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GrayScale Buys $370 Million Bitcoin

GrayScale bitcoin ad on WSJ, Jan 2021In just three days GrayScale is nearing what in late December it was doing in a week, with almost 10,000 bitcoin bought since Wednesday, worth $370 million. They bought $80…

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In just three days GrayScale is nearing what in late December it was doing in a week, with almost 10,000 bitcoin bought since Wednesday, worth $370 million.

They bought $80 million within hours of opening up. Then 2,620 bitcoin was added on Thursday, worth about $100 million.

On Friday there was a jump, with GrayScale scooping up 5,130 bitcoin, worth $190 million.

That’s almost one Guggenheim a week. Guggenheim Partners of course being the publicly traded rich families investors that announced in December they are to buy $500 million bitcoin.

Whether they have yet is not clear, but demand for bitcoin seems to be accelerating at GrayScale with it starting off at around $100 million a week in November, $500 million weekly in December, and now not far off from $500 million in half a week.

According to their latest report, $5.7 billion was invested in bitcoin through them last year, a huge jump from $608 million in 2019 which itself was a doubling of the $360 million in 2018.

Indicating interest in bitcoin by institutional investors is going parabolic, with only accredited investors able to create bitcoin shares at the net asset value, shares that are then publicly traded on OTC Markets after six months of holding.

To celebrate this success they’ve taken an ad on the Wall Street Journal (partially pictured) and Financial Times.

“Bringing bitcoin to the masses,” said GrayScale’s founder Barry Silbert, as the loopholed stock traded bitcoin trust nears $23 billion in bitcoin holdings.

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Someone paid $4,480 for an XRP transaction

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Crypto Twitter was abuzz over the fact that someone spent about $,480 for an XRP transaction. A tweet from the Flare Community drew attention to a transaction that took place a few days ago. An unidentified user paid over 10,000 XRP worth more than $4K for a transaction on XRP Ledger. The community published the tweet in response to an XRP enthusiast who spotted a 1.04 XRP transaction fee on XRPL.

Flare network explained that fees on the #XRPL can be set programmatically, however, they were not sure why “someone would burn XRP unnecessarily.”   

This was not the only XRP transaction to make news. Over the past 24 hours, significant amounts of the crypto were moved between leading exchanges and wallets. 

According to crypto tracking firm Whale Alert 30,999,980 XRP, worth $13,481,945, at the time, was transferred from an unknown wallet to Coinbase. In total, 66 million XRP coins, worth $30 million, were moved.

The XRP transfers occurred between Coinbase’s wallets internally. It must be noted that on 30 December 2020, Coinbase announced that it has halted XRP trading, in the aftermath of US Securities and Exchange Commission lawsuit against Ripple. Trading XRP was expected to be fully suspended on Tuesday, January 19, 2021. However, traders can withdraw and access XRP in their Coinbase wallet even after the suspension. 

Whale Alert tracked another interesting transaction, which is a part of a settlement between Ripple and its former CTO Jed McCaleb. Over 6 million XRP worth $277,683,138 was transferred from “Jed McCaleb Settlement” wallet to his TacoStand address, on 2 March.

The former Ripple chief, who has been actively selling his XRP stash, apparently has more than 2 billion XRP remaining in cold storage. According to one analyst, if McCaleb continued to sell large amounts of XRP from his wallet, he will deplete his wallet by May.


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Source: https://ambcrypto.com/someone-paid-4480-for-an-xrp-transaction

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NFTs Are Going Mainstream Fast

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To say there’s too much money floating around at the moment would be the understatement of the year.

We can see it in the incredibly high valuations in the stock market overall, which is trading at about 40 times its price-earnings ratio.

Alternatively, we can drill down to specific companies like Tesla, which even after the recent dip, is still trading at more than 1,000 times the value of what those shares are actually worth.

Tesla value chart

It seems like investors are basically willing to throw money at anything that has a ticker, regardless of what that thing might actually be worth.

Don’t get me wrong, the free market is the ultimate dictator of price, but the discovery mechanism is clearly being distorted right now by global central banks who seem determined to ensure that prices keep moving up, regardless of how the economy is doing.

