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Arca Debuting Bitcoin Trust to Challenge Grayscale – Decrypt

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In brief

  • The Arca Accredited Investor Bitcoin Trust is taking minimum investments of $25,000.
  • Grayscale Bitcoin Trust is very popular, holding more than 3% of the total supply of BTC.

Arca, a digital asset management firm, has filed paperwork with the US Securities and Exchange Commission (SEC) to create a Bitcoin Trust.

The Arca Accredited Investor Bitcoin Trust has an immediate challenger in the Grayscale Bitcoin Trust, which is the largest institutional buyer of BTC. Grayscale Bitcoin Trust holds an estimated 3% of the 21 million BTC that will ever be in circulation and held $20 billion in assets under management at the end of 2020. Thus far, Arca has raised $100,000 from investors—it made its first sale on February 16. 

The general utility of a trust is that it issues shares that roughly track the price of Bitcoin; investors can add exposure to Bitcoin in their portfolio without actually buying or holding any BTC. 

The downside of a trust is that it charges an investment management fee, and shares can trade at a premium compared to the actual asset. Put simply, Bitcoin trust investors can expect to pay more for the convenience of buying a regulated investment product. 

Moreover, buying shares of a Bitcoin product still comes with the same type of volatility as the underlying cryptocurrency. However, investors won’t have to worry about their private keys and may have more resources to shield earnings from taxes.

Arca both helps companies manage large amounts of cryptocurrencies and offers hedge funds for investors who want to dabble in crypto. Its latest fund is open only to accredited (i.e., wealthy) investors who can bring a minimum of $25,000 to the table. The securities are “restricted,” meaning the shares can’t easily be re-sold. (Grayscale, meanwhile, mandates a $50,000 minimum investment, with holders unable to sell for at least six months.)

While that lack of flexibility is inconvenient should the price of Bitcoin, currently hovering between $48,000 and $49,000, slide downward, it also helps restrict the available supply of Bitcoin for trading, theoretically helping to stabilize the price.

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Venezuela’s Maduro Says He’s Planning a Digital Currency ‘Surprise’ – Decrypt

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In brief

  • Nicolás Maduro dropped news of a digital bolivar in the works in Venezuela.
  • The details of the project are not yet known.
  • Regional experts shared with Decrypt a few ideas about what to expect.

Nicolás Maduro, Venezuela’s disputed president, said yesterday that his team is working on yet another “surprise” that is sure to raise eyebrows among cryptocurrency and market observers: a “digital bolivar.”

At the moment, it doesn’t appear to have anything directly to do with the state-backed cryptocurrency, the Petro. But like many of Maduro’s early announcements, very little is yet known: “It is a surprise that we will announce later,” said the president during a public address.

The move comes amid a series of government efforts to stabilize the economy. Over the last few months, Venezuela has lifted currency exchange controls—raising the official price of the US dollar within the country to match the price established in the black market—and allowing its citizens to establish bank accounts in dollars, even though transactions are processed in bolivars.

So what could Maduro’s digital bolivar “surprise” be?

Fernando Medina, CTO of vlockcahin.tech, told Decrypt that a digital bolivar could very well be a full-fledged central bank digital currency (CBDC), considering that the Petro does not have the status of legal tender. “At a constitutional level, the bolivar is the legal tender, I see [the digital bolivar] as an evolution of that monetary cone that has had so many problems at the level of cash issuance,” he said. According to Medina, this wouldn’t be the first time such an idea had been floated within the country.

Others, however, think a digital bolivar will be used to dollarize the economy in an attempt to gain financial stability. “It could be possible to convert the digital dollars handled by the banks and pay with our digital coin with any bank,” said Ray Falconi, an active member of Venezuela’s National Crypto Market Trade Association. “That’s why the government is conducting a first step of opening dollar accounts: to be able to capture cash and digital currency and convert it to a token backed with those dollars.”

Nicolas Maduro is trying to use crypto and digital currency to improve Venezuela’s financial situation. Image: Kremlin

For his part, Jose Angel Alvarez, president of the Association, argued that in a possible future in which a Venezuelan Petro “cryptocurrency” and a digital bolivar coexist, the government could decide to use one for domestic transactions and the other for international transactions.

