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Crypto Roundup: February 1st, 2021

Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth. This […]

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Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth.

This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed that Ivy League universities have been accumulating the cryptoasset, while Stellar, EOS, and other altcoins made double-digit gains.

This Week’s Highlights

  • Ray Dalio comes round to Bitcoin
  • Gamestop saga puts crypto in spotlight

Ray Dalio comes round to Bitcoin

In yet another example of crypto-skeptics changing their tune, billionaire Wall Street legend Ray Dalio has come round to Bitcoin.

“I believe Bitcoin is one hell of an invention,” said the former doubter in a post on LinkedIn, before concluding that the cryptoasset “looks like a long-duration option on a highly unknown future.”

Dalio’s comments come in the same week as two other high-profile figures made their feelings known. VISA CEO Alfred Kelly said the company is “uniquely positioned to help make cryptoassets more safe, useful and applicable for payments”, and Billionaire Mark Cuban wrote on his personal blog that blockchain-based assets have “now legitimately become stores of value.”

Gamestop saga puts crypto in spotlight

Mayhem hit the US stock market this week as the WallStreetBets subreddit group co-ordinated a 700% rally in GameStop’s price, forcing hedge fund Melvin Capital to close their short position with billions in losses.

In response, many trading apps suspended functionality — spurring the turmoil further as traders sought alternative ways to buy and sell.

Industry commentators took this as a positive omen for decentralized assets. SkyBridge Capital’s Anthony Scaramucci told Bloomberg that the saga “is more proof of concept that Bitcoin is going to work”, and Anthony Pompliano said to CNBC that the events will serve to “accelerate the digital decentralized financial system.”

The week ahead

Looking ahead, Wall Street-inspired upheaval for the crypto market could be on the cards. Crypto subreddits saw 500% growth in the past week, and some suggest the new traders could be looking to hunt the stop losses of hedge funds shorting Bitcoin.

On Wednesday, another potential catalyst could move the market, as thousands of corporate directors come together for Michael Saylor’s Bitcoin Corporate Strategy virtual summit. This is designed to help other firms follow MicroStrategy and add Bitcoin to their balance sheet.

Source: https://www.newsbtc.com/etoro/crypto-roundup-february-1st-2021/

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Microstrategy Buys Additional 205 Bitcoin (BTC) for $10 Million

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MicroStrategy, a business intelligence firm,  has announced buying 205 Bitcoin for another $10 million. The company’s latest Bitcoin purchase makes the total holding amount 91,064 BTC. This is the fourth time this year, the company had purchased Bitcoin. Previously, it bought 328, 295, and 314 BTC for $15 million, $10 million, and $10 million respectively.

MicroStrategy Continues With Its Bitcoin Buying Spree

MicroStrategy said it purchased the 205 BTC for $10 million in cash, at an average price of about $48,888, inclusive of fees and expenses.

As of March 5, MicroStrategy acquired 91,064 Bitcoins for almost $2.2 billion. Over time, the valuation of cryptocurrency holdings has grown dramatically with over $4.4 billion at the time of writing.

READ  The Largest Cryptocurrency Has Died for More than 300 Times?

MicroStategy’s Bitcoin buying spree has resulted in a positive valuation for its shareholders with its stock up over 300% in the past six months. In fact, the stock prices of MicroStrategy have risen faster than the price of Bitcoin itself.

Despite this, the stock price of MicroStrategy did experience a pullback in recent weeks owing to its business results. At the time of writing the shares of MicroStrategy is down by 11%.

Additional 205 Bitcoin for $10 Million 

Bitcoin’s price had been hovering above $48,000 on March 5 after MicroStrategy’s announcement before quickly losing momentum.

The cryptocurrency’s price did fell overnight to as low as $46,500 after having climbed to nearly $51,000 in the previous day. The selloff in the crypto market comes alongside some panicked action in the stock market, and rising bond yields.

READ  CryptoQuant CEO Says Coinbase Bitcoin Outflows Signs of Bullishness

Despite this, the cryptocurrency has gained 65% this year after quadrupling in 2020. Institutional demand and corporations have been a big driver of Bitcoin’s price gains over the past year.