The latest target of this phenomena is most peculiar indeed. In fact, it is a central bank. …

The bank of Japan article

Technically, there’s absolutely no reason for this sudden jump in share price, as is explained in the article, but here we are. Capitalism is now a joke. At least it’s a funny one.

Meme

NFT punked

I’m pretty darn sure this is the first time I’ve ever screen captured anything involving Paris Hilton, but here it is. …

Paris Hilton tweet

It doesn’t get any more mainstream than this.

Although, it’s a bit difficult to understand Kim Dotcom’s comment about the empowerment of artists, especially in the light of Beeple, who simply doesn’t seem satisfied with his share of what the market is willing to pay for blockchain-enabled ownership of digital art.

Beeple crap

Bitcoin hearings

As I write to you today, I’m listening to the three-hour stream of the confirmation hearing for Gary Gensler, who has been nominated to chair the U.S. Securities and Exchange Commission.

It’s extremely doubtful that I’ll get through the entire thing, and even though these events are usually a snooze-fest, this one has a lot of very important information about how Gensler, if confirmed, will approach the regulation of financial markets and digital assets.

Meanwhile, last night, The Chicago Board Options Exchange made its latest attempt to obtain approval for the first bitcoin exchange-traded fund to be available on a U.S. exchange.

As we know, Jay Clayton, former chair of the SEC, was vehemently opposed to such a vehicle, saying that the market simply wasn’t ready. The SEC went on to deny about half a dozen such filings.

Parsing Gensler’s statements today, it certainly seems that he’ll give it a more serious consideration than Clayton did.

If we can learn from Canada, where the world’s first bitcoin ETF was just launched to much fanfare and explosive volumes, it’s quite clear that the market is certainly ready for such a product.

Back in March of 2017, when the Winklevoss twins made the first attempt at a bitcoin-backed ETF, the market was wondering whether approving one of these funds, which would allow investors to purchase bitcoin without incurring the security issues of holding coins, or deal with the regulatory uncertainty of buying from an exchange, would be a catalyst for hedge funds to start making purchases.

Today, however, we’re not lacking any particular catalyst. Hedge funds are already buying. Bitcoin does not need any catalyst. As Gensler pointed out in his hearing, bitcoin is the catalyst.

Frankly, I’m not sure what an ETF really adds at this point. It’s only a matter of market share and who gets to rake in the fees for selling bitcoin to Wall Street. That’s not a race that most of us have any horse in, unfortunately, but it’s still fun to watch.

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Source: https://www.bitcoinmarketjournal.com/nfts-are-going-mainstream-fast/

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Dogecoin becomes the most popular cryptocurrency

TL;DR Breakdown Doge now more popular than altcoin About Doge crypto Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter […]

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TL;DR Breakdown

  • Doge now more popular than altcoin
  • About Doge crypto

Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter more than any other cryptocurrency.

ICO Analytics notes that Dogecoin commanded 10.4 percent of all crypto-related mentions on the social media platform in February, with Bitcoin recording 10.1 percent of all crypto-related mentions. Dogecoin was mentioned ten times more than Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.

About Dogecoin cryptocurrency

Dogecoin came into existence in 2013 as a joke featuring a Shiba Inu dog as a mascot. The coin is now valued at over $6.5 billion, with many celebrities, tech experts, and investors having a stake in the meme coin. One of the coin’s biggest fan is the world’s richest man, Elon Musk, the CEO of electric car makers Tesla. The CEO never stopped tweeting about the crypto, even stating that the coin would go to the moon in one such tweet.

While Musk continued talking about the altcoin on Twitter, the crypto continued to gain popularity on TikTok, another social media sparking a Dogecoin’ Challenge’, which trended for several days. The coins’ popularity has led the altcoin price to surge. The crypto went from less than $0.002 in January 2020 to an all-time high of $0.083 last month a 4050% increase.

However, the crypto has also faced a series of criticism, with one single address holding more than 27 percent of the coins’ total supply. It is believed that the coin price is usually artificially pumped. Elon Musk detests the coin for this reason. The monopoly of investors also has slowed down active development for the coin and is one reason investors are afraid of taking on the coin, according to Elon Musk.

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Source: https://www.cryptopolitan.com/dogecoin-now-most-popular-cryptocurrency/

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