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Portugal. The Man Launches Cryptocurrency… And Not Just For Kicks

Grammy Award-winning Portugal. The Man is the latest band to jump on the cryptocurrency wagon with its own social token “PTM coin.”

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In brief

  • Portugal. The Man now has its own crypto.
  • The group is distributing the token on Rally, an Ethereum-based social token network.
  • The band hopes the token can help them establish a “direct connection” with its fans.

As COVID continues to cancel lucrative concert tours, musicians are struggling to find new ways to turn their fans’ adoration into sweet, sweet cash. One solution? Cryptocurrency.

Grammy Award-winning Portugal. The Man—likely known best for its hit single “Feel It Still”—is the latest band to jump on the crypto wagon. 

Today, Portugal, The Man launched their very own cryptocurrency. Those who buy their tokens, called PTM coins, can spend them on merch, unreleased footage from the band’s gigs, a livestream party, and video and text chats with the band. 

“We’ve always favored direct connections with our audiences,” said John Gourley, the lead singer of the rock band, which formed in 2004 in Portland, Oregon.

“COVID has taken a lot of this interaction online, so we’ve been looking for new ways to engage with our audience in entirely digital settings. Crypto gives us the opportunity to do just that.”

The tokens are launching on Rally, a social token network built on an Ethereum sidechain. Fans can use the tokens through social media app Discord. 

Rally is different from other social token networks, such as Roll and Fyooz, in a few key respects. 

Although Rally is built on an Ethereum sidechain, which means that some of the transactions don’t require validation from the Ethereum blockchain, Rally is governed by a decentralized autonomous organization, or a DAO

This means that big bag holders can vote on who is allowed to mint a social token and boot out anyone it doesn’t like. 

By contrast, Roll and Fyooz, its main competitors, take a centralized approach and onboard clients one-by-one. Fyooz paid for rapper Lil Yachty to mint Yachty Token, for instance. 

Second, while Roll and Fyooz offer ERC-20 tokens, whose value is determined by any secondary markets that list them, the price of Rally’s tokens are tied to an algorithm. 

The more coins in circulation, the more expensive it is to buy the coin. Coins are destroyed whenever anyone cashes them in to buy something; the price of the coins thus reflects the liquidity of the market. At launch, they’ll cost about $1. 

Gourley said that the band chose Rally upon the recommendation of its fans. 

Portugal, The Man inherited 50,000 tokens upon starting the project, which are “designed to be held long-term,” Mahesh Vellanki, Co-Founder of Rally, told Decrypt

Gourley said he is “excited about new revenue possibilities,” but his intention isn’t “to make a quick buck.” 

Gourley is “mostly excited about the new ground that we are breaking—and the fact that we get to bring our fans along for the ride.” 

If all goes well, Gourley and his fellow band members could sell those tokens for a profit. They could also “gain the ability to draw a steady income stream,” said Vellanki.

So could his fans. Gourley said the band has “gifted thousands of coins to some of our longest supporters already and will continue to do so.”

Source: https://decrypt.co/54155/portugal-the-man-cryptocurrency

Blockchain

Bitcoin Exchange Outflow Continues as On-Chain Support Settles at $47K

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On-chain analytics provider, Glassnode, has revealed that there is solid support at the $47,000 level for Bitcoin. It came to this conclusion in its latest ‘Week on Chain’ report using analysis from chart guru Willy Woo and data scientist Rafael Schultze-Kraft (@n3ocortex).

It added that Woo noted a significant volume of BTC was transacted on-chain around $45,000, forming an on-chain support level late last week.

Schultze-Kraft highlighted that this support level has actually strengthened to rest above $46.6k, with 1.2 million BTC, or 6.5% of circulating supply, transacting in this zone.

Is BTC Accumulation Increasing?

Glassnode pointed out that the patterns suggest an increase in accumulation interest at these levels:

“When a large volume of coins move on-chain and an on-chain support level holds, it suggests that there is significant accumulation interest and buyers see it as a ‘value’ entry point.”

However, it also noted that should price fall below this support level, it would become a level where overhead supply may form equally strong resistance.

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Using the UTXO Realized Price Distribution metric, which shows which prices the current set of Bitcoin unspent transaction outputs were created, the on-chain support level at $47k is the largest since prices were $11k, it added.

“This range now represents one of the largest on-chain BTC accumulation levels in history, certainly the largest since the last cycle’s $20k ATH was breached.”

The balance of Bitcoin on exchanges also continues to decline which could indicate readying to sell or hodling in cold wallets. The report added that throughout February the rate of miner sales was declining, whereas today, it is almost net neutral meaning that miners could be accumulating also.

Bitcoin Price Update

At the time of press, Bitcoin was changing hands for $54,150 according to Tradingview which has reported a 24 hour gain of almost 7%.

It is the highest the asset has traded since Feb. 22 when it was falling back from the all-time high of $58,250 the previous day. Bitcoin is currently facing resistance here and needs to break above $55,900 to make a move towards a new ATH.

On the downside, support can be found in the $48,000 region however BTC is currently in the process of forming its fifth green candle in a row so the bulls are running the show at the moment.

