Author: NBTC
A bullish cryptocurrency trader has borrowed nearly $12 million in three stablecoins to buy over 4,459 Ethereum (ETH) since August 11. These decentralized finance (DeFi) trading operations signal optimism at these prices, forecasting a surge for the leading Web3 infrastructure. DeFi traders can leverage their holdings as collateral to borrow cryptocurrencies like stablecoins and open long positions buying an asset. Essentially, this allows investors to buy Ethereum without decapitalizing, sell at higher prices, and amass profits after repaying the loan. Finbold recently reported a similar operation from the world’s fifth-richest crypto investor. In particular, Lookonchain reported one of these operations…
Investment giant Millennium Management has recently announced adjustments to its Bitcoin Exchange-Traded Funds (ETFs). Notably, as per a post shared by Trader T, a prominent voice on X, the hedge fund has lowered its position on Spot Bitcoin ETFs in the second quarter. Millennium Management lowers its position on Spot Bitcoin ETFs in Q2 (reported value)$FBTC, -14%, owns $589 m$IBIT, -48%, owns $371 m$GBTC, -52% owns $82 mbut, adds more$BITB, +71%, owns $65 m$MSTR, +8837%, owns $121 m pic.twitter.com/Z91ff3A8eL — Trader T (@pivfund2100) August 15, 2024 To elaborate, Millennium Management lowered its positions in Bitcoin ETFs, including Fidelity’s Fidelity Wise…
Appchain infrastructure platform Tanssi has entered into a long-term strategic cooperation with Agrotoken, a pioneering global tokenization platform for agricultural commodities. The collab will fuel novel solutions for agriculture businesses in South America. Agrotoken, Tanssi score partnership to leverage Polkadot (DOT) for agriculture finances in South America Agrotoken, a cutting-edge tokenization platform for agriculture businesses, scored a partnership with Tanssi, a multi-purpose appchain protocol for Web3 venues. The two teams will work together on Polkadot-based agro-finance solutions for the South American market. Inaugural iterations of joint products will be focused on Brazil and Argentina, with more regional agriculture heavyweights to…
Veteran trader Peter Brandt recently posed a thought-provoking question to his 729,500 followers on X (formerly Twitter), asking whether the current Bitcoin chart will develop into a daily chart fractal resembling Gold’s performance during either the 2008-2009 or the 2020-2024 periods. This inquiry comes as Bitcoin’s price chart depicts an inverse head and shoulders pattern formation, a technical pattern often seen as a bullish indicator, and which preceded Gold’s breakout in the aforementioned periods. The inverse head and shoulders pattern is a well-known technical analysis formation that typically signals a reversal from a downtrend to an uptrend. This pattern consists…
BitMEX co-founder Arthur Hayes is launching a Bitcoin Ordinals collection dubbed Airhead, entering the market for Bitcoin-based collectibles by releasing a clutch of ballooned characters. Comprising 10,000 NFT-like assets, the batch of inflated profile pictures (PFP) stem from a collaboration with Oyl Wallet. The digital wallet for Bitcoin launched earlier this month, and on Thursday began allowlisting would-be buyers for the Airhead drop. The startup counts Hayes’ family office Maelstrom as an investor. “It’s not like you’re just offering them an NFT but on Bitcoin,” Hayes said in an interview with Decrypt. “It’s a completely different thing that speaks to…
Ethereum has lagged behind both Bitcoin and Solana in price in recent months, but experts suggest that this trend could soon change. Despite Ethereum’s significant technological advances and growing institutional interest, its price growth has not matched the impressive increases seen by its peers. According to an investment simulator from 21Shares, Bitcoin and Solana have both increased by 38% since the beginning of the year, while ETH has only gained 15%. This discrepancy raises questions about ETH’s current market position and future prospects. Yves Longchamp, managing director and head of research at AMINA, a crypto bank, said Ethereum’s distinct role…
Chinese regional banks, which were once used as bridges to process payments from Russia to China, have begun rejecting these payments for fear of secondary sanctions. To facilitate these transactions, cryptocurrency and even barter schemes have emerged as options to continue trading outside the dollar-dominated financial system. Crypto Considered for Settling Trade Transactions Between China and Russia as Payment Options Wither Russian-Chinese bilateral trade is facing increasing difficulties due to the difficult task of settling transactions. According to Izvestiya, local companies have reported that 98% of Chinese regional banks do not process yuan-based transactions from Russia. This scheme had been…
Storj bought Valdi, a provider of high-performance cloud computing, for an undisclosed amount. The deal means that Storj can also offer GPUs to its enterprise clients. Storj, a crypto-backed cloud-storage platform, said it bought Valdi, a provider of high-performance cloud computing, to add graphics-processing-unit (GPU) computing for its enterprise clients. The Valdi network comprises over 16,000 GPUs globally and provides on-demand processing that is used for artificial intelligence (AI) training in industries such as technology, research and life sciences, Storj said in a press release. Terms of the deal were not disclosed. Surging demand for power and infrastructure from AI…
As the broader cryptocurrency market experiences a downturn, Bitcoin (BTC) remains under significant selling pressure, currently trading at $65,685. Meanwhile, silver (XAG/USD) clings to a key support level of $29.00, rebounding as US bond yields come under pressure. This dynamic economic landscape has led investors to reconsider their options, weighing the benefits of Bitcoin as a growing digital asset against silver’s integral role in emerging technologies and its sensitivity to industrial demand cycles. Divergent roles in investment portfolios Bitcoin and silver offer unique opportunities in investment portfolios due to their divergent roles. Bitcoin’s potential for aggressive growth and high volatility…
Ethereum price started a steady increase above the $2,650 resistance. ETH is beating Bitcoin and might even rally toward the $3,000 resistance zone. Ethereum started a fresh increase above the $2,580 and $2,650 levels. The price is trading above $2,670 and the 100-hourly Simple Moving Average. There is a key contracting triangle forming with support at $2,670 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend gains if it clears the $2,750 resistance zone. Ethereum Price Eyes More Upsides Ethereum price started a decent increase from the $2,520 support zone. ETH outperformed Bitcoin and surpassed…