The so-called Grayscale effect might be waning, as both bitcoin and ethereum are rallying while leaking from Grayscale’s trusts at the same time. In the past 7 days, BTC 211 (USD 11.4m) and ETH 781 (USD 1.4m) left Grayscales trusts. In the same period of time, the price of BTC jumped by almost 9%, while ETH rallied by 16%. Just two months ago, strategists at the major investment bank JPMorgan said that Grayscale trusts could be a determining factor in whether the cryptos’ prices go up or down, as losses could be fuelled by the “trend-following investors” leaving the space.
After only three days accepting Dogecoin (DOGE) as a form of payment, Dallas Mavericks owner Mark Cuban is predicting the price of the token will eventually hit $1. In a Saturday tweet, Cuban said customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of publication — in transactions for the Dallas Mavericks, claiming the franchise was now “the largest Dogecoin merchant in the world.” The billionaire predicted that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token would “definitely hit $1.”
It’s hard to shake the fact that bitcoin (BTC)’s ascent from one fresh all-time high to another in recent months has taken place amid a backdrop of a struggling global economy. The United States’ GDP infamously tanked by a record 32.9% in Q2 2020 and fell by 3.5% across 2020 as a whole, while the International Monetary Fund (IMF) projected in June that the global economy would shrink by nearly 5% across the same period. Most economic and financial experts appear to agree that some kind of debt-driven slump is approaching, although they tend to disagree on whether this is an inevitability or not.
With the rapid growth of decentralized finance, upcoming scaling developments on Ethereum 2.0, and increased crypto allocation in the portfolios of institutions, the price of Ether (ETH) is rapidly ascending. In fact, we’ve already seen ETH break the $2,000 barrier for the first time, marking a brand-new all-time high. All this action may be bullish for ETH holders and DeFi investors, but for smaller DApp developers and other users on the network — such as traders using ERC-20-based stablecoins — it’s quickly pricing them out.
Nyan Cat, a cult GIF from YouTube that mixed a catchy pop song with an animated cat and became an internet sensation, turned 10 last month. To commemorate this, creator Chris Torres made a one-of-a kind rendition of the animation and sold it for $590,000 in an online auction, 1 GIF animation, late last month. If the West has been swooning over non-fungible token (NFT) art, Indian aesthetes too have begun trawling through marketplaces for digital collectibles — music, videos, animations.
To celebrate the exchange’s 3rd anniversary, the Coinsbit team has announced a range of exclusive promotions to thank users for their loyalty and trust. As one of the key activities scheduled for the celebration, the team plans to award 30 bitcoins to lucky participants. Nothing like this has ever been done in the history of cryptocurrency, so this is a once-in-a-lifetime opportunity.
Bitcoin (BTC) once again showed that it is indirectly correlated to macroeconomic factors that can move the stock market, and, in turn, affect the price of the most popular cryptocurrency that is often touted as an independent asset class. Bitcoin fell around 10% on March 4, from USD 51,680 to USD 46,550 in the early hours of March 5. The price rallied by 38% in a month and 458% in a year however BTC is now down by 17% from its all-time high of USD 58,641reached on February 21.
“If we think about it though, bitcoin wasn’t reacting to the [Federal Reserve] at all. It was reacting to the stock market,” QuantumEconomics.io founder Mati Greenspan said in his latest newsletter.
India’s top cryptocurrency exchange nearly doubled its trading volumes month-on-month in February, despite fears of a government-imposed ban on crypto assets. According to a tweet by Nischal Shetty, founder of WazirX, the largest crypto exchange in India, the company hit $2.3 billion in trading volumes on 21 February. Volumes were at $1.4 billion on 21 January, and at $500 million as on 20 December.
Bitcoin will eventually be the world’s currency, because “you have to think it’s going to infinity,” Jesse Powell, the CEO of the cryptocurrency exchange Kraken, told Bloomberg on Wednesday. He said that national currencies were “already showing extreme signs of weakness” and that people would soon start measuring the price of things in bitcoin. “The true believers will tell you it’s going all the way to the moon, to Mars, and eventually it’ll be the world’s currency,” Powell said. Kraken, based in San Francisco, is in talks to raise new funding that would double its valuation to over $10 billion, Bloomberg reported in late February.
In another sign that dogecoin may be moving beyond its roots as a meme token, the Dallas Mavericks are set to begin accepting the cryptocurrency as payment for tickets and merchandise. Owner Mark Cuban told DealBook Thursday that he and his basketball team decided on this, “because we can!” The billionaire entrepreneur added: “Sometimes in business, you have to do things that are fun.”