But it’s all speculation until Maduro, who previously announced the “end of cash” within the country in a prior speech, lets the rest of us in on his plans.

Maduro first announced plans for the creation of a Petro in 2017, riding a wave of interest in cryptocurrency amid the ICO boom, and while in the middle of one of the worst years in Venezuela’s economic crisis. Emboldened by unilateral sanctions imposed by the Trump administration, Maduro introduced the Petro, then theoretically pegged to the price of a barrel of oil, as a way to circumvent those sanctions.

Over time, the idea mutated into a private network. The Petro is now a blockchain-based token pegged to a basket of assets subjectively adjusted by the Maduro government using a correction factor with a secondary market. Maduro’s pet crypto has yet to fulfill his promises of national and even global acceptance.

So, whatever his plans are for a digital bolivar, don’t be surprised if they are wildly different a year from now.

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Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen – Bitcoin News

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A number of forum posts and tweets say that the website bitcoinpaperwallet.com is compromised and people have said they have lost bitcoin using the paper wallet generator. Three years ago the website domain changed ownership and ever since then losses have been reported on Reddit forums, bitcointalk.org, Twitter, and other public venues. The owner of the paper wallet generating web portal denies the platform’s codebase is compromised and claims it has been audited by a security expert.

Bitcoinpaperwallet.com Wallet Generator Site Accused of Being Compromised and Unsafe

Years ago, a website that was once operated and owned by, Canton Becker, called bitcoinpaperwallet.com was once an extremely popular paper wallet generator. However, when the website was sold in 2018, bitcoinpaperwallet.com’s reviews became very negative. The complaints continue to this day and a month ago on Reddit, a user named u/heroiclife created a thread asking people to help him shut down the website.

“Help me shut down the bitcoinpaperwallet.com scam,” the post explains.

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

The Reddit user u/heroiclife said he wasn’t personally affected, but he was a crypto wallet recovery service provider that heard about several cases.

“I’ve heard from customers who had their Bitcoin stolen there. It’s dumb to use a paper wallet in 2021, but not everyone knows that,” the individual said. He also asked if bitcoiners could help submit abuse complaints to Enom the domain registrar, report abuse to Linode the web host, and to flag the website on Google Safe Browsing as malicious.

Twitter is also littered with posts that say that bitcoinpaperwallet.com has been compromised. On January 3, 2021, on Bitcoin’s 12th anniversary, Dustin Dettmer said: “Just had a friend lose all his holdings using this website, which appears to be a total scam. How do we get it shut down? We should get the word out about this particular scam bitcoinpaperwallet.com,” Dettmer added.

On December 13, 2019, a Reddit user named u/maff1989 said he lost funds after getting a paper wallet inside a Christmas card.

User Claims His $700,000 in Bitcoin Was Sent to Another Wallet One Minute After Loading the Paper Wallet

A month ago, on the web portal stackexchange.com one user said he leveraged the website bitcoinpaperwallet.com offline and sent 14.5 BTC ($700k+) to the wallet’s public key. A minute later, his 14.5 BTC was sent to another wallet. “Any advice on what I can do?” he asked. “I’ve accepted the loss and the lesson (should have used the offline generator) but want to make sure this doesn’t happen to others.”

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

After the site was sold in 2018, some Reddit users have accused the current owner of going “rogue.” Others have said that it is obvious that the website is not producing private keys as it should. The Reddit user u/senor_curioso explains it can be tested and said:

“Yes, here is how you can prove that the current site is producing predictable keys.

  • Save the HTML generator to computer
  • Find the long set of “testing keys” represented by eckey_test=[{,,,}]; and replace it with just a single keypair like this:eckey_test=[{pub:”MUtDQ25Td05uQ0I0Y05ZN0hFc0hja1M4Vjk5bUxFNjJKZQ==”,priv:”NUpreTZtM2lZS2FxTm1NZ2NvaEdYb2o0dXVyVTNXaXhiak54R1N4NmNlbmU3S25FWGR6″}];
  • Now load up the generator. It will generate the exact same (predictable) wallet over and over.
  • The server is giving each visitor a different set of “testing keys”. They are not being used as tests. There are being used as seeds for the random number generator, and are obviously being saved on the server so that they can be stolen later.”

