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Sequoia’s Surge co-leads game development service Mod.io’s $4m round

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Sequoia’s Surge co-leads game development service Mod.io’s $4m round


The latest investment comes after the Australian startup closed a US$1 million seed round led by Play Ventures in March.

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Self-Proclaimed Contrarian Investor Bashes Bitcoin Digital Gold Narrative

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xaubtc bitcoin digital gold

Bitcoin has become extremely popular in 2020, on the back of the store of value, safe haven asset, and digital gold narratives. The digital gold story has taken center stage recently, as the precious metal’s bullish momentum fizzled out and the cryptocurrency market took off.

But one self-proclaimed contrarian investor with a focus on bullion, says that digital gold makes little sense, and compared it – ridiculously – to “digital steak.” Here’s why Simon Mikhailovich’s comparison itself doesn’t make sense.

2020: The Year Of The Bitcoin “Digital Gold” Narrative

Bitcoin was designed by Satoshi Nakamoto to share several key attributes with gold and other precious metals, chiefly, their scarce supply. The cryptocurrency creator borrowed other commodity-related concepts, such as mining.

Unique from gold, however, certain attributes of a currency were also added, such as decimal places for unit of account, and the ability to send the asset digitally.

Related Reading | Why New Bitcoin Investors Shouldn’t Be Deterred By The Scarce BTC Supply

The “digital gold” narrative that has emerged since Paul Tudor Jones said that Bitcoin could outpace the then trending shiny yellow metal, has taken the forefront and even managed to capture the imagination of high wealth investors. Many are reallocating gold into Bitcoin, for the sake of putting capital where it is expected to perform the best.

However, one self-proclaimed contrarian investor, claims that the narrative makes as much sense as a “digital steak.” Is his comment a well-done retort, or is he wrong about the rare, digital-only asset?

Contrarian Warns Of Crypto Becoming Enemy Of Fiat Currency And Governments

According to The Bullion Reserve founder Simon Mikhailovich, the Bitcoin as digital gold narrative doesn’t make sense. Or it “makes about as much sense as ‘digital steak.’”

TBR is a private bullion asset manager, so clearly Mikhailovich could be biased about the cryptocurrency that is heavily eating into his business model and revenue.

xaubtc bitcoin digital gold

Gold is breaking down against Bitcoin, targeting another 90% fall against the cryptocurrency | Source: XAUBTC on TradingView.com

The comparison is definitely a strange one. As Bitcoin supporters swarmed the investor on Twitter, he began to add more insight to his thought process.

Approached with sarcasm, some users questioned if he was this skeptical over “digital mail” –  a nod to the fact there was once a time when pundits thought email was unnecessary. He said in that case, emails transfer information and not actual paper, referencing fiat money and ignoring the fact that paper money gets digitally transferred endlessly all day long via debit cards, PayPal, Venmo, and more.

He also explained, that “throughout history, private challenges to sovereign currencies have been deemed an existential threat to sovereign power and treated as such. “Everyone can draw their own conclusions,” he added.

Related Reading | The Dollar Losing A Decade Long Trendline Could Send Bitcoin Skyrocketing

There is always a chance that governments could view it as a threat, but the asset was made to be decentralized and operate outside of the reach of state actors. And the argument is weak from someone who knows gold well enough to be aware that US citizens were once banned from holding the precious metal under Executive Order 6102, and could just as easily be at risk.

The only reason why Bitcoin would be targeted by the government when gold hasn’t in decades would be due to the cryptocurrency being viewed as much more dangerous of a threat to fiat currencies that are used to control the world.

But any government banning BTC would be at risk of a catch 22 like situation. Being the odd man out could let other countries garner a larger share of the limited supply, leaving whatever nations late to catch on at a disadvantage if it becomes the global reserve currency.

The analogy about digital steak is incredibly poor, but email is the ideal example. The best technologies are the ones you don’t need until they become commonplace, but once they are, they become everyday staples.

