13 Consecutive Week of Inflows Send BTC AUM to A Record $56B and ETH’s Past $21B For The First Time

13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time

Solana, Polkadot, and XRP are also attracting inflows totaling $9.8 million, $5.2 million, and $3.1 million, respectively, with Tron the only one to record outflows.

Crypto asset investment products saw inflows of $151 million in the week ending November 12, representing the 13th consecutive week of inflows which brings the year-to-date inflows to a record $9 billion.

At $97.5 million, Bitcoin accounted for the majority of inflows that pushed its assets under management to a record $56 billion. For this year, the inflows now come to $6.5 billion, according to the latest weekly report of CoinShares.

Ethereum also continues to see inflows, with last week’s coming at $17 million, pushing the total AUM past $21 billion for the first time.

Altcoin inflows, meanwhile, were led by Cardano, with its inflows totaling $16 million last week. However, no discernible catalyst has been identified at this time yet but could be “due to increasing positive investor sentiment for “World computer” coins,” said James Butterfill, investment strategist at CoinShares. ADA -6.42% Cardano / USD ADAUSD $ 1.88
-$0.12-6.42%
Volume 3.4 b Change -$0.12 Open $1.88 Circulating 33.31 b Market Cap 62.77 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 1 w Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion 1 w Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List

Solana, Polkadot, and XRP are other altcoins attracting inflows totaling $9.8 million, $5.2 million, and $3.1 million respectively. Tron was the only crypto asset product recording outflows of $1 million. SOL -7.04% Solana / USD SOLUSD $ 220.12
-$15.50-7.04%
Volume 3.56 b Change -$15.50 Open $220.12 Circulating 303.47 m Market Cap 66.8 b
4 h Paradigm Launches Largest New Venture Capital Crypto Fund, Valkyrie and Coinbase Target DeFi 10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 3 d DeFi Still In The Early Stages With A Lot Of Potential But Faces Regulatory Hurdles: JPMorgan Report
DOT -8.24% Polkadot / USD DOTUSD $ 40.87
-$3.37-8.24%
Volume 2.97 b Change -$3.37 Open $40.87 Circulating 987.58 m Market Cap 40.36 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 1 w Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion 1 w Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List
XRP -6.95% XRP / USD XRPUSD $ 1.09
-$0.08-6.95%
Volume 4.82 b Change -$0.08 Open $1.09 Circulating 47.16 b Market Cap 51.29 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 3 w Investors Continue to Take Profit on Ether While Pouring Money in Solana and A Record $1.45 Billion in Bitcoin 1 mon Ripple Joins The Digital Pound Foundation to Help In The Development of A CBDC In the United Kingdom
TRX -10.77% TRON / USD TRXUSD $ 0.11
-$0.01-10.77%
Volume 3.29 b Change -$0.01 Open $0.11 Circulating 71.66 b Market Cap 7.88 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 1 w Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion 3 w Tether (USDT) Market Cap Surpasses $70 Billion, Majority Issued on Tron Blockchain

Despite the positive flows, volumes remained subdued in the second half of the year averaging $750 million in daily volume versus $960 million in the first half of 2021.

Meanwhile, this week, crypto asset prices are taking a bit of a beating, with Bitcoin falling under $60,000 while Ether is going to nearly $4,100. With altcoins also sliding, the crypto market cap has fallen to $2.728 trillion.

It “would be unusual to keep moving up without corrections,” said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore. He argued that “we’re seeing a healthy pullback” after a prolonged rally.

According to some, new tax-reporting requirements for digital currencies that are part of the trillion-dollar bill signed by President Joe Biden into law is part of the reason for the small pullback to a level last seen earlier this month.

“We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact.

Amidst all this, after cracking down on cryptocurrency mining, China is now studying the option of levying punitive power prices for companies involved in it, as per National Development and Reform Commission spokeswoman Meng Wei.

Since June, Bitcoin has more than doubled in value, driven by the recently launched futures-based Bitcoin exchange-traded funds (ETF) in the US. Over this past weekend, the network went through a major upgrade since 2017 called Taproot.

