Dogecoin Beats Bitcoin by Becoming the Most Tweeted Crypto Ever as Mia Khalifa Buys the Top

Dogecoin Beats Bitcoin by Becoming the Most Tweeted Cryptocurrency Ever as Mia Khalifa Buys the Top

This week on Thursday, Dogecoin became the most tweeted cryptocurrency, beating even Bitcoin’s records set on Jan 2nd, 2021 and Dec. 22nd, 2017, after Wall Street Bets pushed the prices of DOGE to past $0.08. DOGE -46.45% Dogecoin / USD DOGEUSD $ 0.03
-$0.01-46.45%
Volume 8.48 b Change -$0.01 Open $0.03 Circulating 128.16 b Market Cap 3.67 b
8 h Dogecoin Beats Bitcoin by Becoming the Most Tweeted Cryptocurrency Ever as Mia Khalifa Buys the Top 8 h Bitcoin Market Looking for New Lows After Elon Musk’s Pump & Dump 1 d Crypto Industry Capitalizing on Wall Street’s Losses Big Time, And Getting Rewarded

With more than a 1,000% increase in the cryptocurrency’s prices, everyone jumped on the meme coin that saw over 100k tweets from more than 50k unique (non-bot) Twitter accounts, as per data source The Tie.

During the run-up, a 1,939% increase in Twitter volume and a 1,650% increase in trading activity was registered.

The trading activity was so high that, briefly, DOGE did more than double the volume than the leading cryptocurrency.

This recent price boom shows that “the crypto market remains strongly sentiment driven.”

And the pump and dump seem to be in effect as the price of DOGE is already down 55% from its recent highs and currently trading around $0.038.

But unlike the traditional market, there are no hedge funds that are short-selling the cryptocurrency; rather, the late-comers are the ones left holding the bag. Mia Khalifa is one of the bagholders who literally bought the top on DOGE as she tweeted on Thursday, “Okay I caved and bought the dog stocks.”

The Reddit trading group WallStreetBets along with SatoshiStreetBets were looking to pump DOGE to the moon with $1 as the target. Still, those who have been holding their Shiba Inu-themed coins bags for a long time took this as an opportunity to make some profits finally.

Read Original/a>
Author: AnTy

Jihan Wu’s Bit.Com Plans To Launch The First Ever Bitcoin Cash (BCH) Option Contracts

Jihan Wu’s Bit.Com Plans To Launch The First Ever Bitcoin Cash (BCH) Option Contracts

  • Bitmain founder Jihan Wu launches Bitcoin Cash (BCH) perpetual swaps on Bit.com exchange.
  • The exchange teases the world’s first BCH option contracts.

Bit.com, a Jihan Wu-owned exchange, announced on Wednesday, plans to add perpetual swaps of Bitcoin’s fork project, Bitcoin Cash (BCH). Reports from Chinese blockchain insider Colin Wu further confirms that the exchange is planning to become the first to offer BCH option contracts.

Bit.com Introduces BCH Perpetual Contracts

In a tweet sent out on Wednesday Colin Wu stated Bit.com, a Seychelles incorporated crypto exchange, has added Bitcoin Cash (BCH/USDT) perpetual swaps to its list of crypto derivatives. The exchange was founded by Jihan Wu, the ousted founder of Bitmain, the largest cryptocurrency mining rig producer, to offset the latter’s losses.

The BCH/USDT perpetual contract launches Thursday, January 20th, offering traders up to 33X leverage on their trades. To increase participation in the new swaps, Bit.com will airdrop up to $100,000 in BCH tokens to any new users and traders who haven’t used the exchange before Jan 20. The deadline to participate in the airdrop ends January 27, with a maximum of $10 being paid out per trader.

The exchange will also offer additional bonus rewards for registration on the platform, KYC compliance, joining the Bit.com social media channels, interacting with the community, and too large BCH depositors with at least 5 BCH (~$2,400).

