Mark Cuban Says He Won’t Invest In Bitcoin Futures ETFs

Mark Cuban Says He Won't Invest In Bitcoin Futures ETFs
  • Mark Cuban has revealed that he will not be investing in bitcoin futures ETF.
  • The serial investor states that he will rather “buy directly” than invest in such an exchange-traded fund.
  • The lines have all fallen in place for the approval of the first bitcoin ETF by the SEC.

While investors are grinning with ecstasy over the highly anticipated launch of a Bitcoin futures ETF, Mark Cuban does not share similar euphoria. The billionaire said he would rather buy and hold the asset than invest in a futures-based product.

No Bitcoin Futures ETF For Cuban

Mark Cuban is one of the most prominent bitcoin enthusiasts in recent years, seizing every opportunity to extoll on the virtues of the asset. However, for all the love he has for Bitcoin, the Dallas Mavericks owner does not share the same affinity with the just-launched Bitcoin ETF product.

Cuban made his opinion in an interview with ‘CNBC Make It’ where he was asked whether he was going to invest in the Bitcoin ETFs upon launch. “No,” he replies. “I can buy Bitcoin directly.”  

His response to the question can be rationalized by his previous opinions on Bitcoin. Mark Cuban has stated that bitcoin is a “better alternative to gold, and it’s going to continue”. He added that his belief in the value of the cryptocurrency is why he owns the asset and has never sold it. His faith in Bitcoin is shown in the makeup of his portfolio. 60% of his portfolio is allocated to Bitcoin while Ethereum makes up 30% and 10% is designated for other projects that appear appealing to him.

A reason for his distrust of the bitcoin futures ETF is that it tracks the futures contracts and might not be reflective of BTC’s true price. Despite this downside, it still offers investors the opportunity to have exposure to cryptocurrencies without owning the asset and having to go through the hassles of custody.

The Journey To Bitcoin ETFs

It’s been a long, winding road towards Bitcoin ETFs that has been littered with a series of rejections from the SEC. Gary Gensler dropped hints that the likeliest applications to be approved were futures ETFs, as they offer the most investor protection.

Banking on his comments, a new wave of applications flooded the SEC desk with several being filed under the Investment Company Act of 1940 to tick all the regulatory boxes. As a result. On Friday, information trickling in revealed that the SEC’s five commissioners met to deliberate the issue and gave the green light.

The first to launch was considered by industry experts to be the application by ProShares. ProShares had filed a post-effective amended prospectus that hinted at a definite launch on October 19.

Why It Matters

The reluctance of some investors to avoid Bitcoin futures ETFs may lead to a wave of applications for spot ETFs. Already, Grayscale is poised to submit an application seeking to convert its Grayscale Bitcoin Trust to a spot Bitcoin ETF.

Shiba Inu’s Wallet Addresses Surge by Over 9% in Two Weeks

The popular meme-inspired coin and self-proclaimed DOGE killer, Shiba Inu (SHIB), has continued to gain popularity, recording more than 9% growth in the number of holders within the last two weeks.

SHIB Addresses Surpass 738k

Amid an impressive price performance since October 2nd, retail demand for SHIB remains at large as the meme coin has managed to accumulate more than 60,000 new holders, representing about 9.11% increase in a little over two weeks.

There are currently over 742,000 unique addresses holding the SHIB token, which is more than double the number of unique holders the coin had earlier in May when it was trading at its peak and hit an all-time high (ATH).

Price Slides Do Not Deter the SHIB Army

The meme coin has a strong retail user base popularly known as the SHIB Army. These Shiba Inu enthusiasts are quite confident that the crypto asset has the potential to go much higher, and as a result, are not phased by price drops.

A few days ago, SHIB lost more than 40% of its value within 24 hours, causing its market cap to drop from just a little over $11 billion to about $8.5 billion.

The catalyst for the massive plunge in Shiba Inu’s price had allegedly been a whale dump, which saw over 31 billion SHIB tokens liquidated from addresses that held between 1 million and 10 million SHIB tokens.

Interestingly, at about the same time, one address purchased over 8 trillion SHIB tokens, worth approximately $239.4 million in today’s prices, which is a significantly larger position than the aforementioned 31 billion coins.

Despite being a relatively new asset in the crypto market, SHIB is currently one of the top 10 coins by trading volume, according to data from CoinGecko.

Defying the Memecoin Narrative

In recent months, Shiba Inu has been gradually moving past the memecoin narrative as the project is now adding other functionalities.

Its decentralized exchange ShibaSwap currently offers features such as swapping, farming, staking, and even non-fungible tokens (NFTs). Additionally, ShibaSwap currently has a TVL of $416.71 million, according to data from DeFi Llama.

Bitcoin On-Chain Data Shows Decrease In BTC Outflows, Crash Incoming?

Bitcoin on-chain data shows that the BTC outflows have been gradually heading downwards recently, hinting that a crash could be coming soon.

On-Chain Data Shows BTC Outflows Continue To Decrease

As pointed out by an Analyst on Twitter, on-chain data reveals Bitcoin outflows have been gradually going down in the past month.

The relevant metric here is the BTC netflows. This indicator shows the net amount of coins exiting or entering exchange wallets. Its value is calculated by taking the difference between the inflows and the outflows.

When the netflow shows negative values, it means outflows are dominating inflows. This means more Bitcoin is being pulled off exchanges than the amount being put in. Sustained such values have usually been bullish for the crypto.

Positive values, on the other hand, would imply an increase in coins entering exchanges as inflows show more strength than outflows. This can be bearish for BTC’s price.

Related Reading | Bitcoin Price Smashes Record For Highest Weekly Candle Close Ever

Now, here is a chart that shows the trend in the value of the BTC netflows over the year:

BTC's outflows seem to be decreasing | Source: Glassnode

As the above graph shows, Bitcoin saw significant outflows over the last couple of months, but lately they have started slowing down.

