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Crypto Market Swings Wildly As More Billionaires Get Behind Bitcoin – eToro Crypto Roundup

Ray Dalio, Elon Musk and Mark Cuban are weighing in on the growing crypto market. Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter bio and a record number of options contracts expired. However, […]

The post Crypto Market Swings Wildly As More Billionaires Get Behind Bitcoin – eToro Crypto Roundup appeared first on The Daily Hodl.

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Ray Dalio, Elon Musk and Mark Cuban are weighing in on the growing crypto market.

Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter bio and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth.

This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed that Ivy League universities have been accumulating the cryptoasset, while Stellar, EOS and other altcoins made double-digit gains.

This week’s highlights
  • Ray Dalio comes around to Bitcoin
  • GameStop saga puts crypto in spotlight
Ray Dalio comes around to Bitcoin

In yet another example of crypto-skeptics changing their tune, billionaire Wall Street legend Ray Dalio has come around to Bitcoin.

“I believe Bitcoin is one hell of an invention,” said the former doubter in a post on LinkedIn, before concluding that the cryptoasset “looks like a long-duration option on a highly unknown future.”

Dalio’s comments come in the same week as two other high-profile figures made their feelings known. VISA CEO Alfred Kelly said the company is “uniquely positioned to help make cryptoassets more safe, useful and applicable for payments,” and billionaire Mark Cuban wrote on his personal blog that blockchain-based assets have “now legitimately become stores of value.”

GameStop saga puts crypto in spotlight

Mayhem hit the US stock market this week as the WallStreetBets subreddit group coordinated a 700% rally in GameStop’s price, forcing hedge fund Melvin Capital to close their short position with billions in losses.

In response, many trading apps suspended functionality – spurring the turmoil further as traders sought alternative ways to buy and sell.

Industry commentators took this as a positive omen for decentralized assets. SkyBridge Capital’s Anthony Scaramucci told Bloomberg that the saga “is more proof of concept that Bitcoin is going to work,” and Anthony Pompliano said to CNBC that the events will serve to “accelerate the digital decentralized financial system.”

The week ahead

Looking ahead, Wall Street-inspired upheaval for the crypto market could be on the cards. Crypto subreddits saw 500% growth in the past week, and some suggest the new traders could be looking to hunt the stop losses of hedge funds shorting Bitcoin.

On Wednesday, another potential catalyst could move the market, as thousands of corporate directors come together for Michael Saylor’s Bitcoin Corporate Strategy virtual summit. This is designed to help other firms follow MicroStrategy and add Bitcoin to their balance sheet.

This post originally appeared on the eToro blog.

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Source: https://dailyhodl.com/2021/02/02/crypto-market-swings-wildly-as-more-billionaires-get-behind-bitcoin-etoro-crypto-roundup/

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DeFi Wizard Raises $750K to Simplify Multi-Chain DeFi Legos

[PRESS RELEASE] DeFi Wizard, a dashboard for building DeFi smart contracts in a simple way with just a few clicks, has closed a $750,000 investment from leading blockchain firms like X21 Digital, DeltaHub Capital, NGC Ventures, TRG Capital, and ExNetwork. Speaking on the matter was Anand Kamath, CEO at DeFi Wizard, who said: It gives […]

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[PRESS RELEASE]

DeFi Wizard, a dashboard for building DeFi smart contracts in a simple way with just a few clicks, has closed a $750,000 investment from leading blockchain firms like X21 Digital, DeltaHub Capital, NGC Ventures, TRG Capital, and ExNetwork.

Speaking on the matter was Anand Kamath, CEO at DeFi Wizard, who said:

It gives us immense pleasure to announce that our platform DeFi Wizard has attracted the attention of leading blockchain investors and funds.

The company will continue making otherwise complicated interactions with blockchain-based smart contracts as simplified as possible, enabling businesses to take full advantage of the growing field and its capabilities. The main objective of the project is to become an all-in-one token creation platform.

defwizrd

The recently concluded investment round represents a big milestone for DeFi Wizard as it will fuel the further development of the platform, as well as its operation and maintenance.

It’s worth noting that more than five projects are already taking advantage of the staking services provided by DeFi Wizard, and there is over $100 million locked through the smart contracts that have been generated through the platform. Interestingly enough, one of them is already listed on the world’s leading exchange, Binance.

In addition to the fundraising that has been successfully closed, DeFi Wizard will also receive assistance with liquidity bootstrapping for a Uniswap listing. Moreover, there will be global and regional promotional efforts aimed at garnering further attention toward the platform.

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Source: https://cryptopotato.com/defi-wizard-raises-750k-to-simplify-multi-chain-defi-legos/

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Craig Wright Sues Bitcoin Developers Over Stolen BTC Worth $5 Billion

Craig Wright has sued Bitcoin developers requesting that they enable him access to $5 billion worth of BTC allegedly stolen from his computer.

