Bitcoin Drops as Investors Buy $22K and $20K Puts

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Yahoo Finance 19 July, 2021 - 08:41am

When is GBTC 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

by Jamie Redman

The former professional boxer, otherwise known as “Kid Dynamite” and “Iron Mike,” tweeted about bitcoin and ethereum on Saturday and asked his followers which crypto asset they preferred. Tyson is quite familiar with bitcoin and on July 25, 2015, he tweeted about a bitcoin automated teller machine (ATM) that featured his image. He also shared a website called miketysonbitcoin.com which is now offline. At the time, Tyson connected with a firm called Bitcoin Direct LLC but the venture was quickly forgotten after some drama.

In more recent times, Tyson has teamed up with the full-service creative agency, NFT studio 1ofone. According to the announcement, Tyson will drop his first official NFT collection with 1ofone this August and it will be available via opensea.io. The former heavyweight champion collaborated with digital artist Cory Van Lew and the NFT collection will present “iconic moments from his career,” unlockable content, and a limited release as well.

“The more I learn about NFT’s the more excited I am to be a part of the crypto/tech community,” Tyson said in a statement about the NFT project. “It’s the future and I chose to partner with 1ofone to help me navigate through the NFT community with something truly innovative and creative that tells a story about who I am.”

Tyson’s tweet on Saturday not only got attention from a great number of crypto supporters but also legendary rapper Busta Rhymes. Rhymes has been intrigued by cryptocurrencies as well recently and tweeted about his curiosity to his Twitter followers. After Tyson asked: “Which do you prefer, BTC or ETH?” Rhymes replied and said: “Mike, I’m right there with you. Spent the last 30 min reading the comment section.”

In the comment section of Tyson’s tweet, there’s a myriad of responses from the crowd. Microstrategy’s CEO Michael Saylor responded and said: “Mike, I spent more than a thousand hours considering this question and chose bitcoin. So far, I have purchased $2.9 billion in BTC because I think it’s the future of digital property.” Even Twitter’s Jack Dorsey replied to Tyson and shared a website called hellobitco.in.

Of course, a number of people shilled other crypto assets and a wide variety of cryptocurrencies are mentioned in Tyson’s thread. The official Baby Doge Coin Twitter account said: “Mike let’s talk #BabyDoge” with a boxing glove and dog emoji. Paxful executive Ray Youssef also responded to Tyson’s question. “Great to have you with us Mike,” Youssef remarked. “Bitcoin is halal and peaceful, honest money.”

[Ethereum] is a platform for defi which is permissionless protobanking. Both have their place but I hold most in bitcoin and the people of Africa are using it everyday as a way out of economic apartheid.

Others simply implied that Tyson didn’t have to choose if he owned both crypto assets. Of course, the Tyson tweet also led to a number of bitcoin fans and ether supporters battling. Most of which stemmed from the bitcoin maximalist crowd, while other crypto asset fans claimed there are superior coins Tyson didn’t mention.

Another individual said: “ETH is an entire decentralized secure economy. BTC is [a] decentralized secure orange coin. So I prefer ETH.” The number of replies to Tyson’s question is very large and like Busta Rhymes said, one could easily spend thirty minutes reading them.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The U.S. Department of Justice (DOJ) has requested federal agencies stop signing appreciation letters for Binance. The exchange used these letters as proof they are actively helping these agencies in criminal probes. However, this behavior seems to have bothered agents ... read more.

The infamous meme-based crypto asset dogecoin has had an incredible 12 months, rising more than 5,578% against the U.S. dollar. Dogecoin also ignited significant demand for a number of canine-themed cryptocurrencies this year as billions of dollars have funneled into ... read more.

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Cryptocurrency Price Check: Bitcoin Slide Drags Down Sector

TheStreet 19 July, 2021 - 06:02pm

At last check Bitcoin was down 2.9% to $30,768, according to CoinDesk. Ethereum dropped 4.4% to $1,825, while Dogecoin was down 5.4% to 17 cents.

On-chain analysis Twitter account CryptoQuant found recently that Bitcoin net outflow transactions surpassed 60,000 for the first time in a year and deposits to exchange wallets fell below 20,000. 

On Friday, Binance said that it had stopped selling digital tokens linked to shares, as Hong Kong's financial watchdog became the latest in a string of regulators to crack down on the cryptocurrency exchange platform's "stock tokens" offerings.

The Wall Street Journal reported Monday that accountants and lawmakers are urging standards setters to fill a void and write concrete rules telling companies how to account for Bitcoin and other cryptocurrency assets

"While Chinese crypto miners and exchanges are desperately relocating, international exchanges like Binance are discovering that failure to anticipate regulatory oversight could be fatal to their long-term survival," said David Lesperance, managing partner of Lesperance & Associates. "We can look at a similar situation from the mid 2000s … the on-line gaming industry."

