Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It

What started out as a normal trading day for some PDAX customers led to a favorable turn of fortune, or so it seemed. Their euphoria may have been short-lived by a harsh reality check as the Philippine-based exchange prepares to take legal actions.

PDAX Issues Warning To Traders For Exploiting Glitch

Philippine Digital Asset Exchange (PDAX) suffered a flaw that led to bitcoin trading 88% below its actual price. The exchange reported that a surge in trading activity was the cause. At the time, bitcoin was trading north of $50k, but traders were able to scoop some for $6k.

Although PDAX halted operations to fix the glitch, it was a bit too late by then. Some users capitalized on the loophole and withdrew bitcoins out of the exchange.

To avert the massive loss, PDAX has asked traders to return its bitcoin or risk facing legal proceedings. Many users claim to have received messages to this effect.

It remains unclear how the legal proceedings will play for PDAX, with users rightly pointing out that traders’ actions are within the agreed terms and conditions.

Bitcoin Whale Responsible For Glitch?

Large volume transactions have become the order of the day as bitcoin whales step up activity. Their mass transactions often indicate strong bullish signals unless they get hooked while at it.

Reports surfacing on social media led to strong suggestions that the entire fiasco occurred due to an error by a bitcoin whale. who allegedly sold 316,000 BTC for PHP 300k (about $6100) instead of the actual price of PHP 2.3 million ($47,000). This prompted PDAX to cease trading activity and temporarily shut out users.

Users Outraged By Inability To Access Accounts

PDAX’s attempt to control the situation turned out to be counterproductive as it sparked outrage from many users on social media. The downtime, which lasted for 36 hours, left customers furious as they could not access their accounts.

They expressed frustration due to missed trading opportunities and accrued losses from not being able to close positions.

PDAX Clears The Air

PDAX eventually released a comprehensive report addressing the issue. It claimed that an “isolated unfunded order” infiltrated its system and affected the account of its users. It explained further that it had tracked and rectified the glitch and was in the process of fully restoring users’ accounts.

Speaking in a press conference, PDAX CEO Nichel Gaba said:

“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”

The BSP-licensed exchanged assured users that it will continue addressing their concerns and rendering support where necessary.

Ripple-Backed Developer Launches Proposal To Bring Red-Hot NFTs to XRP Ledger

The Founder of Ripple-backed development studio XRPL Labs Wietse Wind is announcing plans to add non-fungible tokens (NFTs) to the XRP Ledger.

In a new tweet, Wind calls the attention of XRPL developers to share their ideas on how to bring the increasingly popular unique digital assets to the XRP Ledger.

NFTs hold unique cryptographic properties and as such no two are alike. Therefore, the ownership and scarcity of digital items such as collectibles, artworks, and parcels of virtual lands can be verified.

Wind notes that the non-fungible attribute of an NFT makes it different from other crypto assets like XRP, which is divisible and replicable.

Wietse Wind also highlights that NFT transactions on the XRP ledger will work differently from those on other blockchains such as Ethereum. He says users can only receive specific tokens from another user if they opt in by signing a TrustSet transaction that lists the issuer’s account and the token code to trust.

Wind launches his proposal amid growing interest in the ballooning NFT space. Recently YouTube star Logan Paul, who released his own NFT artwork, sold more than $3.5 million worth of digital items in less than 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/MarkOfShell

The post Ripple-Backed Developer Launches Proposal To Bring Red-Hot NFTs to XRP Ledger appeared first on The Daily Hodl.

As the Dollar Begins to Rebound, Bitcoin Is Struggling to Remain Solid

At the time of writing, bitcoin – the world’s number one digital currency by market cap – isn’t doing so hot. The currency has fallen to about $46,000 per unit at press time, meaning it is now about $10,000 lower than where it stood during the early portion of last week. Things are not looking good for the asset, but how much of this is just part of a healthy correction?

Bitcoin Has Taken an Ugly Dip

As it turns out, things may be a little more extreme than normal. While there’s no way to predict if this is a final stretch for the world’s most popular cryptocurrency, the asset is experiencing losses it hasn’t seen in almost a year. The currency has fallen by about 21 percent in just the last few days alone and hasn’t dropped this much since March of 2020.

During that time, the coronavirus pandemic first began striking all corners of our global markets, and many assets – bitcoin included – began to witness dips nobody could have anticipated. Stocks fell to record lows, while precious metals such as gold also incurred heavy dips. Bitcoin – which during the previous month, was trading for well over $10,000 – fell below the $4,000 mark, and the dollar began experiencing heavy inflation.

Furthermore, many platforms centered around bitcoin and the world’s leading crypto assets (such as Ethereum) are also experiencing a few stumbles here and there. For example, the Bloomberg Galaxy Crypto Index – which monitors BTC, ETH and three additional crypto assets – has fallen by about 23 percent over the past week.

The Grayscale Bitcoin Trust has also been suffering, experiencing heavy slumps following the expiration of several bitcoin futures contracts in the past few days. The trust has fallen by as much as 20 percent since late last week.

Vijay Ayyar – an executive with cryptocurrency exchange Luno in Singapore – explained in a recent interview that the U.S. dollar is beginning to rebound, which could be why bitcoin is heading into darker territory. He says:

Risk-on assets are taking a hit at this moment. We’re seeing stocks slide and crypto is following. The dollar is strengthening, which is a good indication to expect a slide in bitcoin and crypto.

