Exodus Movement, a crypto wallet company, announced that its planned listing on NYSE American will not proceed as scheduled due to the U.S. Securities and Exchange Commission (SEC) still reviewing its registration statement, despite the statement being declared effective at the end of April. The company, which intended to uplist from OTC trading to expand […]
Bitcoin News
Bitcoin: Expect The Unexpected – Analyst Sees Unconventional Bull Run Post-Halving
Bitcoin has been moving lower ahead of the Halving event, going against analysts’ expectations. This price action has been unexpected and shows how the coin tends to go against predictions, basically charting its path.
Bitcoin Breaking The Mold
In light of Bitcoin’s randomness, especially in the past few months following the approval of spot exchange-traded funds (ETFs), one analyst expects the coin to continue defying expectations by clocking in a bull run that defies historical trends.
The analyst cites two recent instances where Bitcoin defied expectations to justify this bullish outlook. First, following the rapid expansion in the 2020 to 2021 bull run that saw Bitcoin soar from less than ,000 to fresh all-time highs of around ,000, prices sharply contracted in 2022.
Then, the United States Federal Reserve shifted its monetary policy to curb raging inflation by rapidly increasing interest rates. Following this and other market-related events, Bitcoin prices dipped below the all-time high of the previous cycle of ,000.
By November 2022, prices fell to as low as ,000, accelerated by the collapse of FTX. This retest of previous highs and fall below ,000 had never happened before.
Another anomaly occurred last month. For the first time, Bitcoin prices expanded and broke the previous all-time highs of around ,000 before the Halving event. As Bitcoin’s past price action shows, prices only rally to fresh all-time highs after Halving.
However, this changed when BTC soared to ,800, possibly paving the way for bulls to join in and push the coin back to unchartered territory post-Halving.
Is BTC Ready For A Multi-Year Rally?
With this in mind, the analyst believes Bitcoin will continue uniquely shaping its path, deviating from history. For instance, the analyst thinks BTC will outperform altcoins in the coming months.
The analyst adds that increased regulatory scrutiny following high-profile collapses like FTX and Luna could dampen altcoin enthusiasm.
The coin will ride on the fact that it is the only one with an ETF from the United States SEC receiving investments. As a result of this capital injection, Bitcoin will likely register a multi-year “up only” phase, just like gold did once its ETF was approved.
Prices remain depressed ahead of this. Though prices are increasing at spot rates, the coin is within a bear formation. Currently, BTC has local resistance at around ,000.
As Bitcoin Hits New Highs, Nasdaq-Listed Miners Face Unexpected Declines
Despite bitcoin reaching another all-time peak on Monday, publicly traded mining stocks commenced the day with percentage declines. Stock linked to companies such as Marathon, Cleanspark, Riot, and various others have diminished in value compared to the U.S. dollar, even as bitcoin celebrates fresh price milestones. Mining Stocks Tumble on Nasdaq Nasdaq-listed bitcoin (BTC) miners […]
Bitcoin News
Uniswap Foundation’s Unexpected $43 Million Token Sale: What’s Going On?
The spotlight has recently turned towards the Uniswap Foundation following notable shifts in its holding patterns. Uniswap Foundation, which backs the development and expansion of the Uniswap (UNI) protocol, made headlines for its sale of the platform’s native tokens.
Uniswap’s UNI token has maintained its position as a prominent digital asset in decentralized finance (DeFi). Yet, the recently reported sale by the foundation responsible for its proliferation raises questions regarding its long-term strategy and the implications for the wider UNI ecosystem.
Million Uniswap Token Sale Capture Attention
Recent data suggests that the Uniswap Foundation moved roughly .3 million worth of UNI tokens within three days. This activity becomes even more interesting when considering that substantial movements of UNI tokens from the foundation’s wallet have been rare over the past two years, according to data from Etherscan.
In a disclosure by the renowned on-chain analytics platform Lookonchain, the foundation reportedly transferred 6.8 million UNI tokens (valued at .16 million) to a new digital wallet.
