A multi million-dollar tale of lost and found BTC has shot to the front page of the Bitcoin subreddit.
A new Reddit user who named their account “BitcoinHolderThankU” says he or she just found the keys to 127 Bitcoin.
The user obtained the BTC in 2011 or 2012, back when you could earn the cryptocurrency by filling out surveys, watching videos, and completing other tasks online.
The user, who was an avid player of the game Dark Orbit, planned to exchange the BTC for an in-game currency called Uridium. But the player never actually made the exchange.
Cut to 2021, when the gamer was at their grandfather’s house where they used to play Dark Orbit.
“I used to play Dark Orbit mainly at my grandpa’s house, and I was there for around a week during the holidays. While I was there I was going through his old Dell computer that I used to play the game on and came across a .txt folder that was labeled ‘Keys’.”
The working keys to all 127 BTC were in the file, says the user, who promptly exchanged them for cash at a price of $34,000 per coin – for a whopping $4.3 million.
“[It] literally took me two hours to write this because I’ve been constantly balling my eyes out while typing.
Made a Reddit account just to share this story with you all. Thank you to all the believers of Bitcoin who made this possible. Hold On for Dear Life.”
You can check out the full post here.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jiap
Just-in: CITI Extends Partnership With Ripple Powered Volante’s VolPay
Citi Treasury and Trade Solutions (Citi) has announced the extension of its long-standing partnership with key Ripple partner Volante Technologies, a global provider of payments and financial messaging solutions. The partnership would help CITI in the adoption of hugely popular ISO 20022 financial messaging standards across its global payments operations, as the new payment standard is fastly becoming the choice of payment messaging standard for major payment processors across the globe.
The news also comes as a major boost for Ripple and the XRP community as Volante is a key Ripple partner that makes use of Ripplenet for its popular VOIPay payment processing solution. Before the SEC lawsuit, Ripple has made quite progress in terms of cross-border remittance solution provider with its RippleNet technology with over 200 banking partners across the globe including Japanese giants SBI Holdings.
— JamesRuleXRP💫HODL💫DYOR💫Don’t FOMO🚀👊😎 (@RuleXRP) January 19, 2021
Ripple Can Still Redeem Itself Outside US as Fintech Frenzy Soars
Ripple and XRP’s future looks uncertain in the United States, the crypto company could still manage to continue its remittance technology solution business outside the US. Most of its key strategic partners outside the US have extended their support to Ripple suggesting that they need not worry as they would continue to use and their services. With a strong community standing behind the company and the recent push by countries for fintech technology incorporation
Ripple has so many partners with so many banks and financial institutions but stands alone in front of the SEC. The outcome moving forward will be a watershed moment for the crypto ecosystem. I for one hold strong and stand with Ripple. $xrp
— OceaN (@Ocean_4549) January 18, 2021
The raging coronavirus pandemic added with the crumbling financial infrastructure has raised the demand and need for incorporation of digital technology in the existing financial system. The United States has already green-lighted the use of blockchain and stablecoins by federal banks and the likes of Japan, South Korea, and many European countries would follow a similar suit.
Ripple despite its woes in the US could largely benefit from the world’s move towards fintech with its strong foothold in the Asian Pacific region, which also happens to be one of the key remittance corridors.
To keep track of DeFi updates in real time, check out our DeFi news feed Here.
First Mover: Ether Steals Limelight With New All-Time High Price as Bitcoiners HODL
Bitcoin (BTC) was higher for a second day, staying in the past two week’s range between roughly $34,000 and $40,000.
“This period of consolidation is building a solid base, giving those who wish to sell bitcoin plenty of time,” according to the cryptocurrency exchange firm Diginex.
Ether (ETH), the second-biggest cryptocurrency, rose Tuesday to a new all-time high of $1,499.33, reaching price levels not seen since early 2018. The LINK token from Chainlink, which provides price feeds to decentralized trading and lending systems built atop blockchain networks, also set a record price.
With the bitcoin market trading sideways, some investors might be rotating into so-called alternative cryptocurrencies for faster returns, Edward Moya, a senior market analyst for the foreign-exchange broker Oanda, said in emailed comments.
