$80B wiped off crypto market as bitcoin drops below $30K again

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New York Post 20 July, 2021 - 07:16am 9 views

When is grayscale unlock?

On July 18, the Grayscale Bitcoin Trust (GBTC) will be unlocking shares valued at 16,240 BTC. Economic TimesCrypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock

The leading cryptocurrency was trading at a three-week low of $30,700 at press time, representing a 3.5% drop on the day. The decline has flipped the crucial 50-week simple moving average (SMA) support of $32,250 into resistance.

On Sunday, 500 contracts of the $22,000 put option expiring on Dec. 31 changed hands via the institution-focused over-the-counter (OTC) desk Paradigm. Similar volume crossed the tape for the $20,000 put expiring on Dec. 31.

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“There was interest to buy BTC puts for December in a significant size,” Darius Sit, CEO of the Singapore-based QCP Capital, said. “We made the market for most of the large block trades over the weekend. There was decent interest to sell September BTC puts as well.”

Market makers are always on the opposite side of traders/investors and run a direction-neutral portfolio. That essentially means buyers of the $20,000 and $22,000 puts expiring on Dec. 31 were investors, most likely adding downside hedges against long positions in the spot/futures market.

A put option gives the purchaser the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date. A put buyer is implicitly bearish on the underlying asset, in this case, bitcoin.

Overall, the options market is still biased bullish for the long term. The six-month put-call skew, which measures the cost of puts relative to calls, remains entrenched below zero. In plain English, longer duration calls or bullish bets are priced higher than puts.

Related: Investors Crawl Back to Ethereum Funds as Bitcoin Outflows Rise

However, the one-week, one-month and three-month put-call skews are indicating a negative bias with bearish prints.

Bitcoin is currently changing hands near the lower end of the two-month-long trading range of $30,000 to $40,000.

If the support at $30,000 gives away, traders who sold puts at $30,000 over the past few weeks may resort to hedging – taking a short position in the futures or spot market – leading to a deeper decline.

Investing in crypto may be easier and faster than ever — you can now opt to invest through online brokers like Robinhood and SoFi Invest or crypto exchanges like Coinbase and Gemini— but it’s far from being a foolproof venture. Here are a few mistakes that new crypto investors often make when they get started, as well as some things to consider before taking the plunge. One of the biggest mistakes new investors make is buying the wrong coin.

(Bloomberg) -- Bitcoin’s selloff accelerated Monday, pushing it closer to $30,000 once again.The world’s largest digital coin, down as much as 3.3% at one point during the session, continues to ebb closer to the pivotal round-number level, trading around $30,628 as of 9:41 a.m. in New York. Chartists are watching to see if it breaks below that support, which could exacerbate its decline and set it up for its lowest close since the start of the year.The retreat comes amid a broader risk-off envir

According to a report by Cointelegraph, the price of Bitcoin (CRYPTO: BTC) has been falling since May. Its value has shrunk by half since its April peak of $63,745. Analytics service Ecoinometrics, in its recent tweet, has said that this year's correction from its all-time highs is the second-longest in the bull market history. So bitcoin price may stay in the range of $30,000 for a while. In May, the price of bitcoin plummeted after Tesla Inc (NASDAQ: TSLA) owner Elon Musk said that Tesla would

Authorities in Malaysia have destroyed 1,069 cryptocurrency rigs after they were confiscated in raids earlier this year. A steamroller was used to crush the hardware in the city of Sarawak, after the electric utility company of the Malaysian province accused the mining operators of stealing electricity for their activities. The operators allegedly stole RM8.4 million ($2-million) worth of energy from the company. Authorities say the operation was scattered across four locations and six suspects

Last week, Disney very proudly crowed about the fact that Black Widow had made $60 million from Disney+ Premiere Access in its opening weekend on top of some $80 million or so at the regular box office, proving that the Marvel Cinematic Universe is still viable in post-COVID theaters (to the extent that we are even remotely post-COVID) and that people are also willing to spend $30 on top of their existing Disney+ subscription to see a Marvel Cinematic Universe movie. It was like Disney could do

It’s a bearish start to the week for the majors. A move through the week’s pivot levels would bring resistance levels into play, however.

