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Twitter is sold on Bitcoin – What now?

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Bitcoin’s activity on Twitter is edging closer to its 2017 levels, based on data from Arcane Research. In fact, the 7-day average of tweets mentioning Bitcoin is back at its December 2017 high, with the number of Twitter users mentioning Bitcoin already surpassing its old peak, based on data from Arcane Research’s chart on Bitcoin tweet Activity.

Twitter Activity on Bitcoin || Source: Twitter

Despite the temporary free fall in price, the rise in activity on Twitter underlines a positive sentiment among retail traders. In fact, the last time this surge was noted was back in 2017.

It should be highlighted, however, that as far as Google Trends is concerned, the levels for Bitcoin are still way below the levels seen back in December 2017.

Source: BitinfoCharts

The surge in positive sentiment on Twitter was shared by PayPal as well. On PayPal, the volume doubled to $240 million in a single day. While the trade volume on PayPal started off at $100 million in December 2020, it is now closing in on $250 million as the demand for Bitcoin is increasing.

Not just institutional demand, but retail traders are generating higher demand on spot exchanges too. This surge in the volume of tweets and trade volume on PayPal is in sharp contrast to what’s happening on derivatives exchanges. On derivatives exchanges, traders have been experiencing a drop in momentum and volatility lately.

In fact, a total of $410 million in $BTC long positions in Futures contracts were liquidated on leading exchange Binance. This marked the largest daily value of liquidations to date. This mass liquidation event may have had a direct and negative impact on derivatives traders’ BTC sentiment. 

With increasing active supply, Bitcoin activity on Twitter is expected to increase further if the price rallies or suffers further corrections. Since the current Bitcoin supply is more active than it has been in the past 3 years, especially when compared to the Bitcoin supply of 2017, a positive sign for new entrants can be noted.

Retail traders on exchanges may see this as the right vantage point, one that sets a lowered barrier of entry to the cryptocurrency market. Though Bitcoin is trading above $33,000 now, relative to this phase of the market cycle and its recent ATH, this is a dip. Trading at this price may drive Bitcoin’s demand higher than the current level on spot exchanges. 

Source: https://ambcrypto.com/twitter-is-sold-on-bitcoin-what-now

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Institutions are Adopting Crypto, Deutsche Börse’s Bitcoin ETF Trading Volume Nears Traditional ETFs

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German exchanges hosting the bitcoin ETF recorded volumes equivalent to many of its popular traditional exchange-traded funds.  Bitcoin Exchange-Traded Crypto (BTCE), Deutsche Börse ETF  is one such product currently in high demand and recorded an average daily trading volume of  €57m in the first 11 days of January, reported Financial Times.

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The Bitcoin ETF traded just short of the most popular ETF INRG which recorded a trading volume of only a million more than BTCE.

Bitcoin ETF is still a distant dream for US investors but it is legal in Europe, because of which many mainstream traditional exchanges list these bitcoin pegged products. Many believe US regulators might approve Bitcoin ETF owing to the growing market cap of nearly $100 billion and a great surge in institutional interest.

Stephan Kraus, head of Deutsche Börse’s ETF segment believed that the

“The structure of the BTCE exchange-traded note, which eased the regulatory concerns and counterparty risk involved in trading bitcoin, had increased the appeal of cryptocurrency investments for institutional investors that can trade without needing to set up specialized digital infrastructure or use an “unregulated crypto platform”.

Bitcoin-Pegged Exchange Products Would Become More Common With Regulatory Ease

The surge in demand for such Bitcoin pegged products has seen a significant bump suggesting rising institution interest in the top cryptocurrency. It also shows that institutions that have chosen gold as their hedge against the troubled financial times no more see it as the only store-of-value asset, bitcoin is slowly but surely eating away gold’s market.

Not just German Bitcoin ETP, even the surging volume of Grayscale who also offers a similar product that tracks the price of Bitcoin has recorded an average daily trading volume of near a billion US Dollars for the first two weeks of 2021, showing that institutions are betting big on bitcoin.

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The institutional inflow in crypto has just begun with the likes of MicroStrategy using Bitcoin as a Treasury asset, more use cases, and products would arise shortly as the regularity clampdowns are cut short.

The US regulators in the past have rejected several ETF applications citing the crypto market to be too small to handle the exchange-traded funds. However, that seems to have changed quite fast with the ongoing bull run.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/bitcoin-pegged-security-trading-volume-nears-traditional-etf-on-german-exchanges/

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Forget ETH Killer. This Crypto Project Aims to Be Facebook Killer

Revolution Populi wants to foster social networks that don’t steal your data.