Authorities in Malaysia destroyed Bitcoin mining equipment valued at more than $1.2 million after seizing them for operating illegally.

Winston Ma, former managing director and head of North America at China Investment Corp., China’s sovereign wealth fund, said that last week the China central bank issued a white paper on China’s digital currency development.

"The [People's Bank of China] cited rapid growth in cryptocurrencies, especially global stablecoins, as a driver for research and development of e-CNY," he said, referring to the Chinese digital currency. 

Ma, who is author of "The Digital War– How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace," added that this is the first time that China’s central bank, in an official document, links its sovereign digital currency issuance with stablecoins’ potential risks and challenges to the international monetary system.

The white paper pointed to "cryptocurrencies' lack of intrinsic value, acute price fluctuations, low trading efficiencies and huge energy consumption make them unfit for use in daily economic activities."

Ma noted that this was the same day that U.S. Treasury Secretary Janet Yellen said she would meet with the President’s Working Group on Financial Markets to discuss regulation of stablecoins.

The meeting was scheduled for Monday.

Why Riot Blockchain Shares Rose 122% in the First Half of 2021 | The Motley Fool

Motley Fool 19 July, 2021 - 02:01pm

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Shares of Riot Blockchain (NASDAQ:RIOT) gained 121.7% in the first half of 2021, according to data from S&P Global Market Intelligence. The American Bitcoin (CRYPTO:BTC) miner has been extremely volatile in general and has actually lost two-thirds of February's peak valuation at this point. The plunge includes a 31% drop in the first 19 days of July.

Riot amplified Bitcoin's strong price gains over the winter but was equally hypersensitive when the leading cryptocurrency's prices came back down in May. The crypto market as a whole is both maturing and going through some growing pains, still searching for a firm legal framework on whether Bitcoin holdings should be treated as a currency, an investable equity asset, or some entirely new type of financial beast.

Meanwhile, consumers and individual investors are getting more and more comfortable with some of the leading digital currencies, which bodes well for their long-term future.

Riot produced 243 Bitcoin tokens in its New York and Texas mining facilities in June, adding up to 1,167 new tokens in the first half of the year. The company held a grand total of 2,243 tokens at the end of June, worth roughly $69 million at the public market prices on July 19. The company plans to more than double its mining capacity by the end of 2022

The company also held $241 million of cash equivalents on its balance sheet at the end of March. Riot has no long-term debt to speak of, which lowers the operating risks of holding this stock while Bitcoin tokens go through their usual wild price swings.

I'm warming up to the idea of buying Riot stock instead of actual Bitcoin tokens, thanks to the company's cash cushion and the ever-growing scale of its mining operations. The stock looked incredibly risky in February but the warning lights have dimmed significantly since then. Building a small position in this speculative cryptocurrency stock might actually make sense at these relatively low prices.

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This strategy would be the safest bet in the Bitcoin market right now

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As Bitcoin’s consolidation phase continues on the charts, opinion is divided among market observers and traders alike as to whether Bitcoin is indeed in a prolonged bear market. Findings of a report on the same were discussed in a recent article, but what cannot be denied is the fact its volumes have dropped steadily over the past couple of months.

This has negatively affected Bitcoin’s short-term trajectory which still shows no signs of a clear recovery. At the time of writing, Bitcoin traded at $31,808, down by a marginal 0.2% over the last 24 hours.

Source: BTC/USD, TradingView

Over the past four days, Bitcoin’s price has fallen into a lull. Prices have oscillated between their 23.6% Fibonacci Extension at $31,261 and the $32,000 upper ceiling. What’s more, is that BTC’s metrics revealed that the lack of volatility would last for a few more sessions and possibly over the coming days as well. Until volatility returns, it was crucial for Bitcoin to maintain above its 23.6% Fibonacci Extension in order to fuel a bullish narrative moving forward. Failing to do so would likely see the king coin tread lower towards weaker support levels at $30,000 and $28,600.

Although Relative Strength Index traded at equilibrium, its upcoming move would be of particular significance. A rise above 50-55 would denote a rising trend for BTC, whereas rejection at 50 would diminish the chances of a favorable outcome. On Balance Volume noted a slight uptick and suggested that buying pressure managed to outpace selling pressure over the past few sessions. However, an ADX reading of 18 suggested that the market was becoming less directional- something that could prolong BTC’s consolidation phase.

Low volatility and receding volumes indicated some more sideways movement for BTC- possible between its current channel of $31,000-$32,000. Buying pressure was on the up and if bulls press home their advantage, prices would likely push north once volatility returns. Meanwhile, traders must be cautious of a decline below $30,000 as this could open doors for an even sharper retracement. A wait-and-watch strategy would be the safest bet in the market right now.

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