According to data by TradingView, around 06:49 UTC on Monday (January 11), on Coinbase, the Bitcoin price got dropped as low as $32,475.
This correction seems to have started around 10:52 UTC on Sunday (January 10) when Bitcoin was trading around $40,689.
Then at 11:15 UTC on Sunday, Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, tweeted that according to one of their BTC indicators — Miners’ Position Index (which is “the ratio of BTC leaving all miners wallets to its 1-year moving average” — some of the selling pressure was coming from miners.
Profit taking by BTC whales (such as miners), combined with liquidations of some highly-leveraged long positions on crypto derivatives exchanges, concerns over COVID-19 leading to lower prices for equities in both Asia and Europe, and the strengthening of the U.S. dollar (as measured by the U.S. dollar index, which has gone from a low of 89.22 last Wednesday to 90.31, where it is now), seem to have help played in their part in intensifying selling pressure on Bitcoin.
Here is Larry Cermak, Director of Research at The Block, with some analysis of the roughly $2.75 billion worth of liquidations of BTC long positions that took place in the past 24-hour period:
Crypto analyst Alex Krüger said earlier today:
Meanwhile, Scott Minerd, Global Chief Investment Officer of Guggenheim Partners, “a global investment and advisory firm with more than $295 billion in assets under management,” decided to tweet about Bitcoin at 04:52 UTC on Monday, around the time when Bitcoin was trading at $35,472.
Guggenheim Investments is “the global asset management and investment advisory division of Guggenheim Partners and has more than $233 billion in total assets across fixed income, equity and alternative strategies.” It focuses on “the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, wealth managers and high net worth investors.”
On November 27, according to a U.S. SEC post-effective amendment filing, it became known that one of Guggenheim Investments’ fixed income mutual funds (“Macro Opportunities”) was considering investing in Bitcoin.
According to data by the Financial Times, this fund was launched on 30 November 2011, and its total net assets was $4.97 billion (as of 31 October 2020).
The SEC filing made on November 27 is known as an “SEC POS AM” (aka “post-effective amendment”) filing. This type of filing “allows a company registered with the SEC to update or amend its prospectus.”
This filing stated that the fund is considering getting some cryptocurrency exposure:
“Cryptocurrencies (also referred to as ‘virtual currencies’ and ‘digital currencies’) are digital assets designed to act as a medium of exchange. The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin.”
Then, on 16 December 2020, after the Bitcoin price had finally broken through the $20,000 level on all crypto exchanges to set a new all-time high, Minerd, the Guggenheim CIO, talked about Bitcoin during an interview on Bloomberg TV.
The interview started by the Guggenheim CIO being asked by Scartlet Fu, Bloomberg TV’s Senior Editor of the Markets Desk, about the Guggenheim Macro Opportunities Fund and the decision by its managers to invest “up to 10% of its net asset value in Grayscale Bitcoin Trust.” In particular, he was asked if Guggenheim had started buying Bitcoin yet and how much this decision was “tied to the Fed’s extraordinary policy.”
“To answer the second question, Scarlett, clearly Bitcoin and our interest in Bitcoin is tied to Fed policy and the rampant money printing that’s going on. In terms of our mutual fund, you know, we are not yet effective with the SEC. So, you know, we’re still waiting.
“Of course, we made the decision to start allocating toward Bitcoin when Bitcoin was at $10,000. It’s a little more challenging with the current price closer to $20,000. Amazing, you know, over a very short period of time, how big run-up we’ve had, but having said that, our fundamental work shows that Bitcoin should be worth about $400,000. So even if we had the ability to do so today, we’re going to monitor the market and see how trading goes, what evaluation that ultimately we have to buy it.”
Well, now, the Guggenheim CIO, perhaps frustrated by the fact that their SEC filing to invest in Bitcoin has not become effective yet (which means the Guggenheim Macro Opportunities Fund, which intends to invest up to $500 million in BTC, has not been able to buy Bitcoin yet), seems to want the Bitcoin price to come down because he is saying that it is “time to take some money off the table.”
According to data by CryptoCompare, currently (as of 09:32 UTC on January 11), Bitcoin is trading around this large price correction $35,371, down 13.35% in the past 24-hour period (but up 22.08% since the start of the year).
