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Crypto Roundup: February 1st, 2021

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Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth.

This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed that Ivy League universities have been accumulating the cryptoasset, while Stellar, EOS, and other altcoins made double-digit gains.

This Week’s Highlights

  • Ray Dalio comes round to Bitcoin
  • Gamestop saga puts crypto in spotlight

Ray Dalio comes round to Bitcoin

In yet another example of crypto-skeptics changing their tune, billionaire Wall Street legend Ray Dalio has come round to Bitcoin.

“I believe Bitcoin is one hell of an invention,” said the former doubter in a post on LinkedIn, before concluding that the cryptoasset “looks like a long-duration option on a highly unknown future.”

Dalio’s comments come in the same week as two other high-profile figures made their feelings known. VISA CEO Alfred Kelly said the company is “uniquely positioned to help make cryptoassets more safe, useful and applicable for payments”, and Billionaire Mark Cuban wrote on his personal blog that blockchain-based assets have “now legitimately become stores of value.”

Gamestop saga puts crypto in spotlight

Mayhem hit the US stock market this week as the WallStreetBets subreddit group co-ordinated a 700% rally in GameStop’s price, forcing hedge fund Melvin Capital to close their short position with billions in losses.

In response, many trading apps suspended functionality — spurring the turmoil further as traders sought alternative ways to buy and sell.

Industry commentators took this as a positive omen for decentralized assets. SkyBridge Capital’s Anthony Scaramucci told Bloomberg that the saga “is more proof of concept that Bitcoin is going to work”, and Anthony Pompliano said to CNBC that the events will serve to “accelerate the digital decentralized financial system.”

The week ahead

Looking ahead, Wall Street-inspired upheaval for the crypto market could be on the cards. Crypto subreddits saw 500% growth in the past week, and some suggest the new traders could be looking to hunt the stop losses of hedge funds shorting Bitcoin.

On Wednesday, another potential catalyst could move the market, as thousands of corporate directors come together for Michael Saylor’s Bitcoin Corporate Strategy virtual summit. This is designed to help other firms follow MicroStrategy and add Bitcoin to their balance sheet.

Source: https://www.newsbtc.com/etoro/crypto-roundup-february-1st-2021/

Blockchain

Bitcoin Plummets $4K in a Day Leaving $800M in Liquidations (Market Watch)

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After the relatively quiet weekend in which BTC neared $49,000, the asset lost more than $4,000 in just a day. Most alternative coins have suffered even more, with numerous the likes of Ethereum, Cardano, Ripple, Solana, and more charting double-digit declines.

Bitcoin Dumps to $44.5K

As reported yesterday, the weekend was quite stable and uneventful when it comes to price movements. With a low trading volume, bitcoin remained at and above $48,000. On Saturday, it even challenged $49,000 but to no avail.

However, the situation has changed since then in a highly negative way. Bitcoin started tumbling late Sunday and firstly dropped to around $47,000, where it stood for a while.

The bears were not done yet and kept pushing the cryptocurrency south. As a result, BTC dumped below $46,000 and $45,000. This culminated in an intraday low of $44,400 charted just minutes ago.

Losing more than $4,000 in less than 24 hours has propelled significant pain for leveraged traders. Bybt data shows that the liquidations in this timeframe have exceeded $800 million, with the largest single position involving ETH on Bitfinex worth more than $15 million.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

It’s worth noting that most of the financial field has suffered today, with EU stocks and US futures charting losses as well. Gold is among the few assets that have increased in value lately.

Altcoins Deep in Red

As it typically happens when BTC dumps, the alternative coins have fallen even more. Ethereum leads this adverse trend with a 10% drop to just over $3,100. Just a few days ago, ETH was trading high above $3,600.

More double-digit price dumps are evident from Cardano, Ripple, Solana, Polkadot, Avalanche, Terra, and Chainlink from the larger-cap alts. Binance Coin (-7%), Dogecoin (-9%), and Uniswap (-9%) are also deep in red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Aside from Celo, which has surged by 15%, most of the lower- and mid-cap altcoins have lost substantial chunks of value too. This includes Algorand (-16%), Hedera Hashgraph (-14%), THORChain (-14%), Waves (-13%), ICON (-13%), Arweave (-12%), IOTA (-12%), Quant (-12%), EOS (-12%), and many more.

As such, the cryptocurrency market cap has lost more than $150 billion in a day and is currently below $2 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/bitcoin-plummets-4k-in-a-day-leaving-800m-in-liquidations-market-watch/

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Blockchain

The BMeebits.com Collection of 3D NFT Models on the Binance Smart Chain was Sold Out in 12 hours

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[PRESS RELEASE – Please Read Disclaimer]

The minting of 3D models from the BMeebits NFT collection began on September 10th and finished the same day, faster than analogous projects with big names such as TronMeebits and Larva Labs. The volume of the BMeebits minting amounted to 1.7 million dollars.