“The cryptoverse is growing again, and right now many cryptocurrency traders are diversifying into other coins,” Moya said.
In traditional markets, Asian and European shares rose and U.S. stock futures pointed to a higher open ahead of Treasury Secretary nominee Janet Yellen’s confirmation hearing. The former Federal Reserve chair is expected to call for the government to “act big” on stimulus borrowing and spending, to aid the economic recovery.
Gold strengthened 0.2% to $1,845 an ounce.
With bitcoin prices up 26% so far in January after quadrupling in 2020 and doubling the year before that, a trader might be forgiven for looking to take some profits.
But based on data extracted from the underlying blockchain network, investors appear content to sit tight, apparently betting a new rally could quickly take the cryptocurrency to fresh all-time highs.
Delphi Digital, a cryptocurrency analysis firm, noted last week in a report that bitcoin balances on cryptocurrency exchanges had decreased to about 2.3 million from 2.4 million over the past month as prices rose. Often, when prices rise, the balances increase, as more investors transfer bitcoins to the exchange to be liquidated.
“The net outflow this time around is potentially indicative of the long-term focused nature of recent investors,” according to the Delphi analysts, Yan Liberman and Kevin Kelly.
The exchange outflows dovetail with other blockchain data showing more bitcoin being hoarded by investors for the long term, known in crypto-industry jargon as HODLing.
Analysts for Glassnode, a blockchain-data firm, noted Monday that the number of bitcoins held in “accumulation addresses” has climbed by 17% over the past year to more than 2.7 million. These are addresses that have only ever received bitcoin and never spent them.
“This increase highlights the massive supply restriction that is occurring in the BTC market, with almost 15% of the total supply held in these addresses,” according to the firm.
Some 14.6 million out of the 18.6 million bitcoins mined over the blockchain network’s 12-year history are “either lost or being HODLed long term,” Glassnode says. That means new buyers coming in, such as big investors or companies looking to use the cryptocurrency as a hedge against potential inflation, would have to compete for the remaining 4 million or so bitcoins still circulating.
“When combined with the general decrease in bitcoin’s liquid supply and the number of lost coins, this leads to an even more limited supply, which is helping BTC maintain the highest prices it has ever seen,” the analysts wrote.
– Bradley Keoun
Bitcoin remains locked in a narrowing price range despite resurgent institutional demand.
The top cryptocurrency has charted a symmetrical triangle over the past few days, as seen on the hourly chart. It’s a sign both buyers and sellers are unwilling to lead the price action.
Grayscale Bitcoin Trust (GBTC), the biggest publicly traded crypto investment trust, purchased a total of 16,244 BTC ($607 million) on Monday, taking out 18 times more supply from the market than what miners added. This was after the trust reopened last week following a month-long pause and quickly accumulated another 4,700 BTC. (Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.)
Even so, the cryptocurrency is struggling to gather upside traction. The bulls look to be taking a hiatus, having engineered a rally of more than 200% over the past three months.
Digital-asset traders appear to have shifted toward alternative cryptocurrencies such as ether, the second-largest cryptocurrency, which rose to a new record high early Tuesday.
The focus could move back to bitcoin if the largest cryptocurrency breaks out of its hourly chart triangle pattern. That would imply a resumption of the broader trend and put $50,000 on the map, as noted by Vinny Lingham, investor and founder of crypto wallet and identity verification firm Civic.