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The self-proclaimed Satoshi Nakamoto, Craig Wright, has filed yet another lawsuit within the cryptocurrency industry. This time, he has targeted the developers of BTC, BCH, BSV, and BCH ABC requesting that they retrieve access to BTC stolen from his personal computer worth about $5 billion.

CSW Sues BTC Developers Because he was Hacked

Wright has publicly claimed that he is the person behind the Bitcoin network for years – Satoshi Nakamoto. This narrative, which lacks any conclusive evidence, has been highlighted once more by the latest law firm that will represent him in his most recent lawsuit against representatives of the cryptocurrency space.

Ontier, a UK-based litigation law firm, has published a press release asserting that it has informed the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC) of the lawsuit.

With these “ground-breaking legal proceedings,” the firm acts on behalf of Tulip Trading Limited (TTL) – a Seychelles-based company with a primary beneficial owner – Craig Wright. The nature of the lawsuit is somewhat controversial, to say the least.

“In February 2020, Dr. Wright’s personal computer was hacked by persons unknown and encrypted private keys to two addresses, which hold substantial quantities of Bitcoin belonging to TTL, were stolen. These assets were, and continue to be, owned by TTL. The theft is the subject of an ongoing investigation by the Cyber Crime division of the South East England Regional Organized Crime Unit.”

Consequently, the lawsuit has requested that the developers “enable TTL to regain access to and control of its Bitcoin on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law as a result of the high level of power and control they hold over their respective blockchains.”

Per their estimation, the sizeable amount has a value of over £3.5 billion or about $5 billion.

More to Follow?

Paul Ferguson, a Partner at Ontier, commented that Wright, the supposed creator of BTC, has “always intended Bitcoin to operate within existing laws.” Moreover, he believes that the Bitcoin developers have the power and obligation to deploy code to “enable the rightful owner to regain control” of his assets.

Should Wright’s lawsuit succeed, others in a similar position could follow suit, added Ferguson.

Craig Wright is no stranger to initiating lawsuits against crypto industry representatives. In his previous one, his lawyers requested two Bitcoin-related websites to remove the BTC whitepaper, which received quite adverse reactions from the community.

Featured Image Courtesy of TheConversation

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Source: https://cryptopotato.com/craig-wright-sues-bitcoin-developers-over-stolen-btc-worth-5-billion/

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Former London Stock Exchange Group CEO Urges UK Government to Explore Cryptocurrencies

UK government agencies should focus on understanding the merits of cryptocurrencies and SPACs, said the former head of the LSE group.

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The former CEO of the London Stock Exchange Group, Xavier Rolet, has advised the UK government to look into cryptocurrencies and SPACs to minimize the adverse impact of Brexit. In a recent report, Rolet claimed that the UK has trailed behind other countries in both aspects.

The UK Should Turn To Crypto And SPACs?

Born in France, Rolet is a businessman and the Chief Executive Officer of the London-based credit-focused asset management firm CQS. Before assuming this position, though, he served as the CEO of the London Stock Exchange Group and was named as one of the 100 best CEOs in the world in 2017 by the Harvard Business Review.

In a report cited by Bloomberg, Rolet touched upon the potential consequences to the UK economy following the withdrawal from the European Union and the European Atomic Energy Community, better known as Brexit.

The executive believes that the UK has two viable options to consider if it wants to minimize the risks and help the nation flourish.

In the first one, he urged the government to “promptly consider the SPAC revolution.” Also referred to as “blank check companies,” these special purpose acquisition companies (SPAC) operate as shell corporations listed on a stock exchange with the idea of buying out a private company, thus making it public. Ultimately, this strategy eliminates the need to go through a traditional initial public offering (IPO).

While the US has seen significant adoption in the past year with a 10x increase in the raised funds compared to 2019’s results, the UK regulators have halted their progress on the London markets.

Rolet’s second advice involved digital assets as he noted that “all relevant UK government agencies should be resourced to thoroughly understand cryptocurrencies.”

With proper regulations, the crypto ecosystem could “place London and the UK at the center of a reputable and safe financial market.”

The UK’s Regulatory Approach To Cryptocurrencies

While UK’s regulators have hindered SPACs’ progress within the country, the nation’s financial watchdog, the FCA, has also been rather harsh against the cryptocurrency industry.

As of the start of this year, the Financial Conduct Authority banned crypto derivatives and exchange-traded notes (ETNs) to retail customers.

Additionally, the watchdog has issued several warnings to investors that they could lose all their funds if allocated in digital assets.

The regulator also announced that all UK-based digital asset businesses need to be registered with it but extended the deadline for applications to July 9th, 2021.

Featured Image Courtesy of TheGuardian

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Source: https://cryptopotato.com/former-london-stock-exchange-group-ceo-urges-uk-government-to-explore-cryptocurrencies/

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