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Careless Investors Have Lost Bitcoin Worth $140 Billion: Report

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While the crypto market continues to grow, there have been renewed fears of a liquidity crisis, with more people unable to access Bitcoin. Most crypto insiders believe that the problem emanates from the growth of institutional investors. However, lost digital assets have a part to play as well.

Lost or Inaccessible Bitcoin

In a recent threat report, the United Kingdom’s National Cyber Security Council pointed out that about $140 billion in Bitcoin is lost or inaccessible.

The report explained that lost or inaccessible Bitcoins are primarily due to users’ recklessness with their passwords and private keys. Both problems appear to have become more prominent in the past few weeks.

Lost Bitcoins aren’t a novelty in the crypto space. Users of QuadrigaCX were left to fend for themselves after the exchange’s chief executive, Gerald Cotten, died while on vacation. Cotton had the sole access to the exchange’s cold wallets, and his death left about $150 million in exchange funds inaccessible.

This year, two instances of inaccessible Bitcoins have also made the rounds. Last week, Inside Bitcoins reported on Stefan Thomas, a German programmer who had issues accessing his funds.

The San Francisco-based developer had forgotten the password to his wallet, which contained 7,002 BTC (about $267.5 million at the time).

Stefan’s wallet is set to accept ten password entries before encrypting the data forever. The programmer had used up eight of his attempts and was now cautious not to mess things up and lose access to his funds forever.

A few days later, the South Wales Argus also reported that James Howells, the owner of a discarded hard drive with 7,500 BTC in it, had requested that the government excavate a landfill in hopes of recovering the device.

Per the report, Howells had been an early Bitcoin miner and built a stash back when mining was possible with a CPU. However, he accidentally threw his hard drive – and the Bitcoins it contained – away in 2013 while cleaning his house.

Howell has been looking to recover his hard drive since 2013. He recently tendered an appeal for the right to excavate a landfill in his city, offering 25 percent of the lost Bitcoin’s value as COVID-19 donations to the city.

A Brewing Problem

There’s no doubt that lost Bitcoins are contributing to the current liquidity problem. However, the entrance of institutional investors remains an important factor as well. Most institutional Bitcoin investors have a propensity just to hold their assets and wait for price gains, leaving less for day traders.

Last week, eToro, the top trading app, warned users that it had seen a surge in demand that could lead it to take drastic measures like limiting buy orders on weekends. Exchanges have also seen significant increases in trading activity.

With more institutions expected to enter the market in 2021, all eyes will be on the possible liquidity crisis brewing.

Source: https://insidebitcoins.com/news/careless-investors-have-lost-bitcoin-worth-140-billion-report

Blockchain

SingularityNET Partners With Ocean Protocol Prior to the AI-Based DeFi Fund Launch

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[Press Release – Amsterdam, Netherlands, 18th May 2021]

SingularityNET’s first DeFi spin-off project, SingularityDAO, is announcing today their partnership with leading decentralized data provider Ocean Protocol.

The collaboration will see the OCEAN token’s inclusion in SingularityDAO’s index fund/investment portfolio. Moreover, SingularityDAO is designed to leverage AI at multiple levels: AI manages dynamic token-sets, executes predictive market-making strategies to provide liquidity for these token-sets on DEXs, and predictively models hedging strategies.

All this AI requires a lot of data to learn and improve, which is why SingularityDAO is a natural user of Ocean data sets – data sets published via Ocean Market (and other Ocean-based markets) into the Ocean ecosystem. The Ocean ecosystem is host to many diverse and varied trading and DeFi data sets. These make excellent candidates for consumption by SingularityDAO’s AI agents to enhance its financial modeling.

I’m really excited by the opportunity to work together with Ocean Protocol, one of the most respectable projects in crypto that has been constantly delivering community-driven, decentralized data solutions. SingularityDAO will constantly make use of data to train our ML and I can’t think of a better partner than Ocean Protocol. – Marcello Mari, CEO at SingularityDAO

The news follows the successful completion of a total of $5.2 million raised in three different rounds for the highly anticipated Governance Generation Event on MANTRADAO, which reached its hard cap within less than 2½ hours.

The protocol, described as ‘DeFi meets decentralized AI,’ held the event exclusively for SingularityNET $AGI holders and attracted 5,800 registrations in one week. The token sale raised $1.6 million (8,000,000 SDAO).
The successful Governance Generation Event follows a recent private sale wherein SingularityDAO raised $2.7 million of funding from a number of top-tier investors such as AlphaBit, Marshland Capita, GBV, and SMO Capital. SingulariyDAO’s governance token has been generated on May 13th and distributed on the same day. It is currently trading on Uniswap.

