Crypto

Over the past ten days, Bitcoin (BTC) price tested the $44,500 resistance on multiple occasions, and this marked a 16% drawdown from the previous week’s $53,000 local top. Not even the $3.4 billion long futures contracts liquidations that occurred on Sept. 7 while BTC dropped by 18.7% was enough to eliminate bulls’ optimism, according to options markets data.  Bitcoin price at Coinbase in USD. Source: TradingView If historical data plays any role in the price of Bitcoin, the month of September presented negative performances in four of the previous five years, and BTC finished August trading at $47,110. Regardless of the price, adoption by institutional investors has been growing at a steady pace. On Sept. 13, Morgan Stanley, one of the largest banks in the United States, ...

The value of MicroStrategy’s massive Bitcoin (BTC) holdings has surpassed what most S&P 500 companies hold in their cash treasuries. The Nasdaq-listed enterprise software firm purchased an additional 5,050 Bitcoin for about $242.9 million, raising the value of its 114,042 BTC holdings to nearly $5.3 billion. That comes out to be higher than what 80% of non-financial S&P 500 companies hold in their cash coffers, as per data compiled by Bloomberg. Cash spending up among corporations MicroStrategy made buying Bitcoin its official corporate strategy in 2020, with its celebrated CEO, Michael Saylor, calling the move a defense against the U.S. dollar’s potential devaluation. Companies like Tesla and Square later copied the strategy to replace a portion of cash reserves wit...

Bitcoin (BTC) quickly returned to $48,000 during Sept. 15 as BTC/USD continued on the path to a $50,000 retest.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin takes aim at $50,000 Data from Cointelegraph Markets Pro and TradingView tracked the largest cryptocurrency as it beat out thin resistance above $47,000 to zone in on psychologically significant higher levels. Passing $47,000 was a substantial gain for bulls, with resistance then shifting up towards the $50,000 mark, an area which should come next, analysts say. “Right now, we are looking at a potential breakout above the range high,” Cointelegraph contributor Michaël van de Poppe said in his latest YouTube update earlier on the day. Van de Poppe revealed that he was uncertain about a ...

An OpenSea executive has been outed for hyping nonfungible tokens he purchased and then featuring them on the homepage of the popular NFT marketplace — a move that presumably allowed him to sell the art pieces for a quick profit. Nate Chastain, who serves as OpenSea’s head of product, allegedly used burner wallets to purchase NFTs, which were then featured on the front page of OpenSea — where they’d receive the most attention — before unloading them. A Reddit user documented the whole ordeal by publishing the transaction details. One of the NFTs in question belongs to the Dailydust Collection on OpenSea. The “Spectrum Of A Ramenfication Theory” was purchased by Chastain on Tuesday for 0.25 Ether (ETH) before it was sold for 1.5 ETH a few hours later. Notably, the sale was executed after th...

The European Union is reportedly looking to bolster technological development in the region with a planned $177 billion investment war chest. According to Bloomberg, EU officials plan to fund direct investments in areas like blockchain, data infrastructure, 5G, and quantum computing among others. The planned $177 billion investment fund is about 20% of the 750 billion euros ($887 billion) stimulus package agreed upon by EU leaders back in July 2020 to kickstart economic recovery amid the ongoing COVID-19 pandemic. Speaking on Wednesday, Ursula von der Leyen, President of the European Commission stressed the importance of investing in digital technology for the entire region. Indeed, part of the investment fund will go towards the manufacture of low-power processors as EU officials seeks to...

The partnership is an attempt to capitalise on the trend of blockchain projects making it big with the backing of centralised cloud hosts, especially in the NFT space In an announcement yesterday, Google has confirmed that it will be partnering with Canadian blockchain startup Dapper Labs in a move that allows the search engine giant to make crucial strides into the blockchain and digital assets world. Dapper Labs is best known for its development of some of the most popular non-fungible tokens (NFTs) on the market, including the $860 million NBA Top Shot. Its NFT platform is the fourth largest by sales volume with users conducting between 500,000 and 1 million transactions per week this summer. The multi-year partnership will focus on solving scalability issues for Dapper Labs’ Flow block...

Leading U.S.-based cryptocurrency exchange Coinbase has seen enormous demand for its junk bond offering, with the firm increasing the size of the sale by one-third from $1.5 billion to $2 billion. According to Economic Times, at least $7 billion worth of orders were placed in competition for equal quantities of seven and 10-year bonds, offering interest rates of 3.375% and 3.625% respectively. The publication cites an anonymous source as claiming the interest rates were cheaper than the initial quotes offered by Coinbase, with the influx of demand suggesting buyers hold a higher opinion of the company’s credit-worthiness than initially suspected by the exchange. “The strong demand is clearly a big endorsement by debt investors,” commented Bloomberg Intelligence analyst Julie Chariell. Howe...

Bitcoin (BTC) tentatively reclaimed $47,000 on Sept. 15 in a move which analysts believe should open up the path to $50,000.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin bulls escape another retest of lows Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding the $47,000 mark Wednesday, this being crucial to flip for bullish continuation. The level had seen fierce defense by whales the day before, but bulls ultimately won the upper hand, lifting Bitcoin out of a multi-day descending channel. Even a dip towards $46,000 failed to materialize, reinforcing the more optimistic case for short-term BTC price action. There’s the 4HR candle close for #BTC If a dip occurs to ~$46100 from this point, it will likely be a retest opportunity t...

Morgan Stanley, one of the largest banks in the United States, is setting up a new crypto-focused research division. The Wall Street megabank has appointed Sheena Shah as lead cryptocurrency analyst for its dedicated cryptocurrency research team, Bloomberg reported on Sept. 13. Shah worked as Morgan Stanley’s lead currency strategist covering G10 currencies for more than eight years and contributed to the bank’s crypto-related research efforts. In the new role, Shah will reportedly focus on analyzing the impact of cryptocurrencies on equities and fixed-income investments like treasury and corporate bonds.  Announcing the news in a memo to staff, Morgan Stanley’s executives stressed that the launch of a dedicated crypto research team “is in recognition of the growing signific...

Hongkong Land, a property landlord in Hong Kong, has leased out commercial office space to a local crypto-asset firm named HashKey Group following clarity around cryptocurrency regulations.  Neil Anderson, Hongkong Land’s director, believes that the decision to lease commercial property to crypto businesses was heavily reliant on the recent crypto regulations set by the Securities and Futures Commission (SFC): “The SFC’s recent decision to regulate digital asset exchanges in Hong Kong gives us confidence that this new asset class has a regulatory framework, and therefore a future within the finance industry.” Hong Kong regulators require crypto businesses to be licensed locally and offer their services only to professional investors. Hong Kong’s regulatory decisions around cryptocurre...

Cryptocurrency startups are receiving investments from venture capital firms, hedge funds and fellow crypto companies Cryptocurrency exchange Gate.io announced the launch of its $100 million fund yesterday. The fund is designed to support startups in the cryptocurrency space and is available to applicants interested in scaling their projects. The exchange announced this on its platform yesterday. The fund, named Gate Ventures, will provide funding to crypto startups. Gate.io stated that “Gate Ventures is a worldwide venture investment initiative, which is focused on decentralized infrastructure, ecos, and applications that will reshape the world in the digital age. Endorsed by Gate’s eco, Gate Ventures offers financing, operational resources, and expertise to the crypto communi...