Connect with us

Cointelegraph

Bitcoin price rally cools down as Polkadot gains 34% in first week of ‘altseason’

Bitcoin dominance is likely topping out, Michaël van de Poppe argues, as Bitcoin gives way to strong moves from some top ten altcoins.

Published

on

Bitcoin dominance is likely topping out, Michaël van de Poppe argues, as Bitcoin gives way to strong moves from some top ten altcoins.

1574 Total views

9 Total shares

Bitcoin price rally cools down as Polkadot gains 34% in first week of 'altseason'

Bitcoin (BTC) fell below $26,000 on Dec. 29 as fresh fallout from Ripple’s threatened U.S. lawsuit was felt throughout crypto markets.

Cryptocurrency market overview. Source: Coin360BTC price dips as Coinbase halts XRP trading

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD hitting lows of $25,830 during Tuesday trading.

$27,000 support failed to hold overnight, sparking a retest of lower levels which now center on $26,000. At the weekend, Bitcoin hit all-time highs of $28,400 before swiftly reversing.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The latest losses come as XRP, the fourth-largest cryptocurrency by market cap, hits $0.23 thanks to major U.S. exchange Coinbase opting to suspend trading from next month. The reason is a lawsuit from the U.S. Securities and Exchange Commission (SEC), which threatens to classify XRP as an unlicensed security and make trading it all but impossible.

“There is going to be a rangebound construction, after which 2021 will most likely break out again,” Cointelegraph Markets analyst Michaël van de Poppe summarized about Bitcoin’s short-term perspectives in a video update on Monday.

Analyst braced for altseason

Van de Poppe is eyeing altcoins as next in line to see major gains. XRP notwithstanding, the market is already showing signs of life, with Ether (ETH) climbing above $700 for the first time since May 2018 this week.

Another winner on Tuesday was Polkadot (DOT), now the seventh-largest token by market cap, which saw a 22.5% daily rise, capping weekly performance of nearly 34%.

For Van de Poppe, the next “impulse wave” on Bitcoin in 2021 should take the market to $40,000 or $50,000, but “until then, altcoins will most likely do well.”

Bitcoin dominance historical chart. Source: CoinMarketCap

He additionally pointed to a likely top in Bitcoin market cap dominance, which at almost 70% should soon give way to altcoin presence. December tends to see BTC dominance peaks, with 2017, the time of Bitcoin’s first attempt to crack $20,000, a notable comparison.

Source: https://cointelegraph.com/news/bitcoin-price-rally-cools-down-as-polkadot-gains-34-in-first-week-of-altseason

bitcoin-price-rally-cools-down-as-polkadot-gains-34%-in-first-week-of-'altseason'

Cointelegraph

Investment product issuer 21Shares will list Bitcoin ETP on Aquis Exchange

Exchange-traded product issuer 21Shares said it will make its Bitcoin ETP available to U.K. professional investors through the Aquis Exchange.

Published

on

The announcement comes the same day as ETC Group’s Bitcoin ETP began trading on the same exchange.

3910 Total views

6 Total shares

Investment product issuer 21Shares will list Bitcoin ETP on Aquis Exchange

Switzerland-based 21Shares, formerly known as Amun, has said it will make its Bitcoin (BTC) exchange-traded product available to traders in the United Kingdom through the Aquis Exchange.

According to an announcement from 21Shares, its Bitcoin exchange-traded product (ETP) will be available to professional investors on the Aquis Exchange this summer. U.K.-based firm GHCO will be acting as the crypto ETP’s liquidity provider, with 21Shares saying the product would be “engineered like an [exchange-traded fund].”

“ETPs trade on exchanges in a similar manner to a listed stock and institutional investors in the U.K. will get exposure to Bitcoin via a regulated framework and structure which they are already accustomed to,” said 21Shares. “The ETP has been designed to provide institutional U.K. investors with secure and cost-effective exposure to Bitcoin without the associated Bitcoin custody and security challenges.”

21Shares reported more than $1.5 billion in assets under management across 14 ETPs available on European stock exchanges. One unit of the firm’s Bitcoin ETP on Aquis will reportedly represent exposure to 0.00035 BTC, or roughly $12.54 at the time of publication.

A few companies have begun expanding their crypto products to the U.K. market. Also on Monday, crypto investment manager ETC Group’s Bitcoin ETP began trading on the Aquis Exchange in London and Paris. However, the country’s financial watchdog, the Financial Conduct Authority, banned the sale of crypto derivatives to retail traders in January.

21Shares reported more than $1.5 billion in assets under management across 14 ETPs available on European stock exchanges. One unit of the firm’s Bitcoin ETP on Aquis will reportedly represent exposure to 0.00035 BTC, or roughly $12.54 at the time of publication.