It seems that during the 2021 bull run, outflows were seen for much of the period. Once netflows started turning green (that is, investors started sending their coins to exchanges for selling), the price crash happened.

If outflows keep going down like they are right now, the indicator might turn back green again. This could lead to another price crash happening soon.

Related Reading | The On-Chain Metric That Says Bitcoin Is About To Go “Parabolic”

However, it should be noted that the netflows became similarly neutral at many points during the last bull run, but no major correction came. So it remains to be seen if this time the indicator will turn positive or not.

Bitcoin Price

At the time of writing, BTC’s price floats around $62k, up 9% in the last seven days. Over the last month, the crypto has gained 31% in value.

The below chart shows the trend in the price of Bitcoin over the last five days:

BTC's price shows a rather sideways movement over the last few days | Source: BTCUSD on TradingView

After a September filled with multiple crashes, Bitcoin has made some big moves up in this month of October as the crypto is now very close to making a new all time high (ATH). It’s unclear where the coin might head next, but if the netflows start turning positive, a crash could be coming soon.

Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

Jesse Sullivan, a Conservative with a Crypto Background, Is Running for Governor of Illinois

37-year-old Jesse Sullivan is a Republican businessman that’s entering the race for the governorship of Illinois. Right now, the governor’s position is held by J.B. Pritzker, a billionaire and heir to the Hilton hotel fortune.

Sullivan Is Making a Run for Governor

What makes Sullivan so unique? He established a nonprofit organization that survived primarily thanks to cryptocurrency donations. Sullivan has worked primarily as a venture capitalist prior to entering politics. His company – known as Alter Global – ultimately made limited financial investments in different projects, but most of the company’s funding came by way of cryptocurrency.

The structure of this business changed in January of 2020. Sullivan made the company a for-profit LLC, and to this day, the firm has made more than two dozen investments. Records show that many of these investments have been in developing or third-world countries, though none have been made in Illinois.

In an interview, Sullivan described himself and his business as follows:

I’ve been a venture capitalist. The other one I would not list as venture capital. I’d list it as an entrepreneurial support organization or nonprofit.

Sullivan’s political campaign has managed to raise close to $11 million. Most of this money has come from out-of-state donors, and one of them hits a serious chord with crypto fans. Roughly $5 million in campaign funds were sent from Chris Larsen in California. Larsen is the chairman of Ripple Labs, the company behind the famed XRP cryptocurrency. Larsen allegedly boasts a personal net worth of approximately $6 billion.

Larsen issued a statement about Sullivan. He claimed to know him personally and that he was a fantastic “leader” and family man. He said:

He is an amazing leader and father — always ready to serve, always eager to listen and learn, and confident in his business and social convictions. He’s focused on technologies that can both solve the climate crisis and grow the economy and put Chicago in the rightful position as a top-five global financial center by embracing fintech and crypto. He’s a bridgebuilder to a more unified future.

Interestingly, only about $13,000 in campaign donations have come from Illinois residents. Also, Sullivan does not have a lengthy political background and has not made any political contributions himself minus one that occurred in June of this year, when Sullivan is believed to have given roughly $10,000 to the Illinois GOP fund.

Wanting to “Turn Things Around”

Sullivan says that it is his faith and family that truly keeps him going. He commented that he engages in a “lot of prayer” with his wife. He also said:

I decided I feel like my life experiences and background have led me to a place that I actually could help turn things around in the state of Illinois.

A native of Petersburg, Illinois, Sullivan holds a BA from St. Louis University and an MBA from Stanford.

The post Jesse Sullivan, a Conservative with a Crypto Background, Is Running for Governor of Illinois appeared first on Live Bitcoin News.

Cosmos announces launch of new blockchain, Sagan

The project teased the release of the blockchain in a video message with a quote from famous astronomer Carl Sagan and a picture of a canary among the stars.

The Cosmos cross-chain network is building a new blockchain aimed at allowing developers to experiment with different protocols.

In its quarterly keynote report published on Tuesday, Cosmos said its Sagan blockchain was currently in development. The project teased the release of the blockchain in a video message with a quote from famous astronomer Carl Sagan and a picture of a canary among the stars.

The canary imagery may refer to the blockchain being an experimental “canary network,” the term used by interoperability protocol Polkadot to describe its Kusama test network. In Kusama’s case, the blockchain enables developers to build and use a parachain or test Polkadot’s governance, staking and other functions in a real environment.

Cosmos has been growing steadily following the March launch of its inter-blockchain communication protocol, which allows crypto assets to be transferred easily between compatible blockchains, including those in decentralized finance. According to data from Mapofzones, there have been 1,285,426 transfers across the Cosmos ecosystem in the last 30 days.

Related: Cosmos sees 1 million transfers in a month across the ecosystem

The Sagan announcement comes as Cosmos is also working on rollup scaling technology to allow developers to build Cosmos-based blockchains as rollups that can be deployed as clusters within the zones of the inter-blockchain communication protocol. The solution, called Optimint, is intended to be a “drop-in replacement” for the Tendermint framework on which it’s built.

Coinbase Becomes Official Crypto Platform of the NBA

On Tuesday (October 19), Coinbase (NASDAQ: COIN) announced that it had become the official crypto platform of American professional basketball league National Basketball Association (NBA). According to a report by CNBC, as a result of this sponsorship deal, Coinbase will “leverage just about all the NBA’s platforms including the WNBA, NBA G League, NBA 2K […]

Cadalabs Announces $CALA Token Pre-Sale After Raising $1M From Private Token Sale

Cadalabs Announces $CALA Token Pre-Sale After Raising $1M From Private Token Sale

Cadalabs, an NFT marketplace built on the Cardano ecosystem, has announced the $CALA token pre-sale. Notably, the firm just concluded its private token sale to established crypto investors including DuckDao, MoonWhale, and top venture capitalists.

