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This Bitcoin Dip Was Not Caused by FUD

While there was plenty of FUD flying around, it wasn’t the real reason prices pulled back so significantly.

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While there was plenty of FUD flying around, it wasn’t the real reason prices pulled back so significantly.

This episode is sponsored by Nexo.io.

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Today on the Brief:

  • Home sales up, home supply down
  • Biden’s first test on the stimulus
  • Euro pessimism

Our main discussion: Why the bitcoin dip wasn’t caused by FUD.

Anyone paying attention this week had reasons for frenetic worry. Janet Yellen’s comments on criminal activity. Persistent questions around Tether. A non-story about a double-spend that got amplified by mainstream media.

In this episode, NLW argues that none of these actually explains the dip. Instead, he argues, they were used by sophisticated traders to amplify the dip’s impact.

See also: First Mover: Bitcoin ‘Double-Spend’ FUD Gives Newbies a Volatility Lesson

Image credit: Nuthawut Somsuk/Getty Images Plus

Source: https://www.coindesk.com/podcasts/coindesk-podcast-network/bitcoin-dip-not-caused-by-fud

Blockchain

Binance Coin, Neo, Enjin Price Analysis: 05 March

Binance Coin was heading towards $205 after Bitcoin fell below $49k on the price charts. Neo also moved below a strong level of support, with bearish momentum likely to push the price to as low as $32

The post Binance Coin, Neo, Enjin Price Analysis: 05 March appeared first on AMBCrypto.

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Binance Coin was heading towards $205 after Bitcoin fell below $49k on the price charts. Neo also moved below a strong level of support, with bearish momentum likely to push the price to as low as $32

The post Binance Coin, Neo, Enjin Price Analysis: 05 March appeared first on AMBCrypto.

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Source: https://ambcrypto.com/binance-coin-neo-enjin-price-analysis-05-march

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Blockchain

Bitfarms hints at massive expansion as it purchased 48,000 new ASIC miners from MicroBT

Canadian block reward mining operators Bitfarms Ltd. has confirmed its latest purchase of 48,000 new ASIC miners from MicroBT. Once operational, they expect the new miners to increase their hashing capacity by approximately 5.0 EH. According to the press release, the purchase is a continuation of the growing relationship between the hardware manufacture and Bitfarms. […]

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Canadian block reward mining operators Bitfarms Ltd. has confirmed its latest purchase of 48,000 new ASIC miners from MicroBT. Once operational, they expect the new miners to increase their hashing capacity by approximately 5.0 EH. According to the press release, the purchase is a continuation of the growing relationship between the hardware manufacture and Bitfarms. […] Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coinnounce.com/bitfarm-hints-at-massive-expansion-as-it-purchased-48000-new-asic-miners/

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Blockchain

Centra Tech Founder Sentenced to 8-years in Prison For $36M Crypto ICO Fraud

Sohrab “Sam” Sharma, the founder of defunct cryptocurrency firm Centra Tech was sentenced to 8-years in prison for duping investors out of $36 million. The firm had hired high-profile celebrities including Floyd Mayweather and DJ Khaled whom the firm paid for promotions to lure more investors. Sharma pled guilty to conspiring to commit securities fraud,

The post Centra Tech Founder Sentenced to 8-years in Prison For $36M Crypto ICO Fraud appeared first on Coingape.

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fraudulent ICO

Sohrab “Sam” Sharma, the founder of defunct cryptocurrency firm Centra Tech was sentenced to 8-years in prison for duping investors out of $36 million. The firm had hired high-profile celebrities including Floyd Mayweather and DJ Khaled whom the firm paid for promotions to lure more investors. Sharma pled guilty to conspiring to commit securities fraud, wire fraud, and mail fraud as part of an initial coin offering.

Centra Tech was one of the many crypto companies to lure heavy investment during the 2017-18 ICO frenzy on the pretext of launching a cryptocurrency in the near future. Sharma along with two of his recruits managed to raise nearly $25 million through social media promotions and mentions from high-profile celebrities. Both Khaled and Mayweather later settled with the SEC for failing to disclose they have been paid to promote the project.

While prosecutors sought 14-15 years jail term for the founder, Sharma’s counsel pleaded for a two and a half year term claiming the defendant was not the evil behind the fraud.

