Day: August 15, 2020

Warren Buffett Buying Gold May Push Bitcoin to $50K, Investors Say

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Berkshire Hathaway, the $503 billion conglomerate led by Warren Buffett, sold Goldman Sachs for a Canadian gold company Barrick Gold. Max Keiser, the founder of Heisenberg Capital and an early Bitcoin investor, says it could help buoy BTC to $50,000. The quarterly shareholder filing of Berkshire Hathaway shows Buffett trimmed his position on most major banks, Fortune reported on Aug. 15. The firm sold a substantially large portion of its shares in JPMorgan Chase, Wells Fargo and PNG. What Buffett’s decision to enter a gold position over banks shows about…

Unraveling the Blockchain and Crypto Gaming World One Click at a Time

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Regular readers will no doubt be aware of the high expectations currently being placed on the shoulders of blockchain gaming. For advocates of blockchain technology, there is the hope that tapping into the estimated 2.5 billion gamers worldwide will provide a huge leap toward mainstream adoption. Blockchain and distributed ledger technology continue to make inroads into all kinds of industries as an increasing number of people discover and gain an understanding of the benefits that it can bring. From supply chain efficiencies through certification of authenticity and provenance to the…

Samsung Phone Support for Gemini Exchange Can Further Crypto Adoption

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In a major new partnership, Samsung has announced that the Samsung Blockchain Wallet will be integrated with Gemini, a New York-based crypto exchange. This integration will allow owners of newer Samsung Galaxy phones to not only use their devices as cold storage wallets but to buy and sell crypto via the Gemini exchange as well. Samsung is the global leader in the smartphone market, with 298.1 million units shipped and a 21.8% market share in 2019, according to tech analytic firm Canalys. Adding support for Gemini will lower the barrier…

CME Bitcoin Futures Open Interest Soars, BTC as Inflation Hedge

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The open interest for CME Bitcoin Futures has surged over 100% over the last month as concerns of inflation drive institutional players to the crypto market. Institutions see BTC as a good hedge while the central banks continue to add more money to the ecosystem. Chicago Mercantile Exchange’s (CME) Bitcoin futures see rising institutional interest as more investors turn towards Bitcoin to hedge potential inflation risks. The CME Bitcoin Futures open interest has topped $800 million making it the third-largest by open contracts. Also, with this CME contributes 15% to the…

Miner Hut 8 Reports Q2 Revenue Plunged 67% to $6.9 Million Due to Bitcoin Halving

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Canadian miner Hut 8 Mining Corp has reported that second quarter revenue tumbled 67% to $6.9 million from $21.2 million a year ago, as Bitcoin’s supply cut in May forced production to decline. The Toronto Stock Exchange-listed company extracted just 795 bitcoin (BTC) in the April to June quarter, compared to 1,165 BTC in the preceding three-month period. However, Hut 8 posted a net profit of $2.1 million thanks to the revaluation of its bitcoin holdings, which generated $7.6 million. Still, Q2 net earnings show a decline of 91% from…

Blockchain Tracing the Cannabidiol Supply Chains Will Help Define Legal Standards

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Interest in cannabidiol-based products has been on the rise, as recent statistics show that the global cannabis market is expected to have reached $42.7 billion in the next four years. Yet as hemp-derived cannabidiol, or CBD, products gain popularity, federal agencies are proceeding with caution around regulatory measures for cannabis products.  In order to address regulatory concerns, policymakers in different regions are looking toward using blockchain technology as a solution that can provide transparency into the complex cannabis supply chain.  Ensure CBD becomes a novel food in Europe Most recently,…

Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

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Another week, another round of Crypto Tidbits. It’s been another volatile week for the Bitcoin market. In the past seven days, the leading cryptocurrency has traded at both $11,100 and $12,000, whipsawing between the levels as the price enters a consolidation. Ethereum, on the other hand, has been surging higher; ETH now trades for $440 as of this article’s writing, around 6% higher than the early August high. BTC’s drop towards $11,100 this week was triggered by a collapse in the values of precious metals. Gold saw its worst day since…

Top VC Fears DeFi “Black Thursday” Redux Is Possible as Ethereum Congests

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Ethereum has a transaction fee problem, similar to the one it and Bitcoin faced in 2017 and early 2018. On August 12th, the cost of Ethereum “gas,” how transaction fees are calculated, hit 277 Gwei. By this writer’s estimates, that means that sending ETH was $2.25, sending ERC-20 was around $5, and trading on Uniswap was $10. That’s not ludicrous per se, but it’s a rate far higher than it was just three months ago. Wow… seems that🍠is having quite the effect on Ethereum transaction fees. “Fast” recommended gas price: 277…

The US Dollar is “Ready to Break Down” – How This May Impact Bitcoin

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As Bitcoin continues establishing its position as a major asset on the global stage, its correlation to other markets has been shifting. Although it was strikingly correlated to the stock market in late-February and early-March, its price action has since broken this, now becoming more closely tied to gold and other precious metals. An interesting byproduct of this newly formed connection to traditional “safe haven” assets has been it forming an inverse correlation to the US Dollar. When the USD’s value dips, it provides a major boost to gold and…

Why Tron’s 20% One-Week Climb Is Just The Start Of Extended Uptrend

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Bitcoin and major altcoins have been breaking out all across the crypto space. Several other top altcoins across the top 100 by market cap also saw strong rallies, but a handful of top altcoins like Tron and Litecoin have lagged behind. Chart patterns had shown similar price action as other alts ahead of major breakouts, and finally, Tron has followed suit and surged by 20% over the last week. Indicators are confirming the breakout, and potentially signaling that the asset’s uptrend is only just getting started. Will Tron continue to…