During the just-concluded private sale, Cadalabs managed to raise $1 million in less than one hour. An indication of the high demand for Cardano-based decentralized financial ecosystems and their tokens. Furthermore, the Cardano ecosystem has recently introduced its smart contract feature to compete with the Ethereum ecosystem. 

The Cadalabs team anticipates using the raised capital in supporting its ecosystem and locking the remaining in cold storage based on the Cardano network.

The private sale included 10 million $CALA tokens. Notably, the total supply of CALA tokens is 100 million according to the Cadalabs team. Out of which, 25 million CALA tokens will be sold in the just-unveiled presale round. 

According to the firm’s official website, the CALA tokens will be sold at 0.05 ADA per token. 

The Cadalabs team has further set aside 50 million CALA tokens for public sale. Notably, the set price for the public sale is 0.5 ADA per CALA token. The remaining 15 million CALA tokens have been reserved for staking, yield farming, and ecosystem development.

Worth noting, Cadalabs team anticipates burning 50% of the total supply of CALA tokens in the next two years. The deflationary system is meant to ensure the long-term market health of the CALA tokens.

The CALA tokens have different utilities on the Cadalabs NFT marketplace. Among them are transactions on the platform and secondly for governance purposes.

The NFT market has grown tremendously in the past year, bolstered by the greater crypto and blockchain adoption. Cadalabs will however be entering a market that has been ventured by other marketplaces including OpenSea among others. 

In a bid to remain competitive in a market that is heavily dominated by pioneers, Cadalabs has enjoyed backing from notable investors with significant connections to oversee its future growth prospects.

The digital collective industry is a promising sector that has not fully been ventured, despite the meteoric growth. The NFT market anticipates joining with many other industries including the fashion industry that has previously been marked by counterfeit products.

As The First U.S Bitcoin ETF Debuts, Grayscale CEO Sees An Ethereum ETF Rolling Out

As The First U.S Bitcoin ETF Debuts, Grayscale CEO Sees An Ethereum ETF Rolling Out

Key takeaways

  • Grayscale CEO Michael Sonnenshein says the market should expect an Ethereum ETF.
  • Performance of Ether ETFs in Canada has shown that they are highly sought after. 
  • Bitcoin price is expected to surpass all-time high as ProShares Bitcoin Strategy ETF launch on the NYSE.

Michael Sonnenshein, CEO of Grayscale – the biggest cryptocurrency asset manager with over $52 billion in assets under management, has said that it is very likely that an Ethereum ETF would soon be approved.

Speaking on CNBC’s Squawk Box, Sonnenshein stated that it “stands to reason” that regulators will be very proactive and thoughtful about bringing Ether and other products into the ETF market. This is due to the fact that in the build-up to the Bitcoin futures ETF approval, they exhibited proactiveness and worked with industry participants including Grayscale. Also assuring for him is the fact that the regulatory community was getting comfortable with having digital asset futures regulated by the Commodity Futures Trading Commission (CFTC).

Ethereum ETFs trading in other countries has been largely successful so far. CI Galaxy Ethereum ETF (ETHX) which was the first Ether ETF to get approval in Canada currently possesses over $800 million. Its first-mover advantage as well as having the lowest management fee has also contributed to its success. Purpose Ether ETF (ETHH) which was approved 3 days after CI Galaxy’s product has grown its assets under management to $289 million. Notably, Purpose Ether ETF also markets itself as the world’s first Ether settled ETF.

The success of the Ether ETF market in Canada points to the fact that there is equally high demand for the product in regulated markets. Ethereum ETFs may even be one of the most sought after. For instance, a recent report from CryptoCompare revealed that institutional investors are favoring Grayscale’s Ethereum Trust (ETHE) over Grayscale’s Bitcoin Trust (GBTC) for the first time. Grayscale also previously noted that it had observed a crop of investors that were Ethereum first. 

Meanwhile, as ProShares Bitcoin Strategy ETF debuts on the New York Stock Exchange under the BITO ticker, positive sentiments are being driven through the roof. Other cryptocurrencies are also benefiting from the positivity as market participants are envisioning better cryptocurrency regulations going forward.

The most shared sentiment is that Bitcoin prices will surge significantly. Bitcoin is trading at around $63,263, up 1.44% on the day at press time. The current price is just 2.91% away from Bitcoin’s all-time high. This is why market participants expect that at the kickoff of today, prices will reach a new all-time high.

Regardless, there are pockets of key market players that consider the Bitcoin futures ETF to not be worth all the hype. Among them is the billionaire owner of the Dallas Mavericks Mark Cuban who stated plainly that he would not be investing in a Bitcoin ETF when he could just hold the asset. Similar to Cuban, Matthew Hougan, the CIO of Bitwise assets considers the futures ETF to be a small step towards getting a physically-backed Bitcoin ETF.

The Ultimate Guide to Cloud Mining

The Ultimate Guide to Cloud Mining

Cryptocurrency cloud mining can be marked today as one of the most well-balanced ways to make passive income. Best cloud mining providers enable customers to earn BTC (as well as other coins) without any knowledge and purchase expensive machines. The whole process is pretty easy. Even if you’re an absolute beginner.

So what is in fact crypto cloud mining? By simplifying the definition of this technology, cloud mining is a process of creating new coins using rented facilities of the providing companies. The equipment can be placed anywhere at the remote Data Centers maintained by cloud mining providers. The company takes care of both hardware and software. So you don’t have to purchase any machines or special apps and programs.

