A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion

The liquidation in the past 24 hours beats the ones seen during March Crash, aka Black Thursday, and in late Feb. Propelled by Treasury rumors, high leverage, and hash rate taking a hit, BTC went down to $51,300, and Ether touched $2,000.

The cryptocurrency market crashed overnight, and the losses spilled into Sunday as well.

Losing as much as 30% of their value in the past 24 hours, about $300 billion have been wiped out from the market.

Bitcoin price went as low as $51,300, and Ether price touched $2,000 on Coinbase.

This crash could have been propelled by Treasury rumors. The market was spooked by the speculation that the US Treasury is looking to charge several financial institutions for money laundry using crypto.

Another potential reason could be the drop in the Bitcoin hash rate, which has now fully recovered while prices are in the process of it. As we reported, there has been a coal mine accident in Northwest China, leading to blackouts in the area and mining pools losing over 20% of their hashing power.

As Charles Edwards of Capriole Investments noted, “One province in China represents a significant share of the Bitcoin network,” hence the result.

Much like always, extreme leverage exacerbated the already bad situation. Setting a new record and beating the March 2020 crash, 1,063,216 traders were liquidated for an eye-watering $10.1 billion in the past 24 hours.

On March 12th, Black Thursday, the record was set just above $4 billion, while the market took another heavy beating on Feb. 21st was just under $6 billion. But now on the chart, they are just a blip.

Of course, more than half of this new record was thanks to Binance degen traders, accounting for nearly $5 billion of it.

In terms of cryptocurrency, Bitcoin longs suffered the most, followed by Ether, XRP, BNB, DOGE, and Litecoin, as per Bybt.

ETH -6.66% Ethereum / USD ETHUSD $ 2,242.92
-$149.38-6.66%
Volume 50.74 b Change -$149.38 Open $2,242.92 Circulating 115.52 m Market Cap 259.11 b
9 h Coinbase Starts Offering Eth2 Staking, Over 3.8 Million ETH Already Deposited in ETH 2.0 9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 11 h BitMEX Co-Founder Arthur Hayes Puts Ether Moon Target Above $20,000
XRP -10.61% XRP / USD XRPUSD $ 1.43
-$0.15-10.61%
Volume 22.97 b Change -$0.15 Open $1.43 Circulating 45.4 b Market Cap 64.73 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Bitcoin Drops to the “Key Support,” Path to $75k is Cleared On the Upside 4 d Coinbase Is Now Live On Nasdaq, Valuation Soars Past $100 Billion with Shares Trading Above $400
BNB -9.43% Binance Coin / USD BNBUSD $ 481.40
-$45.40-9.43%
Volume 6.71 b Change -$45.40 Open $481.40 Circulating 153.43 m Market Cap 73.86 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 3 d One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 4 d Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News
DOGE 5.98% Dogecoin / USD DOGEUSD $ 0.32
$0.025.98%
Volume 23.52 b Change $0.02 Open $0.32 Circulating 129.24 b Market Cap 41.7 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Meme Coin Rages On: Dogecoin Hits 5th On CoinMarketCap, DOGE Inducing FOMO at $.40 3 d Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)
LTC -13.07% Litecoin / USD LTCUSD $ 274.56
-$35.88-13.07%
Volume 13.14 b Change -$35.88 Open $274.56 Circulating 66.75 m Market Cap 18.33 b
9 h A New Record: Over 1 Million Traders Liquidated for a Whopping $10.1 Billion 2 d Miami-Dade County Task Force Is Looking at Ways for Residence to Pay Taxes Using Crypto 3 d Grayscale Bitcoin Trust (GBTC) Is Fast Approaching World’s Largest Commodity ETF, GLD with $57B AUM

image1

This wipeout normalized the funding, which went negative and still is after a long time, with the highest Bitcoin funding rate as of writing at 0.1347% on Bybit. During the whole ordeal, Bybit actually traded 4.20% below the spot.

Although it is yet to be seen, the market looks to be bottomed given that the leverage ratio is decreased, though still high. In fact, the market is not in fear but is still greedy, with the Kimchi premium hitting 26% today in the aftermath of this, as per Crypto Quant.