“There is a lack of news, and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.

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Author: AnTy

Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

The US exchange is “gearing up” to go public itself. Jesse Powell, meanwhile, sees per Bitcoin worth a Lambo by the end of the year and one Bugatti probably by next year-end.

While Jesse Powell, CEO, and founder of cryptocurrency exchange Kraken, believes Bitcoin is going to infinity in his recent interview with Bloomberg, he provided more clarity.

According to him, because of all the money printing that’s going on, it’s hard to comprehend in terms of dollars, “it might be easier to understand if we measure it like in terms of Teslas.”

“By the end of the year, I think it’ll be one bitcoin per Lambo, and probably by the end of next year, it’ll be one bitcoin per Bugatti,” Powell said. One Lamborghini costs in the range of $200,000 to $500,000, while a Buggati’s price starts well over a million dollars.

Tesla started accepting Bitcoin as payment this month following a $1.5 billion investment last month. And thanks to Tesla CEO Elon Musk, “everyone who owns a piece of the S&P 500 now owns a piece of Bitcoin,” and in a single stroke distributing bitcoin to more people than anyone else on the planet,” he added.

And for those who are still on the sidelines, Powell said, they owe themselves to “really take a look at the fundamentals and try to understand why that is. And if you’re not understanding that, I think you must not understand how the existing financial system works and how much benefit there is to the world.”

ETH, DOT, & NFTs

As for other assets, Powell spoke about Ethereum’s PoS transition, in the process of which millions of Ether are being locked for an indefinite amount of time which is constraining the supply.

Powell predicted, “north of two thousand dollars a coin for eth by the end of this year.” ETH is currently trading above $1,800 and made ATH at $2,035 last month.

Powell also mentioned Polkadot DOT 8.89% Polkadot / USD DOTUSD $ 37.13
$3.308.89%
Volume 3.53 b Change $3.30 Open $37.13 Circulating 924.82 m Market Cap 34.34 b
5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today 6 h Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO 1 d Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout
, “which is sort of the next Ethereum,” and said, “you’ll see a lot of things that were on Ethereum be ported over to Polkadot for lower transaction fees.”

He also touched on NFTs, for which there is already a “huge market” as “collectibles business has been around since the dawn of humanity.” Now, it is just moving into the digital format with “tremendous commercial application.”

So, “NFTs are here to stay. Whatever you think about, you know the collectibles segment,” he added.

Valuations Will Go Higher

Talking about Coinbase’s upcoming trading debut in April, Powell said their direct competitor going public is “very exciting.”

While Coinbase was worth about $100 billion pre-IPO, it would “probably be a pop after that.” And because cryptos “really are the future of finance” and can replace everything that exists in the traditional system, “these valuations are very reasonable right now, and they can go much higher.”

This listing, Powell said, will provide them with an example and how to value Kraken.

“Historically, the crypto space has been all private. So we’ve kind of just got to speculate about how the public markets would value these businesses. And I think it’s going to be an indicator for the entire private market. And I think it’s going to send valuations of other crypto companies much higher.”

Kraken itself is on track to go public next year, in the second half, but Powell cautioned that during this time, “anything could happen in the crypto space,” so there’s no guarantee.

But, Powell assured that the exchange is “gearing up” for that by involving in discussions and “doing more acquisitions,” as their clients are constantly looking for ways to participate in the upside and the performance of the business, something that the SEC doesn’t allow.

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Author: AnTy

Jack Dorsey’s Cash App Now Allows Users to Send Bitcoins for Free

Users can now send BTC directly using a Cash App tag for free

Jack Dorsey has been at the forefront of promoting Bitcoin adoption to the world. A Cash App, a Twitter founder’s payments app, will make it easier and cheaper for users to send Bitcoin across the app.

