Chase’s boss Jamie Dimon who has remained resolute in his criticism of the burgeoning industry.

JP Morgan Chase was once a critic turned supporter as the investment bank prepares to launch a Bitcoin fund in the coming months. But despite what has been a radical shift in mindset, JP Morgan’s CEO Jamie Dimon is still a skeptic of the volatile asset class.

While speaking at The Wall Street Journal CEO Council Summit, the billionaire investor said he isn’t interested in Bitcoin, despite the growing interest from institutions.

Dimon’s firm JPMorgan is working on a Bitcoin custody service due to ongoing client demands, Dimon noted. Beyond this, JPMorgan’s CEO won’t touch the asset class. Despite his skepticism of the influence of crypto, he remains a believer in the power of the blockchain.

Dimon explained that he believes in the real-life use cases for blockchain technology, especially for the financial sector. He revealed that his firm is also leveraging the technology to serve customers.

“But people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank.”

The former board member of the Federal Reserve has repeatedly kicked against the world’s first-ever virtual currency, calling Bitcoin once a “fraud” at a conference organized by news outlet CNBC.

However, Dimon has since said that he regretted his outburst while noting his indifference to the Bitcoin narrative. But he has retained a lukewarm attitude towards the emerging asset class, constantly claiming disinterest and citing volatility as a reason for it not going mainstream.

Nevertheless, JP Morgan has been quite active in the crypto space rolling out its in-house built digital token-styled JPM Coin in 2019. It has since gone on to create a blockchain unit to stay innovative in a fast-changing world.

Wall Street Piling On Crypto

Despite what might seem a bad take on crypto by Dimon, other investment firms have not remained hostile to crypto.

In the last year following Bitcoin’s unprecedented surge, institutional demand has grown following major investment in BTC and the proliferation of other crypto projects.

With decentralized finance (DeFi) radically changing the narrative on legacy-backed services like savings, deposits, borrowing, and lending, more and more banks have started joining the crypto wagon.

One such is investment bank Goldman Sachs reportedly planning to issue a Bitcoin exchange-traded fund (ETF) in the coming months. The proposal, which is still under review with the US Securities and Exchange Commission (SEC), joins a long list of Bitcoin ETF proposals brought forward to the agency.

Banks like US Bank and Bank of New York (BNY) Mellon have shown interest in cryptocurrencies in the past few weeks.

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Author: Jimmy Aki

One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory

Despite the volatility this week, due to Coinbase making its debut on Nasdaq, the Bitcoin price is holding strong above $62,000.

Amidst this, over $623 million worth of BTC stolen in the Bitfinex hack in 2016 moved, representing 10% of the total 119,756 BTC originally stolen. This could have been an attempt to move unseen amidst all the worldwide frenzy around “COIN” listing.

After hitting nearly $65,000 on Wednesday, BTC took a hit to $61,500, which in part could be due to stolen bitcoin moving and in part COIN shares ending up lowering 24%. But the market expects BTC to be back to a new ATH before taking over $70k.

While anything can happen in the market, we are far from topping out based on past performance.

As CoinGecko notes in its latest 2021 Q1 report on the cryptocurrency industry, the ascent of Bitcoin in this cycle (2020- 2022) is mimicking the trajectory it took in the last cycle (2016-2018).

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As we recently reported, despite rallying 1,610% from March lows, due to a wave of institutional adoption amid a conducive macro-environment, BTC is only 225% above its 2017 peak of $20,000. By comparison, the 2017 peak was 1,578% above 2013 ATH, and the 2013 peak was 3,590% higher than the 2011 ATH.

Interestingly, unlike last year and the previous cycle, this cycle we see very low volatility despite bitcoin becoming a trillion-dollar crypto asset, making its way to a six-figure price.

One reason why bitcoin might continue its trajectory, according to the report, is inflation. After spending trillions of dollars, another $1.9 trillion bill was passed this week that will again pour more money into the market.

Moreover, with the Federal Reserve determined to keep interest rates low, there is a growing fear of rising inflation, a setup that has made Bitcoin an increasingly viable hedge against the inflationary macro-environment stated Coingecko.

As we have seen, Bitcoin continues to outperform all major asset classes, but while the stock market is doing good, making new ATHs, gold, and bonds (TLT) did not amidst a “rally” in the U.S. Dollar index and rising bond yields.

Bitcoin’s market capitalization is actually just 10X away from flipping gold.