There are several models of cloud mining. Host mining, for instance, implies the renting of mining rigs (a specific kind of equipment). In turn, the renting hash power model of cloud mining involves the renting/leasing of shared power capacities generated by the remote mining farm. It is the easiest and the most profitable way to create passive income in bitcoins, as well as some altcoins (just like Ethereum, etc.)

The key advantages of cloud mining

If you already set your sights on crypto cloud mining, you have to discover the major benefits of this type of creating cryptocurrency. Here are some key advantages of cloud mining over the ‘classic’ version.

  • You don’t have to buy and configure any special equipment.
  • No technical and IT knowledge is required.
  • Cloud mining is the only way to mine cryptocurrency without sky-high electricity bills.
  • Most cloud mining websites offer pretty high profitability rates.
  • Those who are interested in crypto diversity can easily mine different cryptocurrencies using the same platform.
  • Virtual crypto mining allows mining BTC without heat and noise. You don’t have to keep any devices at home.

How to start earning crypto

Another major benefit of cloud mining is the fact this process is literally for everyone. All you have to do is just choose a legit website and purchase a contract that matches. There are tons of cloud mining companies out there. So it’s not that easy to choose a trusted one. Use verified sources related to cryptocurrencies to make sure you’re not investing in scammers.

Note cloud mining comes in several plans offering different hash rates. A hash rate in cloud mining indicates how many coins the rig can mine at any given point in time. The most powerful plans bring the biggest yield from the cloud mining process. To put it another way, the bigger the hash rate you’ll purchase under your contract, the sooner you will start to see real results on your account. Mined crypto can be transferred to any cryptocurrency wallet (and also to a bank account or credit card).

Resume

So, after taking a closer look at the Bitcoin cloud mining technology, you can see it is such an easy and pretty gainful way to make a stable income without major investments. Sure it is not that ‘magic’ money-making scheme that will make you rich in two blinks. And yet, you can create a good income in BTC that is absolutely passive (and it’s really easy).

Dogecoin needs to do this to unlock its full potential

Dogecoin’s bullish trajectory since mid-October has been a welcoming change following tepid movement in September. DOGE’s value has risen by nearly 30% since last week and the alt is currently challenging a crucial resistance zone in order to unlock its full potential. However, keep in mind that DOGE’s price progression needs to be backed by […]

BTC Futures Open Interest Soars Leading up to Bitcoin ETF’s Official Launch

BTC Futures Open Interest Soars Leading up to Bitcoin ETF's Official Launch

Prior to the launch of the Proshares Bitcoin Strategy ETF (BITO), open interest in bitcoin futures products has been surging since the start of the month, according to data from the Coinbase Institutional arm Skew Analytics. Binance and FTX command the lion’s share of bitcoin futures’ open interest with 40.67% of the market. Moreover, data from bybt.com’s bitcoin futures’ open interest metrics, shows the Chicago Mercantile Exchange (CME) commands 15.54% of all the open interest in bitcoin tallied this week.

Bitcoin Futures Open Interest Has Risen Significantly

On Tuesday, October 19, 2021, the first exchange-traded fund based on bitcoin futures was launched in the United States. So far, Proshares Bitcoin Strategy ETF (BITO) is trading above the ETF’s initial value when the opening bell kick-started trading.

Since the first bitcoin ETF is based on BTC derivatives markets, prior to the launch a large influx of bitcoin futures open interest was recorded by a number of analytical web portals.

On October 12, Coinbase Institutional’s Skew Analytics tweeted about the massive open interest stemming from bitcoin futures markets. “Bitcoin futures open interest have been surging since the start of the month,” the official Coinbase Institutional Skew Twitter account said.

Additionally, the account noted that BTC options markets were quite different. “Bitcoin options market seems cautiously positioned ahead of ETF catalysts with skew rallying back to positive territory,” Skew remarked the following day.

Binance, FTX Command 40.67% of Bitcoin Open Interest – CME Group Captures Close to 16%

Data from bybt.com indicates that Binance rules the roost as far as bitcoin futures open interest dominance is concerned. Statistics indicate that Binance commands 23.5% of all the bitcoin open interest among all the BTC derivatives markets trading today.

Binance has around $5.54 billion recorded, while FTX Exchange captures around $4.05 billion or 17.17%. Open interest (OI) metrics from CME Group have increased as CME now holds the third-largest position in terms of OI. CME has seen a 1.35% increase in OI and metrics show CME commands 15.54% of all the bitcoin futures’ open interest.

CME is followed by bitcoin futures markets such as Bybit, Okex, Deribit, Huobi, and Bitmex. Collectively all five of the mentioned crypto derivatives exchanges command 35.56% of all the bitcoin OI tallied.

What do you think about bitcoin futures’ open interest surging before the bitcoin ETF listed today? Let us know what you think about this subject in the comments section below.

Chainalysis will add Bitcoin to its balance sheet as price surges

"This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments," said CEO Michael Gronager.

Blockchain analytics firm Chainalysis plans to purchase an undisclosed amount of Bitcoin for the firm’s balance sheet through New York Digital Investment Group’s brokerage services.

In a Tuesday blog post, Chainalysis said it will expand its partnership with the New York Digital Investment Group, or NYDIG, to buy an undisclosed amount of Bitcoin (BTC), the price of whicreached a five-month high of $63,293 earlier on Tuesday. The firm said the purchase was “guided by strong confidence in Bitcoin” in addition to the NYDIG’s expertise in the digital asset space.

“Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset, and we are thrilled to be adding Bitcoin to our corporate investment portfolio,” said Chainalysis co-founder and CEO Michael Gronager. “This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”

Following a $100 million fundraising round in June, Chainalysis was valued at $4.2 billion. Data from the firm has often been used this year as ransomware hackers demanding payment in cryptocurrency stepped up their attacks. The company investigated Russia-based business Suex OTC, recently targeted by the United States Treasury Department and acquired cybercrime investigative firm Excygent earlier this month.