This Wednesday, in a tweet, Cash App confirmed users can now directly send Bitcoin BTC -1.12% Bitcoin / USD BTCUSD $ 57,872.03
-$648.17-1.12%
Volume 55.78 b Change -$648.17 Open $57,872.03 Circulating 18.66 m Market Cap 1.08 t
4 h Jack Dorsey’s Cash App Now Allows Users to Send Bitcoins for Free 4 h NFT Buyers and Sellers Could be Liable to “Unknown” Capital Gains Tax in the United States 5 h EU Regulators Warn Investors About the High Risks of Investing In Cryptocurrencies
on the app to other app users using their $CashAppTags. The service will be totally free, which places Cash App as the desired layer 2 solutions to boost Bitcoin adoption.

Allowing users to send BTC to tags directly reduces the errors in typing long Bitcoin addresses, leading to loss of coins.

The minimum amount to send is 1000 satoshis, or 0.0001 BTC (~$5.70, at current prices). A weekly sending and receiving limit of $7,500 is also set in the service.

To celebrate the achievement, Cash App gave away $1 million in BTC to its Twitter followers. To win an apportion of the free BTC, users had to follow the page and retweet the post disclosing your $cashapptag and #CashAppBitcoin. Even if you missed out on this giveaway, the popular app runs a promotion a few times a month.

Cash App has seen massive Bitcoin adoption rates – adding 3 million BTC users in 2020 and an extra 1 million users in January 2021.

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Author: Lujan Odera

SatoshiStreetBets Launching its Own Cryptocurrency to Send it to the Moon

SatoshiStreetBets Launching its Own Cryptocurrency to Send it to the Moon

The spinoff of WallStreetBets wants to have its own token to “rally behind” and because “YOLO.”

SatoshiStreeBets, a subreddit group, is launching its very own cryptocurrency. The group that describes itself as “the crypto version of WallStreetBets,” is planning to launch SatoshiSwap (SAS), a utility token that will be distributed to its members based on the upvotes on their posts.

The token, which is expected to be launched sometime in February, will also be airdropped to the users of the popular DEXs Uniswap and SushiSwap and those who provide liquidity.

This is because the SatoshiSwap, a cryptocurrency, and DAO is inspired by the popular UniSwap and SushiSwap projects, and the DEX market is “shaping up to be wildly successful and lucrative” but with the glaring problems of high gas fees, scaling issues, among others, as per the Reddit post.

Besides “YOLO,” the community of traders wants a token of their own to “rally behind and throw all our support towards.”

Created in February 2020, SatoshiStreetBets is a spinoff of WallStreetbets, which was behind the pump of popularly shorted stocks like GME and AMC. The SatoshiStreetBets subreddit currently has 3.15k members who are called “degens.”

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Author: AnTy

Bitcoin Payment Processor Rolls Out ‘BitPay Send’ to Allow Companies to Pay With Crypto

BitPay has announced a new product dubbed ‘BitPay Send,’ which enables companies to make crypto payments without necessarily holding digital assets. The crypto payment services provider targets extending its clientele portfolio with BitPay Send to bridge the gap that exists when it comes to paying for labor or services in crypto.

Powered by a blockchain ecosystem, the BitPay Send platform is built to increase efficiency in crypto payments and target companies of all sizes. This innovation facilitates massive payments such as the ones companies make to contractors, vendors, customers, affiliates, and employee salaries. Given the growing nature of the distributed economy, BitPay Send poses as an ideal platform for companies that source talent, especially from the gig economy.

Per the current systems, transactions can be extremely slow and costly, especially when a cross-border operation is involved. BitPay Send solves this challenge by supporting round the clock crypto payments across the globe. BitPay CEO, Stephen Pair, noted the high rate of blockchain payments adoption, which he attributes to the ease of sending and receiving payments globally. He added that,

“Traditional international payment methods are cumbersome, costly, and slow. With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.”

BitPay Send is already in use by AdGate Media, which leverages the facility to make crypto payments to its affiliates. Basically, BitPay assumes the conversion risk, while AdGate only makes a fiat deposit paid out to an affiliate in crypto. Dan Sapozhnikov, the President of AdGate Media, was keen to highlight the value proposition by BitPay Send in their line of business,

“We have lots of affiliates who wanted to be paid in Bitcoin, especially those who are based outside North America and Europe where access to bank accounts is difficult …

having BitPay manage that risk was an important factor in choosing BitPay Send.”

