Review of the latest news from the crypto space 25.01.2021
Another week of the crypto space has passed, filled with news on Bitcoin and others, news that always presents surprises, and makes both crypto traders and investors be on their toes.
News digest of the past week
Bitcoin continues to correct, altcoin prices are growing rapidly, the Ethereum exchange rate has broken a new price record since 2018! The past week is simply saturated with news. So, let’s take a look at the cryptocurrency news that most deserves attention.
- The World’s Largest investment fund may start trading Bitcoin futures
BlackRock, an investment fund with nearly $ 8 trillion in assets under management, filed documents with the SEC on January 20 indicating that it may soon trade bitcoin futures, so this financial giant is increasingly interested in BTC and cryptocurrencies.
Seeing more and more institutional investors take the plunge and invest in this new investment asset that has become reliable and legitimate in the eyes of Wall Street, BlackRock will no doubt join its peers very soon.
Documents filed with the SEC on behalf of BlackRock Funds V and BlackRock Global Allocation Fund Inc indicate that the company may try to trade futures contracts with Bitcoin settlement.
While these documents do not confirm that BlackRock will actually engage in bitcoin futures trading, these documents to the SEC are mandatory before the investment fund can begin trading.
BlackRock has already mentioned Bitcoin as a strong candidate to replace gold. Its CIO, Rick Reeder, said Bitcoin would take away most of the current gold market.
The arrival of this financial giant in cryptocurrency trading will be an important news in the institutionalization of Bitcoin.
- The price of Ethereum exceeds the last record of 2018
After the price of Bitcoin BTC significantly exceeded the last record of 2017, the price of Ethereum finally did the same, surpassing $ 1,430.
The Ethereum blockchain ranks as the second most important cryptocurrency on the market, and its network is most used by decentralized applications, as well as decentralized finance (DeFi).
In December last year, Ethereum began the transition to Ethereum ETH 2.0, which should transfer the network from the Proof of Work algorithm mode to the Proof of Stake algorithm.
As the term implies, the network will rely on the placement of ETH tokens to validate transactions on the Ethereum block chain. The transition has been successfully launched, and it will take time before the entire network is put into share confirmation mode.
The fact that the price of ETH broke the last high of 2018 should drag the rest of the altcoin market with it, as many of them are still far from their highs of early 2018. The price increases occur in stages, first BTC, and then the most important cryptocurrencies, such as ETH or LTC.
Thus, the rest of the altcoin market should benefit from the growth of large-cap coins in the near future, so we will see which crypto projects will appear again in 2021.
This increase in the price of Ethereum should also lead to more and more people delegating their coins to stack on Ethereum. Crypto exchanges such as Binance or Kraken already offer their users the staking of their ETH coins.
As the price ascent in the cryptocurrency market is in full swing and is expected to continue to rise in the coming months, JP Morgan estimates that the price of BTC must continue to rise in order for the bullish movement to continue.
- MicroStrategy uses the drop in the price of BTC to buy hundreds of coins
“Buy drop” is a phrase you often see on Twitter when BTC drops significantly.
Take advantage of the fall in the price of BTC and profit when the price of Bitcoin then rises, whether for short-term trading or for long-term investing.
Here’s what MicroStrategy, which is known to have already bought 70,470 BTC, took advantage of its drop to buy an additional 314 BTC, as its CEO Michael Saylor pointed out.
The company now has 70,784 BTCs, or more than $ 1 billion, invested in this crypto asset.
MicroStrategy was one of the first major companies to publicly announce its significant investment in Bitcoin.
The company, led by CEO Michael Saylor, intends to set an example and encourage many other companies to do the same.
The CEO has become very active on social media to convince as many entrepreneurs as possible, such as Elon Musk of Tesla, to invest in cryptocurrencies and BTC.
Thus, by buying the “decline”, the company benefits from the rebound in the price of the crypto asset, which should continue its growth in the coming months, in particular, thanks to the emergence of new institutional buyers.
- Craig Wright, Fake Satoshi Nakamoto, Threatens to Sue Some Websites Again
“Idiots who dare anything to let us know they exist,” Lino Ventura’s famous line in Uncle the Gunslinger seems perfectly in tune with the last act of the fake Satoshi Nakamoto – Craig Wright.
Some people don’t hesitate to do anything, even if it means looking ridiculous. And this is the case of Craig Wright, who continues to pretend to be Satoshi Nakamoto, the creator of Bitcoin. He goes so far as to threaten certain sites that host the Bitcoin White Paper, of which he claims to be the author.
