Day: December 6, 2021

How Companies Are Exploring Alternatives to Buying and Holding Crypto

Publicly traded companies, large privately held companies and even national governments are stealing the crypto headlines nowadays thanks to their investment in crypto treasuries. MicroStrategy CEO Michael Saylor is the ultimate evangelist for the idea. His company holds over 121,000 of the 21 million bitcoins that will ever exist. That said, substituting cash reserves with bitcoin or ethereum isn’t the only way for companies to get exposure to the crypto world. Plenty of alternatives exist for gaining exposure to this asset class: decentralized finance platforms, investment in non-fungible token (NFT)…

Former Facebook engineers at Mysten Labs raise $36M for Web3 infrastructure

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Mysten Labs, the research and development firm founded by former engineers from social media giant Facebook, has announced the completion of a $36 million funding round towards its goal developing a Web 3.0 infrastructure platform. In a Monday announcement on Medium, the team behind Mysten Labs said the firm had raised $36 million in a Series A funding round led by Andreessen Horowitz with participation from Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT and others. According to a CNBC report, CEO Evan…

DAOs and the Next Crowdfunding Gold Rush

The biggest crossover crypto story of the past few weeks is probably ConstitutionDAO – a ragtag group of crypto believers who raised more than $40 million in ETH, the currency of the Ethereum network, to purchase an original copy of the U.S. constitution at auction. Much has been made of the ways in which the group failed. They didn’t actually buy the constitution; their organizational structure spiraled into chaos; and they bungled the refund mechanism, leaving thousands of contributors in the lurch. But what they did accomplish is almost as…

Global Crypto Exchange Loses $150,000,000 Worth of Digital Assets in Massive Security Breach, According to CEO

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The founder and chief executive of BitMart is revealing that the global crypto exchange suffered a massive breach in security that enabled hackers to steal hundreds of millions of dollars worth of digital assets. Sheldon Xia confirms the attack via Twitter and says hackers were able to access two of the exchange’s hot wallets, which are crypto wallets connected to the internet. “We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. At this moment we are still…

Why Bitcoin Crashed

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This episode is sponsored by NYDIG. Download this episode Today on “The Breakdown,” NLW looks at the dramatic move downward in the crypto markets that started late Friday night U.S. time. He looks at both market structure factors such as low liquidity and thin weekend order books as well as macro factors including, insecurity around the new Omicron variant as well as a tightening Fed policy. See also: Bitcoin Stabilizes Near $50K Support After Weekend Sell-Off “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by…

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A16z Leads $36M Bet on Web 3 Startup From Facebook Crypto Vets

The startup’s current projects split into partnering with existing networks to integrate Mysten technology and the creation of open protocols based on Mysten-designed components. The scalability-focused protocol Narwhal, for example, is in development to deploy on Celo and Sommelier. Mysten is also launching a next-generation NFT platform Source

Data Shows Bitcoin Short-Term Holders Have Started To Sell At A Loss

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On-chain data shows Bitcoin short-term holders are increasingly selling at a loss following the latest crash in the crypto’s price. Bitcoin Short-Term Holder SOPR Dips Further Below One As pointed out by an analyst in a CryptoQuant post, on-chain data shows that the STH SOPR has decreased to July levels, suggesting that short-term holders are increasingly realizing their losses. The Spent Output Profit Ratio, or “SOPR” in short, is a Bitcoin indicator that tells us whether investors are selling at a loss or a profit during a given period. The…

Here’s why analysts expect ‘choppy’ Bitcoin price action between $42K and $53K

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The wider cryptocurrency ecosystem is in a heightened state of fear on Dec. 6 after the Dec. 3 market sell-off continues to send ripples across the the sector and Bitcoin (BTC) price remains pinned below $50,000.  Data from Cointelegraph Markets Pro and TradingView shows that bulls are managing to hold BTC price above $49,000 but the general outlook suggests that additional days of consolidation are in store. BTC/USDT 4-hour chart. Source: TradingView Here’s a look at what analysts are saying about what to expect from BTC price in the coming…