Sharma said,

“I am deeply sorry and devastated for what my actions have done to those who believed in me and my vision. I wanted to fake it till I made it, and I was hoping that the ends justified the means.”

As per the plea deal, Sharma forfeited 100,000 ETH raised from the sale of the digital token of his company.

Centra Tech Reflects Everything Wrong With ICO Era

The hype around cryptocurrencies in 2017 gave rise to Initial Coin Offering (ICOs) and an easy way of raising funds to develop and launch new crypto tokens. In what many called a revolution in fundraising soon turned into a playground for fraudsters and scams. It was estimated more than 90% of the projects were either scams or never made it to any exchange for one reason or the other.

Centra Tech was no different, where the project was misleading investors on nearly every aspect right from claiming that it is being headed by a Harvard-educated chief executive officer with decades of business experience. Sharma also lied about having operational licenses in more than three dozens states and partnerships with payment processing giants such as Visa and Mastercard.

The post Centra Tech Founder Sentenced to 8-years in Prison For $36M Crypto ICO Fraud appeared first on Coingape.

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Source: https://coingape.com/centra-tech-founder-sentenced-to-8-years-in-prison-for-36m-crypto-ico-fraud/

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Coinbase Registers Second 12K Bitcoin (BTC) Outflow In A Week, U.S. Institutional Buyers Holding Strongly

In a broader cryptocurrency market correction, the Bitcoin (BTC) price has tanked 6% today slipping below $47,000. As of press time, BTC is trading at a rate of $46,784 with a market cap of $875 billion. The latest Bitcoin price correction comes amid the drying up of trading volumes. However, it turns out that institutional

The post Coinbase Registers Second 12K Bitcoin (BTC) Outflow In A Week, U.S. Institutional Buyers Holding Strongly appeared first on Coingape.

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In a broader cryptocurrency market correction, the Bitcoin (BTC) price has tanked 6% today slipping below $47,000. As of press time, BTC is trading at a rate of $46,784 with a market cap of $875 billion. The latest Bitcoin price correction comes amid the drying up of trading volumes.

However, it turns out that institutional players, especially from the U.S, have been scooping a huge amount of Bitcoins at every correction. As per the latest update from CryptoQuant CEO Ki-Young Ju, a second major Bitcoin-outflow of 12K Bitcoins recently took place at the Coinbase exchange. The first one happened earlier this week three days back on March 3.

As Coingape reported, the Bitcoin whales have been accumulating BTC even when the price dropped $44,000 levels ahead this week. But it seems that the whales are majorly coming this time from the U.S. Over the last year, it seems that Asian whales have been losing all their supplies to the U.S. institutions and corporates who have gone currently on an accumulation spree.

As reported by Chinese reporter Wu Blockchain:

“In the past year, the BTC holdings in Asia have fallen more than 400,000, and the BTC holdings in North America (represented by US) have increased by more than 600,000. This prove again that Chinese holds are selling and American institutions are buying”.

Courtesy: Grayscale, Chainalysis

U.S. Institutions Haven’t Sold Any Bitcoin

The U.S. institutions have been buying Bitcoins heavily since the beginning of 2021. While Bitcoin has gone through several cycles of surge and drop, over the last two months. However, Ki-Young Ju presents another interesting piece of data showing that U.S. institutions haven’t sold a dime since December 23. He writes:

“It seems most US institutions haven’t sold any Bitcoin since their OTC deals. For example, here are custody wallets from Coinbase outflows on Dec 23, 2020. No $BTC moved since then. Remember, institutions like @tesla are with us”.

U.S. bulls are buying aggressively in this market and continue with their purchases ahead. Grayscale has added over 50,000 Bitcoins this year for its Bitcoin Trust (GBTC). Another bullish indicator is that the Network Realized Profit or Loss (NPL) for Bitcoin is at its lowest point.

https://twitter.com/santimentfeed/status/1367559646936973316

The post Coinbase Registers Second 12K Bitcoin (BTC) Outflow In A Week, U.S. Institutional Buyers Holding Strongly appeared first on Coingape.

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Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/coinbase-registers-second-12k-bitcoin-btc-outflow-in-a-week-u-s-institutional-buyers-holding-strongly/

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