Day: February 8, 2022

Corporations Will Arrive to Crypto Markets Faster Than You Expect: Analyst Nicholas Merten

by Dailyhodl

Crypto analyst Nicholas Merten says that corporate investment into the crypto markets could be the catalyst that carries Bitcoin (BTC), Ethereum (ETH), and the rest of the crypto markets out of their current slump.

In a new YouTube video, the DataDash host tells his 508,000 subscribers that corporate treasurers will save the crypto markets sooner than many might expect.

“Corporate treasurers… could be the catalyst that actually carries us out of this recent correction that we’ve had in December and January. I do believe we are going to see it faster than we may expect.”

Merten notes that corporate treasurers are pickier than the average investors when choosing their entry points. The analyst says that with crypto markets trading at a big discount from their all-time highs, the big corporate players may be looking to rotate into nascent space.

“Corporate treasurers are not going to buy at new all-time highs. They buy when assets are at discounts. They rotate assets in their balance sheet, whether it’s up, you know, just basically cash, buying it on a discount, or maybe, for example, their equity plays have been doing really well, and now, they’re going to lock in some of those gains and rotate to fixed income assets like bonds or treasuries. Or into a new asset class, like cryptocurrencies.

That’s how a corporate treasurer thinks. They do not buy at peaks in price, they buy at discounts when no one else is willing to buy because they know that it’s just like shopping – it’s going out and finding things that you like at a discount.”

The analyst says it’s highly significant that KPMG Canada recently added Bitcoin and Ethereum to their balance sheet. According to Merten, the Big 4 accounting firm’s move could set the precedent for more corporate giants to make similar decisions.

“That is a major move for crypto assets… To have a traditional company like KPMG now starting to showcase that they believe that Bitcoin and Ethereum are tokens worth putting on their balance sheet. And on top of that, they did a great example of showcasing how if companies were to be concerned about the carbon emissions tied to Bitcoin or Ethereum through proof-of-work mining, that you can buy carbon offsets… they showcased how a large institutional company can do this in a way that meets their goals and services as a probable asset for corporate treasures.

That’s great news.”

[embedded content]

I

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

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/Trong Nguyen

Source

Tagged : / / / / / / / / / /

Here’s What It Would Take for Bitcoin (BTC) To Rally 200%, According to InvestAnswers

by Dailyhodl

The anonymous host of InvestAnswers is unveiling a scenario where Bitcoin (BTC) could triple its current value.

The analyst tells his 409,000 YouTube subscribers that many people store Bitcoin on exchanges for flexibility purposes, even though they’re not currently willing to sell it.

The host notes that a sudden surge in buying pressure could ignite a supply shock and cause Bitcoin’s value to go parabolic.

“To cause a big macro shock, you would need somebody trying to buy between 100,000 and 200,000 Bitcoin within the space of one or two weeks.

That would propel the market to 3x in a very short window of time. That’s all it takes, because a lot of people do actually have their crypto on exchanges, but they’re not willing to sell it…

There’s a lot of people like me who are not willing to sell. So that metric what’s available on exchanges to sell it’s very different. But everybody has their price and the higher we go, the more sellers there will be, and it will even itself out. But if again, somebody tried to buy 100,000 to 200,000 within a two-week period, we go. We 3x overnight and that could happen.” 

Bitcoin is trading at $44,112.72 at time of writing. The top crypto asset by market cap is up more than 4% in the past 24 hours and up nearly 15% compared to where it was priced one week ago.

At current prices, a 100,000 BTC purchase would be worth more than $4.4 billion.

[embedded content]

I

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

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/Liu zishan

Source

Tagged : / / / / /

SoftBank-Backed Startup to Offer Crypto Trading (CNBC Report)

by CryptoPotato

DriveWealth – a SoftBank-backed start-up that assists fintech firms in offering stocks – will reportedly provide cryptocurrency trading services to clients. To do so, the company will acquire Crypto-Systems – a separate digital asset organization based in the United States.

DriveWealth to Compete with Coinbase

CNBC reported that shortly after the acquisition, the start-up will launch two subsidiaries to offer Bitcoin and Ethereum trading opportunities to partners in April or May this year.

Bob Cortright – CEO at DriveWealth – raised hopes that the end-to-end crypto trading system and the algorithmic-trading platform, which his company utilizes, could bring greater transparency to the digital asset market:

“In the crypto space right now, it’s still the Wild West, prices are all over the place. There’s very little price discovery and there’s little consistency with spreads. We want to change that.”

