Gold ETF Records Biggest One-day Reduction in Over 4 Years

Gold is losing its appeal, is what the bitcoin proponents say time and again. But it looks like it’s not just what the crypto enthusiasts have been saying; rather, it has actually been happening.

The latest data from Bloomberg shows that gold ETF holdings have had their biggest one-day reduction since November 2016. An exchange-traded fund (ETF) tracks an asset, commodity, or index that can be purchased or sold on an exchange like a regular stock.

Reportedly, total holdings have dropped 23.5 tons to 3058 tons, the lowest since last May.

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This makes sense given the price of spot gold is trading around $1,770 an ounce, in a downtrend ever since hitting a new all-time high in August last year at $2,075 per ounce.

Compared to gold’s -6.50% performance this year, so far, Bitcoin, aka ‘digital gold,’ has increased 88% in value YTD, while still being down over 16% from its ATH of almost $65,000.

“Bitcoin is stealing gold’s shine,” noted Mike McGlone of Bloomberg. “Accelerating trends in decarbonization, electrification, and digitalization.”

Even the largest gold ETF, SDPR Gold Shares (GLD), is recording a decline in its assets under management (AUM) at $58 billion, last seen in May 2020, down from $84.24 billion in August.

This has been despite the fact that “we’re in an everything bubble,” in which we are seeing asset inflation increasing.

This bubble can be overwhelmingly attributed to one singular trend, QE, which makes asset prices go up, notes Travis Kling, who runs the Ikigai fund.

With the Federal Reserve continuing to add trillions of dollars to the market, everything is running hot, and “Bitcoin appears to have been purpose-built for a time such as this. A perfect mirror reflection of monetary and fiscal policy irresponsibility. Money printer go brrr and number go up,” he said.

This is why in the last 11 years, as the total assets of the world’s central banks went straight up, BTC price went from nine cents to $65k. Kling said,

“Anyone in the world with an internet connection can buy $1 worth of Bitcoin & begin protecting themselves against monetary debasement & the rapidly increasing risk that the largest monetary experiment in human history will end poorly.”

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Author: AnTy

Saturday Night Live (SNL) Answers “What the Hell’s an NFT” in An Eminem Style Rap

Saturday Night Live (SNL) Answers “What the Hell’s an NFT” in An Eminem Style Rap

If you still don’t know what non-fungible tokens (NFTs), “Saturday Night Live” has you covered.

On the Weekend, SNL posted a clip on Twitter called “what the hell’s an NFT” that has received 10k retweets and 39k likes so far. While Tesla CEO Elon Musk called it “Nice,” Justin Sun of Tron (TRX) cryptocurrency wants to know, “where can I buy the NFT of this video.”

The NFT mania reached the late-night show when former cast member Maya Rudolph, acting as the parody of US Treasury Secretary Janet Yellen, gets asked by a university economics class what is an NFT.

In an Eminem-inspired rap, cast members Pete Davidson dressed as Batman’s sidekick Robin and Chris Redd as Morpheus from “The Matrix” series tries to explain NFT in the roughly 3-minute skit.

“Now what the hell’s an NFT?!” starts Robin, rapping, “Everyone’s doin’ it like Gronkowski.”

Special musical guest Jack Harlow as a janitor, arrives with his more concise explanation.

“Non-fungible means that it’s unique. There can only be one like you and me. NFTs are insane, built on a blockchain. A digital ledger of transactions, it records information on what’s happening. Once it’s minted, you can sell it as art,” Harlow rapped.

NFTs are all the rage right now, helping the artists make a fortune, which according to the artists and crypto market participants, is just the beginning.

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Author: AnTy

US Senate Confirms Janet Yellen as Treasury Secretary; What Does This Mean for Crypto?

US Senate Confirms Janet Yellen as Treasury Secretary; What Does This Mean for Crypto?