A segment of these tokens also reached FalconX, a recognized digital asset trading platform. Adding another layer to this saga, Lookonchain unveiled that three million UNI tokens, translating to million, were sold via the Kraken exchange deposit address affiliated with the automated market maker Wintermute.
The timing of this sale coincided with a period of significant gains for the UNI token, according to Lookonchain.
Note that #Uniswap Foundation transferred 6.8M $UNI(.16M) to a new address and #FalconX 30 minutes ago.
Uniswap Foundation dumped 3M $UNI (M) via #Kraken deposit address of #Wintermute yesterday after $UNI rose.
Watch for another sell-off!https://t.co/KFGHYCc6wu pic.twitter.com/IcBry2RlhB
— Lookonchain (@lookonchain) October 25, 2023
Further Insights Into The Foundation’s Token Activities
PeckShieldAlert, a renowned market risk assessment entity, also highlighted that the Uniswap Foundation had relocated nearly ten million UNI tokens to four distinct addresses.
With the cumulative value pegged at approximately .3 million, according to PeckShieldAlert, these revelations raise further questions about the foundation’s objectives behind these token sales.
#PeckShieldAlert #Uniswap Foundation Custody-labeled address has transferred a total of ~9.8M $UNI (worth ~.3M) out within the last 3 days.
~3.4M $UNI (worth ~M) has been sent to #FalconX, and ~3M $UNI (worth ~M) has been sent to #Wintermute: #Kraken Deposit pic.twitter.com/ImtI0kHXVU— PeckShieldAlert (@PeckShieldAlert) October 25, 2023
Shedding light on the inflow of tokens to the foundation’s wallet, data from Etherscan documented the receipt of 10,685,984 UNI from a wallet labeled “Uniswap V2: UNI Timeblock” on October 20.
Meanwhile, regardless of the sell-off from the Uniswap Foundation, the UNI token has been in green over the past week, up by 7.5%. This bullishness appears due to the current global crypto uptrend sentiment, especially with Bitcoin up by more than 20% in the past 7 days.
Featured image from Unsplash, Chart from TradingView
Crypto Turmoil: Market Slump, Heavy Liquidations, and Unexpected Gainers
In a volatile twist, the cryptocurrency market experienced a 0.82% decrease in value within the last day, descending to .2 trillion. This transpired as bitcoin (BTC) faced unstable conditions, dropping below the crucial K mark on Tuesday.
Crypto Market in Flux
Throughout this chaotic 24-hour period, leveraged digital asset traders observed a colossal liquidation of 6.88 million, impacting both short and long positions. Amid the slump on July 18, the crypto asset 1inch (1INCH) surfaced as the most severe casualty, losing nearly 16% of its worth against the U.S. dollar.
Amidst the turmoil, other digital assets encountered sharp declines as well. Terra classic (LUNC) suffered the most, plummeting over 6%, while solana (SOL) didn’t fare much better, also losing around 6% of its value. Although numerous coins have seen losses, some have managed to withstand the downturn. For example, bitdao (BIT) has increased more than 2% and chainlink (LINK) has gained 4.65% against the U.S. dollar.
Other frontrunners on Tuesday encompass sui (SUI), apecoin (APE), and xdc network (XDC). In terms of liquidations over the past hour, BTC, XRP, BCH, and ETH lead in liquidated positions. While crypto markets have undergone a widespread decline, this week’s Bitfinex Alpha Report states that bitcoin investors are “behaving more bullishly.”
The report highlights that onchain movements in Bitcoin indicate a transfer of supply from long-term holders (LTHs) to short-term holders (STHs), a cycle typically observed in bullish markets.
“This shift hints at new market entrants seeking quick profits and long-term holders cashing in on favourable prices. As this trend plateaus, it signals an early bull market stage where supply change occurs between these two cohorts,” the report elaborates.
What do you think about the recent market volatility in crypto markets during the last 24 hours? Share your thoughts and opinions about this subject in the comments section below.
The Fall of Multichain: A Tale of Unexpected Turbulence and Security Breaches
In an unforeseen chain of events that unfolded between May and July 2023, the CEO of Multichain, Zhaojun, was apprehended by Chinese authorities, destabilizing the blockchain project. The situation escalated when user assets began to be transferred to unknown addresses.