Website Owner Claims Paper Wallet Generator’s ‘Servers Are Clean’ and Audited by a Security Expert

A recent report written by the author, Colin Harper, details that the paper wallet generating website is currently maintained by an individual named Sarkis Sarkissian. In the report, Sarkissian is quoted as saying that the owner has “received complaints from users who claim to have lost their bitcoin using our website.”

It seems he was available for commentary concerning the matter at hand. Sarkissian stressed, however, that the complaints were likely “resolved” or the user figured out it was “their own fault.” Harper also asked Sarkissian if he was aware of a “back door” in the bitcoinpaperwallet.com codebase.

“We have searched our source code for the issues present in those documents and we cannot reproduce the same results,” Sarkissian was quoted as saying. “Our servers and source code has been verified clean by [our security expert Jonel Richard]. He is still on retainer and continues to investigate, trying to reproduce the issue found by others,” the website’s current owner insisted.

Creating a paper wallet must be handled with great care and it’s possible that user error was involved with a number of the accusations toward the domain strewn across the web. It is always mentioned in many walkthrough guides, no matter what type of wallet generator leveraged, it should always be done completely offline. A person who attempts to create a cryptocurrency paper wallet online, while being connected to the web, is extremely vulnerable to hacking exploits.

What do you think about the website bitcoinpaperwallet.com accused of being compromised? Let us know what you think about this subject in the comments section below.

Tags in this story
Accusations, Back Door, Bitcoin, Bitcoin (BTC), Bitcoin Paper Wallet, BTC, BTC Paper Wallet, claims, Colin Harper, Complaints, crypto users, Dustin Dettmer, Exploit, Losing Money, paper wallet, Paper Wallet Generator, Reddit Forums, Sarkis Sarkissian, Stolen Bitcoin, Twitter, Unsafe, Vulnerable

Image Credits: Shutterstock, Pixabay, Wiki Commons, stackexchange.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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3 types of bitcoin investors that ‘should be concerning to central banks’

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With 106 million global crypto users as of January 2021 and a crypto population that has now surpassed 100 million, a financial expert noted that central banks must now be wary of certain crypto investors. In a new seminar held by the University of Pennsylvania’s Wharton School, part-time professor, Mohamed El-Erian, who is also Chief Economic Adviser at Allianz said that Central Banks should be careful about three specific groups of Bitcoin investors. 

He explained that while the first group of people is investing for positive reasons, the second is motivated by negative factors to adopt Bitcoin. The positive investors “truly believe Bitcoins will become money ”or “a currency as opposed to a commodity.” 

However, El-Erian cautioned that central bank authorities must keep watch on those “being pushed out of everything else and pushed into Bitcoin”, forming the second group that the expert earlier mentioned. 

They look to Bitcoin in order to protect themselves from government investment options, which some investors believe has been “artificially jacked up.” Interestingly, a recent survey found that people aged over 55 opted for Bitcoin due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. The expert said that such people are forced to invest in the asset because “they don’t know how else to mitigate risk.” 

Do you really want to invest in a government bond whose price has been? So ‘let’s diversify, let’s put 2% into Bitcoins.’

El-Erian further categorized “speculators” as the third type of investors, who face profits and losses albeit “in a single day.” According to him, all three types of investors “should be concerning to central banks.”

When it’s trading above $50,000, all three messages are problematic for central banks. So, we are going to see central banks look increasingly at cryptocurrencies as something they should be involved in, and not just stand on the sidelines.


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Seattle investors talk SPACs; pandemic impact on startups; advice for founders; and more

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Seattle investors talk SPACs; pandemic impact on startups; advice for founders; and more

From top left, clockwise: Anu Sharma, partner at Madrona Venture Group; Ben Gilbert, co-founder at Pioneer Square Labs; Heather Redman, managing partner at Flying Fish Partners; and Kellan Carter, general partner at Fuse Venture Partners.

When the pandemic hit last year, tech startups began laying off employees and braced for impact. The outlook was bleak, with valuations in jeopardy and companies worried about the ability to raise cash from investors.

But by the time 2020 wrapped up, U.S. startups ended up setting all-time highs for total funding raised. There were also records set last year for capital raised by VC funds, and a near-record for VC-backed exit value with a strong IPO market.