Standard Assets Are Staging a Comeback

In addition, gold – which has been declining somewhat in recent days – is also making a slight comeback, with one ounce now trading for well over the $1,700 mark. Clearly this is a case of traditional finance working to repair itself, and as we understand by now, bitcoin ultimately survives when standard markets are in chaos or having a hard time. When things are steady or neutral in this respect, bitcoin will likely trade in a lower register.

At press time, many are still laying the blame on Elon Musk, who recently tweeted that bitcoin’s price was “too high.” Things began taking a nasty toll from there.

The post As the Dollar Begins to Rebound, Bitcoin Is Struggling to Remain Solid appeared first on Live Bitcoin News.

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Bitcoin’s correction is accelerating, but a bounce off the 50-day moving average could give altcoins reason to rebound off lower support levels then move higher.

Bitcoin (BTC) price has been correcting in the past few days and traders are curious to know whether this is a minor pullback or the start of a deeper decline. The problem is that no one has a crystal ball and analysts can only point to critical support levels that may hold based on historical data and evidence. 

However, in a bear phase, the price tends to slip below key support levels as traders panic and sell out of fear, similar to how the price exceeds the upside targets during a bull run as traders buy due to FOMO.

March has historically been a weak month for Bitcoin, which suggests seasonal traders may prefer to wait and watch rather than jump to buy on dips. This lack of demand may be one of the reasons for the Grayscale Bitcoin Trust premium dipping into the negative over the past week.

Crypto market data daily view. Source: Coin360

However, not all the data is bearish. On Feb. 26, Moskovski Capital CEO Lex Moskovski pointed out that Bitcoin miners positions turned positive on Feb. 26 for the first time since Dec. 27. Adding to this, CryptoQuant CEO Ki Young Ju said the large Coinbase outflows in the past few days suggest that institutions are still accumulating at lower levels.

This data seems to be inconclusive and does not provide an immediate picture of whether the advantage is with the bulls or the bears. Let’s study the charts of the top-5 cryptocurrencies that may outperform in the next few days.

BTC/USD

Bitcoin has broken below the 20-day exponential moving average ($47,441), which is the first indication of the start of a deeper correction. The next critical support is the 50-day simple moving average at $41,066. The price has not closed below this support since Oct. 9, hence the level assumes significance.

BTC/USDT daily chart. Source: TradingView

The bulls are likely to defend the 50-day SMA aggressively. If the price rebounds off this support and rises above the 20-day EMA, it will suggest the sentiment remains bullish and traders are buying on dips.

However, the flat moving averages and the relative strength index (RSI) just below the midpoint suggest the bulls are losing their grip.

If the bears sink the price below the 50-day SMA, it will indicate that supply exceeds demand and traders are booking profits in a hurry. Such a move could pull the price down to the Feb. 8 intraday low of $38,000.

A break below this support will be a huge negative as the next support is at $32,000 and then $28,850.

BTC/USDT 4-hour chart. Source: TradingView

The downsloping 20-EMA and the RSI in the negative zone suggest that bears are in control. The price is now approaching the critical support at $41,959.63.

If the price rebounds off this support, the bulls will try to push the price above the 20-EMA. If they succeed, it will suggest that bulls are accumulating the dips aggressively. The BTC/USD pair may then rise to the 50-SMA and then $52,000.

Conversely, if the $41,959.63 support breaks and the bears flip it to resistance, then a deeper correction is likely.

BNB/USD

Binance Coin (BNB) has been in a corrective phase since Feb. 20, which shows that traders are booking profits after the sharp up-move on Feb. 19. However, the pace of the fall has been gradual since Feb. 25, indicating that traders are not panicking.

BNB/USDT daily chart. Source: TradingView

The price has currently dropped to the 20-day EMA ($194) where the buyers may step in. If the price rebounds off this support and breaks above the downtrend line, the BNB/USD pair may again attract buying from short-term traders. That could push the price to $280 and then to $300.

The 20-day EMA has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. However, if the bears sink and sustain the price below the 20-day EMA, it will suggest that supply exceeds demand, The pair could then correct to $167.3691 and then $118.

BNB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a descending triangle pattern that will complete on a breakdown and close below $189. If that happens, it will suggest that the top is in place and the pair could then drop to $118.

Conversely, if the bulls defend the support at $189, it will suggest that the sentiment remains positive as the bulls are buying on dips to strong support levels. A breakout and close above the downtrend line will invalidate the bearish setup and that may result in a rally to $280.

DOT/USD

Polkadot (DOT) is correcting in an uptrend. The long tail on the Feb. 23 and Feb. 26 candlestick suggests that the bulls are attempting to defend the 20-day EMA ($30.49). However, the long wick on the rebound on Feb. 27 shows that demand dries up at higher levels.

DOT/USDT daily chart. Source: TradingView

The 20-day EMA is flattening out and the RSI is dropping towards the center, which suggests the bullish momentum is weakening. However, during the recent bull run, the DOT/USD pair has repeatedly taken support at the 20-day EMA.

If the price again rebounds off the 20-day EMA and the bulls push the price above $35.6618, the pair may retest the all-time high at $42.2848. A break above this resistance could result in a rally to $50.

This bullish view will invalidate if the bears sink the price below the 20-day EMA and the 61.8% Fibonacci retracement level at $25.7817. If that happens, the pair may drop to the 50-day SMA ($22.33). 