From Seizure to Shutdown: The Multichain Saga
According to the Multichain team’s testimony, the first wave of shock for the Multichain community came on May 21, 2023, when CEO Zhaojun was apprehended by Chinese police. This news left the global team in disarray as they discovered their operational access keys to the Multichain Processing Component (MPC) node servers had been revoked. Complicating matters further was the realization that these servers were managed under Zhaojun’s personal cloud server account, to which no one else had access.
The situation continued to spiral when the team made contact with Zhaojun’s family. All of Zhaojun’s devices, hardware wallets, and mnemonic phrases had been confiscated, along with the control of all operational funds and investments. The severity of the situation hit home as it became clear that all the team’s funds and access to servers were in the hands of Zhaojun and, now, China’s police.
With scarce information on Zhaojun’s case, the team was left in a precarious position, trying to maintain operations through the limited access they had left. Adhering to local laws and the family’s wishes, the team chose to withhold information from the public for days. Still, by May 30, they took the responsible step of informing the community about Zhaojun’s disappearance and the ensuing technical issues.
The beginning of June saw a ray of hope when Zhaojun’s family managed to log into the cloud server platform, albeit with restrictions on the engineers’ access. With the family and their lawyer in constant communication with the authorities, the team was assured of Zhaojun’s imminent release. They were urged to continue maintaining the system, but the information about the case details remained scant.
The Multichain protocol, however, continued to function as designed, at least according to the team’s account of the situation. Even with limited resources, the team claimed it worked tirelessly to keep operations running smoothly and resolve user issues that continued to mount. This period of uncertainty also saw an abnormal transfer of user assets locked on the MPC addresses to unknown destinations, raising more questions about the system’s integrity.
Furthering the state of crisis, Zhaojun’s sister transferred the remaining assets in the router pool to her own control on July 9. While she kept the team and project parties informed, this asset preservation action added another layer of complexity to an already bewildering situation. Unknown to them, this was a harbinger of the next wave of shock.
On July 13, Zhaojun’s sister was taken into custody by the police, cutting off yet another point of contact. The team was left in the dark about the status of the preserved assets, leading them to inform the community about the deteriorating situation. With no alternative information sources or operational funds, they were left with no choice but to cease operations.
The Multichain saga underscores the fragility of centralized operational practices in projects advocating for decentralization. The team, now left without access to their domain account, urges users not to use Multichain services and seeks assistance from the domain firm Godaddy to bring down the platform. As the dust settles, this incident serves as a stark reminder of the inherent risks in the crypto-sphere and the need for robust security measures.
What do you think about the Multichain issues? How can companies like Multichain better prepare for such unforeseen events? Share your thoughts and opinions about this subject in the comments section below.
Three DeFi Platforms Changing the Game in Unexpected Ways
2021 has been a period of great innovation in the blockchain space, with the development and launch of a huge range of novel platforms and protocols that have helped to reshape the industry in new and unexpected ways.
The decentralized finance (DeFi) sector of the industry has seen arguably the most progress in this time, with the launch of a dazzling array of new platforms that help users do more with their money and avoid the need to rely on centralized financial infrastructure.
Here, we take a look at the three new platforms leading the charge when it comes to unraveling the full potential of cryptocurrencies.
YeFi
Yield farming. It’s all the rage in 2021 and has become one of the most popular use cases for many cryptocurrencies today. Indeed, there are now billions of dollars worth of digital assets locked up in yield farm platforms — many of which generate a solid return for investors.
But while many yield farms are challenging to interact with, and only support relatively obscure digital assets or liquidity provider (LP) tokens, YeFi has recently come along to change the game.
YeFi is a platform that makes it easy for users to generate a passive income on their digital assets by staking them on its decentralized application (DApp). The platform currently supports a wide variety of assets, including ETH, BNB, BTC, and USDT. But users can boost their rewards by 1.5x by staking decentralized file storage coins like FIL, or up to 2x by staking YeFi’s native asset — YEFI.