On Feb. 21, the leading cryptocurrency had hit an all-time high of $58,640 Feb. 21. With its continual rally, the cryptocurrency’s price did fall down to a low of $43,343 last week, representing more than a 25% correction. The digital currency is currently around 19% below its all-time high.

#$10 million #205 BTC #Bitcoin #Michael Saylor #MicroStrategy

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Source: https://www.cryptoknowmics.com/news/microstrategy-buys-additional-205-bitcoin-btc-for-10-million

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Revenue Report: XTRA’s T17 ASICs Are Mining In A Canadian Hosting

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FRUITLAND, ID, March 5, 2021 – OTC PR WIRE – XTRA Bitcoin Inc, (OTC Pink: CBTC) announces today to received 37 new ASIC T17 55 TH/s miners at their RINK facility in Manitoba, Canada in April 2020. Due to Covid-19 pandemic, Canada closed the border and XTRA’s American staff was unable to enter Canada to perform installation and deployment. As this was originally seen as a temporary measure, XTRA waited. When Canada extended the restrictions to the 3rd and 4th Quarters of 2020, with no end in sight, XTRA arranged to have their miners hosted in a third-party facility. XTRA signed a 6-month hosting agreement and paid the electrical deposit in December 2020. Host installed the miners and began mining on December 21, 2020.

Initial Testing of new miners revealed 4 defective miners, each containing 3 failed hash boards. Initial hash rate achieved was 1.673 PH/s with ongoing chip and power supply equipment failures reducing performance to 1.0215 PH/s by February 25, 2021. XTRA is sourcing replacement power supply units (psu) to restore performance.

Bitcoin revenue for 2 months of mining thru February 25, 2021 is 0.612325 bitcoin.

XTRA is working to raise capital and increasing its mining capacity. We will be engaging an attorney, accountant, and auditor to prepare a Reg A offering to raise funding to develop our facilities and increase our mining hash-power. We expect attorney letter to be completed next week to bring OTC to PINK current reporting.

XTRA Bitcoin Inc has moved its office to 912 Bobwhite Street, Fruitland, Idaho 83619 and installed a new telephone number: 1-208-452-4566.

Our discussion may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. You should also review our most recent filings for a more particular discussion of these factors and other risks, particularly under the heading “Risk Factors”.

If you would like more information about this topic, please call Paul Knudson at 1-208-452-4566, or email paul@xtrabitcoin.com., www.xtrabitcoin.com Twitter: @xtrabitcoin

SOURCE: XTRA Bitcoin Inc.

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Source: https://otcprwire.com/revenue-report-xtras-t17-asics-are-mining-in-a-canadian-hosting/

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“I See DeFi as The Future of Finance” — Dohyun Pak, CEO and Co-founder of Bifrost

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@edward-moonEdward Moon

Senior product designer / cryptocurrency investor

Prompted by the quick roll-out of the vaccine against COVID-19, blockchains are taking over the world with giant steps. From business to governmental institutions, the number of enterprises that finally went in favor of blockchain never ceases to impress. In the view of increasing trust in Bitcoin, the world’s largest decentralized currency, blockchain may catch even more attention, even if not all authorities are convinced by its straightforward benefits just yet.

Despite the advantages on both industrial and societal levels, blockchains still remain a nascent technological trend not fully deprived of its short-offs. Such, for instance, is the fragmented nature of the blockchain market, that does not provide possibilities for a full-blown scale-up.

Another one is a way too rapid pace of change, which is sure to leave behind many of the dominant projects in a few years’ time. This leaves entrepreneurs extremely cautious regarding their choice of blockchains, as their choices rely on the whole future of the project. In order to build something long-lasting, the businessmen need a guarantee that this technological trend will withstand the trial of time and won’t go into oblivion each time as the new, better-equipped blockchain rises on the horizon.

An Interview With The CEO and Co-founder of Bifrost

In view of all this, the Bifrost platform integrating the technological foundation that merges all existing blockchain into one. The platform will support multichain DApp development mainly tailored to DeFi applications for the time being.

