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Dave Portnoy shrugs off $700K stock loss, weeks after sobbing over $25k Bitcoin dump

Dave Portnoy, Barstool Sports’ founder, admitted he lost $700,000 trading stocks on Sept. 8, expressing the importance of “strong hands.”

“To steal a line from my crypto friends — you can’t have weak hands,” Portnoy said in a Sept. 8 Twitter video. “If you have weak hands, this game is not for you.” 

Weak hands refers to someone selling their trading or investing position out of fear after (or during) a price decline. Stocks have suffered declining prices recently, including today, on which Portnoy boasted of his hand strength. 

“Do ya see my hands shakin?” Portnoy said. “I’m down 700 grand,” he added. “I’m lovin it, because it was too easy the way I was stompin the suits,” he said of his proclaimed success over mainstream finance. 

Contrary to his statedly strong hands in stocks, Portnoy showed the opposite during his short stint in the crypto space. Portnoy exited Bitcoin after losing $25,000 on the asset. Responding to the Barstool founder’s Bitcoin exit, one Twitter member said: “How do you hold pizza with those weak hands?”

To be fair, however, the trader expressed contentment in his stock trading, exiting BTC due to his lack of knowledge on the asset, paired with the lack of time he wanted to spend learning crypto trading. 

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Originally Posted Here: cointelegraph.com/news/dave-portnoy-shrugs-off-700k-stock-loss-weeks-after-crying-over-25k-bitcoin-dump

Bitcoin ‘plankton’ wallets struck record– plus 4 more bullish BTC charts

More and more people are buying Bitcoin (BTC) since the 2020 coronavirus crash — and it doesn’t matter how rich they are, data shows.

Part of a series of bullish charts circulating this week, statistician Willy Woo highlighted the growth in both high and low-value wallets.

Woo: BTC whales putting money where their mouth is

According to the data, compiled by on-chain monitoring resource Glassnode, Bitcoin whale entities — wallets controlled by a single high-worth individual — keep growing in terms of how much BTC they control.

Whale numbers themselves have already hit all-time highs.

“Many look at the BTC price and doubt it’s a hedge. High net worth individuals and funds certainly consider it to be true and betting on that with real money,” Woo commented. 

“Since this latest round of USD money supply expansion, whales entities have increased their holdings of BTC markedly.”

Bitcoin whale holdings vs. USD supply

Bitcoin whale holdings vs. USD supply. Source: Willy Woo/ Twitter

Bitcoin has received considerable attention as a possible safe haven since March, rebounding from 50% losses and maintaining higher levels since. Its fixed, unalterable supply — just one of its fundamental attributes — has formed a particular point of discussion as the U.S. M2 money supply keeps growing, but velocity decreases.

It’s not just whales feeling the need to bet on BTC. Smaller wallets, or “plankton” by comparison, are also showing clear growth.

“Bitcoin is a fast growing country in cyberspace with a population of sovereign individuals who prefer to use BTC for storing wealth and doing transactions,” stock-to-flow price model creator PlanB summarized.

He noted that Bitcoin has approximately 3 million users, making it the 134th largest country in the world, with a “monetary base” — market cap — of roughly $200 billion, ranking 21st globally.

Bitcoin “plankton” holdings

Bitcoin “plankton” holdings. Source: Glassnode/ Twitter

Bitcoin supply stays dormant for longer… and longer

Further signs of accumulation come from existing hodlers. The proportion of the total Bitcoin supply which has not moved in three years or more hit a record 30.9% on Tuesday, Glassnode shows.

Bitcoin supply proportion dormant for 3 years or more

Bitcoin supply proportion dormant for 3 years or more. Source: Glassnode/ Twitter

As Cointelegraph reported earlier, exchanges’ reserves of BTC keep declining as users withdraw coins to wallets. According to a new metric from fellow monitoring resource CryptoQuant, meanwhile, buy pressure remains “intense” for Bitcoin at current price levels around $10,000, roughly four months after the amount of newly mined BTC was expectedly halved in May. 

Even at lower levels than last week after a 15% drop, however, Bitcoin remains in a bullish long-term uptrend, says PlanB.

The cryptocurrency’s 200-week moving average price, which has never gone down, continues to advance by about $200 per month. Never has a monthly close in BTC/USD been below the 200-week benchmark.

Bitcoin price vs. 200-day moving average

Bitcoin price vs. 200-day moving average. Source: PlanB/ Twitter

In a sign of continued commitment from miners, the Bitcoin network hash rate is now estimated to have hit a new record of its own — over 150 exahashes per second (EH/s) after a minor 1.21% downward difficulty adjustment on Sep. 7.

Bitcoin network hash rate, raw values

Bitcoin network hash rate, raw values. Source: Blockchain.com

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Source: cointelegraph.com/news/bitcoin-plankton-wallets-hit-record-and-4-more-bullish-btc-charts

South Korean authorities apparently raid Bithumb for 2nd time

Bithumb, the largest cryptocurrency exchange in South Korea, is reportedly facing more police raids in Seoul.

The Seoul Metropolitan Police Agency has conducted additional search and seizure checks at Bithumb’s headquarters in the Gangnam District on Sept. 7, local publication Seoul Shinmun reports.

A police official reportedly said that the latest investigations aim to secure additional evidence related to existing allegations against Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings.

As reported by Cointelegraph, the executive is purportedly accused of major financial fraud involving the BXA token. Promoted as Bithumb’s native token, BXA token has been never launched or listed. Through promoting BXA token, Jung-hoon allegedly got involved in a high scale fraud that reportedly caused investor damages of 30 billion won ($25 million).

The latest police raids came shortly after Seoul police reportedly conducted initial investigations at Bithumb’s office on Sept. 2. Bithumb has not responded to Cointelegraph’s multiple inquiries to confirm or deny the news so far. This article will be updated pending any new information from Bithumb.

Alongside BXA-related investigations, Bithumb has been also troubled recently by the outcomes of a 2017 data breach incident. In early September 2020, a Judge in the Seoul Central District Court reportedly ruled that Bithumb was partially responsible for the incident.

Despite the reports, South Korea’s largest exchange keeps holding its position on the market. The crypto exchange is still the ninth-largest crypto exchange worldwide, according to data from crypto tracking tool Coin360. The reported daily trading volume accounts for about $250 million at publishing time, down around 2.7% over the past 24 hours.

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Source Cointelegraph: cointelegraph.com/news/south-korean-police-reportedly-raid-bithumb-for-second-time

Did you miss our previous article…

New Bitcoin-stablecoin metric reveals ‘intense’ purchase pressure– expert

A new Bitcoin (BTC) metric says that investors are still much more interested in buying than selling at $10,000.

In a tweet on Sep. 7, Ki Young Ju, founder of on-chain analytics resource CryptoQuant, unveiled his latest tool for tracking Bitcoin investor sentiment.

CryptoQuant: Bitcoin has “intense buy pressure”

Dubbed “Potential BUY/ SELL Pressure,” the tool takes exchanges’ total BTC reserves and divides them by stablecoin reserves.

The resulting number provides a rough impression of trader appetite, and it is currently skewed to the bullish side.

“BTC still has intense buy pressure. Exchanges are holding more stablecoins and fewer BTC compared to the beginning of this year,” Ki tweeted. 

“I think we still have room for BTC bullish trend.”

Ki added one proviso to the data — that exchange traders could use stablecoins to purchase cryptocurrencies other than BTC as well as hold Tether (USDT) to buy at lower prices later.

Bitcoin potential buy/ sell pressure chart

Bitcoin potential buy/ sell pressure chart. Source: CryptoQuant/ Twitter

Stablecoin boom and falling BTC reserves

The environment on exchanges is decidedly in a state of flux with Bitcoin’s latest price action. 

Tether, the largest stablecoin, has passed a total market cap of $14 billion, while other recent data also suggested that buyers were looking to use stablecoin assets to snap up BTC at lower prices.

That came in the form of Glassnode’s stablecoin supply ratio (SSR), which recorded a level three times stronger in late August than in June 2019, when BTC/USD traded at an identical price point — $11,400. 

At the same time, as Ki confirms, exchanges’ BTC reserves continue to decrease, evidence of a continued desire among investors to save, not trade or spend BTC.

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Source: cointelegraph.com/news/new-bitcoin-stablecoin-metric-reveals-intense-buy-pressure-analyst

Did you miss our previous article…

Binance purchases virtual home in blockchain video game The Sandbox

The cryptocurrency giant Binance has acquired virtual space within the blockchain gaming platform The Sandbox by buying 4,012 LAND tokens — each of which is a non-fungible token representing a piece of unique virtual real estate in The Sandbox metaverse.

The Sandbox’s virtual world allows its users to own, create and monetize their gaming experiences using the native utility token of the ecosystem, SAND, as well as LAND tokens.

Binance plans to use its LANDS to organize social gaming events such as NFT and game creation contests within The Sandbox platform and reward the best creators of the contests with LANDS.

Scheduled for a public beta release in December 2020, The Sandbox has so far organized four LAND presales and sold tokens worth almost $1,500,000. The demand for the gaming platform and its metaverse’s real estate NFTs has risen since its first token sale, where it sold 3,000 pieces of LAND within four hours. The next three presales saw similar interest with most tokens being swapped within the first few hours.

As Cointelegraph earlier reported, the major buyers of LAND during the presales were the renowned crypto companies such as CryptoKitties, My Crypto Heroes, Old Skull Games, and Dapp.com.

Gaming giant Atari is also a partner of The Sandbox and is creating blockchain versions of classic games such as Asteroids, Centipede and Pong.

Named as one of the most anticipated blockchain games, The Sandbox already boasts a whopping 40 million downloads and over 1 million monthly active users. The Sandbox also recently concluded a $3 million fundraise on Binance Launchpad.

Now the platform expects to further the adoption of blockchain games and NFTs by tapping into Binance’s large userbase.

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Source Cointelegraph: cointelegraph.com/news/binance-buys-virtual-property-in-blockchain-game-the-sandbox

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