Wu Teases the First-Ever BCH Option Contracts

Additionally, Bit.com is set to become the first exchange ever to list BCH option contracts on February 1, 2021, Coin Wu confirmed. At launch, the BCH option contracts will be settled in Tether (USDT) only to boost the overall market participation in these new derivatives.

According to the Chinese crypto market inside man, Jihan Wu is launching the BCH derivative products to cover the losses made by Bitmain on BCH. Matrixport, the parent firm of Bit.com, announced its plans to launch Bitcoin derivatives back in July 2020 as Wu and Bitmain’s co-founder, Micree Zhan fought over control of Bitmain. Colin Wu’s tweet reads,

“Jihan Wu has been attacked internally. Therefore, in recent years, he has made few public opinions on BCH,”

“Bitmain will be split within a week, and he may pay more attention to the BCH ecology.”

Read Original/a>
Author: Lujan Odera

Everyone Wants to Know ‘WTF is Going On With Bitcoin’

What’s happening now, faster than anyone could ever imagine, is that “Bitcoin is moving from a fringe esoteric asset to the mainstream.”

This is why we are still early in the game.

Q4 has been an epic one for the world’s largest cryptocurrency. With a 160% uptrend in this quarter, 4Q20 has become the second-best one after Q4 of 2017 in which BTC recorded over 210% gains and hit $20k.

This time, the quarter started just around $10,500 and we pushed through several all-time highs, with the latest one made just today at above $28,500.

But nocoiners are having a hard time understanding why this is happening.

Youtuber KSI with 6.4 million followers asked about what is happening with the digital asset the day it first jumped past $28k.

Bitcoin’s price action got another no-coiner Sara Mauskopf, co-founder and CEO of daycare and parenting search app Winnie to enquire about this ‘number only go up’ technology.

“Does anyone understand why?? Not complaining just trying to make sense of what’s going on…” was her exact question.

Even China’s state media continue to feature Bitcoin articles, with the latest one titled “Why Bitcoin repeatedly breaks its ATH.”

“What’s happening now — and it’s happening faster than anyone could ever imagine — is that Bitcoin is moving from a fringe esoteric asset to the mainstream,” said Matt Hougan, a chief investment officer of Bitwise Asset Management.

“If it’s going mainstream, there is just so much money on the sidelines that is going to have to come in and establish a position that leaves me very bullish for 2021.”

Relentless Demand

In the meantime, Bitcoiners are throwing caution to the wind and going all the way in. As one degen wrote on Twitter, “I sold my house and borrowed from my 401k twice to buy bitcoin and would do it again at current prices.”

This isn’t’ the first and this won’t be the last.

Recently, Bitcoiner Peter McCormack also shared how he took out a $46,250 loan earlier this month and bought 2.55 BTC from it. “May do this again a few more times,” he had said at the time.

Bitcoin is actually on track for its longest monthly winning streak in over a year.

Thanks to central banks all around the world running the campaign of debasing fiat currencies, people are realizing the value of a hard asset that not only has a fixed supply but offers asymmetric returns.

Just this Sunday, President Donald Trump signed a $2.3 trillion stimulus into law. New stimulus checks, falling USD, and Brexit fueling investors’ risk appetite.

People are increasingly seeing Bitcoin as a hedge against dollar weakness and risk of inflation.

According to Edward Moya, senior market analyst at Oanda, demand for Bitcoin is “relentless.” “Bitcoin is still the trendy trade on Wall Street and that might not go away,” he wrote. “Volatility remains elevated, but for now seems like it will attract buyers on every major dip.”

Read Original/a>
Author: AnTy

Companies Investing in Bitcoin Are Being ‘Rewarded by the Public Markets’

The US Dollar index has been on a decline ever since March, currently down at multi-year lows. Despite this, US companies have accumulated the largest pile of cash ever.

At the end of June, the cash holdings of non-financial companies had grown to a record $2.1 trillion, an increase of 30% from last year. This is also higher than the previous peak of almost $2 trillion in 2017.