If $30,000 is broken, the next level of support is seen around $27,000.

Fundraising for “Ethereum: The Infinite Garden” surpassed its target.

In this article, we discuss the 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. If you want to skip our detailed analysis of these stocks, go directly to the 5 Marijuana Stocks Reddit is Buying Amid New Federal Marijuana Legalization Bill. Three lawmakers from the Democratic Party in the United States […]

It’s a rough start to the week for markets. Stocks sold off in Asia and Europe, with Dow industrials futures tumbling more than 300 points to set the tone for a turbulent day ahead.

Shiba Inu is moving towards the support level at $0.0000063.

Stock benchmarks skidded sharply lower Monday, with concerns about the global spread of the delta variant of the coronavirus that causes COVID-19 getting much of the blame as investors prepared for another big week of corporate earnings. The Dow Jones Industrial Average was trading 817 points, or 2.4%, lower at 33,885; the S&P 500 index traded 2% down at 4,240, while the Nasdaq Composite Index declined 1.7% at 14,187. In corporate news, Bill Ackman's Pershing Square Tontine Holdings said Monday

An interview with the professor who coined the term 'Buy, Borrow, Die,' and a look at how debt destabilized Haiti.

Ethereum (CRYPTO: ETH) co-founder Anthony Di Iorio, 48, says he plans to diversify away from "being a crypto guy" and will focus his energy on "tackling complex problems." He goes on to say he doesn't feel "necessarily safe" in the crypto space, and that focusing on larger problems would be "safer." Di Iorio employs a personal security team, and has been travelling with guards since 2017. He tells Bloomberg he intends to sell his software development firm Decentral, which he founded in 2014.The

Square's intentions to build out crypto products, including a hardware wallet, align with ARK ambitions to realize its exchange-traded fund.

Investors are struggling to calibrate a strong recovery against rising prices, and resurgent COVID-19 infections.

While initial reports last week indicated that an enormous warehouse discovered in Ukraine packed full of PS4 consoles was being used to mine crypto, a little further investigation has found that the machines were probably being used to farm FIFA Ultimate Team cards.

(Bloomberg) -- On the day of one of the cryptocurrency market’s worst routs, Alex Holland woke up to a wave of messages from friends and family. They knew he had made a big wager recently that prices would fall.But when he went to check his account on the online exchange Binance, he saw that the value of his leveraged bet against Ethereum was sinking rather than reaping gains a few times greater than the declines in the second-largest cryptocurrency.“I just kept blinking,” said the 59-year-old C

As tensions mount between China and the United States, automakers in the West are trying to reduce their reliance on a key driver of the electric vehicle revolution - permanent magnets, sometimes smaller than a pack of cards, that power electric engines. Most are made of rare earth metals from China. China has grown to dominate production, and with demand for the magnets on the rise for all forms of renewable energy, analysts say a genuine shortage may lie ahead.

THE MONEYIST Dear Quentin, I read your column on a regular basis and feel almost out of league to be writing. Unlike most of your writers, I don’t have a huge or impressive portfolio. I am 61 years old.

Read full article at New York Post

4 Eco-Friendly Cryptos You Should Know About

The Motley Fool 20 July, 2021 - 11:11am

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by Emma Newbery | July 19, 2021

Cryptocurrency's high carbon footprint hit the headlines recently after Elon Musk's Tesla suspended Bitcoin (BTC) purchases. Musk was concerned about the amount of energy involved in mining the popular digital currency.

Both Bitcoin and Ethereum (ETH) consume as much energy as medium-sized countries each year because of the way they create new coins and validate transactions.

One of the selling points of decentralized currencies is that they cut out the middleman -- they don't need a bank to guarantee every transaction. But that means each cryptocurrency needs its own built-in way to ensure the system can't be tampered with.

And right now, both Bitcoin and Ethereum do that through a mining model called "proof of work." Unfortunately, that system is extremely energy inefficient by design.

