Grayscale Investments Buys 2,170 BTC, No ETH Yet While Dissolving XRP Trust Altogether

Grayscale Investments Buys 2,170 BTC, No ETH Yet While Dissolving XRP Trust Altogether

It has been a month and a week since ETHE has added any new Ethereum to its holdings, but the GBTC has got the ball rolling. Meanwhile, XRP’s delisting from major exchanges creating the issue of liquidity.

So, it has started!

After closing access to its products and not making a single purchase since Christmas, the world’s largest crypto asset manager has set things in motion again.

This week, Grayscale Investments opened the business again for new investors and started it by adding 2,170 BTC, worth about $83.5 billion at a current Bitcoin price of $39,640.

With this latest purchase, Grayscale’s Bitcoin Trust (GBTC) now holds a total of 608,810 BTC, 3.27% of Bitcoin’s circulating supply.

This purchase coincided with an 18% jump in the price of Bitcoin from yesterday’s $32,400 low. Interestingly, Bitcoin price has been ripping higher lately in tandem with all the Grayscael’s Bitcoin buying frenzy and Coinbase’s big BTC outflows that represent the institution’s involvement.

While Grayscale has started adding more BTC to its stash, the asset manager has yet to add more ETH. It has been a month and a week since ETHE has added any new Ethereum to its holdings, still keeping at 2.93 million — 2.5% of Ether’s total circulating supply.

Currency or Security!

Coming on to XRP, Grayscale has decided to dissolve its XRP Trust following the Securities and Exchange Commission’s lawsuit against Ripple and its top two executives for allegedly selling unregistered security.

The announcement came on Wednesday in which the firm mentioned the delisting of XRP from major platforms as a reason behind its move because “it is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP into U.S. dollars, and therefore continue the Trust’s operations.”

As such, the Trust has “liquidated” the XRP and intends to distribute the net cash proceeds to Trust shareholders. Just a few days back, the firm announced the liquidation of the XRP position from its Digital Large Cap Fund as well.

This move by the wide crypto market, however, has been limited to US customers. Japan is particularly clear about its stance on XRP, with Ripple partner SBI Holdings’ clarifying that the digital asset is, in fact, not a security.

Japan’s Financial Services Agency (FSA) has also said that it views XRP as a currency based on the Payment Services Act and not as a security (FSA also said this back in May of 2019). The same is the case in the UK, where XRP is considered an “exchange token.”

Ripple CEO Brad Garlinghouse also maintains that the majority, 95% of XRP trading, happens outside the US. The digital asset, meanwhile, is trading under $0.30.

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Author: AnTy

Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021

This week, while other cryptocurrencies are still struggling to reverse their correction, DeFi tokens swiftly made a recovery, with SNX token hitting a new ATH above $16.50. For now, the 23rd largest cryptocurrency is trading around $14.80 SNX 2.17% Synthetix / USD SNXUSD $ 14.84
$0.322.17%
Volume 409.21 m Change $0.32 Open $14.84 Circulating 110.52 m Market Cap 1.64 b
4 h Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021 1 d A ‘Massive Transfer of Wealth Among Traders’ Sees DeFi Tokens Winning the Round 1 w Three Arrows Capital Holds 36,969 Bitcoin ($1.24B) via An Over 6% Stake in GBTC
.

Derivatives liquidity protocol, Synthetix is the blue-chip DeFi project with a market cap of $1.68 billion. Amidst this uptrend, Synthetix released its roadmap for 2021, painting a picture of a

“future where everyone in the world is connected to one another by handheld devices that allow them to hold, trade, and transfer every imaginable asset.”

The roadmap mentions Optimistic Ethereum, Synthetix V3, Synthetic Futures, Asset expansion, dApp Upgrades, and optionsDAO as its high-level priorities.

A complete re-architecture of the Synthetix contracts will be done for the first time since last 2018. Synthetix V3 will involve a new SNX staking mechanism so that SNX is always freely transferable, introducing eSNX, tokenized debt, continuous staking rewards, continuous vesting, and Keep3r implementation, among other features.