DOT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the price is currently trading inside a symmetrical triangle. If the bears can sink the price below the support line of the triangle, the pair could drop to $25.7817 and then to the pattern target at $18.70.

The downsloping 20-EMA and the RSI in the negative territory suggest a minor advantage to the bears in the short term. But if the price rebounds off the current level, the bulls will try to push the price above the triangle. If they succeed, the pair may rise to $42.2848.

XEM/USD

The bulls defended the 20-day EMA ($0.475) on Feb. 26, which shows that the sentiment remains positive and traders are buying on dips. The bulls are currently attempting to resume the uptrend in NEM (XEM).

XEM/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI above 63 suggest the path of least resistance is to the upside. If the bulls can drive the price above $0.5051, the XEM/USD pair could rally to $0.7637. A breakout of this resistance could open the doors for an up-move to $0.9607.

Contrary to this assumption, if the price turns down from $0.5051, the pair may consolidate for a few days before starting the next trending move. A break and close below the 20-day EMA will suggest the start of a deeper correction.

XEM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the price is stuck between $0.439 and $0.63 for the past few days. Both moving averages are sloping up marginally and the RSI is just above the midpoint, which suggests a minor advantage to the bulls.

If the bulls can propel the price above $0.63, the pair may rally to $0.763 and then to $0.821. On the contrary, if the price breaks below the moving averages, the pair may drop to the $0.439 support. If this support also cracks, the correction may extend to $0.346 and then to $0.277.

MIOTA/USD

MIOTA has been in a corrective phase since topping out at $1.554775 on Feb. 19. While the pullback has been sharp, the positive sign is that the bulls have been successfully defending the 20-day EMA ($1.09) for the past few days.

MIOTA/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is also trading just above the midpoint, indicating a balance between supply and demand. Attempts by the bulls and the bears to assert their supremacy have failed in the past few days.

This equilibrium may tilt in favor of the bulls if they can push and sustain the price above the overhead resistance at $1.30. In such a case, the MIOTA/USD pair may rally to $1.554775.

On the other hand, if the bears sink the price below $0.90, a fall to the 50-day SMA ($0.74) is possible.

MIOTA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a symmetrical triangle, which generally acts as a continuation pattern. Both moving averages are gradually turning down and the RSI is in the negative territory, indicating advantage to the bears.

The pair has broken below the support line of the triangle but the bulls are attempting to arrest the decline and push the price back into the triangle. If they succeed, it will suggest buying at lower levels. The bulls will gain the upper hand after the pair sustains above the triangle.

However, if the price turns down from the current levels, it may signal the start of a deeper correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Crypto continues to enter mainstream usage. Google Finance users can now get a quick rundown of the top cryptocurrency prices with just one click.

Google Finance has added crypto prices to the finance.google.com domain. The section, titled “Crypto,” now appears in the “Compare Markets” category alongside conventional stock and currency markets. The section provides key pricing information for various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Google Finance users can now track the performance of various cryptocurrencies in just one click.

Google's parent, Alphabet, also owns video platform YouTube — which has consistently irked crypto users by banning educational and news content, often seemingly at random. Cointelegraph and CoinDesk, the two largest publications in the crypto news space, have both been subject to suspensions that have subsequently been overturned after the video streaming platform confirmed they were not in violation of YouTube's terms of service.

The cryptocurrency market has attracted mainstream attention over the past year, as institutional investors and corporations have started to invest in the asset class. Their involvement helped launch the cryptocurrency market cap past $1 trillion in January. The crypto market cap would eventually peak north of $1.7 trillion in February before experiencing a pullback. At current values, the digital asset class is worth over $1.4 trillion.

Both retail adoption and institutional interest has been growing rapidly over the last three months. And with major firms like Tesla and Mastercard actively embracing cryptocurrencies, the need for clearer regulation is growing, according to United States Securities and Exchange Commissioner Hester Peirce.

Calls for clearer guidelines on digital assets will likely grow louder as the bull market heats up. In the meantime, Peirce says, the new Biden administration can provide a fresh look at the regulatory aspect.

Stone Ridge’s Open-End Mutual Fund to Invest in Bitcoin — SEC Filing Opens the Door for Other Mutual Funds to Add BTC

Stone Ridge's Open-End Mutual Fund to Invest in Bitcoin — SEC Filing Opens the Door for Other Mutual Funds to Add BTC

Asset management firm Stone Ridge has filed with the U.S. Securities and Exchange Commission (SEC) for its open-end mutual fund to invest in bitcoin. “This is a big deal. Stone Ridge filing opens the door for every mutual fund to add bitcoin,” said a fellow asset manager.

Stone Ridge Wants Its Mutual Fund to Invest in Bitcoin

Stone Ridge Trust filed Form N-1A with the U.S. Securities and Exchange Commission (SEC) last week. The filing, which is expected to become effective on April 26, relates to the Stone Ridge Diversified Alternatives Fund.

The fund “seeks to generate total returns from diverse investment strategies that we believe have the potential for attractive returns and are diversifying from stocks and bonds,” the filing details. “These strategies include reinsurance, market risk transfer, style premium investing, alternative lending, single-family real estate, healthcare royalties, and bitcoin.”

For the bitcoin investment strategy, the filing explains:

[The fund] seeks to generate returns by gaining exposure to the price of bitcoin by selling put options on bitcoin futures contracts. This strategy may also invest in pooled investment vehicles, such as registered or private funds, that themselves invest in bitcoin.