Among the biggest hoarders were AT&T and Delta Air Lines, with each holding over $15 billion at the time. Interestingly, back in 2019, AT&T announced support for Bitcoin for mobile bill payment through the third-party service provider BitPay.

S&P 500 companies that aren’t in the financial, utility, and transportation sectors are also expected to have $1.9 trillion in cash, which is the most they have ever held since 1980.

Among the investment-grade borrowers, the ratio of current assets to liabilities has risen to 97% in the US and 86% in Europe, as per BNP Paribas. These liquidity levels were last exceeded since 2000 during mid-2004 in Europe and late 2009-early 2010 in the US.

Cash hoarding soared this year after record-breaking amounts of debt were issued by the companies against the coronavirus pandemic’s disruptions. Amidst this, companies also cut down on dividends, capital expenditures, and buybacks.

US companies also sold over $3 trillion of investment and high-yield bonds as of Nov. 20, the most since 2006. This makes sense in the current environment of extremely low, zero, and sub-zero interest rates.

Analysts expect companies to make use of this cash next year, but not to “pay down debt in this interest-rate climate.”

One could easily argue that the best way to utilize all this money that is burning a hole in companies’ pockets is to invest in Bitcoin, which is already proving to be a beneficial investment.

MicroStrategy is one such company that just yesterday added another $50 million of its cash into BTC, adding to its $575 million Bitcoin stash. In total, the company now holds 40,824 BTC, 0.2% of Bitcoin’s total circulating supply.

Since the March sell-off, MSTR shares have increased 228% in value to the price level last seen in July 2000.

As Teddy Fusaro, chief operating officer at Bitwise Asset Management, noted, “many of the public companies that have announced that they’ve purchased Bitcoin or cryptocurrency have been rewarded by the public markets.”

In 2020, Bitcoin price has made a new all-time high, having surged 166% in value, currently trading around $19,000.

“Soon they won’t have a choice. They will have to protect their reserves by buying Bitcoin, said trader Scott Melker.

Read Original/a>
Author: AnTy

Bitcoin Shortage is Real; PayPal & Cash App Buying More Than 100% of All Newly-Issued BTC

Ever since the Bitcoin halving on May 11, a mere 900 BTC have been generated every day, half of what has been mined before that day.

At the time, BTC price was around $8,500, and legendary investor Paul Tudor Jones had just come out with his Bitcoin bull thesis calling it the fastest horse as an inflation hedge.

While Square’s Cash App and Grayscale have been all in Bitcoin’s business, eating up more than half of the bitcoin supply, things were relatively very smooth.

Now, nearly seven months following the halving, BTC’s price has increased 10x, currently trading around $18,500.

This jump in price in the backdrop of zero and sub-zero interest rates, money printing by the central banks, and their ever-expanding balance sheets has captured the interest of companies like MicroStrategy and Square, celebrities like Maisie Williams and rapper Logic, high-profile investors like Stan Druckenmiller, Bill Miller, JPMorgan and BlackRock changing their tunes on BTC – seeing it replacing gold.

“All the big hitters in the hedge fund world are coming out to endorse bitcoin now; it is entering the realm of the mainstream,” said Pendal’s head of fixed income, Vimal Gor.

According to him, “ultimately, the government bonds will turn into a “dead asset class,” and cryptos have a part to play there. He added,

“We have so many clients asking us about bitcoin and what to do and how to get access. Large institutions have stayed away so far, but high-net-worth clients and wholesale investors are leading the charge.”

image2

On top of this, PayPal launched its new service enabling its customers to buy, sell, and hold cryptos directly from their PayPal accounts.

With 300 million active users, PayPal offers great potential in crypto adoption. PayPal, Cash App, and Robinhood provide millions of people instant access to Bitcoin, Ethereum, and other digital assets.

Already, in less than a month, the volume has exploded on PayPal’s crypto infrastructure provider Paxos.

itBit, the Paxos-run exchange, was doing a fairly constant amount of trading volume up until PayPal got involved.

image1

“PayPal is already buying almost 70% of the new supply of bitcoins. PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins,” noted Pantera Capital in its latest blockchain letter.

