Monthly Archives: April 2021

Bitcoin funding rate flips negative after $48K retest — Was it a bear trap?

Bitcoin price is more than 20% away from its all-time high, but the current negative funding rate on BTC futures might give bulls a unique advantage. As Bitcoin (BTC) lost the $52,000 support on April 22, the futures contracts funding rate entered negative terrain. This uncommon situation causes the shorts, investors betting on price downside, to pay fees every eight hours. While the rate itself is mildly damaging, this situation creates incentives for arbitrage desks and market makers to buy perpetual contracts (inverse swaps) while simultaneously selling […]

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Paxos receives ‘preliminary conditional approval’ for US bank charter

The stablecoin issuer has nabbed a banking license, but it doesn’t mean they’ll be doing any banking in the traditional sense. The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies.  Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. […]

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PlanB speculates that BTC price fall doesn’t mean the end

Is Bitcoin’s bull run over? This crypto analyst doesn’t think so. Bitcoin’s (BTC) price has declined over the past day or so, falling from highs above $60,000 to below $50,000. That, however, does not necessarily mean the asset’s bull run is over, according to a well-known crypto analyst, PlanB.  “Nothing goes up in a straight line,” PlanB said in a Tweet on Friday. “#Bitcoin has gone up 6 months in a row, until this month. This looks like the mid-way dip that we also saw in 2013 […]

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Justin Sun: A Colorful Crypto Hawker or Surprising Business Savant?

Although he is outspoken, raucous, and bombastic when it comes to his public persona, Sun’s questionable publicity stunts could be part and parcel of his strategy for catapulting Tron into the spotlight and capitalizing on crypto’s momentum. Bombastic Approach May Underpin Tron’s Success It’s tough to take Tron’s Justin Sun seriously. His endless shilling on Twitter and use of celebrity endorsements of the likes of Lindsey Lohan are certainly not helping him cultivate an image of blockchain savvy. Yet, despite his controversial approach, something more interesting is […]

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Metis to Revolutionize NFTs With Launch of Community-Minted NFT, ‘’Rebuilding the Tower of Babel’’

The craze for Non-Fungible Tokens (NFT) has engulfed the blockchain space as more people move towards this unique sector. The ability to sell works of art and tokenize real-life assets has ensured that the NFT sector has grown immensely, with record sales of NFTs witnessed in recent weeks. However, to this point the NFTs released have been for personal gain or issued by large companies and organizations. Metis, a blockchain project focused on developing Decentralized Autonomous Companies (DACs), plans to introduce a new concept with the launch […]

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Bitfarms To Join Foundry USA Pool, Will Boost Mining Performance Up To 15%

The partnership will expand both Foundry’s and Bitfarm’s operations, while boosting the hash rate share of North America. Bitfarms, an institutional bitcoin mining company, has partnered with Foundry USA Pool, in a partnership that will “Expand [Bitfarms’] Bitcoin Mining Fleet…Instantly Boosting Operating Hashrate By 15%,” according to a press release shared with Bitcoin Magazine today. Bitfarms operates one of the most significant mining operations in North America, and together with Foundry Digital—a subsidiary company of Digital Currency Group, (also the parent company of Grayscale)—will improve the scale […]

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Pros say Bitcoin’s ‘very healthy’ correction ‘builds ground for more stable growth’

Bitcoin’s price tumbled below a key support level, but financial experts agree that the correction clears the way for further upside. Bitcoin and the wider cryptocurrency market took a beating in the late ho April 22, and intense selling saw (BTC) price dip below $48,000 in a move that came as a relief to quantitative analysts like PlanB who were worried that the price growth was showing signs of being inorganic.  A variety of factors have been identified as being the cause of the drop in price, including an overcrowded […]

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Governing body of Louisiana gives Bitcoin its nod of approval

Louisiana recently gave a shout out to Bitcoin’s success in a new resolution. Bitcoin has gained increasing levels of adoption over the past several months amid its rise past $60,000. The government of the U.S. state of Louisiana recently released a resolution in which it noted some of Bitcoin’s (BTC) accomplishments. “THEREFORE, BE IT RESOLVED that the House of Representatives of the Legislature of Louisiana does hereby commend Satoshi Nakamoto for his contribution to economic security,” said House Resolution No. 33 from Rep. Mark Wright. According to […]

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Price analysis 4/23: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

Bitcoin price continues to come under pressure from sellers while Ether and BNB are attempting to buck the trend. As Bitcoin price crashed below $50,000, mainstream media highlighted that the selling across the market could have been triggered by reports that the Biden administration proposed increasing the capital gains tax to 39.6% from the current 20% for people earning more than $1 million a year. In other news, there was an apparent exit scam carried out by Thodex exchange owner Faruk Fatih Özer, which has affected about 391,000 […]

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Bitcoin facilitates a global economy, says Tim Draper

“People are already realizing that they would rather have Bitcoin than fiat currency,” said Draper. Venture capitalist Tim Draper is continuing his bullish talk on Bitcoin in some investment tips for those new to the crypto space. Speaking at the Collision web summit on Thursday, Draper said Bitcoin (BTC) could incentivize governments around the world to compete for the attention and devotion — and seemingly, money — of its citizens. According to the venture capitalist, crypto levels the playing field, so lawmakers will have to choose if […]

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