Nike Prepares for Metaverse with 7 Trademarks, Microsoft Tests Its Own for Early Next Year Launch

Nike Prepares for Metaverse with 7 Trademarks, Microsoft Is Testing Its Own for Early Next Year Launch

After Facebook, Nike is taking steps to enter the Metaverse.

The Oregan-based apparel giant has filed several new trademarks this week that indicate its intent to make and sell virtual Nike-branded sneakers and outfits.

Nike filed applications late last month for “Nike,” its swoosh logo along with “Air Jordan” and “Jumpman” logos and the famous slogan “Just Do It,” according to the U.S. Patent and Trademark Office. The company has submitted a total of seven different applications.

Metaverse is a priority for the brand and will be making more virtual rollouts in the months ahead, CNBC reported citing people familiar with the company’s strategy.

Nike has also been posting job openings for a virtual material designer of footwear and other virtual design roles as part of the Digital Product Creation group — “a team focusing on igniting the digital and virtual revolution at Nike.”

In 2019, the Jordan brand partnered with the online video game Fortnite where characters wore Nike-branded sneakers. The same year, it filed a patent for “Cryptokicks,” which the company plan to use as an NFT. Nike also has had several collaborations with another online game platform Roblox.

Pandemic Induced Science Fiction

Another company joining Facebook in Metaverse is Microsoft which is planning to bring PowerPoint and Excel to the virtual world. The tech giant is planning to create a more corporate version of the Metaverse.

Its first offering, which is currently in testing and will be available in the first half of 2022, is a Teams chat and conferencing program that features digital avatars. Here, customers will be able to share Office files and features like PowerPoint decks in the Metaverse.

“This pandemic has made the commercial use cases much more mainstream, even though sometimes the consumer stuff feels like science fiction,” said Microsoft CEO Satya Nadella in an interview with Bloomberg.

At the company’s Ignite conference on Tuesday, Microsoft said the new Teams features would let businesses create immersive spaces where workers can meet. The technology uses the software called Mesh that enables augmented reality and virtual reality experiences across a variety of goggles.

Microsoft also presented a Dynamics 365 Connected Spaces that will let people move and interact within retail and factory spaces. The company also expects its Xbox gaming platform to take part in the virtual future. “You can absolutely expect us to do things in gaming,” said Nadella.

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Author: AnTy

Cryptocurrency Market Dips, Bitcoin’s Correlation with Commodities Climbs

Early on Wednesday, the markets took a dip that saw Bitcoin’s price going down to nearly $58,000, from $63,800. Trading around $59k as of writing, exactly a week back, the cryptocurrency hit a new all-time high at $67,000.

The stock market, including S&P 500, the Dow Jones Average, and tech-focused Nasdaq, all edged down as well on Wednesday after closing at a record high on Tuesday.

Same as Bitcoin, Ether went to $3,940 but is already back above $4k. In tandem with the leading cryptocurrency, the majority of the coins fell too, dragging the total crypto market cap to $2.57 trillion. Last week, the crypto market capitalization climbed to a new peak of $2.76 trillion.

While price is down, fundamentals are strong, as seen in the Bitcoin hash rate, which climbed to 172.7 TH/s earlier this week, last seen in April and near mid-May ATH of 197.6 TH/s.

Meanwhile, this latest drop in prices ended up liquidating 175,983 traders for $742.25 million in the last 12 hours and $890 million in the last 24 hours – the highest since September 19.

With this, the funding rate has also normalized to the highest for Bitcoin perpetual contracts currently on Bybit at 0.0551%.

Its effect was also seen in open interest but not much. The total OI on Bitcoin futures has slid to $24.38 bln from a $26.47 bln high last Wednesday. While the OI on CME, which hit a new ATH at $5.75 bln on Monday, has now fallen to $4.95, it still leads the market, with Binance coming in second at $5.35 bln, according to Skew.

Amidst this, Bitcoin’s correlation with commodities continues to climb. The correlation has been rising ever since the start of Q3, noted crypto data provider Kaiko in its latest report.

Historically, Bitcoin’s correlation with commodities has performed well during times of unexpected inflation. And with inflation continuing to rise, it makes sense.

image1

Officials, however, maintain that they haven’t lost control of inflation, with Treasury Secretary Janet Yellen saying this week,

“On a 12-month basis, the inflation rate will remain high into next year because of what’s already happened. But I expect improvement by the middle to end of next year – second half of next year.”

