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Cardano Foundation: Blockchain would have prevented GME controversy

Frederik Gregaard, the CEO of the Cardano Foundation, believes that a blockchain infrastructure for capital markets could have prevented a fiasco like the one surrounding GME.

The recent GameStop controversy has prompted several Blockchain.commentators to once again make it known that they believe in a future restructuring of the financial sector. The events Bitcoin Bank scam surrounding GameStop are much more than a pure „David versus Goliath“ story. Small investors from Reddit are going up against predatory hedge funds in this one

Frederik Gregaard, the CEO of the Cardano Foundation, tries to focus on other aspects in this discussion about the balance of power, rules of the game or legitimate methods in the recent clash between the little people, hedge funds, intermediaries, Robinhood and regulators.

Some participants in the meme-share craze saw themselves as something like insurgents fighting the system with its own weapons. Many people criticised their strategy and motives on political grounds. Gregaard, on the other hand, focuses on technology, transparency and rationalisation to fight the evils of the system. He talks about the cynicism and cunning of Reddit users as well as the self-interest of institutional and systemic actors themselves.

He analysed Robinhood’s controversial decision to restrict trading amid the GameStop controversy. Gregaard commented:

„We now know that the real issue was the intensity of trading activity. That forced Robinhood to set higher margin requirements for certain items. Dias exceeded the capacity of various players in the buying, selling and settlement process. This in turn led to a backlog of settlement requests and consequently liquidity issues for clearing houses.“

This decision, Gregaard continues, was felt first and most severely by the „cogs in the wheel“, i.e. the brokerage firms

He claims that if post-trade settlement had been carried out with a public blockchain ledger, the bottlenecks in the settlement process would have been visible to all market participants on the chain. This would have distributed information more evenly and provided insight into „market inefficiencies“. In his summary, Gregaard cited the recommendation of Big Four accountants PriceWaterHouseCoopers. That firm said technology could „reduce operational complexity and provide a single verified source of truth“.

In addition to transparency, Gregaard said it would also improve the speed and efficiency of the clearing and settlement process itself. This would be possible by choosing a system, such as blockchain, where there are no middlemen and it works in a distributed way. Much of the behind-the-scenes operations would thus be more visible to the average user and clearer for the back-end institutions. It would also remove barriers to the immediate settlement of assets and eliminate the need for cumbersome intermediate processes.

Gregaard told Cointelegraph that regardless of recent events, there are „opportunities for synergies and working partnerships between traditional financial institutions and leaders in the decentralised ledger technology industry“. He also noted that as the blockchain industry matures, regulation would also become stronger. „This could lead to friendlier legislation that enables Blockchain to provide an immutable audit trail of all transactions.“ The CEO further explained:

„With an open-source blockchain infrastructure, like Cardano, anyone can explore our code and develop solutions that can be deployed on our blockchain. This is just one potential use case scenario where we believe we can contribute to innovation. We also welcome people into our ecosystem who want to bring about change.“

Analysts say the possibility of a crash to $27,000 for BTC should not be ruled out: such a development would „annihilate“ the altcoins

Some analysts argue that the price of Bitcoin (BTC) could collapse to $27,000 if the support zone at $30,000 fails.

The potential decline towards $27,000 depends on the ability of bullish traders to protect support at $30,500, where BTC bounced back with considerable strength on January 11.

Whale cluster on Bitcoin chart
Whale cluster on Bitcoin’s chart. Source: Whalemap
Where is Bitcoin’s near-term low?
In the near future, there are three key technical levels for Bitcoin to follow: $34,500, $30,500 and $27,000.

Over the past 72 hours, $34,500 has acted as a critical support zone. Each time BTC has visited this level, it has recovered fairly quickly to around $36,300.

If the $34,500 does not hold, the next important support level is at $30,500, the point where Bitcoin began to recover ground after the big correction on January 11, an event that resulted in liquidations of $2 billion worth of futures contracts.

A pseudonymous trader known as „Alex,“ for example, said that if Bitcoin returned to $30,000 without a visible reaction from buyers, the ideal move would be to wait for $27,000 or a bullish move above $30,000:

„Decision-making is dynamic. Nothing is set in stone. But in all likelihood if the price comes back towards $30,000 I will stay on the sidelines. The plan is to have resources to buy the correction (to be reallocated). If the $30,000 doesn’t hold, no buying until the price gets to $27,000 or back above $30,000.
Similarly, another popular pseudonymous trader known as „Mayne“ has indicated that losing $33,000 will likely result in a correction to $27,000. On January 18, prior to the opening of the weekly candle, the trader tweeted:

„I believe the $33,000 will hold and we will track a strong rebound on Monday. If we lose this level, Bitcoin is a scam and I deny any association of mine up to $27,000.“
Bitcoin’s 4-hour price chart with levels highlighted
Bitcoin 4-hour price chart with levels highlighted. Source: TradingView.com, Mayne
What happens to altcoins if the $30,000 doesn’t hold?
Alex pointed out that should Bitcoin plummet to $27,000, the altcoins will likely be „wiped out“ with corrections of between 30% and 50%.

