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Showing posts from May 29, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Billionaire Stan Druckenmiller on Dogecoin, Ethereum: Won’t Long or Short DOGE, Skeptical of ETH

Renowned investor Stanley Druckenmiller has shared his views on dogecoin and ethereum. He said he wouldn’t long or short dogecoin and laughs when the meme cryptocurrency rises in value. As for ether, he is skeptical whether it can hold its position. Stan Druckenmiller on Dogecoin and Ether In an interview with The Hustle last week, famed investor Stanley Druckenmiller shared his thoughts on bitcoin, ether, and dogecoin, the meme cryptocurrency that has recently taken the market by storm. Druckenmiller founded Duquesne Capital in 1981. He managed money for George Soros as the lead portfolio manager for the Quantum Fund until 2000. He and Soros made massive profits betting against the British pound in 1992. The billionaire investor said that dogecoin “is just like NFTs [non-fungible tokens]. It’s a manifestation of the craziest monetary policy in history.” He added: “I think since there’s no limit on supply, I don’t really see the utility of it right now. It’s just this wave of mone...
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JPMorgan Boss Jamie Dimon Personally Advises People to ‘Stay Away’ From Cryptocurrency

JPMorgan Chase CEO Jamie Dimon has given personal advice to investors regarding investing in cryptocurrencies, like bitcoin. He said that his own personal advice to people is to “stay away” from cryptocurrencies. However, his bank, JPMorgan, will not stay away as clients want exposure to this asset class. Jamie Dimon’s Personal Advice to Investors About Bitcoin, Other Cryptocurrencies Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the U.S., gave his congressional testimony before the House of Financial Services Committee regarding cryptocurrency on Thursday. While admitting that JPMorgan’s clients are interested in investing in bitcoin, Dimon said: My own personal advice to people is stay away from it. That does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana but if you make it nationally legal, I’m not going to stop our people from banking it. “We are debating should we make it available in some way, in ...
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Bank of America, Citigroup, Wells Fargo Unveil Their Cryptocurrency Policies

Bank of America, Citigroup, and Wells Fargo have shared their policies regarding cryptocurrency before the U.S. Senate banking committee. The three banks are in different stages of offering crypto services to their clients. They also lag behind some of their peers, such as Morgan Stanley and Goldman Sachs, in offering access to investments with exposure to bitcoin or other cryptocurrencies. Bank of America Evaluating Crypto Opportunities The CEOs of Bank of America, Citigroup, and Wells Fargo gave their testimonies on cryptocurrency before the Senate banking committee last week. The committee, headed by Senator Sherrod Brown, summoned the investment bankers for its annual oversight hearing on Wall Street firms. Bank of America CEO Brian Moynihan said that BofA was keeping distance from bitcoin and other cryptocurrencies as the bank continued “to evaluate the opportunities, risks and client demand for products and services related to cryptocurrency.” Noting that his bank holds more ...
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Pandora Raises $2.4M From Industry Heavyweights to Bridge off-Chain Assets to Open Finance via NFTs

PRESS RELEASE. Pandora Finance ( https://pandora.finance/ ) announced that they have successfully closed their $2.4m seed round. The Pandora team received pledges from some of the most visible investors within the crypto space, and closed the round oversubscribed by manifolds. Overview of strategic investors The funding round concluded with Pandora selecting some of the most well respected investors within the crypto space. Pandora’s strategic investors include Genesis Block, Spark Digital Assets, AU21, x21, NGC, Zokyo Ventures, Exnetwork, A195, Protocol Ventures, Genblock, Magnus Capital, Chain Asset Capital, Amesten, Crypto Dorm Fund and Master Ventures and accredited individual investors like Danish Chaudhari (Bitcoin.com Exchange) and others. “GBV has been following the NFT developments closely. In Pandora, we find a unique and innovative solution to bring liquidity to the NFT ecosystem. This represents a major breakthrough in the potential use cases for NFTs!” — Leslie Tam, G...
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Bearish Bitcoin bites, fears of further falls, regulation woes build: Hodler’s Digest, May 23–29