With a surge in SPACs and plenty of cash available for startups, don’t expect any slowdown for the tech industry in 2021.

That was one takeaway from the annual investment outlook panel hosted by TiE Seattle earlier this month featuring four Seattle-area venture capitalists:

Here are quick takeaways from the discussion:

On 2021:

Redman said investors are licking their chops at the behavioral changes caused by the pandemic and how startups can provide solutions. “It couldn’t be a better time to be an investor with all the disruption we’ve got,” she said.

Added Gilbert: “We have an unbelievably fluid economy right now where more people are starting companies than ever and valuations are higher than ever,” he said. “And frankly, there’s more innovation than ever.”

Carter added that the pandemic forced companies take a closer look at what was and wasn’t working within the business — and now many are better for it.

“It’s really been a forcing function to make some of the harder decisions that companies naturally push off,” he said.

On SPACs: 

Special purpose acquisition companies, or SPACs, quickly became a popular route to go public for startups with more than $125 billion in merger activity last year. The trend does not appear to be slowing so far in 2021. Seattle-area companies Rover and Nautilus announced plans to go public via SPAC this month alone.

Gilbert said the rise of SPACs will create pressure on the traditional IPO process to get cheaper and faster. Ultimately he believes SPACs and IPOs will look more and more similar.

“It’s just a different way to go public, it’s a different path,” he said of SPACs. “It’s just more money chasing the same number of opportunities, and so that’s going to drive prices up.”

Redman said SPACs will threaten some later-stage venture capitalists as public markets and SPAC sponsors have a chance to invest in startups earlier in their journey.

On assessing companies:

When meeting entrepreneurs, Carter said his team indexes to three qualities: The relentlessness to win, the obsession with the customer, and the ability to hire top-notch talent.

Fuse, which launched last year, also likes to talk to customers using the company’s product. “If you make your early customers or users your best sales reps, you’re really onto something,” Carter said.

Redman and Sharma both pointed to the importance of entrepreneurs building companies in large markets.

“A good team is able to potentially understand the market and pain points that nobody else does,” Sharma said. “When they are able to do that, they estimate the market size far better than we do. One of the things I often get wrong is how big the market is, and the founders usually prove me wrong.”

On Seattle’s startup ecosystem: 

Pioneer Square Labs, Flying Fish, and Fuse are among a flock of newer early-stage firms that have launched in recent years, adding dollars to a Seattle startup ecosystem long-criticized for the lack of capital. All three have a focus on the Pacific Northwest, banking on the region’s tech and entrepreneurial clout.

“Relative to the number of funds versus the outcomes that have happened in pure dollar value, this is by far the most undercapitalized ecosystem in the country,” Carter said.

Asked about the dearth of later-stage funds in the Seattle region, Gilbert said it’s not a big issue as there are only a handful of companies in the area raising that type of capital.

“By the time [a company] is raising $15, $30, $50, $100 million, it’s already on everyone’s radar,” he said. “There’s no strategic advantage to being a local firm investing with a local thesis, or even a regional thesis, at those later stages because there’s a captive number.”

However, Gilbert said it would be beneficial for Seattle to have local investors as limited partners in funds that invest at later stages.

Redman noted she wants to see money made by local investors come back into the Seattle ecosystem.

“If I make a whole lot of money for somebody who’s here, then we get a new wing of Seattle Children’s Hospital,” she said. “If I make a whole lot of money for somebody who’s in San Francisco, then they get a new wing of the San Francisco Children’s Hospital. So I think getting that flywheel going here locally is awesome and is a real passion project for a lot of us.”



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Oxygen Protocol to List OXY Tokens on BitMax – Press release Bitcoin News

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PRESS RELEASE. BitMax.io (BTMX.com), an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the joint primary listing of the Oxygen token (OXY) with auction facilitation for its platform users. The auction will begin on Bitmax on March 11 at 9:00 a.m. EST and the listing will go live on March 16 at 9:00 a.m. EST.

Oxygen Protocol is an on-chain, decentralized, non-custodial prime brokerage built on the Serum DEX and ecosystem, running on fast Solana public blockchain, and seeded by the Maps.me 2.0’s massive userbase. Oxygen will start with a borrow-lending protocol before moving to recreate quasi-marketplace- business units that are typically part of investment banks and making them accessible to everyone.

