Bitcoin price retakes $50K as investor voices relief at ‘healthy correction’

Bitcoin price retakes $50K as investor voices relief at ‘healthy correction’

Bitcoin (BTC) hit back to reclaim $50,000 on Feb. 24 amid fresh bullish comments from major investors.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewBTC price exits $40,000 rangeData from Cointelegraph Markets and TradingView tracked a 14% rise from Tuesday’s lows over the past 24 hours, Bitcoin posting local highs of $51,278 on Bitstamp.At the time of writing, $50,000 was forming a price focus with bulls still to take charge to dictate new support levels. After its 20% decline from all-time highs this week, Bitcoin’s almost instant renaissance accompanied votes of confidence from various investment sources.Among them was Ark Investment Management founder, CEO and CIO Cathie Wood, who said that the retracement was a “healthy” sign given months of near-vertical upside.Speaking to Bloomberg, she said that was “very positive on Bitcoin, very happy to see a healthy correction here.”That correction was in fact “relatively modest” even compared to the dive from $42,000 to $30,000 in January, Bespoke Investment Group noted in a blog post about market conditions. In additional comparisons surfacing on Twitter, commentators highlighted the many and various drawdowns witnessed during the 2017 bull run, the majority of which were in excess of 30%.BTC/USD chart with pullbacks highlighted. Source: Nathaniel Whittemore/ TwitterWood: Ark “very reassured” on Tesla, Square buy-insMeanwhile, Wood did not share the pessimistic outlook from Bitcoin critics over major companies exchange cash on their balance sheets for BTC.”This has to mature a little bit before broad-based adoption can take place, but we’re very reassured that companies like Square and Tesla have chosen to allocate,” she told CNBC.Square expanded its Bitcoin holdings considerably this week, buying 3,318 BTC for $170 million, adding to its existing $50 million stash. Tesla, one analyst continued, should also be looking to “double down” on its commitment.Wood additionally reiterated that if all United States corporations were to make a 10% Bitcoin allocation, the cryptocurrency would be worth $200,000 more. Earlier this month, Cointelegraph reported on the Ark data that Wood cited in the form of a report into the potential impact on BTC/USD from mass corporate adoption.

RUNE soars after Multichain capital reveals large position

RUNE soars after Multichain capital reveals large position

Thorchain’s native token RUNE gained 30% in the last 24 hours after crypto venture firm Multicoin Capital revealed that it has accumulated a large position in the asset. RUNE was trading at roughly $3.90 on Feb. 23 before Multicoin announced their investment, which sent prices soaring to new all-time highs at $5.61.RUNE/USD: CoinGeckoTHORChain’s token was largely unaffected by the Feb. 22 crash that saw BTC and many altcoins dip significantly, with RUNE up 34% in the past seven days. This announcement comes off the back of a strong year for RUNE, with the price up almost 62,000% since it launched 18 months ago. The rally has pushed RUNE up the market cap rankings to now rank as the 60th-largest crypto asset, with a total capitalization of $1.24 billion. THORChain started in 2018 and is a decentralized cross-chain automated market maker (AMM) exchange allowing users to trade spot tokens across blockchains. Alongside the announcement, Multicoin shared a research report in which they outlined the potential of THORChain. The report revealed that the investment firm is excited about the ability to trading tokens between different blockchains as a key opportunity for traders:“Trading is one of the primary use cases for crypto. However, trading across chains requires users to trust centralized exchanges and use two wallets […] This process is clunky. Swapping PERP tokens on Ethereum for SRM tokens on Solana is a UX nightmare.”Multicoin is a crypto investment firm founded in 2017, that invests in blockchain companies, cryptocurrencies, and tokens. The firm invested in decentralized music sharing service Audius in October 2020, and recently invested in Manta Network at the start of February.

Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO

Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO

While the public prepares for the upcoming Coinbase public offering, the mining firm Northern Data AG is reportedly planning to go public as well. Sources say that the mining business is in talks with Credit Suisse Group to launch an initial public offering (IPO) in the United States. Report: Sources Say Northern Data AG IPO for $500 Million Is in the Works Recent reports say that Northern Data AG, the mining operation that mines bitcoin (BTC), is planning to IPO in the near future. Bloomberg reveals that “sources familiar with the matter” have told the publication that Northern Data AG is “working with Credit Suisse Group AG.” Northern Data claims to be one of the largest mining operations worldwide and on November 18, 2019, the German company teamed up with Whinstone US, Inc., a Louisiana-based firm. At that time, Northern Data detailed that the merger agreement with its U.S. competitor Whinstone would position the firm as a “leading global player” in the bitcoin mining industry. Northern Data claims the mining site in the U.S. state of Louisiana will be “by far the largest bitcoin mining facility worldwide with a capacity of one gigawatt on an area of over 100 acres in Texas.” The Bloomberg report reveals that Northern Data’s IPO could happen this year and the sale of the company’s shares would increase shareholders. Northern Data’s shares already swap over-the-counter (OTC) on Deutsche Börse’s Xetra. Since bitcoin (BTC) prices tumbled during the last 48 hours, Northern Data’s shares sold on Xetra are down -11.51% today. However, the company’s stock has jumped 3x already this year alone since BTC’s climatic price rise. Company Aims to Complete 1-Gigawatt US Bitcoin Mining Operation by the End of 2021 Northern Data also reportedly owns and operates a renewable energy bitcoin mining site in Norway. The bitcoin mining operation is led by CEO Aroosh Thillainathan and the massive U.S. mining site is being constructed in three phases. Besides the other mining sites, the Rockdale, Texas facility aims to be the company’s largest to date. With two more months left in Q1 2021, Northern Data is hoping to finish the 1-gigawatt establishment by the year’s end. Back in 2019, Thillainathan, the cofounder of Whinstone US at the time, said “the joint…

Umbrella IDO sees record participation on Polkastarter

Umbrella IDO sees record participation on Polkastarter

Decentralized oracle network Umbrella has published details of its recent initial DEX offering, or IDO, revealing that 110,000 applicants hsigned up for the offering on Polkastarter.The Feb. 9 offering saw 10 times the amount of hopefuls sign up as the 1,000 randomly selected slots available, with 2.5 million UMB tokens being distributed to only 625 participants during the sale.The IDO raised 72.5 Ether worth roughly $250,000. In an announcement shared with Cointelegraph, Umbrella emphasizes the token sale was intended to limit the concentration of tokens among large holders, taking “deliberate steps to ensure strong participation at fair prices.”“This offering represents another key step in bringing decentralized oracle networks to an industry where demand for high-quality external data is growing exponentially,” said Umbrella’s founding partner, Samuel Kim.”We firmly believe in the power of community governance and decentralized solutions, and we will use this critical moment to move forward toward the next steps in Umbrella Network’s evolution.”Umbrella asserts that its delegated proof-of-stake consensus model ensures highly cost-effective data transmission. By leveraging a decentralized network of nodes, Umbrella claims it can individually validate “thousands of transactions for the price it would take to confirm a single transaction [in other networks”/using centralized networks]. The project uses a layer-two scaling solution that leverages Merkle Tree technology to consolidate multiple data points within a single on-chain transaction to mitigate the high costs of transacting on the Ethereum mainnet. Umbrella plans to run on Polkadot in future.Polkastarter is a cross-chain DEX designed to facilitate token auctions and pools. The platform has recently grown in popularity as a platform for IDOs, owing to its support for cross-chain token swaps, fixed-price offerings, and KYC integration.

Exchange demands users return Bitcoin bought for $6K during tech glitch

Exchange demands users return Bitcoin bought for $6K during tech glitch

One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb. 16. An unknown number of customers of the Philippine Digital Assets Exchange, or PDAX, managed to buy thousands of BTC from the exchange at a massive discount, making them local currency billionaires on paper — at least for a few hours. A number of PDAX customers withdrew their purchased Bitcoin, up to the exchange’s limit on individual accounts of one BTC per 24 hours. PDAX is reportedly demanding these users refund BTC obtained during the crash under the threat of potential legal action. The tech glitch led to a 36 hour closure, and several users continue to report remaining locked outside of their accounts.Still unable to login for 7 days straight now. They’re trying to cover up something fishy here. I also heard from many of the users that their transactions was reversed by pdax during the downtime. They’re obviously lying because many still couldn’t access their accounts.— (@drumseth) February 22, 2021 One user, who managed to purchase Bitcoin when it dropped to 300,000 PHP from 2.4 million PHP, took to Reddit to ask for opinions on whether or not they are legally required to return the Bitcoin, receiving an outpouring of mixed responses.“I managed to transfer the purchased BTC to another wallet outside PDAX just before they closed the trading and eventually the website,” the Redditor explained in a thread on r/phinvest.“After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, which was purchased well within my rights without violating any laws or regulations of the trading platform, or they ‘may’ be compelled to take legal actions against me.”On Feb. 23, PDAX CEO Nichel Gaba held a press conference to further clarify what had happened the week prior. He explained that the burden placed on the exchange by a flurry of unanticipated activity had introduced a glitch that allowed an unfunded order to be matched with a funded order. According to Gaba, this led to a cascade effect that dropped the price of BTC below reasonable levels.“It’s very understandable that a lot of users will feel upset they were able…