Bitcoin’s 30-day rolling correlation with industrial copper and oil has been increasing since September. Both the commodities rose over the past few weeks boosted by growing demand and record low inventories. The report states,

“By contrast, Bitcoin’s correlation with safe-haven gold has been mostly negative this year despite briefly turning positive in September.”

The precious metal is up 3.72% this month compared to Bitcoin’s more than 34% uptrend. This year, Bitcoin is also up 112%, while the bullion is down by 5.34%.

As we reported, JPMorgan Chase analysts have attributed the perception of Bitcoin as a better inflation hedge than gold for the recent price rally rather than ETF euphoria.

In its previous report from earlier this month, Kaiko had noted that Bitcoin is no longer in inverse correlation with the U.S. Dollar. In September, the dollar strengthened for the second month in a row and peaked at over a year high of 94.56 on Oct. 11. This week, the USD Index is back on the rise at 94.

Historically, Bitcoin has moved in the opposite direction to the DXY, a trend that seems to have largely dissipated in 2021. Now both are on an upward trajectory in contrast to traditional equities.

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Author: AnTy

Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln

Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder

As demand for UST rises with more projects joining the Terra ecosystem, it will accelerate “the expansion of the stablecoin supply and accruing value to LUNA holders,” said co-founder Do Kwon.

More than 160 projects will be launched on the South Korean blockchain project Terra by early next year, said co-founder Do Kwon in an interview with Asia Markets.

Terra is an algorithmically governed stablecoin platform with $8.86 billion worth of assets locked in it. According to DeFi Llama, currently, eight primary projects are running on it.

The money market project Anchor currently accounts for 39.3% of Terra’s all TVL at $3.5 billion, followed by Lido ($2.52 bln), Mirror ($1.28 bln), and TerraSwap ($1.14 bln).

But soon, the number of projects on Terra will increase significantly due to a “smooth” upgrade of the Terra network to ‘Columbus-5’ last month, he said.

“Now that Columbus-5 is live, more than 60 projects are preparing to launch in the next six to eight weeks, and more than 100 have recently announced plans (for) the end of the year or early 2022,” Kwon told the publication last week.

The launch of more projects on the platform will “amplify the demand for UST,” he added. TerraUSD (UST) is a stablecoin that attempts to maintain a value of $1 but isn’t backed by US dollars in a bank account; rather, to mint 1 UST, $1 worth of LUNA, the reserve asset of TerraUSD, is burned.

As demand for UST will rise with more projects joining the Terra ecosystem, it will accelerate “the expansion of the stablecoin supply and accruing value to LUNA holders,” Kwon said.

The native token of the protocol LUNA is currently a $14.38 billion market cap cryptocurrency which is up 5,364% YTD but still down 48% from an all-time high of $50 two weeks back.

Ambitious Targets

Columbus-5 has been the most significant upgrade ever since the launch of the Terra protocol, which has been in the works through this year and required numerous upgrades to the Terra core.

This upgrade is expected to help enhance the protocol’s scalability and interoperability. As Kwon said, Columbus-5 also updated “some of the economic mechanics of the protocol so that 100% of seigniorage generated by the expansion of the UST supply is burned, augmenting the per-unit value capture of LUNA as the demand for UST grows.”

Earlier this year, Kwon predicted UST’s market cap to exceed $10 billion by the end of this year, but currently, it stands at only $2.74 billion. Still, according to Kwon, his target is achievable.

Not only dozens of projects have been “anxiously” awaiting Columbus-5’s launch to release their mainnets, he said, adding: regulatory action against the most popular centralized stablecoins like USDC and Tether (USDT) has “reinvigorated the emphasis for a decentralized stablecoin in crypto like UST.”

The founder further pointed out that custodial stablecoin models do not scale well and “serve as hubs of risk in a decentralized financial stack,” as such, he expects the adoption of decentralized stablecoins to only increase from here on.

Additionally, the launch of IBC will enable UST to be exported to any IBC-enabled chain, particularly Cosmos chains and ThorChain, and flow freely outside of Terra. Wormhole support — a cross-chain bridge to Solana, Ethereum, and BSC — meanwhile will allow UST to be ported to the largest chains by TVL. ATOM -1.85% Cosmos / USD ATOMUSD $ 31.86
-$0.59-1.85%
Volume 313.52 m Change -$0.59 Open $31.86 Circulating 223.13 m Market Cap 7.11 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development 3 w South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation
RUNE -1.39% THORChain / USD RUNEUSD $ 7.66
-$0.11-1.39%
Volume 34.42 m Change -$0.11 Open $7.66 Circulating 224.41 m Market Cap 1.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 5 d New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 1 mon DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700
SOL -2.02% Solana / USD SOLUSD $ 157.26
-$3.18-2.02%
Volume 1.68 b Change -$3.18 Open $157.26 Circulating 300.54 m Market Cap 47.26 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development
ETH -2.74% Ethereum / USD ETHUSD $ 3,752.44
-$102.82-2.74%
Volume 17.24 b Change -$102.82 Open $3,752.44 Circulating 117.98 m Market Cap 442.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 2 d Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”
BNB 2.94% Binance Coin / USD BNBUSD $ 484.82
$14.252.94%
Volume 2 b Change $14.25 Open $484.82 Circulating 166.8 m Market Cap 80.87 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 5 d China Update: Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Share Goes to Zero 6 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

“We fully expect the demand for UST in cross-chain environments to accelerate the expansion of the UST supply further, potentially reaching the $10 billion market cap mark by year’s end.”

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Author: AnTy

CME Bitcoin Futures Open Interest Cracks A New ATH, Ethereum Aims for $4k Again

Excitement is creeping back again in the cryptocurrency market as prices start to show early signs of an upcoming rally.

Currently trading around $57,500, late on Wednesday, Bitcoin went to surpass $58,600. $60,000 is now the target that would take us to mid-April levels when we hit an all-time high of $64,850.

Ether hit $3,820 on Thursday. This renewed interest in the second-largest cryptocurrency has ETHBTC trending up from 0.06 to 0.6654 with the next resistance sitting at just above 0.07.

Both Bitcoin and Ether are currently about 11% to 14% away from their respective ATHs.

With the top asset pumping, the total market cap also went past $2.5 trillion, with other notable gainers including DOT (18%), HBAR (11%), LINK (11%), and MINA (10%) in the past 24 hours while in the past week, STACKS (58%), OHM (57%), ONE (34%), and FTM (31%) hogged the limelight.

For the last two days, the US dollar index is also trending down, currently at 93.960, after hitting one year-high at 94.5 on Tuesday.

This time the prices are pumping in anticipation of a Bitcoin ETF approval propelled by SEC Chair Gary Gensler’s support for CME futures-based exchange-traded funds.

Open interest on Bitcoin futures is also spiking significantly, reaching $20.77 billion, a level that was last seen on May 10th and April 20th, according to Bybt.

With CME’s futures the basis of these ETFs, it makes sense that OI on the regulated platform has already hit a new all-time high at $3.23 billion.

The price action has started to have an effect on funding rates as well which were negative just last month, while currently, the highest is on OKEx at 0.0479%.

“BTC quarterly annualized rolling basis now at 15%. This basis hit 51% around the April 2021 top and 26% at the 2019 top. There’s room,” said trader and economist Alex Kruger.

Amidst the return of euphoria in the crypto market, Michael Burry of ‘Big Short’ fame who made his fortune by betting against the housing bubble, has crypto in his sight, but the sad thing is he doesn’t really know how to short crypto.

Before asking “how do you short a cryptocurrency,” Burry also commented on the crypto industry experiencing the speculation that “probably tops anything in history.” And the Crypto Twitter (CT), of course, couldn’t help but take a jab at him.

“Imagine knowing this and not taking part in it,” commented popular crypto investor CT Degen Spartan.

“My thesis is that the crypto bubble will be 100x the insanity of the tulip bubble. People will be taking on multigenerational debt to fund their punts, either in the fear that they get left behind in fiat or the greed that they can hyper gamble their bloodline into elite status.”

Last week, Burry had dismissed popular meme coin Dogecoin (DOGE) competitor Shiba Inu (SHIB) as “pointless.” Currently trading at $0.00002878, SHIB is down 24% from its May high of $0.00003791 but is up 51076422.9% in about a year.

