Rumors Claim Large Bitcoin Wallet Is a Whale’s Stash or Microstrategy’s Wallet Despite Conflicting Data – Featured Bitcoin News
[ad_1]
Five months ago, Bitcoin.com News published a story concerning the speculation surrounding the third-largest bitcoin wallet, as many observers believe the address is a mega whale. The report noted at the time that the address “1P5ZED” shows all the tell-tale signs that it’s an exchange platform, but to this very day speculators still assume and still publish odd conjecture on why they think “1P5ZED” is a massive bitcoin whale.
Famed Bitcoin Address ‘1P5ZED’ Once Again Sparks Unfounded Speculation and Rumors
The “1P5ZED” bitcoin address rumor is making the rounds again, as people wholeheartedly believe that the address is a bullish whale capturing massive quantities of bitcoin. Stories about the “1P5ZED” bitcoin address have been published by crypto news outlets, analysts have claimed the entity has a ‘trading strategy,’ Redditors have published threads on the wallet’s transfers, and the wallet has been a topical conversation on Twitter as well.
For instance, on April 21, 2022, a Twitter account called “Ozz, CEO of Altseason,” tweeted a claim that the company Microstrategy was selling and has sold bitcoin.
“I just realized that Microstrategy has been selling bitcoin without telling no one,” Ozz said. “Michael Saylor said he would never do so, but yesterday he sold more than 1,500 bitcoins. From their main address, bitcoins have been sent to a secondary address that has been using Coinbase and Okex to sell bitcoins,” Ozz added. The Twitter account also said Microstrategy’s addresses were:
Main custodial address: 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ
While some people called Ozz out on the tweet because the information is 100% incorrect, as the address is not owned by Microstrategy, the tweet still exists with 262 retweets, 163 quoted tweets and close to 1,200 likes at the time of writing. The tweet further caused a large amount of unfounded speculation and rumors about Microstrategy that are untrue.
This is because the third-largest bitcoin address is not owned by Microstrategy and is more than likely an exchange platform. Bitcoin.com News has investigated the “1P5ZED” bitcoin address before, and onchain analytics have shown exchange spending patterns like cluster spending.
Industry Source Insists Blockchain Analytics Tools Tether ‘1P5ZED’ to Gemini
Onchain analytics from blockchair.com indicated that “1P5ZED” transactions are always settled with very little privacy. The block explorer oxt.me also has two annotations which explain that the “1P5ZED” bitcoin address may be tied to the exchange Bittrex.
However, after Bitcoin.com News published our report on “1P5ZED,” our newsdesk received a message from an individual about the article. The person asked not to be named and explained that they had “access to blockchain analytics tools (Chainalysis and Ciphertrace) as part of their job function.” The individual further added:
There is an almost 100% chance that both addresses in your article, both 1P5ZED and 1FzWLk, belong to Gemini.
Blockchain parsers show that “1FzWLk” transacts quite a bit with “1P5ZED” transactions. “1FzWLk” is also flagged with a note on oxt.me about the address being associated with an exchange. “[1FzWLk] annotated as Okex by Whale Alerts. Though source and cluster spending suggest closer ties to Coinbase and Gemini,” Ergobtc wrote at the time.
While most of the top bitcoin addresses are labeled as exchanges, people continue to hype things up in the crypto media as if this is a mystery bitcoin whale. The fact is the wallet is most likely, with almost a 100% guarantee, a well-known exchange that has not been labeled as a trading platform. Although, as long as the third-largest bitcoin address remains unflagged, it will be open to interpretation and conjecture.
Do you think “1P5ZED” is a random whale address or do you think it belongs to an exchange? Let us know what you think about this subject in the comments section below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
How to Buy Crypto on eToro | Where, How and Why
[ad_1]
eToro is a leading multi-asset social investment platform, providing financial and copy-trading services globally. It offers a unique social trading feature, letting traders copy the experienced investors’ trades or share their own trading strategies to receive exclusive perks.
Launched in 2007, Toro has developed from trades in foreign exchange to commodities, indices, stocks, etc. Today, eToro is a highly competitive cryptocurrency exchange with the crypto trading platform eToroX and a crypto wallet.
Read on to learn everything you need to know about the key features of eToro, its pros and cons, and how to buy cryptocurrency on eToro in a few simple steps.
Let’s jump right in!
Introduction to eToro
eToro homepage
eToro was founded by Yoni Assia, Ronen Assia, and David Ring in 2007 in Tel Aviv, Israel, with offices in Cyprus, the United Kingdom, the United States, and Australia. Assia is still the company’s CEO.
eToro, the world’s leading social investment platform with innovative trading and investment tools, lets millions of users in 140 countries trade currencies, commodities, crypto-assets, stocks, and indices. It offers a USD investment option with mobile and web trading services in 21 languages.
How eToro Works
buying crypto on eToro
The eToro trading platform has a straightforward pricing structure and offers a wide selection of digital assets that can be combined in the same account as stock investing. It lets users build a portfolio of cryptocurrencies, commodities, EFTs, CFDs, etc.
eToro offers a user-friendly interface with beginner-friendly tools and extensive capabilities for more experienced traders. Users can trade on the web version or the mobile app once they set up an account.
However, the platform’s added features like CopyTrade and user interaction set it apart from its competitors.
How to Buy Crypto on eToro
Users can deposit fiat currency from a debit card or bank account to start trading through eToro’s web-based platform and mobile app.
The guidelines below will explain the process of purchasing cryptocurrency on eToro.