If the growth continues, within weeks, PayPal will be buying more than all the newly-issued bitcoin. And this is just PayPal.

While demand continues to increase, this supply shortage will push the price of BTC higher, as we have seen in this quarter. Dan Morehead, CEO of Pantera Capital, said,

“When other, larger financial institutions follow their lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrates is at a higher price.”

Read Original/a>
Author: AnTy

Bull Rally Restarting: DeFi Blue Chips Giddy with Massive Uptrend

Ever since this past weekend, when Bitcoin took a dive to about $14,500, the leading cryptocurrency has taken to relax around $15,000.

With Bitcoin calming down, altcoins are the ones popping. Ethereum is keeping above $445, and although top altcoins are in the green, they are not the ones leading the market.

2020 has been all about Decentralized Finance, and this time it is no different. As a matter of fact, after enjoying a rally in August and topping out in September, recording severe losses, looks like DeFi coins are back for another round.

While the likes of Maker, Loopring, HOT, Sushi, Melon Protocol, Terra, UMA, Wrapped nexus, Bancor, and Compound are up less than 5%, they made record gains in the past week, albeit of mediocre levels.

CoTrader, Balancer, Mainframe, Curve, Augur, bZx Network, and 0x are popping up nicely today, all up over 10%. This DeFi rally, however, is all about the blue chips.

But not all Blue chips are equal, and it is Aave, which is in the lead.

Currently trading at $63, Aave is up a whopping over 140% in just the last five days. It is basically a paradise for scalpers — short-term traders that execute dozens, in some cases hundreds of times, trades per day.

These gains also have heavy negative funding on Aave futures, which means shorts are paying the longs to keep the price of the perpetual swap contracts in line with the underlying asset.

These gains came soon after Aave made the transition from its LEND token to Aavenomics. Before the rebranding as LEND, Aave was pumping hard, and afterward, as AAVE, it is pumping just as hard. Quant trader Qiao Wang said,

“Aave’s token migration and ticker change from LEND to AAVE is the one of the most ingenious price discovery tactics in the history of DeFi.”

“Although the liquidity has deteriorated quite a bit. Doesn’t take a lot of money to move the market by 10%.”

Aave is currently the 5th largest project in the DeFi sector as per its $1.18 billion of total value locked in it, down from $1.67 billion on August 30, as per DeFi Pulse. Overall, the TVL has reached a new record of $12.75 billion.

“YFI & Aave volatility is a distraction to nuke your potential gains from riding out the trend instead of scalping,” noted trader Hsaka.

YFI is another project which is popping hard, about 90% this past week while trading around $17,800. Recently, YearnFinance joined hands with Hegic to introduce Options.

A very similar action can be seen in SNX, pushing for $5. This DeFi token has jumped 20% today and 85% in the last 7 days.

“The bull market is restarting,” said Wang, adding, “Largely depends on BTC/ETH of course. But I’m long, and a buyer of dips.”

Read Original/a>
Author: AnTy

Bill Miller ‘Strongly’ Recommends Investing in the ‘Single Best Performing Asset Class’ Bitcoin

The risk of Bitcoin’s price going to zero is “lower than they’ve ever been before,” Mutual fund legend Bill Miller told CNBC Friday.

According to him, more institutional investors would be coming to the leading cryptocurrency, which almost went to $16,000 last week — its 35-month high.

At the time of writing, BTC/USD has been trading around $15,120 after recording an 9.5% drop over the weekend, which soon reversed.

Bitcoin’s story is “very easy” as it is just about “supply and demand,” said Miller.

“Bitcoin’s supply is growing around 2.5% a year, and the demand is growing faster than that.”

Miller also shared that the investment committee’s chief investment officer for the endowment of Johns Hopkins University told him that because of the “asymmetric properties” of Bitcoin, “everybody is going to want to own at least some” of it.

Although they “may never own Bitcoin,” Miller said that’s a “bold statement” from a college endowment. Miller serves on the investment committee of the Baltimore-based university’s endowment.