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When it comes to the rest of the market, Ether is finally moving up, hitting $2,400 this week. But with rising prices comes congestion and fee spikes, making it not conducive for retail users to do even a simple swap using DEXs. ETH 3.60% Ethereum / USD ETHUSD $ 2,523.06
$90.833.60%
Volume 32.2 b Change $90.83 Open $2,523.06 Circulating 115.48 m Market Cap 291.37 b
3 h European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain 3 h Gitcoin Spins Out of ConsenSys After Raising Over $11M in a ‘Strategic’ Capital Move 4 h Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)

With ‘Ethereum-Killers’ racing to offer the cheapest gas fees, this turned out to be good for Binance’s BSC. SOL 6.43% Solana / USD SOLUSD $ 27.85
$1.796.43%
Volume 221.45 m Change $1.79 Open $27.85 Circulating 270.02 m Market Cap 7.52 b
6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 1 d Solana’s Data Aggregator Step Finance Raises $2 Million in Private Sale 3 d BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’
BNB 0.93% Binance Coin / USD BNBUSD $ 544.29
$5.060.93%
Volume 4.59 b Change $5.06 Open $544.29 Circulating 154.53 m Market Cap 84.11 b
6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 1 d Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News 1 d Binance Is Listing A Tokenized Stock of Coinbase, CZ says ‘Rooting for $COIN’
ADA 1.61% Cardano / USD ADAUSD $ 1.48
$0.021.61%
Volume 5.34 b Change $0.02 Open $1.48 Circulating 31.95 b Market Cap 47.39 b
6 h Cardano Releases Plutus Smart Contract Language in Preparation for Alonzo Hard Fork 6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 6 d Revolut Adds 11 New ‘Hot’ Cryptos Including DeFi Tokens for UK and EU Users

“Total TVL is growing, but BSC’s TVL appears to be stealing Ethereum’s thunder – in Q1 2021 alone, BSC’s TVL rose from 3% to 27%. Apr-21 Ethereum is likely losing ground because of rising gas fees which drives away retail users,” noted the report.

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Author: AnTy

Bitcoin Skeptics Busy Talking About Bananas, 2018 Bear Market & Missing Price Discovery

Despite the price of Bitcoin jumping more than 220% this year, billionaire Mark Cuban still isn’t interested in the leading cryptocurrency.

“My thoughts haven’t changed,” Cuban told Forbes a week before Bitcoin surged past an all-time high of $20,000 to hit a record $23,800 on Wednesday, in a story that was published Thursday.

Bitcoin is “a store of value…that is more religion than solution to any problem,” said Cuban adding that the cryptocurrency won’t be replacing government-backed currency.

“No matter how much (bitcoin) fans want to pretend that it’s a hedge against doomsday scenarios, it is not,” Cuban said.

“Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face.”

However, Cuban does agree that bitcoin is like gold in the way that it is a store of value. Although with its supply being limited, as the demand for the digital currency fluctuates, so will the price, which will be volatile, “as long as people accept (bitcoin) as a digital version of gold, it’s investable,” he said.

Despite this optimistic view, Cuban went back to his banana having “more utility” because it has potassium, a “valuable nutrient to every person on the planet,” while Bitcoin is what it is because “enough people have agreed upon” it as an investable asset.

Absolutely crazy right now

Another person that remains skeptical of Bitcoin is the Rosenberg Research chief economist, who calls it a “massive bubble.”

However, given his Bitcoin issues, it looks like it’s him who is in a bubble because he didn’t even take time to understand it before ranting about it.

“You speak to most people that are asking me to put money in bitcoin, they can’t even tell you who the person was that developed it or even how it’s actually mined,” said David Rosenberg. Alright, uninformed boomer!

“It’s just a classic, follow-the-herd, extremely crowded trade. It’s in a massive bubble.”

He had a particular nugget to share with that “there’s really nothing in the protocol to suggest that the supply of bitcoin can’t go up once we hit that limit.”

From the March low of $3,800, during the coronavirus pandemic-induced sell-off recorded in gold, stock, especially oil prices, and every other asset class, BTC has seen a whopping 525% uptrend.

Since October, Bitcoin has rallied 114%, and the chart of the digital asset is looking “absolutely crazy right now” to Rosenberg, who took it as his civic duty to remind everyone of the 2018 bear market after the last time bitcoin behaved with such a “speculative fervor.”

Meanwhile, BTC/USD is holding firm around $23,000, embarking on its price discovery journey.

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Author: AnTy