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In the last few days, VGX, the native token of the troubled crypto brokerage company, Voyager Digital, took on an upward price rally. Surging by over 100% this week, the price uptick came about due to the short squeeze initiated by investors in the face of the company’s recent troubles. The sudden price boom can […]
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At press time Bitcoin was down roughly 6% and was trading in the $56,000 range at press time. This weekend, the price of the crypto asset hiked to more than $60,000, nearly a month after Bitcoin surged to $50,000. However, the asset faced a correction, pulling its price down roughly 10%. Such dips have become an opportunity for companies such as MicroStrategy to purchase the asset.
Even as institutional investors “line up” to buy Bitcoin at its lowest, Mike Novogratz stated that the asset’s latest ‘weekend’ price action is solely due to retailers. Explaining this phenomenon, in particular, the Galaxy Digital founder made an interesting comment. Speaking to CNBC Squawk Box Novoratz believed that the last price hike of Bitcoin was due to retail activity:
What happens on the weekend is retail gets excited you can tell because the cost of leverage goes way up on the weekend.
He further explained that Bitcoin’s price hike may even be connected to President Biden’s proposed $1.9 trillion stimulus package, which recently received approval. According to the former Goldman Sachs asset manager, many young Americans will use stimulus checks to purchase the crypto asset. He claimed:
A lot of the stimulus checks are going to young people who want to buy Bitcoin
Reiterating his earlier opinion that Bitcoin is an institutional product, Novogratz reminded investors that over the past three or four months, Bitcoin has officially turned into an asset class.
Novogratz added that this ‘asset’ was not sought after by companies alone as banks and hedge funds will also want to add the crypto to their balance sheets. In this case, whoever does not hold a long position on the asset can only be short.
“A lot of the stimulus checks are going to young people who want to buy #bitcoin,” says @novogratz. “What happens on the weekend is retail gets excited you can tell because the cost of leverage goes way up on the weekend.” pic.twitter.com/FST1xhJQFC
— Squawk Box (@SquawkCNBC) March 15, 2021
With more than 16,00 BTC in the company treasury reserve, Galaxy Digital is the third-largest firm to hold bitcoin, after MicroStrategy and Tesla. The firm’s CEO has lately been curious about alts, such as Cardano’s ADA.
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As Coupang, which is about to be listed on the New York Exchange in the United States, raised its offering price than before and showed signs of a higher’random price’, the’Coupang Theme’ stocks that signed cooperation with Coupang from various angles are showing strength. Along with this,’Paycoin’ tied to the Coupang Theme cryptocurrency also rose by more than 43%.
According to Upbit, a domestic cryptocurrency trading site on the 11th, Paycoin is trading at 3,155 won, up 43.41% from the previous day at 4:35 pm. Paycoin, which was traded at 161 won (closed price) on January 1st, jumped more than 1859% in three months.
Paycoin is a cryptocurrency issued by Danal Fintech, a Danal affiliate, a comprehensive payment service (PG) company. Danal Fintech is servicing’Paycoin’, a cryptocurrency-based payment application (app). According to the company, Paycoin has secured more than 60,000 online and offline affiliated stores and 900,000 users. Paycoin users can easily purchase goods at affiliated stores through the’Paycoin’ app.
The bull market started on this day with the news of Coupang’s increase in ransom. Danal is a representative stock classified as a Coupang theme stock and occupies the No. 1 share of mobile phone PG in Coupang. With this favorable news, the stock price ended at 9370 won, up 1510 won (19.21%) from the previous day. Paycoin jumps steeply starting at 2 pm, when the market close is imminent, and is drawing an upward curve.
Meanwhile, Coupang is expected to be listed on the New York Exchange on the 10th (local time), and announced that it will raise its offering price from 27 to 30 dollars to 32 to 34 dollars, and the total enterprise value is expected to reach 66 trillion won.
Dogecoin, a cryptocurrency created as a joke, soared more than 800% right after the talk to make it a cryptocurrency equivalent to GameStop was announced in the stock chat room of American SNS Reddit.
According to the US economic media CNBC on the 28th (local time), the price of Dogecoin as of 12:01 on the Singapore Exchange reached $0.070755, an increase of more than 800% from 24 hours ago.
Thanks to this, Dogecoin’s market cap increased by about $7.17 billion. With a total market capitalization of $8.2 billion, it became the 9th largest cryptocurrency.
