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Some Asian Traders Are Using Polkadot to Predict Bitcoin’s Future

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As prices for bitcoin and other cryptocurrencies continue to surge this year, many traders are looking for any indicator for when – or if – the bull market will come to an end. Some are convinced they have the answer: They are examining polkadot (DOT), the native token of the Polkadot blockchain, as a potential canary in the coal mine for cryptocurrency.

As of press time, polkadot’s price was at $12.49, up 12.40% in the past 24 hours, according to Messari. It reached its all-time high of $13.22 during early trading hours in the U.S., just six days after bitcoin’s price reached a new all-time high.

(Shuai Hao, CoinDesk Research)
Source: Nomics

(Shuai Hao, CoinDesk Research)
Source: Nomics

The market capitalization of Polkadot has surpassed XRP and litecoin and is now the fourth-biggest cryptocurrency by market cap, according to Messari’s asset tracker.

Following in the 2017 footsteps of EOS

Those using polkadot to prognosticate bitcoin’s price point to parallels with another altcoin, EOS.

Sources who spoke to CoinDesk as well as social media users, especially on Chinese-language platforms, see parallels between the 2017 bull market prices of bitcoin and EOS, the native cryptocurrency for the EOS.IO blockchain platform. They said Polkadot, a project started by Ethereum co-founder Gavin Wood and considered to be one of the so-called “Ethereum killers,” shares similar features and goals of the EOS.IO project, which was also born with the ambition of replacing Ethereum.

A screenshot of a Jan. 14 post on Weibo (China’s Twitter) that claims polkadot is one of the so-called “marketing-oriented” tokens that could give retail investors a chance to make “quick money” right after the bitcoin’s bull run. “If you miss the opportunity now, there won’t be a chance for you to get rich fast after the bull market ends,” it wrote in Chinese.
(Weibo)

A screenshot of other posts on Weibo show warnings from some crypto users in China about Polkadot’s potential downfall, citing its similarities to EOS in 2017’s bull run.
(Weibo)

After bitcoin’s price reached its peak in 2017’s bull run, many investors and traders took their profits and moved them into tokens like EOS, a period of time now called “alt season.” Prices for EOS reached an all-time high at the end of April 2018, after which “crypto winter” was said to have started.

Claims that EOS and bitcoin prices were related in 2017 and 2018 are contentious. 

“Correlation, not causation,” said Terry Wilkinson, chief executive officer at the Tokyo-headquartered investment firm Anchor Value. EOS “was the latest greatest pie-in-the-sky protocol at that time and as such garnered a lot of hype during that cycle. The bull run did not end because EOS stopped pumping. It was kind of the poster child for that run.”

Block.one created EOS.IO in September 2017. The blockchain provides a platform for developers to create decentralized apps (dapps) with the promise of improved scalability compared with Ethereum. The project was also known for its initial coin offering (ICO), which ran from summer 2017 to June 2018, arguably the longest-running ICO in history. 

With a large amount of its tokens being turned over to hedge funds to manage and make the majority of the investments in the building the EOS.IO ecosystem, traders and investors took EOS’s price as an indicator of capital inflows to crypto at the time. When EOS’s price stopped pumping, many took it as a sign to exit the market.

Read More: EOS Revisited: Investors Take Another Look at the Longest-Running ICO

EOS.IO “failed to catch up to Ethereum’s position and hype,” Jason Kim, chief investment officer at Anchor Value, added. “Speed alone did not persuade enough people to buy into EOS’ rosy projections.”

Polkadot’s bull case in 2020’s bitcoin rally

Similar to EOS.IO, Polkadot is touted as a promising blockchain that may replace Ethereum’s dominance. It particularly caught the attention of many savvy digital asset investors when decentralized finance (DeFi) exploded in the past summer.

Most DeFi projects are built on the Ethereum blockchain, the second-largest blockchain, which is thought of as a “world computer” due to its versatility and programmability. Yet, some projects have chosen Ethereum alternatives for better scalability and end-user experience, with Polkadot being one of the more popular ones.

As a result, just as many investors back in 2017 were making bets on EOS.IO for its promise to grab market share from Ethereum at the time, investors now have shown a “strong” appetite for Polkadot’s DOT, as CoinDesk reported two months ago.

