Day: July 28, 2020

Bulls Control Bitcoin Price Even as Funding Rates Reach Record Highs

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Bitcoin (BTC) price finally woke up and surged to a new 2020 high but as the markets surged past $10,000, some traders seem to have opened excessively leveraged long positions.  This effect became more noticeable as the funding rate for perpetual contracts reached the second-highest level this year at 12.4% per month. Funding alone shouldn’t be considered a red flag, especially in short-term periods. The problem lies mostly in contango, also known as futures basis, which has been unusually high in the past couple of days. This indicates that professional…

Coinbase Sees More Institutional Investors Buying Bitcoin in H1

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Coinbase says more institutional investors are now using its platform to build direct positions in the cryptocurrency market. Crypto fund managers are now getting more backing from institutional investors that see the crypto market as an alternative investment strategy. In a report, the exchange says it observed a “noticeable uptick in institutional business’s growth” in the first half of the year. According to Coinbase, the “greater visibility of reputable investors warming up to digital assets” is also helping to fuel growing “confidence among this community.” In May, a hedge fund,…

AMFEIX Threatens Users Who Share Coverage That Criticizes the Company

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Last week Cointelegraph published a story about investors having difficulty getting their money back from a crypto fund called AMFEIX, which promised high-yield profits for investors who sent them Bitcoin (BTC). Our story described more than 500 pending withdrawals from users trying to get their money back, and AMFEIX’s unsatisfactory communication with those users. The company addressed its users via its official Telegram channel after the story was published, suggesting that the withdrawal delays were due to technical difficulties that had been an issue since May. It also stated that…

Facebook’s Zuckerberg and Telegram’s Durov Posture as Defenders Against Foreign Tech Invasions

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Two icons of tech — one American, one Russian — are hard at work trying to win back the jilted governments of their home countries by stirring up concerns over foreign competitors.  When nationalism meets tech In a hearing tomorrow before the congressional Antitrust Subcommittee, Mark Zuckerberg plans to portray Facebook as the American champion to meet Chinese tech. Meanwhile, Pavel Durov has waged a similar campaign to rehabilitate Telegram in his native Russia, largely by painting U.S. tech as an invading force. It’s an interesting strategy, especially since the…

How Grayscale Investments Sells Bitcoin to Financial Advisors

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In a webinar hosted by InvestmentNews, Grayscale Investments’ managing director, Michael Sonnenshein, and financial consultant, Tyrone Ross Jr., educated financial advisors about the benefits of crypto investments. A slide from Sonnenshein’s presentation. Grayscale offers ten crypto related investment products with its Bitcoin Trust, or GBTC, being by far the largest. Currently, it holds close to 400,000 BTC, though lately, the demand for the product has subsided. Physical representations of Bitcoin called into question Quite a bit of time was spent on some well known aspects of Bitcoin, like its finite…

Analysts Now Expect XRP to See a “Moonshot” Rally After Breaking Crucial Level

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XRP’s price has seen some slight gains in recent times but is still lagging behind many of its peers. While Bitcoin, Ethereum, and many altcoins all post intense upswings that have led them into full-fledged bull market territory, XRP remains stuck within the lower-$0.20 region. Its struggling price mainly comes due to a lack of interest from traders and investors, with its market cap remaining stagnant in recent times – suggesting that while its previous holders are maintaining their positions, there’s a lack of fresh capital inflows. This trend may…

Mainstream People Coming to Bitcoin, Digital Assets Data CEO Says

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Mike Alfred, CEO of analytics firm Digital Assets Data, described increased Bitcoin (BTC) enthusiasm from the public amid flying prices. “We are seeing more signs of increased institutional interest,” Alfred told Cointelegraph of Bitcoin on July 28 — the day after bitcoin rose more than $1,000 in a 24-hour period. Bitcoin broke upward Crypto’s pioneer asset had a standout day on July 27, rising from $9,930 to $11,400 within a single daily price candle, according to TradingView.com data. “Volume was strong on Bakkt and CME yesterday,” Alfred said on July…

North Korea’s Crypto Extortion Efforts Have Expanded Considerably in 2020

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A group of hackers associated with the North Korean regime have kept their crypto extortion efforts alive in 2020. A group of North Korean hackers operating under the name “Lazarus” targeted several crypto exchanges last year, according to a report published by Chainalysis. One of the attacks involved the creation of a fake trading bot which was offered to employees of the DragonEx exchange. Findings show that in March 2019, the hackers stole approximately $7 million in various cryptocurrencies from the Singapore-based exchange.  Cybersecurity vendor Cyfirma warned in June about…

Market Wrap: Bitcoin’s Price and Ether’s Dominance Sit at 2020 Highs

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Bitcoin’s price is at its 11-month high as volatility bounces back up. Meanwhile, ether’s dominance has spiked on continued growth in decentralized finance (DeFi). Bitcoin (BTC) trading around $10,998 as of 20:00 UTC (4 p.m. ET). Gaining 2.1% over the previous 24 hours. Bitcoin’s 24-hour range: $10,573-$11,422 BTC above 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since July 26.Source: TradingView The price of bitcoin hit another 2020 high Tuesday, reaching $11,422 on spot exchanges like Coinbase. The last time the price of…

Swiss Exchange SIX Lists Actively Managed Bitcoin Exchange-Traded Product

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Switzerland’s principal stock exchange SIX Swiss Exchange is listing a new bitcoin exchange-traded product (ETP). The BTCA index, otherwise known as the “Bitcoin Capital Active ETP (BTCA),” is different from other crypto ETPs exchanged on SIX because it’s an “actively managed” cryptocurrency ETP. SIX Swiss Exchange, based in Zurich is one Switzerland’s most popular stock trading platforms and the exchange allows investors to obtain securities like stock options, derivatives, and Swiss government bonds. SIX has been offering crypto infused exchange-traded products (ETP) for quite some time now. This week the…