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This is a good sign for Bitcoin Cash BUT….

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For the first time since June, Bitcoin’s price slipped below the $30k level on Tuesday. This dip managed to stir chaos in the market. However, the king coin was quick to recover and was trading just under $32k, at press time, thanks to the hype associated with the B Word conference. To put it in the words of Changing Zhao of Binance, “The market likes to play with our emotions.”

Bitcoin’s 6.2% hike over the last 24 hours was well reflected in the one-day RoI of most alts. In fact, at the time of writing, 95 out of the top 100 coins were trading in the green, thanks to Bitcoin. 

Bitcoin Cash’s story looked no different. The twelfth-largest crypto witnessed a 7% pump over the same time period and was trading at $421.82. What’s more, over the past week, the alt’s correlation to Bitcoin further intensified. Notably, at the time of writing, the same shared a value of 0.96.  This makes it quite evident that BCH’s price movement is, by and large, tied to the king coin.

Like BTC, are HODLers accumulating BCH too? 

Source: Santiment

Bitcoin Cash’s mean coin age has steeply risen over the past few weeks. Notably, this metric exhibits the average number of days that all BCH tokens have stayed in their current addresses. The current rising slope signals a network-wide accumulation trend. 

Arguably, BCH has been mirroring Bitcoin’s accumulation trend. In fact, at press time, BCH’s mean coin age stood at 1197.74 while the same for BTC reflected a congruent value of 1181.48. 

Are traders doing their job? 

Owing to the not-so-volatile price environment of Bitcoin, the number of traders associated with it has nearly halved itself over the past few months. To quantify, the number of active traders that stood at 5 million in March had fallen to merely 2.9 million at press time.

Source: IntoTheBlock

However, as far as BCH is concerned, the number of active traders has consistently been rising over the past few months (depicted in the chart above). In March, for instance, the network had merely 365k traders while the same for this month stood at 818k. 

Additionally, Santiment’s chart pointed out that the number of active addresses on BCH’s network has been registering noteworthy spikes every other day, while the same for BTC has been dwindling. Now, even though BTC’s 360k active addresses are nowhere close to BCH’s 60k, the latter’s recent advancements cannot be disregarded.

Is BCH overvalued or undervalued? 

Well, BCH’s price seemed to be vaguely overvalued at the time of writing. The MVRV ratio on 20 July reflected a value of -0.001% (indicative of a close-to-fair price) while the same, at the time of writing, stood slightly above the zero line – at 5%. This minute uptick suggested that investors are making slightly more money than usual in the BCH market. 

Bitcoin too, at the time of writing, seemed to be overvalued and its MVRV ratio stood at around 70%.

Source: Santiment

Even though BCH’s metrics do not seem to be very pleasing at the moment, it should be noted that the alt’s close above $387 yesterday, to a fair extent, eliminated the odds of its retracement to $370 and that’s definitely a good sign. However, if Bitcoin’s price ends up succumbing again in the next few days, BCH would definitely be one of the worst affected alts.

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Source: https://ambcrypto.com/this-is-a-good-sign-for-bitcoin-cash-but

Blockchain

$45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin

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GoldenTree Asset Management, a US asset management giant with $45B in AUM, has reportedly purchased portions of the primary cryptocurrency. The move aims to diversify some of the organization’s already existing strategies.

  • Founded over two decades ago, GoldenTree is an asset manager headquartered in New York City with offices in numerous other important financial cities such as London, Singapore, Tokyo, and Sydney.
  • According to a report by The Street, the institution has dipped its toes in the cryptocurrency industry by purchasing an undisclosed amount of bitcoin.
  • Citing two sources familiar with the matter, the coverage indicated that putting BTC on the balance sheet will work as a diversifier for the “broad mix of debt-focused strategies it has run for years.”
  • Furthermore, GoldenTree has reportedly had internal discussions to establish a dedicated team responsible for its cryptocurrency investments.
  • With GoldenTree, the number of large asset managers showing an appetite for bitcoin keeps growing.
  • The most prominent name has to be BlackRock. The world’s largest asset manager dabbled with BTC through CME and reported gains of $360,000 in April this year.
  • Stone Ridge, another Wall Street behemoth, filed to add the cryptocurrency to its diversified alternatives funds.
  • This trend expanded outside of the US as well, with the Israeli company – Altshuler Shaham – buying BTC through the Grayscale Bitcoin Trust.
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Source: https://cryptopotato.com/45b-asset-manager-goldentree-has-reportedly-bought-bitcoin/

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Wealthfront to Offer Cryptocurrency Exposure to its Clients Through Grayscale

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The financial institution Wealthfront announced it would expand its menu of digital asset investments by including Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Additionally, the company would provide more solutions to its customers with cryptocurrencies different than BTC and ETH.