I was excited by the opportunity to exchange opinions with Dohyun Pak, CEO and Co-founder of Bifrost. I prepared a set of intriguing questions. We tried to envisage how the year ahead of blockchain will look like, while also delving deeper into the functionality of the technology, which makes many entrepreneurs scratch their heads.

Edward Moon: Hi, pleased to host you as a speaker. Could you please share with me your outlook on 2021, and what do you think is in store for blockchain technology?

Dohyun Pak: I believe we may be in the due process of critical changes on an industrial scale. Among them, I believe that the multichain technology will prove itself to be paramount in the current year of 2021. Until now, different blockchain protocols have functioned independently and demonstrated that there was no solution in allowing users to use various blockchains simultaneously. Multichain will present opportunities to increase the scalability of the blockchain ecosystem, provide interoperability between a myriad of blockchains and give flexibility to developers and users when using DApps or DeFi. 

Edward Moon: Lately, blockchain has proved itself as an indispensable part of healthcare during the latest round of vaccine distribution; what other industries could take immediate advantage of blockchain, and how covid-19 could spur their adoption rate?

Dohyun Pak: Finance is an industry that can immediately take advantage of blockchain. I see DeFi (Decentralized Finance) as the future of finance because DeFi can solve problems that traditional finance cannot solve. There are 5 features that make DeFi the future of finance.

Firstly, DeFi is a service for all. To use DeFi, all people need are smartphones and the Internet. Secondly, DeFi is a service without borders. This means that anyone can use DeFi anywhere in the world. Thirdly, DeFi is a service that has strengthened security because it is based on blockchain technology in which anyone can check the transactions at any time. Fourthly, DeFi is a service without government. Interest rates are determined by the supply and demand of the market.

Lastly, DeFi is a service with plug & play. To use DeFi, people do not have to go through massive amounts of documents, but instead, go through simple, easy steps. DeFi has these characteristics because it is built on top of blockchain technology. 

Before the spread of COVID-19, people went to banks to create accounts or directly meet the tellers to use certain financial services. As COVID-19 spread around the world, most financial services started to conduct through mobile phones, and fintech companies are leading changes in finance. DeFi will improve financial services from fintech using blockchain. For example, not only will it strengthen security, but it also reduces transaction costs because DeFi has no need for middlemen. 

Edward Moon: How do you feel about the progress made in the DeFi space so far? What would you say is the main obstacle on its way to becoming the global mass movement, and what supportive steps could be taken for it to become one?

Dohyun Pak: In my opinion, DeFi is the last stage of the financial revolution. Although DeFi will not replace all the traditional finance, services that require security and lowering transaction fees will be improved by DeFi.

I am excited to see the rapid growth of DeFi; however, this is just a start. There are limitations to current DeFi services. The biggest limitation is that DeFi services are restricted under a single blockchain protocol so they cannot use features of different ones. For example, DeFi services under Ethereum cannot interact with other services on different networks. In order for DeFi services to truly become the next generation of finance, it would have to adopt a multichain technology to lower gas fees and allow interactions among different blockchain protocols. 

Edward Moon: How far can the popularity of the multi-protocol platform go, and would other players be prompted to follow your example?

Dohyun Pak: There has been a buzz on projects that connect different blockchain networks such as Polkadot and Cosmos. However, no actual project has proven such a feat of multichain technology. So, we developed BiFi to prove this, and if multichain technology operates with the flow, BiFi and Bifrost will then most likely be mainstream.  

The demand for a multichain middleware platform will increase as the blockchain and DApp industry grows. Currently, DeFi users are paying high gas fees because most of DeFi services are operating on top of a single blockchain. If gas fees continue to rise, then no one will use DeFi. Restrictions under one blockchain are not just a problem for DeFi, but also other types of DApps. 

Bifrost is a solution that can solve these issues of DeFi and DAppshave. As a multichain middleware platform, Bifrost will not only connect different blockchain networks but also give choices for developers to choose different blockchain networks for their own DApps. Bifrost will be the paradigm of multichain. 