Notably, recipients will only require a BitPay ID and crypto wallet hence the whole notion of eliminating banks as intermediaries. BitPay, which has been operational since 2011, enjoys the backing of prominent investment firms, which include Virgin Group, Index Ventures, and Founders Fund.

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Author: Edwin Munyui

Binance Incubated ‘Bundle’ App Rolls Out in Africa for Cash and Crypto Social Payments

As per an announcement from April 23, Bundle now lets its users send, receive and request cash and crypto from Nigeria.

The company is planning to expand its services to more than 30 countries in Africa by the end of 2020, providing a simple crypto fiat on and off-ramp across the continent. Aside from the Nigerian naira, Bundle supports Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB). However, new fiat currencies will be added in the following weeks. The payments can be stored in the app’s wallet and processed through bank transfers or cards.

Verifications Together with Withdrawal and Deposit Limits to be Applied

The service won’t charge any fees in the beginning, but it will have deposit and withdrawal limits, also some Know Your Customer (KYC) verifications. The app doesn’t have a mobile version yet, but it’s available in Google Play, following to be released on Apple’s App Store too. Back in September 2019, Bundle raised $450,000 from Binance in a pre-seed. The company’s co-founder and CEO, Yele Bademosi, said the app may use some of the crypto app programming interfaces created by Binance.

Crypto Innovation at Its Best in Africa

Around 40% of the banked African population prefers transacting online, mostly because the low median age on the continent is 19. Here’s what Bademosi said about how Bundle was created for Africa:

“We built Bundle with the digitally native African user in mind. They are social, online, and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We built Bundle as a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app like Venmo.”

In the meantime, the CTO at Bundle, Taiwo Orilogbon mentioned that 1.4 million Africans are using crypto nowadays, so the blockchain ecosystem being more accessible on the continent unlocks great economic opportunities for Africa, which still doesn’t have a well-developed financial infrastructure. This means crypto innovations takes place more rapidly in African countries. The crypto trading platform CryptoLocally is also trying to deal with the financial inequity in the continent, so it partnered up with Sesacash to provide innovative solutions for cross-border payments in Africa.

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Author: Oana Ularu

BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its ecosystem recorded a low of 26 cents in fees to transfer $670 million worth of BTC. Given the prevailing market rates in banking and International payment networks, this BTC transaction rate poses quite a threat to the existing financial institutions.

A number of cryptocurrencies have come up since Bitcoin’s launch a decade ago. Some of these projects present better use cases and cheaper rates than BTC but the pioneer crypto has maintained a strong market dominance. According to CoinMarketCap data, Bitcoin’s market share stands at $127 million which translates to 65% of the total cryptocurrency market capitalization.

Some analysts in the space have attributed this success to the coin’s security and liquidity in a volatile and young market.

The latest cost-friendly BTC transfer according to a tweet by one crypto enthusiast (@sunnydecree) suggests that this digital asset may actually compete against bullion markets dynamics favorably;

This transaction took place on April 1 where an unknown sender transferred 106,857.24571944 BTC to two digital wallets. It, therefore, follows that Bitcoin provides a convenient transaction option compared to Gold as per the analyst views. As it stands, the whole world is uncertain given the Coronavirus pandemic, this situation only makes it harder to transfer a physical asset such as gold whose logistic costs is beyond most bullion market enthusiasts.

Despite Bitcoin’s market dominance, other altcoins are on the rise to displace this number 1 digital asset as of press date. The fruits of these innovations are however yet to be significantly felt within the crypto market given BTC’s popularity. This network’s value proposition in fundamental functions such as hash rates and security are yet to be fully challenged by one comprehensive digital currency ecosystem.

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Author: Edwin Munyui

Here’s What’s Behind the Bitcoin (BTC) and Ethereum (ETH) Crash?

  • $100 million spoofing on BitMEX might not want to buy BTC and send it to the moon
  • It wasn’t the record RSI indicating Ethereum is “overbought” but whales
  • An exploit from Fulcrum trading helped make a hacker 10,000 ETH, worth about $3 million

After less than five days of breaching the $10,000 level, Bitcoin price took a drop and went as low as nearly $9,750 on Bitstamp.

