Crypto
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Hedge fund report says Bitcoin price is ‘at a relatively inexpensive place’
There has been a lot of focus on the performance of the stock and cryptocurrency markets over the past year or two as the trillions of dollars that have been printed into existence since the start of the COVID pandemic have driven new all-time highs, but analysts are now increasingly sounding the alarm over warning signs coming from the debt market. Despite holding interest rates at record low levels, the cracks in the system have become more prominent as yields for U.S. Treasury Bonds “have been rising dramatically” according to markets analyst Dylan LeClair, who posted the following chart showing the rise. U.S. Treasury bond yields across duration. Source: Twitter LeClair said, “Since November yields have been rising dramatically — bond investors begun to realize that w/ inflation ...
NFTs most popular assets on Ethereum, but Wrapped Bitcoin growth stalls
Transfers of nonfungible tokens (NFT) on Ethereum have surpassed transfers of stablecoins and altcoins while the supply of wrapped Bitcoin (WBTC) has remained relatively stagnant since late last year. Those are two of the key findings in the latest State of the Network update from Coin Metrics. It details how ERC-721 transfers overtook stablecoins and altcoins on Ethereum starting last July and have continued to increase the margin between them ever since. ERC-721 is the token standard for NFTs on the Ethereum network. NFT transfers topped 50,000 per day on average starting late July and have not dipped below that line since. Daily NFT transfers are now averaging an all-time high over 300,000, a 600% increase since July. Conversely, ERC-20 tokens including altcoins and stablecoin transfers...
Few calls to ‘Buy The Dip’… but uber-rich Family Offices are keen on crypto
Short term social media data suggests that traders aren’t calling for buying the Bitcoin (BTC) dip right now… but the long term picture is much brighter, with separate research showing that 77% of family offices in the U.S. are either looking at, or have invested in crypto. The BTFD data was compiled from posts mentioning “buy the dip” on social media platforms such as Twitter, Reddit, Discord and Telegram by K J Lanaul and published on the Insights Santiment blog earlier this week. It tells a positive story too, in a roundabout way. The research indicated that many traders over the past year have called for buying the dip too early on a downward trend, with the price often falling significantly further afterward and failing to recover for months at a time. “Often the crowd una...
BNY Mellon partners with Chainalysis to track users’ crypto transactions
The Bank of New York (BNY) Mellon has announced a partnership with blockchain-data platform Chainalysis to help track and analyze cryptocurrency products. BNY Mellon is the world’s largest custodian bank, currently overseeing $46.7 trillion in assets. Chainalysis is a blockchain-data analysis platform that offers services to traditional financial institutions, allowing large firms to manage the legal risks that come with cryptocurrency more easily. As part of the partnership, BNY will utilize Chainalysis software to track, record and make use of the data surrounding crypto assets. The risk management software offered by Chainalysis includes KYT (Know Your Transaction), Reactor, and Kryptos, with the most important being the KYT flagging system — which automatically detects whether cryptocu...
This Software Lets You Design Trippy Visuals of Your Music—Then Mint Them As NFTs
We know—NFT this, metaverse that. But before you grumble at this umpteenth blockchain tech platform, consider its value for music producers. VOID is a Web3-based platform that allows musicians to generate and customize kaleidoscopic visuals with their own songs. Created by Dutch developer Triptcip, the sequencing software essentially takes your music and spits out a trippy, beat-reactive mosaic. Triptcip’s visual synthesizer, VOID. Triptcip VOID, which Triptcip says is the first of its kind, aims to arm music producers with an easily accessible visual synthesis tool. Visual designers have enjoyed the spoils of the digital art revolution, but many musicians have found themselves stuck in a new kind of limbo. Without a budget to join forces with a capable designer or a trusted partner au cou...
Avalanche price rallies 20% after report reveals $25M inflows into AVAX investment vehicles
Avalanche (AVAX) rallied by around 20% in the last two days as a new report revealed millions of dollars flowing into AVAX-based investment products. Penned by CoinShares, an institutional crypto fund manager, the report highlighted that Avalanche-based investment vehicles attracted about $25 million in the week ending Feb. 21, the second-biggest inflow recorded in the said period after Bitcoin’s (BTC) $89 million. Flow of assets. Source: Bloomberg, CoinShares In contrast, Ether (ETH), Avalanche’s top rival in the smart contracts sector, witnessed an outflow totaling $15 million. On the whole, Avalanche and similar cryptocurrency investment products attracted around $109 million, recording their fifth week of positive inflows in a row. AVAX rebounds against macro headwinds...