An investing revolution

Currently, the chief investment officer of Miller Value Partners, Miller beat the S&P 500 for 15 years when he was managing the Legg Mason Capital Management Value Trust Fund. During the peak of the last bull run, Dec. 2017, he revealed that his hedge fund MVP1 had half of its investments in BTC.

Bitcoin hasn’t only been the best performing asset of the last day but has also been outperforming the traditional assets in 2020.

Compared to gold’s 28.26% YTD performance, S&P’s 8.63%, and WTI’s -40.70%, bitcoin is up over 117% this year, as per Skew.

Miller “strongly” recommends bitcoin as he told CNBC, “(Bitcoin has) been very volatile, but I think right now it’s staying power gets better every day.”

He warned of inflation “coming back” due to the federal reserve “gunning the money supply” and fiscal relief coming from Congress, which means,

“Every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it, which is gold or some kind of commodities.”

After legendary investor Paul Tudor Jones talking up Bitcoin, another valued investor Bill Miller thinks everyone should own the digital asset.

“The mere fact that these old school value investors even consider Bitcoin as an investment, just shows you how much this space has developed in the last 12 months,” said Charles Edwards, founder of Capriole Investments. “This is an investing revolution,” he added.

Read Original/a>
Author: AnTy

Bitcoin Back in the Mainstream Media Limelight as an Alternative to Savings in Bank

As the Bitcoin price rallied over 27% in October with the highest monthly close ever above $13,000, it has brought back the attention of the mainstream media.

In 2020, Bitcoin has been strengthening its status as a store of value and a hedge against inflation and as we start a new bull cycle, banks and media all have started taking a special interest.

The Wall Street Journal first covered MicroStrategy declaring BTC as a reserve asset in its “‘Cash Is Trash,’ So Let’s Bet $425 Million on Bitcoin.”

According to the publication, with yields close to zero, “the stress to take unprecedented dangers with it’s more likely to rise.”

The article doesn’t really put BTC in the limelight as much as WSJ focuses on MicroStrategy. It noted how once hot, in the late 1990s, the company is now barely growing with its managers along with CEO Michael Saylor, a vocal BTC proponent, involved in civil accounting-fraud charges that were settled with the SEC. But this year, things have changed as since betting on Bitcoin, its corporate shares doubled.

But WSJ covered Bitcoin again this weekend with “Bitcoin is back trading near three-year highs,” and outpacing stocks, gold, and other assets this year with its 90% returns. Saylor said,

“The Wall Street Journal is beginning to notice Bitcoin and explore its relationship to the wider capital markets, where U.S. stocks alone are worth nearly $52 trillion.”

The leading cryptocurrency actually has been the best performing asset of the past decade and remains so this year as well.

Interestingly, $1.00 invested in BTC at the first market price would have been worth $18,073,700.00 today, while the same in Gold would be a meager $1.81, noted on-chain analyst Willy Woo.

Amidst this, BBC Scotland, a division of the BBC, also noted cryptocurrency as one of the “five alternatives to keeping your savings in the bank.”

The publication noted how in the current environment of low-interest rates, traditional savings accounts aren’t the “most profitable” place to store cash in the long term.

Cryptocurrency described as “completely virtual” money which is “basically a line of code” is one such alternative to traditional savings options.

Compared to the traditional currency which can lose its value, crypto is a viable investment, said Temple Melville of Scotcoin, a non-government project which aims to be an official digital coin in Scotland. He said,

“Governments have recently thrown all the rule books of economics out the window.

The result of that is that there have been trillions of dollars and pounds, euros, yen, you name it, that have been printed.”

While each new fiat currency printed reduces the purchasing power of the currency in existence, there will ever be 21 million Bitcoin, he added.

Other options included gold, stocks and shares, classic cars, and Whisky.

Read Original/a>
Author: AnTy

Grayscale’s Record-Breaking Hat-trick, Q3 Inflows Rakes in Over $1 Billion in Investment

Q3 was the best quarter ever for Grayscale Investments, which serves institutional investors, family officers, and private investors.