Source: https://cointelegraph.com/news/investment-product-issuer-21shares-will-list-bitcoin-etp-on-aquis-exchange

investment-product-issuer-21shares-will-list-bitcoin-etp-on-aquis-exchange

Continue Reading

Cointelegraph

We tracked down the original Bitcoin Lambo guy – Cointelegraph Magazine

After the chair of the Federal Reserve, Alan Greenspan, insisted Bitcoin couldn’t be used to buy anything of value in 2013, Jay snapped up a yellow Lamborghini to prove him wrong. We caught up with Jay in Southeast Asia.

Published

on

Jay is the Bitcoin OG who created a meme by buying a Lamborghini with the cryptocurrency. He went from a poverty-level existence to enjoying a well-off lifestyle in a gated community thanks to mining Bitcoin in the early days — but not without having to worry for his family’s safety.

As BTC first broke the $1,000 milestone in December 2013, former Chair of the U.S. Federal Reserve Alan Greenspan suggested that Bitcoin could not actually be used to buy anything of value.

That’s when Jay (not his real name), then in his early 30s, and with the help of his wife who is also a Bitcoiner, used almost 217 BTC to purchase what is believed to be the original Bitcoin Lamborghini at the Lamborghini Newport Beach dealership. He then provided the evidence on the anonymous imageboard 4chan.

This proved that Bitcoin had real value — who would accept fake money for a Lamborghini? A meme was born that launched a million other memes.

“It’s kind of overwhelming as an individual — I created a meme.”

An archetypal Bitcoin OG, Jay got his start around 2010. Despite being broke and supporting a family on very low earnings in Southeast Asia, he ended up setting up 20 GPUs, resulting in electricity costs that were six times his rent.

Lambo BTCBuying a Lambo with Bitcoin in 2013.

“I was really poor — I made like $8,500 per year while supporting a family, and babies cost money. I had businesses and savings before, but going to university and starting a family got me damn close to $0,” he recalls, bewildered.

“It’s amazingly hard to HODL bitcoin when you eat pasta every day and make fuck-all, and spend what you do have on computers and miners. But I had that faith, I knew this was world changing.”

Today, Jay lives in a gated community within a small city of under 100,000 in Southeast Asia with his wife, three children, and three dogs — one of them a professionally trained and imposing guard dog whom I had no doubt was ready to rip my face off on command when I visited.

His home actually consists of two houses on two streets, discreetly connected in the middle, creating an understated facade. Whereas the front garage contains “normal” luxury vehicles, the back holds none other than Bitcoin Lamborghini 2.0.

“Sadly because I was so close to $0 and had kids, I had to sell so much BTC so early because I wanted some safety net. I could add at least one zero to my net worth if I had no family — but it’s a paradox because family is why I do it.”

Lambo conventionThe Bitcoin Lambo in Texas at a CryptoWomen meetup in 2014. Supplied.Wealth worries

Jay’s fortune is crowned by a loaded 1,000 BTC Casascius “physical Bitcoin” gold coin of which only a few exist. It is, in fact, the most valuable coin in the world, with a face value of approximately $60 million dollars and a collector premium of many millions more.

This is how we came to meet, as I act as a broker of such rarities and wrote the Encyclopedia of Physical Bitcoins and Crypto-Currencies. For Jay, owning such coins can, however, prove stressful “if someone connects me to holding tens of millions of dollars in what are effectively bearer bonds.” Such coins hold the private key to the stated amount of Bitcoins under a tamper-proof label, making them comparable to bearer bonds, gold or cash.

Such privilege is “difficult to deal with” on the family front, Jay says. Living in a country with a huge wealth disparity, he explains that money can be metaphorically used to build either a bigger wall to separate himself from the masses, or a bigger table in order to bring them to his side. “Honestly, I have to do both, but I want to build a bigger table,” he says. He feels that he faces very real threats, including the kidnapping of family members by international criminals.

“I had issues with some Russian oligarchs in the past, but I don’t think I’m a target now.”

Casascius coinA loaded 1,000 BTC Casascius coin, which Jay bought for $5,000

Still, it’s hard to put worry or paranoia aside — states of mind that Jay considers natural to him. Late one night, as we enjoyed beer and burgers on the edge of town, Jay’s merriness suddenly turned to keen attention as he spied a vehicle loitering near his Lamborghini. “It’s been there over 30 seconds,” he said, appearing still nervous after the car drove off. “They were probably just admiring the car — but what if?” He was visibly uneasy.

Initiation

Jay describes a normal childhood in an average lower-middle-class family in the U.S. midwest. Money was sometimes tight, but basic needs were covered and school was OK. He excelled in geography, which simply came naturally to him without the need to study.