The message “Let’s make DOGECOIN a thing” was posted on the Reddit chat room bulletin board. There was also a urge to “keep buying it”.
Dogecoin originated from IBM’s Billy Marcus and Jackson Palmer in 2013 when they created a cryptocurrency that used Shiba Inu, an Internet meme (popular content on the Internet) as a logo.
Dogecoin, which had been insignificant for the past several years, has recently revived splendidly due to the incentives of Satoshi Streetbets, one of Reddit’s stock debates.
Satoshi is an unknown person known as the founder of Bitcoin, and Streetbets is derived from Wall Streetbets, the epicenter of the game stop soaring.
Elon Musk, Tesla’s CEO, posted a post on Twitter in April 2019 stating that he prefers Dogecoin. The day before, he posted a parody of the fashion magazine’Vogue’,’Dogue’ on Twitter.
One Reddit user who saw this responded by posting “Musk is with us. Until the moon”.
However, Dogecoin is fundamentally different from GameStop. Even short selling is not the target of the hedge fund, which is a force.
CNBC said the surge in Dogecoin seems to be fueling price increases for some people just to make money.
Crimes targeting the virtual currency sector decreased by more than half in 2020 according to blockchain security firm CipherTrace.
The firm’s 2020 cryptocurrency crime and anti-money laundering report revealed that losses from cryptocurrency theft, hacks, and fraud fell 57% in 2020 to $1.9 billion, due mainly to improved security systems. The same figure in 2019 hit a record $4.5 billion.
CipherTrace said that “massive exit scams” such as the PlusToken Ponzi dominated crypto crime over the past two years, with that scam alone netting $2.9 billion. In 2020, a similar scheme by some of the same culprits called WoToken defrauded investors out of $1.1 billion, accounting for 58% of the year’s major crime volume.
The report found that fraud is the dominant cryptocurrency crime, followed by theft and ransomware. Dave Jevans, CipherTrace’s chief executive officer, told Reuters:
“Thefts from hacks against centralized exchanges continue to decrease as these financial institutions mature and adopt stronger security measures,”
However, 2020 saw a surge in decentralized finance related crime, the majority of which were “rug pulls”. That’s where a token is artificially hyped and inflated, with the creators and early investors pulling the plug after the pump leaving the latecomers out of pocket.
The report explained that some bad actors will liquidate the entire liquidity pool, leaving the remaining token holders with no liquidity and unable to trade, wiping out the remaining value of the token:
“Half of all 2020 crypto hacks were of DeFi protocols—a pattern that was virtually negligible in all prior years—and nearly 99% of major fraud volume in the second half of 2020 stemmed from DeFi protocols performing ‘rug pulls’ and other exit scams in a pattern eerily reminiscent of the 2017 ICO craze.”
Due to being mostly unregulated, DeFi protocols have many exemptions from traditional enforcement regimes that centralized exchanges, money service businesses and banks face, Jevans added.
The report stated that 2020’s largest theft, the $281 million hack of the centralized exchange KuCoin, also involved the DeFi sector as criminals attempted to launder the stolen funds through Uniswap, the world’s largest decentralized exchange.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Martin Young
Original author: Bhushan Akolkar
Translator: Nian Yin Si Tang
Unfortunately, retail investors are making profits every time the price of ETH rises. This means that retail investors have been transferring their ETH holdings to large investors and may miss opportunities for further increases in the future. The indicators on the necklace show that ETH is increasingly becoming a more favorable investment asset.
According to data provided by Glassnode, another on-chain analysis platform, nearly 90% of ETH addresses are now profitable, and this indicator has appeared for the first time since January 2018. For comparison, earlier this year. That is, in March 2020, only 3.2% of the Ethereum addresses holding ETH are profitable.
In addition, Bitcoin billionaire and Gemini co-founder Tyler Winklevoss also expressed a bullish view of ETH: “The current price of ETH is $735. This is 51% lower than its historical high, just like 1.4 It’s the same as buying Bitcoin at a price of ten thousand dollars.
According to the latest disclosed data, the total assets under management (AUM) of Grayscale Ethereum Trust (ETHE) has exceeded US$2.1 billion, an increase of US$400 million compared to Christmas Day. This clearly shows that the recent rebound in ETH prices is supported by institutional buying.
Many analysts said that 2021 may be the year of Ethereum. With the launch of Ethereum futures on the Chicago Mercantile Exchange (CME) in February 2021, institutional investors’ interest in ETH is likely to soar.
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