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Bittrex Global Lists TheFutbolCoin (TFC)
[PRESS RELEASE – Please Read Disclaimer]
Valduz, Liechtenstein, 4th March, 2021, // ChainWire //
TheFutbolCoin (TFC) token aims to provide a means of financial support for disparate organizations within the football ecosystem
23rd February 2021, Vaduz, Liechtenstein — Bittrex Global GmbH will be listing the TheFutbolCoin (TFC) cryptocurrency on its digital asset exchange. TFC is a high utility token that is interwoven with TheFutbolApp (TFA) – a gamified social network themed around football/soccer. TheFutbolApp, launched in September 2019, is growing organically at the same rate as Twitter in its early days and has a current play store user rating of 4.8★ out of 5★. TheFutbolApp only accepts TFC for advertising.
TFC and TFA appeal to all elements of the football ecosystem: 3.5+ billion fans worldwide, supporting merchants/businesses, football players, professional football clubs big and small and recreational/amateur football clubs. TFC enables the sharing of the digital wealth of football with its participants, primarily the football fan.
TheFutbolCoin’s utility is so high and diverse that it is already accepted by more than 20 different types of businesses for goods and services. These include KFC, Farmer Boys, burger & other restaurants, coffee shops, convenience stores, car washes, tattoo parlors, hearing aid centers, nail & hair salons, gymnasiums, motorbike & car sellers, creative agencies, electronic supplies and more.
Prior to the Bittrex Global listing, there are already more than 150,000 unique TFC wallet holders in less than 18 months with hundreds of thousands of transactions. TFC and TFA plan to significantly increase their geographic economies in Europe, USA, Africa and Asia.
“The COVID-19 pandemic has been particularly hard on everyone both psychologically and economically. This includes football fans, clubs, players and all that are associated with football. More than 3.5 billion football fans globally have the uplifting, fun opportunity to join TheFutbolApp community and enjoy TFC’s sharing of the digital wealth of football, the biggest and richest sport in the world” said Bittrex Global’s CEO Tom Albright. “Football clubs also have a significant economic opportunity to benefit from TheFutbolCoin and TheFutbolApp.”
“We are proud of TheFutbolApp and its high utility TFC token. Our business model is explicitly to share the digital wealth of football via the TFC utility token with all participants in all continents of the world” said Steve Van Zutphen, CEO and founder of TheFutbolApp. “We believe in community, breaking barriers and bringing millions of people together in an uplifting, inspiring and sustainable fashion. We hope and expect to make a significant difference for football clubs and millions of football fans worldwide.”
The football industry is a multibillion-dollar industry supported by billions of people around the world; however, the impact COVID-19 has had on traditional sources of revenue has been considerable, particularly for people providing support and auxiliary services to the industry. TheFutbolCoin aims to provide an example of how communities and specific industries can band together and provide a decentralised economic network dedicated to football fans around the world.
About Bittrex Global
Bittrex Global has one of the most secure trading platforms and digital wallet infrastructures in the world, where customers can access exciting new products. Built on Bittrex’s cutting-edge technology, Bittrex Global provides a high-level experience for professional and novice customers alike.
TheFutbolApp (TFA) is a gamified social network themed around the global sport of football. Through TheFutbolCoin (TFC) its high utility token, TheFutbolApp enables the sharing of the digital wealth of football with its participants, primarily the football fan.
BitGo To Introduce Crypto Custodial Services To New York Clients
Digital asset trust company, BitGo has added another feather to its cap. The company announced today that it has received a Trust Charter that will enable it to operate as an independent qualified custodian in the United States’ commercial hub, New York. The license was issued by the New York State Department of Financial Services.
California-based digital asset solutions provider, BitGo has expanded its horizon. It will now render cryptocurrency custodial services to New York-based institutional clients. The news was confirmed after the state’s Department of Financial Services issued the New York Trust charter to the company.
— BitGo (@BitGo) March 4, 2021
The news reiterates the company’s motive to exhaust the possibilities of the new financial landscape. It announced in December last year that it had over $16 billion in assets in its custody. With the surge in institutional interest, BitGo now has its eyes set on the world’s financial and commercial epicenter. Speaking on the latest milestone, BitGo CEO Mike Belshe said:
“We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State. The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.”