❗️Announcement❗️Staking Mechanism Upgrade on https://t.co/xP3o61vD4T Dapphttps://t.co/oMn7ZfBAcI
— YeFi.one (@yefi_platform) August 8, 2021
By allowing users to stake native assets rather than LP tokens, YeFi ensures users avoid the risk of impermanent losses — hence providing a reliable source of yield.
The platform is unusual among yield farms in that it is cross-chain compatible with both YottaChain and Binance Smart Chain, with plans to support additional chains in the future. Beyond this, YeFi is set to roll out a variety of DeFi products in the coming months — including a decentralized lending/borrowing platform and a full decentralized exchange.
Once complete, YeFi could become one of the first blockchain-agostic DeFi ecosystems.
Popcorn
You’ve probably seen the headlines — major cryptocurrency networks like Ethereum and Bitcoin consume huge amounts of electricity. In total, the mining activity of these two networks alone is equivalent to the entire energy consumption of a small country.
But despite this, the potential for blockchain technology to disrupt dozens of industries and change the way we go about our daily lives is a compelling reason to continue experimenting with the technology.
If only there were a way to offset the negative consequences of digital assets, while still retaining all of their benefits?
Well… now there is. It’s called Popcorn, and it’s an automated yield generation protocol that allows users to put their idle funds to work through a series of automated yield-bearing systems. But more than this, it’s also a force for social good. The platform uses a chunk of its fees to fund organizations working to improve the world we live in — whether that be through renewable energy research, forest conservation efforts, or public awareness organizations.
This week on What’s POP’ing? #3
Popcorn Rebrand 🎨New Website 🌐New Hire: Director, Global Impact ❤️Popcorn in the Press 🗞️Farmer Bob’s #YieldFarm Guide 🧑🌾
-🍿https://t.co/5sZsowEWLC
— Popcorn (@Popcorn_DAO) August 19, 2021
While using the platform, Popcorn will automatically direct user funds to the most profitable investment and trading opportunities using a variety of carefully designed investment models. Meanwhile, the platform mitigates the carbon impact of its operations by partnering with carbon sequestration and offsetting organizations.
Earn money while helping to save the world? We’re in.
Premia
In the last year, decentralized trading platforms like Uniswap and PancakeSwap have skyrocketed in popularity, by providing CEX-like speeds and features and breaking down accessibility barriers.
But until only recently, such derivatives trading platforms didn’t quite reach the same degree of usability and popularity. That is, until Premia came along.
Premia is a decentralized options minting and trading protocol that arguably exceeds the capabilities of even the most popular centralized options exchanges. The platform’s primary feature is an intuitive decentralized trading platform that allows users to trade options for a variety of digital assets — including Chainlink (LINK), Wrapped ETH (WETH), and Wrapped Bitcoin (WBTC).
Missed last week’s community call?
Get up to speed on the latest happenings with Premia as we move closer and closer to Premia v2 on main net 💎💪https://t.co/0IqYL8SRXK
— Premia – Options Platform (@PremiaFinance) August 20, 2021
But where Premia really stands out, is through its options underwriting feature, which allows users to underwrite a range of options to earn a yield on their investment. This is a completely permissionless process that allows anybody, from anywhere to generate a passive income without worrying about regional restrictions.
With Premia helping users speculate on various DeFi assets, hedge their risks, earn a yield on their assets and protect against market volatility, it stands out as an extraordinarily capable platform for budding and expert traders alike.
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken.
PlusToken was a Ponzi scheme with a focus on the Asian cryptocurrency space that was active in 2019. In offering depositors of Bitcoin, Ethereum, EOS and other cryptocurrencies high levels of interest, the operators of the scam managed to garner billions worth of assets. Per some reports, the scam held upwards of billion worth of largely BTC and ETH at its peak.
Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue
Eventually, the pyramid collapsed; in around July of 2019, the operators of the scam began restricting withdrawals, then began to run from the authorities.
Some ringleaders escaped; others were caught by authorities.
Regardless, from July to as late as early this year, the remaining operators of PlusToken dumped millions of dollars of Bitcoin on the market.
Analysis by the pseudonymous on-chain analyst “Ergo” argued that there was around 1,000 BTC — then worth around ,000,000 — sold every day by the scammers.