Join eToro
Step #1: Signing Up
Go to eToro.com and click “Join Now” to create your eToro account and start investing in cryptocurrency. On the next page, choose an email ID, create a strong password, and fill in your personal information, such as your name, zip code, birthday, and phone number.
You must then verify your account by uploading proof of identity and proof of address.
Step #2: Verification
Upload proof of address and identity to authenticate your account. Your proof of address can be any bill, bank statement, government tax letter, or government-issued social insurance statement. Your proof of identity can be any government-issued ID card or passport that displays your full name, date of birth, and photograph, with a valid expiry date.
The eToro staff will complete the account verification procedure within 24 hours.
Step #3: Deposit Funds
eToro requires a minimum deposit of $10 when you open a new eToro account. You can pay by credit or debit card (Visa or Mastercard), PayPal, Neteller, Skrill, Rapid Transfer, Klarna, Przelewy 24, POLi, or iDeaL. You can also pay by bank transfer if you deposit at least $500.
Step #4: Create Your Crypto Wallet
You can save your newly purchased coins in your eToro account or move them to a more secure personal wallet. eToro wallet is available for free download for IOS and Android smartphones. To link your eToro crypto wallet to your account, download the app and log in with your eToro credentials.
You can also choose a hardware wallet, also known as cold storage. Hardware wallets are usually considered the most secure wallets to store your digital assets as they offer offline storage, thereby significantly reducing the risk of hacks.
Whichever wallet you choose, always remember to keep your private keys safe and never share them with anyone.
Step #5: Buy Crypto
Look for the search bar towards the top of the screen on eToro’s dashboard. Enter the crypto you would like to purchase and click “Trade,” or buy it through the “Trade Market” tab. Enter the quantity of crypto you want to buy in USD. When you are ready, click “Open Trade” to make your purchase.
Also Read: How to buy crypto on Webull
How to Sell Crypto on eToro
The selling process is relatively easy. Follow these easy steps to sell your purchased currency from your eToro account.
Log in to your eToro account.
Select “Portfolio” from the left-hand menu.
Select the cryptocurrency you want to sell from your portfolio’s list of investments.
To close the trade and sell your cryptocurrency, click on the red cross icon at the right of the screen.
The selling process takes place during market hours.
How to Transfer Crypto Assets From eToro Trading Platform to eToro Crypto Wallet
The eToro trading platform is linked to an external wallet via eToro Money, a mobile app available for iOS and Android devices. You need to use the same username and password you use for your trading account for the eToro Money app.
Once you have installed and registered with the eToro Money app, you can withdraw supported crypto assets from there. The option to move crypto to your crypto wallet will show in the eToro trading platform if the transactions meet the transfer conditions.
You will need to go to the portfolio’s “Edit Trade” window to transfer coins. Eligible users will have the option to transfer under “Invested.”
You can send Bitcoin (BTC), Bitcoin Cash (BHC), Ethereum (ETH), Litecoin (LTC), Stellar Lumens (XLM), Tron, and Ripple (XRP) to your eToro Money crypto wallet.
Users can transfer any amount of crypto to their crypto wallet. However, if you are a new eToro user, your residual equity (total equity minus the transfer amount) must equal or exceed the total deposits made with one or more payment methods. This restriction is determined by your payment method and eToro Club level and is only valid for a fixed number of days after initially depositing to eToro.
Market Risk
The eToro USA LLC investments are subject to market risk, including the possible loss of principal.
Cryptocurrencies’ prices can fluctuate by 20% in a single day. As a result, traders and investors may find many opportunities in the asset class, but they must objectively analyze the risks involved in trading rather than blindly follow any investment advice. Also, one must not invest more than one is prepared to lose.
Trading Fees
eToro is free to sign up for and has relatively low fees. There is no eToro deposit fee, and it doesn’t take a commission on stocks. Fees may differ depending on your location.
eToro makes its money based on the spread, which is the difference between cryptocurrencies’ buy and sell prices.
eToro offers some of the most competitive Bitcoin purchase rates of any major cryptocurrency exchange. While buying Bitcoin or any other cryptocurrency on eToro, you will pay a charge of 1% of your total transaction. eToro doesn’t charge extra fees for using a credit or debit card. When you purchase Bitcoin or send Bitcoin from your eToro account to your eToro wallet, you will be charged a $5 transaction fee.
When you buy through eToro, you will only be charged once for each asset, rather than twice when you buy and sell. eToro also charges a $10 inactivity fee per month for accounts that have been inactive for over one year.
Also See: How to buy Bitcoin
Supported Cryptocurrencies
eToro supports more than 40 different crypto assets.
In 2014, eToro added support for BTC, letting users purchase and sell CFDs (to non-U.S. users). Four years later, Ethereum (ETH) and Ripple (XRP) became available on the platform, and more digital assets were added in the following years.
In 2018, the launch of the eToro crypto wallet and eToroX in the US made trading more accessible. The most widely traded crypto assets on eToro are Bitcoin (BTC), Bitcoin Cash (BHC), Cardano (ADA), Dash (DASH), DogeCoin (DOGE), Ethereum (ETH), Litecoin (LTC), Polkadot (DOT), Polygon, Solana (SOL), and Stellar Lumens (XLM).
There’s a $25 minimum for buying any cryptocurrency on eToro, but you’ll also need to fund your account with at least $50 to get started (this is also the minimum for any deposits you want to make later). There are no fees for withdrawing your funds from your eToro account, but there is a $30 withdrawal minimum.