Bearish signals are growing in the crypto markets as tighter regulations and environmental concerns cast a dark shadow over Bitcoin. Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bearish signals grow as Bitcoin price drops to $35,000 and traders ignore the dip Bitcoin is struggling right now. The cryptocurrency has struggled to keep its head above $40,000 this week as traders react negatively to twin threats of environmental concerns and the growing drumbeat of regulation. We’ve seen a lot of downside moves across the market over the past two weeks. Although most institutional investors have held firm and vowed to continue holding onto their crypto, there’s been a lack of “we bought the dip” announcements. All of this has left retail trader...
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Here's how traders use call options to increase their Bitcoin holdings

Learn how pro traders use covered call strategies as a low-risk method to increase their Bitcoin holdings. Crypto traders are drawn to the market by its bombastic growth and lucrative opportunities to make a profit. However, not every investor is seeking volatility or using degenerate leverage levels to gamble at derivatives exchanges.  In fact, stablecoins usually comprise half of the total value locked (TVL) on most decentralized finance (DeFi) applications that focus on yields. There's a reason why DeFi boomed despite Ethereum network median fees surpassing $10 in May. Institutional investors are desperately seeking fixed income returns as traditional finance seldomly offers yields above 5%. However, it is possible to earn up to 4% per month using Bitcoin ( BTC ) derivatives on low-risk trades. Non-investment grade bonds yield. Source: U.S. Federal Reserve Notice how even non-investment grade bonds, far riskier than Treasury Bills, yield below 5%. Meanwhile, the official...
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Spiral Out — Using the Golden Ratio and Fibonacci sequence to Predict Bitcoin Price Cycles

The leading crypto asset bitcoin has seen its value drop more than 53% from its all-time high above the $64k handle, sliding to a low of $30k on May 19. While bitcoin is still down 25% during the last 30 days, it’s hard to forecast where bitcoin’s value is going from here. Although a number of people leverage indicators like the Golden Ratio Multiplier, Fibonacci sequence, logarithmic growth curves, and tools such as the infamous stock-to-flow (S2F) price model to predict future bitcoin valuations. Predicting Bitcoin’s Booms and Busts With the Number Phi Most people can’t predict the future and when it comes to bitcoin ( BTC ) and the crypto economy, in general, busts and booms are common. Moreover, lots of times busts and booms are unpredictable except for a few occasions like specific news stories that shake investors. However, there’s a plethora of technical analysis tools, charts, and models that help a great number of people get ahead of the game. For instance, fans of techni...
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Layer 2 network Arbitrum ships guarded launch, attracts major DeFi protocols

The optimistic rollup network enjoyed had a popular, if rocky, beta launch. In a landscape of so-called scaling solutions primarily composed of sidechains and EMV-enabled competitors, one widely anticipated “rollup” layer 2 sidechain for Ethereum has finally arrived.  Offchain Labs announced the launch of Abritrum One with a blog post late last night. Arbitrum One is currently live on Ethereum in a beta state, though teams that wish to participate and build implementations with the rollup tech need to apply for access: Introducing Arbitrum One, our mainnet beta: live on Ethereum and open to developers now! https://t.co/3Jca2dZw0D — Arbitrum (@arbitrum) May 29, 2021 The market has long been eager for a true layer 2 scaling solution, and according to the team the demand for Arbitrum out of the gate has been robust.  “The developer interest and enthusiasm for Arbitrum has exceeded our wildest expectations,” reads the announcement . “Over 250 teams have requested access f...
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Grayscale Bitcoin premium rebounds as BTC price falls below $35K — What does it mean?