Reports from chain analysis companies suggest that PlusToken is largely what caused the crash to ,400. Some argue that PlusToken was also the catalyst for the early 2019 rally to ,000.
Chart of BTC's price action in 2019 from TradingView.com
Fortunately for bulls, reports have just revealed that all the leaders of the multi-billion-dollar scam have been apprehended.
Operators of Multi-Billion-Dollar Bitcoin Scam Apprehended
According to Dovey Wan, founding partner of Primitive Ventures, all members of the PlusToken leadership have been arrested:
“27 core PlusToken team members are all arrested by Chinese police, the biggest crypto scam in the history so far, B worth of crypto is scammed… there are a series of legal enforment actions in past 12 months as it’s core team are all over the world took quite a while.”
FINALLY
27 core PlusToken team members are all arrested by Chinese police, the biggest crypto scam in the history so far, B worth of crypto is scammed
Bulls now have little to no baggage and lets send it to the pic.twitter.com/SiDJVSqA5J
— Dovey 以德服人 Wan (@DoveyWan) July 30, 2020
The commentator suggested that this is pivotal for the Bitcoin bull case as the coins they still hold are now unlikely going to be sold.
It isn’t clear what PlusToken’s administrators had when they were arrested. However, 0 million worth of cryptocurrency was moved from their addresses over the past few months. As reported by NewsBTC, DTC Capital’s Spencer Noon wrote on the matter:
“This week the following #PlusToken funds have been on the move to exchanges and new addresses for mixing: – 22k BTC (3m USD) – 789k ETH (3m) – 26m EOS (m) – 20m XRP (m). The big question: can the crypto markets absorb this volume or are we headed lower?”
Wan, citing information she knows, suggested the figure is closer to billion. Whatever the exact figure, she added that with these arrests, “bulls have little to no baggage,” meaning Bitcoin can be sent “to the moon.”
One of Many Bullish Fundamentals
With PlusToken-related funds unlikely to be moved every again, a massive source of selling pressure is now gone. But this is but one of many positive catalysts for the Bitcoin and crypto market.
Mike Novogratz, CEO of Galaxy Digital, told CNBC on Tuesday that Bitcoin has the potential to reach ,000 this year.
He cited the money printing by the central banks of the world, which should boost the scarce assets of Bitcoin and gold.
Related Reading: On-Chain Metric Signals the BTC Market Isn’t Overheated: Why This Is Bullish
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
This Unexpected Signal Indicates Bitcoin Is About to See a Bull Trend
Bitcoin’s price action has been extremely boring over the past two months, with the leading cryptocurrency trading in a historically small range.
Bulls, however, may soon get a boost as the premium between the Bitcoin spot market and the implied price of BTC determined by Grayscale investors has shrunk.
Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH
Bitcoin Could Soon Enter Bull Run, Predicts Unexpected Signal
According to a Bitcoin chartist, the premium between the two markets has reached under 5% in a rare signal.
While this may be seen as a sign of decreasing interest in the product, an analysis has found that this may not be the case.
GBTC premium over spot market indicator. Chart from TradingView.com; chart made by Nunya Bizniz (@Pladizow on Twitter).
According to a trader, an extremely low premium between the Bitcoin price on spot markets and that implied through Grayscale’s trust may indicate the market has bottomed.
Sharing the image seen below, the trader in question recently wrote:
“This guy wrote an interesting thread about GBTC and pointed out that the GBTC premium seems to always be low when $BTC bottoms out. It looks like it’s true. Premium is always higher when market goes parabolic, premium is low when market bottoms out.”
Macro BTC price action with GBTC premium over spot market indicator. Chart from TradingView.com; chart made by Byzantine General (@Byzgeneral on Twitter).
Case in point: before Bitcoin rallied from the ,000s to ,000 in the first half of 2019, the premium fell to levels slightly above than those seen today. Also, the premium saw strong dips during corrections during 2017’s run-up, before rallying even higher.
This recent drop in the premium to multi-year lows suggests that Bitcoin will soon enter a bull run should history rhyme.
