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Goldman Sachs joins $28 million Series A for blockchain infrastructure firm Blockdaemon

Blockdaemon, a blockchain firm that provides crypto staking infrastructure and node management platform, has raised $28 million in a Series A round.

The post Goldman Sachs joins $28 million Series A for blockchain infrastructure firm Blockdaemon appeared first on The Block.

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Blockdaemon, a blockchain firm that provides crypto staking and node management infrastructure, has raised $28 million in a Series A funding round.

The round was led by Greenspring Associates, with participation from Goldman Sachs, BlockFi, Voyager Digital, Uphold, and others. Goldman Sachs, in particular, invested $5 million, Blockdaemon founder and CEO Konstantin Richter told The Block. The bank will also join Blockdaemon as “board observers,” said Richter.

Blockdaemon’s existing investors, including CoinShares, Borderless Capital, and Blockchain.com Ventures, also participated in the Series A.

With fresh capital at hand, Blockdaemon plans to double its headcount to 100 by the end of this year by hiring mostly engineers, Richter told The Block.

Founded in 2017, the New York-based firm says it has seen its business grow in recent months. Richter said Blockdaemon now has over 100 institutional clients, including crypto natives and traditional financial services firms.

These clients rely on Blockdaemon’s staking infrastructure to let their end users earn yields on their coin holdings. Blockdaemon says it has deployed over 10,000 nodes across 40 blockchain networks and global regions.

The Series A brings Blockdaemon’s total funding to date to around $40 million, Richter told The Block. He declined to comment on the firm’s valuation.

As for Goldman Sachs, the megabank also invested in crypto data firm Coin Metrics last month. It led the firm’s $15 million Series B funding round at the time.

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Source: https://www.theblockcrypto.com/linked/107601/goldman-sachs-blockchain-blockdaemon-funding?utm_source=rss&utm_medium=rss

Blockchain

Bitcoin Volatility in July? 16K BTC Unlocking on Grayscale Coming Up

The impending unlocking of over 16,000 bitcoins through Grayscale’s trust in mid-July could bring enhanced volatility in the crypto markets.

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With the second quarter of 2021 almost done and July just around the corner, bitcoin might be headed towards a highly volatile month, and Grayscale could receive the blame. This is because one of the largest unlockings from GBTC will take place in the middle of the month as accredited investors will receive access to over $600 million worth of BTC.

Volatility in July Because of GBTC Unlocking?

Founded in 2013, Grayscale is the leading digital asset manager enabling institutional investors to receive exposure to BTC, and other cryptocurrencies, through its funds without having to worry about storing and managing their holdings.

In return, they agree to pay a specific commission and to follow precise rules. One of which dictates that their Bitcoin holdings will be locked for six months. Meaning, once they purchase GBTC shares, they would have to wait half a year before receiving the chance to realize gains.

With Grayscale’s popularity blossoming in late 2020 and early 2021, numerous accredited investors used the company’s products to purchase shares, tracking the performance of the primary cryptocurrency.

Consequently, some of them had their assets unlocked just recently, but the most substantial quantity will come on July 18th.


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As Bybt’s graph demonstrates, Grayscale customers will receive the equivalent of over 16,000 bitcoins on that date. With today’s USD prices, this sizeable amount represents nearly $650 million.

Grayscale GBTC Unlocking. Source: Bybt
Grayscale GBTC Unlocking. Source: Bybt

Although it’s debatable if all investors would decide to dispose of their assets immediately, such a considerable portion of BTC’s liquid supply could most certainly lead to enhance volatility once it’s unlocked.

Bitcoin in July

Historically, July is actually among the most bullish months for bitcoin, especially in the past few years. Apart from the year-long bear market in 2019 when BTC dipped by 6.6% in July, the cryptocurrency has spiked by double-digits in 2017, 2018, and 2020.

In fact, last year was the best-performing July since Bybt keeps data (meaning – 2013). Some experts have even argued that July 2020 was the actual start of the bull market because it was the first month deep in green after the halving.

Keeping in mind the aforementioned unlocking, this year’s July would be intriguing to follow.

Bitcoin Monthly Performance against USD. Source: Bybt
Bitcoin Monthly Performance against USD. Source: Bybt
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-volatility-in-july-16k-btc-unlocking-on-grayscale-coming-up/

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Blockchain

Bitcoin Volatility in July? 16K BTC Unlocking on Grayscale Coming Up

The impending unlocking of over 16,000 bitcoins through Grayscale’s trust in mid-July could bring enhanced volatility in the crypto markets.

Published

on

With the second quarter of 2021 almost done and July just around the corner, bitcoin might be headed towards a highly volatile month, and Grayscale could receive the blame. This is because one of the largest unlockings from GBTC will take place in the middle of the month as accredited investors will receive access to over $600 million worth of BTC.

Volatility in July Because of GBTC Unlocking?

Founded in 2013, Grayscale is the leading digital asset manager enabling institutional investors to receive exposure to BTC, and other cryptocurrencies, through its funds without having to worry about storing and managing their holdings.

In return, they agree to pay a specific commission and to follow precise rules. One of which dictates that their Bitcoin holdings will be locked for six months. Meaning, once they purchase GBTC shares, they would have to wait half a year before receiving the chance to realize gains.

With Grayscale’s popularity blossoming in late 2020 and early 2021, numerous accredited investors used the company’s products to purchase shares, tracking the performance of the primary cryptocurrency.