In line with Bitcoin, altcoins fell too but harder. While BTC is down 2.85% in the past 24 hours while trading at $9,752, Ethereum Classic fell nearly 15% while BSV and EOS are down over 11%.

However, these moves aren’t unprecedented for bitcoin or the crypto market. In January 2018, we saw a similar move when bitcoin opened the day at $11,144 with a high of $11,688 and low of $10,274 but closed the day at $11,080. There has been a negative 12% move from high to low but was “essentially hidden when calculating daily volatility and sharpe.”

“One of the issues in comparing the volatility and sharpe ratio of bitcoin to traditional assets is that it frequently has moves like this that aren’t always picked up,” noted analyst Ceteris Paribus.

He added, “BTC could close the day flat and this move wouldn’t show. It happens more frequently than any other asset.”

Coin360-btc
Source: Coin360

The retracement we saw yesterday came after Bitcoin surged more than 40% in 2020 which according to trader Crypto Michael, “is still very healthy for this market,” even if BTC goes to $9,500. However, this doesn’t mean the next stop would be $3,000 because the trader says, “We’re still early.”

Bitcoin’s bottom of the range RSI analyst Mati Greenspan pointed out is flashing oversold ad “traders who have balls wait specifically for this kind of setup.”

What Caused the Drop?

Also, as we reported, the technical indicator of Ethereum has been flashing a warning signal with RSI surpassing 70 which has “never before been this high.” This means Ethereum has been overbought but economist and trader Alex Kruger says that’s not why the crypto asset crashed.

“ETH didn’t just dump because of “RSI overbought”. This is just a metric that speaks of an overextended chart and heightened downside vulnerability in the event of selling pressure, and may thus attract such pressure. Price dumped because a whale triggered a crash. Simple,” said Kruger.

Trader Jacob Canfield also noted, “Looks like there was a flash crash caused by an exploit from Fulcrum trading. Most likely a buy the dip opportunity once they remove the sell walls.”

A DeFi platform Fulcrum offers non-custodial crypto margin trading and lending service suffered an attack where the attacker got out 10,000 ETH, worth about $3 million. The exchange assured that the funds are SAFU and there have been “zero losses” in this attack.

When it comes to Bitcoin, there has been a $100 million spoofing on crypto derivatives exchange BitMEX when the size of bids and offers on the exchange’s order book is usually under a million dollar.

Such a massive bid might indicate a whale wants to buy BTC and send the price to the moon but Kruger explains that’s not the case as “Whale may be just bluffing.”

What’s Next?

Now, moving forward, trader Hsaka is expecting $9,600 soon. For the most part, bitcoin breaking the channel and bouncing off the key support mostly looks like “shorts filling” to trader Canfield. The good thing is the digital asset has retested the former trend support as resistance.

Trader Crypto Michael, however, maintains this to be “nice drop” which is instant to the first interest zone.

“Uptrending markets give you only a few retracements and usually they are bought up quite quick,” he said.

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Author: AnTy

IOTA Releases Spark, a Low-Security Burner Wallet

IOTA has released a low-security wallet to send small amounts of IOTA tokens. The wallet is intended for short-term use.

The team behind Trinity, a go-to wallet for most IOTA users is the one that developed this new wallet.

The concept of a burner wallet was first established by Austin Griffith of the Ethereum ecosystem. The idea behind this wallet is to use it for small amounts of funds. After a short period of time, you burn the wallet, wiping the seed and transaction history.

IOTA Foundation is filtering Trinity team’s experimentation under IOTA Labs and Spark is the first app released under this.

Spark is using the IOTA JavaScript account module and a payment request system for one-time use addresses. It specifies an expected amount and timeout to ensure funds do not arrive on a spent address.

“When you couple payment requests with a chat system you have a very smooth peer-to-peer transaction system.”

Meanwhile, the IOTA token is down 97% from its all-time high of $5.54. Currently, it is trading at $0.164, representing the loss of 54% on a year-to-date basis.

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Author: AnTy