Nvidia Looks to Fire Up Its Crypto Mining GPU Production; If Demand is Good Enough

Nvidia Looks to Fire Up Its Crypto Mining GPU Production; If Demand is Good Enough

While known for its prowess in the gaming industry for its powerful line of graphics cards, the Chipmaking powerhouse Nvidia has hinted at a possible restart in the production of Graphics Processing Units (GPUs) specifically for cryptocurrency miners.

During her time attending an event on Jan. 12, Nvidia Chief Financial Officer Colette Kress alluded to the company’s continued interest in providing its famous line of CMPs for the crypto mining community – providing the market picks up to what she refers to as a “meaningful level.”

CMPs, in contrast to GPUs, are effectively the same kind of graphics card. By removing certain features from GPUs – such as video outputs – CMPs could be manufactured at a reduced cost and on a larger scale for the crypto mining community.

While Kress’s comments have picked up considerable traction among crypto mining circles, the entire prospect hinges on a very sizeable ‘but.’ Of course, that is the possibility that the crypto mining market proves a lucrative one for Nvidia; something that Kress doesn’t hold much hope for. During the event, Kress added that “we don’t believe [mining demand is] a big part of our business today.”

To put this response into context, Kress referred to Nvidia’s RTX 30-Series of GPUs and how many interested parties may also be in the mining community. However, that isn’t to say that there is no market for them, especially when considering Ether miners. For example, an RBC analyst found that $175m in GPU sales came from Ether miners, more than $25m above what Nvidia speculated.

Miners of Ethereum appear to be a more lucrative consumer-base of Nvidia’s GPUs, as they rely upon more than ASIC-using Bitcoin miners.

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Author: James Fox

Janet Yellen and the Fed Will Continue to Push Bitcoin to New Highs in the Next 5 Years

US Treasury Secretary Steven Mnuchin hasn’t been really good for cryptocurrencies. As we reported, the Treasury said in a statement on Monday, “There is strong support across the G7 on the need to regulate digital currencies.”

The G7 finance officials discussed the responses to the evolving landscape of cryptocurrencies to prevent their use for “malign purposes and illicit activities,” Treasury said.

Just last month, Coinbase CEO Brian Armstrong said that Mnuchin is planning to “rush out some new regulation regarding self-hosted crypto wallets before the end of his term,” although exchange’s former employer Brian Brooks, the acting Comptroller of the Currency, said there is no plan on killing cryptos.

However, Munchin hasn’t much time left in his term with Janet Yellen chosen as the new Treasury Secretary by President-elect Joe Biden.

Yellen’s views on crypto aren’t positive; she has called Bitcoin a “highly speculative asset” in the past and expressed concerns about its volatility when she should have shown more concern about the decreasing value of the US dollar.

However, Yellen won’t be bearish for Bitcoin price rather the opposite, wrote Alex Mashinsky, founder & CEO of Celsius Network, in an article on Monday.

According to him, Yellen’s track record as an economist and a civil servant is unimpeachable, but her ability to manage the current economic crisis and mounting debt is something to be worried about.

MMT FIAT maximalists in the House

Coming from a long line of Keynesian believers in MMT, Yellen advocates for creating endless amounts for fiat to grow the economy, said Mashinksy.

The Fed has already been printing money like crazy, with over 20% of dollar supply created in 2020 alone.

“Joe Biden along with Janet Yellen and J-Pow are gonna drive the Dollar into the ground,” said analyst Mati Greenspan.

Mashinksy argues that MMT is a dangerous ideology that injects boatloads of cash into the market, pushing the asset prices up, which only benefits large corporations and billionaires.

Although Yellen’s appointment can lead to Bitcoin restrictions and regulating DeFi but the fact that Yellen and Biden Administration need to ensure that the US Dollar remains the reserve currency, it would involve “funding new businesses and technologies in future industries such as Blockchain, Machine Learning, and AI.”

Mashinsky said it is “overdue” for the Fed and Treasury to give up their old ways and start taking advantage of crypto.

“The FED and the White House will be filled with Keynesian MMT FIAT maximalists in 2021. This guarantees that Bitcoin continues to hit new highs during the 2021–2025,” he wrote.

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Author: AnTy

YFI Continues to Tank, Wiping Out All the Gains It Made Since August

YFI is not having a good day.

As a matter of fact, the popular DeFi token didn’t have a good week or month either.

