Rising Treasury Yields are a Danger to Bitcoin & They Are Soaring Right Now

The ongoing yield debacle is not good for risky assets and gold, and the leading digital currency is still struggling to recover from the losses.

Risky assets are back on the incline as Treasury yields ease off after hitting multi-year highs on Thursday. Also, the Federal Reserve Chairman calmed the nerves by committing to keeping the interest rates low and that it will continue to pump money into the economy.

In the early hours of Thursday, 10-Treasury yields jumped to 1.427%, last seen in March 2020, but ended the day lower at 1.3740%. Yields on 30-year Treasury soared to 2.888%, Dec. 2019 high to end lower at 2.226%. Bond prices and yields have an inverse relationship.

Today, they both are back on the rise by about 0.059%.

“Bonds puking, again… Need this to stop going down (i.e., rates going up) to have nice things,” said trader and economist Alex Kruger.

The 30-year German yield has also turned positive, rising to 0.2% from -0.2% in three short months. German 10-year yields are still negative though at -0.3%.

This spooked the central bank, and now “the ECB is closely monitoring the evolution of longer-term nominal bond yields,” said European Central Bank President Christine Lagarde this week.

Fed, however, is not that concerned when asked about the rise in yields; Jerome Powell said, “It’s a statement of confidence on the part of markets that we will have a robust and complete recovery.”

Rates going up is negative for stock valuations, particularly tech, and assets that benefited from negative real yields the most, gold and bitcoin, Kruger said,

“The thesis is the Fed will intervene to bring rates down.”

“If that trend is not stopped hold on to your horses because risk assets, gold and highly likely bitcoin as well are all in for a very rough ride down. You want to watch interest rates like a hawk.”

Risk On or Off?

This fall in yields, meanwhile, has sparked a rally in stocks. S&P 500 is yet again reaching its peak at nearly 3,935 from Feb. 12.

Tech-heavy Nasdaq, which slid 5.6% this week, is back at 13,600, still in need of a pump to hit its 14,095 all-time high from Feb. 12.

“In institutional circles, corporate treasuries are often looked down on as dumb money,” notes Kruger.

While stocks are clearly enjoying this fall in Treasury yields, the same is not the case for the traditional safe-haven asset.

Gold is not having a good week, and today the spot gold went under $1,790 per ounce. The precious metal is on a downtrend ever since it hit a new high in August at about $2,075.

The US dollar is also not enjoying the increase in yields and is back under 90, aiming to go for fresh multi-year lows at 89.2 in early January.

Coming to digital gold, Bitcoin had a brutal week, losing 23% of its value with a drop under $45k. For now, the market struggles to recover completely despite the price of Bitcoin going above $50,000. Trader Cantering Clark said,

“Rates are rising. Risk-on assets don’t really benefit in that situation. All assets would get hurt with a rapid rise. Saylor purchase and Tether news came out, and we don’t have a very obvious response. Would not get overly bullish.”

However, according to him, this is all just short-term as “Bitcoin has already cleared the runway and is now on its way to further appreciation and adoption.”

Alex Kruger is of a similar opinion as he notes that there’s a chance Bitcoin will do its thing as “institutional penetration remains very low.” This means the institutional inflow may continue, and retail will be busy stacking regardless. Also, corporates may join in and “be more focused on inflation or digitalization than rates.”

Read Original/a>
Author: AnTy

US Department of Education Is Exploring Blockchain-Based Solutions to Store Student Records

The U.S Department of Education is exploring blockchain technology, intending to “rethink” how distributed ledger technologies can be incorporated into the education system.

In current global pandemic times, various U.S. government departments are exploring blockchain technology to finding solutions regarding transparency, safe record-keeping, and decentralized information sharing. The U.S. Department of Education (Office of Educational Technology) became the latest department to join the bandwagon funding the “Education Blockchain Initiative (EBI).”

EBI is designed to help identify and evaluate ways that blockchain technology can improve data flow among educational institutions and employers while empowering individuals to translate educational outcomes into economic opportunities.

The project, launched by the American Council on Education (ACE), aims to find blockchain-based solutions to enhance the network and communication between and among students, learning institutions, and employers.

