Day: December 8, 2020

Blockchain Bites: Square’s Green Bitcoin Pledge, $15B AUM in Crypto Funds

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Square will invest in environmentally conscious bitcoin tech. Spain’s second-largest bank is reportedly planning a leap into the digital asset industry. And large crypto funds topped a combined $15 billion AUM, as markets trade sideways.  Top shelf Greening the orangecoinSquare has announced the launch of a Bitcoin Clean Energy Investment Initiative, where it has committed $10 million to support companies working on green energy technologies within the bitcoin mining sector. Announced Tuesday, the company said it aims to become a net-zero carbon contributor for operations by 2030 and wants to…

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Citi downgrades MicroStrategy stock after bold Bitcoin bet

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Shares of MicroStrategy fell on Tuesday after Citibank reportedly downgraded the business intelligence firm over its “disproportionate” Bitcoin focus.  Citi analyst Tyler Radke issued a “sell” rating on MSTR shortly after the company announced it was raising more money to buy Bitcoin (BTC). Radke says CEO Michael Saylor’s “disproportionate focus on bitcoin” puts investors at considerable risk, especially after an “overextended” rally since September. He wrote: “MSTR’s bitcoin investment has returned $250M (or worth $26/share or +20% towards stock) since August ’20. While impressive, it pales in comparison to the…

Bitcoin price short-term pullback is very possible for 4 key reasons

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The price of Bitcoin (BTC) is now stagnating below $19,000 after four failed attempts to break out of the $19,600 resistance level. In the near term, four factors suggest that a pullback is more likely than a clean breach of the all-time-high price near $20,000. Traders and technical analysts are mostly cautious regarding the near-term price trend of Bitcoin, seemingly waiting for BTC to establish a clear support level or break past its record high. There are four factors that make a correction likely, and all of these factors could…

Increase in COVID-19 Cases Puts Pressure on Markets, Stock Futures Fall

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All three futures – Dow Jones, S&P 500, and Nasdaq 100 – opened lower today on Tuesday. The European market also remained under pressure on rising COVID-19 cases. Despite the positive news of the vaccine, the fast surge in fresh COVID-19 cases in the US has put pressure on the market and stock futures. After a major rally last month, stock indices now to be hinting at correction in near future. Global stocks under pressure as pandemic concerns outweigh stimulus hopes. S&P 500 Futures dip amid fears of restrictions as…

Capital From Gold Will Move to Bitcoin Once BTC’s Marketcap hits $1T

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Quick take: Willy Woo has forecasted that Bitcoin’s market cap hitting $1 Trillion will result in more capital moving from Gold to BTC His comments were in response to MicroStrategy raising $400M to buy more Bitcoin A $1 Trillion market cap puts Bitcoin at around $54,000 More companies are accumulating Bitcoin and will continue adding it to their treasuries Veteran Bitcoin analyst Willy Woo, has forecasted that capital will move from Gold into BTC once the latter’s market cap hits $1 Trillion. According to Mr. Woo, Bitcoin hitting the milestone…

Algorithmic stablecoin project Neutrino launches staking for its governance token

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The Neutrino Protocol, a project building algorithmic cross-platform stablecoins, announced Tuesday the launch of staking rewards for its governance and utility token, NSBT. Neutrino uses an innovative mix of collateral backing and algorithmic supply changes to create a wide range of fiat-pegged stablecoins. The flagship stablecoin, USDN, and NSBT are available on Ethereum (ETH) as ERC-20 tokens. The USDN generation mechanism relies on WAVES, the native token of the Waves platform. Generating the stablecoin is as simple as using its smart contract to exchange WAVES for USDN. Oracles will read…

RSK Is Changing How It ‘Pegs’ Bitcoin to Its Sidechain

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Bitcoin sidechain developer RSK is revamping how users swap bitcoin for its network’s tokenized version of the cryptocurrency.  IOVlabs, the company that develops the RSK platform, has created a new system for monitoring how bitcoin is “pegged to” (or, swapped for) RBTC, a token that represents a 1-1 peg to real bitcoin. RBTC is the native coin on the RSK sidechain – a Bitcoin scaling solution that uses a blockchain-like network that sacrifices decentralization in favor of faster transaction speeds. Before this change, RSK users would send bitcoin to a…