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Gold, Stocks, and Bitcoin: Weekly Overview, May 13

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This week’s price movements for bitcoin (BTC), gold, and our stock picks Coinbase, MoneyGram, and Tesla.

BTC

After a generally steady week, bitcoin took a nosedive, dropping down to around $50,000. From May 6, BTC has mainly been channeling between $55,00 and $58,000, before pushing past $59,000, on May 8. It came back down below $57,000, on May 9, before bouncing back up above $59,000, on May 10.

From there it dropped down to $55,000 by May 11. On May 12 BTC’s price rose to $58,000, then fell to $55,000. However, at the end of the day, the price dropped significantly reaching nearly as low as $47,000, on May 13. BTC is currently trading around $50,000.

BTC’s drastic fall came on the heels of Tesla announcing that it would no longer be accepting bitcoin as payment. CEO Elon Musk tweeted:

“We are concerned about [the] rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Despite this decision, Musk added that the electric car company would retain its bitcoin holdings. Musk added, “We intend to use it for transactions as soon as mining transitions to more sustainable energy”.

GOLD

Gold has prospered overall, in the past week. After rising on early May 6, around midday the price of gold jumped above $1,800 for the first time since February. It settled around $1,820, on May 7, before spiking once again around midday, soaring above $1,840.

After setting again around $1,830 going into the weekend, on May 10, it pushed up again past $1,844. It stayed in the high $1,830 until noon the next day, when a sharp drop pushed it below $1,820. It bounced up and down again into the next day, before reaching $1,820, by the end of May 12, where it is currently trading.

This recent fall occurred as U.S. Treasury yields rose and the dollar firmed after a rise in U.S. consumer prices boosted bets for early interest rate hikes. “The real yields continue to rise and there is speculation in the market that there would be a surprise tightening by the Federal Reserve,” said Xiao Fu, head of commodities market strategy at Bank of China International.

COIN

Coinbase’s stock (COIN) has had one of its most interesting weeks since debuting last month. After selling off from its initial listing, the price settled around $300, within a few weeks. Towards the beginning of May, it dropped quite a bit, hitting a low of $250, on May 6. However, the past week has seen it rise back up past $300, only to sink again in the past day or so. It is currently trading at around $280.

Recent movements come in light of quarterly results, which will be announced after the market closes. Strategists will be looking for insights on how it manages fees and grows, as competition increases in the nascent crypto space.

“While Coinbase has been able to rely on its first mover advantage and brand familiarity so far, margins will continue to compress from competition with both ‘CeFi’ brokerages like BlockFi and ‘DeFi’ alternatives like Uniswap,” wrote Matthew Wheeler, global head of market research at Forex.com.

MGI

MoneyGram has had an outstanding week in light of its earning report, last week. It began trading at around $6.40, on May 6, until its first quarter earnings were released. This pushed the stock’s price up nearly a dollar in the first hour of trading the following day.

From there it continued rising, reaching as high as $8.70, before retracing back to $8.00. It pushed high again, on May 10, before balancing out around $8.40. On May 11, it dropped a bit, before pushing back to the prior day’s level. However its price has been sinking since April 12. It is currently trading at around $7.70.

According to MoneyGram’s latest earning report, the company’s total revenues of $310 million surpassed estimates by 3.3% and were also up 7% year over year. Among revenues, money transfer revenues were $285.4 million, up 12%, driven by double-digit transaction growth. Investment revenues were $2 million, down 80% due to lower prevailing interest rates. This past week, MoneyGram also announced a partnership with Coinme to expand point-of-sales for bitcoin.

TSLA

Tesla has had a difficult week overall. Although its stock fell in the first hour of trading, on March 6, it pushed back up past $680 over the next day. However, it gapped down and fell further, on March 10, tumbling for the rest of the trading day down to $630.

It gapped down further to $600, on May 11, but the rest of the day it pushed back up to $625. Yet again it gapped down the next day and continued to tumble from there. It is currently trading at around $590. This most recent movement comes in light of the company’s announcement regarding bitcoin mentioned above.

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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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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/gold-stocks-bitcoin-weekly-overview-may-13/

Blockchain

Sam Bankman-Fried Claims Institutional Demand for Crypto is Growing

The co-founder of FTX crypto exchange, Sam Bankman-Fried discusses rising institutional demand for crypto and his agenda.

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The co-founder of FTX crypto exchange, Sam Bankman-Fried has been garnering increased public attention, with his ventures growing in prominence. Many observers in crypto circles were hoping for him to become a key lobbyist for the sector after his donation to Joe Biden’s presidential campaign. And even though he’s willing to discuss his involvement in the market and subjects like the rising institutional demand for crypto, he insists that’s he not attempting to conjure facts that suit his narrative.

Bankman-Fried Suggests Institutional demand for Crypto Is On The Rise

SBF is clear about the fact that he’s glad to discuss the market and that he certainly has an agenda. But he also emphasizes that he will not create facts to fit his own narrative.