According to a statement from ACE, the EBI aims at identifying and evaluating new ways blockchain can improve the flow of data to institutions, students, and employers. Projects launched through the EBI will restore data control to the learner, “empowering them to control their identity and leverage the skills learned,” the statement further reads.

ACE is an organization that lobbies and creates “inclusive, dynamic, and resilient” public policy across postsecondary education centers to better the students. In line with finding blockchain solutions, the organization launched the ‘Blockchain Innovation Challenge’ in 2020 to overhaul the education and employment systems in the U.S.

Louis Soares, chief learning and innovation officer of ACE, stated the challenge would help the undeserving and minority students affected by the current COVID-19 pandemic. The solutions being created will also enhance student enrollment, improve the transfer of credits, and communicate between institutions and employers. Soares said in a statement,

“This includes finding new approaches to credentialing (and hiring) that leverage the potential of emerging technologies to improve communication among education and training organizations.”

Phase 1 winners of Blockchain Innovation Challenge announced

To pace up developments in the education space, the Blockchain Innovation Challenge is making awards totaling $900,000 in two phases. The awards target teams and projects that “put forward bold ideas to reorient the education and employment ecosystem” to improve information transfer across students, institutions, and employers.

On Feb 11, four Phase 1 winners were announced, including teams from Nebraska, Texas, Arizona, and Utah.

One of the winning projects, “Student 1”, collaborating with the Nebraska Department of Education and Nebraska Department of Health and Human Services, created learner records for a third of all Nebraska students involved with multiple behavioral, judicial, or state educational services.

Other winners include Texas Woman’s University, which is partnering with the University of Texas- Arlington to build a “shared credentialing platform” that enhances sharing educational records across institutions and training facilities.

A similar project, UnBlockEd, led by the University of Arizona and Georgia Institute of Technology, Fluree, and the John N. Gardner Institute, is developing an open and decentralized transfer exchange that will enhance credit transfer articulation for students transferring schools.

Powered by Fluree is the Lifelong Learner project, also sponsored by the Utah Department of Education. The project is developing a digital wallet to allow teachers to store and share information, including their credibility scores, licenses, and exemplars of practice with human resource departments and other management systems.

Still a long road ahead

While these blockchain developments move ahead to provide innovative solutions in the education industry, practical integration to real-life situations remains challenging. Brian Platz, co-CEO of Fluree, mentioned in a statement.

He explained that blockchain developments suffer from the supply-demand rhetoric across the education space. He noted that building a data-sharing platform and digital credentials is currently not in demand as employers rarely ask for them.

Read Original/a>
Author: Lujan Odera

North America’s First Bitcoin ETF Debuts on TSX with a Whopping 0 Million Volume

The first Bitcoin exchange-traded fund (ETF) of North America has had a roaring start, with $220 million worth of shares exchanged by investors on the first day of going live, which is very well above an ETF’s typical day in Canada.

While there have been several crypto-tracking products in Europe that function like an ETF, they all have been essentially ETPs. Purpose Bitcoin ETF, with a ticker BTCC, is the first Bitcoin product that’s officially labeled as an exchange-traded fund.

The new fund debuted Thursday on Toronto Stock Exchange.

This fund invests directly in “physical/digital Bitcoin,” which is currently trading above $52,000, up 76% YTD.

“There’s sizable untapped interest for a Bitcoin investment that has the benefits of an ETF,” said Todd Rosenbluth, CFRA Research’s director of ETF research, adding it’s unlikely the fund will trade at a significant premium to net asset value (NAV). He added,

“While most ETFs come to market globally with an educational hurdle to overcome, many investors are familiar with what is inside BTCC.”

Meanwhile, the US hasn’t approved a single Bitcoin ETF, although there have been several active filing for the product, including VanEck Associates Corp., NYDIG, and Bitwise Asset Management.

But with the change in leadership at the US Securities and Exchange Commission (SEC), the prospects of the first American Bitcoin ETF are rising. President Joe Biden’s nominee for SEC chairman, Gary Gensler, has the crypto market hopeful and excited as he has taught a class at MIT’s Sloan School of Management called “Blockchain and Money.”