Cortright, who has co-created Bank of America’s electronic-trading platform, believes that trade fees would collapse as watchdogs get involved, and competition increases. As such, DriveWealth aims to be a crypto liquidity provider to compete with Coinbase’s “unsustainable” transaction speed:

“We can’t continue in a world where you can charge 200 basis points on a transaction.”

Coinbase – a leading digital asset exchange – charges retail customers with fees as high as 4.5% and more. It also collects a spread on top of transaction costs.

ADVERTISEMENT



DriveWealth’s CEO opposed such a transaction policy. “It’s coming out of the wallets of the customers,” Cortright maintained.

Bob Cortright
Bob Cortright, Source: Meta Trader

The executive concluded that numerous companies across various fields are lining up to allow customers to earn rewards in digital assets:

“Even the established, large e-commerce players are finding that, when surveying their clients, a huge percentage want to own some crypto.”

Valued at $2.85 billion, DriveWealth is backed by the Japanese financial institution SoftBank.

Coinbase’s Recent Updates

Speaking of the US-based cryptocurrency platform, it is worth noting the latest developments around it.

Nearly a month ago, it partnered with Yield Guild Games (YGG) to bring more assets available for scholarships. At the same time, Coinbase acquired FairX – a CFTC-regulated trading venue – to offer crypto derivatives to retail and institutional investors in the States.

A week later, the platform joined forces with Mastercard to simplify purchasing non-fungible tokens (NFTs):

“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem.”

Subsequently, the trading venue appointed Tobias “Tobi” Lütke as its newest member of its Board of Directors. The German is the Chief Executive Officer of the e-commerce giant Shopify.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:






Source

Tagged : / / / / / / / / / /

Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

by NEWSBTC

Cardano (ADA) has been on the receiving end on some of the most brutal beatdowns the crypto market has dished out in recent times. The cryptocurrency had managed to grow from about $0.20 at the beginning of 2021 to a high of $3, which saw investors cashing out massive gains. However, the trip down would prove to be just as swift and impactful as the trip up.

ADA has since lost about 60% of its all-time high value, falling below $1 for the first time in eight months. Since the digital asset has spent such a long time in a downtrend, there looks to be nowhere to go but up as ADA plots its move upwards after forming a local resistance point.

ADA Ready For Takeoff

After a long time in a downtrend, ADA has finally formed a local resistance. With this resistance, the digital asset is looking towards a liftoff from this point. One thing to note is that even when the rest of the market had begun to rebound, Cardano had continued to trend low. Momentum stayed down, translating to no meaningful movement despite the market gaining over $200 billion in a single weekend.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem

A look at the charts shows that this may have positive connotations for the value ADA going forward. For instance, ADA is now trading in a support zone between $0.90 and $1.20, as illustrated in this analysis by a trader. It is doing this while the rest of the market is already recovering significant portions of its lost value during the crash, showing that it has indeed formed local support.

Cardano To Bounce 40%

Looking at the past, a few things of note show that this is an important point for Cardano. One of these is the historical data that outlines what ADA has done after forming a local resistance. Like clockwork, the price of the digital asset has been able to bounce up from its support zone the past three times this has happened. There is nothing to suggest that this cannot happen for the fourth time.

Get 110 USDT Futures Bonus for FREE!

Cardano (ADA) price chart from TradingView.com

ADA readies for takeoff | Source: ADAUSD on TradingView.com

Furthermore, the local strong resistance zone happens to coincide with the 0.3 Fibonacci correction level, indicating that the digital asset is currently undervalued. Sticking with this analysis, ADA may see a 35% to 40% bounce upward from its current point if history repeats itself. This will catapult ADA out of its current trend, breaking through months of low momentum towards the $1.55 to $1.65 point, where it will form another local resistance zone.

Related Reading | Cardano Zooms Up By 6%; How Soon Will It Target $1.4?

The rest from here on out is mainly a waiting game. The network is seeing increased adoption due to its first major DEX, SundaeSwap, launching on the blockchain. As ADA usage on the network grows, so does the likelihood of a bounce.

Featured image from The Balance, chart from TradingView.com

Source

Tagged : / / / / / /

Justice Department Seizes Over $3.6 Billion Worth of Bitcoin Linked to Bitfinex Hack

by Dailyhodl

The U.S. Justice Department has seized $3.6 billion worth of Bitcoin, marking the largest seizure of cryptocurrency of all time and the biggest financial seizure ever.