Oxygen is built upon a pools-based infrastructure, wherein users can create a pool by depositing their assets and marking which ones to lend. The clearing price for Oxygen’s borrow-lending is market-based through on-chain order-book matching using Serum DEX, instead of a pre-set, manually adjusted market model. Users can generate yield on their portfolio while borrowing other assets at the same time (multiple use of same collateral), maximize utility of their portfolio as collateral when borrowing, and interact with the Serum ecosystem and DEXes directly from their pools with streamlined in-pool trading.

Oxygen Protocol is order-book based, allowing users to get a fair price for borrowing/lending. Oxygen also enables multiple uses of the same collateral and the post of all your portfolio as collateral to borrow (meaning lower portfolio liquidation risk).

To drive the platform growth, Oxygen will be seeded with the 140M registered users from Maps.me’s userbase who will generate yield from their embedded wallets, jump-starting Oxygen as one of the largest fintech applications.

Oxygen is also built on Solana blockchain, which can support over 50,000 TPS, with block times of 400ms and transaction costs of approx. $0.00001, indicating that Oxygen has scalability as a completely on-chain P2P borrow-lending and prime brokerage protocol.

Oxygen Protocol will use 100% of net revenue for the benefit of OXY token holders. Token holders can decide on how exactly to direct the net revenue of Oxygen Protocol plus community fund in terms of whether to buy, burn, offer staking yield or anything else.

 

About BitMax.io

Launched in August 2018, BitMax.io is a leading digital asset trading platform with a broad range of financial products and services for both retail and institutional clients, with robust and innovative design ranging from cash to margin trading, derivatives trading, staking products, and other investment solutions.

For more information and updates, please visit:

Website: https://bitmax.io/

Twitter: https://twitter.com/BitMax_Official

Telegram: https://t.me/BitMaxioEnglishOfficial

Medium: https://medium.com/bitmax-io

 

About Oxygen Protocol

Oxygen Protocol is an on-chain, decentralized, non-custodial prime brokerage built on the Serum DEX and ecosystem, running on Solana, and seeded by the Maps.me 2.0’s massive userbase.

For more information and updates, please visit:

Website: https://oxygen.trade/

Twitter: https://twitter.com/oxygen_protocol

Telegram: https://t.co/dOTnuwRzWA?amp=1

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons



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3 Key Takeaways From House Hearing on Crypto and Domestic Terrorism – Decrypt

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In brief

  • Experts testified before the House Financial Services Committee about how domestic terrorist groups get their funding.
  • Lawmakers asked about crypto’s role in financing terrorism.

The House Financial Services Committee had a hearing this morning entitled “Dollars against Democracy”—a comprehensive look at how domestic terrorist organizations get their funding—and cryptocurrency was front of mind.

Last month, crypto research company Chainalysis determined that some of the white nationalists and far-right extremists involved in the Capitol riot received large amounts of cryptocurrency in the weeks leading up to the attack. Today’s hearing was, in part, an attempt to learn more about what Rep. Stephen Lynch (MA-8) called a “double-edged sword”—the idea that cryptocurrencies can be both genuinely useful financial instruments and dangerous tools for terrorists and money launderers.

Here are the highlights.

Extremists like crypto

Daniel Rogers, co-founder of a nonprofit called the Global Disinformation Index, told Rep. Jim Himes (CT-4) that cryptocurrencies “are definitely part of the fundraising strategies” of domestic terrorist groups.

He pointed to research showing a “strong correlation” between “explicit extremism” and the use of cryptocurrencies, and suggested that organizations that aren’t as immediately open about their extremist values are more inclined toward traditional fundraising strategies. The more radical a group, he said, the more likely it is to get booted from the traditional financial system, and the more likely it is to use crypto.

Analysts say regulation is an answer

Danny Glaser, an analyst at the intelligence firm K2 Integrity, reminded Rep. Himes that if you want to use crypto “in the real economy,” at scale, you’re going to need to convert to fiat at some point—and it’s at that point that regulations come into play.

“Crypto Market Trade exchanges are regarded as money service businesses: they have full customer due diligence requirements, they have full money laundering program requirements, they have reporting requirements,” he said. 