Crypto-related products like Grayscale Bitcoin Trust (GBTC) and Bitwise 10 Crypto Index Fund have seen great demand with $34.22 billion and $900 million in assets under management, respectively.

Read Original/a>
Author: AnTy

Uniswap Hits Over Bln in Weekly Trading Volume & 0 Billion Overall

The popular decentralized exchange Uniswap has hit a milestone of processing more than $100 billion in trading volume in its entire life.

Ever since the beginning of 2021, the DEX has been doing more than $5.5 billion per week, which went past $7 billion during the second week of February, as per Uniswap.Info.

With this much volume, Uniswap is the leading decentralized exchange (DEX), capturing the majority of market share, 54.4%, which is down from 70.7% on August 31st due to SuhsiSwap’s launch.

The TVL (total value locked) of the protocol has also surpassed $4 billion for the first time.

Much like the exchange, its token UNI is experiencing a significantly positive price performance. Uniswap Token, with a market cap of $6.34 billion, is trading above $21, up 345% this year so far.

After exchange balances peaked at 36.86 million UNI in early January, a 10% outflow of over 5.3 million UNI tokens occurred, supporting a price rally from $6.33 to over $23.26.

According to Glassnode, over this same period of time, the number of intra-day transactions transferring UNI tokens tripled from 277tx per hour to a peak of 830tx per hr. However, despite this continued price appreciation, there has been a marked slow-down of transaction counts for UNI tokens since the beginning of this month.

Read Original/a>
Author: AnTy

Holiday Crypto Dip & Reversal; Strong Week Ahead After Leveraged Longs Rinsed Out

The cryptocurrency market is already recovering fast after the weekend dip.

Late Sunday or early Monday, the price of Bitcoin went down to about $45,700 level not long after hitting a new all-time high at nearly $50,000.

Already, BTC/USD has traded above $48k and is now back to targeting the ATH.

However, this time this buying power didn’t come from Coinbase, the biggest exchange in the US, as there has been no premium on the exchange compared to Binance, Huobi, and OKEx.

Bitcoin’s losses came despite the dollar keeping near two-week lows on disappointing employment data and looking for evidence that the US rebound would outpace the economies of other major countries.

However, many financial markets are out in the United States for Presidents’ Day, and in Asia, the markets remain closed for Lunar New Year.

The prominent reason for the dips has been simple, according to trader and economist Alex Kruger, which is also the only bearish thing, “degen longs abusing leverage.”

This can be seen in the almost $1.9 billion liquidated in the last 24 hours, as per Bybt. Among the 303,349 traders liquidated, the largest single liquidation order happened on Huobi-BTC, valued at $21.25 million, and the highest liquidated amount on Binance at nearly $1 billion.

Interestingly, only $582 million of it belongs to Bitcoin liquidations, the majority of them long.

Most of the liquidations belong to altcoins that include not only Ethereum but DeFi coins, including the likes of AAVE, CRV, UNI, 1INCH, BAL, and COMP.

And this is why Kruger is bullish on the risky assets this week noting,

“I expect a strong week across risk asset and crypto assets. Crypto needed leveraged longs to get rinsed out. We just got that.”

The funding rates across exchanges on both Bitcoin and Ethereum perpetual contracts have calmed down to 0.01% to 0.04%, as per Viewbase.

image1

In tandem with Bitcoin, the rest of the cryptocurrency market took a fall, with Ether dropping to $1,655 level ETH -0.10% Ethereum / USD ETHUSD $ 1,813.21
-$1.81-0.10%
Volume 37.76 b Change -$1.81 Open $1,813.21 Circulating 114.69 m Market Cap 207.95 b
5 h Canadian Singer, Grimes, Entering the NFT Scene; Volume Jumps 2.6x This Month 7 h Contentious EIP-1559 Seeking Community Consensus as Ethereum Miner Revenue Hits an ATH 8 h Holiday Crypto Dip & Reversal; Strong Week Ahead After Leveraged Longs Rinsed Out
. While Ether is aiming for $1,800 yet again, the overall market capitalization has recovered half of its $110 billion losses and yet again is on the way to the $1.5 trillion mark.