Wealthfront Customers Can Now Invest in GBTC and ETHE

The California-based investment provider Wealthfront with more than $25 billion in assets under management, revealed in a recent blog post that its users can now diversify their portfolios by allocating funds in Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).

The clients would neither need wallets to take advantage of the service nor be required to open an account in a cryptocurrency exchange.

However, Wealthfront warned that such investments can be risky and more volatile than most ETFs and would limit the initiative. With that being said, investors would not be able to allocate more than 10% of their total portfolios into GBTC or ETHE.

The company also expanded its menu of ETFs and assured its nearly 440,000 users that soon it would offer even more cryptocurrency options:


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“For example, you can now choose from a bigger selection of ARK ETFs, pick ETFs that are specific to industries like cannabis or self-driving cars, or choose from a larger pool of socially responsible investments. The choice is yours.”

GBTC Can Surpass The Largest Gold ETF

Grayscale is the largest digital asset manager that enables institutional investors to receive exposure to various cryptocurrencies without having to worry about storing or managing their funds. The company has enjoyed a massive increase in clients in the past year and a half, with GBTC taking the most substantial portion.

In fact, the growth of the Bitcoin Trust prompted some to believe that it could actually surpass the SPDR Gold Shares (GLD) – the largest gold-tracking ETF.

The difference between the two was significant in the middle of last year when the GLD was riding high with its AUM exceeding $80 billion while the GBTC was struggling beneath $5 billion. Yet, as institutions opened their minds to bitcoin and started accumulated massive portions, the gap began to close. At the end of 2020, the Grayscale Bitcoin Trust skyrocketed to about $20 billion.

2021 started even more impressively for GBTC as its AUM neared $40 billion. Somewhat expectedly, this expansion caused many experts to believe that the Grayscale Bitcoin Trust can soon outweigh the GLD.

However, according to a recent analysis, institutional demand for Bitcoin and Ethereum investment products has  started to slow down, and surpassing the SPDR Gold Shares now seems less likely:

“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lackluster.”

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Source: https://cryptopotato.com/wealthfront-to-offer-cryptocurrency-exposure-to-its-clients-through-grayscale/

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eToro Listed Shiba Inu (SHIB) While ShibaSwap TVL Drops Almost 80% in Two Weeks

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The multi-asset investment platform, eToro, which plans to go public later this year, has listed Shiba Inu (SHIB). The company argued that the decision came following substantial demand from customers.

  • Founded in 2006, eToro is an Israeli social trading and multi-asset brokerage company with offices in several European countries, the US, and Australia.
  • The firm announced the listing of Shiba Inu (SHIB) in a press release shared with CryptoPotato. The statement reads that the addition has come due to “strong customer demand.”
  • Users of eToro will be able to interact with the popular meme coin as “Shiba (in millions),” which is a “lot” of one million Shiba Inu units. According to the statement, this would provide customers with a “clearer understanding of the pricing in a regular, two-decimal-point format.”
  • The company recently outlined plans to go public later this year. It would become possible after a merger with a Special Purpose Acquisition Company (SPAC) with a total valuation of over $10 billion.
  • Back in May, eToro also listed arguably the most popular meme coin – Dogecoin. Shortly after, DOGE pumped to an all-time high at that point of about $0.5.
  • SHIB saw its record price in mid-May as its popularity skyrocketed. However, it has declined by more than 80% since then, even though the recently launched ShibaSwap DEX attracted billions of dollars in total value locked in just a few days after the launch.
  • However, the TVL has declined by nearly 80% since then to around $400 million as of writing these lines, according to data from DeFiLama.
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Source: https://cryptopotato.com/etoro-listed-shiba-inu-shib-while-shibaswap-tvl-drops-almost-80-in-two-weeks/

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