Here’s Why Bit Digital Stock Crashed and Then Skyrocketed Today

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What happened

Shares of bitcoin-miner Bit Digital crashed in early trading this morning because a research firm is claiming the company is a fraud. At one point, the company's stock was down 17%. But then around noon EST, Bit Digital stock began skyrocketing. I'm not sure what sparked the rally, but as of 1:15 p.m. EST, Bit Digital stock was up 11%.

So what

Yesterday, J Capital Research said it "may be" short Bit Digital stock because it believes the company is a fraud. To summarize, J Capital says Bit Digital isn't mining bitcoin, it has defrauded Chinese investors, and its management is either in jail or running from the law. Needless to say, those are gargantuan allegations and a big problem for investors, if true.

Continue reading at nasdaq.com

Bitcoin sinks, brakes sharply in New Year’s rally

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Bitcoin fell sharply on Monday, losing ground to a record high of $34,800 touched the day before, with traders citing volatility in highly leveraged futures markets.

Bitcoin fell more than 14% after reaching $33,670, eliminating more than half of its 20% high on New Year's Eve to a record $34,800 on Sunday.

A functional cryptocurrency derivatives market has developed since 2017, with offshore exchanges still offering highly leveraged trading. Movements in such markets can have a disproportionate effect on the price of bitcoin.

Continue reading at reuters.com

1inch Funded Pantera Capital Launches Ethereum-Based DeFi Token

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The DeFi market is one of the fastest growing areas in the crypto market. At the time of going to press, there are over $ 13.43 billion Ethereum DeFi Applications. The all-time high could be reached on December 20, 2020, with a value of $ 14.06 billion. Analysts repeatedly point out that the DeFi market will be the future of the new financial system.

1inch publishes a governance and utility token

A new project or token that could cause a stir is 1INCH. The token will be used for the platform’s automated market maker protocol. The governance module “Aggregation Protocol” will allow stakers to vote on the distribution of distributed surplus coins. In addition, a liquidity extraction program will be launched for 6 new pools. The token supply will be 1.5 billion 1INCH. 30% are reserved for community incentives over the next 4 years. 14.5% is reserved for the development fund, which will also be gradually released over the next few years.

Continue reading at explica.co

Bitcoin can ‘easily’ be ten percent of gold in 2021, says Mike Novogratz

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On the price front, the crypto-market, backed by an exponential hike in Bitcoin’s price, is outperforming its projections this week. On the regulatory front, however, the industry has found a lot to contend with. With the industry gaining more maturity as the months roll by and institutions finally recognizing, accepting, and adopting the market, regulators, particularly the ones in the United States, are gunning to expand their control on the still-nascent sector.

The FinCEN’s recently-proposed rules that would mandate stricter KYC processes for fund transfers from a centralized exchange to a personal wallet are an effort at doing the same. Understandably, these proposals drew a vehement response from many in the community, especially since they came on the back of the regulatory efforts to regulate the stablecoin market.

However, while most believe these proposals are last-ditch efforts taken by an outgoing administration, there might be more than what meets the eye. This was the view held by Galaxy Digital’s Mike Novogratz during a recent interview. According to the exec,

Continue reading at ambcrypto.com

Bitcoin hits $500bn market cap for the first time in history

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The combined value of all Bitcoin (BTC-USD) tokens in circulation has reached half a trillion dollars for the first time ever as the cryptocurrency continues its stellar rally.

According to Asset Dash, the digital currency now it takes 11th place among the biggest global assets, behind such giants as Facebook (FB), Apple (AAPL), and Tesla (TSLA) and ahead of Samsung (005930.KS), Walmart (WMT) and Coca Cola (KO).

It is also ahead of Visa making it the world’s largest financial service.

In just the last day alone, Bitcoin has climbed around 15% to $28,000 (£20,925), passing the psychological $25,000 benchmark.

It is currently up 7% on Sunday, and has risen around 50% since the week before Christmas.