Falling out of the top 50 coins, YFI is currently trading around $8,500 down 12.50%, slightly up after falling under $8,445 today.

In the past seven days, YFI has actually been the biggest loser among the DeFi tokens with 32% losses. Meanwhile, in the past 30 days, YF’s price went down 55%.

“YFI is the worst performing coin of the last 7 days among the top 100 coins. That’s quite an achievement,” commented trader Alex Kruger on this downslide.

YFI is the same coin that leveled the price of Bitcoin in mid-August only to hit $20,000 before BTC, which is currently under $14,000.

This is the same coin that surged past $44,000 in mid-September to its all-time high, and since then, it has only been going down.

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Some are still calling for more pain ahead for this DeFi darling, with one trader saying “capitulation around the corner,” targeting $7,500.

When it comes to the Yearn.Finance protocol, the amount of funds locked in it is also on a decline, which started around the same time the price of the token started crashing.

From about $952 million on Sept. 1st, the TVL in Yearn.Finance went down to almost $330 million on Oct. 28. Currently, it is trying to make it back to $400 million, as per DeFi Pulse.

The amount of Ether locked in the project has also fallen to a mere 55.4k ETH from over 323k in early Sept. besides 51 million DAI and less than 2 BTC.

Amidst this, today, its team announced the integration of Yearn yVaults into Frontier’s interface, which means “users can now seamlessly Track and Manage their vault positions with Frontier Mobile interface.”

Meanwhile, the project creator Andre Cronje is busy with the latest project, Keep3r Network, whose token KP3R is currently trading around $130, down 27% in the past 24 hours. The token hit its ATH the day after its launch at $366.

After all, last month, he had explained that Yearn is more than just him. The project now has its own team, which is “far more skilled and capable than I am,” he had said.

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Author: AnTy

Billionaire ‘Bond King’ Jeffrey Gundlach Calls Bitcoin a Good Hedge Against Inflation Risk

Investors should be protecting against inflation, and Bitcoin and gold are a good hedge against that risk, said Jeffrey Gundlach, the billionaire chief executive officer of DoubleLine investment firm, in a webcast hosted by Rosenberg Research on Monday.

He also said that he is bearish on long-dated bonds during the webinar, like the 30-year Treasury. But in a deflationary environment, he still thinks, “you’re supposed to own some” to hedge against the risk of deflation. And some cash too.

Gundlach doesn’t have any love lost for Bitcoin even still, and he remains a proponent of the yellow metal, the traditional store of value, as he thinks gold is a good holding for the tail risk down the road, which according to him, will go up very substantially over time.

Previously he had said that he has “no interest in this type of maniacal type of trading market,” in reference to crypto.

Although the bond king did say in January this year that bitcoin will reach $15,000 in 2020, “it’s just about time for the dollar to weaken,” last month in an interview with RealVision, he said he doesn’t believe in the leading digital currency, calling it a “lie.”

“I don’t believe in bitcoin. I think that it’s a lie. I think that it’s very tracked, traceable. I don’t think it’s anonymous,” said Gundlach to add later that he was “not at all a bitcoin hater.”

On Monday, besides Gundlach, Chris Zarou, founder and CEO of Visionary Music Group, also publicly announced his support for Bitcoin as he said, “I’m irresponsibly long Bitcoin.”

As Bitcoin’s price enjoys a rally in 2020, recently hitting a 34-months high and currently up 86% YTD as it trades around $13,740, the digital currency is attracting a lot of attention from everywhere; corporates, mainstream media, and potential investors.

Also Read: CEO Michael Saylor Personally HODLs 17,732 BTC ($235M), While MicroStrategy Plans to Buy More

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Author: AnTy

An Impressive Feat: Bitcoin Holds Strong at $10,000 Despite 3 Big Hits

2020 has been really good for the majority of the asset classes. But bitcoin hasn’t been able to achieve a more significant price level, still struggling to top 2019’s $13,900 price point.

The year started on a bullish note, only to experience one of its worst crashes in March. BTC recovered beautifully from that drop and started ranging between $9k and $10k during May and July.

In mid of August, we pumped, reaching a one-year high at the north of $12,500 only to get back to $10,000 in September.

And now, just a day in October, and things turned gloomy. Bitcoin first dropped $450 on the news of crypto derivatives platform BitMEX facing criminal charges. But the digital asset held strong.