Read More: As DeFi Grows, Investors Look to Polkadot to Be the Next Ethereum

With that said, many have expressed their doubts about DOT’s possible correlation with bitcoin’s latest bull run. The main drivers of this round are significantly different from 2017, which were then stirred up by retail investors for the ICO boom.

These days, the market has mostly agreed that large institutional investors and the explosive DeFi sub sector took off in the past summer are the primary power behind the latest bull market.

Read More: DeFi Is Hot but Retail Interest Nowhere Close to ICO Frenzy

The logic behind the two bull runs are completely different, according to Simons Chen, executive director of investment and trading at Hong Kong-based crypto lender Babel Finance. Investors who bought bitcoin in this round have not been taking profits from many altcoins such as polkadot.

“[DOT] certainly fills the same slot as EOS did last bull run,” Wilkinson said. “There are parallels to draw since [Polkadot] probably has the highest expectations as the new chain on the block, but my opinion is that this bull run is different than the last mainly because of the involvement of institutional money that was largely vacant during the 2017 run.”

And unlike the ICO boom, many traders and analysts say, the fast-growing realm of DeFi – semi-autonomous exchanges and lenders – has shown much more potential with an ambitious goal to replace the traditional financial world one day.

Indeed, while the “summer of DeFi” cooled down, the sector still remains quite active. Multiple DeFi tokens have seen double-digit growth in the past few days. Brian Brooks, the outgoing acting head of the U.S. Office of the Comptroller of the Currency (OCC), wrote in a Financial Times op-ed about a future of “self-driving” banks backed by the DeFi sector.

Thus the rapid price growth in DOT could just be a reflection of the DeFi’s continuing growth, as well as new upgrades and improvements on the project.

Denis Vinokourov, head of research at Bequant, said a recently released 2021 roadmap by SushiSwap, a decentralized exchange which includes an integration with Polkadot, could be the reason why DOT’s price has been up.

Prices for SushiSwap (SUSHI) also have surged since the announcement, up 14.63% in the past 24 hours to $5.5 at the time of writing, according to Messari.

Disclosure

Source: https://www.coindesk.com/asia-traders-bitcoin-polkadot-prediction

Blockchain

Circle K to Host Bitcoin ATMs Across its Convenience Stores

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Major bitcoin ATM operator Bitcoin Depot has inked a long-term partnership deal with convenience store chain Circle K to install Bitcoin kiosks in the United States and Canada.

Bitcoin Depot and Circle K Partner to Install Bitcoin ATMs

Bitcoin Depot announced the deal via a press release on Thursday (July 22, 2021). According to the company, there are more than 700 Bitcoin ATMs already installed in Circle K locations in 30 states across the U.S.

The partnership provides individuals with a more convenient way to purchase bitcoin, thereby encouraging widespread adoption of the flagship cryptocurrency. Bitcoin Depot already has over 3000 BTC ATM kiosks located in almost every state in the U.S. and also allows users to buy more than 30 cryptocurrencies, including BTC, ETH, and LTC.

Speaking on the latest development, Brandon Mintz, CEO of Bitcoin Depot, said that the partnership deal with Circle K enables the crypto ATM company to expand its services internationally. Mintz also said that the installation of the Bitcoin ATMs would grow the number of customers visiting the convenience store chain while providing financial access to “underserved communities.”

Circle K’s Senior Vice President Global Merchandise and Procurement, Denny Tewell, also made a statement, saying:


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“At Circle K, we are passionate about making our customers’ lives a little easier every day, and we are continually looking at ways to enhance their experience in our stores and be their favorite shop for a growing range of needs and occasions.”

Tewell  added:

“Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy Bitcoin.”

Bitcoin ATMs Continue Exponential Growth

The growth of crypto ATMs globally signals an increasing demand for bitcoin and other cryptocurrency assets. According to data from Coin ATM Radar, there are currently 23,915 crypto ATMs in 75 countries, up from 11,665 ATMs recorded in November 2020. This shows that the number of machines has more than doubled in eight months.