He stated, You know, to the extent I have an agenda, I just want it to flow from my actual thoughts and beliefs. So that’s all I have to talk about is my thoughts and beliefs rather than try and create a fact pattern that happens to fit where I want it to go or something like that.”

On the subject of institutional adoption, Bankman-Fried underlines that many out there are “desperate” to set a foot in the crypto sphere. But many institutions are unclear about their trajectory or what they are trying to accomplish. He advises incoming players to define clear goals and then understand how the industry works. 

SBF Weighs on Ethereum vs Solana

Bankman-Fried also revealed his views on the Ethereum vs Solana debate. Ethereum advocates have repeatedly cited the benefits of its ecosystem moat but SBF doubts that this moat is invincible. Solana is not well-known outside the crypto community at the moment but it claims to be faster than Ethereum and boasts the capability of processing 65,000 transactions per second(TPS). 

Explaining his views, Bankman-Fried said, “I think that’s one of the fundamental tensions here, is that like this moat is insurmountable if crypto never grows. But if crypto gets 50 times bigger, the moat is two percent of the eventual pie. The other piece of this, right, is why is the most valuable as a business? A moat is valuable to keep other people out. A moat doesn’t let you grow itself, right? It gets rid of a particular impediment to your growth, which is competitors, but a moat isn’t growth itself.”

In a recent interview with Bloomberg, SBF disclosed that he had been approached by several SPACs who wanted to take the FTX exchange public. A special purpose acquisition company(SPAC) is also known as a ”blank check company” listed on the stock market to generate funding that allows it to merge with another firm. 

READ  Fund Manager Discusses Three Factors that Will Trigger Next Bitcoin Rally

#Ethereum vs Solana #Institutional Demand #Sam Bankman-Fried

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Source: https://www.cryptoknowmics.com/news/sam-bankman-fried-claims-institutional-demand-for-crypto-is-growing

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Blockchain

PINASining II: More Advice from Past Winners as Contest Deadline Draws Near

PINASining II is the second voxel contest for creators to build Philippine-themed voxel assets for the Metaverse.

The post PINASining II: More Advice from Past Winners as Contest Deadline Draws Near appeared first on BitPinas.

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BlockchainSpace recently unveiled the Sandbox Philippines PINASining Gallery. Displayed on Cyber, a digital gallery for NFTs, it showcases art submitted to the PINASining contest held last May. 

The Sandbox together with the BlockchainSpace is bringing back PINASining II to promote creators in the Philippines and around the globe. PINASining II is the second voxel contest for creators to build Philippine-themed voxel assets for the Metaverse. Check the mechanics here and apply using this Google Form. (Deadline is June 18, 2021) For more information visit the https://www.facebook.com/groups/thesandboxph/.

The tweet shared by BlockchainSpace features all the voxel pieces created by the participating creators compiled in Cyber’s NFT gallery. This includes works of 1st place winner iLasining and 2nd place winner Focc_x.

According to Peter Ing, founder of BlockchainSpace and Philippines Ambassador for The Sandbox, many Filipinos already familiar with voxel artwork from Minecraft and Roblox find the transition to building on The Sandbox easy. The difference is that in creating for Sandbox, the pieces created can be monetized. “The narrative for Filipino artists and creators is extremely compelling, those who previously invested hours building assets in voxel based games can now monetize their efforts  by selling the artwork and game assets that they create,” Peter said in a statement.

The Sandbox, is a decentralized, community-driven game platform, it’s a virtual world where players can build, design, personalize, own, monetize their gaming experiences in the ethereum blockchain. 

Interview with Past Winners: Kaz Pios, 3rd Place Winner

Kaz, creator of the famed “Pistang Pinoy” said that winning the contest allowed her to receive support from The Sandbox’s Creator Fund, an initiative to support artists by rewarding and incentivizing them to create 3D assets for The Sandbox platform. Artists are rewarded per asset basis of $2 to $60 per unique asset. Artists will also be able to sell their assets on The Sandbox’s integrated marketplace too.

“It took me about a week to learn and explore the various features of VoxEdit. It is user-friendly and easy to use in both creating and animating voxel arts,” Kaz said in an interview. Her advice to those wishing to join the contest is to plan out everything from the beginning:

“Plan out what you want to make, draw up a rough sketch, and start to create. Creating voxel art will take time, effort, and detail, but it’ll be worth it.”

Kaz, Creator

Ayesha Lara Montes, 4th Place Winner

Madrid-based artist Ayesha said her official entry “Tarsier” depicted the small primates (of the same name) native to the Philippines. She added she wants to show “the beauty of these little creatures to the world.”

Sha claimed that joining the PINASining contest got her more followers on Instagram. Currently she’s still making more voxel art.