Typically, altcoins are less liquid and have much lower volume than Bitcoin. Therefore, during a bearish cycle, altcoins often experience deeper pullbacks compared to BTC. The trader explained:

„If for any reason $BTC falls to $27,000, expect altcoins to be annihilated with intraday pullbacks of 35%-50%. In this scenario, buying altcoin will be better than buying $BTC. Surely buying altcoins at that level will be more beneficial than leveraged positions in $BTC. Spot the winners and jump in.“
Bitcoin is currently tracking a slow recovery from the support level at $34,500, a move that reflects an uptrend. This support coincides with a whale cluster, which are likely protecting the level with buy orders.

The presence of the whale cluster at $34,500 explains why Bitcoin has seen strong bounces from this area over the past 48 hours. In the short term, the key to a convincing recovery is to protect this level.

With only R$ 2 that he won from Foxbit, investor profited more than R$ 1,800 after he forgot balance in cryptomoedas in the exchange.

A cryptomaniac trader profited over 90,000% from a fraction of Bitcoin (BTC) completely forgotten by him for years in a Foxbit Brazilian exchange account.

According to a statement published this Wednesday (13) on Twitter, investor Erick Slapelis explains that he earned the balance in cryptomoedas during a registration promotion for new users on the platform, and so forgot that there were almost R$ 2,000 in BTC.

Day trade market is ‚full of picks‘ that promise easy profit, according to Felipe Neto

In fact, the trader won only R$ 2 from Foxbit during the exchange registration, still in 2014. However, with the valuation of cryptomeda in the last six years, the forgotten value has surpassed R$ 1,800 currently, with the price of Bitcoin above R$ 230 thousand.

Profit of the trader with Bitcoin

Over the last ten years, the price of Bitcoin has accumulated an unimaginable appreciation that has made cryptomoeda break consecutive records. With this price increase, any amount of BTC forgotten for years may have made a jump in value in the market, as is the case with the money forgotten by the trader at Foxbit.

Traders can earn over R$ 2,000 in cryptomoeda at NovaDAX with Ethereum 2.0

At the time, the amount received in Bitcoin in the promotion of new exchange registrations was only worth R$ 2. However, with the price of Bitcoin increasing progressively in the last years, the BTC fraction forgotten by the trader is worth R$ 1.812, according to the tweet about the case.

„I’d like to thank Foxbit, that in some moment, had a promotion that when making the register on it won $ 2 in Bitcoin. I forgot those $ 2 and, today when opening my account, I had $ 1,812“.

Cryptomoeda forgotten since 2014

The Bitcoin fraction found by trader Erick that had a profit of 90.500% in total was discussed by users on social networks. On Facebook, he stated that he didn’t know at what moment he won the balance in cryptomedas of the Foxbit exchange.

Initially, the trader believed that he received the reward for registering in the platform still in 2016. However, considering the fraction of BTC that corresponded to R$ 2, the user on Facebook suggests that the investor received the balance in cryptomoedas only in 2014.

„I don’t think it was in 2016. The lowest quotation for Bitcoin in 2016 was $350. Multiplying by your balance, it would give $3.40. It would have to be until 2014 for that amount in Bitcoin to match the BRL/USD quote of the time“.

Balance in Bitcoin of the trader in Foxbit (Reproduction/Twitter)
BTC was worth only R$ 207

The Bitcoin is being quoted at around R$ 190 thousand on the afternoon of this Wednesday (13). However, before arriving at this value, BTC has already experienced moments in which the price was only R$ 207.

In other words, when the trader won R$ 2 in Bitcoin from FoxBit, in 2014, cryptomeda was quoted at only R$ 207, a value almost a thousand times lower than the one currently practiced by the market.

Trader profits 4,900% with only R$ 2 after buying Bitcoin for the first time for R$ 2 thousand

So, with an amount of 0,00966771 BTC that he found, currently the balance forgotten in cryptomoedas of the trader corresponds to R$ 1.835, considering the quotation of Bitcoin in R$ 189.823.

The number of active Bitcoin addresses increased by 105% in 2020.