The transition to layer two scaling solution Optimistic Ethereum which will lower the gas costs and provide higher throughput, is one of the most exciting things to come. The combination of this with Synthetic Futures will allow projects to compete with centralized futures markets and provide a minimum of 10x leverage. Also, Synthtix will expand into equities.

In the options, sDAO will provide upfront funding based on certain conditions, and oDAO will enable several improvements over the existing binary options implementation.

⁩”As an investor in SNX, it’s great to see the aggressive roadmap here,” said one of the partners of crypto fund The Spartan Group. “This is how $SNX is getting to $10B.”

2021 will also involve a focus on acquisitions and expansion for Synthetix as the scale of the project grows.

“This year we finally take on CeFi, then we come for TradFi…” concluded Kain Warwick, the founder of Synthetix.

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Author: AnTy

SushiSwap Captures Bigger DEX Market Share; Lays Down 2021 Roadmap

While Uniswap lost 40% of its market share since August, Sushiswap gained 1,120% in just over 2 months. Meanwhile, the Sushi token price is fast approaching its ATH as the team shares what’s to come this year.

Decentralized exchange SushiSwap’s native token Sushi has been enjoying an uptrend of 790% since November.

The token, which is still 62% away from its all-time high of $12.5 made on Sept. 1st, started climbing upwards today ahead of the roadmap release as announced by the project lead 0xMaki on Friday.

Sushiswap actually accounts for 24.4% of all DEX volume, up from a mere 2% in late Oct., as per Dune Analytics. Meanwhile, Uniswap’s share has decreased from 70.65% in late Aug. to now 42.6%.

The second-largest DEX recorded a $3.2 billion volume in the last 7 days.

image1

In terms of count of unique addresses that traded, trailing the last 7 days, Sushiswap comes in 3rd with 8,414 number of traders followed by 1inch’s 13,236 and Uniswap’s 98,426.

Much like other metrics, the TVL (total value locked) of the project has also reached $1.7 billion, from merely $239 million in early November.

What’s Ahead?

The team is planning to move to a new domain this year as “we aren’t an AMM anymore moving forward but an OpenOrg part of the Yearn ecosystem,” revealed the roadmap. It will also support IPFS.

The governance transition could either be like the Aragon v2 model or like Synthetix to opt for Council of community members is expected to finish by Q4 of 2021.

DSD, FRAX, and BAO projects are already secured for integration in Q1 2021 besides cross-chain AMM enabled by Rune/Moonbeam and live testing version of Sushiswap on Kusama, MEV integration via ArcherDAO, shared the team.

The plan is to incentivize teams, wallets, dApps & protocols to build with Sushiswap via an emission enabled pool of 0.1x and provide technical support for projects natively integrating Sushiswap.

As per the roadmap, the team ticked off — no lockup so that it can integrate inside Aave-Maker, Keep3r auto-serving of reward, and Wrapped-SLP to be used in various money markets that are being worked on.

The team also introduced Mirin in addition to the Deriswap that comes with franchised pools, double yield, K3PR dynamic yield rebalancing, and integrated 1-Click Za among others.

As for BentoBox, Yearn.Finance creator Andre Cronje introduced with the Sushi-Yearn merger is ready for its soft launch in mid-January. The project has already been audited by Quantstamp & PeckShield but would see another round from Trail of Bits.

When it comes to Minimal Initial Sushi Offering (MISO), a token launchpad, the team is about done with the smart contracts. The v1 of the launchpad will have multiple features; freeze of SLP with vesting for teams, liquidity mining, ICBO, farms, auctions, and crowdsales.

For the layer 2 solution, Sushi will move in sync with the greater Yearn ecosystem. Meanwhile, the Onsen program will be announcing support for mid-tier and lower cap tokens to become accredited to participate in its liquidity mining program.

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Author: AnTy

New Mimblewimble Code & Community-wide Testnet Launch Might Come in Q1 2021

Implementation of privacy features on Litecoin while other privacy coins getting delisted have people bullish on LTC.

