After registering over 40% gains just in the last two weeks, Bitcoin (BTC) finally entered a sharp correction on Monday, February 22. The Bitcoin price took a dip below $50,000 levels correcting over 15% from its all-time high.
Although Bitcoin (BTC) has partially recovered from the low, it is still 8.13% down at press trading at $52,126 with a market cap of $968 billion. As per on-chain data provider Santiment, bitcoin whales have been behind the recent correction. Over the last week, the number of whale addresses with a minimum of 1000 BTC dropped ~2% from 2,462 a week back to now at 2416.
Another data provider Glassnode cites a similar observation. It writes that Bitcoin whale addresses holding between 1K-10K BTC were increasing over the last year calling it a ‘whale spawning season’. However, it adds that these addresses have been reducing holdings over the last two weeks. The Glassnode report states:
“Wallets with 1k to 10k BTC holdings in particular have been in a strong uptrend since March 2020, having increased by 14.18% between 12-Mar-20 and 5-Feb-21. This has been referred to as ‘Bitcoin whale spawning season’ as these addresses represent holdings of millions to hundreds of millions of dollars (considering price rallying from $3.8k to $58k in that time). However, over the last two weeks, this wallet class appears to be ‘reducing holdings’.”
Bitcoin Exchange Inflows Skyrocketed Before Correction
Also, the data provider notes that just as the Bitcoin price surged past $58.3K the exchange inflows spiked significantly for profit booking. Just before Bitcoin’s sharp 16% price drop, the one-hour exchange inflows touched a 16-week high.
Coinciding with #Bitcoin‘s #AllTimeHigh at $58.3k yesterday, our platform picked up the largest one-hour exchange inflow spike in 16 weeks, followed immediately by a steep -16% price correction. This coincided with a +0.15% rise in $BTC‘s total supply returning back to pic.twitter.com/cqjlmF9hrV
— Santiment (@santimentfeed) February 22, 2021
Bitcoin price volatility continues to remain high at this point. After a dip below $50K, BTC quickly recovered over 10% from the bottom, however, it failed to breach the $55K level and is once again under major profit booking to its journey south.
But Santimnet notes that there’s still some chance for Bitcoin price recovery with dormant tokens on the move. But social indicators show that there’s a major lack of “buy the dip” calls. Also, the Bitcoin network’s other indicator for ‘Realized Profits or Loss Metrics’ showed signs of crowd overconfidence.
🤔📉 #Bitcoin‘s volatility is picking up, as prices dipped back below $51,000 15 minutes ago before bouncing. Our latest insight explores how dormant token movement projects there could still be room to recover, as well as how #buythedip calls are down. https://t.co/cXwD7lBnC4 pic.twitter.com/XXEA26AHnU
— Santiment (@santimentfeed) February 23, 2021
Interestingly, another data from Glassnode shows that we might have entered the next consolidation cycle and Bitcoin will see a strong support at $48K.
— Jan & Yann (@Negentropic_) February 22, 2021
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Grant Blaisdell on why he is creating an NFT marketplace for digital space assets, his biggest crypto horror story, and more
CryptoSlate recently had the opportunity to chat with Grant Blaisdell, the founder and CEO of Copernic Space, a marketplace for “digital space assets and companies.” Grant has been creating ventures at the intersection of new technologies and media in the US and Central Europe since his late teens.
CryptoSlate recently had the opportunity to chat with Grant Blaisdell, the founder and CEO of Copernic Space, a marketplace for “digital space assets and companies.”
Grant has been creating ventures at the intersection of new technologies and media in the US and Central Europe since his late teens. An early innovator in applying blockchain technology to various industries, companies Grant has co-founded include the leading Blockchain Analytics and AML company Confirm and the digital asset marketplace for the Space industry Copernic Space. As a lifelong musician and hip hop artist known as GB Savant, Grant also applies his technological work to his music with upcoming projects such as Mr. Crypto.
What is your professional background and how/when did you get into crypto?
I was in the LA startup and digital media space mainly focused on distribution and monetization models around digital content on mobile whether music or video. Bitcoin was already something I had heard about and had positive feelings towards based on my understanding and my viewpoint and value towards the world and its systems.
But I think most people have an “Aha” moment as to this technology, mine was around 2013 when I realized that applying this technology in certain ways can help alleviate a major issue I was looking to solve and that was centralized 3rd party platforms and middlemen that provided minimal transparency. I’m coming back around to my crypto roots recently as I’m becoming more and more involved in the digital media and music scene around this technology.