Trading Platforms
eToro supports mobile and web trading services in 21 languages, including English, French, Spanish, Italian, Chinese, Dutch, Arabic, etc. You can select the preferred language on the web version through settings.
Designed with beginners in mind, eToro is available for iOS and Android devices and offers the same functionality as a web trader.
Features
eToro’s account-opening process is fast and seamless. It provides the following innovative features:
A social trading platform where users copy other traders’ strategies.
A virtual portfolio that allows you to practice without investing real money.
An easy process for depositing money.
A user-friendly and well-designed mobile and web trading platform.
CopyTrader
You can follow or mirror the moves of experienced crypto traders or investors on the platform to help you make trading decisions. Click on a successful trader’s profile and click “copy” when that person trades.
The cost of copying a user’s trades is $200, and users can track up to 100 traders simultaneously. Users can access millions of other traders’ portfolios, metrics, and risk scores even if they’re not using the CopyTrader. While they have complete access to all public profiles worldwide, US clients can only copy other US users.
Despite the availability of the option, you need to remember that the past performance of a trader is not an indication of future results.
Security
eToro takes account safety very seriously – it employs cutting-edge security technologies for top-notch protection of your assets and personal data.
To protect users’ funds, eToro uses warm storage and cold storage. Warm storage is the online wallet, while cold storage is the physical hardware where eToro stores crypto offline, protecting it from hackers. No one at eToro has the authority to transfer cryptocurrency from the cold storage system.
Furthermore, eToro employs cutting-edge monitoring systems to detect and prevent frauds like money laundering and duplicate spending.
To protect your eToro account and your personal and financial information (e.g., login attempts), eToro uses advanced encryption, masking methods, and rate-limiting on account operations. You can also use the two-factor authentication (2FA) feature to add an extra degree of security to your account.
Regulation
eToro is a regulated trading platform with operations in London, Tel Aviv, Israel, and Cyprus operations. It adheres to the legal and regulatory requirements put forth by leading regulatory organizations like:
The Financial Industry Regulatory Authority (FINRA) and Financial Crimes Enforcement Network (FinCEN) for eToro USA LLC. eToro USA Securities Inc is a FINRA member.
The Financial Conduct Authority (FCA) in the UK.
The Cyprus Securities and Exchange Commission (CySEC) in the European Union.
The Australian Securities and Investments Commission (ASIC) in Australia. eToro Australia may function as the principal and hence issuer of the financial product or as your agent, depending on the financial instrument you choose
Virtual Portfolio
eToro offers a free $100,000 virtual portfolio for you to try all of its trading platform features before investing real money. It lets you get a taste of cryptocurrency’s volatility and understand the risks involved in trading before committing.
Copy Portfolio
You can invest in one of four crypto portfolios designed by eToro and regularly rebalanced: Crypto Portfolio Copy Portfolio, CryptoCurrency Copy Portfolio, Crypto Equal Copy Portfolio, Crypto Takeover Copy Portfolio, in addition to buying and trading specific cryptocurrencies.
Investing in these portfolios involves a risk because you need to invest in crypto other than Bitcoin and Ethereum, with a considerable investment of $2,000-$5,000. These high minimums can impede many investors, especially newcomers because experts recommend only spending 5% or less of your whole portfolio on cryptocurrency.
Insurance
eToro provides free insurance from Lloyd’s of London with coverage of up to 1 million euros, pounds (GBP), or Australian dollars (AUD). All eToro customers are protected with no need for a special registration. The insurance covers cash, all CFD positions, and securities.
Note that the insurance doesn’t cover crypto-asset parts.
User Interaction
Content on eToro’s social trading platform is generated by members of the collaborative trading community eToro. You can connect with investors on eToro and learn from them by commenting on their articles, interacting with them, and copying their investment methods and portfolios.
But remember that these investors give investment advice based on their experience, and investing entails risk, so don’t follow them blindly — conduct your independent research first, then invest.
You can also use the CoinStats crypto portfolio tracker to track the progress of all your crypto assets from one place.
eToro Pros
eToro has an active community and is an excellent choice for cryptocurrency trading. With unique features, eToro provides real-time insights and tiered membership options for advanced users.
CopyTrader, letting users copy trading done by other investors.
Straightforward fee structure.
Offers educational materials in multiple formats – written instructions, videos, webinars, podcasts, and in-person and online training courses are available through eToro academy.
Desktop and mobile trading options. It’s even easier with the user-friendly app letting you trade on the go from anywhere, at any time.
eToro practice account. You can try all features on eToro’s trading platform risk-free with $100000 in a virtual portfolio before investing real money.
Easy to register with low account funding requirements in most countries.
Regulated by top-tier financial agencies such as the FCA (Financial Conduct Authority), ASIC (Australian Securities and Investments Commission), and CySEC (Cyprus Securities and Exchange Commission).
eToro Cons
Despite offering many advantages, eToro has a few drawbacks as well. From providing limited services and charging higher spreads than other cryptocurrency exchanges to its below-average customer service.
Not available in all states. It’s confined to only 43 US states. Limited service is a significant drawback as you can’t trade crypto using eToro if you don’t belong to a state where eToro functions.
Spreads for some alternative cryptocurrencies can be substantially higher, ranging from 1.9 -to 5%. (However, eToro’s spread is not too bad if you sell or purchase Bitcoin.)
In the US, there is no direct crypto-to-crypto trade for Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Litecoin (LTC).
Customer service is mainly available via web-based tickets and might take a while. The live chat is only available for Club members.
High non-trading fees -$10 per month after one year of inactivity.