In a statement, the Justice Department says it seized over 119,754 BTC from 34-year-old Ilya Lichtenstein, and his wife, 31-year old Heather Morgan.

The Bitcoin seized by the feds was directly linked to the Bitfinex hack of 2016 when the crypto exchange experienced the biggest digital asset hack in history.

According to court documents seen by the Justice Department, Lichtenstein and Morgan allegedly attempted to launder Bitcoin that was stolen from Bitfinex after a hacker breached the exchange’s systems, and then sent the stolen crypto to a wallet under Lichtenstein’s control in over 2,000 unauthorized transactions.

“Over the last five years, approximately 25,000 of those stolen bitcoin were transferred out of Lichtenstein’s wallet via a complicated money laundering process that ended with some of the stolen funds being deposited into financial accounts controlled by Lichtenstein and Morgan.

The remainder of the stolen funds, comprising more than 94,000 bitcoin, remained in the wallet used to receive and store the illegal proceeds from the hack. After the execution of court-authorized search warrants of online accounts controlled by Lichtenstein and Morgan, special agents obtained access to files within an online account controlled by Lichtenstein.”

The Department says that the files seized by the agents contained the private keys required to access the alleged money launderers’ crypto wallets and recover the BTC.

After allegedly getting ahold of the stolen Bitcoin, the feds say that Lichtenstein and Morgan used a series of complex strategies to try and obfuscate their digital paper trail, including sending the crypto to darknet markets, utilizing fake identities, and using US-based business accounts to legitimize their banking activity.

Last week, the stolen BTC was spotted moving around the blockchain in a flurry of massive transactions. Currently, it’s unclear whether that activity was related to the US government seizing the Bitcoin.

The two suspects are charged with conspiracy to commit money laundering, a crime that carries a maximum sentence of 20 years in prison, plus conspiracy to defraud the United States, which carries a maximum sentence of five years in prison.

FBI Deputy Director Paul M. Abbate warns aspiring crypto money launderers that US authorities have the ability to prevent illicit digital activity.

“Criminals always leave tracks, and today’s case is a reminder that the FBI has the tools to follow the digital trail, wherever it may lead…Thanks to the persistent and dedicated work of our FBI Investigative teams and law enforcement partners, we’re able to uncover the source of even the most sophisticated schemes and bring justice to those who try to exploit the security of our financial infrastructure.”

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

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/nuttapon averuttaman

Source

Tagged : / / / / / / / / / / /

Sotheby’s to Auction Over 100 CryptoPunk NFTs

by Cryptobriefing

Key Takeaways

  • Sotheby’s has announced that it will auction a lot of 104 CryptoPunks NFTs expected to fetch up to $30 million.

  • The sale is titled “Punk It!” and will take place between Feb. 18 and 23; it will also feature other live events.

  • Sotheby’s and its competitor Christie’s have previously sold several CryptoPunks and other NFTs at auction.


Share this article


Sotheby’s will auction 104 CryptoPunks in an upcoming sale, according to an announcement from the auction house.

Collection Could Be Worth $30 Million

The upcoming sale is titled “Punk It!” and will be part of Sotheby’s “Metaverse,” a series of NFT sales that began last October.

The lot of 104 tokens is expected to sell for between $20 million and $30 million, according to various estimates.

The tokens were reportedly acquired by an anonymous collector in July 2021. The sizable collection represents about 1% of the total CryptoPunks supply, which contains 10,000 tokens.



Though the original buyer purchased the collection in an Ethereum transaction last year, Sotheby’s will likely allow the successful bidder to pay with cash or crypto, as in previous NFT auctions.

The tokens will be shown in an exhibition and auction scheduled to run between Feb. 18 and 23. The exhibition will also feature a VIP dinner and DJ party, among other live events.

CryptoPunks Are Dominating NFT Auctions

Sotheby’s previously sold a CryptoPunk in June 2021 for $11.75 million as part of its “Natively Digital” collection. It also sold five hand-signed prints of CryptoPunks NFTs in July 2021.

Its competitor, Christie’s, has also sold CryptoPunks during various sales over the past year. In May 2021, it sold a collection of nine CryptoPunks for $17 million. It also sold another batch of CryptoPunks that September.


The CryptoPunks series launched in 2017 and is one of the oldest NFT collections on Ethereum. Sotheby’s co-head of digital art Michael Bouhanna has called CryptoPunks “the original [profile pic] series that created the template for other NFT projects that have followed.”