The U.S Senate has confirmed Janet Yellen on Monday as the Treasury Secretary in the newly inaugurated Biden administration with an overwhelming 84-15 vote. She takes over this position from Steven Mnuchin, who served in the Trump administration and left office last week following Biden’s inauguration.

Yellen’s era comes when crypto stakeholders are especially keen on the regulatory developments that might affect the industry. The previous Fed chairwoman had stated that she is ‘not a fan of Bitcoin,’ referring to it as a highly speculative asset.

Recently, she rubbed shoulders with the crypto community following her take that most crypto activity is attributed to illegal operations. During the Senate Financial Committee oral testimony, Yellen’s written testimony further elaborated her stance on the issue.

“I think many [cryptocurrencies] are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use.”

Nonetheless, she recognizes the underlying potential in cryptocurrencies and their supporting technology. Yellen suggested that a more prudent approach would be keeping up with the changing tech dynamics that malicious actors leverage to circumvent U.S authorities or interests.

“We need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology,”

Pending Crypto Regulations

With Yellen assuming the Treasury Secretary office, she can pick up on some active issues that Mnuchin left pending. These include crypto-focused regulatory proposals such as imposing stricter oversight for crypto wallets; it is currently frozen as part of President Biden’s recent decision to halt all pending agency rulemaking.

Other proposed FinCEN rules include reporting $10,000 or more for U.S citizens who hold an equivalent amount of crypto assets overseas. The financial regulatory body also wants to place a KYC threshold requirement of $250 for U.S cross-border crypto and fiat transactions; this is currently capped at $3,000. Finally, the OCC proposed a regulation that favors an extension of banking services to crypto, which was yet to be forwarded to the Federal Register before Trump’s exit.

Yellen has since vowed that she would collaborate with the mandated financial bodies to advance Fintech regulatory frameworks’ work. She particularly vowed to,

“work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.”

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Author: Edwin Munyui

Bitcoin’s Decentralized Model is What The Internet Wants To Be: Twitter CEO

Bitcoin’s Decentralized Model is What The Internet Wants To Be: Twitter CEO

While calling banning President Donald Trump the “right decision for Twitter,” Jack Dorsey said this sets a “dangerous” precedent.

Twitter CEO Jack Dorsey took to Twitter on Wednesday to clarify his decision to ban President Donald Trump on the platform, which he maintained was the “right decision for Twitter.”

For starters, he isn’t celebrating or feeling pride in this move to ban Trump, but it was made “after a clear warning” and with “the best information we had based on threats to physical safety both on and off Twitter,” he wrote in his series of 13 tweets.

Despite calling this the “right decision,” Dorsey called this ban “a failure of ours ultimately to promote healthy conversation” and set a “dangerous” precedent of an individual or corporation having this much power over a part of the global public conversation.

As other companies made such decisions, Facebook being another big giant to do so, Dorsey says, over the long term it will be destructive to the noble purpose and ideals of the open internet.”

While a company moderating itself is different from a government removing access, Dorsey said it might feel so while adding, “If folks do not agree with our rules and enforcement, they can simply go to another internet service.”

But at the same time, he maintained that Twitter does need more transparency in such moderation operations.

And this is why he has all this passion for Bitcoin, which he has previously said that one day could be the currency of the Internet.

“The reason I have so much passion for Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be,” said Dorsey, the founder of payment company Square, whose Cash App supports BTC.

Dorsey has been calling for an open, decentralized standard for social media, and it has been towards this goal that they have been developing Bluesky — “a client of that standard for the public conversation layer of the internet.”

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Author: AnTy

Bitcoin Is Ready to Welcome The New Year With Blast; Chance Of A Pullback?

Several factors point to an upcoming correction, what will be instructive for next year’s flows would be whether institutions “buy on a potential dip.”

Bitcoin vaulted above $29,000 to hit yet another record high with just one day left to end 2020. But it is showing no signs of slowing down its crazy December rally that has it up over 50% this month.

The digital asset climbed as high as $29,275 before pulling back to $28,045 but is now just above $28k.