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In brief

  • Revolution Populi is building a blockchain-enabled database that allows data to be ported.
  • It’s announced an integration with Matic Network to enable decentralized apps on its network.
  • RevPop envisions an ecosystem of competing social networks—with users who own their own data.

In our chaotic times, filled with partisan rancor and dueling versions of the truth, there’s one thing everyone can agree on: Facebook sucks.

Now, a fledgling blockchain project is one stop closer to taking down the internet Goliath and planting a flag for social networks that don’t control (or sell) user data.

Revolution Populi (RevPop, for short), a “layer-1 decentralized database with user controls,” has tapped Matic Network as a layer-2 solution, allowing developers on the RevPop chain to build their own decentralized applications.

And not just any Dapps, but social networks. “We’re developing a way in which a thousand social nets can be developed on top of this layer 1,” CEO Rob Rosenthal told Decrypt.

“If you use one, they change a rule, they do something you don’t like, you can instantly port your data from one to another, or back again, because you hold the keys,” he said. “All of that data belongs to you.”

While RevPop—which is due to launch a testnet in the coming months—is also building its own social network, it’s making the project open-source in what it’s calling the “Facebook killer kit” so that others can develop their own social networks on its blockchain.

“This will allow developers everywhere to reach into, and contribute to, the RevPop layer-1 database and be a part of an ecosystem designed to return data control back to users,” Matic Network COO Sandeep Nailwal said in a press release. “Users are hungry for this kind of self-sovereignty.”

“The newest and most active part of the internet has been colonized by a handful of companies who grab data from users and keep it, and profit by it,” Revolution Populi Chief Visionary Officer and Yale computer science professor Dr. David Gelernter told Decrypt. “Our Project aims to return digital rights and power to the people by means of a decentralized database built on blockchain, and a growing, decentralized world of social net and related apps along with it.”

This will be facilitated through the use of the forthcoming RevPop token—with users of the company’s own social network receiving the token directly from advertisers.

While that’s kind of like how Brave rewards users with BAT, Rosenthal, a former Goldman Sachs vice president with a background in securities, said the team envisions it become something of a utility token for the platform.

But other social networks built atop RevPop’s database can pursue alternate funding models due to the project’s open-source design. The result, believes RevPop, is an internet where Facebook and Twitter have more competition.

“It won’t be a monopoly anymore,” said Rosenthal. “It will be broken up through free market competition. I hope.”

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Ethereum Price Moves up to $1,200 as Demand Threatens to Outstrip Supply on Exchanges

The price of Ethereum, the second-largest cryptocurrency by market capitalization, has moved back up to the $1,200 mark after falling below $1,000 earlier this week at a time in which outflows from cryptocurrency exchanges suggest demand could outstrip supply. According to Nuggets News’ Alex Saunders, data shows that exchange reserves have fallen by 3 million […]

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The price of Ethereum, the second-largest cryptocurrency by market capitalization, has moved back up to the $1,200 mark after falling below $1,000 earlier this week at a time in which outflows from cryptocurrency exchanges suggest demand could outstrip supply.

According to Nuggets News’ Alex Saunders, data shows that exchange reserves have fallen by 3 million ETH over the last two days, with 1 million ETH leaving crypto trading platforms on January 14, and 2 million leaving them the following day.

Saunders shared data from on-chain analytics firm CryptoQuant and pointed out that at this rate exchanges could soon run out of ETH.

Price predictions for ETH have been extremely bullish – with former Goldman Sachs executive and Real Vision CEO Raoul Pal saying he believes Ethereum could go to $20,000 this cycle based on Metcalfe’s law – and as such Saunders believes HODLers will not be selling their funds between $1,000 and $2,000 per ETH.

Some other data providers seemingly show that Ethereum reserves on cryptocurrency exchanges have dropped by 42.5% since mid-May. The analyst interprets the data as suggesting an incoming bull run to a new all-time high for ether, as “we all know what happened when demand outstripped supply of BTC.”

The price of bitcoin surged from about $12,000 to a new all-time high near $42,000 after reserves on exchanges dropped by about 4.5% and corporate adoption surged as MassMutual, MicroStrategy, Square and others bought BTC as a hedge against inflation and currency debasement.

Rafael Schultze-Kraft, CTO at data firm Glassnode, countered Saunders saying his data was “nonsense,” saying that a sudden drop of over 2 million ETH from a cryptocurrency exchange weren’t withdrawals, and that “exchange flows are completely within their normal range.”

It’s believed the 2 million ETH were moved to a new Bitfinex cold wallet for Ethereum that cryptoQuant did not account for. That, however, does not explain the 1 million ETH outflows seen the day before.

It’s worth noting that the decentralized finance (DeFi) space has been booming, and more Ethereum users could simply be withdrawing their funds to interact with these protocols on-chain.

Featured image via Unsplash.

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