Related: Chainalysis has crypto’s 'heightened momentum' to thank for multibillion-dollar valuation

Chainalysis’ Bitcoin investment will follow purchases from companies including Tesla, Square, Voyager Digital, Galaxy Digital, and MicroStrategy. The business intelligence firm holds 114,042 BTC, worth more than $7 billion at the time of publication. Car manufacturer Tesla currently holds an estimated 43,200 BTC, or roughly $2.7 billion.

Chainalysis Buys Bitcoin for Its Balance Sheet With NYDIG’s Help

On Tuesday (October 19), RegTech firm Chainalysis announced announced that it is “expanding its long-standing partnership with NYDIG, a leading Bitcoin technology and financial services firm, to execute a purchase of bitcoin for the firm’s balance sheet.” According to the blog post published by Chainalysis team earlier today, NYDIG “played a critical role in enabling Chainalysis to […]

Cardano price paints ‘death cross’ with ADA at two-month lows vs. Bitcoin

ADA price has been struggling against the U.S. dollar in October.

Cardano (ADA) has formed a deadly "death cross" on its daily chart against Bitcoin (BTC) — a market signal that's generally seen as a warning of more downside in the near term.

The ominously-titled indicator kicks in when an asset's short-term moving average closes below its long-term moving average. In doing so, it calls for technically-minded traders to increase their bearish positions in the market.

 ADA/BTC in trouble

On Tuesday, ADA's 50-day exponential moving average (50-day EMA; the velvet wave) dropped below its 100-day exponential moving average (100-day EMA; the blue wave). That marked the sixth 50–100 EMA bearish crossover ever on the ADA/BTC daily chart, raising fears of further declines ahead.

ADA/BTC daily price chart featuring Oct 2021 death cross. Source: TradingView

That is partly due to ADA's earlier price reactions to death crosses. For instance, in September 2020, the Cardano token's price dropped almost 38.50% against Bitcoin after painting a 50–100 EMA bearish crossover.

Similarly, a death cross pattern on May 12, 2019, subsequently saw a 62.50% price decline.

ADA/BTC daily price chart featuring May 2019 death cross. Source: TradingView

Nonetheless, the likelihood of an immediate selloff remains relatively low. That is mainly because ADA's daily relative strength index (RSI), which alerted the token's status against Bitcoin as oversold, is below 30. Traders typically treat an excessively sold RSI as their cue to enter the market.

For instance, in May 2019, the death cross's formation coincided with the RSI treading below 30. Later, the price bounced by over 30% to retest the 50-day and 100-day EMA waves as resistance, underscoring traders' intention to buy oversold cryptos.

Applying the same fractal to the current price action, one can expect the ADA/BTC rates to bounce back, especially as it drops to its two-month-low at 0.00003372 BTC runs down to retest a five-month-old support area defined by 0.00003192–0.00003075 BTC (the red bar in the first chart above).

That inverse Cup and Handle

A weakening ADA/BTC rate merely reflects Cardano's clumsy performance against the U.S. dollar in recent sessions versus Bitcoin, which has surged massively against the greenback in the same timeframe.

For instance, Bitcoin's month-to-date gains against the dollar sit around 43%. In comparison, Cardano's price has slid by over 6% during the same period. 

But further weakness could be expected, according to an inverse Cup and Handle pattern taking shape on its dollar-quoted charts. 

ADA/USDT daily price chart featuring inverse cup and handle pattern. Source: TradingView

In detail, inverse Cup and Handle patterns appear when the price forms a large crescent shape followed by a modest upward retracement.

Analysts consider them as bearish reversal indicators, for they tend to send the price down by as much as the maximum distance between the Cup's top and its right-hand's bottom level if the price breaks below the pattern's support.

Related: Buy the rumor... buy the news? BTC price passes $63K as US Bitcoin ETF launches

ADA's recent price action fits the inverse Cup and Handle description, with the price now looking to break below the structure's resistance line near $1.97. As a result, the downside target price is the $0.772–$0.820 area if Cardano confirms a bearish breakout.

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

Binance 17th Burn Sees ~$640 Million Worth Of Crypto Taken Out Of Circulation

Binance has successfully carried out another quarterly scheduled burn. This marks the 17th routine burn that the cryptocurrency exchange has carried out since it had launched its native token back in 2017. Binance has not missed a single scheduled burn since that time and will continue to carry out these burns every quarter.

Binance burns 20% of its quarterly earnings, which suggests how much the crypto exchange has brought in that quarter. The latest burn suggests that the company may have made over $4 billion in the 3rd quarter of 2021.

Burning Millions Worth Of BNB

The cryptocurrency exchange announced in a blog post on Monday that it had burned 1,335,888 BNB in its 17th burn. This came out to approximately $640 million worth of coins burned, according to the price of BNB at the time of the burn. In addition to this, Binance had also burned 17,839 BNB in its Pioneer Burn Program. This program was created to help its users who had lost their assets in uncommon circumstances.

Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October

In its burn history, the crypto exchange has burned millions of BNB tokens. The record for the highest number of BNB tokens burned at a single time was the 12th burn. This saw 3,477,388 BNB burned. While the lowest number of tokens burned was during the 8th burn, where only 808,888 BNB tokens were burned.

In total, Binance had burned over 31 million BNB tokens over the history of its scheduled burns. And the crypto exchange will keep burning BNB tokens quarterly until 50% of the total supply is taken out of circulation.

Binance Sticking To The Original Plan

Binance has maintained its promise to burn a percentage of BNB until the total circulating supply is halved. This would mean that the crypto exchange would have to burn approximately 100 million BNB to achieve this aim. So far, with about 31.6 million tokens already burned, the crypto giant is not even halfway through to its goal.

Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

The Binance team holds about 40% of the total BNB supply, which goes towards the scheduled quarterly burns. The crypto exchange said that the team would not sell any tokens out of this stash and has maintained that they have never sold a single BNB out of it.

BNB trading below $490 | Source: BNBUSD on TradingView.com

After the burn was carried out, the price of BNB saw an uptick in the price. BNB trended towards $500 in the early hours of Tuesday, peaking at $497. It has since trended back down but has only lost about $10 off the value of its price in the downtrend. The price of the asset sits at $488 at the time of this writing and is up 4.34% in the last 24 hours. Its current market cap is $81 billion and BNB has reclaimed its position as the 3rd largest cryptocurrency by market cap.

Featured image from CoinFunda, chart from TradingView.com

The Bitcoin Stash of Elon Musk Has Grown By Roughly $1 Billion

As we all remember, Elon Musk and Tesla shocked the world when back in February, they purchased approximately $1.5 billion worth of bitcoin, the world’s most popular digital currency by market cap. The company was one of the first institutions to add the digital currency to its balance sheet. Today, that $1.5 billion is worth approximately $2.5 billion, meaning Musk and Tesla have grown by about $1 billion in just eight months.

Elon Musk Made the Right Choice to Hold Onto His BTC

The journey has been interesting to say the least, considering Musk said that he would never part with his bitcoin. In addition, he stated that all bitcoin collected by Tesla would not be traded in for fiat. The company would hold onto the digital money in the hopes that it could HODL what it owned and experience massive gains.

At press time, only ten percent of said bitcoin has been sold, and this was to see whether bitcoin was a liquid as cash. For the most part, Musk has held true to his promise not to part with any BTC, and now it looks like that promise is paying off. Bitcoin has brought Musk a huge wealth increase, though as we all know by now, there have been some serious burdens to overcome throughout the process.

One of those burdens came in the form of Tesla-bitcoin payments and the alleged emissions of bitcoin mining projects. Musk had announced that people who wanted to buy an electric car through his company could do so with bitcoin, though this decision was later rescinded after he claimed that too many emissions were harming the planet, and that these emissions were largely caused by BTC mining.

He stated that he could not push the bitcoin agenda any further by allowing crypto payments for his products unless miners agreed to lessen emissions by utilizing green energy sources.

This caused a huge raucous throughout the world of cryptocurrency, and many fans were not happy about Musk’s ideas. Things took an even uglier turn when the price of bitcoin fell into the $30,000 range after it had reached a new high of about $64,000 per unit in mid-April. Everyone felt that Elon Musk may have had something to do with that, and they weren’t afraid to let him know it.

A Few Stumbles Along the Way

Musk, himself, wound up suffering financially when the price of bitcoin fell. It was estimated in a report at that time that Musk’s $1.5 billion bitcoin investment from February wound up dropping by approximately $1 billion due to the price fall.

However, it appears the South African entrepreneur has seen his investment grow and then some in recent days. His wealth has jumped as bitcoin has jumped given the growing attitude of excitement surrounding crypto-based exchange-traded funds (ETFs) and several other news factors.

The post The Bitcoin Stash of Elon Musk Has Grown By Roughly $1 Billion appeared first on Live Bitcoin News.

Pierre Gasly Partners with Fantom to Become the First Formula 1™ Driver to Offer One of a Kind NFTs for Fans

Blockchain technology is coming to Formula 1™ as Pierre Gasly partners with Fantom to bring NFTs to the world’s fastest sport

Non Fungible Tokens (NFT) have taken the world by storm in 2021. The previously maligned sector of the cryptocurrency market which was known for clogging the Ethereum network with CryptoKitty’s has emerged as the fastest-growing subset of the crypto market with billions of dollars in transactions happening monthly.

Slow transaction speeds coupled with unpredictable and high transaction fees have rendered the Ethereum network all but inaccessible to the average user and highlighted the strengths of newer smart contract platforms. Among these next-generation protocols, Fantom stands out for its 1-second transaction times and consistent, low to no cost transactions.

Fantom’s capabilities have not gone unnoticed by the wider crypto community, and popular NFT projects like Pumpkittens have embraced the user-friendly network with much success.

The ecosystem has also caught the eye and garnered the respect of well-known influencers and sports personalities including Grand Prix-winning Formula 1™ driver Pierre Gasly, who recently announced a partnership with Fantom to offer fans the chance to purchase NFTs tied to physical assets that commemorate the highlights of Gasly’s career.

As the world’s fastest-moving sport, Formula 1™ has entertained and thrilled fans for decades but is usually enjoyed on television screens that don’t offer the same excitement that going to a race in person and meeting popular drivers firsthand offers dedicated followers.

Now, thanks to blockchain technology and the power of smart contracts, fans have a new way to show their love for Formula 1™ and hold a piece of rare history while also entering for a chance to meet their favorite driver in person.

This groundbreaking partnership makes Gasly the first Formula 1™ driver to release NFTs for fans. The sale is set to go live on Wednesday, October 20th with the auction of three unique, 1-of-1 NFTs that represent each time Pierre stepped onto an F1 podium.

Each of these NFTs will be redeemable for both unique physical objects and real-life experiences, including the chance for a VIP experience with Pierre during race weekend.

There will also be an additional fourth NFT that is composed of 350 separate tokenized pieces available for purchase beginning at 2 pm UTC on Friday, October 22 that also link with special edition merchandise.

Fans who are interested in these limited edition items can access them on the Artion NFT marketplace, where users can use wFTM to make bids on all four pieces while the Fantom-based tokens ZOO and TOMB can also be used to purchase individual pieces of the fourth NFT. All auctions will close at 2 pm UTC on Saturday 23rd October 2021.

