Why Bitcoin Is a Better Risk Bet Than a Stack of Penny Stocks

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Bitcoin is getting boring at a time when annualized 30-day volatility as of Thursday’s close has seen a sharp downward dip, in a March with its own type of (weather) volatility.

To emphasize the point, have a look at the chart above, which shows the volatility of bitcoin daily returns for the past month. To be fair, I’m employing a little chart crime here, starting the y axis at 40% in order to accentuate the drop between March 24-25, as all but the last days of February have disappeared from the 30-day look-back on the CoinDesk Bitcoin Price Index.

The boredom engendered by a tame month sparked a mild disagreement with “First Mover” show host Lawrence Lewitinn about penny stocks versus bitcoin. We were discussing the benefits of using indexes weighted either by price or by market cap. Price-weighted indexes can be more volatile because smaller-cap components can have a greater impact. I said a crypto index doesn’t need more volatility because crypto assets already have the volatility of penny stocks.

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Cristiano Ronaldo becomes the first player rewarded with cryptocurrency tokens

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Cristiano Ronaldo received 770 Fan Tokens $JUV ahead of Juventus' match against Benevento on Sunday as a way of marking his record-breaking goal milestone.

It's the first time a footballer has been rewarded with cryptocurrency, which is becoming prominent in terms of fan interaction in the game.

Fan Tokens $JUV allows Juventus fans to interact with their club and participate in various decisions through the Socios app.

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Cardano losing steam amid profit taking

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Over the past week, the bears took a grip on the crypto as its value plunged by  13.16%.

he fifth most valuable crypto is currently witnessing some sell-offs amid high profit-taking and a rising U.S dollar.

At press time, Cardano’s price was $1.06  with a daily trading volume of $5.3 billion. Cardano is down 4.68% for the day. It was the biggest one-day percentage loss since February 23.

It’s now the 5th most valuable crypto asset with a market value of about $34 billion.  At its highest, the popular crypto designed to help African farmers ease their payment challenges had a valuation of $41.6 billion.

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Bitcoin Spikes to New Record High Over $60K

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After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo again and soared to new all-time highs.

  • In a sudden move starting just after 10:00 UTC Saturday, the top cryptocurrency by market cap rose to $60,065.15, according to the CoinDesk 20.
  • “Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy, ” according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.
  • “Further, Beeple’s $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3,” he said.

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Central Banks are Running Scared of Cryptocurrencies

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It’s one thing when your worst fears remain in your mind, but when they manifest in your markets, then it’s time to gear up for action.

A growing number of high profile investors and institutions are cottoning on to cryptocurrencies and central bankers are running concerned.

Itwas easy for Samantha Reid to ignore the signs at first — a tracking cookie on her computer (who didn’t have those?) and the sense that someone was following her after she knocked off work.

But she dismissed those fears, convinced that they were always bigger in her mind than they were in her reality.

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Should Tesla sell its Bitcoin position? Here’s a former Goldman Sachs exec’s take

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Bitcoin‘s characteristics and its recent price rally have both contributed to companies gravitating towards it, with Tesla, the prominent American electric vehicle and clean energy company, being one of them. In fact, CEO Elon Musk’s support for Bitcoin may have also prompted the company to include Bitcoin in its portfolio. However, with the cryptocurrency market correcting itself over the past few months, Tesla has seen some heavy losses.

When Tesla had announced its investment of $1.5 billion in Bitcoin, the stock price for TSLA was also climbing, with the same hitting $900 in late January. However, since hitting an ATH of over $58,000 on the charts, drawdowns have been the norm in the cryptocurrency market, with BTC trading under $50,000 for most of the past few days. Needless to say, Bitcoin’s retracement has impacted TSLA’s position in the stock market too.

Over the last month or so, the value of TSLA has fallen by 31% from $871.60 to $600. At the time of writing, TSLA was being traded at $621.44. Curiously, such a fall in the value of the stock was visible all across the stock market.

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Robinhood sees 6M new crypto traders to start the year

Robinhood has seen six million new cryptocurrency traders on its platform in the first two months of 2021.

"That's more than the number of new crypto traders at Robinhood during the entirety of 2020," Robinhood co-founder Vlad Tenev tweeted Thursday.

In 2020, the number of users trading through Robinhood Crypto peaked at 401,000 for a single month, with a monthly average of about 200,000 customers trading on Robinhood Crypto for the first time.

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Nvidia to release software to block cryptocurrency mining on its GeForce GPUs

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American technology major Nvidia is all set to roll-out GeForce RTX 3060, the company's latest and most powerful Graphics Processing Unit later this month.

This is designed primarily for delivering the best user experience for gaming and professional work, but the GPU can also be used for other power-intense tasks including gene sequencing, weather simulations, and cryptocurrency mining. 

With Bitcoin, Etherium, and other digital currency gaining a lot of value, there is an increased interest among tech enthusiasts to mine cryptocurrency and this has led to a lot of demand for powerful graphics cards.

Apparently, Nvidia is struggling to meet the demand for its GPUs in the market and expects the new GeForce RTX 3060 series may not reach the pro-gamers. It is worrying that cryptocurrency miners may create a shortage of computer peripherals.

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Why Bitcoin’s price is three weeks ahead of its April target of $62968

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Bitcoin’s price hit yet another ATH, above $56421 based on data from coinmarketcap.com. The market capitalization of the asset is well above $1 Trillion and the 24-hour trade volume on exchanges is up 26.64 percent. While on-chain analysis of Bitcoin points towards a bearish sentiment, Panteral Capital has a bullish projection and perspective on the current price rally. Pantera Capital’s Bitcoin fund is the best-performing one by far, followed closely by Grayscale, and the performance of their Bitcoin fund signals that Bitcoin’s price is 3 weeks ahead of their projected target for February 2021.

o put things in perspective, based on the above chart of Pantera’s S2F projections, Bitcoin’s price was predicted to hit $52943 in March of 2021, precisely in the second week. However, with the asset trading at $55600 currently, it is clearly 3 weeks ahead of schedule, heading towards the target for April, $62968.

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Growing Support for Cryptocurrencies Extends to Major Corporations

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The proliferation of cryptocurrencies in the more mainstream business infrastructure is often misunderstood by the public yet is also larger than most perceive. According to a report by Allied Market Research, in a filing published by the U.S. Patent and Trademark Office, the retailing giant Walmart applied for a patent to use a digital coin tied to a traditional fiat currency, which could allow for cheaper and faster transactions as well as loyalty features. In 2018, Intel won a patent for "Bitcoin Mining Hardware Accelerator with Optimized Message Digest and Message Scheduler Datapath". In the filing, Intel outlined a method by which it could augment the existing bitcoin mining process, consuming less electricity, thereby, spending less money in the process. 

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