Ayesha only has high praise for VoxEdit, a voxel editing tool developed by The Sandbox, saying it’s a very intuitive program that is easy to use for creators to start using without previous knowledge of other voxel software. VoxEdit enables artists and creators to make voxel assets that can be used in games in The Sandbox’s metaverse, equipped by player avatars and sold in The Sandbox marketplace.

Ayesha’s advice to those who are going to join the contest:

“Enjoy creating art, the energy, love and passion that you put into it can be transmitted by your creations.”

Ayesha Lara Montes, Creator

PINASining II is still accepting entries until June 18, 2021. For the complete contest mechanics: https://bitpinas.com/feature/pinasing-past-winners-interview/.

This article is published on BitPinas: PINASining II: More Advice from Past Winners as Contest Deadline Draws Near

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Blockchain Intelligence Firm TRM Labs Secures $14 Million in Funding

PayPal Ventures also participated in the latest investment round.

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TRM Labs, a blockchain intelligence company, yesterday announced that it has raised $14 million in the Series A funding round. The latest investment round was led by Bessemer.

According to the official announcement, PayPal Ventures, Jump Capital, and Blockchain Capital also participated in the recent round. The San Francisco-based company is facilitating financial firms and public agencies around the world in the detection and prevention of crypto-related fraudulent activities.

TRM Labs mentioned that the company has seen significant growth since the start of this year amid a surge in the adoption of cryptocurrency assets. The company saw a growth of 600% in revenue due to a substantial jump in the demand for crypto-related management and compliance software.

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Commenting on the latest announcement, Ethan Kurzweil, Partner at Bessemer Venture Partners, said: “The team at TRM Labs is building an extraordinary company that is going to be critically important in helping financial institutions safely transition to a new financial system for the digital age. TRM will also continue to be a strong partner to governments and regulators around the globe as they work to ensure that illicit actors don’t take advantage of this new financial system.”

TRM highlighted the importance of an efficient cryptocurrency risk management and compliance solution.

Crypto Compliance

Several companies worldwide have accelerated their efforts to integrate strong crypto-related compliance systems to tackle the potential involvement of digital currencies in money laundering and suspicious activities. TRM mentioned that the company’s risk management platform offers different solutions for cryptocurrency anti-money laundering (AML) and transaction monitoring. “At TRM we have built the next generation in blockchain intelligence with the mission of building a safer financial system for billions of people. We are thrilled to have the team at Bessemer lead our Series A and support that mission. This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth,” Esteban Castano, co-founder and CEO of TRM Labs said.

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Source: https://www.financemagnates.com/cryptocurrency/news/blockchain-intelligence-firm-trm-labs-secures-14-million-in-funding/

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The Winklevoss Brothers Have Formed a Musical Band

The Winklevoss twins have started a music band… Which is not surprising considering everything else they’ve done.

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The Bitcoin price crash has been so severe that the Winklevoss twins, arguably one of the largest BTC whales in the world, have decided to start a band to make ends meet.

Let’s Rock!

Ok, Ok; maybe we’re exaggerating, but a report from the celebrity gossip site Page Six claims that the multi-talented Winklevoss twins formed a band with their co-workers and are already close to playing their first “gig”.

“Tyler sings, Cameron plays guitar,” said an anonymous source. The band already gave its first show to a closed group of friends at Cameron’s NoHo loft this week.

According to the magazine, the twins will take things a step further and play for a much larger and more serious crowd in a matter of days.

Didn’t make the guest list? No worries. The source tells us the mini show was just a dress rehearsal for next week, when the 6’5″ pair – who were played by Armie Hammer in the 2010 movie “Social Network” – have invited 200 people over to see them jam.

No further details have been revealed. The band name is still unknown, the music style is a mystery, and the song repertoire has not been revealed to the public either. Still, if the past serves as a benchmark to judge the future, the band may not be all that bad – regardless of whether it is a hobby or a serious endeavor.


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From Sports to Tech: The Winklevoss Have Been There and Done That

If there’s one thing the Winklevoss twins have plenty of, it’s talent. As youngsters, they were on the Olympic rowing team, the idea of what would become Facebook began with them, and they saw the potential of Bitcoin when it was just a curiosity being discussed by a bunch of nerds on cryptography forums.

Today some estimates calculate their Bitcoin holdings at close to 1% of all the coins available; they are also the owners of Gemini, one of the most important regulated cryptocurrency exchanges in the United States; and have funded several visionary projects related to blockchain technologies such as the Nifty Gateway NFT marketplace.

So if there’s one thing we can be sure of, it’s that if they form a rock band, you’ll probably end up with at least one song stuck in your brain… Of course, that’s if you ever get to hear them play.

In the meantime, you’d better stick to following them on Twitter. If they ever buy a record label, we’ll let you know.

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Source: https://cryptopotato.com/the-winklevoss-brothers-have-formed-a-musical-band/

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