With 80 Formula 1™ Grand Prix races under his belt, the 25-year-old from Rouen, France is uniquely positioned to help introduce the world of NFTs and blockchain technologies to Formula 1™ fans.

According to Gasly, who is a well-known crypto and NFT enthusiast, “We’ve been planning this NFT drop together with Fantom for quite some time now, but as often with innovative projects, our initial excitement hides the level of complexity behind it.”

With the finished product now on the starting line and ready for its public debut, both Formula 1™ fans and the Fantom network are about to kick fan interaction and engagement into high gear.

 

Basketball Giant LA Lakers Announced Partnership with Socios to Enhance Fan Engagement

One of the most successful teams in the history of the NBA – The Los Angeles Lakers – announced an official team sponsorship with Socios.com. Thus, the latter doubled down on its expansion strategy into the US market.

The Lakers Joining The Crypto Space

According to a recent announcement, the leading global blockchain provider for the sports and entertainment industry – Socios.com – will be the presenting sponsor of the Los Angeles Lakers Facebook Group from the beginning of the 2021-22 NBA season.

As part of the collaboration, the platform will launch virtual events for the fans. There, they will get the chance to communicate with each other and even vote on topics related to their favorite basketball team. Tim Harris – President of Business of Operations at the LA Lakers, commented:

“As an organization that places great importance on serving and engaging with our fans, we are excited that Socios.com has a shared perspective and will help support our initiatives to serve the Lakers fanbase.”

In his turn, Alexandre Dreyfus – CEO of Socios.com – categorized the NBA team as one of the most recognizable brands in sports, marking the partnership as a great way to expand the platform’s range into the American market:

“The Los Angeles Lakers are one of the most prestigious brands in sport and I’m thrilled to be working with them as Socios.com rapidly expands into the U.S. market. What an awesome way to round off another great incredible week of growth.

We’ve laid down some really significant foundations to take fan engagement to the next level in U.S sport and we couldn’t be more excited about what’s to come next.”

Socios.com is a blockchain platform, which sells “fan tokens,” offering supporters the chance to influence decisions at their favorite sports team. Throughout the recent months, the company has been sponsoring several clubs, leagues, and events.

Which Are Those Teams?

Socios is mainly known for its engagement with soccer clubs as it has already announced partnerships with European giants such as Juventus, Milan, PSG, Barcelona, and more.

In August this year, one of the biggest stars – Lionel “Leo” Messi – couldn’t continue his contract with his previous team Barcelona and became part of the multimillion selection of Paris Saint-Germain. As reported back then, the Argentinean received a portion of the “welcome package” (the signing on fee) in the team’s cryptocurrency fan token – $PSG as the payment was made by the token provider – Socios.com.

At the end of last month, the blockchain platform stretched its scope to South America by proposing to issue a fan token that could generate revenues of around $10 million for the most successful soccer club in Argentina – Boca Juniors.

Featured Image Courtesy of TheSpun

Fintech panel forecasts $80K BTC price top this year — Finder poll

An $80,000 price target for Bitcoin implies 28% more upside from current levels — a move that would be highly favorable for altcoins as well.

A favorable macro environment, strong on-chain fundamentals and the approval of new futures-based exchange-traded funds (ETFs) in the United States are set to launch Bitcoin (BTC) to new all-time highs this quarter, according to a survey of fintech industry specialists commissioned by Finder.

The 50-person industry panel expects Bitcoin to peak just above $80,000 this quarter before ending the year at around $71,400. The flagship digital currency is trading at $62,600 on Tuesday, according to Cointelegraph Markets Pro. An $80,000 target represents 28% more upside for BTC in the coming months.

Finder’s panel includes Cypherpunk Holdings chief operating officer Daniel Cawrey, Bitcoin Reserve CEO Nik Oraevskiy, Kraken director Jonathon Miller, Arcane research analyst Vetle Lunde and Ki Young Ju, the CEO of CryptoQuant. Seven university professors from across Asia, Europe and Australia also gave their insights.

Although the consensus target puts Bitcoin on track for a bullish quarter, it’s well below the coveted six-figure price level many analysts believe is not only possible but likely. Forecasts from Standard Chartered and Bloomberg suggest $100,000 Bitcoin could become reality this year due to a combination of technical, fundamental and adoption-based factors.

Related: Buy the rumor... buy the news? BTC price passes $63K as US Bitcoin ETF launches

Aside from the psychological milestone, a $100,000 BTC price target isn’t nearly as important as determining when the current market cycle will peak, assuming it hasn’t already. Institutional involvement in Bitcoin has accelerated over the past five weeks, offering a compelling sign that the bull market has resumed following the summer drawdown. According to on-chain analyst Willy Woo, the next phase of the Bitcoin market will be “more volatile” than the previous bull periods, which implies a longer time horizon for the current cycle.

BitUp Rises 1200% On Market Debut After Introducing Bitcoin Rewards

BitUp Rises 1200% On Market Debut After Introducing Bitcoin Rewards

BitUp token, a digital asset with rebase capabilities, has experienced a sharp spike of about 1200% on market debut. Notably, BitUp has reportedly attracted approximately 3,000 holders seeking to enjoy the ever-rising token. Additionally, holders of the BitUp token are rewarded with Binance Smart Chain pegged Bitcoin tokens (BTCB).

The BitUp token has a self-marketing structure whereby the chart has an ever-rising trend, despite market dips that happen unexpectedly. By virtue of an automatic bullish chart, the team behind BitUp anticipates attracting more users globally seeking an investment that never drops in value.

