It seriously makes me cringe every time the SEC tells people that Crypto is unsafe and that it needs regulation so they can "make sure it's safe for the people." Crypto is by far the safest asset out there. Even governments struggle to control it. It is almost impossible to hack. It makes the idea…
Read more
Billionaire George Soros’ investment fund has had its eye on bitcoin for a while now. Bitcoinist had reported in July that the fund was looking to start trading bitcoin. It would not be the first time the company was getting into the crypto market but it is the first time that the fund has traded in the digital asset directly. Bitcoin was at the top of its list. However, the fund had its eye on other crypto-assets in the space. Soros Fund CEO Dawn Fitzpatrick has now confirmed that the investment firm had indeed begun trading in cryptocurrencies. Speaking on Bloomberg Live, Fitzpatrick said that the Soros Fund had invested in some cryptocurrencies. Apparently, the fund had bought some coins in the past month, but Fitzpatrick explained that the fund did not own a lot of cryptos. “We own some coins. Not a lot.” Fitzpatrick said. Related Reading | Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs? The CEO’s fund had actually started looking into the cryptocurrency market for over two years. The following years have seen the fund invest in crypto infrastructure companies like exchanges and custodians. The family office had participated in an investment round that had raised $200 million for New York Digital Investment Group. It wasn’t until the bull rally of 2021 that the fund had confirmed that it was looking to start trading in bitcoin. It was not revealed what cryptocurrencies the fund held in its custody but it is confirmed that the firm is trading bitcoin. BTC price trailing $54K | Source: BTCUSD on TradingView.com Hedging With Bitcoin Bitcoin is often used as a hedge against inflation. Investors have turned to the digital asset due to its year-over-year growth compared to the current inflation rate. Fitzpatrick acknowledged that the crypto could be used as an inflation hedge, but thinks that the asset has grown beyond just this use case. “I’m not sure Bitcoin is only viewed as an inflation hedge here,” Fitzpatrick said. “I think it’s crossed the chasm to mainstream.” Another interesting point from the CEO was the utility of the decentralized finance space. While the fund itself owns some coins, Fitzpatrick says that what is really interesting are use cases like decentralized finance (DeFi). The applications of crypto and blockchain technology have gone just beyond trading in coins. It is now a vehicle for earning passive income for a lot of investors. Related Reading | Bitcoin Inflows Shows Institutional Investors Are Back On The Bull Train Furthermore, Fitzpatrick added, with the current valuation of the crypto market, the fund did not believe that bitcoin can be relegated to the background anymore. If anything, crypto is now mainstream. “Cryptocurrencies now have a market cap of over $2 trillion. There’s 200 million users around the world, so I think this has gone mainstream from our perspective.” Featured image from Corporate Finance Institute, chart from TradingView.com
submitted by /u/tschmitt2021 [link] [comments]
submitted by /u/PandemoniumX101 [link] [comments]
Members of the parliament in Kazakhstan have proposed the establishment of a state register for cryptocurrency farms operating in the country. Alarmed by the growing consumption of energy in the sector, the lawmakers also want to charge miners a higher price for the electricity they use. Mazhilis Members Want Miners in Kazakhstan to Register With […]
Proposal 064 seeks to repair the token distribution bug introduced during Proposal 062 once and for all.
With a 31.6% profit in the weekly chart, Bitcoin has been retaking his mantle as the king of the crypto market during the past days. The first cryptocurrency by market cap has been moving to the upside with a strong conviction and seem poised to retake its previous highs. Related Reading | How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout At the time of writing, Bitcoin trades at $54,659 with a 1% profit in the daily chart. During this period, BTC’s price was rejected as it entered the mid-area around its current levels. In support of the bulls, Glassnode records an increase in the number of BTC investors with “diamond hands” or less inclined to take profits on sudden moves. This metric now stands at an 80.5% of the Bitcoin total circulating supply. In that sense, 71.1% of the Bitcoin long term holders are in profit as BTC moved back into the $50,000, with a 9.4% at a loss and a 19.5% of the circulating supply in control of short-term holders. The latter are comprised of those investors who took a position in BTC in the past 3 months. As seen below, Bitcoin has managed to climb to an all-time high in every previous bull market when the number of long-term holders reached or surpassed 54%. At its peak in 2021, when the price of Bitcoin touched the $64,000, Glassnode records a long-term holder’s percentage of 67.7%. In combination with the low percentage of short-term holders, there seems to be enough evidence to suggest a continuation in the upward trend. Related Reading | Does Surging Crypto Market Greed Point To Another Bitcoin Correction? Further data provided by Glassnode indicates a rise in the number of BTC purchase by long-term holders since March 2021. During this period, long-term holders added over 2.35 million BTC to their addresses. In contrast, only 180,000 Bitcoin (BTC) were issued by miners. Therefore, long-term holders added 13x more BTC than those produced by this sector. Bitcoin Fundamentals Favor The Bulls Additional data provided by CryptoQuant noted a reduction in the supply of Bitcoin held by crypto exchange platforms. This metric has dropped to a 1-year low, as seen in the upcoming chart. During this period, the chart shows a direct correlation between the price of BTC and its supply across exchange platforms. Related Reading | Bitcoin Inflows Shows Institutional Investors Are Back On The Bull Train However, CryptoQuant also notes almost no variation in the stablecoin supply ratio. On a decline since May 2021, this metric is used to measure the demand on the crypto market. As the chart shows, BTC’s price took important hits when the stablecoin supply ratio dropped in March until the end of July when an uptick coincided with Bitcoin moving away from its previous range in the $30,000. If the bulls are to have a serious chance at retaking its previous all-time highs, the stablecoin supply ratio needs to get back at the yearly open levels.
Today, it seems we're losing over 1 terahash of power. The difficulty went down below 90. Not that I'm not happy, just curious. submitted by /u/sapardi2 [link] [comments]
submitted by /u/Dependent-Plenty-222 [link] [comments]