– Omkar Godbole
Goldman Sachs reportedly planning to enter crypto market soon with custody play (CoinDesk)
Huobi Global connects to European banking system via UK’s BCB Group (CoinDesk)
Coinbase cryptocurrency exchange, hounded by snarky social-media comments about reliability, plans improvements to infrastructure (CoinDesk)
CoinShares starts exchange-traded bitcoin product (Bloomberg)
MetLife’s investment arm predicts “true central bank digital-currency launch among Western countries seems unlikely to occur anytime soon” (CoinDesk)
Bitcoin takes over as “most-crowded trade” in Bank of America survey after passing “long tech” (CoinDesk)
“No, bitcoin is not in a bubble,” CoinDesk Research Director Noelle Acheson writes in Crypto Long & Short newsletter (CoinDesk)
JPMorgan analysts see $40,000 as a key bitcoin price threshold before bullish uptrend continues, Bloomberg reports (CoinDesk)
Former Canadian Prime Minister Stephen Harper, in interview, lists bitcoin among U.S. dollar alternatives that could make inroads as an international reserve asset (CoinDesk)
Wall Street chief financial officers (CFO) are more wary of putting company funds into bitcoin after last week’s 30% price plunge (CoinDesk)
Bitcoin is “two bets in one: a sound, unimpeachable monetary protocol and the reserve asset for a rapidly expanding crypto-financial network,” Castle Island Ventures’ Nic Carter writes (New York Magazine)
South Korea’s Dunamu launches its own bitcoin “fear and greed” index (CoinDesk):
The latest on the economy and traditional finance
Biden Treasury secretary nominee (and former Federal Reserve Chair Janet Yellen) says in prepared remarks for Tuesday’s confirmation hearing that “with interest rates at historic lows, the smartest thing we can do is act big” (FT)
Jamie Dimon says JPMorgan Chase should absolutely be “scared s—less” about threat from fintech rivals, names PayPal, Square, Stripe, Ant Financial, Amazon, Apple, Google (CNBC)
Beleaguered U.S. bank Wells Fargo targets $8B in cost savings over three years, including job cuts, and considers options for exiting asset-management and corporate-trust businesses (Pensions & Investments)
Foreign investors expect U.S. dollar to remain weak under Biden (WSJ)
U.S. corporate bond spreads shrink to 0.93 percentage point, narrowest since January 2020, at least partly reflecting investor confidence in ongoing economic stimulus and easy money from the Federal Reserve (WSJ)
Reserve Bank of Australia could shut down quantitative easing program in April (Australian Financial Review)
China’s GDP grew 2.3% in 2020, lowest lowest in 44 years (Nikkei Asia Review)
Southeast Asian ride-hailing company Grab considers U.S. IPO estimated at $2B (Reuters)
Tweet of the Day
Bitcoin At $400k: Guggenheim’s CIO Scott Minerd Still Stands By His Prediction
The Bitcoin market has been generating quite some talk within the crypto space. That’s especially after the top coin mounted a fast bull run that put it at the highs of $42k before a brief correction that stabilized the price just a couple grand short of the $40k mark. Apparently, there are those who still think Bitcoin is headed way higher than its current all-time high price.
In an interview with CNBC, Guggenheim’s Chief Investment Officer Scott Minerd said that Bitcoin is headed for a $400k high. With that, Scott was affirming his earlier position where he had predicted the price.
“It’s A Bit Of A Frenzy”
This comes at a time when Bitcoin is getting a lot of attention due to its impressive price movement.
In an attempt to deflect too much attention, Scott said that the BTC market was becoming “a bit of a frenzy,” and that there are people who still have capitalized on its current popularity even if he hadn’t touched on it.
The Market Is Frothy
Scott Minerd made his first prediction about Bitcoin way back when the crypto was trading at around $23k. That was in December 2020. He drew a rather critical comparison between Bitcoin and Gold, noting that BTC shares a lot of qualities already present in Gold but wins in terms of its inherent transactional value. According to Scott, the Bitcoin market is currently a bit frothy due to high demand that even exchanges are struggling to meet.
However, in a recent tweet, Scott attempted to play down the frenzy in the BTC market, saying that the price rally cannot be sustained in the short-term. He added that, due to this, the crypto is vulnerable to a price retraction. However, that assertion doesn’t invalidate his long-term price prediction.
Guggenheim Is Yet To Buy Bitcoin
Turns out, Guggenheim doesn’t own Bitcoin, something that has some people like economist Alex Krugger thinking that the CIO’s attempt to covertly discredit BTC in the short-term was a ploy to keep the price down in order for the firm to buy at lower prices.
According to Krugger, Scott’s tweet attempts to lead people into thinking that the investment firm is making profits from its BTC investments, but the truth is that Guggenheim hasn’t bought Bitcoin yet. In fact, the firm filed an application with the SEC seeking approval to invest around $530 million in Bitcoin through the Grayscale Bitcoin Trust. This approval is expected to go into effect on the 30th of January.
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