This is part of a historic year for the price of Bitcoin as it is reaching new all-time highs.

Bitcoin is seeing growth in adoption among retail and institutional investors

According to Coin Metrics, a cryptocurrency market and data analysis company, the number of active Bitcoin addresses increased by 105% in 2020.

While many have celebrated the tripling of Bitcoin’s price this year, other important steps have gone largely unnoticed.

Aggregated in Coin Metric’s State of the Network 2020 report , this price growth revealed a similar trend in terms of exposure and use.

Active Bitcoin wallets more than doubled, a metric that shows continued adoption by users. This number of new addresses used may indicate that new users are getting involved, as returning Bitcoin buyers do not necessarily need to create a new address.

Bitcoin’s flagship year

2020 has been a difficult year globally. The COVID-19 pandemic has caused massive economic uncertainty, inflation and other problems.

Following the 2008 financial crisis, Satoshi Nakomoto created Bitcoin so that governments no longer had singular control over the monetary system. Maybe a year like 2020 highlights why this matters.

There are a variety of factors that have helped solidify Bitcoin as a store and transfer of value, as well as a hedge against inflation. One example is the huge amount of money printed by the US government.

The US dollar is the world’s reserve currency, which means that many central banks around the world hold USD in their reserves. Due to economic uncertainty, increasing spending and other factors, the Federal Reserve has embarked on a dollar printing frenzy, printing more than a third of all U.S. dollars that have ever existed in 2020.

Some companies that hold US dollars as the majority of their reserves took note and decided it was time to act and branch out into other assets.

With the predetermined supply of Bitcoin and the amount of coins in circulation, many users, both commercial and institutional, began to view Bitcoin as a more common hedge against inflation.

Traditionally, companies would invest in precious metals or real estate to hedge against inflation, but Bitcoin has many principles that can make it a superior store of value in many ways .

Correlation positive

Bitcoin was designed to act that way, with characteristics of money such as durability, portability, divisibility, uniformity, and limited incorporation to make Bitcoin a healthier currency than its contemporaries.

It is undeniable that the drastic increase in Bitcoin prices has a major impact on the number of users who create and use their new Bitcoin wallet. That said, the fact that so many new addresses have been created indicates more widespread adoption.

While it is possible to create unique wallet addresses to anonymize holdings, many users are probably creating and using these wallets for the first time. This is a strong signal of the fundamental growth of Bitcoin.

Dado que las criptomonedas se están volviendo cada vez más atractivas para las personas de alto patrimonio neto, no es de extrañar que más estén buscando posiblemente convertir sus carteras. Elon Musk, el director ejecutivo de Tesla Motors, preguntó recientemente sobre tal posible movimiento en Twitter, lo que provocó conversaciones entre los toros criptográficos y los escépticos.

Bitcoin: demasiado tentador para ignorarlo

El domingo, Musk se dirigió a Twitter para compartir un meme que describía cuánto le había resultado atractivo Bitcoin recientemente. El meme se volvió viral, y muchos creyeron que Musk estaba buscando convertir una parte de su riqueza reportada de $ 146.3 mil millones en la criptomoneda líder.

Este no es el primer roce de Musk con Bitcoin. En 2019, explicó que solo poseía 0.25 BTC, que obtuvo de un amigo. Si bien el multimillonario había llamado a las criptomonedas „brillantes“, explicó que no tenía ninguna propiedad real. No está claro si desde entonces ha comprado más unidades de la criptomoneda desde entonces.

El reciente tweet de Musk provocó reacciones de algunos nombres notables. Michael Saylor, director ejecutivo de la firma de inteligencia empresarial MicroStrategy, respondió al multimillonario y le aconsejó que Musk podría convertir el balance de Tesla en Bitcoin. Como explicó Saylor:

“Si desea hacerles a sus accionistas un favor de $ 100 mil millones, convierta el balance de $ TSLA de USD a #BTC . Otras empresas del S&P 500 seguirían su ejemplo y, con el tiempo, se convertiría en un favor de 1 billón de dólares „.

MicroStrategy abandonó el efectivo por criptomonedas este año, comprando $ 425 millones en Bitcoin en agosto. El valor del activo casi se ha duplicado desde entonces, proporcionando importantes ganancias financieras para la empresa con sede en Virginia.

La firma se duplicó recientemente, anunciando un aumento de capital de $ 650 millones. Como se explicó, MicroStrategy utilizará el capital para comprar más Bitcoin.