However, according to trader Wolf, bulls need to reclaim $56,900, or bears will be in control that could further take us down to $45,300 because “this would be the first time since September that we lose important support,” of daily MA50. Another trader Bitcoin Jack actually sees a second dump likely, which could either be “truncated or much deeper.”

Overall, with futures in backwardation, low liquidity on the weekend, massive arbitrage between exchanges, and spot bids stacked as Avi Sanyal, Head of Trading at BlockTower, says, instead of panic selling, this is time to buy the dip.

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Author: AnTy

Teeka Tiwari Presents Crypto’s Next Trillion-Dollar Coin Event Today

Teeka Tiwari is hosting a crypto investment webinar on March 31.

The crypto analyst and former hedge fund manager will reveal the next cryptocurrency he believes could reach a $1 trillion market cap. The webinar is called Crypto’s Next Trillion-Dollar Coin.

Bitcoin recently broke the $1 trillion barrier. What will be the next cryptocurrency to shatter that ceiling? Find out on March 31 during Teeka Tiwari’s latest webinar.

About Crypto’s Next Trillion-Dollar Coin

Crypto’s Next Trillion-Dollar Coin is a crypto investment webinar scheduled for March 31 at 8pm ET.

The webinar is hosted by Teeka Tiwari and his team at the Palm Beach Research Group, a Florida-based financial publishing company.

Teeka will identify the next cryptocurrency he believes will reach a $1 trillion market cap during the webinar.

Bitcoin surged earlier this year, smashing through a $1 trillion market cap. The price of bitcoin (BTC) has sat in the $50,000 to $60,000 range ever. Now, Teeka believes he has identified the next cryptocurrency to reach that will reach this mark – and he’s sharing that tip during the March 31 webinar.

Crypto’s Next Trillion-Dollar Coin is a free webinar. Anyone can sign up through the official website. Just enter your email address into the online form. You will receive marketing communication from Teeka in the lead-up to the event. You will also receive a link to the webinar just before it’s scheduled to begin.

What Will You Learn During the Crypto’s Next Trillion-Dollar Coin Webinar?

During the Crypto’s Next Trillion-Dollar Coin webinar, Teeka will discuss what he believes will be the next coin to reach a $1 trillion market cap.

Teeka will tell viewers the name and ticker symbol of that coin. Viewers who share Teeka’s opinion could buy the coin today and hold it for the long term. If Teeka is right, readers could make huge returns.

Teeka will also discuss his justification for the recommendation during the webinar. He’ll explain why he expects that coin to shatter the $1 trillion market cap boundary.

Other topics Teeka could cover during the webinar include:

  • Why one coin will be the next to break the $1 trillion market cap limit
  • What makes that coin different from other cryptocurrencies
  • How one coin is launching the decentralized app (dApp) store marketplace that could position it for future dominance
  • The name and ticker symbol of Teeka’s recommendation

For perspective, the next largest cryptocurrency in the world after bitcoin is Ether (ETH), the digital token that fuels Ethereum. ETH 4.43% Ethereum / USD ETHUSD $ 1,926.53
$85.354.43%
Volume 30.13 b Change $85.35 Open $1,926.53 Circulating 115.28 m Market Cap 222.09 b
4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability 5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today

Ether has a market cap of around $213 billion as of March 31, 2021. For ETH to reach a market cap of $1 trillion, it would need to quintuple in value over the next few months or years. That’s certainly doable – we’ve seen similar gains in the crypto space, even among the largest coins like bitcoin. BTC 0.04% Bitcoin / USD BTCUSD $ 58,924.59
$23.570.04%
Volume 65.26 b Change $23.57 Open $58,924.59 Circulating 18.67 m Market Cap 1.1 t
3 h Blockstream Offer Investors Exposure to Bitcoin Mining with BMN Security Tokens 4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability

It’s possible Teeka will discuss ETH during the webinar. It’s also possible he’ll recommend another, lesser-known cryptocurrency as the next coin to break the mark.

What is the App Store of Blockchain?

