Month: January 2021

On Jan. 29 Bitcoin (BTC) price briefly rallied to $38,500 before retracing the move and spending the majority of the day struggling to reclaim $35,000.  The wild breakout in Bitcoin price has partially been attributed to Elon Musk changing his Twitter profile to simply “#Bitcoin,” which Musk subsequently followed up with a cryptic tweet saying “In retrospect, it was inevitable.” Dogecoin (DOGE) also continued to make waves across Twitter and with crypto traders. After reaching a new all-time high at Read more …

Bitcoin price has held on tightly to support at $30,000, and according to Raoul Pal’s Global Macro Investor Report, the leading cryptocurrency by market cap could 10x from there by October 2021. GMI’s model uses Metcalfe Value to make the prediction, and currently suggests the cryptocurrency is severally undervalued. Could that lofty target be only nine months away? Here’s what past market cycles say about the estimate. Raoul Pal’s GMI Report Calls For $300K BTC Before The End of 2021 Read more …

Early this morning, Elon Musk, the CEO of SpaceX and Tesla, as well as the richest person in the world, changed his Twitter profile to read “#bitcoin” and tweeted a cryptic message that many in the Bitcoin space interpreted as advocacy for the technology or acknowledgment that his tacit endorsement was bound to happen. Within minutes of the tweet surfacing, the price of bitcoin climbed sharply. It rose from about $32,000 at the time of the tweet to about $37,500 Read more …

Bitcoin mining rig manufacturers are dealing with a semiconductor supply crunch according to regional reports stemming from China. There’s been a global semiconductor supply shortage and it’s affecting nearly every type of business in the supply chain that manufactures cars, PCs, laptops, smartphones, and cryptocurrency mining devices. Moreover, the recent shortage has invoked the demand for second-hand and older generation mining rigs. Semiconductor Shortage Complicates Mining Rig Manufacturing Currently, the world is dealing with a semiconductor supply crunch which has Read more …

As bitcoin struggles to kickstart yet another record-breaking rally, Scott Minerd, the CIO at Guggenheim Investments says this could be down to the inadequate institutional support. According to Minerd’s assessment, this lack of sufficient institutional investor support means it will be hard for bitcoin to trade above $30,000. The CIO, however, thinks the viability of the crypto as “an asset class is still very likely.” In a short video, Minerd chronicles bitcoin’s rise and how the crypto initially did not Read more …

“The tour we’ve taken through the last century proves that market irrationality of an extreme kind periodically erupts — and compellingly suggests that investors wanting to do well had better learn how to deal with the next outbreak.” Warren Buffet Irrational markets are a given these days. For retail, fundamentals often do not drive investment as much as momentum and hype. And yet, with the introduction of the internet, retail investors have a chance at accessing as much information as Read more …

Over the past few days, a number of stocks, such as GameStop (GME) and AMC Entertainment (AMC), have risen dramatically in price, reportedly in line with attention from Reddit users buying in the face of selling pressure from big players. Popular trading platform Robinhood subsequently began restricting customers’ ability to buy multiple assets associated with the drama. When asked about his thoughts about Robinhood suspending GameStop stock purchases, Richard Byworth, CEO of crypto exchange EQUOS, noted the importance of freedom Read more …

When Bitcoin’s (BTC) price dropped 10% to $29,150 on Jan. 27, something unusual happened with the Chicago Mercantile Exchange (CME) BTC futures contracts.  As the price fell, these CME Bitcoin futures traded at a 1% discount to Coinbase, which signaled a disarrangement between both markets. Good morning. Bitcoin spot has almost full retraced the weekly. CME bitcoin futs are both backwardian and expire Friday. That is all. — i.am.nomad (@IamNomad) January 27, 2021 Immediately, traders suggested that futures contracts, which Read more …

Over the last few days, whales and miners have been depositing the largest amount of Bitcoin this year, yet despite all the selling, price is soaring. The reason? Elon Musk has changed his Twitter bio to include the cryptocurrency’s hashtag and it has ignited a flood of FOMO from retail Robinhood traders seeking free markets. Miners, Whales, And More Can’t Stop Bitcoin Rally Bitcoin kicked off 2021 as bullish as can be, rising from under $30,000 to above $42,000 in Read more …

Ripple’s case before the Securities and Exchange Commission is threatening to have major, well, ripple effects for the industry. On Jan. 29, Ripple Labs filed its response to the SEC’s complaint. Ripple, as it has many times before, argued that XRP is not a security i.e. an investment in Ripple and is therefore not in the SEC’s jurisdiction. Ripple is, moreover, prepared to drag the rest of the industry into its fight to make its case.  A Ripple representative told Read more …

Anyone who has been in the crypto space over the last few years will undoubtedly be familiar with Dogecoin (DOGE) and how social media activity drives its price action. A “fork of a fork” based on Litecoin (LTC), the coin has earned a unique reputation and a considerable cult status within the cryptocurrency space. Unlike other projects, Dogecoin has not seen any protocol upgrades or developments since 2015. Indeed, the success of DOGE derives more from the community-based efforts and Read more …

Listen To This Episode: In this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost discussed compact client-side filtering, also known as Neutrino. Compact client-side filtering is a solution to use Bitcoin without needing to download and validate the entire blockchain, and without sacrificing your privacy to someone who operates a full node (and therefore did download and validate the entire blockchain). Downloading and validating the entire Bitcoin blockchain can take a couple of days even Read more …