So perhaps the digital gold narrative is wrong, but solely due to the fact that nicknaming it after the precious metal, despite decades of the gold standard, would be selling the cryptocurrency a few coins short.

Featured image from Deposit Photos, Charts from TradingView.com



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Coinbase Custody Adds Six New Coins to Its Vault | Crypto Briefing

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Key Takeaways

  • Coinbase Custody has added support for NuCypher, Curve, REN, wBTC, tBTC and DFI Money.
  • The move will give institutional investors access to a range of assets safeguarded by Coinbase.
  • Coinbase Custody has added a number of digital currencies recently, suggesting expansion.

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Coinbase has added a new batch of tokens to its custody service, as announced today on the company’s Twitter account.

Six New Coins

Coinbase Custody will support six new tokens. The latest addition includes four DeFi tokens: Curve (CRV), Ren Protocol (REN), NuCypher (NU), and DFI Money (YFII). It also includes two wrapped Bitcoin tokens: wBTC and tBTC, both of which allow Bitcoin to be spent on Ethereum’s wide selection of DeFi apps.

SIMETRI gains of 484%

Coinbase’s decision to add support for those tokens follows several other recent additions, including Filecoin (FIL), Polymath (POLY), and Serum (SRM). As of October, 37 tokens are under consideration.

These coins are not necessarily listed on Coinbase’s exchange for trading. Rather, they are supported by the company’s custody service, which is aimed at institutional investors who need a way to to securely store their cryptocurrency holdings.

Coinbase in the News

Coinbase is also in the news for several other reasons. Earlier this week, it was revealed that the company helped Microstrategy CEO Michael Saylor make his mammoth bet on Bitcoin via an OTC deal.

Not all coverage has been positive: the company currently faces tough regulatory threats and widely publicized racial tensions among staff. However, today’s update suggests that the firm’s custodial arm is focused on expanding support for new cryptocurrency assets.

Coinbase is one of the largest digital currency exchanges, with a daily trading volume of $840 million in the last 24 hours.

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Market Wrap: Bitcoin Lingers Around $19.4K While ETH/BTC Pairing Hits Bull Mode

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btcdec3

The price of bitcoin is trending up in a low-volume environment. Meanwhile, some rebalancing from bitcoin into ether has been occurring on exchanges since late November.

  • Bitcoin (BTC) trading around $19,363 as of 21:00 UTC (4 p.m. ET). Gaining 1.4% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $18,809-$19,607
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcdec3

Bitcoin trading on Coinbase since Nov. 30.
Source: TradingView

The bitcoin market is back to trending towards bullish territory after a flat Wednesday made it clear traders were taking a bit of a breather. The price was able to go as high as $19,607 but lost steam at $19,363, as of press time. 

Thursday’s even tighter range than the previous 24 hours is a symptom of lower-than-average volume. According to exchange data from the CoinDesk 20, daily volume was at $990 million as of press time, lower than Wednesday’s $1.3 billion daily volume and the past month’s $1.5 billion average.

cd20voldec3

Bitcoin volumes on CoinDesk 20 exchanges the past month.
Source: CoinDesk 20

Optimism abounds that more fundamentally positive news combined with market dynamics will lead the world’s oldest cryptocurrency higher. 

“I was explaining to my non-crypto colleagues today that the supply and demand imbalance is just incredible,” said Chris Thomas, head of digital assets for Swissquote Bank. “We’re seeing some institutional buyers pick up large amounts fairly frequently, so the others will also be seeing that [and asking] where are they getting the coins from?”

The dry powder is out there in the form of miner wallets. Their balances have increased over the course of 2020, with Lubian.com, F2Pool, BinancePool and Poolin collectively holding over 33,000 BTC, according to data aggregator Glassnode.

minerwallets2020

Bitcoin balances in miner wallets for 2020 with price trend superimposed.
Source: Glassnode

“Miners need to cover their operating costs,” Thomas added. “So for me, it’s clear we’re going to continue going higher in a fairly convincing way for quite some time yet.” 

btcpricepastmonthdec3

Bitcoin price performance the past month.
Source: CoinDesk 20

“I am totally convinced we are a couple of weeks into a bull market surge of as big proportions as the last one,” said Henrik Kugelberg, a crypto over-the-counter trader. “Bitcoin will fly past the all-time high very soon and I would be surprised if we don’t see a $30,000 bitcoin before summer.”