In the weeks leading up to the highly-anticipated webinar, Teeka Tiwari and his team have teased the trillion-dollar coin with certain hints.

In a recent email, a Palm Beach Research Group team member explained that the cryptocurrency that creates the “app store of blockchain” could be the world’s biggest cryptocurrency.

That team member, Greg Wilson, used Apple as an example. Apple didn’t just create the iPhone for developers. They also created the iOS App Store, and they take a cut of every app sold in that store.

Greg Wilson is the Palm Beach Daily editor, a free financial newsletter from Palm Beach Research Group.

In the email, Greg shares the story of a young man named Nick D’Aloisio. When Nick was 12, he released his first app onto Apple’s app store. The app store had just launched, and developers were experimenting with different ways to make money through it.

By the time he was 17, Nick had sold his app (Summly) for $30 million.

There were many similar stories from the early days of the app store. Apple encouraged these stories, and the app store helped make Apple’s iPhone into the giant it is today.

How a dApp Store Works

Teeeka’s trillion-dollar cryptocurrency might be building an app store for decentralized apps or a dApp store.

Decentralized apps are already here. They’re apps built on the blockchain. There are productivity apps, finance apps, communication apps, and video game dApps built using blockchain.

As blockchain technology becomes more usable, dApps are surging in popularity. We’ve already seen how one blockchain, the bitcoin blockchain, can disrupt the modern financial system. Other apps are disrupting their own fields, using blockchain’s transparency and security to change the world.

Here’s how Greg explains the dApp revolution and how it relates to Nick D’Aloisio’s original story from the Apple app store:

“D’Aloisio’s road to riches marked the beginning of an explosion in apps…Today, we’re seeing a similar trend in the blockchain space, the underlying technology of cryptos.”

Blockchain-based apps could do more than just disrupt the financial space. They could disrupt entire industries. Teeka’s trillion-dollar cryptocurrency play could be the dApp store that hosts all of these apps.

How Decentralized Apps (dApps) Work

Decentralized apps (dApps) are already changing the world. Over the last few years, we’ve seen a surge in dApp development as developers compete for market share.

Decentralized apps work in a similar way. Developers build software on the blockchain, and the blockchain runs that software in a secure, transparent, and immutable way.

Developers might build on a blockchain like Ethereum, for example. Ethereum functions like a super-computer. The Ethereum blockchain runs the software, fueled by ETH-based tokens.

Ethereum is one of many blockchain platforms open for developers. Binance Smart Chain (BNB), Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM) are just to name a few others, although Ethereum is the most popular, other platforms have unique advantages.

Examples of dApps

There are all types of dApps available today. Some are financial apps disrupting the global financial system through decentralized finance (DeFi) technology. Others are gaming apps, messaging apps, or NFT marketplaces.

Some of the biggest dApps available today include:

Uniswap: Uniswap (UNI) is one of the best-known and most popular dApps available today. Uniswap allows you to trade cryptocurrencies seamlessly. Instead of transferring money to an exchange, finding a matching trade on the marketplace, and withdrawing your coins, you can make the same exchange in seconds via Uniswap.

Chainlink: Chainlink (LINK) is an open standard for an oracle system. It’s a dApp that other dApps can use to prove certain data. A gambling app might use Chainlink to verify sports scores, for example. Chainlink secures the data feed to and from smart contracts, making smart contracts more secure.

Brave: Brave is a web browser with over 10 million users. Brave aims to disrupt the online advertising space using Basic Attention Tokens (BAT). It’s the first web browser where users can earn crypto for viewing ads – instead of selling their ad viewing for free.

Axie Infinity: Axie Infinity (AXS) is a dApp game built on the blockchain. Some have described it as like a blockchain-based version of Clash of Clans. Users raise, battle, and trade creatures called Axies, earning real crypto for their conquests.

Other dApps: Decentralized app development has exploded. As dApp development grows, we’ll see dApps disrupting all types of industries.

Invest in the dApp Store Instead of Individual Apps

As blockchain technology grows, there will be winners and losers in the space.