Consequently, some of them had their assets unlocked just recently, but the most substantial quantity will come on July 18th.


ADVERTISEMENT

As Bybt’s graph demonstrates, Grayscale customers will receive the equivalent of over 16,000 bitcoins on that date. With today’s USD prices, this sizeable amount represents nearly $650 million.

Grayscale GBTC Unlocking. Source: Bybt
Grayscale GBTC Unlocking. Source: Bybt

Although it’s debatable if all investors would decide to dispose of their assets immediately, such a considerable portion of BTC’s liquid supply could most certainly lead to enhance volatility once it’s unlocked.

Bitcoin in July

Historically, July is actually among the most bullish months for bitcoin, especially in the past few years. Apart from the year-long bear market in 2019 when BTC dipped by 6.6% in July, the cryptocurrency has spiked by double-digits in 2017, 2018, and 2020.

In fact, last year was the best-performing July since Bybt keeps data (meaning – 2013). Some experts have even argued that July 2020 was the actual start of the bull market because it was the first month deep in green after the halving.

Keeping in mind the aforementioned unlocking, this year’s July would be intriguing to follow.

Bitcoin Monthly Performance against USD. Source: Bybt
Bitcoin Monthly Performance against USD. Source: Bybt
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-volatility-in-july-16k-btc-unlocking-on-grayscale-coming-up/

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Blockchain

Bitcoin to Surpass $98K by November: Stock to Flow Model

The Bitcoin stock to flow model, designed by PlanB, outlines a relationship between scarcity and value that has been a solid long-term predictor of cryptocurrency price trends.

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The S2F model is currently suggesting that, in the worst-case scenario, BTC will surpass $98K by November, which is highly optimistic given recent market developments.

S2F’s Methodology & Accuracy

Comparing Bitcoin to precious metals like gold and silver, PlanB has used statistics to outline a defined relationship between the value and scarcity of a given asset. The basic hypothesis is that the easier it is to produce a good, the harder it is for it to retain value, assuming demand remains stable.

PlanB notes that demand will be driven by predatory governments imposing negative interest rates, billionaires hedging against inflation, and institutional investors. This information, pieced together with the power laws and fractals observation that BTC’s price often centers around, has created a model that has proven to be fairly solid for the past 2 years.

Turbulent Waters Ahead

The road to a 6-figure BTC price won’t be smooth sailing. Whilst his latest tweet indeed paints an optimistic outlook for Bitcoin by the end of the year, PlanB also notes that there will be possible ‘weakness’ in the next few months due to a ‘more fundamental reason’ that he will reveal later on.


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The recent death cross formation might be a factor in this predicted weakness.

Long-term targets for BTC remain intact, and according to him, still, look better than ever, so it will be imperative for Bitcoin holders to weather the storm and HODL.

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Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-to-surpass-98k-by-november-stock-to-flow-model/

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Blockchain

Bitcoin Volatility in July? 16K BTC Unlocking on Grayscale Coming Up

The impending unlocking of over 16,000 bitcoins through Grayscale’s trust in mid-July could bring enhanced volatility in the crypto markets.

Published

on

With the second quarter of 2021 almost done and July just around the corner, bitcoin might be headed towards a highly volatile month, and Grayscale could receive the blame. This is because one of the largest unlockings from GBTC will take place in the middle of the month as accredited investors will receive access to over $600 million worth of BTC.

Volatility in July Because of GBTC Unlocking?

Founded in 2013, Grayscale is the leading digital asset manager enabling institutional investors to receive exposure to BTC, and other cryptocurrencies, through its funds without having to worry about storing and managing their holdings.

In return, they agree to pay a specific commission and to follow precise rules. One of which dictates that their Bitcoin holdings will be locked for six months. Meaning, once they purchase GBTC shares, they would have to wait half a year before receiving the chance to realize gains.

With Grayscale’s popularity blossoming in late 2020 and early 2021, numerous accredited investors used the company’s products to purchase shares, tracking the performance of the primary cryptocurrency.

Consequently, some of them had their assets unlocked just recently, but the most substantial quantity will come on July 18th.


ADVERTISEMENT

As Bybt’s graph demonstrates, Grayscale customers will receive the equivalent of over 16,000 bitcoins on that date. With today’s USD prices, this sizeable amount represents nearly $650 million.

Grayscale GBTC Unlocking. Source: Bybt
Grayscale GBTC Unlocking. Source: Bybt

Although it’s debatable if all investors would decide to dispose of their assets immediately, such a considerable portion of BTC’s liquid supply could most certainly lead to enhance volatility once it’s unlocked.

Bitcoin in July

Historically, July is actually among the most bullish months for bitcoin, especially in the past few years. Apart from the year-long bear market in 2019 when BTC dipped by 6.6% in July, the cryptocurrency has spiked by double-digits in 2017, 2018, and 2020.

In fact, last year was the best-performing July since Bybt keeps data (meaning – 2013). Some experts have even argued that July 2020 was the actual start of the bull market because it was the first month deep in green after the halving.

Keeping in mind the aforementioned unlocking, this year’s July would be intriguing to follow.

Bitcoin Monthly Performance against USD. Source: Bybt
Bitcoin Monthly Performance against USD. Source: Bybt
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-volatility-in-july-16k-btc-unlocking-on-grayscale-coming-up/

Continue Reading
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