Without going into detail, there's no limit on the amount of computing power companies can use to mine Bitcoin. So the more valuable Bitcoin becomes, the more incentive people have to use more energy trying to mine it.

That's why many newer digital currencies have found more environmentally friendly ways to secure their transactions. One popular route is the proof-of-stake model that limits the amount of computing power that can be expended. Only people who own a stake can participate.

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Cardano is probably the best-known of the proof-of-stake cryptocurrencies. The team behind this third-generation crypto wrote a new blockchain that's more sustainable and scalable than both Bitcoin and Ethereum.

It uses about the same amount of energy as 600 U.S. homes each year and aims to provide a programmable ecosystem that can address real-world problems. All eyes are on its plans to launch its smart contracts capability later this year. These self-executing contracts are small pieces of code that enable many of the programmable applications on Ethereum's network. If Cardano can compete, some believe it could eventually overtake Ethereum.

Ripple is a global payment system and currency exchange that aims to make it faster and cheaper to move money anywhere in the world. With no mining and no proof of work, Ripple argues it is one of the most eco-friendly currencies on the market. It's also committed to being carbon neutral by 2030.

Ripple secures itself through a consensus model, whereby each transaction must be approved by a group of trusted validators. There's no need to mine new coins because Ripple launched 100 billion coins at the start and will gradually release them onto the market.

If you're considering buying Ripple, be aware that it is in the midst of a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC argues that Ripple is a security, not a cryptocurrency, and therefore should be regulated differently.

Tezos uses a variation on the proof-of-stake model to secure its network. It's a programmable blockchain that can support applications and smart contracts.

After the currency's huge initial coin offering back in 2017, Tezos ran into difficulties. Internal management disputes delayed the platform's launch, which, in turn, led to legal problems.

It looks like Tezos has put its problems behind it. And, as the Ethereum network is currently congested and app developers are looking for alternatives, Tezos might benefit. In fact, it recently launched its own platform for non-fungible tokens (NFTs). NFTs are a type of digital collectible that have become very popular this year.

Nano wants to provide a fee-free, sustainable digital money system. Its whole ethos is to make it easy and affordable to use its system.

Unlike other cryptocurrencies, Nano doesn't maintain a chain that records every transaction. Instead, Nano accounts make up a kind of lattice of connected blocks, where each user controls their own account. The amount of energy required to run each transaction is so small it can be powered by ordinary computers.

Nano's pared-down, lightweight design makes it faster and more eco-friendly. But it was recently affected by a spam attack that shows there's still work to do. That said, Nano is still a promising payment system that's worth keeping an eye on.

It's difficult to know whether switching to new validation methods will come at the cost of overall security. As with many things in cryptocurrency, a lot of promises have been made and only time will tell whether they can be fulfilled.

Bitcoin's carbon-intensive proof-of-work model is a key part of its protection against fraud. And since both Bitcoin and Ethereum -- the world's biggest coins -- have used proof of work up till now, it's arguably the most tried and tested method. Put simply, proof of work has been proven to work.

However, various experts argue that proof of stake is also pretty secure. And both Cardano and Ethereum have put a lot of effort into stress testing this model. It seems that if a platform is well established, it would be difficult to control enough of the blockchain to make tricking the system profitable.

These are just a few of the green cryptocurrencies you'll find on the market. The truth is that almost any cryptocurrency that doesn't use the proof-of-work model will consume a fraction of the energy.

That's one reason I've steered away from newer headline-grabbing coins like Chia (XCH) in the list above. Not only is it not yet available at major U.S. cryptocurrency exchanges, but its proof-of-space-and-time algorithm also relies on disk drive space. This has already driven up demand for hard drives, which doesn't seem sustainable.

And sustainability is certainly important. But it doesn't make sense to buy digital currencies only because they are environmentally friendly. Security, internal management, and regulation are also factors. And since the technology behind these currencies is still relatively untested, it's wise to only invest money you can afford to lose.

To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Check out the list here and get started on your crypto journey, today.

Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.

Emma Newbery owns Bitcoin, Ethereum, Cardano, Tezos, and Ripple.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

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