One company will create the best blockchain-based bank. Another will create the best blockchain-based communication platform. Eventually, one or two companies will become dominant in these niches, and their coins will become valuable. Other dApps will disappear, and the value of their tokens will plummet.

However, Teeka seems to recommend investing in the dApp store as a whole instead of individual apps.

Instead of buying cryptocurrencies or digital tokens for dApps, you can buy the digital token that fuels the entire app store. No matter which dApps win, you win because you own the digital token for the dApp store.

Here’s how Greg Wilson explains the benefits of investing in the app store instead of individual apps:

“If it can do what Apple did, Daily editor Teeka Tiwari believes it will be [the] next trillion-dollar coin. It will take crypto to [the] next level… and send smaller coins up 25x or even 50x – just like Apple did for some breakout apps on its platform.”

Based on the hints sent over the last few weeks, Teeka could recommend a dApp store token as his next trillion-dollar cryptocurrency. Or, he could surprise viewers with something totally different.

How Much Money Could Viewers Make?

In marketing material leading up to the webinar, Palm Beach Research Group has dazzled viewers with stories of enormous returns.

Picture 3

As mentioned above, Greg and Teeka believe the trillion-dollar cryptocurrency could send other coins skyrocketing by 25x to 50x. As a dApp’s userbase grows, the value of its native token will inevitably rise.

Meanwhile, the official webinar’s sales page mentions gains as high as 38,055%. By investing in the right crypto at the right time and then selling that crypto at the optimal time, you could have made gains as high as 38,055%:

“Bitcoin breaking the $1 trillion barrier sent other cryptos into escape velocity, delivering stunning returns like 1,201%, 1,728%, 3,237%, 3,976%, 17,613%, [and] 38,055%.”

Greg and Teeka believe dApp store development is in the same place mobile app development was in 2008. They believe the industry is on the cusp of going mainstream, and that could mean huge returns for investors who buy the recommended cryptocurrency today.

When Will Crypto’s Next Trillion-Dollar Coin Webinar Take Place?

The webinar is scheduled to take place on Wednesday, March 31, at 8pm ET.

There are no physical tickets to the event, and there’s no way to attend the event in person. It’s purely a webinar, and all viewers will be watching the event over the internet.

How to Attend the Webinar

The Crypto’s Next Trillion-Dollar Coin webinar is an online event available to anyone who signs up through the online form.

There’s no cost to sign up, although you must agree to receive marketing communication from Teeka and Palm Beach Research Group.

There’s no “catch” to the webinar. You genuinely get to view the webinar for free without buying anything, signing up for any newsletters, or paying any hidden fees. You’ll receive advertisements for other Palm Beach Research Group products, but you are not obligated to buy those products.

Who is Teeka Tiwari?

Teeka Tiwari is a former hedge fund manager who works as an editor for Palm Beach Research Group.

Teeka has been an advocate for bitcoin since 2016, just before bitcoin surged in popularity. Teeka recommended buying bitcoin when it was under $1,000. He also recommended buying bitcoin as prices plummeted down to the $5,000 range in 2018 to 2020. Today, Teeka’s followers are reaping the benefits of that recommendation.

Teeka leads a range of newsletters for Palm Beach Research Group, including a crypto-focused advisory named Palm Beach Confidential. Viewers of the Crypto’s Next Trillion-Dollar Coin webinar may receive advertisements for Palm Beach Confidential.

About Palm Beach Research Group

Palm Beach Research Group is a financial publishing company based in Delray Beach, Florida. The company employs investment analysts from across different industries, offering specialty and general investment newsletters.

Some Palm Beach Research Group newsletters target crypto investing – like Teeka Tiwari’s Palm Beach Confidential. Others target commodity investing, high-risk investing, and other strategies.

You can contact Palm Beach Research Group via the following:

  • Email: [email protected]
  • Phone: 1-888-501-2598
  • Mailing Address: 55 NE 5th Avenue, Delray Beach, FL 33483
  • Email Form: https://www.palmbeachgroup.com/contact-us/

Conclusion

Teeka Tiwari is hosting a webinar on March 31 at 8 pm ET called Crypto’s Next Trillion-Dollar Coin.