Tell us about why you decided to start Coinfirm?
Really what sits at the core of Coinfirm is providing the bridge between crypto and the mass economy and democratizing the AML market from high cost and low effectiveness to a highly effective near automated utility that a small startup to a major financial institution can use to properly cover their compliance needs for blockchain assets. We saw where we thought crypto was going and understood that for it to reach the point of any mass adoption that it would have to cross the regulatory challenge and more specifically the AML aspect.
On the flip side, our founding CEO and CIO have a deep background in AML, anti-fraud, and related analytics aspects and we understood that not only can we provide the AML bridge connecting crypto to the market but totally change the realities and effectiveness of AML overall. We took it from a high cost 2% effective process in the traditional financial industry and turned that into an easy to use near automated solution that works in 90 percentiles.
With our blockchain agnostic foundation, meaning the capability to technically integrate and analyze across blockchains, and a combination of many other competitive advantages we were quickly able to cement ourselves as an AML and analytics segment leader. Although we were really early and one of if not the first that focused on the AML challenge, our long-term vision is continuously being proven correct and we look forward to showcasing that further with our AMLT Oracle solution for DeFi and other solutions like ReclaimCrypto.
What are the biggest misconceptions about working full-time in crypto?
That its some sort of easy get rich quick market you can just enter and fly through. I’ve personally never been focused on the speculative aspect but more so the solution building and application part, so for me, I’m uniquely invested in the long haul and live and die by what I create.
Although the massive growing interest in the speculative element of crypto has its obvious positives, I think what people don’t see is the countless hours and amazing work being done by people all over the world in this space that is what will at the end of the day get crypto into the hands of a good portion of society whether they know it or not. I can’t tell you many people I’ve seen leave the “industry” as they get frustrated after BTC drops for an extended period etc.
What is your biggest frustration with the industry?
Selling blockchain as the solution and not selling solutions themselves. One thing is also something that has a positive side as well, which is this kind of ideological approach of many people, especially people that were very early. This has proliferated into the products they were pitching or selling and in my view clouded the reputation of other related players by association.
You can’t say hey I’m here to kill you and then sit down and try to work with them or sell them in. These things take time. Also the speculative focus relates to the above and then places the validity of the industry on the speculative rises and falls of the assets themselves.
What is your craziest crypto horror story?
As a Co-Founder of Coinfirm I got many internal views on “crypto horror stories”. But the hacks, the public scams, etc are much more visible, the true “conman” is operating in the shadows of this industry. There’s a bunch of blockchain project founders that have in total spent countless hours and time and even trips for a potential client or investor that ends up being a scam of a very high caliber.
I won’t go into details, but just know that there are organized companies marketed as investment firms with a constant array of switching but copied websites, names, and addresses in Switzerland. They consist of professional con men centralized between Switzerland and Italy that engage blockchain project founders they assume to hold significant crypto assets and then target them to eventually execute transactions that are simulated from their end but real from yours.
Tell us about your new venture, Copernic Space, and what problems it is aiming to solve?
Copernic Space is an NFT-based marketplace for digital space assets and companies. Copernic Space’s story starts three generations ago with my grandfather who was an aerospace professor for the national military academy in Poland. A free market capitalistic-minded guy behind the wall of communism, he began his writings around what we would call now the “democratization” of space based on the true struggle of access. The amazing intellectual capital and property being generated locally weren’t accessible to the West and vice versa.
This torch was picked up by my mother and handed to me with the beginning stages of our Copernic Space concept starting over 6 years ago. One thing I’ve learned through my various startup ventures, their successes, and failures, is that timing is of great importance, and at that point in time was blockchain technology not mature enough to create the features we felt were foundational for what was needed, but the mentality of the space industry itself wasn’t ready for what we’re attempting to do back then. Just now are these two points capable of aligning to birth a platform that serves to improve the efficiency and scale of the space industry as it is today, but also provide a new digital economy foundation for the space economy and its future.
Currently, in many cases the process to discover, acquire, and access satellite imagery, data, and what we call The Copernic Space marketplace will allow for digital space assets such as satellite data, imagery, EO, and more to be easily acquired and accessed in one place, unlocking a larger and more efficient market.
Space enterprises can better manage and monetize their digital space assets while the global market benefits from an easy way to discover and access them. With our SmartFund built side by side with the Marketplace, we’re providing the opportunity for projects to showcase themselves and garner funding from the public.
The entire platform is blockchain-powered and built on a tokenized (mainly NFT) and smart contract-based system, providing a transparent, democratized, and much more secure and efficient foundation for the space economy.
We just past our MVP stage and are applying a new UI while working directly with industry partners such as satellite imagery providers on direct commercial use cases and creating the Copernic Space Data Standard, which we’re building to finally create an acceptable standard across the market and help alleviate many of the issues facing it. Along with this process, we’re currently in a funding round that will take us to a public product and lead up to full market launch.
What other projects and/or blockchain developments are you most excited about?
I originally have that background in digital media and music, and I’ve actually stayed involved over the years in applying blockchain tech to that sphere, whether it be helping develop blockchain-based ticketing applications for the industry or something as simple as giving fans bitcoin at my concerts. So the truth is in general I’m heavily into taking digital forms of intellectual property and providing new ways for the creators to better own, protect, and monetize them.
Rarible has shown the great potential of just a sliver of that for example, while projects like ROCKI are applying it directly to music. Although obviously there is so much uncertainty, as usual, attributed to these next 10 years, but when it comes to crypto and further blockchain development it is going to be very exciting.
Do you have any blockchain and/or crypto predictions for 2021 and beyond?
Regulations, specifically AML aspects will enter DeFi soon. The debate around if/who/how to legally pursue true DEX and DeFi like structures and apply these regulations. I don’t like getting into the speculative and related predictive things in crypto, but as we’re still technically in the early stages of all of this, you are going to continue to see the ongoing extinction event of countless tokens, and more up and down waves around major asset pricing.
Along with that probably a few more “bitcoin is dead” articles But in general what we’re seeing in this run in my opinion is pushed by institutional players and companies coming in and is more akin to the .com bubble period although the ICO boom shared similarities to the .com period as well. The next run is going to be pushed by commercial implementations such as Copernic Space and some more mass-market applications around digital media for example. This run might not stop anytime real soon though with that said.
What are the biggest obstacles for the mainstream adoption of crypto?
Obviously regulatory uncertainty or just plain bad regulation. This is going to come in various waves, such as crypto in general, we saw it with ICOs, we’re gonna see it soon with DeFi. Entirely new models are being built and their true integration into segments of the economy will take time and continual waves. I also think that we have to differentiate what we see as the end “mainstream” adoption of crypto.
I’ve always thought that for the majority of people, who aren’t going to be really holding or treating cryptocurrencies as major investments, will be using cryptocurrencies and most likely not even know it.
One of the major obstacles for the mainstream adoption related to that is overall user experience and the exotic thought that regular users will be messing with complicated processes, private keys etc, and the products are going to start reflecting that along with more general adoption.
What is your most controversial opinion relating to blockchain and/or cryptocurrency?
Although I don’t think its technically controversial as it’s general truth for now, I love ethereum and view it as the foundational language of blockchain development, but I can’t trust it enough from a scalability and business end to fulfill what I need for true commercial applications based on it. The swings and high risk in stability and transaction costs are not something that an application that needs to provide true operational trust for companies can rely on.
Although it’s kind of painful to say, Ethereum sets the foundation for our blockchain development but is not going to be the blockchain we deploy the product on.
Connect with Grant Blaisdell
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Citi Research: Bitcoin is the North Star, Currently at a Tipping Point (March 2, 2021)
Citi: “Bitcoin is at the tipping point of its existence and the path forward from here may have broad and widening repercussions.”
The post Citi Research: Bitcoin is the North Star, Currently at a Tipping Point (March 2, 2021) appeared first on BitPinas.
Good morning. Welcome to Tuesday Trades, part of our new series: BitPinas Daily. We will look back at all the major news and updates that happened this week. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. We highlight three to four important news of the past week and list down the rest.
Market Price as of March 2, 2021:
Bitcoin closed March 1, 2021, at $49,639 per BTC. We’re down 9% in the last 7 days and up 69% since the year began. This is also 15% below the all-time high of $58,640, which was hit on Feb. 21, 2021.
Bitcoin’s market capitalization stands today at $916,278,662,681 which is 59.72% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,534,496,092,212 (+6%).
On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.
Table of Contents.
Cardano Hard Fork Makes it a Multi-Asset Blockchain
The hard fork, named “Mary”, will allow users to create new tokens that run on Cardano natively. This is just as one would on Ethereum. Coindesk was quick to point out that enabling issuance of new tokens was the first use case for Ethereum in 2017. What happened after that was the ICO mania.