The fund manager had compared the excitement around bitcoin and meme stocks to the housing boom and the dot-com bubble and warned that they’ve been “driven by speculative fervor to insane heights from which the fall will be dramatic and painful.”

Known for investing in the traditional memecoin GameStop, Burry inadvertently paved the way for the short squeeze on the stock in January that sent GME’s share prices skyrocketing.

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Author: AnTy

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Instead of waiting another year and a half, the SoftBank Group-owned company offers a liquidity option for creditors now.

Fortress Investment Group LLC is offering the creditor of the now-defunct cryptocurrency exchange Mt. Gox an earlier payout. Since 2017, Fortress has been owned by SoftBank Group.

However, this will be a discounted payout to what the creditors would get under a trustee-backed proposal set for a vote in October. According to Bloomberg, this is the highest value that a private equity and hedge fund firm has ever offered creditors.

The Civil Rehabilitation plan from Mt. Gox’s trustee set for an October vote would refund credits about 90% of their claim value while Fortress is offering about 80%. Fortress is using a calculator constructed by Mt. Gox creditor Kim Nilsson to determine the payout value of a claim.

However, the rehabilitation plan payments are not likely to occur until mid-2022, unlike Fortress, which offers liquidity now.

While there is no certainty that creditors will approve the plan, Fortress figures investors don’t want to wait and may choose to cash out now; as such, they have been now sending out thousands of letters to Mt. Gox creators.

“Rather than waiting another 1 to 1.5 years, we are offering a liquidity option for creditors who want to receive cash or BTC now,” said Michael Hourigan, managing director at Fortress.

Creditors would get the amount owed in either cash, Bitcoin (BTC), or Bitcoin Cash (BCH) based on their deposits, under the Fortress proposal.

For years, Fortress has been buying up Mt. Gox claims, offering as little as $600 per BTC and as much as $1,300 per BTC. Bitcoin price, meanwhile, has risen to a record nearly $62k.

Japan-based Mt. Gox that was launched in 2010, was once the world’s biggest Bitcoin exchange, handling more than 70% of all BTC transactions worldwide in 2013. That is until it lost thousands of customers’ bitcoin in a hack.

Some of the holdings were found, and the trustee is working to reimburse creditors for years now as the process gets delayed by lawsuits.

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Author: AnTy

Mark Cuban Compares the Ongoing Blockchain & DeFi Development to the “Early Days of the Internet”

Mark Cuban Compares the Ongoing Blockchain & DeFi Development to the “Early Days of the Internet”

Blockchain and digital goods, according to the Dallas Maverick owner, the “Money 2.0,” are the future.

Shark Tank’s Mark Cuban’s enthusiasm about the cryptocurrency market, especially the decentralized finance (DeFi) sector, continues to grow, which he eagerly shares with the world.

In an interview with the Defiant podcast, the billionaire owner of the Dallas Maverick shared that he is a DeFi and Ethereum bull and that “ETH has an advantage over BTC as a store of value.”

While his general stance isn’t changed and Bitcoin can’t be used as a currency, he believes the digital currency can become powerful enough to be a store of value.

But smart contracts is what has him more excited as it allows developers to lay the foundation for “friction-free banking.” Ethereum is the blockchain where this is all happening, and that makes ETH far more of a store of value than BTC, as per Cuban. This is why he is buying more ETH on pullbacks and not Bitcoin.

This makes sense given that Ether is outperforming Bitcoin in 2020 with 150% gains YTD compared to Bitcoin 62%. Eth also outperformed Bitcoin last year and during the 2017 bull run.

In a separate interview with Real Vision founder and CEO, Raoul Pal, Cuban talked about blockchain technology, which, if you don’t understand, “is going to smack you down and make you bleed,” he said.

“What we’re seeing right now with this communal effort, and the foundation of blockchain-type applications that people stuck at home can use to try to make money … just changed the game 180 degrees.”

To him, the development going on in the space reminds him of the “early days of the internet,” which is brand new, and “no one really knows what it’s going to be.”

That’s why the high fees on Ethereum and DeFi make sense as the billionaire points out how it was about two decades into the internet that bandwidth became available and cheap enough to make streaming possible, and “we’re only 10, 12 years into crypto after starting with bitcoin,” he said.