He also said that while the exchanges may be regulated, “unhosted” wallets lack the same oversight; he referenced the Financial Crimes Enforcement Network’s proposal to more heavily regulate those wallets as one way to shore up that “vulnerability.” Later, he referred to these wallets as a “loophole in the system.”

That Treasury proposal has proved controversial, since, for many crypto devotees, privacy is the whole point.

Tracing crypto remains thorny

Glaser also weighed in on how cryptocurrency transactions are traced, and on coins designed to mask blockchain transactions.

“There are some cryptocurrencies out there which try to design themselves along the fault lines of the AML/CFT [anti-money laundering / combating the financing of terrorism] restrictions,” Glaser told Rep. Lynch. “We need to look at those, we need to make sure that those types of cryptocurrencies are banned, but we also need to provide opportunities for the sector to grow in a supervised, regulated way, as I think it is for the most part right now.” 

Lynch had alluded to Monero—a so-called privacy coin that intentionally obscures transactions and addresses—which has become a favorite of dark web markets and extremist websites like the Daily Stormer. It’s part of a broader debate in crypto about privacy-oriented tools (like paper trail-scrambling coin “mixers”) which can enable illegal activity.

Earlier in the hearing, Lecia Brooks, executive director of the SPLC, told Rep. Josh Gottheimer (NJ-5) that cryptocurrencies make it harder to “follow the money.”

“In certain ironic ways,” Glaser added, “cryptocurrencies provide enhanced opportunities for law enforcement agencies to be able to trace transactions that aren’t there in bulk transactions in the private sector.”

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Fantom (FTM) price prediction for March after exploding 800% this month | Invezz

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Fantom (FTM) price has traded about 800% higher at one point in February before a pullback took place. 

Fundamental analysis: The Graph announces support for Fantom

The Graph added Fantom to the group of layer 1 blockchains that its community is supporting. Previously announced chains include Polkadot, NEAR, Solana, and Celo. 


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The protocol continues to expand the Web 3 ecosystem of developers and users as its community keeps searching for new blockchains for integration each week.

Fantom developers will now be able to learn subgraphs using Graph Docs. At the moment, The Graph supports Ethereum and POA, allowing data querying across a number of blockchains, which Fantom builders can access and develop with, but also cross swap between Ethereum. 

The integration of Fantom was completed in 24 hours after it sought The Graph’s support. Andre Cronje, Fantom’s DeFi Ethereum Architect announced the partnership on Twitter and praised the UX/UI protocol for allowing easy integration. 

“<3 good tech is easy to integrate, this speaks more to the quality of @graphprotocol than anything else. Thanks for making it easy!,” Cronje said in a tweet. 

Shortly afterward, developers started creating Fantom subgraphs and deployed their Ethereum-powered apps on top of Fantom, allowing developers to access data. This underlines the importance of subgraphs and the support they offer to developers. 

The Graph queries surged to more than 11 billion last month and recorded a 100x growth last year. This expansion represents the transition to the decentralized Internet named Web 3. Other cryptocurrencies including Bitcoin, Cosmos, Avalanche, Binance Smart Chain, Flow, and more are also being considered for integration. 

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Technical analysis: Failure to sustain huge gains

Fantom price is currently trading more than 470% in the green in February. This is after FTM exploded almost 600% in January. Today, the price action is up 4%, although it was trading over 20% higher at one point earlier in the day. 

FTM daily chart (TradingView)

It is difficult to use technical indicators to predict future movements given the scale of the most recent push higher. In case a deeper pullback takes place, we may see strong buying activity near $0.25. 

Summary

The Graph announced support for Fantom after integrating a group of layer 1 blockchains last month. In the meantime, FTM price is trading in an extremely strong uptrend.

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Why Coinbase will maintain its investment in Bitcoin?

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Crypto exchange Coinbase has held Bitcoin and other crypto assets on its balance sheet since the firm’s inception in 2012. Head of Institutional Sales, Trading, Custody, and Prime Services at Coinbase, Brett Tejpaul, revealed this in a blog today. He said that the firm intends to maintain an investment in digital assets due to the “long-term potential of the crypto economy”

However, the Coinbase exec did not mention any specific amount with regard to the Bitcoin investment. 