Frequently Asked Questions
Why Choose eToro
When it comes to crypto trading, eToro is a fantastic option. The UI is simple, with unique features that make trading straightforward, hassle-free, and secure.
Is Money Safe on eToro
eToro is entirely secure; it uses two-factor authentication (2fA), powerful SSL encryption, and masking techniques to protect your account.
It’s regulated by top-tier financial regulators such as the FCA, ASIC, and CySEC and insures users’ funds.
However, don’t disclose any personal information or your login credentials, and always look for security signs on your browser.
What Methods Can Be Used to Buy Crypto
The exchange offers the option to buy crypto with a debit card, credit card, or bank transfer. If you don’t want to use these methods, you can opt for PayPal, Skrill, Neteller, Rapid Transfer, Klarna, Przelewy 24, POLi, and iDeaL.
Which Cryptocurrency Does eToro Support
eToro supports almost 40+ world’s popular cryptocurrencies, including Bitcoin ((BTC), Ethereum (ETH), Cardano (ADH), Bitcoin Cash (BHC), Stellar Lumens (XLM), etc.
What Are Spreads
Each product on the platform has two prices: a buy and a sell price. Spread is the difference in price between these two options.
Selling an asset is often known as “short selling,” either entering into a contract with a broker or simply investing in an asset that you predict will decrease value.
Buying an asset is called “BUY” on the eToro platform; it suggests investing in something you think will grow in value.
Conclusion
With innovative investment tools and a collaborative trading community, eToro empowers millions of users in over 140 countries to quickly and securely trade and invest in cryptocurrencies, commodities, stocks, etc.
eToro makes buying cryptocurrency trading easy and fulfilling, with more than 40 cryptocurrencies to choose from. The account opening process is swift and straightforward.
eToro provides several unique features, such as social trading, letting you copy other traders to help you get started. It also offers a mobile version, allowing you to trade anytime and anywhere. It provides insurance, a virtual portfolio to test the waters before plunging in, and some of the lowest fees to buy Bitcoin.
However, you should remember that cryptocurrency trading is highly risky, so do your research before investing. References to the earlier performance of a financial instrument, index, or packaged investment product should not be considered reliable indicators of future results.
You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth guides on buying various cryptocurrencies, such as How to Buy Bitcoin, What Is DeFi, How to Buy cryptocurrency, etc.
Investment Advice Disclaimer: This information is for educational purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. CoinStats makes no representation and assumes no liability as to the accuracy or completeness of the content of this guide. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose.
This material has been prepared without regard to any particular investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index, or a packaged investment product are not and should not be taken as a reliable indicator of future results.
XMR Climbs to 6-Month High, TRX up 17% Following News of USDD Stablecoin – Market Updates Bitcoin News
[ad_1]
TRX was up by over 17% on Thursday, as founder H.E. Justin Sun announced that a new stablecoin, USDD, was going to be launched on the TRON blockchain. XMR was another big mover today, climbing to its highest point since November.
TRX surged today, as founder H.E. Justin Sun of TRON confirmed that a new stablecoin will be launched on the blockchain.
In a tweet, Sun stated that, “TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), the most decentralized stablecoin in human history.”
Do Kwon of Terra also welcomed the announcement, with TRX/USD rising to an intraday high of $0.07405 on the news.
As of writing, TRX is up 16.54% in today’s session, climbing to its highest point since April 2 as a result.
Today’s high sees prices near the long-term ceiling of $0.07500, which hasn’t been broken since March 31, where the move matured to being a false break.
Overall, the ceiling has held firm for most of the year thus far, however with the momentum of the moving averages now ascending, we could soon see an eventual move past this point.
One potential obstacle will be that of the 14-day RSI, which is now tracking at an eighteen-day high of 66.82, which is marginally below resistance of 68.
As seen on the chart, XMR has now rallied past its key resistance level of $273 as a result of today’s run, however there could be another ceiling in the way.
This would be that of the 14-day RSI, which is currently residing at the 68.9 level, which is deeply overbought, and marginally below a ceiling of 69.8.
Due to the historic strength of the current price ceiling, it is likely that bears have already entered the market, with more waiting in the wings should this resistance hold.
Could we see XMR at $300 before the end of April? Let us know your thoughts in the comments.
Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Coinbase Ventures Q1 recap and market outlook | by Coinbase | Apr, 2022
[ad_1]
Around the Block from Coinbase Ventures sheds light on key trends in crypto. Written by Connor Dempsey
TLDR:
Despite the market downturn, Q1 was another highly active quarter for crypto venture funding.
On the infrastructure side, we’re seeing a ton of activity within cross-chain solutions and DAO tooling. New layer-1s are still being incubated.
Familiar DeFi primitives developed on Ethereum are expanding into newer layer 1s, and Polkadot is picking up steam.
NFT projects are focused on bringing more utility to the space, with Yuga Labs making serious waves over the quarter.
The rise of Axie Infinity has attracted successful traditional gaming devs to build in Web3, with South East Asia emerging as a hotbed of activity.
After peaking in November 2021, liquid crypto markets fell into the new year and more or less treaded water in Q1. The private markets, however, kept up the torrid pace set last year.
According to data from The Block, Q1 2022 saw a record of $12.5 billion in venture funding — a figure that has increased for seven consecutive quarters. Coinbase Ventures was busy as well, closing 71 new deals in Q1, generally targeting early stage investments. We will note that we’re starting to see signs of a slow down, particularly with later stage investments, that will likely be visible in our Q2 activity.