According to Charles Hoskinson, the founder of IOHK, which is the company that made Cardano, the transition should be fairly simple for node operators. Because they just need to update their software.
Cardano is currently the third-largest cryptocurrency by market capitalization.
Citi: Bitcoin Could Become the Currency of Choice for International Trade
Citi researchers are forecasting that Bitcoin’s core properties, combined with its global reach and neutrality, could see it become the “currency” of choice for international trade in around seven years.
“A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.”
But aren’t nations developing Central Bank Digital Currencies (CBDCs) to simplify trade? Citi explained that Bitcoin is better for this role because if the trade used Bitcoin, the government or any entity won’t be able to take steps to affect the supply and demand of the trade currency. This will decouple trade from political considerations.
At least one problem, Citi said, is Bitcoin’s scalability issues. At 5 transactions per second, it is 2,00 times slower than Visa.
“All of these views about Bitcoin’s potential and how it influences and helps to inspire new business models emerging in the blockchain domain are what leads us to call it the North Star. Whether it maintains this position and how far the potential transformation it has inspired extends are both unknowable at this time, but Bitcoin’s journey has clearly entered a new stage.”
“Bitcoin is at the tipping point of its existence and the path forward from here may have broad and widening repercussions.”
MicroStrategy Buys More Bitcoin
Michael Saylor’s buying spree shows no signs of slowing and stopping anytime soon.
Goldman Sachs to Relaunch Crypto Trading Desk
The desk is part of a broader push into digital assets that may see the firm attempt to launch a Bitcoin exchange-traded fund, Reuters previously reported. Coindesk reports that this trading desk is set relaunch mid-March.
What else is happening
- DeFi Protocols are Bringing in Record Monthly Revenue
- NFTs Aren’t Art? OK, Boomer
- Rakuten’s customers can now use Bitcoin for shopping
- Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip
This article is published on BitPinas: Citi Research: Bitcoin is the North Star, Currently at a Tipping Point (March 2, 2021)
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This Little-Known Altcoin Is Set to Soon Explode, Says Popular Crypto Analyst
Popular cryptocurrency influencer and analyst Tyler Swope has revealed he believes a little-known, highly misunderstood altcoin is set to explode higher in the near future as the market starts to understand its true potential. In a video, Swope told his nearly 200,000 YouTube subscribers he is keeping an eye on the NFT20 marketplace and its […]
Popular cryptocurrency influencer and analyst Tyler Swope has revealed he believes a little-known, highly misunderstood altcoin is set to explode higher in the near future as the market starts to understand its true potential.
In a video, Swope told his nearly 200,000 YouTube subscribers he is keeping an eye on the NFT20 marketplace and its MUSE governance token, claiming it’s the Uniswap (UNI) of non-fungible tokens, implying it’s the go-to decentralized marketplace for them.
As Daily Hodl reports, NFT20 has, according to the influencer, “shipped the products” but the market has failed to fully understand what the marketplace is, similar to how the market misunderstood Uniswap’s potential on the platform’s early days. Uniswap, Swope said, could be an “NFT storefront hiding in plain sight,” but it would need some work to get there.
NFT20 did that work and is now a permissionless protocol that lets users trade, swap, and sell their NFTs. It lets users create pools of tokenized NFTs and auctions a bid to increase their liquidity and earn interest on their tokens. The project, Swope says, has the potential to allow capital to flow into the NFT space.
- They are a decentralized exchange and protocol for tokenizing NFT projects as ERC20 tokens to make them tradeable on DEXs such as Uniswap or Sushiswap. By creating a secondary market of ERC20 derivatives of NFTs, NFT20 hopes to address the liquidity problem in the NFT space.
Swope added that while the volume in NFT20 as a decentralized exchange is still low, he believes it may follow in Uniswap’s footsteps, which was low in the first few and then exploded. Per his words, this will happen as “lower value NFTs will be deposited to these pools, as people will just want to get some monetary value for some of the more ‘worthless NFTs’ they hodl.”
This, he says, will create an average price per NFT due to arbitrage between different markets. Traders taking advantage of arbitrage opportunities will then create liquidity and average market prices.
Non-fungible tokens, it’s worth noting, are unique thanks to data in their smart contracts. An NFT cannot be replicated, nor can two users hold the same NFT. Uniswap data shows MUSE is currently trading at $75 after moving up nearly 44% in the last 24 hours.
Featured image via Pixabay.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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