Also Read: Here’s Why the BitMEX Criminal Charges Are ‘Bullish’ for Bitcoin’s Price & The Overall Market

This wasn’t even the first big event that hit BTC. A few days back, KuCoin suffered the third largest theft ever suffered by a cryptocurrency exchange. But the digital asset held strong to its most important psychological level.

BTC hit its longest-running streak of keeping above $10,000.

Bitcoin had started recovering from yesterday’s losses, going nearly to $10,700 when early Friday President Donald Trump announced that he and First lady Melania Trump had tested positive for Covid-19, soon after his closest aide, Hope Hicks fell ill with the coronavirus.

This came with barely one month left until the US presidential election, against Democrat Joe Biden that has focused heavily on Trump’s handling of the coronavirus. The development obviously makes it harder for the President to try to shift attention from the virus.

The market responded negatively to the news, with the US stock futures falling.

“Trump having COVID is most definitely bearish, as his odds of winning collapse. Expect downside continuation,” noted trader and economist Alex Kruger. “I think the higher odds are a) bullish Biden, b) bearish stocks short term, c) bearish dollar, and can easily be wrong in all three,” he added.

Bitcoin is currently trading around $10,550, while gold has jumped to $1,910 after sliding to $1,890. After strengthening above 94, the US dollar index fell victim to the situation and is back around 93.75.

Amidst weak price action, although an impressive feat in itself, the positive development for the flagship cryptocurrency is its active addresses currently being at an all-time high.

“This means that the 200-day rolling average of bitcoin addresses that move bitcoin to-and-from each other is the highest it’s been over the last decade,” states TokenDaily.

With no sharp rally to support this momentum and despite minimal mainstream adoption, these numbers indicate healthy, substantive growth in bitcoin.

More Reading: ‌A ‘Big’ Positive Step Towards the Bitcoin ETF Approval

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Author: AnTy

Crypto Funds Reporting ‘Impressive’ Performance This Year

Bitcoin had a good start in 2020, starting the year at around $7,200. During the market-wide crash in March, the digital asset crashed to $3,800 but only to surge to the yearly high of $12,630 in mid-August.

Up until August 31st, bitcoin recorded a return of 66.6%.

During the same period, Pantera unveiled returns of over 100% across various funds the firm manages, with its bitcoin fund gaining 61%, revealed the firm in its September 2020 investor letter. It was the company’s digital asset fund that recorded 168% returns and the ICO fund having a whopping 323% uptrend while the long-term ICO fund had a 270% return.

The outperformance of other funds has been primarily because of DeFi tokens that rallied hard between May and September of this year. The firm had invested in about 40 ICOs over the years.

Pantera’s Chief Investment Officers also pointed to DeFi as the main driver behind their portfolio performance. “We’ve been positioning the funds towards decentralized finance,” which they started acquiring some years back.

One of the largest digital currency funds in the space, Pantera, has reportedly nearly $500 million in AUM, compared to the largest asset manager Grayscale’s $5 billion AUM.

Also Read: Grayscale Bought 17,100 BTC Last Week, Now Holds 2.4% of Bitcoin’s Supply

Promise for value investing in crypto

Off The Chain Capital is another one that saw returns of 93% YTD compared to 57.2% returns posted by crypto funds during the same period.

The $40 million fund is also in talks to purchase about 1% of crypto-payments processor BitPay and another stake in the crypto exchange Kraken. Back in March, the Florida-based company bought 1% of Polychain Capital and then a year ago a stake in Digital Currency Group.

Additionally, Off The Chain has been buying claims of creditors of Mt.Gox every week and is its largest buyer.

“I learned about Bitcoin” in 2014, said Brian Estes, who runs the fund. “Coming from traditional finance, I thought it was just a scam. After the Mt. Gox hack, my value instincts kicked in, I started doing due diligence. I read the Satoshi white paper, and it clicked with me.”

It was when he started investing in bitcoin and crypto startups like Coinbase. His son actually grew his money from $500k to almost $10 million at the end of the 2017 bull run, which Estes then bought and opened to outside investors last year.

Additionally, it is packaging Bitcoin and Ether into equity-like investments to sell them through brokerage firms.

“Even if Bitcoin doesn’t move, we are making 40-60% a year on harvesting these premiums,” Estes said.

“Off The Chain’s reported performance this year has been impressive and may indicate promise for value investing in the crypto space, even as it has fallen out of favor with traditional equity investors,” said Josh Gnaizda, CEO of CryptoFundResearch.