1% to 4% gains are recorded across the crypto assets, which for some cryptocurrencies goes up to 7%.

As for those, who might see this as the top of the market, the total market cap is only up 1,150% from the March 2020 lows, which are nowhere near the 2017-2018 bull market that resulted in the total market cap increasing by 4,500%.

Read Original/a>
Author: AnTy

Nassim Taleb’s ‘Antifragile’ is the Answer to ‘The Black Swan’ Author Dumping Bitcoin Due to High Volatility

Nassim Taleb’s ‘Antifragile’ is the Answer to ‘The Black Swan’ Author Dumping Bitcoin Due to High Volatility

“There is no long-term stability without short-term volatility,” writes Taleb and then dumps Bitcoin due to its high volatility.

Nassim Nicholas Taleb, author of “The Black Swan,” took to Twitter on Friday to share that he has been getting rid of his Bitcoin.

A currency isn’t supposed to be more volatile than what you buy and sell with it, said the former options trader, adding that goods can’t be priced in the cryptocurrency. “In that respect, it’s a failure (at least for now).” Taleb also said in a separate tweet that Bitcoin has failed as a hedge against central bank policies.

“It was taken over by Covid denying sociopaths w/the sophistication of amoebas,” said Taleb, adding that the other problem with the digital currency is that “the appeal of a cryptocurrency depends on some opacity, its ability to facilitate tax fraud and money laundering.”

While one can anonymize a gold coin by re-melting it, the same isn’t possible with Bitcoin, which “is more tractable than cash,” he said.

Bridgewater Associates founder Ray Dalio also said last month that “Bitcoin will unlikely be as private as some people surmise.” While calling the cryptocurrency a “long-duration option on a highly unknown future,” Dalio saw this lack of privacy as a risk as,

“It is, after all, a public ledger and a material amount of Bitcoin is held in a non-private manner. If the government (and perhaps hackers) want to see who has what, I doubt that privacy could be protected.”

Meanwhile, the Bitcoin community is working on a major upgrade to Taproot that will increase privacy on the network. However, for Taleb, the issue is also of volatility as he noted,

“BTC Volatility is not dropping with time/at higher price, exactly what you don’t don’t need.”

Interestingly, Yassine Elmandjra, a crypto asset analyst at Ark Invest, had the perfect solution for Taleb: read Antifragile by Nassim Nicholas Taleb, which says,

“There is no long-term stability without short-term volatility.”

Naval Ravikant, the founder of AngelList and a crypto proponent, also suggested Taleb reconsider by classifying Bitcoin as “an out-of-the-money call option on becoming hard-to-seize digital gold. As such, it will remain extremely volatile for a long time.”

Crypto Twitter (CT) was also quick to chime in and point out how Bitcoin is not a currency, and that volatility is not inherent rather the result of the market being nascent. Qiao Wang of DeFi Alliance said,

“If you bootstrap a new currency or any other type of asset and let the market do its thing, volatility is a certainty until real mainstream adoption. In fact, the only certainty.”

Read Original/a>
Author: AnTy

Mark Cuban Praises DEX SushiSwap; Now Selling “Personalized, Tokenized Video” on Rarible

The explosion of interest in the NFTs has the trading volumes surging nearly 200% in February to past $7 million.

Billionaire Mark Cuban is all about DeFi and NFTs. Almost every other day, Cuban is talking about the digitized space in which he is personally invested as he revealed that besides Bitcoin, Ether, and Litecoin, which he initially said is worth less than a banana, now also owns AAVE and SUSHI.

In a video over the weekend, he praised the decentralized exchange (DEX) SushiSwap which has been doing more than half a billion worth of volume every day.

Cuban thanked everybody at Sushiswap for making him money while making it easy to yield farm, stake, and swap, all the things that are part of the new future of banking and financial world with DeFi, he said.

He is particularly getting more and more interested in non-fungible tokens, which he compares to his interest in basketball cards but even better. He explained the reason behind investing in digital collectibles saying,

“Once you realize the sense of ownership is the same for a digital collectible as a physical one you come to the realization that holding/maintaining/grading/shipping/buying/selling a physical good is a hassle. It’s fast and easy w digital.”