That’s a hyperbullish statement from a hardcore bitcoiner, but Kugelberg also cautioned that wild gyrations are likely in the days ahead for the crypto market. “It will be a very bumpy ride with drops of 20% to 30% every now and then,” Kugelberg added. “It’s bitcoin and the [amplifier volume] knob goes to 11. If I had time I’d try to surf the waves as a day trader, but I leave that to others.” 

Bitcoin’s overall volatility has been creeping upward since October and traders will continue to keep an eye on that metric in this overall bull market. 

btcvolatility2020dec3

Bitcoin’s historical volatility in 2020.
Source: Shuai Hao/CoinDesk Research

While attention seems to be on bitcoin in this market atmosphere, it’s not the only story in the crypto markets, noted Denis Vinokourov, head of research at crypto brokerage BeQuant. 

Read More: Ether Eyed as Value Play With Bitcoin Pressing $20K

“The focus may be on bitcoin and its seemingly inevitable run up to $20,000, but ETH looks to be well-positioned for further upside,” Vinokourov told CoinDesk.

ETH/BTC goes bullish

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday, trading around $611 and climbing 2.3% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

Read More: Why Ethereum and Bitcoin Are Very Different Investments

The ETH/BTC pair, which is offered on most major cryptocurrency exchanges, has been trending bullish on the daily charts by technical analysis standards. Since late November its price has been above major moving averages. This suggests investors are willing to spend some bitcoin to scoop up ether.

btceth2020chart

Spot daily ETH/BTC trading pair on Coinbase in 2020.
Source: TradingView

Michael Rabkin, head of institutional sales for crypto trading firm DV Chain, says bitcoin is and will remain the crypto bellwether no matter what happens to ether and that this pattern likely reflects bitcoiners will continue to offload profits into ETH during this bull run.

With regards to ETH and BTC, we strongly believe that BTC is the overall market driver,” Rabkin told CoinDesk. “You will have outlier days for sure where BTC is down and ETH is up but mostly BTC drives the price of the overall crypto market, ether included.”

Other markets

Digital assets on the CoinDesk 20 are mixed Thursday, mostly green. Notable winners as of 21:00 UTC (4:00 p.m. ET):

Read More: Ripple CEO Walks Back Threat to Leave US

  • Oil was up 1.5%. Price per barrel of West Texas Intermediate crude: $45.63.
  • Gold was in the green 0.62% and at $1,841 as of press time.
  • The 10-year U.S. Treasury bond yield fell Thursday, dipping to 0.911 and in the red 2.8%.
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Up or down? Waves (WAVES) price prediction for December | Invezz

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All major cryptocurrencies are advancing this trading week, and this situation also supports the price of Waves (WAVES). Bitcoin has stabilized above the $19000 support level, indicating that the price could reach the $20000 resistance level this December.

Fundamental analysis: There is still a level of uncertainty surrounding this project

Waves is an all-encompassing gateway blockchain platform that was launched in 2016 by Ukrainian-born scientist Alexander Ivanov. This platform offers a developer-friendly infrastructure as a testing ground for innovation, which enables you to create a dApp — an application that is stored and executed on the blockchain network.


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Waves’ native token is WAVES, and this is one of the cryptocurrency industry’s earliest initial coin offerings (ICO). Waves platform has 103 million tokens available in total supply that are tradable on many exchanges.

Waves has lots of advantages for business clients who want to create new services, and this blockchain platform is safe because it has more than 300 nodes all over the world. It is also important to say that Waves allows you to trade any pair of tokens without conducting a transaction through an intermediate currency, and it takes a few milliseconds to approve the transaction.