During the webinar, Teeka will reveal his top cryptocurrency recommendation, which is a coin he believes will rise to reach a $1 trillion market cap in the near future. That coin appears to be linked to decentralized app development, and it could be creating the “dApp store” of the future.

Anyone can attend the webinar for free. just enter your email address into the online form, then view the webinar on March 31 at 8 pm ET.

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Author: Andrew Tuts

AP Partners with Everipedia to Broadcast NCAA’s March Madness Scores to Ethereum’s Blockchain

AP Partners with Everipedia to Broadcast NCAA’s March Madness Scores to Ethereum’s Blockchain

The Associated Press (AP), is partnering with Everipedia, an Ethereum-based software development firm, to broadcast the ‘March Madness’ college basketball tournament. The media company will use Everipedia’s OraQle software to publish live, play-by-play scores and schedules in the largest college sports event in the world, the report stated.

The collaboration will allow the NCAA’s ‘March Madness’ viewers, fans, and enthusiasts alike to view results and schedules for every game on-chain on Ethereum, the second-largest blockchain. The innovative OraQle software will publish on-the-minute reports on the March Madness games, which started on March 18, 2021, at 6 p.m. EST with the four play-in games. Here in the next hour, the full tournament of 68 teams will begin.

Everipedia aims to bring real-world data to the blockchain, including election results, Super bowl, and NBA results on Ethereum. In 2020, AP partnered with Everipedia to distribute data from the 2020 Presidential Election, January 2020 Senate runoffs, and the Super Bowl on Ethereum.

March Madness college basketball tournament is one of the most-watched sporting events across the U.S. In 2019, reports showed nearly 11 million people tuned in to watch the tournament across various channels.

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Author: Lujan Odera

Bitcoin Seeing Strong Bullish Action But ‘Beware the Ides of March’

Any extreme March volatility, however, is temporary when it comes to $1 trillion cryptocurrency’s longer-term uptrend, says Delphi Digital.

The price of Bitcoin is enjoying an uptrend, marking a positive start to the week. Trading above $54,000, BTC price is just 8% away from its all-time high of $58,300.

While the leading digital currency has recovered from the losses, the market isn’t confident yet that it is all over for bears, given that it is March which has been a historically bearish month for Bitcoin’s price.

Also, 100k Bitcoin options are outstanding for the March expiry, which points to continued volatility.

As Delphi Digital says, “Beware the Ides of March,” which refers to Roman, who considered it to be a deadline for settling debts. The research firm notes how March has usually been a volatile time of year for bitcoin, which is no different this time.

Starting 2021 with its best performance since 2013, Bitcoin’s price nearly doubled in value over the first seven weeks of the calendar year. Even after the sell-off at the end of February, the crypto asset recorded its 5th consecutive month of gains.

But the price tends to struggle between mid-February and late March, just as we see a 21% correction over the last week of February, much like all the other times.

“BTC volatility tends to pick up in March, albeit from above-average levels when compared to traditional assets,” noted Delphi Digital.

Beware the Ides of March

Source: Delphi Digital

Bitcoin isn’t alone in this either, we have been seeing Ether struggling, falling under $1,300 during the sell-off, and it was on Monday that it finally went above $1,800 since that day.

However, 30% to 40% drawdowns in the crypto markets are commonplace and “do not change the current long term bull trends.”

“We have no reason to believe that the peak for BTC is behind us this cycle. Bitcoin is still outperforming every major asset class by 40-50 points YTD.”

Despite the heightened volatility, the end-of-year breakout was a strong confirmation of its uptrend. Not to mention, these past few months, Bitcoin has been “transitioning from taboo to accepted amongst institutions. This gives BTC a stronger floor in case of another violent selloff.”

Goldman Sachs Group Inc. revealed recently that it sees substantial demand for digital assets from institutions. In its survey of nearly 300 clients, 40% currently have exposure to crypto.

Besides the investment giants, insurance companies are also pouring in with more and more corporates wanting to add Bitcoin to their balance sheet. As we have been reporting, the Bitcoin fund AUM also continues to surge month over month.