Anthony Scaramucci, founder of another asset management firm Skybridge Capital, which itself has about half a billion dollars worth of bitcoin in its bitcoin fund, commented on the filing last week. “Important development in bitcoin. Stone Ridge filed with the SEC to become the first open-ended mutual fund to buy bitcoin,” he wrote. Scaramucci also sees heavy demand for bitcoin from his clients and expects the BTC price to reach $100K by year-end.

Noting that “Stone Ridge will be able to start buying bitcoin on April 26 (when their prospectus goes effective),” he opined:

This is a big deal. Stone Ridge filing opens the door for every mutual fund to add bitcoin (if they want to).

Stone Ridge founder Ross Stevens also founded the New York Digital Investment Group (NYDIG), a bitcoin-only financial services firm. Early this month, the firm filed for a bitcoin exchange-traded fund (ETF) with the SEC. Stevens recently said that he sees “a wall of money” coming into the asset class. NYDIG already has over $6 billion in bitcoin and the firm expects to have over $25 billion in the cryptocurrency by the end of the year.

What do you think about mutual funds investing in bitcoin? Let us know in the comments section below.

Crypto Analyst Ivan Liljeqvist Expects These 3 Cryptoassets to Do Well in March

In a recent interview with Carlin Martin, the host of YouTube Channel “The Moon“, crypto analyst and developer Ivan Liljeqvist, who hosts the YouTube channel “Ivan on Tech“, named three cryptoassets that he is excited about. PancakeSwap is “a decentralized exchange running on Binance Smart Chain (BSC).” Liljeqvist finds PancakeSwap interesting because a lot of […]

Polkadot Gears Up for Parachains Launch: Unveils ‘Common Good’ Parachains

Polkadot, the interoperable blockchain protocol spearheaded by Ethereum co-founder Gavin Wood, has announced its forthcoming parachain launch.

Parachains – application-specific blockchains that connect to the main network and benefit from its security and computing capacity – are viewed as the building block of Polkadot’s ecosystem. Initially, the plan was for 100 parachain slots, with an auction process determining who gets to ‘lease’ parachains for defined time periods.

However, according to a blog post published by the team on February 25, some slots will be made available for ‘governance-allocated parachains,’ also known as common good parachains. These common good parachains have been conceived to address the so-called “free rider” problem, wherein parachains can forgo contributing to elements (such as bridges) that may benefit the ecosystem as a whole.

Solving the Free-rider Problem

The free-rider problem is best understood with reference to an analogy. Supposing a levy is imposed on car manufacturers to offset pollution: in turn, vehicles’ cost is increased, and all drivers are forced to pay extra.

Although everyone will subsequently benefit from a less toxic atmosphere, only those who actually buy a car will have contributed: the others (cyclists, for example) are considered free riders.

Polkadot’s governance process will essentially earmark parachain slots for consideration outwith the auction process, with a Council and Technical Committee representing passive stakeholders and supplying technical guidance. Both groups will then decide whether to accept or reject the direct registration of certain parachains.

According to the blog post, both system-level chains and public-utility chains may emerge as blockchain categories that qualify as common good chains.

Any parachain, in other words, that the Polkadot team deem beneficial for the overall ecosystem – bridges, identity projects, and smart contract platforms and governance would all theoretically be under consideration.

Chains that help remove transactions from the Relay Chain and enable more efficient parachain processing seem the likeliest to be considered ‘common good.’

As noted in Polkadot’s blogpost:

“By allocating a subset of parachain slots to common good chains, the entire network can realize the benefit of valuable parachains that would otherwise be underfunded due to the free-rider problem.

Polkadot’s governance system is on the bleeding edge of social coordination and it will be exciting to see how it helps the network evolve to meet the needs of its constituent parachains and stakeholders.”

Polkadot Gears Up for Parachain Launch

The Polkadot team recently published a roadmap noting that all upcoming parachains will be tested on regular parachain testnets, like Rococo and on Kusama Network. The latter being Polkadot’s canary network.

Kusama is a proving ground for parachains, allowing developers to build and deploy them and experiment with Polkadot’s governance, staking, nomination, and validation functionality.

Once parachains are live, community members will have their say on which additional features and network upgrades should be incorporated over time.

Bitcoin Is Suffering, but Many Institutions See This as an Opportunity

Bitcoin has taken a turn for the worse, but while the move may not look great on paper, it turns out things are going quite well for some of the institutional traders that have yet to step into the cryptocurrency arena. Many institutions are using the recent bitcoin price dip as an opportunity to buy at a lesser price and get their fingers on an asset that many companies have been going crazy over for the past six months.

Bitcoin Has Taken an Ugly Stumble

Things really took a serious turn back in August of last year, when companies such as MicroStrategy first began buying up tons of BTC and commenting about what an important asset it was for all who engaged in crypto trading. From there, many other institutions – such as Square, MassMutual and Stone Ridge – began making their way into the crypto space, and bitcoin’s price started to grow at an alarming rate.

However, nobody could have predicted the latest institutional move set forth by Tesla, which two weeks ago purchased approximately $1.5 billion worth of the world’s biggest cryptocurrency asset. However, this was all done at a time when bitcoin was trading in the $50,000 range. Now, it has fallen by about $10,000, which some believe to be a healthy correction, but either way, many institutions that haven’t gotten involved in crypto yet see this as a chance to finally try it out.