With this platform, clients can create custom crypto tokens and applications without extensive smart contract programming. Anyone can join the Waves network, and this is one of the cryptocurrencies you should not ignore.

There is still a level of uncertainty surrounding this project, and if you decide to buy Waves (WAVES) I recommend you always to use a “stop-loss” order.

In a recent interview, Waves CEO Alexander Ivanov said that Decentralized finance’s (DeFi) surging popularity might hurt the cryptocurrency market. “DeFi is the future, but it’s going to be coming through a bubble part of the cycle now, which can harm its long-term development,” said Ivanov.

Technical analysis: Waves continues to trade in a”bull” market

This crypto has advanced from $2.10 above $8 in less than two months, and the current price stands around $7.30.

Data source: tradingview.com

On this chart, I marked significant resistance and support levels. The critical support levels are $7 and $6; $ 8 and $9 represent the resistance levels.

If the price jumps again above the $8 resistance, it would be a signal to buy Waves (WAVES), and the next target could be around $8.5. On the other side, if the price falls below $6 support, it would be a firm “sell” signal, and we have the open way to $5.

Summary

All major cryptocurrencies are advancing this trading week, and this situation also supports the price of Waves (WAVES). Waves is one of the cryptocurrencies you should not ignore, but there is still a level of uncertainty surrounding this project. Traders should always use “stop-loss” and “take profit” orders when they open their positions because the price of this coin could move very quickly. If the price jumps again above the $8 resistance, it would be a signal to buy Waves (WAVES), but if the price falls below $6 support, it would be a firm “sell” signal.

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Analysts say surging Bitcoin whale inflows heighten chance of BTC correction

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Analysts say surging Bitcoin whale inflows heighten chance of BTC correction

Since hitting a new all-time high, Bitcoin (BTC) price has been unable to flip the $19,400 level to support. This is likely due to the possibility that whales are selling aggressively in the $19,400 to $19,600 range to prevent the all-time high from being breached. Above the record high, there is little resistance until a new ceiling is achieved.

Bitcoin whale inflows into exchanges. Source: CryptoQuant

Whales keep selling each time BTC nears the all-time high

Data from both CryptoQuant and Whalemap show that the $19,500 level is an important area for whales.

First, there are large whale clusters at around $19,500. This means that whales bought BTC here and did not move their holdings, which might make it a take profit region.

Furthermore, whale inflows to exchanges have been increasing as the price of Bitcoin surpassed $19,500. This shows that whales are strongly selling or shorting $19,500 and beyond.

A pseudonymous trader known as “Byzantine General” also emphasized that there are heavy sell orders on Binance. He noted that the $19,500 level would be a difficult resistance area for buyers to break.

What might happen in the short ter?

In the near term, analysts are divided on the short-term outlook of BTC. Some say that a major correction could still come, especially if  BTC continues to reject at the $19,500 level.

Ki Young Ju, the CEO of CryptoQuant, said he expects BTC to either move sideways or down in the short term. He wrote:

“I’m long-term bullish, but I think it’ll go sideways for a few days or get corrected. I think we can’t break $20K in the short-run. I expect it’ll break 20k at the end of this year. (I’m not a PA trader tho) In conclusion, OG whales stopped HODLing and I’m short-term bearish.”

Ki pinpointed that Bitcoin whales stopped accumulating Bitcoin at the current price. He explained that it is difficult to segregate institutional bids from spot bids. Still, he said that the timing of the stalling of BTC’s rally and the sell-off from whales match. He added:

“This $20k battle would be $BTC OG whales versus retail investors. And I’m on their side, short-term bearish. I know on-chain data can’t tell the inflows of institutional spot bids. But it looks like current BTC whales(OGs) stopped their move that was good for the bull rally.”

Bitcoin (BTC) saw the biggest whale inflows since July, according to data from CryptoQuant. The data coincides with BTC’s continuous rejection at $19,400.