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Blockchain
BTC Doesn’t Hold Enough Demand To Stay Above $30K Says Guggenheim
Scott Minerd stands as the Chief Investment Officer (CIO) of Guggenheim. Recently, the man has made yet another bearish prediction when it comes to Bitcoin and its price outlook. In his eyes, there simply isn’t enough institutional demand for Bitcoin to keep the asset above the $30,000 mark.
Still Bearish For Bitcoin
Minerd gave this opinion by way of Bloomberg Television. He explained that the institutional-grade investor base of Bitcoin simply isn’t there to sustain the ongoing price actions. Alongside this, Minerd is convinced that this ongoing downward pressure isn’t going to stop anytime soon, but also stated that squeezes like these aren’t that uncommon.
He explained that small-time investors see these new market trends, this momentum in trading, and get all excited for it. They see this momentum as a way to gain money, Minerd explained. He warned that it’s this same kind of excitement that is typical as one starts to get close to a bubble pop, however.
Bullish For The Long Term
Minerd had also given a bearish prediction to CNBC, back on the 20th of January, 2021. Back then, Minerd speculated that the Bitcoin would see a full retrace back to the $20,000 range.
Should this type of correction play out, it would mean Bitcoin would lose over 50% of its value. The problem is, this isn’t only possible, but it has happened a number of times within the space. The most memorable event such as this would be back in March, during the dreaded “Black Thursday” event, where the asset went down to $5,000 from $10,000.
It should be noted, however, is that Guggenheim is only bearish in the short term. The long term outlook has the investment savings firm speculating a $400,000 price tag in the future, saying as much back in December of 2020.
“Our fundamental work shows that Bitcoin should be worth about $400,000,” says Guggenheim’s Scott Minerd https://t.co/9QyOWyYAVA pic.twitter.com/uojQqaKPia
— Bloomberg TV (@BloombergTV) December 16, 2020
Bitcoin Goes Big In All Ways
As Bitcoin looms ever-closer to that support level of $30,000, one must also remember the looming expiration of BTC Options coming closer, some $4 billion in total. This, according to analysts, could play in the bulls’ favor.
In the end, every Bitcoin bull only hopes that Bitcoin only rises and never falls, but the volatility of Bitcoin makes that impossible. The asset’s history is filled with violent corrections followed by new all-time highs, to the possibility for such a correction as Guggenheim predicted is not only plausible but entirely possible. In the end, time will tell how Bitcoin operates, but here’s hoping for more profits to be made regardless.
Blockchain
Need For Decentralization Highlighted Through Gamestop Short Squeeze
For those who don’t know yet, Gamestop has seen an event happen to its stocks that will probably go down in the memories of traders of the world. The company saw a successful short squeeze occur after its stock price pumped above the $370 mark. This has caused some within the crypto industry to start to press harder for decentralized finance.
Gamestop Becoming A Battlegrounds
The amazing fact was that Gamestop saw its trading stock handle for less than $20 apiece just earlier this month. However, r/WallStreetBets had its members realize that a hedge fund was busy attacking the company, as it had disclosed a large short position within the stock.
Reddit, in quite an interesting development, coordinated and pulled up a successful pump of the Gamestop stock. Individual traders executed pump trades across discount trade platforms such as Robinhood and TD Ameritrade.
This caused Melvin Capital Management, the hedge fund targeting GameStop, to suffer an eye-popping loss of $3.75 billion due to being forced to close this spectacularly large short on GME.
Centralized Authorities Biting Back
As one would imagine, a large number of centralized trading platforms didn’t take too kindly to such a massive upheaval. These platforms promptly put in limits on Gamestop stock trading, with the NASDAQ exchange’s President suggesting that stock trading should be halted on those deliberately targeted by Internet users. NASDAQ is where GME is listed, and the exchange seems eager to give investors a chance to “recalibrate’ their losses.