Aside from bitcoin, other altcoins appear to be feeling the heat as well. Assets such as Ethereum, Ripple’s XRP and Stellar are all suffering at the time of writing, though a select few – such as Cardano – are experiencing slight gains of around five percent at press time.

Many people seem to believe things will ultimately pick up once Coinbase fully goes public. The popular crypto exchange has just filed paperwork to be listed on the Nasdaq, and many analysts and industry experts alike think this is going to set things up for major change in the crypto space.

In a statement, the company explained:

Our mission is to create an open financial system for the world. We are building the crypto economy; a more fair, accessible, efficient and transparent financial system for the internet age that leverages crypto assets. These are digital assets built using blockchain technology.

We Need to Be Ready for Price Fluctuations

In addition, the company warned that volatility isn’t likely to disappear anytime soon, and traders – along with crypto-based companies like itself – need to be prepared for that. Coinbase explained:

Our operating results have and will significantly fluctuate due to the highly volatile nature of crypto. Most of our net revenue is derived from transactions in bitcoin and Ethereum. If demand for these crypto assets declines and is not replaced by new crypto asset demand, our business, operating results and financial condition could be adversely affected.

The post Bitcoin Is Suffering, but Many Institutions See This as an Opportunity appeared first on Live Bitcoin News.

Cardano Price Analysis: 28 February

While a majority of the assets are still trying to recover from the recent price drop, Cardano managed to record a new all-time high over the past week. Clocking in a value of $1.48 yesterday, Cardano is currently one of the top three assets in the world and while the asset has registered a 10% […]

Bitcoin Price Analysis: 28 February

Bitcoin registered a low of $43,810 a few hours prior to the time of writing. The $44k-$45k has been a region of demand for BTC over the past week. Interestingly, a Bitcoin on-chain analyst noted that $45k and above is a strong area of support- but from a technical perspective, a drop below $43,800 can […]

Crypto Bull Mike Novogratz Dramatically Increases Bitcoin Price Forecast for End of 2021

Mike Novogratz, CEO of crypto management firm Galaxy Digital, is dramatically pushing up his bullish price prediction for Bitcoin.

In a Bloomberg Technology interview, Novogratz shares that he’s witnessing the rising interest of big and institutional investors in the king coin.

“We started seeing one group of investors after another. It was corporates with Square and MicroStrategy and Tesla. It was insurance companies with Mass Financial and others. It’s high-net-worth individuals. It’s ETFs (exchange traded funds).

All of a sudden, we went from a world where buying Bitcoin was kind of fringy or risky to not having it being risky right to not having this part of your portfolio in a world of central banks printing money. Our business at Galaxy is booming. We can’t hire salesmen fast enough to cover all the institutional accounts that want to either understand it or participate.”

As more institutions embrace the flagship crypto asset, the Bitcoin bull predicts that the price of the BTC will more than double and hit $100,000 by the end of 2021.

“It feels like we’re going to consolidate a little bit here in this $50,000 area, caught [between] $42,000 to $60,000 but then the next big leg is up to $100,000, and that wouldn’t surprise me at all if we crack a hundred by the end of the year.”

In November 2020, Novogratz predicted that Bitcoin will hit $20,000 first and then $65,000. The Bitcoin advocate’s newest projection presents an upside potential of nearly 120% as the leading cryptocurrency is currently trading around $45,500.

Novogratz adds that he believes older investors will likely get into the Bitcoin revolution soon.

“You know it surprises me. I’m saying that you know where I was in November, but the adoption I’m seeing is shocking, and it’s not like I’m just guessing. I’m looking behind me, in front of me, and seeing all these new projects that are coming, banks that are going to issue products for their wealth management businesses. Every big bank in America is working on a wealth management product, and so we’re going to get into the baby boomers sooner than I thought we would.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Crypto Bull Mike Novogratz Dramatically Increases Bitcoin Price Forecast for End of 2021 appeared first on The Daily Hodl.

Coinbase Let’s You Trade Crypto… And Engages in It as Well

Coinbase is known for storing cryptocurrency and allowing its many customers to trade digital assets. However, what we didn’t know was that the company also did its own investing in crypto as well.

We’re Learning a Lot About Coinbase

As it turns out, the company has become of the first major cryptocurrency exchanges to file for a public listing. In doing so, a lot of information has come out about the firm that many traders were unaware of prior, a big one being that Coinbase ultimately does its own trading.

Over the past year, with bitcoin’s meteoric rise and the world’s number one digital asset shooting into the $40,000 range by the end of 2021, the company saw its crypto assets shoot up to a whopping $316.1 million. This is an increase of roughly $33 million within 12 months.

Bitcoin grew by as much as 300 percent, while many competing altcoins – such as Ethereum – surged even more and incurred growth of 500 percent or more. In addition, both assets have continued their surges well into the new year, and things are set to continue throughout 2021 though at press time, the setting has taken a bit of a stumble with assets like bitcoin now in the $46,000 range – down from last week’s $56,000.

Brett Teipaul – Coinbase’s head of institutional coverage – explained in a recent blog entry:

Since our founding in 2012, Coinbase has held bitcoin and other crypto assets on our balance sheet, and we plan to maintain an investment in crypto assets as we believe strongly in the long-term potential of the crypto economy. Investing in crypto assets required us to develop new investment, accounting and tax policies, as well as ensure we established a control environment for purposes of receiving unqualified audit opinions on our financial statements.