Cuban is actually hustling on NFT marketplace Rarible, on which he has previously sold his digital piece.

Now, the owner of Dallas Maverick is selling “personalized, tokenized video,” like Cameo but with a twist of the latest technology.

“What’s better than Cameo? A personalized, tokenized video that you can save or sell,” tweeted Cuban.

On buying the collectible video of his, the buyer unlocks an email address that can be used to send a request for a personalized video with a 30 MB file limit. Cuban, in response, records the video, mints it and then transfers the video to you.

While the buyer won’t have any commercial rights on it, they can resell it or keep it forever, “It will be a one of a kind.”

Twitter holder @Pranksy, co-founder of NFTBoxes, has bought 10 of these Cuban videos already. He also gifted Cuban a “Million Dollar Punk Draw ticket.”

As we reported, NFT space is exploding with celebrities like Mike Shinoda jumping in. All of this activity has the weekly NFT trade volumes surging nearly 200% from $1.86 million in early January this year to well past $7 million in the first week of February.

Read Original/a>
Author: AnTy

Celebrities from All Industries Were Pumping DOGE to the Moon Over the Weekend

The latest trip to nearly $0.09 has DOGE becoming the 10th largest cryptocurrency with a market cap of $9.62 billion, worth more than the likes of Stellar (XLM), AAVE, Uniswap (UNI), EOS, Elrond, Tron (TRX), Tezos (XTZ), and Synthetix (SNX).

The meme cryptocurrency Dogecoin (DOGE) is back to pumping. The first pump was seen at the end of January when the price of DOGE went from $0.0073 to $0.073 on Bittrex, which soon fell to $0.03, but this month, DOGE has been slowly climbing up and yesterday went to nearly $0.09. Another retracement has been seen today to $0.062, but we are currently around $0.075.

These gains have DOGE at the 10th spot with a market cap of $9.62 billion, worth more than Stellar (XLM), AAVE, Uniswap (UNI), EOS, Elrond, Tron (TRX), Tezos (XTZ), and Synthetix (SNX).

Interestingly, over the weekend, while DOGE took off, yet again, other cryptocurrencies, including Bitcoin and Ether, experienced a correction.

All of this has been started by Tesla and SpaceX CEO Elon Musk and then carried forward by other celebrities. Musk has propelled DOGE prices higher previously on several occasions with his tweets, but this time, he went on a frenzy with his tweets about the meme coin.

As we reported, on Thursday, he tweeted, “Dogecoin is the people’s crypto,” and then in a separate one, “No highs, no lows, only Doge.”

In his appearance at the clubhouse, he had said, “the most ironic outcome would be Dogecoin becomes the currency of Earth in the future.” While this continued with “Ð is for Ðogecoin! Instructional video” tweet that he shared today, this might be it for the DOGE pump from Musk, for now, as he goes “back to work.”

But his DOGE mania did bring other celebrities in. Musician Gene Simmons, who recently announced his interest in cryptocurrencies and even bought some coins also promoted DOGE.

The “seven figure” Bitcoin HODLer, said he bought “six figures” of DOGE and tweeted about the cryptocurrency going to the moon.

Soon Rapper Snoop Dogg also jumped in with Kevin Jonas, chiming in, “All I’m saying… $doge.”

“If I had to choose between buying a lottery ticket and Dogecoin …..I would buy Dogecoin,” is how Shark Tank’s Mark Cuban announced he was also onboard the DOGE train. Cuban, who found more worth in a banana than cryptos, recently revealed that he owns Bitcoin, Ether, Litecoin, and popular DeFi tokens like AAVE and SUSHi, and he’s taking a special interest in NFTs as well.

Rapper Lil Yachty, who launched his social token in December, also said, “DOGE TO THE MOON AND WE NOT COMING BACK.”

Read Original/a>
Author: AnTy

Brave Crosses 25M Monthly Active Users; Privacy Browser Continues Growth Trajectory

The number of active monthly users on Brave Browser has surged over the past year. The service is also seeing significant gains with its Brave Ads program.

Brave Browser enjoyed significant growth in 2020, capitalizing on the increasing focus on privacy to hit new milestones. The privacy-centric browser doubled its user base in 2020, setting itself up for possibly more gains in 2021.