High-profile Twitter users who own CryptoPunks or have used them as their avatar include the musical artists Jay-Z and Snoop Dogg. Even Visa has purchased a CryptoPunk for its collection.

Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.

Share this article


The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Bored Ape Yacht Club NFT Prices Catch Up With CryptoPunks

Bored Ape Yacht Club is arguably Ethereum’s most sought after NFT collection today.  Bored Ape Yacht Club Overtakes CryptoPunks Floor The prices for Ethereum’s hottest apes have caught up with…

Bitcoin and Ethereum Are Struggling, But NFT Avatars Aren’t

NFTs have become hot property in recent weeks. Floor prices for existing blue chip NFT projects have exploded, and the value of newer entrants is quickly rising to meet them. …

Treasury Weighs In on NFTs and Art Crime

Wikipedia may not consider NFTs to be art, but the U.S. Treasury apparently does, and it has observed their role in art-related crime. Treasury Warns of Money Laundering The U.S….

What is a Crypto Airdrop: Why Projects Airdrop Crypto

Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…


Source

Tagged : / / / /

RNDR, NFTX and YGG bounce higher as the market rewards projects focused on utility

by Cointelegraph

Everyone might be a genius during a bull market, but the real stars begin to shine when the waters get choppy. The same can be said for crypto projects and developers and once the pump is over, it’s easier for investors to separate the pump and dump projects from those with good fundamentals.

Now that Bitcoin (BTC) price has found its place back in the $42,000 to $45,000 zone, the mood across the crypto ecosystem has once again flipped bullish and projects that have continued to release new updates are being rewarded with significant jumps in price.

Here’s a look at three projects that have continued to develop and draw investors despite the recent market weakness.

Render Network

Render Network is a distributed GPU protocol that operates on the Ethereum (ETH) network and helps connect artists and studios with the GPU computing power they need to create digital renderings.

Render has continued to fine-tune the capabilities of its network over the past few months of sideways trading in the crypto market in newly emerging sectors including 3D simulations and the real-time rendering for films, games and the Metaverse.

As a result of protocol improvements and a listing on Coinbase, the protocol’s native RNDR token increased 137% from $1.80 on Jan. 24 to a daily high of $4.26 on Feb. 2 as Coinbase traders got their first opportunity to purchase the token.

RNDR/USDT 4-hour chart. Source: TradingView

With NFTs and the Metaverse continuing to be two of the hottest trending topics in crypto, the need for computing power to render high-quality digital images presents a necessary use case opportunity for projects like Render Network,

NFTX introduces inventory staking

The popularity of NFTs has also led to an explosion in the price for several projects and it has created the possibility for NFTs to be used as collateral. 

NFTX is a community-owned NFT marketplace and ecosystem that has benefited from filling this need through the development of inventory staking, which introduced decentralized finance capabilities by helping to transform NFTs into yield-generating assets without the typical risk involved in supplying capital and providing liquidity.

Since inventory staking went live on the network, the price of NFTX climbed 124% from a low of $57.66 on Jan. 21 to a daily high of $129.16 on Feb. 1.

VORTECS™ Score (green) vs. NFTX price. Source: Cointelegraph Markets Pro

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for NFTX on Jan. 25 when it hit a high of 77 at the same time as its price was in the process of increasing another 70% over the next six days.

Related: Crypto Biz: The crypto industry is more bullish than the Bitcoin charts, Jan. 27–Feb. 2

Yield Guild Games focuses on community building

Another project that is also benefiting from the momentum surrounding NFTs, the Metaverse and gaming is Yield Guild Games, a group focused on investing in virtual world NFTs and developing the world’s largest virtual economy capable of optimizing its assets to maximize utility and return on investment for token holders.

Over the past two months, the YGG ecosystem has been busy establishing partnerships and building out its scholarship program in an effort to help users from around the world earn income from play-to-earn gaming.

The project also showed its dedication to solving problems for people in the real world by launching a fundraising platform for the victims of typhoon Odette in the Philippines, which managed to raise a total of $1.45 million in aid as of Feb. 1.

This focus on creating developments that benefit the members of its community along with establishing new partnerships across the ecosystem has helped drive a 89% gain in YGG price from $2.17 on Jan. 24 to $4.11 on Feb. 7.

YGG/USDT 4-hour chart. Source: TradingView

At the time of writing, YGG is trading at $3.63 with a 24-hour trading volume of $52.6 million and the overall cryptocurrency market cap stands at $1.7 trillion with a Bitcoin’s dominance rate at 41.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.