Things have really turned themselves around for the digital trading platform. Coinbase saw a net profit of roughly $322 million throughout 2020. This is a huge change from the figures it saw in 2019, which brought a $30 million loss to the company. Overall, business for Coinbase grew by over $1 billion. By the time it appears on the Nasdaq, Coinbase is slated to have revenue considerably higher than its operating expenses and the company is valued at more than $100 billion.

Could Things Take a Nasty Turn?

The sudden drop in bitcoin’s price, however, could bear a few problems for the exchange, and the company explained in a recent statement:

A decline in price may require us to take an impairment charge on our crypto assets and a decline in the value of the crypto assets we hold in higher concentrations may have a larger impact on our operating results in any given period.

Still, the company appears to be in solid shape. Coinbase has also engaged in a private market sale prior to its official Nasdaq listing.

The post Coinbase Let’s You Trade Crypto… And Engages in It as Well appeared first on Live Bitcoin News.

NBA Top Shot leads NFT explosion with $230M in sales

The NFT craze has reached the NBA, with digital collectibles grossing $230 million in sales, according to Dapper Labs.

Dapper Labs, the creator of the CryptoKitties game, is helping the National Basketball Association, or NBA, become a magnet for digital collectibles. 

NBA Top Shot, a marketplace for non-fungible tokens, or NFTs, has generated over $230 million in sales, according to Dapper Labs. NBA Top Shot is built on Dapper’s Flow blockchain, allowing users to purchase “packs” that feature in-game moments. With packs almost always sold out, a secondary marketplace is the only way for users to access specific moments.

Recently, a LeBron James highlight sold for $200,000. A Zion Williamson spotlight sold for around the same amount.

NFTs, which exist entirely on the blockchain, are revolutionizing the traditional model of trading cards. In the case of NFTs, the value of a particular moment is governed by the same laws of supply and demand, though ownership is entirely digital. The blockchain also eliminates the risk of damage, theft and fraud.

Dapper Labs has emerged as one of the leaders in the NFT market. Its Flow blockchain is still in beta, though the company has issued updates hinting at a full mainnet launch sometime in the foreseeable future.

The NFT market quadrupled in size last year, as art and sports memorabilia on the blockchain captured mainstream attention. NBA Top Shot is one of the biggest markets, with tens of thousands of dollars in sales reported just in the last hour, according to Crypto Slam data.

Beyond sports, NFTs are beginning to permeate the creative arts. As Cointelegraph recently reported, a company by the name of Async Art is leading the programmable art movement after securing over $2 million in seed investments. The Silicon Valley NFT platform generated over $1 million in sales during its first year of operations.

Bitcoin Price Analysis: Hope? Bullish Pennant Forming As BTC Plunges To $43K

Bitcoin seems to be going from bad to worse, with another 7% price drop today.

BTC decreased by a total of $3,300 today as it dropped below $47,750 and also beneath the important support at $44k.

The cryptocurrency continued to spike downward, reaching as low as $43,000 before a slight rebound, as of now.

Looking at the short-term 4-hour charts, Bitcoin dropped off the support at the 200 EMA today as it broke beneath $44,750.

However, there might be some hope for the bulls. BTC might be forming a bullish pennant pattern as the market trends toward the lower angle (near $42,760).

The market is very fragile right now, and the short-term trend is certainly bearish until a breakout of this bullish pennant. On the other side, a collapse beneath the former ATH of $42,000 might send Bitcoin below $40K.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $42,760, $42,000, $40,286-$40,000, $39,240, $38,000.
Key Resistance Levels: $44,000, $44,750, $46,000, $48,000, $50,000.

Moving forward, the first level of support lies at $42,760 (downside 1.414 Fib Extension & lower angle of pennant). This is followed by $42,000 (previous ATH price), $40,286 (.618 Fib), and $40,000. Additional support is found at $39,240 (downside 1.414 Fib Extension – red) and $38,000.

On the other side, the first resistance lies at $44,000. This is followed by $44,750 (4HR 200-EMA), $46,000 (4HR 20-EMA), and $48,000 (4HR 100-EMA). Additional resistance lies at $50,000, and $51,480.

The daily RSI is showing that the bears are in total control of the market momentum. However, it is reaching a similar level to that from January 2021, when the market rebounded again. Additionally, on the 4-hour charts, there are strong signs of a bullish divergence as the price marks lower lows when the RSI makes higher lows. This is a strong bullish indicator and could be suggesting that a rebound is imminent.

Bitstamp BTC/USD Daily Chart

btcusd-feb28
BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

btcusd-feb28-4hr
BTC/USD 4-Hour Chart. Source: TradingView

Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm

Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm

Digital currency markets have been bearish in recent days as prices have continued to sink lower. The entire market capitalization of all the crypto assets in existence is down over 8% on Sunday at $1.25 trillion. Bitcoin has plummeted from its all-time high (ATH) of $58,350 last Sunday to today’s low of $43,189 per unit.