And with these gains came over $540 billion market cap which helped Bitcoin flip its skeptic Warren Buffett’s Berkshire Hathaway and become the 10th largest asset by market capitalization.

Interestingly, while volume on Wall Street is winding down due to the holidays, crypto volumes are seeing record-breaking levels.

As Paul Vigna, a reporter at the Wall Street Journal noted, in his 3-decade experience covering financial markets, he has “never seen a group of people so insanely bullish on a specific asset class.”

This latest uptick in BTC price coincided with increased stablecoin deposits on crypto exchanges. However, such transactions are now decreasing.

A Potential Dip

Bitcoin has been going strong ever since the March sell-off and since then we have yet to see any meaningful pullback.

“BTC would have a correction when the spot inflow of institutional investors slows down,” says Ki-Young Jo, CEO of data provider CryptoQuant. He noted that Grayscale hasn’t purchased any BTC since Dec. 25. Also, we haven’t had significant Coinbase outflows since last week.

The relative strength indicator is also flashing red, putting the digital asset into overbought territory, suggesting the coin is “close to a top.”

“Key to this rally is that it has been sustained over several weeks,” said Matt Long, head of distribution and prime products with crypto brokerage OSL in Hong Kong. “If we do see a break to the downside, it will be instructive on the direction of first-quarter flows whether we see institutions continue to buy on a potential dip.”

The market has long been anticipating a correction that is yet to be seen. In the light of strong demand for Bitcoin, experts believe it won’t be as deep, 30% to 40%, as we saw during the 2017 bull run but less than half of that and even that would be quickly scooped off.

“My sense is we’re very close to a top — we could hit $30,000 though,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “We should definitely see a pullback, but the magnitude is probably lesser. We might only see 10% to 15% drops.”

According to Ayyar, a lot of things have been validated this year, and “Bitcoin is now a real alternative.”

Regulatory Worries

Regulators are also keeping things slightly uncertain. After the SEC sued Ripple Labs and its top executives for allegedly selling unregistered security XRP, it has been speculated that they are “sniffing around a number of projects and companies.”

The market can see the biggest hit if a stablecoin like the dominant USDT gets targeted. And although some may feel so, “Tether is registered and regulated under FinCEN as all the centralized competitors. Strict KYC/AML is applied to all Tether direct users, as the other main issuers are doing. Less regulated is just FUD,” clarified Paolo Ardoino, CTO at Tether and Bitfinex.

When it comes to Tether, the “SEC isn’t the agency to be worried about,” said Jake Chaervinksy, General Counsel at Compound Finance. The NYAG is already pursuing Tether in a Martin Act investigation, He said earlier this week that the handover of loan documents will be completed in “the coming weeks.”

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Author: AnTy

Buy Bitcoin Ads Pop Up in the UK, Australia, and Other Parts of the World

“… it’s time to buy Bitcoin,” is what one of the many adverts posted in different cities of different countries says.

As Bitcoin rallies strongly towards the end of 2020, up 78% in Q4 and 166% YTD, and everyone from retail, institutional investors, high net worth individuals, insurance companies, and family offices take a liking to the largest cryptocurrency, exchanges are also taking advantage of this to attract even more attention.

Cryptocurrency exchange Luno has been pushing Bitcoin advertisement to different parts of the globe.

From street signs and buses in Australia, underground billboards in the UK to newspapers, online ads in Malaysia, bus shelters, lamp posts in Nigeria, and malls and premier league matches in Zimbabwe, buy Bitcoin posters are being put up to attract the masses.

Nasper Lt.-backed crypto exchange, Luno, was acquired by New York-based digital investment firm Digital Currency Group, the company behind Genesis, Grayscale, Foundry, and Coindesk, this year.

Grayscale actually ran the famous campaign #DropGold last year focused on Bitcoin, which aimed to make the investors understand the limits of using gold as a hedge while bringing awareness to digital gold, the store of value.