Statistics further show that the United States continues to lead with over 21,000 Bitcoin ATM locations, controlling more than 86% of the market. Canada comes second with BTC ATMs installations in 1696 locations, amounting to 6.8% of the world total.

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Source: https://cryptopotato.com/circle-k-to-host-bitcoin-atms-across-its-convenience-stores/

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Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future

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Jack Dorsey, the CEO of Twitter – one of the largest social media platforms on Earth – said that Bitcoin will be a big part of the company’s future.

  • Yesterday, July 22nd, Twitter published its Q2 2021 letter to shareholders, as well as its Q2 Earnings Conference Call.
  • During the call, Jack Dorsey discussed many things, but Bitcoin and digital currencies took somewhat of a central stage, especially in light of current events and the fact that he’s been talking about it quite a bit.

I think this [read: Bitcoin] has a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it. – Said Dorsey.

  • He also stressed on the fact that if there were a global currency of the Internet, Twitter would benefit a lot because it could move quickly with some of its products such as the Tip Jar, Subscription, Commerce, Super Follows, and so forth.
  • The CEO has been quite vocal about the importance of Bitcoin and its mass adoption.
  • Earlier, as reported by CryptoPotato, the CEO revealed that his financial services company, Square, plans to build a hardware Bitcoin wallet to improve and spread its adoption.
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Source: https://cryptopotato.com/jack-dorsey-sees-bitcoin-as-a-big-part-of-twitters-future/

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‘Wolf Of Wall Street’ Jordan Belfort: Elon Musk Is Filthy Rich To Pump And Dump Bitcoin

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Binance CEO CZ Lambasts Tesla CEO Elon Musk For 'Irresponsibly' Manipulating The Crypto Market

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Jordan Ross Belfort, best known as the “Wolf of Wall Street” portrayed by Leonardo DiCaprio, doesn’t believe that Tesla/SpaceX CEO Elon Musk really manipulates crypto prices contrary to countless claims.  

Speaking with Fox Business on Thursday, Belfort posited that Musk is stinking rich to be pumping and dumping dogecoin, bitcoin, or other cryptocurrencies in order to make a quick buck off of it. 

“I like Elon Musk and I think he’s rich enough. He doesn’t have to make an extra few dollars pumping and dumping.”

Jordan Belfort, the former Wall Street penny-stock broker who pleaded guilty to stock market fraud in 1999, explained that while Musk himself might not be pumping and dumping, traders might be using his endorsement and they pump and dump around the hype that the billionaire tycoon creates.

Musk, famous for his odd-timed tweets, has constantly been accused of being a master manipulator. Notably, his tweets on major cryptocurrencies like DOGE and BTC, have sent their prices up and down within seconds.

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At The B Word conference held on Wednesday, Musk shared details of the three cryptocurrencies that he personally owns as well as the cryptos held by his two companies. He also admitted that he might occasionally pump crypto prices, but he doesn’t dump. “If the price of bitcoin goes down, I lose money,” Musk explained.

The Tesla chief went on to state that he is interested in seeing bitcoin succeed — not just getting the price high and cashing out at higher prices.

Belfort, however, maintains that Musk is most likely “inadvertently being used” to pump and dump cryptocurrencies. 

Belfort Is Hoping Bitcoin Price Rips Lower

During his interview, Belfort also affirmed that he is invested in bitcoin (BTC), and ethereum (ETH) and is in it for the long haul. In fact, he hopes the price of the bellwether cryptocurrency falls again to as low as $5K per coin so that he can grab some more.

“I would love it to go lower because I’m a long-term investor so I don’t care if it goes up or down in the short term. I would love it to go back to $5000 and buy a ton of it here and that would be a great thing.”

This image has an empty alt attribute; its file name is a0l8zUyF.png
BTCUSD Chart By TradingView

At the time of publication, the bitcoin price is in the process of attempting a sustained breakout above $32,400 where the price has been hovering for 48 hours or so.

The Wall Street criminal-turned-author also noted that no one actually knows where the price of bitcoin goes next and if anyone says they do, they are definitely lying.

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Source: https://zycrypto.com/wolf-of-wall-street-jordan-belfort-elon-musk-is-filthy-rich-to-pump-and-dump-bitcoin/

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