He started working at the age of 12, stapling large boxes together at a warehouse owned by a family friend. The work was repetitive and it was actually illegal to employ such a young child, but Jay was there willingly and feels that he gained a valuable perspective from socializing with business owners at such a young age.

After high school, Jay enrolled in a university close to home to study international relations and computer engineering. He, however, became disillusioned, believing that “a lot of what the university was teaching me was absolute bullshit” and mostly aimed at making him into “a good wage slave.” As he studied money, “it blew my mind that fiat money was based on nothing — it was debt.” He dropped out to run his own book-selling business, which he later sold to a firm that itself went on to be acquired by Amazon.

“The realization of the financial system and money being bullshit helped motivate me to drop out of university in the U.S.A. and do my own thing.”

Jay used the money to travel, first heading to Mongolia, which he felt might be a “missed gem” and might hold economic opportunities. Later in Kazakhstan, he spent time with a group that “trained golden eagles to hunt wolves,” and he heard high praise of Southeast Asia from other passing travelers — knowledge he filed away for later. His money ran low, and he soon returned to the U.S. where he found some success trading oil futures from home.

“When the tsunami hit Southeast Asia on Boxing Day 2004, I realized that sitting around doing the bullshit nothing I was doing was bad and jumped on a plane to help.”

Jay decided to stay and attended a local university, this time choosing to study business administration. Years after graduating and struggling financially, he came across the Bitcoin white paper in 2010 via the infamous Cypherpunks mailing list, where it was discussed in the early days of the cryptocurrency. He had read a book about cryptography before — he loved reading — and the project caught his eye. He found it brilliant, “but I thought there was a very low chance it could become worldwide money — it was too crazy.”

The biggest draw was not the money aspect, but the idea that “this breaks censorship.” He recalls someone putting Bible verses into the blockchain early on — forever indelible. With Bitcoin, anyone could write freely on the wall of eternity.

Celebrating Bitcoin breaking $100 on April 1, 2013. Supplied.The Bitcointalk Forums

The Bitcointalk forum was an interesting place in the very early 2010s, a time when Jay remembers a collection of seemingly “random people with random ideas.” Bitcoin was then a primarily intellectual pursuit, and it attracted socialists and communists in addition to the libertarians who became more associated with the movement’s history.

One idea discussed around that time included the canceling and reissuing of coins after two to five years of inactivity at an address, while others suggested that mining rewards could be adjusted based on individual need or national income. As there was no firmly established value, the Bitcoin idea was considered quite malleable and not necessarily set in stone — it could become anything.

Jay was confused by some of the discourse. “I wasn’t quite well-read in the philosophy then, so I didn’t really understand what the leftists saw in the idea,” he recalls.

The culture of the forum evolved as waves of discourse and new users followed news coverage of Bitcoin. There was a loose “core group” of enthusiasts who considered each other close to the project; “some new people would be added every now and then, and some would leave.” The culture, however, grew more toxic.

Though he first reasons that the toxicity was due to a “Wild West culture” that naturally forms in a gold rush of sorts, Jay notes that people in the contemporary WallStreetBets community, “seem to be incredibly polite and welcoming.” He adds that while he “does not want to say anything bad about anyone,” he assigns some responsibility for the culture upon the Bitcointalk forum’s administration.

“I think that the leadership of a community helps shape it. The person running Bitcointalk was quite inexperienced and pretty much fell into the role — I wonder if it could have been different.”

By contrast, the early Ethereum community seemed friendlier at the time, possibly due to the credit of Vitalik Buterin acting as a visible community leader. Buterin reached out to Jay during the process of launching Ethereum, but Jay was unimpressed.

“I told Vitalik over Skype that Ethereum was going to fail because it was too centralized.”

Despite his concerns, Jay owns some Ethereum and is not an extreme Bitcoin maximalist like some of his peers.

“There shouldn’t be people who hold keys to the internet. It should be entirely math-based, because it can be,” he reasons, referring to what he sees as unnecessary centralization and reliance on human figures within the Ethereum community.

Future directions

Already an old-timer, little more than a decade after stumbling upon Bitcoin, Jay is cautious about newer developments, calling DeFi “definitely risky” due to the risk of the leadership of some projects having the power to unilaterally take control of your funds. He has a similar take on NFTs, saying that “99% of them will become worthless, but some might become cult classics,” a line of thinking that was especially prominent regarding ICOs in the 2017 boom.

All considered, Jay is doing well in life and is focused on his family, but there is a certain unease — a restlessness about him, even unrelated to physical safety.