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Author: AnTy

Coinbase Pro to Pass the Rising Network Fees Onto The Customer During Withdrawals

The launch of UNI, the governance token of Uniswap DEX, is having a big impact on the Ethereum network. The good thing is the price of Ether spiked to $393 today and is currently trading above $385. But it also resulted in congesting the network even more as a new all-time high of 1.32 million transactions were recorded on it.

Uniswap mania is making the network unusable as it puts further upward pressure on the already elevated fees, which had miners’ combined revenue set a new record, $938,000 in one hour yesterday. Denis Vinokourov of prime broker Bequant noted,

“As such, while the smaller and less efficient market participants may be struggling, the larger firms that are able to capitalise on inefficiencies and as indicated earlier, miners are making the most of the latest surge.”

In the light of increasing fees, Coinbase Pro also announced that from now, it would “pass along network fees directly to our customers.”

The gas fees that are paid directly to crypto miners to process transactions and secure the network has been historically absorbed by the exchange itself on behalf of its customers.

But “as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier,” which means longer wait times and higher fees “as users compete to get their transactions confirmed faster.”

Although the exchange does not change network fees for crypto transfers from one Coinbase account to another and Coinbase pro account still has no fee, “Coinbase Pro will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction,” it said.

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Author: AnTy

Crypto Market Dumps as Binance & Coinbase Crash While Bithumb Exchange is Seized

After a good start of September and the week that saw Bitcoin surging back above $12,000 and Ether making a new 2-year high, today it all turned red.

The markets suffered losses after the leading digital asset failed to sustain above $12k level and dropped to $11,155 today on Bitstamp. However, bitcoin has been slowly making its way upwards and is now back above $11,300.

Also, it hasn’t been anything that bitcoin didn’t see last month. In the first three weeks of August, bitcoin broke above $12,000 only to dump back down to about $11,000 level. So, bitcoin is just ranging.

“Nothing lost for the bulls yet, close above $11770 and I’d expect mega moon. Close significantly below and sells into the $11700 area become very attractive,” said analyst DonAlt. “Lose $11k and it’s macro pullback time, as long as it holds assume we’re gonna go further up.”

Altcoins meanwhile, reacted to bitcoin like always and the top cryptos are down between 6% to 10% except for Tron which is up a whopping 15% trading at $0.0358. Also, Tendies is still up 44.84% today.

Today’s biggest loser is Acute Angle Cloud, down by 90% with notable mentions including Ampleforth (42%), UMA (22%), TOMO (17%), Curve (16%), LOOM (15%), and Synthetix, Aave, Swipe, and OMG Network all down over 14%.

Taking Down Exchanges With it

As the market went down, so did the cryptocurrency exchanges.

Coinbase naturally crashed, as it has done numerous times whenever bitcoin moves just a bit fast in either direction.

Today, Binance also faced technical issues that have started to irk customers as the exchange has been experiencing a lot of overloading issues lately.

“Weird day. Pure coincidence, but definitely feel less lonely in a screwed up way. We are aware of some new choke points and have a plan to fix it quickly,” commented Binance CEO Changpeng Zhao (CZ) on both the exchanges going down in sync today.

Binance informed on Twitter that there has been “temporary difficulty accessing the website,” but assured the community that they are working on it. The exchange has also been having issues with ETH and ERC20 withdrawals due to traffic hitting ATH, ETH network congestion, and other unmentioned reasons.

“Things seem to be more calm now. Even our automated Chat Bot crashed due to overload earlier. So many places to improve on. Binance is still a young platform. Your understanding and support is much appreciated,” tweeted CZ.

But Not Because of an Exchange

Today, one of the biggest crypto exchanges of South Korea by trading volume of about $365 million, Bithumb’s headquarter was raided by the authorities related to a $25 million token sale that was hosted on the platform but didn’t materialize, as per the local reports. Reportedly, some investors lost millions participating in the sale of BAX tokens.

The company’s chairman Lee Jung-hoon is also under investigation for fraud, illicitly sending funds overseas, and escaping property.

It has been the second raid in just a week, as just last week, police seized another exchange, Coinbit, for faking its trading volume.

Bithumb’s raid reports came around the time BTC price crashed, leading many to speculate that it is the reason behind the price dump.

“Even though it’s possible some people may have sold some coin on the reports that @BithumbOfficial was raided by SK police, there isn’t any fundamental reason that such an event should push prices down,” said analyst Mati Greenspan.

