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BPSAA | Blockchain Privacy, Security & Adoption Alliance

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BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.

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Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel

Source: https://cryptocoremedia.com/bpsaa-blockchain-privacy-security-adoption-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=bpsaa-blockchain-privacy-security-adoption-alliance

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Analysis: After a 70% Increase Bitcoin Has Decoupled From Gold In Q4

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The last quarter of 2020 has been extremely bullish for Bitcoin, with an increase of 70%. In particular, November saw the highest monthly close after BTC broke the all-time highs on several exchanges.

While the primary cryptocurrency has enjoyed the last few months, gold’s performance has contrasted significantly. The precious metal has lost over 6% of value since October 1st.

The two assets displayed a high correlation earlier this year. However, the latest price developments have breached discussion about decoupling. The crypto analytics company Skew was the latest to highlight the contrast between BTC’s booming price and the bullion’s decline.

Bitcoin vs Gold Price Performance. Source: Skew
Bitcoin vs Gold Price Performance. Source: Skew

Institutional Investors Replace Gold With BTC: Yes Or No?

The community has been comparing Bitcoin and gold since the former exists. However, the narrative that BTC will, or even that it has already started, replace the bullion has blossomed in popularity in the past few months.

JPMorgan Chase & Co published a report last month asserting that Bitcoin could further grow as it has started to compete with gold in terms of institutional investors’ interest.

The Chief Investment Officer of the world’s largest asset manager BlackRock also shares this belief. He noted that BTC’s durable technology could soon “take the place of gold to a large extent.”

Former hedge fund manager Raoul Pal said on Sunday that he planned to sell most of his gold positions while scaling mostly into bitcoin.

On the other side of this argument sit Bitcoin bashers such as Peter Schiff. The CEO of Europac and popular gold-bug recently argued that BTC bulls are pumping the price artificially, hoping that institutional investors will “have to chance but to buy for fear of missing out.”

Later on, he commented that Bitcoin is “not taking any market share away from gold” and further reaffirmed his stance that whales are behind the recent rally as they want to dump the cryptocurrency.

Large BTC Holders Increase In November

Bitcoin addresses containing a substantial number of coins are typically a good indicator of the behavior of large BTC investors. According to data from Santiment, there have been 44 new addresses with 1,000 or more coins and 820 new addresses with 10 – 1,000 bitcoins created in the past two weeks alone.

Bitcoin Addresses In November 2020. Source: Santiment
Bitcoin Addresses In November 2020. Source: Santiment

Interestingly, as large addresses have been increasing in the past several weeks, smaller wallets, generally representing retail investors, have declined. Santiment indicated that the number of addresses with 0.1 – 10 BTC has dropped by 40,000 in the same period.

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Source: https://cryptopotato.com/analysis-after-a-70-increase-bitcoin-has-decoupled-from-gold-in-q4/

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

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The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

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Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

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