According to him, the evolution of blockchain and digital goods is the future, which, as we have seen Cuban himself partake in by selling several NFTs. He said,

“Now this is America 2.0. This is money 2.0. And I don’t mean currency money, I mean being able to earn money via digital has all changed. The only thing we don’t know is who are the Amazons and who are the Pets.coms.”

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Author: AnTy

Bitcoin Caught Fire But Still in Very Early Innings: Anthony Scaramucci of Skybridge Capital

Bitcoin Caught Fire But Still in Very Early Innings: Anthony Scaramucci of Skybridge Capital

The billion-dollar wealth manager launched a Bitcoin Fund with $25 million investment to “democratize BTC like we did the hedge fund industry a decade ago.”

Anthony Scaramucci, founder and co-managing partner of Skybridge Capital has announced the launch of a new fund tailored to Bitcoin.

However, it is not only because the flagship cryptocurrency is on fire lately that they are betting on Bitcoin but as Sacramucci shared they “would have loved to have deployed the fund three or four months ago,” Bitcoin just went off like crazy.

However, according to him, this is just the beginning. “I think it caught fire but we’re still in very very early innings,” said Sacramucci in an interview with CNBC’s Scott Wapner. As a matter of fact, they have been busy for the last two years doing research on Bitcoin and getting comfortable with the digital asset.

After doing all the research, the billion-dollar wealth manager believes it is a store of value, and “given the monetary supply and the global central banking coordination right now this will be a very strong asset class over the next decade.”

During this research, they have also been in contact with MicroStrategy’s Michael Saylor, to do a “ton of salt talks,” which made it clear to them that “we needed to create a client-friendly product – “something with a $50,000 minimum that the mass affluent could access.” Sacramucci said,

“Until frankly there’s an ETF or there’s a customer account somewhere where people can hold bitcoin this will be a way for us to democratize Bitcoin like we did the hedge fund industry a decade ago.”

Jumping in Before Institutional Adoption Goes into Full Throttle

Skybridge Capital’s new Bitcoin fund started trading this week with $25 million of the firm’s capital. It has a three-month holding period to target investors for the long term. The fund will go live on January 4th for outside investors. Scaramucci said,

“We’re super excited.”

“You either have to accept that Bitcoin is a store of value or not. There are still skeptics out there and that’s why I think we’re in the first inning,”

And that’s why they don’t believe they are late or marking the top of the market now that BTC has rallied 118% in 4Q20 to make a new all-time high of $24,300 last week.

Bitcoin is “something that has crashed upwards in the last two and a half to three weeks” and according to him, “could go up two or three x from here.” Scaramucci believes they could be at the “precursor of an avalanche of institutional investors,” who are heading in the crypto market.

According to him, there are institutional investors not wanting to put BTC on their balance sheets in 2020 but the orders building up indicate a large swath of institutions is getting ready to do it in 2021. Given that a penny in BTC and 99 cents in cash would have beaten every other asset class, especially S&P 500 over the last decade,

“I don’t think it’s late, If anything it’s the first inning you’re about to see… that wave of early adoption by the institutional community I’d like to get our investors involved before that goes into full throttle.”

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Author: AnTy

NEM In Final Stage of Testing of its Enterprise Blockchain ‘Symbol’ Before Mainnet Launch

NEM has announced that its enterprise-focused blockchain innovation dubbed ‘Symbol’ is set for a debut early next year. The announcement, which was made on Tuesday, highlighted that Symbol is in the last preparation phase before its Mainnet launch.

The NEM team is currently carrying out tests, having frozen Symbol’s iteration; this innovation is expected to introduce a hybrid blockchain infrastructure that features private and public architecture. NEM Group CIO, Dave Hodgson, commented on the value proposition in this enterprise-focused blockchain,

“Created for enterprise use, Symbol is purpose-built to be flexible to a suite of use cases, spanning regulated markets, supply chain, fintech, healthcare, government and more.”

Symbol’s scheduled Mainnet launch on January 14 will mark version 1 of the enterprise blockchain. Once it officially debuts, the platform will open up for use by businesses, token holders, and other stakeholders looking to leverage hybrid blockchain ecosystems. NEM Software CTO, Kristy-Leigh Minehan, emphasized that,

“As a hybrid network, Symbol offers a ‘best of both worlds’ scenario and more flexibility to businesses in how they manage and share data.”