“The first implementation of non-interactive txs is finally ready for testing!” said David Burkett while sharing the update on implementing Mimblewimble to bring privacy to the network.

In the month of December, the first-ever implementation of one-sided txs on Mimblewimble is completed and ready for testing and review and MWEB components have also been added to the GUI.

Going forward, one more week would take to prep Grin++for the final planned hard fork of Grin. And once the new version is released, Burkett will get the new MWEB code ready and launch the new community-wide testnet. This will allow everyone, regardless of technical abilities, to test out the MWEB and provide feedback.

However, there is still no exact date ready for when the code will be finished, but Burkett did ensure that he is “getting very close” but with a lot of automated tests to backfill still, a few outstanding questions about max weight for the EBs & peg-in/peg-out maturity, and lots of small cleanup tasks remaining. He said,

“I’m still expecting to have the code finished sometime this quarter (Q1 2021) though, so it won’t be long.”

Making it a Reality

As per the original plan, the MWEB was to be completed in a year but the team is already two months behind. Burkett said,

“While we didn’t quite meet our original timeline, it wasn’t for a lack of trying. I’ve put in countless late-night hours working to make MWEB a reality.”

“But there’s simply too much at stake to release anything less than perfection. LTC deserves it, and we’re all doing everything we can to deliver on that.”

The delay has been because of completely rewriting the code from scratch, while initially it was thought that Grin++’s code would be reused but it didn’t mesh well with the LTC codebase.

Additionally, the original plan included only interactive transactions but that meant users had to be online to receive funds, which would’ve been a whole lot worse for usability, noted the developer who further shared that “at the time, non-interactive txs were not even considered possible in MW, but we figured out a way to do it.”

Enjoying the Greens

During the update, Burkett also urged the community to continue with more donations as he said, “despite huge LTC gains, only 0.25 LTC were donated this month.” Every donation would be matched to litoshi-for-litoshi by Bitcoin creator Charlie Lee.

The price of LTC has been enjoying a rally since 4Q20, moving in tandem with Bitcoin. While Bitcoin went crazy with its over 315% gains in 2020, Litecoin surged just over 220%.

The fourth-largest cryptocurrency with a market cap of $10.21 billion is currently trading above $153, up 190% since Oct.

Amidst the ongoing delisting of privacy featured coins, like Zcash (ZEC), Monero (XMR), and DASH from crypto exchanges, some speculate it could make LTC more valuable. Crypto analyst Alex Saunders said,

“More privacy coin delisting news today. My thesis & narrative around Litecoin’s 2nd coming strengthens. With XRP out of the picture & LTC’s regulatory certainty (age, distribution, decentralization, Grayscale Trust) it could regain #3 as it implements privacy features.

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Author: AnTy

Sushi’s Whirlwind Week Sees the Launch of Onsen; The ‘Future of Finance in 2021’

SUSHI reverses the 60% pullback while Onsen replaces the Menu of the Week. Anonymous dev 0xMaki shares future plans for the project.

DeFi project Sushi had a whirlwind journey and the same was reflected in its price action this week. On Wednesday, from the high of about $2.76, SUSHI prices crashed hard nearly 60% to the $1.16 level. But the next day Sushi was back above $2.6.

This crash was market-wide, although SUSHI reacted hard and fast both in terms of losses and then reversing them into gains. The news of SEC suing Ripple and its two executives, former and current CEO, over the alleged sale of an unregistered security offering was what pushed the cryptocurrency market down.

The red sea of Wednesday is already a field of green on Christmas. Just last week, SUSHI had hit $3.35, last seen in early September when the token was making its way down from the high of $12.47 on Sept. 1st.

As of writing, SUSHI/USD has been trading at $2.73.

With these greens came the official launch of Onsen, a new liquidity mining incentivization program, that is replacing the Menu of the Week.

200 allocation points have been set aside for the initial launch of Onsen which will require LPs to stake their SLP tokens in MasterChef to take advantage of the SUSHI rewards.