Deal volume is a reflection of the continued influx of new companies and projects being formed in the space. This is aided by the low startup costs that crypto & Web3 companies enjoy thanks to open-source code and the ability to bootstrap or self-fund via token issuance.
CBV overview
As a refresh:
Coinbase Ventures advances crypto & Web3 by partnering with exceptional founders who share Coinbase’s mission of creating more economic freedom for the world.
We’ve been recognized as one of the most active corporate VCs in the world by deal count.
Ventures partners with founding teams at the earliest stages and throughout their journey. We invest across all categories within the cryptoeconomy, seeking to align ourselves with the best and brightest minds in the space.
To date, we’ve invested in 300+ teams building everything from layer 1 protocols, Web3 infrastructure, centralized on-ramps, decentralized finance, NFTs, metaverse technologies, developer tooling, and more.
We generally break down our investments across six categories. Within these six categories, here’s how our activity shook out in Q1 ‘22.
Given that we invest in projects in their infancy, our activity can offer a lens into what the industry has in store in the near future. With that, let’s dive into some of the trends and themes that we identified in Q1.
Cross-chain & Web3 infrastructure bloom
In the early days of crypto, Bitcoin and Ethereum dominated. With new layer 1s coming online in recent years, ecosystems outside of BTC/ETH have exploded, and there are now more than 10 chains hosting over $1B in value.
The growing value across multiple networks has brought an increasing need for value on one chain to flow to another. As such, we’re continuing to see cross-chain infrastructure being built out to facilitate activity between blockchains (CBV Q1 investments: LayerZero, ZK Link, LiFi, Foxchain, Socket, Composable Finance).
Even with the multi-chain future assured, we’re still seeing new experimental layer 1s in development. Our investments in Aptos (general purpose L1 from former Diem employees), Celestia (modular blockchains), and Subspace (Proof-of-Archival consensus) suggest that the industry is not done innovating at the base layer. It also begs the question — will the dominant layer 1s of today someday be usurped? Time will tell.
Further up the stack, there’s more tooling on the way to help DAOs and Web3 communities flourish. Solutions for payroll (Diagonal, Zebec), social engagement & networking (Taki, Backdrop, Bonfire), and commerce (Rain) all point to a future where these online communities can coordinate more seamlessly.
DeFi’s multi-chain proliferation
Speaking of the multi-chain world, we’re seeing familiar patterns emerge across these burgeoning layer 1 networks. Basically, Ethereum set the tone for the foundational apps and protocols needed for an ecosystem to thrive: an AMM (Uniswap), money markets (Compound/Aave), an oracle (Chainlink), and yield aggregators (Yearn.Finance) to name a few.
For an emerging layer 1 to compete, teams understand they’ll need those same foundational primitives. As such, it’s becoming common to see Ethereum’s DeFi building blocks replicated across layer 1s like Solana, Avalanche, NEAR, Polkadot, etc. Betting on these foundational protocols is a good way to gain exposure to a broader ecosystem: a playbook we followed in Q1.
For example, from our Q1 investments, Aurigami on NEAR and Solend on Solana resemble Compound. Katana and Francium on Solana resemble Yearn.finance. Redstone resembles Chainlink, leveraging Arweave for cheaper storage to offer oracle services to longer tail tokens and NFT data feeds. And while these projects resemble apps first created on Ethereum, they’re each innovating in unique and differentiated ways.
Polkadot Cometh
Elsewhere in DeFiland, we were particularly active in the Polkadot ecosystem in Q1. With the long-awaited launch of Polkadot parachains arriving at the end of 2021, we’re seeing momentum around DOT pickup steam.
You can think of Polkadot as a network that you can launch layer 1s on top of. Each of these layer 1s, called parachains, are capable of interoperating with one another. With parachains live, Polkadot is now capable of hosting user applications.
We’ve now invested in 4 of the 5 live parachains (Acala, Moonbeam, Parallel Finance, and Astar) and waded deeper into the DOT waters in Q1 with investments in Composable Finance, Satori, and Coinbase alum Luke Youngblood’s new project: Moonwell.
NFT expansion pack
After a breakout summer, NFT sales have come back down to earth a bit from their earlier highs. Below the surface, however, innovation is more vibrant than ever.
Where NFT activity in 2021 centered around simple buying and selling (aka flippin’ JPEGs), the next wave of projects are building utility around NFTs. NiftyApes and PawnFi, for example, are working to bring liquidity to NFT holders by letting them take out loans collateralized by their NFTs. Platforms like Cymbal aim to bring more community and social features around NFT ownership.
Yuga Labs, the studio behind Bored Ape Yacht Club, made waves this quarter by raising at a $4B valuation to build a BAYC branded metaverse. Next, they acquired the IP rights to NFT collections CryptoPunks and Meebits. They capped it off by announcing a movie trilogy (produced by Coinbase) where BAYC NFT holders can submit their NFTs to be cast in the films and get paid a licensing fee — an interesting new experiment with on-chain licensing.
GameFi 2.0
Blockchain based gaming had its coming out party in 2021 centered around the rise of Axie Infinity. Sales of Axie Infinity NFTs peaked at a staggering $848M in August before falling precipitously. (Note that despite the obvious trend reversal and a major hack, Axie still posted a respectable $30M in March NFT sales).
Axie’s multi-billion dollar run was enough to put the entire gaming world on notice and the next wave of blockchain based games have been quietly raising ever since. Notably, many of the teams raising have track records building highly successful mobile, web, and AAA games (Clockwork Labs, Block Tackle, Summoners Arena, Third Time, Avalon).