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Source: https://cryptopotato.com/bitcoin-exchange-outflow-continues-as-on-chain-support-settles-at-47k/

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Coinbase is Valued at $100 Billion Before Direct Listing on the Nasdaq

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Coinbase has yet to go public, and the markets are already on fire in anticipation of the most awaited direct listing in the cryptocurrency world and the what will be the first major listing ever recorded on the Nasdaq.

An independent valuation based on the price of its shares in private markets determined that Coinbase has a potential valuation of between $90 billion and $100 billion before its direct listing.

During its Pre-Listing Days, Coinbase Went Up

According to activity in late February, this price would far exceed a previous valuation of $77 billion. At the time, confidential sources told Coindek that as the “big day” approached, speculators were bidding higher and higher on the stock.

“The third weekly transaction closed on Friday and the clearing price was $303 a share. The first week it was 200 bucks a share, the second week it was $301 a share, and the third week it was $303 a share. So you can kind of see price discovery happening.”

Bloomberg reported that, during the last day of private trading before the direct listing, investors traded Coinbase stocks at a range between $350 to $375, which would raise Coinbase’s valuation by as much as 33% in a matter of weeks, and over 300% higher than what analysts expected for its IPO (priced at just $28 million).

Before going public, credited investors could trade Coinbase shares on the Nasdaq Private Market, a restricted market with low volume and high volatility, where a limited number of participants can speculate on the price of some shares of companies that are not yet publicly traded.

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The numbers, however, do add up to its expected performance. After registering a bad year during the bear period of the crypto markets back in 2018, Coinbase grew to become the colossus it is today.

A Small Step for a Crypto Exchange, a Giant Leap for the Crypto Industry

Due to its characteristics, the private market is not necessarily an accurate indicator to determine what will happen when Coinbase becomes publicly available; however, it is an excellent reference to see what the markets expect to happen… And the future looks promising.

And we’re not just talking about Coinbase, but almost the entire cryptocurrency ecosystem. Coinbase going public is one of the most significant supports for the crypto industry in recent times.

The United States is one of the countries with the highest volume of exchange trading, has one of the world’s largest GDPs, concentrates a significant number of cryptocurrency startups, and yet is known for having strict laws when it comes to digital assets.

A stock exchange listing could provide an additional layer of legitimacy in the eyes of potential new users, stimulating the growth of its customer base. This would simply accelerate a trend that has been growing over time, especially in the aftermath of the COVID-19 market crisis.

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Source: https://cryptopotato.com/coinbase-valuation-100-billion-usd-before-direct-listing-nasdaq/

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Bitcoin price cracks major resistance as analyst eyes $70K ‘destiny’

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Bitcoin (BTC) tackled pivotal $52,000 resistance overnight on March 9 to come within 6% of historical all-time highs.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

BTC price hits 2-week highs

Data from Cointelegraph Markets and Tradingview showed BTC/USD hitting local highs of $54,500 on Tuesday.

The latest attempt to break out of its sideways trading corridor, the move was still consolidating at the time of writing. Amid heavy volatility, a retracement on the day targeted $53,500 — still above crucial resistance.

As Cointelegraph reported, analysts were eyeing $52,000 as a line in the sand for securing the next stage of the Bitcoin bull run.

While the weekend produced healthy upside, Bitcoin had still to cement even $50,000 as strong support as the week’s trading began.

On the back of 24-hour gains topping 8%, however, the picture on Tuesday was fast improving, after evidence showed that $47,000 had become conspicuously strong support.

“Bitcoin jumps >$54k aided by more signs of institutional interest in the largest cryptocurrency,” markets commentator and contributor to German news daily Die Welt, Holger Zschaepitz, summarized to Twitter followers.

“Institutional interest sets the latest bull run apart from 2017’s retail-driven surge, Goldman says. Much of the institutional demand has been driven by fears around asset devaluation.”

Zschaepitz was referencing findings from Goldman Sachs, which among other things also revealed that 40% of its own clients already have exposure to cryptocurrencies.

Analyst on $70,000 Bitcoin: “Destiny awaits”

The institutional picture became even more bullish on Monday after one of Norway’s richest people launched a Bitcoin-focused spin-off firm using BTC as its sole treasury asset.

“Bit­coin can be ver­i­fied, di­vid­ed, re-as­sem­bled, stored, and trans­port­ed at vir­tu­al­ly no cost. It’s the per­fect scarce digi­tal as­set. By de­sign,” Kjell Inge Røkke wrote in a widely-circulated shareholder letter.

“All that’s re­quired to keep the net­work run­ning, is al­lo­cat­ing the cheap­est elec­tric­i­ty in the world. Elec­tric­i­ty se­cures the net­work. No trust­ed par­ties or peo­ple with guns are need­ed. I call that progress.”

Elsewhere, hodlers were watching a bullish setup unfold in Bitcoin’s daily moving average convergence/ divergence (MACD) indicator, which on Monday was primed to repeat behavior which previously resulted in February’s march to $58,300 record highs.

BTC/USD 1-day candle chart (Bitstamp) with Fibonacci levels. Source: filbfilb

“Destiny awaits,” Cointelegraph Markets analyst filbfilb added in an update to Telegram channel subscribers, highlighting a target area of $70,000 and higher using Fibonacci levels.

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Source: https://cointelegraph.com/news/bitcoin-price-cracks-major-resistance-as-analyst-eyes-70k-destiny

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