Connect with us

Blockchain

12 days since its ATH, how is Bitcoin doing?

Republished by Plato

Published

on

When the third halving took place on 11 May 2020, Bitcoin and Gold were correlated. Today, on the 12th day since Bitcoin hit a new ATH on the price charts, Bitcoin and Gold are uncorrelated. The reversal in the said correlation is incredible, but there is a historical precedent here too. After all, this is similar to the situation back in November 2020 when Bitcoin decoupled with Gold after a consistently high correlation for over 3 months.

Day 11 since Bitcoin hit ATH, stronger everyday

Source: Twitter

Now, before the third halving, the correlation was over 27%. The one-month correlation since, however, has been just 4.5%. Despite repeated attempts to hit a new ATH, the price was rangebound in the near-term, with BTC trading at $37,200, at press time.

Against Ethereum’s 13.31% gains in 24 hours, Bitcoin gained by just 1.21% and this may have led to a further shift in investment flows. For matching the parabolic rise in price on 8 January, more investments need to flow into Bitcoin. The inflow on spot exchanges, that is the active supply, needs to drop. As of now, the 1Y-2Y active supply is high across all spot exchanges, and this largely represents miners and retail traders.

HODLers who sold Bitcoin above $40,000 are buying at the current price level and the number of addresses with balances above 1000 BTC has gone up since Bitcoin hit its latest ATH. Though there are fears of a pullback and corrections right now, institutional buying may help Bitcoin navigate through periods of low volatility on exchanges in the short-term.

Consider this – In 2020 itself, Grayscale Bitcoin Trust grew from $1.8 billion to $17.5 Billion AUM, based on its report. Overall, conditions in the Bitcoin market have changed in the past 10 days and each change has had an impact on what lies ahead for one’s portfolio. With more and more investment being directed towards Ethereum and the market’s altcoins, away from Bitcoin, the altcoin season may have just kicked off.

Now, this may have a negative impact on the price in the short-term. However, institutions like Grayscale and MicroStrategy are adding more Bitcoin to their holdings, and this may allay the fears of traders in the long-run. Further, this may also boost the price and Bitcoin may hit a short-term top before the price rally resumes on the charts.

Source: Coinstats

Finally, the Open interest in Bitcoin has largely remained the same, but the volume has dropped across Bitcoin Futures trading. Also, the 200-day moving average may take a while to catch up too, as it was well below the price at press time.

Source: https://ambcrypto.com/12-days-since-its-ath-how-is-bitcoin-doing

Blockchain

What Coinbase Going Public Could Do For Crypto

Republished by Plato

Published

on

Messari Values Coinbase At Nearly $30 Billion As The Bitcoin Exchange Prepares To Officially Go Public

Advertisement &  & 

Coinbase, the biggest US-based cryptocurrency exchange has disclosed its detailed plan for the upcoming direct listing on the stock market by Nasqad. Coinbase submitted an S-1 report to the US SEC outlining key information such as revenue and ownership structure for investors to carry out due diligence on the company.

According to the document, Coinbase has 43 million verified users and an average of 2.8 million transactions per month. In 2020, the company returned a net income of $322 million from total revenue of $3.4 billion, with transaction fees constituting 96% of the net revenue.

Coinbase which makes most of its profit from bitcoin and Ethereum transactions, also saw a 56% increment on its $1.1 billion direct revenue for 2020 compared to $482 million in 2019.

The company incurred a total of $880 million in expenses for 2020, most of which went to sales, general administrative expenses, and research and development. Transaction reversal costs miners fees, staking fees, and verification expenses constituted $135 million of the total expenses,

Coinbase also made $533 million in 2019, against $579 million in operational and development costs, leading to losses totaling $46 million.

Advertisement &  & 

Coinbase to Usher Crypto’s Real Mainstream Adoption

The report indicates that much of the revenue for 2020 was generated from institutional investors’ activity in the crypto market but with higher retail activity in Q4 2020 than in previous quarters.

Coinbase’s debut as the first publicly listed crypto-exchange in the US is estimated to be one of 2021’s largest new listings of the tech industry. This will have a huge positive impact on the crypto market investors and blockchain technology backers.

According to the crypto trader and analyst Rekt Capital, the public listing will officially open up cryptocurrencies to the public.

“Coinbase going public is another way of saying crypto is going public.”

Coinbase Becomes Decentralized

The update comes a month after Coinbase chose Nasdaq as its direct listing avenue on February 1, following a secondary Coinbase stock launch by Nasdaq Private Market on January 25.

Now that Coinbase has moved to a remote-first environment without headquarters in any city, the company is referring to itself as a decentralized company. Up to 95% of Coinbase employees have the option to work at home, in a post-office world setting, or a mix of both.

“since we’ve made the decision to go remote-first we’ve decentralized ourselves; even after people can safely return to offices, the executive team has no plans to be “in-office” on a regular basis,  and none of them currently live in San Francisco.”