Continue reading at news.yahoo.com

Bitcoin Wave This Time Sees Mature Investor Participation

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Ashish Nitin Patel made his first bet on bitcoin in late 2017 amidst the brouhaha around cryptocurrencies. He jumped in to make a quick buck, like most investors back in the day. But, as he learned more about the value proposition of the digital tokens, Patel stuck around.

“Initially the intention was a short-term investment, but now I firmly believe that some good projects (hedge funds, ETFs) can deliver good gains of about 5-10X over a long period of 1-3 years,” says the 28-year-old tech professional.

After its first run-up three years ago, bitcoin, the most popular cryptocurrency, is making headlines again on gaining nearly 242 per cent year to date, to trade at all time high levels of about USD 24,000. In the last four months alone, bitcoin’s price has surged by nearly 104 per cent.

Continue reading at entrepreneur.com

Despite Bitcoin’s $1B shorts liquidations, why does the narrative of a price rally stick?

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After recovering from the aftermath of the $1 billion shorts liquidation in Bitcoin, traders have now been hit with increased activity on the Bitcoin network. The supply shortage narrative may still be at play; however, there is more stability than one would expect above $23,000. It may come as a shock to many, but network activity hasn’t dropped. In fact, it is climbing steadily to its 2017-levels, and that opens up the possibility of a newer ATH.

The previous week will possibly go down in history as the one with the most activity. There was a run-up of 22% in 1 week, the first such event since April 2019. Bitcoin’s price went from $20,000 to new ATH and despite corrections, it is back to trading above the $22,300-level. In fact, the price crossed its previous ATH, hit a few new highs, and then, a new ATH.

However, amidst the chaos, it is almost poetic that leveraged traders and whales have upped their risk profiles lately. Though $1 billion worth of positions got liquidated in two days, the price was still rallying towards a new ATH, with further price discovery on the shoulders of whales and institutions looking very likely. 

Continue reading at ambcrypto.com

2020 Was The Year That Bitcoin Financing Came True

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This has been a year that none of us will soon forget. While the world seems like a chaotic place, Bitcoin continues to find its footing and remain stable, constantly proving critics wrong over and over again.

Funding the development of FOSS has always been a rather complicated situation. We all know the importance of the software, but due to its open and free nature, there is not much incentive to fund it. After all, there is nothing to sell, Bitcoin is free for anyone to use.

Anyone who understands the importance of this has participated in developer funding in the past, but something has changed this year. In the past, most of the funding came from small groups or organizations (such as Blockstream, Chaincode, MIT, etc.) hiring developers directly.

Read the full story at: nasdaq.com.

After Incredible Gains In December, Traders Pulled Out Of Bitcoin Mining Stocks Today

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Bitcoin is the most popular cryptocurrency in the world and bitcoin mining operations keep tokens flowing. Some mining companies have chosen to list their companies on the stock exchange, allowing investors the chance to own a share of those companies. And December 2020 is a month that bitcoin mining investors should remember for a while.

Today, HIVE Blockchain Technologies has given a business update that highlights a general truth for bitcoin miners recently. The company mainly extracts Ether, the native token of the Ethereum blockchain. But it also extracts bitcoins. Since October 1, HIVE has mined more than 19,000 Ether and 140 bitcoin.

In the last two months alone, the price of bitcoin has more than doubled and Ether has gone up 80%. Each miner has a different equilibrium price for mining cryptocurrencies based on the unique cost structure of each company. However, the cost to mine bitcoin and Ether does not fluctuate with token prices. Although HIVE did not provide financial information in its business update, bitcoin miners have a greater chance of profiting from rising cryptocurrency prices.

Read the full story at: fool.com.

Bitcoin Is Becoming A Class Of Institutional Assets, According To A Podcast

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In "What You Missed This Week," Exante Information founder and CEO Jens Nordvig joined in to discuss what he calls "the huge fable about money and inflation."

Jon Turek, creator of Low-cost Convexity, provided his maco outlook for markets amid the simultaneous rise in risk in stocks and balance points.

Zach Maril, the founder of Knuckleheads Membership, who has spent years researching Google's search engine, has defined why Google's web crawler is a pure monopoly and should be regulated as such.

Read the full story at: fintechzoom.com.