MKR, OMG, ESD, ANT, PNK, HEGIC, CREAM, PICKLE, DPI, CVP, YETI, ARCH, INJ, BOR, DUSD, DFD, BADGER, zLOT, INDEX, SWAG, JRT, DOUGH, SEEN, UWL, ICHI, ROPE, oBTC, mbBASED, DSD, nTRUMP, UST, FNX, BCP, YPIE, DEFI+L, BASE, DDX, MPH, FRONT, UOP, TRU, ALPHA, AKRO, and CRETH2 — is an exhaustive list of token that will be taking part in Onsen.

The Future Plans

DEX SushiSwap’s project lead, 0xMaki, recently shared his plans for the project that currently has more than $1 billion in TVL (total value locked).

The anonymous developer shared that SushiSwap users will soon get to borrow or lend and long or short an asset with the launch of BentoBox, which he said will be available in 2021. Developers will also be able to build on top of the protocol, he said.

“I think we are going to see the future of finance in 2021,” said 0xMaki in his recent interview with UniWhales.

BentoBox was recently revealed when YFI’s Andre Cronje announced the merge of SushiSwap and YearnFinance. In this partnership, 0xMaki said they both share the same goals and that both are “big proponents of decentralization.”

Cronje is “very good” who has a lot of good ideas, said 0xMaki adding, “pushing the idea to the finish line or maintenance is not his forte and that’s where we can come in and pick up the ball for him.”

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Author: AnTy

Retail is Coming While Bitcoin Whales Are Getting Out & Re-Accumulation Completes

Retail is Coming While Bitcoin Whales Are Getting Out & Re-Accumulation Completes

Meanwhile, “unprecedented” interest in the digital asset during the holiday period will see one of the biggest gap on CME.

After hitting both $27k and $28k on the 27th of December, the price of Bitcoin corrected to $25,800.

Today, we are trading just over $27,000 which makes sense after the monster rally of December that gave us an uptrend of more than 60%.

But interestingly, this rally during the holiday weekend seems to be driven by retail. This demand has been unlike any other ever seen during the holiday periods. “Unprecedented” as put by investor Alistair Milne.

Retail is indeed coming as seen in the growing interest reflected on Google Trends, which has surged to February 2018 levels, and exchange activity. Ki-Young Ju, CEO of data provider CryptoQuant noted,

“Retail investors are coming. BTC outflow from whales is a strong bullish signal. Otherwise, it’s a bearish one as whales tend to benefit from retail investors. We need more exchange outflows from whales before another leg up.”

Ju remains very bullish on BTC in the long term and in the short-term as well, he is expecting the $30k breakout soon but says “it’s hard to break $28.5k.”

If the ongoing cycle mimics the latest one, retail will start accumulating here in large numbers attracted by the price rises, now that “inventory depletion on spot exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely complete,” said on-chain analyst Willy Woo.

image1

Woo explains that retail tends to store more of their coins on crypto exchanges, which results in the inventory to climb later in the cycle.

Interestingly, “this re-accumulation phase was 2x more powerful than the last cycle. It took 2x longer to complete and the depletion was 2x deeper,” noted Woo adding that it is “very bullish.”

This resulted in one of the biggest CME gaps ever both in terms of BTC and USD. When the traditional markets were closed down, BTC was trading around $23,700 but bitcoin futures on the largest regulated platform will be opening on Monday at a whopping $4,500 above it.

But with the market moving down today, it is to be seen how this week will go, if a much-wanted pullback will finally come or we will hit $30,000 first. Trader Scott Melker on the prospect of a correction said,

“A drop to 20k to retest the former all-time high as support would terrify many when that price was a dream two weeks ago.”

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Author: AnTy

EU and UK Closes Historic Brexit Deal; Bitcoin Hits a New ATH

Sterling rejoicing, US dollar weak, while Bitcoin ready to move back above $25k while on price discovery.

The UK has finally reached a historic deal with the European Union, just days before the country was due to leave the bloc’s single market.