The blockchain based games of the future will infuse crypto NFTs into more familiar Web2 gaming formats — MMORPGs, FPS, MOBA etc. Other CBV portfolio companies like Joyride will make it easier for game devs to integrate crypto/NFTs into existing titles.
At present, South East Asia is establishing itself as the center of the crypto-gaming world, led by the Philippines and Vietnam, among others. We’re particularly excited by developments in this region and the progress of Vietnamese based gaming guild and CBV portfolio company Ancient8.
Ventures outlook
Amidst a shaky macro picture, many crypto investors are on edge. More frequently, we’re getting asked how the market downturn will affect CB Ventures’ activity. To date, there’s no shortage of high quality entrepreneurs building in crypto and Web3. It isn’t however unreasonable to expect a slowdown should prices continue to sag, similar to what’s been observed in broader venture funding (down 19% QoQ). Regardless, our strategy won’t change much.
It bears reminding that some of the most successful projects of today were funded during the bear market of 2018/19. In that light, our early investments in projects like Compound, OpenSea, Polygon, Arweave, Starkware, Blockfi, NEAR, and Messari among others come to mind. As such, we’ll continue to invest in quality founders and projects moving the industry forward regardless of broader market conditions.
It also bears repeating just how much the investible Web3 landscape has broadened: DeFi, NFTs, DAOs, metaverses, and gaming are all evolving across a rich array of layer 1s. Then there’s cross-chain infrastructure to stitch all together as well layer-2 solutions to help it all scale. Not to mention a thousand other ideas not yet dreamed up. In other words, there’s more than enough innovation taking place to keep the CB Ventures’ team busy indefinitely.
BTC up to $42,550 Ceiling, as Bullish Momentum Continues – Market Updates Bitcoin News
[ad_1]
BTC was once again trading higher, as bullish momentum extended during today’s market session. Bitcoin rose to its highest level in eleven days, breaking resistance of $42,500 in the process. ETH was also up, hitting a ten-day high.
Bitcoin
BTC climbed higher for a fourth consecutive day, pushing the world’s largest cryptocurrency past a key resistance level earlier today.
After a bottom of $40,961.10 during Wednesday’s session, BTC/USD raced to an intraday peak of $42,709.75 earlier in the day.
This is the highest point bitcoin has reached since April 10. However, on that occasion prices fell towards the $40,000 level.
As of writing, momentum on this occasion seems to be bullish, with the 10-day moving average now upward facing, which typically signifies an incoming price surge.
If such a surge were to occur, the target for bulls will likely be the $44,800 ceiling, which hasn’t been hit since April 6.
Price strength has also recently broken out of a ceiling of 50.35, and seems to be trying to recapture the 55 level. This could be enough to send the price to $44,800 if it transpires.
Ethereum
ETH has also recorded its fourth consecutive higher high, with prices today also moving past a long-term resistance point.
Following a false breakout of the $3,150 ceiling yesterday, prices went on to fall to a low of $3,045.29 on hump-day.
However, Thursday saw this breakout finally sustained, with ETH/USD rallying to a high of $3,166.33.
Today’s peak is the highest ETH has traded at since April 11, and comes as the 14-day RSI has also risen to a high of its own of 12 days.
Price strength is now tracking at 52.85, with the 55.15 ceiling clearly the next point of interest for current ETH bulls.
As we said yesterday, should this ceiling be hit we will likely see ETH hovering near the $3,300 level, with some even eyeing the $3,500 point.
What is behind this recent bullish sentiment in crypto markets? Leave your thoughts in the comments below.
Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Metaverse Tokens On Overdrive, Outpace Bitcoin And Ethereum
[ad_1]
Trading volumes plummeted to at most 74% showing top metaverse tokens on hyperdrive as they outperform the market, surpassing the gains of their contemporaries by a huge margin.
In fact, the entire metaverse market value has jumped by 6.5% or a whopping $31.1 billion in just 24 hours.
Wednesday showed a bit of improvement in the crypto market with Bitcoin pulling off a major stunt at a hike of more than 3% with the rest of the other major cryptocurrencies blinking green.
It’s a major sigh of relief for many crypto investors and traders awaiting that upward trend movement.
Metaverse Tokens Vs Crypto Giants
To everyone’s surprise, metaverse tokens like GALA, Sandbox (SAND), and Apecoin (APE) bowled-over the major players like Bitcoin and Ethereum.
APE has remarkably increased by over 34% in 24 hours, topping off the list of gainers. The rapid developments happening with SAND and APE seem to have stirred interest and put the spotlight on the metaverse tokens. Now, investor eyeballs are on these top metaverse tokens.
BTC total market cap at $815.46 billion on the daily chart | Source: TradingView.com
BTC total market cap at $1.96 trillion on the daily chart | Source: TradingView.com
The APE daily trade volume rose to approximately 360% as of presstime. In addition, APE has also overthrown Decentraland (MANA) which was originally coined as the biggest token in the metaverse.
The majority of Ethereum whales are heavily invested in GALA, APE, SAND and other high-performing metaverse tokens. These belong to the top 10 tokens generating the most sales in the virtual space.
The recent gains just pumped up the excitement further.
No Other Way But Up
The spike in the metaverse tokens is said to be triggered by a couple of factors such as APE being recently added to the Gemini trading platform and also Yuga Labs’ rumored launch of Otherside that is valued at 600 APE.
More so, Sandbox trading volume has risen by as much as 65% in the last 24 hours. Thanks to a Bloomberg story, Sandbox popularity has risen, pooling as much as $400 million in investments.