“BitUP also includes a sophisticated smart contract that continuously lowers the supply of the cryptocurrency. This utility is referred to as “Elastic supply,” and it enables the supply to drop continuously, resulting in scarcity and a constantly positive chart for the asset,” the team noted in a press release.

Notably, the supply of BitUp tokens changes on an hourly basis to ensure the chart is ever on the rising mode. Via this technique, the team behind BitUp token anticipates using less capital in marketing.

“In this method, the overall supply is decreased every hour with a negative rebase, causing the price to rise as a result of the decreased supply. The reduction in the number of tokens is countered by a rise in the price, resulting in an unaltered total value for investors’ holdings. Users will continue to own the same percentage of the total token supply as they did before the rebase,” the team further explained.

Built on the Binance Smart Chain, BitUp anticipates setting a new pace for other BSC tokens by providing an ever-rising token. Consequently, the team anticipates being listed on major exchanges and other platforms including CoinGecko and Coinmarketcap. Through its ever-rising chart, the team forecast BitUp will be on the trending section frequently thus attracting more users with time.

With no exact supply in the market, the team behind BitUp has set a 15% tax to be distributed in the ecosystem. 6% of the tax will be used in marketing and buybacks. 5% is used to reward investors via the Bitcoin reward program. 3% is allocated to liquidity tax to allow the platform to maintain a stable liquidity pool. The remaining 1% of the tax is used for ecosystem maintenance.

Media Contact Details:

Company Name: Bit Up

Website: https://www.bitup.finance/

Telegram: https://t.me/BitUP_Official

Binance Just Took Over Half A Billion Dollars Worth Of BNB Completely Out Of Circulation In 17th Quarterly Burn

Binance Just Took Over Half A Billion Dollars Worth Of BNB Completely Out Of Circulation In 17th Quarterly Burn

On Tuesday, Binance announced that it had burned 1,335,888 BNB valued at approximately $639,462,868.

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Coin burning is a process by which cryptocurrency miners or exchanges periodically take out a certain portion of coins from circulation to control price through supply restriction. This has been a common practice in the cryptocurrency industry and is done to encourage long-term holding by entities holding coins.

Important facts

According to the Exchange, this is the 17th quarterly BNB token burn and “includes the actual burning of 1,318,049 BNB, plus an additional 17,839 BNB that was effectively burned via the Pioneer Burn Program.”

The BNB Pioneer Burn Program is an initiative that helps users who lose their assets in rare circumstances. The last burn was undertaken on July 18 where 1,296,728 BNB tokens valued at approximately $390,000,000 were taken out of circulation leaving Binance an avail of about $2Billion.

The current burn has thus increased that of July by about 62% and was also higher than the $595,000,000 burn in Q1. This means that Binance made nearly $3.12 billion in Q3. Currently, Binance has burned 33,199,679 BNB whose market value is approximately $2.2B.

Binance has committed to burning a certain number of BNB coins until at least half of the total minted coins which is circa 100,000,000 BNB are completely removed from circulation.

Whereas 40% of the total BNB coins (80,000,000 BNB) were originally allocated to the Binance team and remain untouched, this means that when Binance achieves its 50% burn threshold, only 10% of the total coins shall have been left in circulation, driving prices parabolic.

The increase in the number of tokens burnt in October is in tandem with the surge in BNB prices and other positive factors such as the growth of interest by retail and institutional investors in the general crypto industry. BNB has put forth an over 120% recovery since the price dipped in May and is currently trading at $490.

Binance category position has also grown since July’s burn as well as for the year from 69.6% in June to 69.7% in July and 70.3% in August.

Bottomline

Following a string of regulatory headwinds from various governments around the world, Binance CEO CZ in announcing the burn also stated that the exchange had adopted a proactive approach to communications with regulators. 

“We’re transparent and forthcoming and actively seek to have constructive engagements with regulators. For anyone who will listen, we will come in, explain how we do everything and anything else you wish to know,” he said.

According to CZ, there is hope that regulators will engage crypto leaders in finding a more friendly way to regulate the already burgeoning industry.

Crypto market cap breaks $2.5T — is this the season for ETFs?

The combined value of all cryptocurrencies hit $2.5 trillion as the price of Bitcoin and Ether rise steadily.

The total cryptocurrency market capitalization broke $2.5 trillion as the United States Securities and Exchange Commission seems to be open to approving additional crypto futures-linked exchange-traded funds.

According to data from Cointelegraph Markets Pro, the value of all cryptocurrencies has more than doubled since hitting a $1 trillion market capitalization in January. The prices of Bitcoin (BTC) and Ether (ETH) rose to more than $63,000 and $3,800, respectively, as the total crypto market capitalization dipped its toes above $2.5 trillion.

Total cryptocurrency market capitalization. Source: TradingView

BTC remains the biggest cryptocurrency by market cap at roughly $1.2 trillion, ETH in the second position at more than $448 billion, and Binance Coin (BNB) third with $81 billion. KuCoin Token (KCS), Zcash (ZEC) and Polygon (MATIC) have rallied the most among other cryptocurrencies in the last seven days, rising more than 20% to reach prices of $13.99, $142.44, and $1.47, respectively.

One of the indicators for the overall health of the digital asset class, the crypto market cap, is at highs not reached since May when the valuation peaked at more than $2.4 trillion before a major downturn effectively halved it to roughly $1.3 trillion. The surge comes as the first Bitcoin futures-linked exchange-traded fund in the United States began trading on the New York Stock Exchange, providing additional investors exposure to crypto.

Related: All-time highs next? Bitcoin holds $62K as the dollar index tumbles to 3-week lows

The crypto market has faced its share of regulatory and legal challenges in 2021, which could have threatened the prices of major tokens. First hitting a $1 trillion market capitalization in January, the space has reached prices far beyond the highs of the 2017 bull run, with volatility still present across major asset classes.