Security firms seek to make it more difficult for scammers to get away with DeFi project hacks
The rise of community-oriented blockchain security companies may be making it more difficult for alleged bad actors to get away without a trace. Early Wednesday, CertiK issued a community alert regarding Flurry Finance, where its smart contracts were allegedly breached by hackers, leading to $293,000 worth of funds being stolen. Shortly after the incident, CertiK published the wallet addresses of the alleged perpetrator, the address of the malicious token contract, and a PancakeSwap pair address allegedly involved in the attack, leading to a warning issued on BscScan. While the firm audited the project’s smart contracts, it appears that the exploit was the result of external dependencies. #CommunityAlert @FlurryFi’s Vault contracts were attacked leading to around $293K worth of asset...
Time Studios talks legacy media and the rise of NFTs
Cointelegraph spoke to Keith A. Grossman, President at TIME, about the legacy media company’s recent moves into the Web3 space. According to Grossman, TIME seeks to “modernize the relationship our brand can have with its community.” Some of these moves include creating 1:1 NFTs of their flagship magazine covers, the option for digital subscribers to pay in crypto, and the launch of their TIMEPieces NFT project collaborations. Grossman stated that an important result of all of these initiatives is the “opportunity to tap into the great creativity emerging within the NFT community and connect this with the larger distribution channels we have already established via TIME Studios.” One artist that has connected with TIME Studios, the TV and film production division of TIME, is Doug, the artis...
Price analysis 2/23: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT
Bitcoin (BTC) and several altcoins have bounced off their immediate support levels after buyers attempted to arrest the current decline. Bloomberg Senior Commodity Strategist Mike McGlone highlighted in a recent Tweet that Bitcoin was trading roughly 20% below its 50-week moving average and such discounted levels have “often resulted in good price support.” The bearish price action of the past few days does not seem to have deterred the institutional traders from accumulating at lower levels. According to CoinShares’ Feb. 22 “Digital Asset Fund Flows Weekly” report, institutional investors pumped about $89 million into Bitcoin funds between Feb. 14 and Feb. 18, taking the total inflows in the current month to $178.3 million. Daily cryptocurrency market performance. Source: Coin360 Crypto t...
If you are interested in HODLing tokens, ETH, SOL and AVAX are the best tokens you can get right now
Ethereum’s value saw an increase of 5% in the last 24 hours. Solana’s value also increased in value within the last 24 hours by 8%. Avalanche saw the highest gains within the last 24 hours, with an increase of 12%. HODLing as a strategy has become popular among cryptocurrency enthusiasts due to the fact that it describes a long-term approach in terms of cryptocurrency investing. The main strategy implemented here is where investors essentially hold on to their cryptocurrency investments, despite the falls in price, with the eventual goal and hope that the token will get back up in value. Should you buy Ethereum (ETH)? On February 23, 2022, Ethereum (ETH) had a value of $2,722.04. In terms of the all-time high value of the token, Ethereum (ETH) had a value of $4,878.26 on November 10, 2021....
Singapore-based crypto exchange Bitrue to debut ADA base pairs
The Singaporean crypto exchange intends to introduce ADA as a base currency for tokens, including SOL, AVAX, and MATIC Bitrue has shown commitment to advancing growth in the Cardano network through a series of initiatives Singapore-based Bitrue crypto exchange, popular with Ripple’s XRP, has become the latest entity in the crypto sector to launch an initiative to propel the growth of Cardano. The crypto exchange announced yesterday that it would be adopting Cardano’s ADA as the sixth spot trading base currency. With the announcement, the first ADA pairs will go live tomorrow, 24th February. These will include pairs for ETH, SHIB, XDC, MATIC, SOL, AVAX, LTC, GALA, ICP, and MANA. Users will gain the ability to use a flurry of features that come with the said trading pairs – such ...
JP Morgan’s Christine Moy resigns, latest exec to flee Wall Street for crypto?
The inexorable flow of workers handing in their notices has become known as the Great Resignation. Over 33 million Americans quit their jobs between spring 2021 and end of year, with the graph below showing visually quite how stark the trend has been in historical terms. Via FRED St. Louis Pandemic Effects The pandemic has ushered in a completely new way of working. Employees have realised quite how un-fun sitting in traffic is for two hours each day, or how much they dislike packing into a rush-hour subway, their face brushing up against the sweaty armpit of a 6”4 guy (why is there always somebody without deodorant?). People enjoy flexible hours (especially with children in the picture) and an employer that cares about their desires. Personally, I thank a higher power every mo...