In August this year, it launched another national advertising campaign where it told investors to move to Bitcoin and Ether via its products by showing how it has evolved all these years in the 30-second commercial that aired on CNBC, MSNBC, and FOX.

Another exchange, London-based Coinfloor, had its “first outdoor advertising campaign on the London Underground.”

“Bitcoin is DEAD… Easy with Coinfloor,” reads the posters plastered across central London.

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Author: AnTy

This DeFi Blue Chip is Coming to Bitcoin with The RSK Market Proposal

“An Aave approach to the Bitcoin world” is what the DeFi Bluechip project is trying to achieve now.

The popular decentralized finance project announced this week that it is now coming to Bitcoin with a new proposal “for an RSK market on the Aave Protocol.”

“This is a huge step for expanding the DeFi ecosystem,” noted the team which launched Aave V2 last week, which saw its market size surpassing $35 million. The upgrade makes the project easier and cheaper to use, with its flash loan functionality also getting a revamp.

Following the launch of the latest version, the team proposed the ability to separately delegate proposal power and voting power —

“a major step in governance scalability as we believe the ability to assess proposals require different skills than those needed to make a smart contract proposal.”

Aave is the fourth largest DeFi project whose governance token AAVE continues to grow strong, trading at $76.28, with a whopping 4,147% year-to-date performance.

The project has $1.6 billion in TVL, with 432.5k ETH, 10k BTC, and 15.55 million DAI locked in it.

The proposal on Aave’s governance forum explains that for leveraging Bitcoin, they will be incorporating the RSK Market. This will be completely done by RSK devs, and integration has already been done with Chainlink, which will be used by Aave.

RSK’s full technology stack is built on top of Bitcoin, and its goal is to add value and functionality to the ecosystem of the largest cryptocurrency by enabling smart-contracts, near-instant payments, and higher-scalability.

Instead of a bridge, Aave proposes creating a Market, a new idea that incorporates new customers that are not using Aave. All new tokens already on RSK Marketplace natively will be brought along with the new proposal to increase the liquidity and opportunities for both companies. The team noted,

“We will bring to the table new customers that will bring new business and liquidity from the bitcoin world that look the DeFi platforms differently.”

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Author: AnTy

Venezuela’s Bolivarian Army Embarks on Bitcoin Mining for Income and Sanction Evasion

Venezuela is further expanding its crypto foothold in what seems to be a tact towards salvaging the country’s economy while evading imposed sanctions, especially by the United States. Through one of its engineering brigades, the Venezuelan army recently revealed a Bitcoin mining center dubbed ‘Digital Assets Production Center of the Bolivarian Army of Venezuela.’

Inaugurated via an Instagram post, the center is fitted with ASIC machines to mine crypto assets by cracking the proof-of-work (PoW) algorithm. This implies that Bitcoin is probably the main asset which the Venezuelan army plans to mine within its newly launched facility.

The move comes as Venezuelans continue to struggle to make ends meet after the country’s economy tumbled on oil prices coupled with political uncertainty under Maduro’s administration. Today, the Venezuelan Bolivar is almost useless, trading at 1 million VES against the U.S dollar.

Given the circumstances, it is not surprising that Venezuela is among the jurisdictions that have experimented with crypto assets the most. The state had approved its oil-backed crypto-asset dubbed ‘petrodollar’; however, it did not solve the shortcomings as expected.

The Venezuelan army now says that a mining center might be part of the solution to its ailing economy and sanctions. Presenting the new operation, General Lenin Herrera noted that the goal is to strengthen and achieve self-sustainability within the Bolivarian army units.

He went on to highlight that this milestone will also generate ‘unblockable sources of income.’ Therefore, he could act as an alternative in evading colonial interests from countries like the U.S. Notably, Venezuela recently legalized Bitcoin mining but with a central oversight through a national digital mining pool.

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Author: Edwin Munyui

Crypto Thanksgiving Sale Goes Live, Black Friday to Offer More Discount?