The largest digital asset manager took in more than $1 billion in new investment in its largest-ever quarterly inflows, marking it the third-straight quarter when the asset manager broke its own record for inflows.

As per the firm’s report on Wednesday, Grayscale now has $5.9 billion in assets under management (AUM).

This growth came despite the global economy taking a nosedive in 2020, and the price of Bitcoin recording gains of only 18%.

Like every time, the leading digital asset remained the most popular cryptocurrency. Grayscale Bitcoin Trust (GBTC), the company’s largest product, saw $719.3 million in new inflows in Q3.

image1

The persistent demand for GBTC has the company becoming one of the fastest-growing investment products in the world. It is further increasing the appetite for Grayscale’s other products.

Ethereum saw a record growth with 17% of the investment in Grayscale Ethereum Trust (ETH) from new institutional investors.

This week, Grayscale announced that ETHE is now an SEC reporting company that helped in its price surge.

“We believe in a future where multiple digital assets coexist,” said Michael Sonnenshein, managing director at Grayscale Investments. “We believe that there is a future state where bitcoin, Ethereum, and other digital currencies coexist as part of the digital currency cohort” and are “used for different things,” he said.

Grayscale’s Bitcoin Cash, Litecoin, and Digital Large Cap products also saw over 10x growth in inflows quarter-over-quarter.

Interestingly, for the first time, Grayscale found that a majority of its investors, more than half at 57%, were investing at least two of its crypto investment products, up from 44% a year ago and 37% when the company was first launched in 2012.

More institutions are surely coming, which are not only the primary source of investment capital at 81% in Grayscale, but they also increased their average allocation to $2.9 million from the previous quarter’s $2.2 million.

What is more interesting than this “consistent and significant growth” is what has been behind it.

Besides the digital assets outperforming major indices YTD, investors are interested in them because of the ongoing stimulus concern. With more significant fiscal stimulus expected in Q4, “more investors may look to digital assets for yield in this paradigm of monetary inflation,” it says.

Read Original/a>
Author: AnTy

Traders Unwinding Positions and HODLers Withdrawing Bitcoin from Exchanges

Ever since the March sell-off, the amount of Bitcoin sitting on the centralized cryptocurrency exchanges has declined. This has now fallen to the levels last seen in November 2018.

In mid-February, the crypto exchange’s BTC balance was at its peak at 2.97 million BTC, which dropped 13% to 2.57 million, as per Glassnode.

image2

Given that, just last week, another crypto exchange KuCoin lost $281 million of user funds in a theft, makes sense why the BTC in custodial exchange wallets continues to decline. It could be said that bitcoin holders have been going with ‘not your keys, not your bitcoin’ and have taken to self-custody.

Unlike the BTC balance on centralized exchanges going down, decentralized finance (DeFi) sees strong growth in the use of Bitcoin. While 1.116k BTC is locked up in the Lightning Network, a whopping 126,325 BTC in total is on Ethereum.

Wrapped Bitcoin (WBTC) is the dominating force behind this whose contribution exploded from 1,180 BTC in early May to the current 93,283 BTC.

Meanwhile, on BitMEX

Now, criminal charges on BitMEX are contributing to this drainage. The exchange that held almost 1% of Bitcoins’ circulating supply, nearly~$2b worth of Bitcoin in their vaults, saw nearly 50,000 BTC (over 25%) withdrawn over the past couple of days.

After the March sell-off, BitMEX’s BTC balance crashed by over 36% by Sept. 1st, at 188,343 BTC. Then, CFTC’s announcement saw it further declining, much of which was captured by Binance and Gemini.

While the volume on the exchange is keeping above $1 billion, traders have been closing their positions as reflected in the declining open interest. OI has dropped over 20%, from 54,000 BTC ($582 in USD terms) to about 43k BTC ($452 million).

image1

Long futures positions are actually unwinding with more urgency, as seen in the BitMEX basis decoupling from other exchanges.

Read Original/a>
Author: AnTy