I saw that your platform came up with two native tokens – BFC and BiFi. How would you describe the difference between them, and in which way is the value of one interlinked with the other?

BFC is the currency of the DApps in the Bifrost Multichain Ecosystem. Developers pay BFC for using the multichain middleware to develop and operate their DApps. BiFi is the governance token of BiFi service. As BiFi is the first DApp to be powered by Bifrost’s multichain technology, BiFi will need to pay BFC to Bifrost as a multichain service fee.

Edward Moon: With more than 35 existing partners, how far are you planning to take your blockchain network? Is there any plan of how you want your project to look on the scale of 2-5 years?

Dohyun Pak: First, I would like to clarify that Bifrost does not have a blockchain of its own, nor is it an exclusive ecosystem. It is a multichain middleware platform that connects different blockchains. Our current goal is to develop our own DeFi project utilizing the power of Bifrost, and support the project of our partners, to ultimately provide seamless interactions with the greater blockchain ecosystem. 

In Q4 2021, we plan to release the Bifrost Suite, a development platform tailored for DeFi. Bifrost will attempt to create a decentralized infrastructure that connects the fragmented markets. Using Bifrost, DApps, and DeFi projects will be able to choose their target blockchains that allow for seamless connections among all blockchains.

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Source: https://hackernoon.com/i-see-defi-as-the-future-of-finance-dohyun-pak-ceo-and-co-founder-of-bifrost-934×3517?source=rss

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5 Under-the-Radar DeFi Platforms Supporting the NFT Space

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As the non-fungible token (NFT) market heats up, BeInCrypto explores five DeFi platforms, building buzzing NFT marketplaces.

1. Axie Marketplace

Axie Marketplace is the official NFT market for collectibles in the Axie Infinity game universe. More specifically, Axies are cute avatars with which users can explore the Axie world.

These avatars, in NFT form, can sell for as much as $4,500 (3 ETH) and come with several different characteristics such as body parts, skills, speed, health, morale, and class.

The marketplace itself a fully decentralized exchange (DEX), running on the Ethereum network. Recently, the platform’s native token AXS doubled in price, owing to the game’s renewed popularity.

2. Decentraland

Decentraland (MANA) is a fully decentralized virtual world. Launched in 2017, some describe the virtual world as the decentralized version of popular online space, Second Life.

Users can create roam the world, socialize with friends and create almost anything which the platform then stores as NFTs. Indeed, Decentraland developers pit the world as the first such owned entirely by its “citizens”.

Within the world itself, there are numerous NFT art auctions and giveaways. The platform also has its own native token, MANA, which users can use to buy virtual land parcels in the world.

3. Terra Virtua

Terra Virtua (TVK) claims to be the most immersive digital collectible platform in the NFT space. Moreover, it also boasts NFTs from some of the most famous names in the entertainment industry.

NFTs include merchandise from top-shelf games such as Pasific Rim and Top Gun, as well as collectibles from age-old classics such as The Godfather movie.

Terra Virtua also hosts an interactive space, which can take the form of a modern art gallery or exposition hall. In its most valuable sale, the marketplace hosted a collection called Voice Note Art 2020, which sold for $10,000.

4. Rarible

Rarible is a blockchain-based NFT space for creators and collectors, allowing creators to create pieces directly onto its blockchain.

Unlike other platforms that either use third party apps or require development knowledge, Rarible requires no code, simplifying the creation process.

The platform has a native governance token called RARI which gives the Rarible community a say in the direction of the platform’s development. Indeed, the platform is run by a fully decentralized autonomous organization (DAO).

5. AtomicMarket

AtomicMarket is a shared liquidity marketplace for NFTs. It is used by multiple portals (or websites) to display NFTs hosted on other marketplaces.

Essentially, it is a smart contract into which multiple marketplaces inject liquidity for each NFT they host that can be seen by the other marketplaces.

Indeed, its ultimate aim is to create a standard universal for the NFT space. Its native token, WAX, currently has just over $17 million staked.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

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Source: https://beincrypto.com/5-under-the-radar-defi-platforms-supporting-the-nft-space/

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