Well, what were you expecting after an over 85% rally in these past two months?

This may have taken us all a bit by surprise despite expecting to see this coming for some time now, but it’s a Thanksgiving sale, and buying the dips is the only option.

Bitcoin started breaking one level after another, from just above $10,000 to a new 2020 high of $19,500 just yesterday. And much like BTC, altcoins have been having a wild time.

Recently, Ether went up to $620, and XRP was reaching for $1; everything was simply exploding higher and higher, approaching their mid-2018 highs.

Add today; the market has turned a deep red just like that.

Bitcoin started dropping and didn’t stop until it made its way to nearly $16,300, but the pain isn’t over yet as this 17% crash could further extend into the weekend.

At the time of writing, BTC/USD has been trading around $17,000 with a real trading volume of around $6.68 billion.

Just yesterday, crypto exchange Kraken reported an all-time high volume of $1.4 billion, with $480 million in Bitcoin, $400 million in XRP, and $198 million in ETH. After yesterday, today is going to be another big day for exchanges.

XRP recorded the biggest hit of 25%, falling to just under $0.50 level and Ether to $505.

Today’s biggest losers include Super Bitcoin (-56%), Bankera (-41%), Verge (-37%), ZEN (-32%), KIMCHI (-30%), Zilliqa (-28%), and CRV (-25%).

These deep losses resulted in wiping out $70 billion from the total market cap.

However, still, a few cryptos are recording gains: the notable ones are PumaPay (+56%), Ontology Gas (+53%), and CREAM (22%).

Bears, however, aren’t done with Bitcoin and, by extension, altcoins.

During the last bull run in 2017, the market had an average of 30% retracements nine times; such a pullback will take us to under $14,000 this time.

As Charles Edwards, founder of Capriole Investments, noted yesterday, “19.2K was a technical magnet and biggest near-term test for Bitcoin. That was the time to be super bullish. This is the time to be cautious.”

According to him, the largest cryptocurrency could slide to under $15,000.

“Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. He expects Bitcoin to stabilize and achieve an all-time high, but a large drop would follow even that in the prices for the cryptocurrency.

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Author: AnTy

XRP Climbs to 24-Month High with Monster Green Candle; Now Everyone Wants a Piece of It

Finally!

This is what a bull market looks like… when everything explodes without reason but because it is a wild bull season.

Today, in a violent move, XRP moved and posted a giant green candle. Such a big move was last seen in mid-September 2018 when the digital asset went from about $0.26 to $0.78 before continuing its descent into the darkness.

Such giant monster candles were previously seen only during December at the peak of the 2017 bull market.

At the time, the first green candle took it from about $0.22 to $0.90, another one was seen from $0.9 to $0.245, and the last one took it to an all-time high of $3.3.

It just might be the time for the fourth-largest digital currency to make some moves.

Amidst all this also came the reports of Ripple officially adding Bank of America. It has a long history of partnership that was never confirmed but has been finally included in its official website.

Going to nearly $0.440 over the weekend, XRP recorded gains of 40% in just one day. Continuing this uptrend, XRP went up further as high as $0.554 — a last seen level in November 2018.

At the time of writing, XRP has been trading at $0.533 with $2.59 billion in volume, the fourth largest volume after BTC ($3.52 billion), ETH ($4.06 billion), and USDT ($9.45 billion).

The digital asset first started trending up on Thursday when trading was at $0.283, and in just four days, XRP price has surged more than 95%. This strong breakout means everyone wants a bite of XRP, with analyst Mati Greenspan saying,

“When I sold 1000 XRP in 2017 for $1.08 a piece, I never thought that I’d be buying back in at 52 cents in 2020.”

Altcoins have started to pop out because Bitcoin has been taking a breather around $18,000, just inches away from its all-time high of $20,000.

Besides XRP, other notable movers on the first day of the week included DXT (424%), ZEN (67%), OXT (23%), and VeChain (14%). In this month alone, the total market has added $143 billion.

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Author: AnTy