  • Bitcoin (BTC) prices have dropped -25.98% since last Sunday and today the crypto asset has touched a new low. At 10:48 in the morning, New York time, BTC prices touched a low of $43,189 per coin. BTC is down over 7% today but is still up 28% during the last 30 days and 122% for the last three months.
  • BTC dominance or the market valuation in comparison to the rest of the crypto economy’s valuations is around 61.23% today.
Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm
Bitstamp BTC/USD 3-minute interval chart on February 28, 2021. At the time of publication, BTC has been trading hands at prices between $43,600 to just above the $44k handle.
  • The second-largest crypto asset by market valuation is ethereum (ETH) which is swapping for $1,318 per coin on Sunday. ETH prices have dipped over 10% today and lost 31% during the last week.
  • Cardano (ADA) currently commands the third-largest market cap, and each ADA is exchanging hands for $1.20 per unit. ADA has been a coin that has notably outperformed other crypto assets during the last two days while most markets have been down. ADA is down 12% today but seven-day stats show cardano is up over 10%.
  • Cardano (ADA) is expected to upgrade on March 1, 2021, which introduces native token functionality to the Cardano network.
  • Meanwhile, tether (USDT) now holds the fourth position and behind it is binance coin (BNB) trading for $197 per coin. The Binance-created token is down 11% on Sunday and 31% for the last week. Behind BNB is polkadot (DOT) trading for a touch over $30 per DOT.
Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm
Bitstamp BTC/USD 4-hour candle chart on February 28, 2021.
  • XRP has been pushed down to the seventh position and is down 10% today. Each XRP is trading for $0.39 per unit. Litecoin (LTC) is swapping for $155 a coin and is down a touch over 9% this weekend.
  • The stablecoin USDC that’s managed by the crypto firm Circle has made it into the top ten crypto market cap positions. Currently, USDC is the eighth largest market valuation with $8.97 billion worth in circulation.
  • Lastly, stellar (XLM) holds the tenth top position amongst the 8,000+ crypto tokens in existence. A single XLM is currently trading for $0.39 per unit and interestingly, is roughly the same value as XRP, as the Stellar network blockchain was designed in a similar fashion.

Want to check out all the crypto asset prices and market movements in real-time? Check out markets.Bitcoin.com today!

What do you think about all the market action on Sunday, February 28? Let us know what you think about this subject in the comments section below.

After XRP and Litecoin, Flare Plans To Bring Smart Contract Functionality to Stellar

Ripple-backed blockchain startup Flare Networks is announcing its plans to integrate Stellar Lumens (XLM) into its smart contract platform.

In a new tweet, Flare makes the announcement that it will be making XLM an F-Asset on its network.

XLM, on its own, is not compatible with Ethereum’s virtual machine (EVM), but Flare’s F-Asset protocol acts as the bridge. By integrating XLM into its platform, users will be able to utilize XLM-backed tokens on any Ethereum-based decentralized finance (DeFi) network.

Flare Networks aims to connect DeFi and smart contracts with blockchain networks, making any cryptocurrency token usable in smart contracts. The company started off with Ripple’s XRP before revealing plans to integrate Litecoin (LTC), Dogecoin (DOGE) and now Stellar Lumens (XLM), which is going to be the fourth digital asset in its arsenal.

In January, Flare’s co-founder Hugo Philion said in an interview with Real Vision that the company could potentially bring smart contract capabilities to Bitcoin.

“We are a network that is based around utility, about providing utility to other networks such as XRP, potentially one day, Bitcoin, potentially other networks. Any asset can be represented, any blockchain asset can be represented on Flare. The point is that, yes, we are trying to put forward a very strong idea for each participant about how utility works, and why they need to participate.”

Flare intends to distribute 45,827,728,412 of its native token Spark (FLR) in the first half of 2021. They have already moved to airdrop their Spark token to eligible XRP holders and have announced plans to do the same for qualifying LTC holders ahead of the company’s launch in Q2 2021. There is still no word as to whether the company intends to perform a comparable airdrop for DOGE and XLM owners.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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How did Bitcoin lending become so popular?

The rising valuation of Bitcoin witnessed the growth of several sectors involved with the digital asset. The crypto lending market has exhibited extraordinary growth as institutions-focused Genesis registered a 245% growth in their outstanding loans in 2020. While the BTC lending market is young, its swift adoption has created a billion-dollar industry, which is one […]

OLB Group enables crypto payments for thousands of US merchants

Small businesses can now accept cryptocurrency payments using OLB’s point-of-sale technology.

OLB Group (OLB), a New York-based e-commerce merchant service provider, is making it easier for businesses to accept cryptocurrency payments.

OLB’s more than 8,500 merchants are now able to accept Bitcoin (BTC), Ethereum (ETH), USDC and DAI at the point-of-sale through the company’s OmniSoft business management platform. Customers wishing to pay with cryptocurrency in-store or through their mobile phones can simply elect to do so with their cryptocurrency wallets. All payments are processed through SecurePay, a payment gateway that authenticates the transaction, converts the cryptocurrency to U.S. dollars and approves the final sale.

The decision to integrate cryptocurrency payments was partly driven by the growth of contactless and online orders during the Covid-19 pandemic. With the OmniSoft platform already providing merchants with several options to facilitate payments, cryptocurrencies were the next logical step. 

Ronny Yakov, OLB Group’s CEO, says the payment gateway and point-of-sale architecture are “familiar territory for merchants,” which makes integrating cryptocurrencies through such channels easy.

On the topic of cryptocurrency payments – a promising but underutilized use case for the industry – Yakov believes we are still in the very early stages of adoption.

“It’s very early in crypto-as-a-payment adoption, but we see increasing interest from merchants exploring this payment option as a means to meet their customers however and wherever they prefer,” Yakov tells Cointelegraph.