About SingularityDAO

SingularityDAO is a decentralized platform, governed by the SDAO token, tasked with governing DynaSets. DynaSets are diversified baskets of cryptocurrency assets dynamically managed by AI and curated by the protocol. SingularityDAO brings the financial sophistication of AI-managed funds to DeFi, deploying SingularityNET’s AI technology to navigate complex markets.

About Ocean Protocol

Ocean Protocol’s mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.
Data is a new asset class; Ocean Protocol unlocks its value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.

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Source: https://cryptopotato.com/singularitynet-partners-with-ocean-protocol-prior-to-the-ai-based-defi-fund-launch/

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Blockchain

Bought the Dip? MicroStrategy Purchased $10M in Bitcoin at $43.6K

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Michael Saylor’s NASDAQ-listed company continues with its initiative to purchase sizeable amounts of bitcoins at frequent intervals. The firm said earlier today it had allocated another $10 million in cash in BTC, and its total stash is over 92,000 coins.

  • The founder and CEO of the business intelligence giant announced the latest purchase on Twitter earlier on May 12th.
  • It reads that the firm has bought 229 bitcoins for $10 million in cash at an average price of $43,663 per coin.
  • Keeping in mind the multiple purchases made since August 2020, the firm holds 92,079 bitcoins. MicroStrategy has paid $2.251 billion for its stash, with an average price of $24,450 per token.
  • Although this is far from being the largest single acquisition, as the company once bought more than $1 billion worth of BTC, this one actually comes in a compelling moment.
  • In fact, buying 10 million coins at an average price of $43,663 means that MicroStrategy has taken advantage of a popular narrative in the crypto community – buy the dip.
  • The price of the primary cryptocurrency has suffered severely in the past week or so after Elon Musk announced that Tesla has stopped receiving BTC payments for its electric vehicles.
  • In a matter of days, bitcoin fell from over $58,000 to a three-month low of $42,000.
  • Although losing $16,000 of value in less than a week could be considered a major blow, and some investors disposed of their coins even at a loss, MicroStrategy has reaffirmed its promise to continue buying bitcoin as part of its reserve treasury strategy.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bought-the-dip-microstrategy-purchased-10m-in-bitcoin-at-43-6k/

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JPMorgan’s Securities Services to Offer TradingHub’s Analytics Solutions

The Bank is planning to offer trading analytics solutions to its buy-side clients.

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TradingHub, a trade analytics services provider to the global financial markets industry, today announced that JPMorgan, one of the leading investment banks worldwide, will offer TradingHub’s trading analytics solutions to its institutional clients.

According to the official announcement, JPMorgan’s new offering will include TradingHub’s Transaction Efficiency and Accuracy Monitor (TEAM) solution. TradingHub is currently providing trade analytics services to several investment banks and investment management firms worldwide.

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TEAM is a new tool by TradingHub that enables financial services companies around the world to evaluate execution costs at the order, trade, instrument, or asset class-level, and compare against peers on an anonymized basis.

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Commenting on the latest announcement, Neil Walker, Chief Executive and Founder of TradingHub, said: “We are delighted JPMorgan has identified TEAM as a highly novel and valuable product and is giving its clients access to our market-leading trade execution analytics service. This important relationship with JPMorgan will give more asset managers access to our services in a seamless and efficient manner via its open platform.”

JPMorgan has accelerated its global partnerships since the start of 2021. The US-based financial services provider recently partnered with Singapore’s DBS Bank and Temasek to develop a new blockchain-based platform for cross-border payments.

Transparency

TradingHub mentioned in the latest announcement that the main focus of TEAM is to facilitate buy-side firms in the identification of financial brokers providing the best execution. TEAM also provides greater transparency to sell-side institutions. “Providing clients with access to unique services which help them manage transparency across the trade lifecycle is more important than ever. We’re excited to be working with TradingHub and offer TEAM as part of our growing platform,” Richard Crozier, Head of Product for Data and Analytics at JPMorgan Securities Services mentioned in the official announcement.

JPMorgan is planning to facilitate buy-side clients by providing integrated solutions through an open platform. In the last quarter, JPMorgan posted strong growth in revenues and profit.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/jpmorgans-securities-services-to-offer-tradinghubs-analytics-solutions/

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