Suggested Reading | Bitcoin Bounces Back Past $40,000, But May Struggle To Maintain Position
SAND has also spiked to around 8% in the last seven days with a market cap amounting to more than $3.4 billion.
The metaverse realm is highly optimistic about this upsurge which also fueled the curiosity of many investors to deep-dive into these digital assets.
While Bitcoin and Ethereum alongside other major cryptocurrencies remain to kill it when it comes to popularity vote, metaverse tokens are surely keeping up with the pace.
In an attempt to deny Russia opportunities to evade sanctions through cryptocurrencies, the U.S. Department of the Treasury has sanctioned leading Russian mining firm Bitriver. The move comes amid concerns that Moscow may use the minting of digital coins to monetize its energy resources.
Zug-Based Bitriver and Its Russian Subsidiaries Blacklisted by United States
The U.S. Treasury Department has for the first time taken action against Russian crypto miners that could ostensibly facilitate Moscow’s efforts to circumvent international restrictions imposed over the war in Ukraine. On Wednesday, the department’s Office of Foreign Assets Control (OFAC) designated Bitriver and a number of affiliated companies in a new round of sanctions against Russian entities and individuals.
The Treasury noted it’s specifically targeting enterprises in Russia’s crypto mining industry. “By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources,” it said in an announcement echoing concerns expressed by the International Monetary Fund (IMF) as well.
Russia has a comparative advantage in crypto mining due to its abundant energy resources and cold climate, the department elaborated. “However, mining companies rely on imported computer equipment and fiat payments, which makes them vulnerable to sanctions,” it pointed out in a statement, further emphasizing:
The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions.
Bitriver is a major operator of mining datacenters which was founded in Russia in 2017. It has three Russian offices, with 200 full-time employees, and maintains a presence in several other countries, including the U.S. Last year, Bitriver transferred legal ownership of its assets to the Zug, Switzerland-based holding company Bitriver AG.
OFAC has also blacklisted 10 Russia-based subsidiaries of Bitriver AG: OOO Management Company Bitriver, OOO Bitriver Rus, OOO Everest Grup, OOO Siberskie Mineraly, OOO Tuvaasbest, OOO Torgovy Dom Asbest, OOO Bitriver-B, OOO Bitriver-K, OOO Bitriver-North, and OOO Bitriver-Turma. American citizens, residents, and entities will not be able to legally do business with them.
According to its website, Bitriver specializes in providing hosting services and turnkey solutions for large-scale crypto mining, data management, and blockchain and AI operations to institutional investors. The company brands itself as the “world’s largest hosting provider for green cryptocurrency mining” as it utilizes hydroelectric power to run its mining facilities.
Pro-Kremlin Oligarchs Hit by U.S. Sanctions
A report by Bloomberg, in late 2019, linked Bitriver’s mining center in the Siberian city of Bratsk to the energy firm En+ Group Plc and its unit United Co Rusal. Russian billionaire Oleg Deripaska used to control the two companies.
Deripaska was sanctioned by the U.S. in 2018 for reasons related to Russia’s annexation of Crimea in 2014. The entities were also under sanctions for almost a year before the oligarch reached an agreement with the U.S. Treasury to cut his control, the article unveiled.
Source: Bitriver
OFAC has now also designated the Russian commercial bank Transkapitalbank and more than 40 individuals and entities led by another Russian oligarch, Konstantin Malofeyev. The agency claims these actors’ “primary mission is to facilitate sanctions evasion for Russian entities.”
Malofeyev is on U.S. and EU sanctions lists and wanted by Kyiv for his involvement in the war in the Donbas region. The businessman, who owns the Tsargrad media group and supports President Vladimir Putin, has been accused of financing the pro-Russian separatists in Eastern Ukraine.
Tags in this story
Bitcoin Miners, Bitriver, circumvention, companies, Crypto, crypto mining, Cryptocurrencies, Cryptocurrency, department of the treasury, Deripaska, designated, entities, evasion, individuals, Malofeyev, mining, OFAC, Oligarchs, Russia, russian, sanctioned, Sanctions, sanctions list, subsidiaries, Transkapitalbank, U.S., US
Do you expect the United States government to impose sanctions against more Russian crypto businesses? Tell us in the comments section below.
Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
German banking giant Commerzbank applies for crypto license
[ad_1]
One of the largest banking institutions in Germany has confirmed that it applied for a local crypto license earlier this year, marking the first time a major bank has made a move toward cryptocurrencies in the country.
A spokesperson from Commerzbank confirmed to local media outlet Börsen-Zeitung on April 14 that it “applied for the crypto custody license in the first quarter of 2022.” If approved, it would be authorized to offer exchange services along with custody and protection of crypto-assets.
Commerzbank serves over 18 million customers and over 70,000 institutional clients, and the cryptocurrency offering will reportedly target its institutional client base.
Since January 1, 2020, any business wishing to offer cryptocurrency services in Germany must first seek approval from the Federal Financial Supervisory Authority, also known as BaFin.
Currently, only four companies have approval, but BaFin states it has over 25 applications pending from firms wishing to operate crypto custody businesses.
Coinbase Germany was the first to be approved by the regulator in June 2021, and the Berlin-based financial technology firm Upvest was most recently approved for a license in March.
Related: ‘Let’s build a Europe where Web3 can flourish:’ Crypto companies sign an open letter to EU regulators
Commerzbank has seen involvement in blockchain projects as far back as 2018 and carried out some of the first transactions on a distributed ledger technology (DLT) security lending platform with other major banks the following year.