Thus, there is a new surprise from this impostor, who makes his presence on the crypto scene noticeable. It warned some sites, such as Bitcoin.org, with a demand to immediately revoke the Bitcoin White Paper, the rights to use and distribute which he claims he has.
He has never been able to prove that he is really Satoshi Nakamoto, and he plays on the fact that no one can definitively and irrevocably catch him in a lie.
However, to prove that he is really the real Satoshi Nakamoto, it would be enough for him to show or prove that he has access to one of the many Bitcoin addresses that belong to the creator of Bitcoin, and contain thousands of BTC that have never been touched.
However, he never managed to do this, but he continues to attract attention and claim that he is indeed the creator of the Cue Ball. So, without hesitation, he sends lawyers to threaten legal action against people or websites that distribute the Bitcoin whitepaper without his permission.
Bitcoin.org In some ways, it is the official site of Bitcoin BTC, and it was started by Satoshi Nakamoto, who then handed it over to an administrator known by the pseudonym Cobra.
Cobra responded that it would not remove the whitepaper from the site, surprised by this incredible new fake Nakamoto action.
He called on the crypto community to respond to these legal threats from Craig Wright by distributing the BTC White Paper to as many sites as possible.:
“Every major Bitcoin company should start posting a Bitcoin White Paper out of solidarity.
The attack on Bitcoin’s founding document is an attack on all close-knit crypto enthusiasts. This is the document that started it all. If Bitcoin has made your life better, then stand up for it.”
His call was heeded, and companies such as Square, the company of Jack Dorsey, CEO of Twitter, MicroStrategy, and Fidelity Digital Assets, the US financial giant, added a Bitcoin white paper to their website.
It remains to be seen whether Craig Wright will dare to sue these impressive companies, as the fake Satoshi Nakamoto has so far only attacked people who can’t really defend themselves in court due to lack of financial means.
When threatening small websites or computer developers who work on the Bitcoin blockchain, Craig Wright definitely didn’t expect the kind of protest that would put him in his place if he didn’t want to participate in a lawsuit. It will end as always: that would make him a laughing stock again.
- Chainlink, Uniswap and Polkadot are among the altcoins that performed well despite the BTC drop
While Bitcoin has fallen 15% in a seven-day period, dragging most of the cryptocurrency market with it, some altcoins have experienced a drop and a massive price correction.
Historically, altcoins closely monitor the pace and fluctuations of Bitcoin, soaring and losing depending on the movements of the main cryptocurrency.
This time, the cryptocurrencies trading in the black despite the effects of the market decline include Chainlink (LINK), Uniswap (UNI) and Polkadot (DOT), each of which, according to CoinMarketRate, respectively recorded gains of 11%, 21% and 20%. % in a seven-day period.
According to experienced trader Nick Patel, these altcoins are worth paying close attention to, as they managed to work well. Patel also called Ethereum a cryptocurrency that has held up well despite Bitcoin’s price recovery.
Explaining why some altcoins were upbeat while the MTC plummeted, the crypto trader said it was due to unrealized gains. The realization that there is still a lot of profit to be made from the Bitcoin rally has caused a major sell-off on the part of investors. On the other hand, sentiment towards some altcoins was positive, while MTC was losing in value.
Chainlink recently hit a new all-time high, and the coin could gain even more as it was revealed that Grayscale Investments may have applied to the Chainlink Trust.
According to the Delaware Office of Corporations, the registration was made on December 18, 2020. At this point, Grayscale has not yet officially confirmed or opened the trust to the public. In addition, it is unclear whether Grayscale will actually launch the Chainlink Trust, as a few weeks after the filing, Grayscale’s chief executive and founder, Barry Silbert, resigned, handing over management of the company to Michael Sonnenschein.
In any case, if Grayscale launches the Chainlink Trust, it will undoubtedly serve a higher distribution of LINK tokens. In addition, it can also be a positive thing, as altos are gaining more and more recognition.
Another altcoin to look out for may be Polkadot, as its DOT token is steadily gaining momentum, even displacing XRP from its position as the fourth-largest cryptocurrency by market capitalization, according to CoinMarketRate. Polkadot, dubbed the “Ethereum killer,” was created by Ethereum co-founder Dr. Gavin Wood to become a more advanced and scalable version of Ether.
Unique features include Polkadot paracaine that make it compatible with other networks of the block chain. The blockchain protocol is capable of processing thousands of transactions per second, which is seen as an argument in favor of Ethereum, as the latter is increasingly criticized for not being able to support the net volume of DeFi transactions in the long run.