No está del todo claro cómo Tesla podría hacer un movimiento similar. La compañía ha tenido un aumento significativo en 2020, con las acciones cotizando a $ 695 en el momento de la publicación, lo que le da a la empresa una valoración de $ 658 mil millones. Yahoo! Los datos financieros mostraron que la compañía tenía $ 34 mil millones en activos totales durante el año pasado. El aumento repentino de 2020 habría llevado este número mucho más alto, y convertir este valor a Bitcoin sería casi imposible.

Musk se dio cuenta de esto y le preguntó a Saylor si era posible una transacción a tal escala. En respuesta , Saylor explicó que había comprado más de $ 1.3 mil millones en Bitcoin este año, ofreciendo compartir su libro de jugadas con Musk.

Doge surge en una referencia de almizcle

Musk pasó su domingo reflexionando sobre varios temas y no solo Bitcoin. El multimillonario de Tesla tuiteó una referencia a Dogecoin en un tuit separado y cambió su biografía de Twitter para que dijera „ex director ejecutivo de Dogecoin“.

El tweet hizo que Dogecoin se disparara, con el precio del activo saltando de $ 0.003947 a $ 0.004831 en el momento de la publicación. Musk ha tuiteado antes sobre el activo digital inspirado en memes, afirmando en julio que previó un futuro estándar de Dogecoin. El tweet hizo que Dogecoin aumentara un 14 por ciento.

Bitcoinhat heute ein neues Allzeithoch erreicht, wobei der führende Handel mit Kryptowährungen in den letzten Stunden bis zu 19.800 US-Dollar betrug. Dieser Meilenstein hat das bisherige Allzeithoch von 19.666 USD gebrochen, das am 16. Dezember 2017 an der Bitstamp-Börse verzeichnet wurde.

Riesiger Meilenstein für Bitcoin

Die Schaffung eines neuen Allzeithochs ist ein wichtiger Meilenstein für Bitcoin in einem für die führende Münze bemerkenswerten Jahr. Bitcoin Era hat eine große Wirtschaftskrise wie die Covid-19-Pandemie gemeistert und seit seinem Jahrestief im März einen längeren Aufwärtstrend eingeleitet.

Bitcoin hat in den letzten acht Monaten über 150% an Wert gewonnen, was viele in der Crypto-Community überrascht hat. Die führende Münze hat sich aus den traditionellen Wirtschaftsspekulationen entfernt und in den letzten Monaten ihren eigenen Trend entwickelt.

Bitcoin konnte sich am Wochenende erholen, nachdem es am Donnerstag einen Flash-Crash erlitten hatte, der dazu führte, dass die Münze unter 17.000 USD fiel. Bitcoin konnte am Samstag und Sonntag stetig zulegen, was dazu führte, dass die Münze mit hohen Erwartungen an die Crypto-Community in die neue Woche eintrat.

Das Erreichen des Allzeithochs ist nach Ansicht der wichtigsten Stakeholder, die glauben, dass wir uns mitten in einem Aufwärtstrend befinden, nur der Anfang. Zum Zeitpunkt des Schreibens hat Bitcoin korrigiert und einen Wert von 19.300 USD.

Die institutionelle Nachfrage stieg im Jahr 2020

Der jüngste Aufwärtstrend wurde auch durch die zunehmende Akzeptanz bei Instituten und traditionellen Finanzunternehmen begünstigt. Graustufen Investmentfonds verfügen über eine Kryptowährung im Wert von mehr als 10 Milliarden US-Dollar, wobei ein großer Teil in Bitcoin gehalten wird. MicroStrategy machte auch die Nachricht für zwei große Investitionen in Bitcoin insgesamt rund 500 Millionen US-Dollar. PayPal schloss sich dem Zug an und kündigte Pläne zur Unterstützung von Bitcoin und anderen Kryptowährungen im Oktober an.

Abgesehen von den Institutionen verzeichnete der Bitcoin-Einzelhandel ein massives Wachstum, das sich in der Gesamtzahl der aktiven Bitcoin-Adressen zeigt, die ein Allzeithoch erreicht haben. Die Bitcoin-Marktkapitalisierung verzeichnete in den letzten Tagen ebenfalls Rekordwerte. Angesichts der Tatsache, dass mehr Finanzinstitute in die führende Münze investieren werden, gibt es Prognosen, dass der Preis erst in den kommenden Monaten weiter steigen wird.

Wie erwartet wurde die Nachricht, dass Bitcoin sein Allzeithoch erreicht hat, von der Crypto-Community mit Spannung aufgenommen. Der nächste große Widerstand für Bitcoin liegt bei 20.000 USD, was die nächste Phase des Aufwärtstrends markieren würde.