More recently, in August 2021, the firm partnered to develop blockchain-based digital marketplaces for existing asset classes such as art and real estate.
Germany introduced a raft of reforms, regulations and further adoption of blockchain technology and cryptocurrencies in 2021.
German investors are also keen on adopting crypto. A March report by KuCoin revealed that 44% of Germans are “motivated to invest in cryptocurrencies” and “37% of German crypto investors have been trading cryptocurrencies for over a year.”
Binance limits services in Russia due to the EU’s 5th package of sanctions
[ad_1]
Binance, the world’s largest cryptocurrency exchange by volume, is adopting major restrictions on users in Russia following the European Union’s fifth package of sanctions against Russia.
Binance officially announced Thursday new limitations for Russian nationals or residents of Russia, restricting such persons from trading if they hold over 10,000 euros, or $10,800.
Restricted accounts are no longer able to deposit or trade using Binance’s spot, futures and custody wallets, as well as staked and earned deposits.
The restriction relates to Russian nationals, natural persons residing in Russia and legal entities based in Russia, the announcement notes, adding:
“Accounts for Russian nationals residing outside Russia, as verified with proof of address, and accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that remain below a total value of 10,000 EUR, will remain unaffected and active.”
Restricted individuals and entities with open futures or derivatives positions will have 90 days to close their positions.
Binance noted that the newly adopted measures are “potentially restrictive to normal Russian citizens.” “Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon,” the firm added.
Binance did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.
Related: Crypto firm Exmo exits Russia and Belarus by selling part of its business
Binance CEO Changpeng Zhao previously declared that crypto exchanges like Binance must comply with sanctions in a similar way to traditional financial institutions. The CEO emphasized that Binance will not “unilaterally freeze millions of innocent users’ accounts” due to Western sanctions against Russia.
The EU officially approved the fifth package of restrictive measures against Russia on April 8, adopting a number of restrictions against the Russian government in response to its actions against Ukraine. The package included a prohibition on providing “high-value crypto-asset services to Russia.”
How Dohrnii Academy Delivers Value To Its Users – Press release Bitcoin News
[ad_1]
press release
PRESS RELEASE. If you’re keen on learning about the crypto industry, Dohrnii academy is one of the best educational platforms with content tailored to each user’s needs. You must have read all the rave and positive things about crypto in the last couple of years. With its emergence, people have been able to devise business solutions and even build wealth, as a result of their knowledge about the space.
However, the crypto space still has a huge potential as more organizations and institutions embrace the idea of decentralized finance (DeFi), web 3, smart contracts, DAOs, Non-Fungible Token (NFTs), etc.
Dohrnii Academy is the best platform to learn about the crypto industry, understand the technology behind it, and what are the main market drivers. In addition, it is one of the best academies to get quality, university-standard, expert-curated courses about the crypto and financial market.
Why you should care about quality education in the crypto space
With the right educational tools, you can accelerate the speed at which you learn. Rather than wasting time trying to understand where to start and what to begin with, the Dohrnii academy structured the content in a way that is coherent and that builds up over time. The goal is to give you the knowledge to make your own decisions.
Quality education is like holding the correct map to a specific destination. Although how and what you use to navigate the terrain is up to you, you still understand what stands as barriers and the direction you should go. Therefore, you can develop or implement great investment strategies with valuable knowledge.
Quality education helps you spot lies and scams quickly. Once you know how crypto works and get familiar with what accurate data and trends could mean for the future, it becomes easy to notice when some projects are too good to be true. As a result of quality information, you have an advantage when it comes to making wise decisions. It saves you time, money, and heartaches in the long run.
So, how do you get this quality education?
Dohrnii Academy
Dohrnii Academy is a platform where beginners and experts can get quality crypto education for free. It is one of the features of the Dohrnii ecosystem, a project aiming to empower people to achieve financial freedom.
The academy is set up to change the narrative about what you must do to get a quality education. You don’t have to pay to get it. You don’t have to graduate before you can earn income with your knowledge, and you don’t have to follow the same learning pattern as everyone else.
How Dohrnii creates value and solves common problems people have when learning
Understanding that everyone needs a gentle nudge to act, Dohrnii is created an incentive mechanism which does just that. It gives you a reward as you progress through the journey, which they hope will attract and motivate you to learn about the industry.
As you probably have heard from great investors like Warren Buffet, the first step to a smooth investment journey is understanding how the investment works. Dohrnii academy is offering you a great opportunity to understand the crypto market and get rewarded for completing courses and partaking in challenges and contests.
More than an individual journey, the Dohrnii Academy is a social app. A crucial part of the platform is the gamification element. Dohrnii wants you to have fun while gaining valuable skills. There are many good sources of information available online, but the problem is that it is very boring to go over them. Most people give up after a couple of minutes, attention span has reduced…
With the Academy, you can invite your friends, compete with them, monitor your progress, collect badges, and join the leaderboard to try and win the league!
Some people want to learn about crypto, the deep, and high-quality stuff, but they usually have to settle for random videos on the internet. You can put an end to that kind of learning style by signing up with Dohrnii academy for free. The content on the platform is developed by professors and experts in the respective fields.
Conclusion
Opportunities in the crypto space can be maximized with the right education. The platform ensures that the complexities of crypto topics are simplified, gamified, and tailored to each user’s needs.
The social aspect of the platform will further drive user adoption through competition, with quizzes, challenges and other fun activities you can take part in, and of course win prizes in the process.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.
Bitcoin.com Media
Bitcoin.com is the premier source for everything crypto-related.
Contact ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