“We were told we couldn’t have our cake and eat it,” Prime Minister Boris Johnson told a press conference on being asked about the compromises to be made.

“I’m not going to claim that this is a ‘cakeist’ treaty, but it is I believe what the country needs at this time.”

The agreement will allow for quota and tariff-free trade in goods after December 31 but the same rule won’t apply for about 80% of the UK economy — the services industry.

The Guardian called the deal “nothing but thin gruel,” that will only make it harder for Britain to sell services in the EU. Besides losing the right to freely travel, work, and settle in other European countries, the British also have to comply with EU regulations.

“It was a long and winding road — but we have got a deal to show for it.”

“It is fair, it is a balanced deal and it is the right and responsible thing to do for both sides.”

Ursula von der Leyen European Commission President

Going Crypto

While little was changed in the US market, the Stoxx 600 Index gained after the deal. The British pound strengthened and is now nearing its highest since mid-2018.

As the pound rallied against most major currencies, the US dollar index remained just above 90.

“To some extent, the devil will be in the detail, yet markets and the pound are likely to celebrate almost any type of agreement that avoids a no-deal scenario,” analysts at IG said.

This has expected to bring some volatility in the markets, Bitcoin can feel some as well. Already, the digital asset is preparing for the expiry of bitcoin futures and options contracts on Friday.

Currently trading around $24,960 BTC 7.59% Bitcoin / USD BTCUSD $ 26,422.87
$2,005.50 7.59%
Volume 48.24 b Change $2,005.50 Open $26,422.87 Circulating 18.58 m Market Cap 490.99 b
7 h Bitcoin on Track to Become the 10th Largest Asset in the World & Beat Warren Buffett’s Berkshire Hathaway 9 h EU and UK Closes Historic Brexit Deal; Bitcoin Hits a New ATH 10 h Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses
, BTC hit a new ATH yesterday at $25,026.86 and is preparing to move above $25k again on the back of strong institutional demand.

Just this month, Brexit party leader Nigel Farage went “full crypto” while calling fiat currency “funny money,” which the governments continue to print at warp speed. This has made it “crucially important” to understand crypto, he had said. Elsewhere, he called Bitcoin “the ultimate anti-lockdown investment.”

Increased Interest

UK investors have actually been taking an increasing interest in Bitcoin, with 38 times more money in sterling being exchanged for the cryptocurrency on crypto exchange Kraken than this time last year, as per a recent report.

Marcus Hughes, Europe manager at crypto exchange Coinbase also said that the ongoing evolution in the industry is driving customer activity in the UK. “Increased levels of institutional interest, corporates, including MicroStrategy, taking Bitcoin onto their balance sheets and wider awareness of payment mechanisms” is driving the higher trading volume of BTC in the UK.

Recently, UK-based Ruffer, which manages £20 billion of assets has allocated 2.5% of its assets in Bitcoin just this month.

“This news is important because they are a well-regarded firm among UK wealth managers,” wrote Charlie Morris of ByteTree. “I believe UK wealth will have to find ways to follow suit.”

Additionally, the Financial Conduct Authority making it mandatory for companies selling crypto assets to register starting in January may be helping make the digital asset more acceptable for investors.

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Author: AnTy

Bitcoin Bears Still in Control While Market Consolidates into the Crypto King

Bitcoin Bears Still in Control While Market Consolidates into the Crypto King

Bitcoin dominance explodes to yearly highs and surpassed 70% amidst the altcoin carnage.

The week started on a red note and continuing this trend, the markets experienced another sell-off late on Wednesday or early Thursday. Bitcoin, however, came out relatively unscathed out of the crypto carnage.

The largest cryptocurrency in the world has taken to ranging for a week now. Amidst this, yesterday we went to the $22,650 level but even a bigger drop was seen on Monday when BTC fell to the $22k level.

As the day progresses, we have already made it back to $23,000, barely in the red while managing $6.22 billion in ‘real’ volume. But it is to be seen if we will continue upwards or if we finally have the pullback to about $20k that the market has long been expecting. Crypto trading platform Hxro Labs noted,

“Ranging continues for Bitcoin this evening as we wrap up the year and head into the holidays. Sell volume is leading since the 21st so for now, on the hourly at least… The bears are in control. Still no break in HTF market structure.”