That wasn’t all, though. r/WallStreetBets saw itself be knocked offline temporarily, alongside its Discord channel being temporarily suspended. The official reason given was due to content moderation issues.
Crypto Space Watching With Interest
As centralized finance is having a lovely little financial protest going on, the crypto community is watching on, popcorn in hand. Mike Novogratz, the CEO of Galaxy Digital, gave his own opinion about the matter. He highlighted how GME’s short squeeze stands as one big endorsement for decentralized finance.
3)these are all symptoms of a growing inequality that is leaving our markets, our political system, and civil society more fragile than they have been in my lifetime.
it makes my more bullish crypto but more importantly more focused and committed to systems change.— Mike Novogratz (@novogratz) January 27, 2021
He highlighted how this revolution had started thanks to the people not trusting centralized authority.
SkyBridge Capital’s Anthony Scaramucci also gave his opinion about it. Scaramucci is the proud owner of $385 million in Bitcoin, and is convinced that the GME short squeeze is a testament to Bitcoin’s future.
As one would imagine, the mainstream finance characters haven’t really enjoyed this event. Jim Cramer from CNBC has actively downplayed the entire event, declaring that it all was just a sideshow, albeit an entertaining one.
Blockchain
Miami Publishes Bitcoin White Paper on City’s Website
A new fight over the status of the Bitcoin whitepaper is beginning to draw attention from several industry stakeholders and even beyond. Following the footsteps of foreign agencies, a possibly Bitcoin-friendly city in the United States has published a draft of the document.
Miami Declares for Crypto
Recently, the city of Miami joined the ranks of organizations publishing the Bitcoin whitepaper on their websites. A draft of the document is now available on the municipal’s official website, with several insiders revealing that the initiative was spurred by Mayor Francis Suarez.
The crypto-friendly mayor has made his sentiments about the leading cryptocurrency clear, saying in a tweet from last year that Bitcoin had been a “stable investment” in an “incredibly unstable year.”
Great insight into how @Bitcoin has been a stable investment during and incredibly unstable year…currently reading Bitcoin Billionaires @tyler. @APompliano any other good reads? https://t.co/nenQ5xmfi7
— Mayor Francis Suarez (@FrancisSuarez) December 24, 2020
The mayor added that he was learning more about Bitcoin from top industry figures like Anthony Pompliano and Tyler Winklevoss. Now that he seems to know more about it, he is working round the clock to turn Miami into a notable crypto hub.
Bring It On, Craig
The publishing is yet another show of defiance from crypto-friendly governments, which began following a spat between Bitcoin.org, a Bitcoin Core development site, and self-proclaimed Bitcoin creator Craig Wright.
Last week, Bitcoin.org announced in a blog post that it, along with fellow Bitcoin Core developers Bitcoincore.org, had gotten a letter from Wright’s lawyers, asking them to take down the Bitcoin whitepapers on their websites. The letter reiterated Wright’s claim of being Bitcoin’s pseudonymous creator, Satoshi Nakamoto, adding that he was the original copyright holder of the whitepaper.
Bitcoin.org explained that while Bitcoincore.org had taken down its draft, it would not budge to Wright’s demands. The development group explained that the Bitcoin whitepaper was published under the free and permissive license of the Massachusetts Institute of Technology (MIT), and Wright had so far failed to provide substantial proof that he is indeed Nakamoto.
Since then, several companies and municipalities have posted the Bitcoin whitepaper in an act of defiance to Wright. Square Crypto, Coin Center, and Project Novi are just a few of the standout names. Yesterday, The Block also reported that Estonia’s e-Residency program, a visa application initiative for tech entrepreneurs in the European country, had also published the whitepaper.
Wright is already an infamous name for his repeated claims to being Nakamoto and his litigious nature. Surely, Wright can’t sue them all.
Source: https://insidebitcoins.com/news/miami-publishes-bitcoin-white-paper-on-citys-website
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