The license will enable New York’s premier institutions to key into the digital revolution while staying within the state’s regulatory framework. BitGo’s list of reputable partners adds an extra layer of trust. It claims to be backed by Goldman Sachs, Craft Ventures, Digital Currency Group, Redpoint Ventures, and Valor Equity Partners.
What’s In Store?
BitGo intends to go all-in for its prospective clients. Asides from its fully secured custodial services, it outlined several benefits of the New York Trust.
It will adopt a sophisticated, independently verified system control – SOC 2 Type 2. The SOC 2 Type 2 compliance records how a company safeguards customer’s data. This system control type verifies compliance with standard procedures and often gives a competitive edge.
Prospective clients will benefit from BitGo’s “comprehensive insurance coverage,” which it says covers up to $100 million in digital assets. Its multi-signature technology is yet another selling point.
New York – The New Crypto Hub?
The city of New York is becoming a destination for mainstream cryptocurrency companies. This week, leading blockchain sports and entertainment platform, ChiliZ announced that it would set up an office in New York.
Perhaps this is fueled by the state’s unwavering efforts to maintain a regulated framework that attracts investment and prioritizes asset protection. The New York Financial Services Law, which was enacted five years ago, necessitates the regulation of companies in the digital asset space. The state’s Department of Financial Services approved the sale and trading of eight cryptocurrencies in August last year.
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Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments
American basketball team Dallas Mavericks will now accept payments for tickets and merchandise in Dogecoin via the leading cryptocurrency payment processor, BitPay.
Prior to the announcement, it already supported payments in cryptocurrencies, including BTC, BCH, ETH, USDC, GUSD, PAX, and BUSD. Its billionaire owner and Shark Tank star, Mark Cuban, cited the ‘very important’ reason behind the newest addition.
All Bark And Some Bite
Meme-inspired Dogecoin is finally getting some utility to go with the massive hype of recent. The digital asset, which features the face of the Shiba Inu dog from the “Doge” meme on its logo, has been added to the list of payment options on Dallas Mavericks’ online shop.
As a result, the team’s fan base, Mavs Fans for Life (MFFLs), can now purchase game tickets and merch using dogecoin.
According to the Dallas Mavericks, the decision is purely consumer-centric and is targeted at leveraging cryptocurrencies to “expand business sales opportunity, reduce high fees and increase payment transparency and efficiency.” Mavs’ billionaire owner and bitcoin skeptic-turned proponent Mark Cuban revealed the ‘earth shattering’ reason for accepting dogecoin payments.
“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth shattering reason, because we can! Because we can, we have chosen to do so. We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow and possibly forever more. For those of you who would like to learn more about Dogecoin we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you,”
While institutions are just getting caught up in the bitcoin frenzy, Dallas Mavericks is one of the early institutional adopters. The Dallas-based NBA hotshot started accepting bitcoin payments nearly two years ago and has continued to align itself with newer developments in the digital space.
Fun Over Intrinsic Value?
Mark Cuban’s reason for accepting dogecoin payments is based on the digital assets’ central theme – fun. He told Forbes last month:
“Dogecoin is less than a dime. You can buy $1 worth or $10 worth and have fun watching it all day”
He further stated that the digital currency has no intrinsic value, adding that he bought some for his son for educational purposes.
His earlier comments have led to strong suggestions that he is solely interested in reaping off the PR surrounding dogecoin of late.
Bitcoin Over Gold, Cuban Tells Schiff
Mark Cuban was quick to rebuff anti-bitcoin remarks made by the gold proponent and Chairman of SchiffGold, Peter Schiff, this week. The agelong precious metal advocate took a jab at wall street bitcoiners, tweeting that he never knew smart investors could be “dumb enough to buy bitcoin.”
In response, Cuban correctly pointed out that while a technology-backed store of values like crypto are dynamic and can transition into advanced applications, gold is simply static.
Let me help Peter. Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring. BTC/Eth are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications https://t.co/pJPdEAl5gq
— Mark Cuban (@mcuban) March 2, 2021
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