These losses have been the result of Ripple being sued by the SEC for the unregistered sale of XRP. Things are not looking good for the digital asset which has long been under the fear of XRP being deemed a security. All of this Ripple fiasco pushed the entire digital asset market into the sea of red.

Bitcoin’s limited losses amidst the double-digit losses in altcoins resulted in an “extreme rise” in bitcoin’s dominance in the crypto world — at its highest level since the start of the year.

From 62 in mid-November, Bitcoin Dominance has surpassed 70, last seen in early January.

“What this translates to is a consolidation of the industry back into the leader,” wrote analyst Mati Greenspan in his daily newsletter Quantum Economics. “At the moment, Bitcoin is consolidating gains, while many of the alts are not.”

This is why the price of Ethereum went down to $550, a decline of 11.7% in a single day.

Interestingly, before the losses, the amount of Ethereum changing hands continued its activity. The addresses with 1-100 ETH actually have been holding their lowest collective amounts this month. Crypto data provider Santiment noted earlier this week,

“However, smaller addresses are growing encouragingly, and whales with at least 100K ($61.6M) staying patient.”

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Author: AnTy

Ripple’s Trump Card in The SEC’s Lawsuit Against XRP is China

While Ripple CEO Brad Garlinghouse continues his broken record, XRP enthusiasts are left grasping at straws, and the increasing amount of tokens move to exchanges.

Ripple said on Monday that the Securities and Exchange Commission (SEC) is planning to file a lawsuit against the company over the alleged sale of unlicensed securities, XRP. According to Ripple CEO Brad Garlinghouse, the case will also be naming him and co-founder Chris Larsen as defendants.

Garlinghouse took to Twitter on Monday to share this update and yet again continued his broken record of the authorities favoring Bitcoin and Ether to the broad crypto market.

“Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH,” said Garlinghouse.

“The SEC – out of step with other G20 countries & the rest of the US govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China),” he added. “Make no mistake. We are ready to fight and win – this battle is just beginning.”

Garlinghouse characterized this decision as parting shots by Trust administration officials and predicted that the incoming Biden administration might be more favorable to the industry. Meanwhile, Ripple is preparing to litigate, he said.

“I think we have to stand up for all of crypto—and not let the SEC bully the entire industry,” Garlinghouse told Fortune, adding, “We’re going to be on the right side of history.”

An “embarrassment” to the Crypto Industry

“We know crypto and blockchain technologies aren’t going anywhere,” said Garlinghouse on Twitter and added that Ripple would continue to use XRP “because it is the best digital asset for payments – speed, cost, scalability, and energy efficiency” and it is already traded on over 200 exchanges globally.

According to him, XRP “will continue to thrive.” However, that’s not what the crypto industry feels.

“XRP isn’t a cryptocurrency; it’s not meaningfully decentralized, it’s literally a token on a DB maintained by a single entity,” and is in no way comparable to Bitcoin, said Nic carter, founder of Coin Metrics.

XRP’s claimed and “only” use case as a bridge currency for remittances has been made redundant by stablecoins because “no one wants to use a volatile, illiquid, thinly traded asset as a bridge currency,” said Carter.

Calling it a “shallow fraud” and “embarrassment” to the crypto industry, Carter believes it is time to end this madness by making Ripple accountable.

Trying to Find the Silver Lining

“XRP is a fully functional currency that offers a better alternative to bitcoin,” is what Ripple says in its Wells Submission.

Throughout 2020, Ripple’s biggest argument for XRP not being security has been Bitcoin and Ether being Chinese-controlled, which the company says will mean “innovation in the cryptocurrency industry will be fully ceded to China.”

“Looks like the Ripple/XRP team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called a security for *public policy reasons*,” commented Ethereum co-founder Vitalik Buterin on this China control.