A recent market outlook published by Glassnode shows institutions are returning to the Bitcoin market after May 19 crash. Bitcoin ( BTC ) has crashed by around 44% from its all-time high of $64,899, signaling an end to its second-largest bull run that started in March 2020. Many analysts, including those from BiotechValley Insights, see " terrible technicals " in the Bitcoin market, noting that the flagship cryptocurrency could extend its ongoing decline until $20,000 . Nevertheless, Glassnode Insights, a weekly newsletter issued by on-chain data analytics service Glassnode, anticipates a Bitcoin price recovery in the sessions ahead, based on an on-chain indicator that serves as a metric to gauge institutional interest in the cryptocurrency. Enough with discounts Dubbed as Grayscale Premium, the metric tracks the capital flows into the Grayscale Bitcoin Trust (GBTC) — the largest investment vehicle for institutional investors looking to gain exposure in the Bitcoin mark...
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VORTECS Report: How volatility drove one crypto trading strategy to 280x Bitcoin's gains

While Bitcoin hodlers are seeing 2021's gains slowly diminish, one consistent crypto trading strategy has delivered over 3,000% since Jan 3 — and BTC isn't in the portfolio. What does a highly volatile asset class offer traders, beyond palpitations and the occasional heart attack? Opportunity. Nicole Wirick of Prosperity Wealth Strategies in Michigan summed it up for Forbes: “Market volatility is a normal part of investing and is to be expected in a portfolio. If markets went straight up, then investing would be easy and we’d all be rich.” And during the decade-long bull market on Wall Street, some participants who should know better appear to have forgotten this, as they’ve become used to steadily-increasing stock prices over a period of years. JPMorgan Chase CEO Jamie Dimon, who infamously referred to Bitcoin as a “fraud” in 2017, told the U.S. House Financial Services Committee this week that “My own personal advice to people is: stay away from it.” And yet at his own s...
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US Sends Bitcoin ATM Operator to Prison for Illegal Operation — 17 Machines Seized

A bitcoin ATM operator has been sent to federal prison for two years for running an illegal cryptocurrency exchange operation. U.S. authorities have seized 17 bitcoin ATMs, along with some cryptocurrencies, including bitcoin. Illegal Bitcoin ATM Operator Sent to Prison The U.S. Department of Justice (DOJ) announced Friday that a California man, Kais Mohammad, has been sentenced to two years in federal prison “for operating illegal ATM network that laundered bitcoin and cash for criminals.” The Justice Department said that the 37-year-old operated an illegal crypto business “that exchanged up to $25 million,” some of which were “on behalf of criminals through in-person transactions and a network of bitcoin ATM-type kiosks.” The Yorba Linda resident pleaded guilty in September last year to “a three-count criminal information charging him with operating an unlicensed money transmitting business, money laundering, and failing to maintain an effective anti-money laundering program,” th...
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Forecasting Bitcoin price using quantitative models, Part 2

A deep dive into the three bubbles Bitcoin has faced during its existence, and how the BTC halving phenomenon impacts the price. This is Part Two of a multipart series that aims to answer the following question: What is the “fundamental value” of Bitcoin? Part One is about the value of scarcity , Part Two — the market moves in bubbles, Part Three — the rate of adoption, and Part Four — the hash rate and the estimated price of Bitcoin. The market moves in bubbles In recent months or even years, there’s been a lot of talk about the bubbles developing in the bond markets. Newspapers — both financial and non-financial — talked about it, with specialized television stations and prestigious “macroeconomists” from all over the world discussing how today’s world debt has negative interest rates. It is financially counterintuitive to have to pay or lend money to someone, even if that person is a state. We are experiencing an absurd situation that has never happened before in the financia...
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Bitcoin dominance cycle suggests the 2017 crypto rally could repeat

Bitcoin dominance patterns are showing similar lows and an eerie resemblance to 2017. So what does this suggest for BTC price? For the purposes of historical comparison, it’s also worth noting that the pattern of the dominance chart currently looks much like it did during the earlier part of 2017. As the markets have gone into meltdown since May 12, Bitcoin ( BTC ) dominance has fluctuated dramatically, bucking 2021’s prevailing trend. Before the sell-off started in earnest, BTC dominance had been falling pretty steadily from around 70% in January to a low of under 40% by the time the crash was underway. At that point, BTC dominance was at its lowest since the summer of 2018. It has since recovered to above 43%. If the same pattern is underway this time around, then the market is likely to be at the equivalent of summer 2017 when the alt season was just ramping up, and still some months away from Bitcoin’s price peak of around $20,000 in December 2017. Of course, while the patter...
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