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/what-coinbase-going-public-could-do-for-crypto/

Continue Reading

Blockchain

3 types of bitcoin investors that ‘should be concerning to central banks’

Republished by Plato

Published

on

With 106 million global crypto users as of January 2021 and a crypto population that has now surpassed 100 million, a financial expert noted that central banks must now be wary of certain crypto investors. In a new seminar held by the University of Pennsylvania’s Wharton School, part-time professor, Mohamed El-Erian, who is also Chief Economic Adviser at Allianz said that Central Banks should be careful about three specific groups of Bitcoin investors. 

He explained that while the first group of people is investing for positive reasons, the second is motivated by negative factors to adopt Bitcoin. The positive investors “truly believe Bitcoins will become money ”or “a currency as opposed to a commodity.” 

However, El-Erian cautioned that central bank authorities must keep watch on those “being pushed out of everything else and pushed into Bitcoin”, forming the second group that the expert earlier mentioned. 

They look to Bitcoin in order to protect themselves from government investment options, which some investors believe has been “artificially jacked up.” Interestingly, a recent survey found that people aged over 55 opted for Bitcoin due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. The expert said that such people are forced to invest in the asset because “they don’t know how else to mitigate risk.” 

Do you really want to invest in a government bond whose price has been? So ‘let’s diversify, let’s put 2% into Bitcoins.’

El-Erian further categorized “speculators” as the third type of investors, who face profits and losses albeit “in a single day.” According to him, all three types of investors “should be concerning to central banks.”

When it’s trading above $50,000, all three messages are problematic for central banks. So, we are going to see central banks look increasingly at cryptocurrencies as something they should be involved in, and not just stand on the sidelines.


Sign Up For Our Newsletter


Source: https://ambcrypto.com/3-types-of-bitcoin-investors-that-should-be-concerning-to-central-banks

Continue Reading

Blockchain

Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high

Republished by Plato

Published

on

Non-fungible tokens (NFT) are rapidly becoming a focal point of the cryptocurrency market as evidenced by stories of millions of dollars being raised in minutes for one-of-a-kind tokenized art pieces and rare collectibles that traders rush to get their hands on. 

One project that has been benefiting greatly from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a new all-time high of $0.67 on Feb. 25 following its listing on the Crypto.com exchange as well as the launch of spot and perpetual futures trading on FTX.

Data from Cointelegraph Markets and TradingView shows that ENJ rose 52% from a low of $0.438 on Feb. 24 to a new high of $0.67 before experiencing a pullback to its current price of $0.611.

ENJ/USDT 4-hour chart. Source: TradingView

A scroll through the project’s Twitter feed details numerous recent partnerships and integrations that have helped fuel Enjin’s price rise.

Minecraft is one of the most notable integrations for the Enjin ecosystem and users are able to earn special NFTs that unlock secret games inside the video game series.

The platform has also benefited from joining forces with the growing ecosystem of the Binance Smart Chain (BSC), which has launched an NFT educational campaign that Enjin will be part of.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ENJ on Feb. 24, several hours before today’s price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of the historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ENJ price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ score for ENJ reached a high of 70 on Feb. 24, shortly before the price began to spike to a new all-time high on Feb. 25.

The growing popularity of the NFT space, along with numerous big-name partnerships has Enjin well-positioned as the current bull market cycle progresses into 2021.

Its recent integration with the BSC provides a way to escape high fees on the Ethereum (ETH) network and could bring a new wave of activity to the Enjin ecosystem.

Source: https://cointelegraph.com/news/exchange-listings-and-nft-boom-back-enjin-s-enj-52-rally-to-a-new-high

Continue Reading
Blockchain3 days ago

Ankr adds Eth2 futures (fETH) to its staking system

Blockchain4 days ago

Ripple now registered as a Wyoming business

Blockchain4 days ago

Former BoE, BoC Governor Mark Carney joins Stripe board of directors

Blockchain3 days ago

Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

Blockchain4 days ago

Litecoin, Cosmos, Tezos Price Analysis: 21 February

Blockchain4 days ago

A Review of BTCGOSU — Reviewer of Crypto Casinos

Blockchain4 days ago

Kraken Daily Market Report for February 21 2021

Blockchain3 days ago

Long Blockchain Corp has officially been delisted by SEC

Blockchain4 days ago

DeFi Protocol Primitive Finance Self Hacks to Prevent Exploit

Blockchain4 days ago

Is Ethereum heading to another ATH?

Blockchain4 days ago

The Many Theories Of Elon Musk Being Satoshi Nakamoto

Blockchain3 days ago

NFT Platform Ethernity to Launch IDO on Polkastarter

Blockchain4 days ago

Banks will be required to work with crypto, e-money and CBDCs to survive

Blockchain3 days ago

Bitcoin falls to $45K in sequel to 20% BTC price crash

Blockchain5 days ago

Kraken Daily Market Report for February 20 2021

Blockchain3 days ago

MoneyGram suspends Ripple partnership, citing SEC lawsuit

Blockchain3 days ago

New report predicts NFTs will explode in popularity during 2021

Blockchain4 days ago

Today 11:40 am EST: First Bitcoin Elite NFT Art Drop

Blockchain3 days ago

Bitcoin Price Analysis: 22 February

Blockchain3 days ago

Kraken users demand refunds over flash-crash liquidations

Trending