Related Reading: BTC Just Confirmed a Signal That Preceded Historical 5,000% Rallies
Grayscale Is Seeing Record Inflows
Further supporting the bull case, Grayscale has reported massive capital inflows for the second quarter. As reported by NewsBTC previously, the company wrote in the report released last week:
“Grayscale recorded its largest quarterly inflows, 5.8 million in 2Q20, nearly double the previous quarterly high of 3.7 million in 1Q20. For the first time, inflows into Grayscale products over a 6-month period crossed the billion threshold.”:
This report comes shortly after Paul Tudor Jones, a prominent hedge fund manager worth over billion, said that he supports investing in Bitcoin. In a research note an in an interview with CNBC, the legendary macro investors said that with the ongoing digitization of the world as central banks print money, BTC is making more and more sense.
An analyst says that these Wall Street inflows are extremely bullish for the Bitcoin and Ethereum bull case. The analyst recently commented:
“DeFi can rally without a ton of new money coming in, but BTC/ETH are at the point where they need real, institutional/macro fund flows to take it to the next level. But it’s hard to see ETH making a huge move with BTC range bound. Just a different level of capital needed for that.”
When that rally arrives, though, remains to be seen.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Unexpected Signal Indicates Bitcoin Is About to See a Bull Trend
This Unexpected Metric Shows That Crypto Is in a Booming Bull Market
It’s been hard for some to say that crypto is in a bull market.
Despite Bitcoin rallying by over 150% from March’s ,700 lows, it remains below crucial resistance levels at ,500 and beyond. The same can be said about Ethereum, which has had similar trouble surmounting 0.
Yet there are some early signs that the cryptocurrency market is finally entering a bull phase. And one such sign that a prominent industry executive mentioned is rather unexpected.
Related Reading: Crypto Tidbits: Bitcoin Stalls at k, Cardano Shelley, Elon Musk & Ethereum
Is Crypto in a Bull Market?
If you’ve been on Crypto Twitter over the past day, you’ve likely heard of the ongoing skirmish between the decentralized finance community and the centralized finance community.
The creator of the VOIP technology and the CEO of crypto lending solution Celcius, Alex Mashinsky, has been core to this debate. On July 4th, he tweeted the following about decentralized finance protocol Compound:
“Compound is fractional reserve banking on chain. The entire world economy and the livelihood of 7.5B people are threatened by this practice and here we are propagating it instead of replacing it…How not exciting.”
Hey #DeFi!
If you look closely you will see that @compoundfinance $COMP is fractional reserve banking on chain.
The entire world economy and the livelihood of 7.5B people are threatened by this practice and here we are propagating it instead of replacing it…How not exciting.
— Alex Mashinsky (@Mashinsky) July 4, 2020
Mashinsky has made other comments, likening DeFi’s “yield farming” to Modern Monetary Theory, a macroeconomic framework largely hated by Bitcoin proponents.
Proponents of DeFi have not taken his comments lying down, responding with their own rebuttals against his comments and Mashinsky’s company.
While this seems to be a bit of a mess, it may be a sign of a bull market.
Kain Warwick, the founder of leading DeFi protocol Synthetix, commented on the ongoing debate with an optimistic skew:
“Forget price action for a second, if there’s one metric that most clearly points to a bull market it’s internecine warfare in crypto. See blocksize debate. Now you have CeFi vs DeFi skirmishes starting up. It’s going to get crazier soon, people fight when there’s value at stake.”
Looking at the previous bull market, this is surely the case. 2017 was marked by two massive debates:
- The debate over Bitcoin block sizes and scaling.
- If altcoins are better than Bitcoin or deserve to have a role in the cryptocurrency industry.
Other Signs Indicate a Bullish Skew
There is a confluence of other signs also indicating that the cryptocurrency market is finally entering a bullish state.
This confluence includes the adoption of leading blockchains, which has been strongly on the rise over recent months.
Take the example of Ethereum, which has registered multiple days with over one million confirmed transactions over recent weeks. The last time the blockchain saw this level of usage was at the peak of the 2017/2018 crypto bubble.
Featured Image from Shutterstock Price tags: Charts from TradingView.com This Unexpected Metric Shows That Crypto Is in a Booming Bull Market