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Cryptocurrency

Retail investors bet in Bitcoin rises, Hedge fund billionaire joins in crypto-investing

The net position count of accounts on the Chicago Mercantile Exchange (a global derivatives marketplace) considered “retail” has hit an all-time high of over 2,300 contracts.

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Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

When Bitcoin plunged to less than $5000 in March 2020, a lot of individuals were afraid to trade cryptocurrencies. There were so many crypto traders, including prominent professional traders, who expected that cryptocurrency would become a myth.

However, according to data obtained from the crypto analytics firm, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year and by over two hundred thousand addresses since the start of 2020.

Crypto news aggregator, Unfolded, recently pointed out a chart pattern as shown below, saying that the net position count of accounts on the Chicago Mercantile Exchange (a global derivatives marketplace) considered “retail” has hit an all-time high of over 2,300 contracts:

CME Bitcoin Commitment of Traders Report… Retail net positions hit an all-time high,” Unfolded wrote in reference to the below chart.-

(READ MORE: Ethereum, second most valuable cryptocurrency, surges over 88% since March)

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In addition, these gained traction by the entrance of Paul Tudor Jones, a hedge fund billionaire into the Bitcoin space this month. Jones wrote in a report:

“At the end of the day, the best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin. So, we need to adapt our investment strategy. We have updated the Tudor BVI offering memoranda to show that we may trade Bitcoin futures for Tudor BVI.” 

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READ ALSO: Investing in Cryptocurrencies during this economic shutdown; here’s your need to know

The spontaneous surge in retail and institutional demand bodes well for the world’s most popular and valuable cryptocurrency.

Bitcoin’s price, like almost any other market, is determined on supply and demand principle: the strong demand for Bitcoin in recent days coupled with a cut in supply because of the halving has boosted the price of bitcoin presently trading at about $9,750 5 30 am local time.

 

 

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Ripple is selling 33% of its ownership in MoneyGram

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Ripple helps MoneyGram records 100% growth on digital transactions 

The world’s fast-emerging financial juggernaut, Ripple, recently disclosed it is selling roughly 33% of its stake in MoneyGram. It is its first sale of such shares since Ripple invested in the popularly known American remittance firm in 2019.

Data retrieved from Ripple’s filing with the U.S. Securities and Exchange Commission revealed Ripple owns 8.6% of shares outstanding in Moneygram or 6.22 million shares, including a warrant to purchase another 5.95 million shares for a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding.

Ripple disclosed it will be selling around 4 million shares, approximately 33.3% of its entire stake. After such a sale, the fintech company will still own at least 3.22 million shares or 4.44% of MoneyGram.

What you should know

MoneyGram is a fast-growing platform for cross-border P2P payments and money transfers around many countries.

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Recall that Nairametrics exclusively broke the news in June, about MoneyGram receiving $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.

  • The funding by Ripple completes its $50 million offerings for some stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
  • The deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics, shows that Western Union is now bent on buying MoneyGram to scale its robust growth experienced lately.

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Cryptocurrency

$385 million worth of Bitcoin moved by unknown identity

someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.

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3 BTC whales move 140 million worth of Bitcoins from Binance

Large entities are taking the center stage at the fast-changing financial market, amid strengthened price volatility seen at the flagship crypto’s (Bitcoin) market.

What we know

Data retrieved from, advanced crypto tracker, Bitcoin Block Bot, revealed that someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.

READ: Two cryptos you should consider investing in

READ: 100,000 tons of cocoa stranded at ports due to CBN documentation – Cocoa exporters

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READ: Crypto: Financial market that never sleeps, or is under any central authority

At the time of writing, Bitcoin was trading at $17,048.47 with a daily trading volume of $28,874,917,829.

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It’s critical to observe that recent price action in the flagship crypto market indicates that a significant number of buyers have been aggressively buying at the $16,000 price support level which is marked by large entities.

READ: Crypto: Large investors transfer over 700,000 Ethers

This further illustrates that the demand for bitcoin is relatively high, as bitcoin whales curb broader pullback, at least in the near term.

Nairametrics, predicts the increased buying pressures by such large entities are partly responsible for the relative rebound seen in the bitcoin market.

READ: Ripple locks 800,000,000 XRP, prices push up

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Although it’s often difficult to predict movements in the crypto market, taking into account high volatility. BTC whales have shown historically that they often determine the BTC trend.

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What this means from a macro level is that the increase in the number of these large entities can be considered bullish.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Ripple on steroids, up 11%

Ripple recorded its highest percentage gain since November 24, gaining up to 10.61%.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

Popularly known crypto asset, XRP, is recording significant appreciation in its price amid increased buying from global investors.

What we know

Ripple recorded its highest percentage gain since November 24. At the time of writing, it had gained 10.61%.

READ: PAX Gold: Crypto backed by gold but outperforms gold

  • The move pushed Ripple’s market value to around $24.09 billion, or 4.83% of the total cryptocurrency market capitalization.
  • Also, the third most valuable crypto asset has been trading from $0.50451 to $0.58549 for some hours now.
  • At such prevailing price, Ripple has plunged by 83.68% from its all-time high of $3.29 set on January 4, 2018.

READ: Germany’s biggest bank says more people now prefer Bitcoin over gold

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XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.

Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

READ: World’s biggest asset manager, BlackRock says Bitcoin will overtake gold

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It plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide.

Explore Data on the Nairametrics Research Website

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