“Bithumb seized is big news. But a levered market full of euphoric traders does not need a reason to dump,” noted trader and economist Alex Kruger.

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Author: AnTy

Ethereum 2.0 Testnet Medalla Running Smoothly with 39,000 Active Validators & More in Queue

All is good for Ethereum right now.

The second-largest network is working at full capacity, as evident from the skyrocketing gas prices and miners pulling in a whopping $113 million in transaction fees last month.

The price is also rallying, breaking a new two-year high, surging as high as $483 today.

Now, much-awaited ETH 2.0’s testnet Medalla has been said to be running smoothly. Launched earlier last month, the testnet that went live with 20,000 validators has now expanded to 39,000 active validators.

Eth 2.0 network is expected to be launched by the year’s end.

At the time of the initial launch, it crashed because of the Cloudflare that went down. Prysmatic Labs then made a few fixes and released an upgrade.

“Client software is much more robust following this incident,” reads the latest update by Ethereum. And ever since that incident, Medalla is reported to be running quite smoothly with 39k active validators and another 12k in the activation queue.

The network, however, is currently dominated by a single client, Prysm, which has “good historical reason” for its dominance. The blog mentions how Prysm has been the one that prioritized early testnets, community engagement, and usability for the past year.

But at the same time, Prysm’s dominance amplified the failure on August 14th. The team, however, assures that now most of the clients are robust and well documented.

Eth clients are also working on ensuring the switching clients is easy and safe, and soon users will be able to “hop from one client to another with minimal downtime and no risk of accidental slashing.”

Right now, one of the primary goals of ETH 2.0 is to reach Phase 1.5, The Merge, and this transition is “designed to be as seamless as possible to existing users and applications.”

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Author: AnTy

Bitcoin Rules the Macro & Poised to Attract More Traditional Equity Investors

August is coming to an end, and hopefully, it will end Bitcoin’s ranging.

This month started on a good note as July saw the largest digital asset breaking above the key levels, moving from $9,000 to $12,000.

But August remains within $11,000 – $12,000, for the most part, and is now looking to end the month right around where it started it.

Trading under $11,500, bitcoin is managing just over $1.3 billion in ‘real’ trading volume. BTC ranging meanwhile is good for altcoins.

LINK is back on the move and up 5.58% while Cardano, Monero, and EOS are recording greens of over 3%.

Other gainers include NEM (25%), Siacoin (17%), Waves (10.71%), BTT (9.68%), and NEO (7%).

DeFi meanwhile is on their own trajectory of explosive gains.

For starters, YFI has broken above Bitcoin’s ATH to well nearly $25,000. Tendies is trading above $1 with 33% gains and Ampleforth 26.8%.

Against BTC, almost every DeFi token has surged in the past year, last 90 days, and in the past month.

2020 is all about DeFi.

The Macro of it

In the macro world, the stock market is also enjoying an uptrend.

All the market trends this year have been affected by the central bank policies in its attempt to prop up the economy battered by the pandemic. In response, the Federal Reserve dropped the interest rates to virtually zero and started printing money by adopting quantitative easing.

However, in expanding its balance sheet as a percentage of GDP, the Fed is nowhere near the Swiss National Bank and Bank of Japan, though it has surpassed the Bank of England and is making efforts to catch up to European Central bank.

This has US stocks making new highs, with S&P 500 surging over 3,500, up 3.6% from the February high. The equity market still recorded just 7.7% returns YTD.

In comparison to SPY, although bitcoin is still down 42.5% from its ATH, it is up 56.46% in 2020 so far.

Tech dominant Nasdaq had an amazing year, which is up 28.6% but Dow Jones industrial average remains in the red by 0.74% YTD.

Coming onto the precious metals, gold broke the 2011 peak to surpass $2,000, with over 29% returns in 2020. But it was silver that rallied the hardest, 52.7%, and left everything behind.

The US Dollar index meanwhile has been losing its strength since mid-March and is down by 4.65% YTD.

This week, Fed Chairman Jerome Powell also shared that they will let the inflation run above its 2% target and plans to keep interest rates low.

“Crypto discourse has been objectively dominated by the likely bullish nature of this decision for BTC and the rest of the asset class. Traditional equity investors are speculated to continue to want to look elsewhere to invest their capital, and alternative means of currency like Bitcoin, Ethereum, and precious metals should (at least in theory) benefit,” noted Santiment.

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Author: AnTy