Whales offloaded 140K Bitcoin this month: Glassnode

Whales offloaded 140K Bitcoin this month: Glassnode

According to a new report from crypto market data aggregator, Glassnode, Bitcoin whales offloaded massive amounts of BTC during February. Glassnode defines any address that holds between 1,000 BTC and 10,000 BTC as a “whale”, while “humpback whales” hold more than 10,000 BTC. The report found that the number of whales increased by more than 14% in the year to Feb. 5, 2021. Whales and humpbacks’ buying spree peaked in January as they snapped up 80,000 BTC, worth $3.84 billion at today’s prices.But since February, whales and humpbacks appear to have taken heavy profits, offloading 140,000 BTC — equal to $6.72 billion since the start of the month.The data shows an inverse-correlation between the trading activities of whales to smaller, but still very wealthy investors. Glassnode noted that “dolphins” and “sharks” — wallets that hold between 100 BTC and 1,000 BTC — shed 95,000 BTC worth $4.56 billion in January, but flipped bullish in February, collectively accumulating 117,000 Bitcoin ($5.61 billion) since the start of the month:“Important to note is how the supply changes for the Dolphin/Shark class (purple) and Whale/Humpback class (green) are mirrored in volume and shape. Where one class sees increasing volume, the other sees decreasing volume (and vice-versa).”“Octopus” and “Fish” — wallets that hold between 10 BTC and 100 BTC — have been consistently offloading their holdings since November 2020, selling more than 128,000 Bitcoin or $6.14 billion in less than four months.The 20% BTC price crash this week sparked a lot of action for the whales and was front run by one clever whale who managed to cash out $156 million before the dip began on Monday. Fears of a further down-trend may not eventuate as new research from trading platform CrossTower argues that institutional buying will hold BTC above $50,000 in the long term.

Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City

Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City

Bitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General’s (NYAG’s) office over a case dating back to 2019. In a statement on Tuesday, NY Attorney General Letitia James accused the two entities of hiding severe losses from investors. “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said James. She continued: “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.” Per the statement, an NY Attorney General’s investigation found that the companies made false statements about the backing of tether, with Bitfinex using Tether’s funds to clandestinely cover an $850 million financial hole at its bank Crypto Capital in Panama. According to the investigation, from 2017, Tether had no access to the banking system and did not have reserves to back the tether (USDT) in circulation at the time. Bitfinex stresses that it did not lose any money, claiming Crypto Capital’s funds were confiscated by governments in Portugal, Poland and the U.S. Bitfinex and Tether have now been barred from having any trading activity with the citizens of New York, as a result. The NYAG requested that the two companies submit regular reports on core business functions. Tether must also offer public disclosures, by category, of the assets backing tether, including disclosure of any loans or receivables to or from affiliated entities. Tether published a statement on Tuesday “admitting to no wrongdoing.” It argued: The Attorney General’s Office concluded, in essence, that we could have done better in publicly disclosing these events. Contrary to online speculation, after two and half years there was no finding that Tether ever issued tethers without backing, or to manipulate crypto prices. What do you think about Bitfinex and Tether settling with the NYAG’s Office? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct…

Musk no longer world’s richest man after Tesla and Bitcoin slump

Musk no longer world’s richest man after Tesla and Bitcoin slump

Tesla CEO Elon Musk has lost his crown as the world’s richest man following a sharp correction in Bitcoin and a slump in his company’s stock that some analysts believe are correlated. Tesla stock (TSLA) has dropped 21% from its high of $890 on January 26, accelerating those losses over the past two days in a fall to $698. Shares of the electric vehicle maker dipped as much as 13% on Tuesday, Feb. 23, the stock’s worst day since early September.Fox Business has blamed this week’s stock drop on the company’s association with Bitcoin, citing analyst Dan Ives of Wedbush, who also noted he believes the move was a strategic one for the long-term.“Investors are starting to tie Bitcoin and Tesla at the hip. While Tesla on paper made roughly a $1 billion on Bitcoin in a month that exceeded all its EV profits from 2020, the recent 48 hour sell off in Bitcoin and added volatility has driven some investors to the exits on this name in the near-term,”Tesla stock traded at around $865 on Feb. 8 when the announcement it had purchased $1.5B in Bitcoin was made. It bottomed out at $681 on Feb. 23 according to Yahoo Finance. However, reports of quality control issues in China may have also affected the price. Tesla owns an estimated 48,000 BTC which means that paper profits were in the region of one billion dollars by the time the asset had hit its all-time high of a little over $58,000 on Feb. 21.Despite this week’s price plunge, the firm is still in profit on the Bitcoin buy, as the asset was priced at a touch over $39,000 when the purchase announcement was made (and the buy happened prior to that). The Telsa stock drop has knocked Musk off the top of Bloomberg’s Billionaires Index, with recent losses reported at $3.56 billion. Jeff Bezos tops the list again with an estimated total net worth of $187 billion while Musk has $180 billion according to Bloomberg.At the time of writing Bitcoin prices had corrected by 17% to around $48,000 marking a $10K slide in just three days. In terms of pullbacks, markets are used to much larger ones such as the mid-January retreat which resulted in a 30% correction…