The BMeebits collection of 3D NFT models consists of 20,000 characters, all of which have found their first owners through minting. The BMeebits collection consists of nine types of characters with various levels of rarity, including Changpeng Zhao, the founder of Binance, and also a unique panda with a stylish Binance and BSC outfit. Each BMeebits could be minted for 0.2 BNB, which is roughly $80 according to today’s exchange rate.

The project included a reward system for buyers, depending on the quantity of BMeebits they minted, that amounted to a total 400 BNB distributed between buyers. By minting 50 BMeebits or more, users could receive up to 3% cashback on all of the purchased BMeebits, and for minting 150, the cashback increased to 7%. Thus, 120 and 280 BNB were distributed among all users.

The BMeebits decentralized development team have stated that they are currently focused on the next stages of developing the project: the release of the marketplace, expected on the 16th of September, where users will be able to buy, sell, and assemble their collection of BMeebits. BMeebits also plans to launch their staking, the governance token, and the corresponding infrastructure within 45 days.

Staking BMeebits will provide users with the opportunity to receive the governance token in return, by freezing their BMeebits in the smart contract. This will give users an initiative to hold onto their BMeebits and not sell them on the marketplace, thus creating a deficit of BMeebits, which will favorably affect their value in the future.

After all of the BMeebits were minted, users began to actively trade their characters. Currently, the value of the largest off-exchange BMeebit trade stands at $100,000, providing the particular participant a 6,000% profit in one day.

About the Project:

BMeebits is a decentralized team of developers that is interested in popularizing the NFT ecosystem. It is actively working on creating new infrastructure and new innovative blockchain products.

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Source: https://cryptopotato.com/the-bmeebits-com-collection-of-3d-nft-models-on-the-binance-smart-chain-was-sold-out-in-12-hours/

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Stratis Joins ‘APPG Blockchain’ to Help Guide UK Blockchain Policy

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[PRESS RELEASE – London, United Kingdom, 20th September 2021]

Stratis has joined the UK’s All Party Parliamentary Group on Blockchain (APPG Blockchain) to contribute its knowledge and experience of deploying blockchain for innovative use-cases. APPG Blockchain includes organisations like Capita, the IOTA Foundation, SAP and the British Standards Institute (BSI) who collaborate with an array of experts in public evidence-forums to provide tangible recommendations to policy-makers working on the UK’s approach to blockchain.

As one of the UK’s most prominanent blockchain projects the Stratis team will contribute its knowledge and experience from serving enterprise and open-source blockchain use cases.

The APPG on Blockchain is currently focused on furthering undersetaning of ‘Blockchain-as-a-Service’ and the opportunities it presents for UK organisations. As the world’s most developed BaaS provider Stratis will share examples of early use cases for its BaaS platform as well as help to inform recommendations on how the UK can make it easier for organisations to benefit from the collaborative and efficient approach that BaaS enables.

Other specific areas of focus are Decentralised Finance (DeFi) where Stratis will contribute its understanding from building interoperability between the Stratis blockchain and Ethereum, as well as the role of Decentralised Exchanges, ahead of the release of ‘Opdex’, the first DEX native to the Stratis blockchain. This workstream is expected to help UK financial services firms to engage with and benefit from the DeFi revolution.

Also on the group’s agenda for 2022 are stablecoins and Central Bank Digital Currencies (CBDC). Stratis recently announced the world’s first Sterling backed stablecoin, known as GBPT, to support digitally issued equities and debt instruments. With GBPT any natively digital securities will be able to yield dividends or income more efficiently using digital currency.

Professor Birgitte Andersen, CEO, Big Innovation Group and Secretariat APPG on Blockchain said: “Adding Stratis, one of the UK’s most established and innovative blockchain platforms, brings additional real-world experience to the APPG on Blockchain. Blockchain technology is transforming many areas of business, fiance, public services and our lives and the UK has a real opportunity to take a leadership role that supports economic value creation, high skilled jobs and a fairer society.”

Chris Trew, Founder & CEO, Stratis commented: “Collaboration is central to the original vision of blockchain and we’re pleased to be working with UK policy-makers and enterprises to help all stakeholders in the UK benefit from the transition to blockchain. Since leaving the European Union the UK has the autonomy to chart its own course on blockchain, it’s a huge opportunity to position the nation for the next big technology transformation.”

About Stratis

At Stratis our mission is to simplify the adoption of blockchain technology within existing computing environments.

To deliver on this mission we have built a Blockchain-as-a-Service (BaaS) platform written entirely in C# and based on the Microsoft .NET Core framework. This means more than 10m developers across the world with C# skills can easily apply blockchain within their existing tech stack.

Decentralized and highly secure, the Stratis blockchain offers an ideal platform for deploying decentralized applications incorproating smart contracts. Over $2 Billion in value has been successfully secured on the Stratis public blockchain.

Stratis is more than blockchain infrastructure. We work with developers to help them understand how tokenization and blockchain can drive value.

Our platform is used today by gaming companies to support new models like play-to-earn, by enterprises for supply-chain optimization as well as for DeFi & NFT use cases.

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Source: https://cryptopotato.com/stratis-joins-appg-blockchain-to-help-guide-uk-blockchain-policy/

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