And with the traditional safe haven struggling, gold and precious metal are down over 10% YTD, combined with Bitcoin getting more attention, Delphi Digital says, “we are seeing a greater divergence in fund flows between Bitcoin investment products and the world’s largest gold ETFs.”

As such, any extreme March volatility is transitory compared to the $1 trillion cryptocurrency’s longer-term uptrends, observes the firm.

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Author: AnTy

Celo to Launch A Euro (cEUR) Pegged Stablecoin In March, Backed by Basket of Assets

Celo to Launch A Euro (cEUR) Pegged Stablecoin In March, Backed by Basket of Assets

Celo, a decentralized financial app, is adding a new stablecoin, backed by the Euro. The Euro stablecoin will be backed by a basket of cryptocurrencies that are algorithmically adjusted to maintain a stable price.

In a story first published by The Block, Celo, the mobile decentralized digital payments network, is launching a euro backed stablecoin. The Celo Euro is the second stablecoin to launch on the platform after the Celo Dollar (cUSD), which is pegged to the dollar.

According to Marek Olszewski, a partner at cLabs, one of the leading development firms on Celo, the stablecoin could launch at the end of Q1 2021, adding more DeFi qualities to its ecosystem.

The team has been working on the euro-pegged stablecoin for “a few months” since launching the Celo Dollar in June 2020. The stablecoin is a mobile-friendly innovation aiming to give the 5 billion+ smartphone users a safe, secure, and instant channel to transact cryptocurrencies worldwide.

Unlike Tether, who claims to back each stablecoin with a dollar its reserves, the Celo Euro stablecoin, in a similar fashion with the Celo Dollar, will be backed by a basket of cryptocurrencies, including Bitcoin and Ethereum. The cryptocurrencies will be algorithmically adjusted to ensure the stablecoin is pegged to 1 EUR at all times, Olsewski said in a statement. He added,

“We did a lot of work to show that having a diverse set of crypto assets is actually really good for stability.”

Since its mainnet went live in May last year, Celo has expanded its stablecoin developments to target the decentralized finance market – expanding its products from the Celo Gold (cGLD) to new “currency pegged stablecoins.”

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Author: Lujan Odera

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.

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Author: AnTy

Stablecoins Printed About $5 Billion During Bitcoin’s 80% Run-Up In Q4

After the March sell-off, Bitcoin has been slowly making its way up and it has been in Q4 of 2020 that it fully rocketed.

In early October, BTC was trading around $10,500 when it went on a tear, climbing to $19,965 on Tuesday, a level that was only seen on a few cryptocurrency exchanges during the top of the 2017 bull market.

At that time, the market cap of fiat-backed cryptos was a mere $1.5 billion which today reached nearly $25 billion, an increase of 1,560% in three years.

This growth actually started during the March sell-off which saw not only Bitcoin but the broad asset class; stocks, gold, oil, and everything else except for USD crashing due to coronavirus.

The total stablecoins market cap was under $6 billion in early March while the most popular stablecoin Tether’s (USDT) market cap was under $5 billion.

Today, Tether’s market cap is close to hitting $20 billion, a growth of more than 310% in nine months.

During Bitcoin’s euphoric rally of about 80% since October, USDT’s market cap actually increased by 25%, from $16 billion to nearly $20 billion.

While Tether has somewhat slowed down, but no doubt remains the dominant force by a wide margin, other stablecoins have started to capture a bit more of the market share.

PAX supply has increased by about 100 million since October 21st when PayPal announced that it would be supporting cryptocurrencies. Paxos, the company behind PAX, is used by PayPal as their infrastructure provider.

image1

Another stablecoin leading the market is USDC, which is being used as a tool of US foreign policy. On Nov. 20th, Circle announced a partnership with the government of Venezuela to distribute aid to their front-line medical workers.

While Venezuela’s currency is suffering from hyperinflation due to money printing, stablecoins offer an attractive option. As a result, USDC’s daily active addresses hit an all-time high of 43.21k, just four days after the announcement, as per Coin Metrics.