Congress worries crypto used to fund domestic terrorism, Capitol insurrection

Congress worries crypto used to fund domestic terrorism, Capitol insurrection

A U.S. Congress subcommittee is investigating if domestic extremists are turning to cryptocurrency as a source of funds for their activities.On Feb. 25, the Subcommittee on National Security, International Development, and Monetary Policy will hold a hearing titled “Dollars Against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection.” A committee memorandum ahead of the hearing stated that “as scrutiny by traditional banks and payment platforms increases, extremists are turning to solicitations of cryptocurrencies.”The memorandum lumps cryptocurrencies with other potential avenues for illicit activity financing including crowdfunding, charities, and social media platforms. Two main incidents are used to suggest crypto may have helped fund the Capitol insurrection.Specifically, on Dec. 8 a French extremist who committed suicide sent 28.15 BTC (worth $522,000 at the time of transfer) to 22 addresses with many belonging to known far-right activists and internet personalities.More than $250,000 of the BTC he sent went to activist Nick Fuentes who was identified as being at the Capitol during the insurrection, although he expressly denies entering the building.The other source cited by the memorandum was a live video of the Capitol protest on the video streaming platform Dlive in which the streamer received approximately $222 in cryptocurrency tips. According to the document, the platform has paid out “hundreds of thousands of dollars to extremists since its founding.” The platform was purchased by peer-to-peer file sharing service BitTorrent, which is in turn owned by the Tron Foundation.However the memo concedes the two incidents are circumstantial evidence and that “it is unknown whether the funds from these Bitcoin transfers or others were used in the planning and execution of the January 6th Trump rally or the Capitol insurrection that followed.”The committee believes that as traditional finance ramps up the reporting of suspicious activity, future insurrectionists are likely to turn to non-traditional methods to finance their activities. It added that “some of the arrests related to the Jan. 6 attack,” were successful due to the reporting methods banks and other regulated financial institutes employ.There is still significant push-back to the “cryptocurrency is a criminal’s haven” narrative. Bitcoin influencer Pierre Rochard responded on Twitter to the memo saying “almost all domestic terrorism happened before Bitcoin was invented. Domestic terrorism is financed by USD.” Cryptocurrency investor who goes by…

Jigstack DAO Acquires Icorating.com Platform to Strengthen Its Token Launch Pad Lemonade

Jigstack DAO Acquires Icorating.com Platform to Strengthen Its Token Launch Pad Lemonade

A decentralized finance (defi) protocol announced that it officially acquired an initial coin offering (ICO) listing platform. Jigstack, who bought icorating.com, will migrate all the platform’s assets to its Lemonade’s solution. Jigstack’ Direct Email Database on Icorating.com According to the announcement, the defi protocol, which acts as a decentralized autonomous organization (DAO), bought the website to boost its multi-chain token launch solution Lemonade. Robert Weir, Jigstack’s COO, told news.Bitcoin.com that icorating.com acquisition is a “commercial trifecta for Lemonade” as they own “commercially relevant data, a database of over 30,000 active crypto investors.” In fact, they seek to boost exposure for projects launching through Lemonade. In Lemonade, anyone can create a token sale in a matter of minutes, including adjusting the token lock sequences, vesting periods, and overall token distribution logistics, added Weir. For projects launching on Lemonade, Jigstack COO commented: They now have instant exposure to over 30,000 investors on Twitter and our direct email database and user traffic on the Icorating website. Partnership With Ethereum Startup Polygon Per the fees offered in the launchpad following the integration, the company says that it requires a flat 1% fee of the tokens, a 0.5% marketing bounty, and a 1% share of the tokens for the network vault. Weir further added: For the Lemonade platform, we just acquired one of the most comprehensive data sets in the crypto space. Specifically relevant for crypto-based fundraising and the investment space. Icorating.com has been operating as one of the biggest players in the crypto fundraising space since 2016. For investors, we’ve now significantly boosted our digital footprint and overnight injected tens of thousands of new investors into the Lemonade and Jigstack network. Recently, Jigstack partnered with Polygon — formerly Matic Network — by seeking to reduce gas fees and improve the Ethereum defi ecosystem’s performance. What do you think about the announcement made by Jigstack DAO? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons