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One of the Richest Bitcoin Investors Alive Just Transferred $175,100,000 in BTC As Ethereum and XRP Whales Move Millions in Crypto

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One of the richest Bitcoin investors in history is suddenly moving their crypto fortune.

An anonymous whale just transferred 13,242 BTC worth $175.1 million for a fee of just $0.84. The transfer was first reported by a whale-watching bot known as Whale Alert.

Source: Blockchain.com

According to the latest block explorer data, the whale moved the coins to three separate addresses. An unknown wallet with a total of four transactions received 13,242 BTC while a second wallet of unknown origin got 300 BTC. The third wallet involved received less than one BTC.

BitInfoCharts reveals that the whale created the original wallet on October 22nd and immediately became the 51st richest wallet in existence.

In addition, Whale Alert spotted a number of large BTC transactions that occurred as Bitcoin tried to breach $13,000. Here’s the summary of the last day’s biggest Bitcoin transactions, which when you include the giant transaction above, totaled 25,998 BTC worth $339.7 million.

Ethereum whales are also extremely active. Whale Alert reported five transactions amounting to 398,124 ETH worth $164.8 million over the same stretch.

As for Ripple’s native token, Whale Alert spotted one significant movement of 30 million XRP worth $7.7 million in the last 24 hours. The transfer sent the XRP from an unknown wallet to the crypto exchange Bybit.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

Source: https://dailyhodl.com/2020/10/24/one-of-the-richest-bitcoin-investors-alive-just-transferred-175110000-in-btc-as-ethereum-and-xrp-investors-move-millions-in-crypto/

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Yearn Finance absorbs Pickle to boost DeFi rewards

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Decentralized finance protocol Yearn has announced a partnership with Pickle Finance to bolster yield farming incentives, and compensate victims of the recent Pickle exploit that resulted in the loss of almost $20 million in Dai.

According to an announcement from Yearn founder Andre Cronje, the move is designed to reduce duplicate work, increase specialization, and leverage shared expertise. Pickle Finance vaults, or ‘Pickle Jars’ as they’re known, are cloned versions of Yearn’s v1 yVaults so the code is similar.

Pickle Finance incentivizes farmers to sell stablecoins that are trading above their peg and buy ones that are below it, to keep them closely aligned with the dollar upon which they’re based.

Cronje said the first step would be to merge Pickle Jars and Yearn’s v2 Vaults and merge both protocol’s total value locked, or TVL. He stated that further integration is planned.

The end goal is to bolster returns for yield farmers with Pickle strategies earning increased performance fees under the new Yearn fee structure. Yearn Finance, which recently formalized an operations budget, plans to onboard Pickle developers and strategy creators to design new strategies and fee structures for the new vaults.

Pickle will introduce reward Gauges, with tokens distributed to those who stake Yearn vault tokens. These tokens can now be time locked in escrow and will be called DILL which can also be used to participate in Pickle governance and boost rewards received from Yearn Vault gauges.

Some in the community questioned whether there should have been a governance vote on the decision but Yearn team member ‘@tracheopteryx’ explained this would not be necessary.

He stated that creating new Yearn Vaults, such as the newly merged Pickle Jars, are completely permissionless so no voting is required. Additionally the new Gauges emit Pickle tokens, not Yearn’s, and rewards are in DILL, not YFI.

Pickle Finance was recently hacked in a Dai vault flash loan exploit which resulted in the loss of almost $20 million. Its native token PICKLE collapsed 50% on November 21 from $23 to $11. Following the news of the merger with Yearn, it spiked to almost $30 but has since dumped back to around $16 at the time of press.

A new token called CORNICHON will be created to track losses stemming from this attack. Tokens will be minted against a snapshot of balances at the time of the attack, and distributed to victims proportionally, the announcement added.

Additionally, a claim was recently filed with DeFi insurance protocol Cover to offer as much as $340,000 in compensation if approved by majority vote.

Source: https://cointelegraph.com/news/yearn-finance-absorbs-pickle-to-boost-defi-rewards

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‘No debate’ that Bitcoin will increase 20X says gold industry insider

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Gold Bullion International co-founder Dan Tapiero believes that it’s only a matter of time before Bitcoin’s price surges into the six-figure threshold. 

Speaking to Anthony Pompliano on the Pomp Podcast, Tapiero asserted that in terms of price appreciation Bitcoin is the king, even though he believes investors should own both gold and Bitcoin:

“In the next five years, I can see gold at $4,000, so that’s double. But if gold is at $4,000, Bitcoin is probably somewhere between $300,000 and $500,000, so that’s a 20, 30x.”

He went on to add, “I don’t really think that anyone in the gold world […] they are not going to debate that.”

Tapiero believes that institutional investors and finance whales are likely to invest between five to 15 percent of their portfolios in Bitcoin and noted that sector was currently worth $100 trillion:

“That’s a huge chunk. I mean, 15% of $100 trillion is $15 trillion.”

Bitcoin is a hedge for the fiat system, he explained, and once its market cap is in the trillions of dollars, it will become easier to handle for larger investors, similar to gold.

But gold is a store of value, and that is only one aspect of what Bitcoin is. Bitcoin is an entire network, and that’s why he believes it will be much bigger than gold:

“There is no question that Bitcoin is going to outperform gold.”

Other analysts are similarly bullish about Bitcoin, with Off the Chain Capital chief investment officer Brian Estes telling Reuters today that it “is not a stretch” for BTC to surpass $100,000 in one year, and predicted that it could go as high as $288,000 by the end of 2021.

CNBC host Jim Cramer also believes in the future of Bitcoin, as revealed on another podcast with Pompliano. Cramer, who was a Bitcoin skeptic during the 2017 bull market, recently stated that he had since realized that Bitcoin is a good hedge against inflation and also one that his kids can understand,:

“I think that my kids, when they get my inheritance, won’t feel comfortable with gold, and will feel comfortable with crypto.”

Source: https://cointelegraph.com/news/no-debate-that-bitcoin-will-increase-20x-says-gold-industry-insider

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Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

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South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.

Bithumb Suspending Offline Support

Since the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.

As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.

Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice,” the exchange said.

Bithumb Raided

In September, Bithumb was the headline across the crypto space. The exchange’s head office was reportedly raided three times as local authorities searched and confiscated company documents. In one of the raids, they seized dozens of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Gun.

The police accused Bithumb of fraud related to the $25.2million BXA token presale conducted by the company. Before the presale, Bithumb promised to list the token for trading after the event but failed to do so, causing investors to suffer massive losses.

Two weeks after the raids, authorities summoned Bithumb’s Chairman Lee Junh-hoon for questioning.

Bithumb For Sale?

Following the raid and probe, another report claimed that the exchange was up for sale with a price tag ranging from $430 million to $604 million. The report revealed that foreign financial investors and domestic private equity funds had shown interest.

However, Bithumb has remained quiet about the sale as well as the police investigation.

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Source: https://cryptopotato.com/bithumb-temporarily-shuts-down-some-office-as-korea-face-another-possible-covid-19-outbreak/

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