According to NEM, the hybrid approach allows businesses to enjoy private and public blockchains’ benefits. These are fundamentals, such as the transparent nature of public blockchains and encryption measures/data restrictions embedded in private networks.

NEM’s Symbol hybrid infrastructure could be deployed in multiple business environments, including logistics or supply chains. As earlier reported by BEG, the team looked to tap into wine supply chain management as one of the debut niches.

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Author: Edwin Munyui

Robinhood in Preparation for a Possible IPO Launch in Q1, 2021; Report

Robinhood might be planning to go public early next year, according to a recent publication by Bloomberg. This trading platform, whose popularity has risen in the past few years, is reportedly seeking advisers in the banking domain to support its Initial Public Offering (IPO) process.

Per the Bloomberg report, Robinhood could go public as soon as Q1 of 2021; sources opted to remain unidentified given this information’s private nature. However, they were also keen to highlight that the firm might change this position and abandon the IPO plan altogether.

While Robinhood’s official sources are yet to comment, this move might be a game-changer for the trading platform, given its value proposition to novice investors. Robinhood has become a darling to millennials and the tech-savvy Gen-Z, giving them exposure to various previously cumbersome assets to trade.

In fact, it is one of the popular trading platforms with access to crypto-assets and enjoys the backing of tech-focused VC’s such as Sequoia Capital. Other prominent investors that have allocated funds to Robinhood include Index Ventures, Andreessen Horowitz, Ribbit Capital, DST Global, and D1 Capital Partners.

The latest Robinhood valuation is $11.8 billion; this was after the firm raised its series G funding, which totaled $200 million. With the murmurs of an IPO, Robinhood could soon be listed in the U.S stock markets, a move that would expose the firm to more market liquidity.

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Author: Edwin Munyui

Bitcoin Miners Accelerating their BTC Selling Signals Strong & Bullish Market

Today, the price of Bitcoin has jumped over $16,100 for the first time since early January 2018.

The bulls have come charging as the total aggregate open interest (OI) hit another record high.

“The bullish bias continues to ensure steep and favorable term structure for spread traders. The bulls were also in full force in the options market where the skew and the implied vol smile continues to show bullish market positioning, helped on by the contained nature of volatility,” noted Denis Vinokourov of Bequant.

Now that the velocity is improved, miners’ rolling inventory (MRI) is also currently strong.

According to this metric, which shows the year on year percent change in inventories held by miners, miners have started selling BTC again. During the bear markets in 2014 and 2018, there has been lower selling pressure.

But now they are back to selling, which Charlie Morris of ByteTree says is “bullish.”

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Bitcoin annual change in inventory held by miners since 2013

Selling more BTC than produced by miners has been going on for the past three months, but over the weeks, it has been gaining momentum, and currently, the one-day MRI is 140.40%.

“Miners once earned 50% of Bitcoin’s market cap! At that time, they had a huge influence on Bitcoin price. Today, higher miner selling pressure actually signals a strong market,” noted crypto exchange Bitstamp.

Keep On Mining

As we reported, the Bitcoin hash rate has recovered and is already near its all-time highs as miners switch to colder places now that China’s rainy season has ended.

After a dramatic correction, the estimated number of terahashes per second the Bitcoin network continues their recovery, which has been helped by a huge adjustment lower in the mining difficulty last week.

BTC Mining Difficulty 2020
Source: CoinWarz

The mining difficulty is expected to adjust lower once again but at a more measured pace of -6%. However, this may change with only just over 4 days left until the next adjustment.

Amidst this, publicly-traded mining company Hive Blockchain purchased and deployed 1,240 MicroBT WhatsMiner M30S machines already. This largest single purchase doubles the firm’s aggregate hash rate.

Hive’s shares, which had $1.8 million net income in Q1, gained about 490% YTD thanks to the BTC price jump.

Another publicly traded Bitcoin mining company Riot Blockchain reported over $2.4 million in mining revenue, an increase of 42% from 2019 during the same period.

After increasing its hash power in Q3, the company is further planning to expand its mining operations. Currently having a mining capacity of 556 peta hash per second (PH/s), Riot has four purchase agreements with mining manufacturer Bitmain for a total of 16,600 S19-Pro machines that are expected to be delivered and deployed through the end of Q2 2021.

Miners are simply bullish and expect the price of Bitcoin to continue to rise in the next year.

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Author: AnTy