With $1.5 Billion Under Management Grayscale Bitcoin Trust Slides 30%

Prior to the market carnage on March 12, the Grayscale Bitcoin Trust (GBTC) had acquired over 300,000 BTC. Grayscale’s trust has been one of the longest-running FINRA approved investment vehicles with bitcoin assets under management. On Feb. 5, GBTC shares climbed more than 10% that week and investors were also paying a 20-30% premium. Since then and after the market downturn on Thursday, GBTC shares are down 45% from $11.52 to $6.32 per share. Also read: Market Update: Cryptocurrency Market Cap Sheds $90B, Margin Calls Spike, Futures Slide The Grayscale…

Ethereum Down 35% as Crypto Market Loses $68.61 Billion in 30 Minutes

Ethereum, the second-largest cryptocurrency by market capitalization, plunged by a massive 35 percent on Thursday, logging its biggest decline in a day since the 2018 ICO bust. The ETH-to-dollar exchange rate fell from $195.64 to $126.28 in 30 minutes, following the leading cryptocurrency Bitcoin’s frenetic sell-off within the same timeframe. The implosive move downhill led Ethereum’s market capitalization to a fresh year-to-date low of circa $14.98 billion. At its highest, it was $27.37 billion. ETH/USD pulls back mildly after crashing 35 percent | Source: TradingView.com Elsewhere in the crypto market,…

Brutal 25% Bitcoin Crash Liquidates $0.5 Billion In BitMEX Longs

When I woke up just minutes ago and saw the price of Bitcoin, I thought someone had pulled a joke on me; never in a hundred years did I think BTC was going to move that fast. For those who have been living under a rock or sleeping as I have, the price of the leading cryptocurrency has fallen under $6,000 for the first time since May of last year, plunging $2,000 in minutes earlier this hour. As a result, per data from Skew.com, $500 million worth of BitMEX longs…

Boeing Uses Blockchain to Track and Sell $1 Billion in Aerospace Parts

Boeing has partnered with multinational aerospace conglomerate Honeywell to use its GoDirect platform to track and sell $1 billion worth of excess airplane parts using blockchain technology. The partnership was revealed at the Hyperledger Global Forum 2020 in Arizona. Lisa Butters, the general manager of Honeywell, stated that the parts were uploaded to the GoDirect Trade marketplace last weekend. Blockchain opens spare aviation parts industry to online trade The aviation industry has traditionally relied on a headache-inducing web of paper certificates pertaining to each individual part, their original manufacturer, and…

Coinbase CEO Explains How Crypto Will Go from 50 Million to 5 Billion Users

Brian Armstrong, the CEO of major cryptocurrency exchange Coinbase, explained what developments he believes will drive the growth of cryptocurrency’s’ user base. In a series of tweets on March 4, Armstrong illustrated how the developments that resulted in the mass adoption of the internet are similar to the work that is currently being done on cryptocurrencies. While he admitted that it is not clear which blockchain “will help get crypto from ~50M users to 5B,” he predicted: “The chain that manages to ship some of these scalability, privacy, decentralized identity,…

Red Swan and Polymath Tokenize $2.2 Billion of High End Real Estate

Texas-based Commercial Real Estate (CRE) marketplace Red Swan has tokenized $2.2 billion worth of real estate assets in partnership with security tokenization firm Polymath. Red Swan said it has 30,000 accredited investors already registered to use its platform, and has plans to tokenize a further $4 billion in property over the longer term. Red Swan will profit by keeping a percentage of the equity sold. The issued tokens represent 16 top-tier properties including mid-rise and high-rise apartments in California, New York, and Texas, and a 150-acre hemp farm in Canada’s…

Institutional Custody Is Key as KPMG Estimates $9.8 Billion in Crypto Stolen Since 2017

Owning cryptocurrency is still considered a risk by institutional investors, according to a March 2 KPMG report shared with Bloomberg. The accounting firm estimated that more than $9.8 billion worth of crypto has been stolen since 2017. The findings revealed that lax security and poorly written code were responsible for most thefts. As institutional investors adopt Bitcoin (BTC) and Ethereum (ETH) to their portfolios, securing the tokens becoming a critical issue, KPMG argues. The need to satisfy this market demand resulted in several companies offering custody services, both from traditional…

Jeff Bezos’ $10 Billion Donation Isn’t Enough to Undo Amazon’s Environmental Damage

Jeff Bezos’ climate change outfit will receive $10 billion to start with. Amazon is a bigger polluter than Norway, Denmark, Ireland and Switzerland. Its too soon for Amazon employees to claim victory though. In the past 12 months they have pushed for the tech giant’s climate change inaction to end. Amazon (NASDAQ:AMZN) CEO’s announcement that he’s launching the Bezos Earth Fund to fight climate change has received nearly 300,000 likes on Instagram. If his followers had conducted some research on the harm Amazon has done to the environment, they would…

This $20 Billion Time Bomb Could Trigger Next U.S. Housing Market Crash

UBS is trying to save its real-estate fund from huge redemptions. UBS’ troubles indicate that something greater is amiss with the U.S. housing market. Store closures and loss of employment could trigger the next crisis. The U.S. housing market is enjoying terrific price appreciation thanks to a lack of homes available for sale, but that isn’t preventing investors to take money off the table from commercial real estate funds. Last week, it emerged that UBS’ $20 billion flagship real-estate fund is on the verge of witnessing $7 billion in withdrawals.…

Apple’s $207 Billion Cash Pile Isn’t Helping its Poorest Employees

The California Supreme Court has found Apple guilty of breaking the law when it refused to pay its workers for mandatory searches at the end of their shifts. Tim Cook has a major PR problem on his hands after being ridiculed in the court decision. Sitting on a monster $207 billion cash pile, Apple should stop buying greedily buying back AAPL stock and invest in its people. Apple is the most valuable company in the world, with a valuation of more than $1 trillion. CEO Tim Cook is estimated to…