As with many people who reach their goal, he has everything he could ever dream of, but it’s not exactly clear what he should do next, considering he feels that he has enough to financially cover his descendants to the 4th generation. One thing’s for sure — he’s not looking for fame. “I don’t really want this article out there, but I think overall it is fair and the story should be told,” he says.

“I have reached my goal, so now what? I have accomplished my life goals but I’m not dead yet, so I have to do something. No idea what — but something…”

“It’s kind of overwhelming as an individual — I created a meme.”

Source: https://cointelegraph.com/magazine/2021/06/04/we-tracked-down-the-original-bitcoin-lambo-guy

we-tracked-down-the-original-bitcoin-lambo-guy-–-cointelegraph-magazine

Continue Reading

Cointelegraph

Guggenheim’s new fund may seek exposure to Bitcoin, SEC filing shows

The company stated that the fund’s exposure to crypto can result in substantial losses to the fund, citing a number of risks associated with the industry.

Published

on

The new Guggenheim Active Allocation Fund will be a diversified, closed-end management investment fund that may seek investment exposure to cryptocurrencies.

2966 Total views

2 Total shares

Guggenheim’s new fund may seek exposure to Bitcoin, SEC filing shows

Global investment firm Guggenheim Investments has filed with the United States Securities and Exchange for a new fund that may seek exposure to Bitcoin (BTC).

According to a Tuesday filing, the new Guggenheim Active Allocation Fund will be a diversified, closed-end management investment fund that may seek investment exposure to cryptocurrencies like Bitcoin through cash-settled derivatives instruments. Such instruments include exchange-traded futures, investment tools offering exposure to BTC as well as other cryptocurrencies through direct investments or indirect exposure such as derivatives contracts, the filing notes.

The company stated that the fund’s exposure to crypto can result in substantial losses to the fund, citing a number of risks associated with the industry:

“Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset and future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the Fund’s indirect investment in cryptocurrency and the ability to exchange a cryptocurrency or utilize it for payments.”

According to the document, Guggenheim’s chief investment officer Scott Minerd will be responsible for the day-to-day management of the fund’s portfolio alongside assistant CIO Anne Bookwalter Walsh, managing director Steve Brown, and director Adam Bloch.

Last year, Guggenheim placed another SEC filing, stating that its Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust.

Minerd is known for his somewhat mixed stance on crypto and Bitcoin as the executive referred to the crypto market as “Tulipmania” after Bitcoin sank to nearly $30,000 on May 19. Despite comparing the crypto industry to a financial bubble, Minerd is still bullish on Bitcoin in the long term, predicting earlier this year that BTC can potentially hit $600,000.

Source: https://cointelegraph.com/news/guggenheim-s-new-fund-may-seek-exposure-to-bitcoin-sec-filing-shows

guggenheim’s-new-fund-may-seek-exposure-to-bitcoin,-sec-filing-shows

Continue Reading

Title

Blockchain news13 hours ago

Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

Coinpedia16 hours ago

Shiba Inu Price Plunge Hard! Should You Buy the Ongoing Dip?

Shiba Inu Price needs to climb back above $0.000007. If SHIB Price is able to break through this resistance, it...

Techcrunch18 hours ago

UBS investment makes Byju’s the most valuable startup in India – TechCrunch

Edtech giant Byju’s has become the most valuable startup in India after raising about $350 million in a new tranche...

CNBC21 hours ago

GameStop sales rise 25% as retailer chases e-commerce growth, says it may sell 5 million shares

GameStop sales rose 25% in the fiscal first quarter as the company focuses on e-commerce and tries to stage a...

Bioengineer24 hours ago

Trial of existing antibiotic for treating Staphylococcus aureus Bacteremia begins

NIH-supported trial will test Dalbavancin in hospitalized adultsCredit: NIAID A clinical trial to test the antibiotic dalbavancin for safety and

ZDNET1 day ago

Avaddon ransomware group closes shop, sends all 2,934 decryption keys to BleepingComputer

Bleeping Computer worked with Emisoft to create a free decryptor that any Avaddon victim can use.

Reuters2 days ago

Internal data from breach circulating online -CD Projekt

Internal company data leaked during a February security breach is now being circulated on the internet, Polish video games maker...

Blockchain news2 days ago

13.38% of Bitcoin’s Money Supply Has Now Moved Between $31K and $40K

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between...

Coinpedia2 days ago

An Extreme Bullish Case Emerges For Ethereum Price, $6000 May Be On Cards!

The etheruem(ETH) price is attempting to follow a similar path and if it successfully mirrors previous rally, levels above $5000...

CNBC3 days ago

Homeowners got $2 trillion richer during the first three months of the year

Home prices have been soaring, so homeowners have been getting richer, at least on paper. The equity numbers are staggering.

Review

    Select language

    Trending