He also believes certain industries are more likely to adopt crypto payments before others:

“We anticipate that adoption will happen more quickly in higher-ticket transactions such as jewelry, B2B billing and real estate because the transaction fees for cryptocurrency processing are lower – often half of typical credit card fees.”

Cryptocurrencies like Bitcoin have struggled to become a viable medium of exchange, inviting criticism about their utility. Charlie Munger, the billionaire investor and Berkshire Hathaway vice chairman, recently criticizedBitcoin for being “too volatile to serve well as a medium of exchange.”

With development work on scaling and sidechains still in progress, it remains to be seen whether cryptoassets will ever function efficiently as payment systems. In the meantime, assets like Bitcoin and Ethereum are valued for their store-of-value and development capabilities, respectively.

Bitcoin is an Alternative to Gold And Not a Currency, Says Bridgewater Analyst

Rebecca Patterson, the director of investment research at Bridgewater Associates, said bitcoin could be better compared to gold than a currency due to the similarities between both assets, thus, supporting the digital gold argument.

Bitcoin As Digital Gold

In a recent interview with Bloomberg, Patterson said she wouldn’t call bitcoin an alternative currency, I think if anything, it’s an alternative to gold or digital gold. I think that would be the better comparison.”

Despite calling BTC an alternative to the precious metal, Patterson added that the cryptocurrency would have to prove its digital gold status. 

“As institutional investors, we don’t know yet if it’s going to be digital gold, it may be over time, but I don’t think we can say that with confidence yet. And that affects whether or not our client should own it,” she added. 

BitcoinGold-min
Bitcoin and Gold

Regulatory Clarity Needed

Patterson noted that a good regulatory clarity in bitcoin will make it a great investable asset for more institutional investors who are yet to join the trend.

According to her, some of BTC’s biggest problems, including high volatility and low liquidity, are closely tied to the asset’s regulation.

She added that bitcoin’s extreme volatility is the major reason why the founded by Ray Dalio asset manager, has not made any move to join the bitcoin bandwagon.

“Right now, Bitcoin can move 10% on a tweet. That’s not exactly a store of wealth for most institutional investors. So the volatility of Bitcoin is about 10 times that of your dollar.”

The analyst believes that if bitcoin is better regulated, both high volatility and low liquidity will subside, and institutional investors can feel comfortable adding the digital asset to their portfolios.

“The more you get a real regulatory ecosystem developing around Bitcoin and other currencies, the more other types of investors are going to be comfortable coming in, that’s going to bring liquidity, that’s going to reduce the volatility… So I guess if there was one thing I were watching first, it would be seeing more regulatory certainty.”

Rebecca Patterson is not the first to call for regulatory clarity for the leading cryptocurrency. Last month, Christine Lagarde, the President of the European Central Bank (ECB), said that bitcoin requires a unified global regulation to work properly.

Litecoin, Monero, Dash Price Analysis: 28 February

Litecoin witnessed a downwards breakout from a parallel channel and moved to its support at $156.75. Monero was projected to move sideways as trading volumes and buying activity was suppressed. Lastly, a descending triangle emerged on Dash’s chart but a breakout largely depended on the direction of the broader market. Litecoin [LTC] On the hourly […]

Rewardiqa platform takes DeFi to the next level

It’s time to say it. Our major problems are caused by the traditional banking system, which is getting worse by the day. First, there is no representation of data and financial security. Second, transaction costs are insane, and bank transfers take plenty of time – especially when our family and friends need them the most. […]

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Overview

KuCoin Shares (KCS) is the native token of the KuCoin cryptocurrency exchange. It was launched in 2017 to serve as a profit-sharing token for traders to draw value from the exchange. KuCoin Shares are ERC-20 tokens that run on the Ethereum network and are supported by most Ethereum wallets. KCS has a fixed supply of 200 million tokens. However, KuCoin plans to buy back and burn 100 million of these tokens.

In the future, when the KuCoin decentralized trading solution goes live, KuCoin Shares will be used as the native asset. KCS will be both the governance token for the KuCoin community and the native asset of KuCoin’s decentralized financial services. 

According to KuCoin, KCS will help to diversify the numerous benefits that holders can access on the KuCoin platform. With time, KCS will become the key to the whole KuCoin ecosystem. 

The development of DEX and KuCoin is underway, and KCS will be the foundation of all future KuCoin decentralized products.

Why is KuCoin Special?

KuCoin provides a simple way for traders to earn passive income while also enjoying several other rewards. Also, KuCoin will give you up to a 20% discount on trading fees if you use KCS to pay. Imagine saving your coin on the KuCoin exchange and getting interest from it. Another interesting fact is that KCS has a fixed supply. Therefore, the value is expected to rise due to scarcity.

Uses of KuCoin Shares (KCS)

Although KCS is paid as a dividend to KuCoin exchange users, it is also a utility token. So, you can use the coin to pay for trading fees on the KuCoin platform. Also, KCS is the ticket for traders to participate in a token sale on KuCoin Spotlight. As a KCS holder, you can become a KuCoin VIP. You can also use the token as a payment method when you make hotel reservations, go shopping, etc.

Conclusion

KuCoin Shares is a nice means for investors to make some extra on top of their crypto investments. However, the volatility of the crypto market cannot be pushed aside. So, you have to do your due diligence before investing your money.