Day: October 16, 2023

The bitcoin safe haven trade is back on, says Bernstein

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With recession fears swelling again, investors seeking a safe place to put their assets should be interested in bitcoin , says Bernstein. The cryptocurrency, which has grown in popularity among institutions for its “digital gold” qualities, has an “enviable return record” versus physical gold, Bernstein analyst Gautam Chhugani said in a note Monday. “Bitcoin’s hard money properties makes it an attractive ‘safe haven’ asset. Since its inception, bitcoin has consistently outperfomed gold,” he wrote. “Bitcoin’s inflation today at 1.8% is similar to Gold’s inflation, but what bitcoin skeptics miss is…

What is Reed’s law, and why does it matter in the crypto space?

Understanding Reed’s Law The concept of network effects is extended by Reed’s Law, which was developed by Harvard professor David P. Reed in 1999 and emphasizes the importance of communities and subgroups within a network.  Reed’s Law states that the value of a network increases exponentially with the number of potential subgroups that users can establish within the network, in contrast to Metcalfe’s Law, which states that a network’s value is proportional to the square of its number of users. Reed’s Law considers the combinatorial explosion of potential groups in…

Binance Completes 25th Quarterly BNB Burn Worth over $453M, Price Gains 3%

Binance burned about 2.13 million BNB coins during the last three months thus bringing the total coins removed from circulation to about 50.2 million units. Binance, a leading blockchain ecosystem with the largest centralized cryptocurrency exchange by Bitcoin’s daily traded volume and globally registered users, has announced the completion of the 25th quarterly auto-burn of its native coin BNB. According to the announcement, about 2,139,182 BNB, worth over $453 million,  has been removed from the circulating supply for life. In addition to about 314 BNB coins burned through the pioneer…

Treasury Yields Edge Higher as Economic Uncertainty Prevails

Last week, the release of September’s Consumer Price Index (CPI) data showed a monthly increase of 0.4% and an annual increase of 3.7%. Treasury yields in the United States saw a modest increase earlier today, amid the ongoing uncertainty surrounding the country’s economic outlook. Investors continued to grapple with concerns related to monetary policy and geopolitical issues, making it a delicate balancing act for financial markets. Treasury Yield Fluctuations As of 5:35 a.m. Eastern Time, the yield on the 10-year Treasury had risen by more than 5 basis points, reaching…

Trust Wallet Seeks New Brand Identity in Largest Update for Web3 Accessbility

This brand overhaul aims to enhance Web3 accessibility for a new generation of users by offering a well-designed platform that combines user-friendliness with powerful features. On Monday, October 16, one of the most popular decentralized cryptocurrency wallets – Trust Wallet – shared the details regarding the much-awaited update. In the latest development, this multi-chain blue-chip self-custodial wallet unveiled its new brand identity. This includes upgrading the new logo, enhanced user interface, and modern application design. Trust Wallet has initiated a redesign campaign with the slogan “Trust Yourself”, emphasizing its dedication…

Bitcoin Price Surges 7% In 10 Minutes On Fake iShares ETF News

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Bitcoin price just made one of its most volatile moves in some time on the back of what has amounted to be fake news regarding the approval of the BlackRock iShares spot BTC ETF. Within seconds of a fake X post, BTCUSD surged by over 7% in ten minutes – only to retrace the entire rally and then some. Bitcoin Price Rejected As iShares ETF News Revealed To Be False No, BlackRock’s iShares spot Bitcoin ETF has not been approved. But that’s what was just making waves around social media,…

US Government Holds $5.3 Billion in Seized Bitcoin

It is important to note that when a government agency seizes a crypto asset, it does not immediately own the assets. Ownership transfers only after a court ruling in favor of forfeiture. The United States government is among the largest Bitcoin (BTC) holders in the industry, with over 200,000 of the crypto assets stashed away in a hardware wallet controlled by the Department of Justice (DOJ), International Revenue Services (IRS), and other agencies in the country. According to a public data analysis published by 21. co, the parent company of…