The company’s investment strategy in crypto assets required the firm to develop new policies with regard to investment, accounting, and taxes. It also established a “control environment” with the intention of receiving unqualified audit opinions on the crypto exchange’s financial statements.

Earlier today, the crypto exchange’s Form S-1 filing with the Securities and Exchange Commission (SEC) became public. According to the document, Coinbase earned $1.1 billion in revenue, as of last year. 

Tejpaul believed that the use cases for digital assets are “expanding rapidly” among corporations, especially, as companies diversify their traditional portfolio management strategies and adopt crypto as an investment asset.

Other than Coinbase, public and private companies alike have invested in Bitcoin. According to data from Bitcointreasuries, MicroStrategy holds 90,531 BTC to date, which makes the publicly-traded firm the biggest institutional investor of the asset. In second place is Tesla, which holds 48,000 BTC. Overall, public, private firms and ETFs altogether hold 1,349,042 BTC (more than $60 billion at current prices) in their treasury or as assets under management. 

Furthermore, Coinbase happens to be in the business of serving companies that are looking to crypto to “hedge or diversify their excess cash.” In another blog post, Tejpaul disclosed that the firm has already helped corporations diversify their investments with crypto assets.

On 1 December 2020, Coinbase said that MicroStrategy chose the crypto firm as its primary execution partner for its $425 million purchase of Bitcoin last year. Reports stated that the exchange was behind Tesla’s Bitcoin investment, which surged the asset’s price to the $50,000 range.


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Cardano (ADA) pushes towards its all-time high: Here’s what to expect | Invezz

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Cardano’s price managed to break the $1 mark with confidence after a period of volatility. This, along with the Mary upgrade, has pushed the price up past the $1.10 mark. So, what should you expect next, and should you invest in ADA now?

Fundamental analysis: Mary upgrade sends ADA above $1.10

Cardano’s overall market outlook has been heavily tilted to the positive lately, especially with the progress the Foundation made towards launching its Goguen (smart contract-enabling) upgrade. On top of that, the Mary upgrade launched on the Cardano mainnet today, causing a slight price increase.


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However, Cardano’s long-term outlook has been potentially compromised as Binance Smart Chain (another competitor to Ethereum) received a lot of attention lately, and even made it to the third spot in the market cap top10 with its native token, BNB coin.

ADA posted week-over-week gains of 22.23%, outperforming both BTC‘s week-over-week loss of 4.43% and ETH‘s 17.52% loss. Cardano is currently the fifth-largest cryptocurrency by market cap, boasting a value of $35.30 billion.

At the time of writing, ADA is trading for $1.113, which represents a price increase of 157.20% when compared to the previous month’s value.

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ADA/USD technical analysis: Cardano traders liquidated after a flash crash on Kraken, who is responsible?

Cardano has entered a three-day retracement phase after hitting an all-time high of $1.198. However, the cryptocurrency left this phase after finding support with the 23.6% Fib retracement level of $0.955. With its price increasing by close to 20%, with the daily candle closing above the $1 mark, ADA was ready to end its consolidation and push up.

ADA managed to push its price past the $1.12 level and enter the major resistance area. If it manages to pass this zone, it will reenter the price discovery mode. However, if it fails to do so, its nearest support level is the 21-day EMA, which will soon catch up to the 23.6% Fib retracement level.

ADA/USD daily chart
ADA/USD daily chart

It’s also important to note that the large price drop to the $0.156 level was exclusive to the Kraken exchange, and that it happened because of a connectivity exchange. This caused numerous traders to get liquidated, and prices of Ethereum and Cardano to experience a flash crash.

After a brief investigation, Kraken announced that its servers worked just fine, even though they did admit to suffering from connectivity issues.

ADA’s RSI on the daily time-frame has been trending up in the last two days, with its value just entering the overbought territory. Its current value is sitting at 73.44.

ADA/USD 1-hour chart
ADA/USD 1-hour chart

Zooming in to the hourly time-frame, we can see that Cardano took the majority of the day to consolidate and trade sideways on slightly descending volume. While its immediate downside is well-protected by the 21-hour and 50-hour EMAs, its first big support level is the 23.6% Fib retracement level of $0.955.



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