Privacy Focus Benefits Brave

According to a press release, Brave explained that its monthly active users jumped from 11.6 million to 25.4 million last year, per its press release. Daily active users jumped similarly, moving by 126 percent from 3.8 million to 8.6 million. The number of verified content creators on the platform passed one million for the first time.

Brendan Eich, the company’s co-founder and chief executive, explained that the increase in its user base represented the increased desire for people to escape the “surveillance economy.” He explained in the release,

“25 million people have made the switch to Brave in order to protect their privacy and to regain control of their browsing experience. Users are realizing that a new way to browse the Web is just one click away with a seamless Brave download and that they can opt-out of the surveillance economy and instead get rewarded for browsing.”

Eich believes the company’s growth would continue, citing the increased influence of Big Tech companies on the internet landscape. With these firms showing a propensity for collecting user data, Brave will be there to provide a viable alternative.

Building Its Ecosystem

Brave has been doing a great deal of work to improve user security. In July, it partnered with Guardian, a VPN, and firewall service provider, to improve its iOS customers’ security.

The partnership saw the two companies capitalize on their strengths, Brave’s privacy-focused browser, and Guardian’s firewall and VPN offering. Brave’s iOS users can now turn on the Brave Firewall + VPN service in one click, protecting their devices from trackers.

However, the company has also been able to make significant strides in its Brave Ads program. The program allows users to opt-in to watch ads in exchange for the company’s native token Basic Attention Token (BAT).

Last year, Brave pointed out that several top crypto firms had signed up for its ads program. These included stock trading app eToro and crypto lending firm BlockFi.

Read Original/a>
Author: Jimmy Aki

The UNI Airdrop is Now Worth Over $7k as Google Searches Rise Up & Volume Hits New Highs

The traditional investors are coming to the world of decentralization. Uniswap allows users to front-run the rest of the world amidst the ongoing censoring.

UNI, the 13th largest cryptocurrency by market cap of $5.14 billion, is the largest DeFi token. The digital asset that enjoyed an uptrend throughout last week to reach nearly $20 is up 275% YTD.

These gains made the UNI airdrop currently worth a whopping more than $7,000. The popular decentralized exchange (DEX) Uniswap launched its governance token UNI in September, less than five months back. UNI tokens were airdropped to all of the users who provided liquidity to the platform before Sept. 1st.

UNI tokens’ worth is increasing as more and more users are using the decentralized exchange, which gained momentum after the Robinhood fiasco. The zero-commission broker halted the trading of popular stocks like GME and has now limited the number of shares that can be purchased. The popular retail app also halted crypto trading last week.

This pushed the traditional investors to the world of decentralized finance (DeFi).

Uniswap is actually allowing traders to front-run the rest of the world as it is open for trading 24/7/365, as is the entire crypto space.

This can be seen in the Google search volumes for “Uniswap,” which is now reaching their DeFi summer levels. The search volumes gained momentum last week just as the WallStreetBets vs. Wall Street battle intensified with trading platforms and social media platforms limited the retail traders’ scope.

Google Trends for the search term “Uniswap”

Source: Google Trends “Uniswap”

Another indicator showing an increased interest in using Uniswap can be seen in its volumes.

Interestingly, throughout January, the decentralized exchange (DEX) has been recording higher than ever volumes. All four weeks of Jan. saw $5.5 billion of volume, as per Uniswap.info.

When it comes to daily volume, it kept above $700 million, and several times it went over $1 billion.

According to Dune Analytics, Uniswap did over $25 billion in volume in January, while its competitor Sushiswap did $12.17 billion, and $6.7 billion was recorded by Curve.

The total DEX volume recorded in the last 30 days was $54 billion, with Uniswap accounting for 48.4% of the share, followed by SushiSwap’s 23.5% and Curve’s 9.6%.

“The writing is on the wall. The majority of non-fiat trading will end up on decentralized, borderless, uncensorable venues,” commented Erik Voorhees, the CEO of the self-custody crypto platform ShapeShift, which is integrating with decentralized protocols and apps.

Read Original/a>
Author: AnTy