XRP enthusiasts are now left grasping at straws. One Twitter user pointed out how the big tech giants; Amazon, Apple, Facebook, Google, Tesla, and all the big banks have been sued by the SEC as well, “One could say it’s an interesting path to follow. Every cloud has a silver lining,” he noted.

XRP is currently the biggest loser among the top 40 cryptos, down 18% while trading at $0.463.

In response to this report, not only the social volume for XRP “exploded, but” there has also been an increase in tokens moving to exchanges, per Santiment.

If the SEC sues Ripple, it will take time to conclude as it will involve years of debate between the company and the agency on XRP’s security nature.

In the immediate future, however, the bigger question is “if centralized exchanges delist XRP while the case is pending,” said Jake Chervinsky, General Counsel at Compound Finance.

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Author: AnTy

Tether’s Exchange Supply & $900B US Stimulus Deal Offers Fuel to Bitcoin Bulls

After the monster weekly candle last week while being on track to beat 2Q17 to become the second-best quarter after 4Q17, today the market is in red but the bulls might not back down yet.

Last week was a wild one for Bitcoin.

The digital asset capped one of the biggest weeks with a monster candle that pushed us from about $18,950 to above $24,000.

There have been only a handful of times when Bitcoin BTC -4.74% Bitcoin / USD BTCUSD $ 22 930,0532
-1,086.88 -4.74
Volume 47.02 b Change -1,086.88 Open $22 930,0532 Circulating 18.58 m Market Cap 425.98 b
1 h Crypto Exchange EXMO Hacked; BTC, ETH, XRP, ZEC, USDT, and ETC Stolen By Attacker
recorded more gains than what we posted last week.

This quarter, which is still 10 days from its end, has recorded the third-largest quarterly gains of 121% beaten by 125.32% in Q2 of 2017 and of course the 10.13% gains in Q4 of the same year, as per crypto data provider Skew.

The world’s largest cryptocurrency made yet another new high early Monday, as it jumped past $24,300 following Tesla CEO Elon Musk’s Bitcoin meme and inquiry about “larger transactions” required to convert $100 billion of USD in Tesla’s balance sheet to BTC.

According to Hxro Labs, “With a break of 24k, it looks like the next such cluster of objectives lay in wait up around the $26,750-$26,650 area.”

But the weakness in the price of the digital asset seen last night and today has some feeling a bit cautious.

And, today the price of the Bitcoin went down to about $21,885 level and is currently trading around $22,800 in red.

Interestingly, amidst the ongoing bullish price action, the number of Bitcoin holders with 1,000 or more BTC continues its upward momentum. Unlike these multi-millionaires, addresses with under 1,000 BTC have been selling off their stash since Wednesday, the day BTC price breached the all-time high of $20k only to continue to break past several levels.

Meanwhile, the bullish sign for the Bitcoin bulls is the percentage of Tether supply on cryptocurrency exchange hitting a 4-month low on the weekend, as per Santiment.

At the same time, Congress reached a deal on the $900 billion coronavirus relief package. Congressional leaders announced the agreement on the bill on Sunday which will fund the government through Sept. 30.

“At long last, we have the bipartisan breakthrough the country has needed,” Senate Majority Leader Mitch McConnell, R-Ky., said on the Senate floor Sunday.

However, House Speaker Nancy Pelosi called the plan inadequate and that they would soon push for more spending after President-elect Joe Biden takes office a month later, on Jan. 20.

This relief plan includes direct payments of $600 to adults and $600 per child. These payments could make their way to Bitcoin, like the last time. The $1,200 check from last time is currently worth about $4,000 in Bitcoin.

The Democrats said it would put $240 billion into Paycheck Protection Program small business loans, and direct another $20 billion to small business grants and $15 billion to live event venues.

With all the money printing going on at “unprecedented levels,” Bitcoin price could see more action. According to Mike Belshe, the CEO of California-based cryptocurrency firm BitGo, BTC is “immune” to this money printing which is because the digital asset “got a level of scarcity that we really don’t have in any other market,” not even in gold, he said.

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Author: AnTy