The market cap of USDC, developed by Circle and Coinbase’s consortium Centre, actually exploded in August, going from $1 billion to the current $3 billion. Binance’s stablecoin BUSD saw a jump of 270% (nearly $500 million) in the last three months.

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Author: AnTy

PayPal Customers Bought the Dip on Bitcoin & Crypto

The losses that came late Thursday night was the biggest decline since the March sell-off. However, the largest cryptocurrency is still up 135% YTD with its investor base widening who are turning to it in search of a hedge against dollar weakness amidst loose monetary policy.

As we reported, just this week, VanEck launched a physically-backed Bitcoin ETP on the Deutsche Boerse Xetra exchange.

With PayPal diving in, the retail investors are piling in to chase the momentum. The volume on ItBit, the exchange service of Paxos, exploded on Nov. 26. BTC/USD accounts for over $50 million in volume.

ItBit Trading Volume

“It continues to attract both institutional and retail attention as a 21st-century substitute to the gold play,” said Byron Goldberg, who runs the Australian operations for crypto exchange Luno.

Just Noise Against the Larger Bullish Trend

The decline in prices, which has the market in distress even today, as BTC/USD trades under $17k, was exacerbated by unsustainably high leverage. Trader and economist Alex Kruger noted,

“Too many greedy longs bought the top on leverage, and made the price very vulnerable.”

This started soon after the market made a new 2020 high at nearly $19,500. The choppiness in the market is in part due to the Thanksgiving holiday in the US. Another reason could be the expiry of 78k Bitcoin options today. Shane Oliver, Head of Investment Strategy at AMP Capital Investors Ltd. in Sydney said,

“After big rallies in shares and various other assets, they are all vulnerable to a bit of a pause.”

“But Bitcoin more than most, as it surged higher far more and had become far more frothy with speculative interest.”

However, the market is showing resilience as any dips were almost immediately absorbed, making it a bullish dumping. Kruger said,

“I’m bullish. This correction represents noise against the larger bullish trend.”

“The steep contango structure that prevailed up until now finally narrowed,” said Denis Vinokourov of Bequant.

“Only time will tell whether this is the beginning of a longer and more extensive correction, but the overall market structure is very different to the last time Bitcoin traded near these levels. As such, the base scenario remains intact for now.”

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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.

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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).

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

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Author: AnTy

PayPal’s Letter to European Commission Confirms Its Plans to Develop Crypto Capabilities

In a letter to the European Commission published in March this year, the global payment service, PayPal, stated they are in works to enable cryptocurrency capabilities on the platform. The company has yet to disclose plans in the digital assets arena completely, but the addition of Bitcoin (BTC) to the platform could be on hand.

PayPal’s ambition in the cryptocurrency space has been clear since its entanglement with the Libra stablecoin project. In the letter to the European Commission responding to the consultation by the regulators on building an EU framework for markets in crypto assets, PayPal confirmed its interests in the digital asset space. The report reads,

“Since the project’s [joining the Libra Foundation] inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area,” the report reads. “And to continue to focus on advancing our existing mission and business priorities to democratize access to financial services.”

PayPal’s entry into the cryptocurrency asset space will open up the crypto market to over 300 million global customers (95 million in the EU). In June, BEG reported the global online payment giant had started researching into integrating buying and selling crypto.

Read More: PayPal CEO Dan Schulman Reveals He Only Owns One Cryptocurrency, Bitcoin

A clear developmental EU framework

PayPal recommends a developmental framework that enables a well-regulated industry, promoting clarity to enable innovation and evolution of the industry. The letter recommends three fundamental principles that the EU could follow to ensure a stable developmental structure in crypto regulation.

First, the EU should subject cryptocurrency service providers to the same scope of applicable KYC/AML compliance rules as other financial institutions to prevent money laundering and other illicit online trading activities.

The EU should also set clear definitions and rules on licensing and regulation to avoid loopholes and uncertainty. Finally, the EU regulators should take a step back not to stifle innovation in the rapidly changing world of cryptocurrency. The letter reads,

“Any regulatory framework in Europe should strive to be technology-neutral to support innovation and competition in this fast-evolving space.”

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Author: Lujan Odera