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Cryptocurrency

Halving: Bitcoin whales gather more BTC, waiting for bullish run

Many cryptocurrency traders and investors expected that Bitcoin halving would boost Bitcoin’s bullish run in the short and mid-term

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Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Answering the big Bitcoin question - buy, sell or hold?, Bitcoin hits a 12-month low, Bitcoin price under pressure, stays under $7000, How to protect your bitcoin from hackers, Bitcoin Whales Gathering More Bitcoins, Waiting For the Bullish Run, Bitcoin is scarce, entities, individuals hold for long term

Bitcoin has been experiencing high volatility in recent months. The flagship cryptocurrency is yet to perform as expected, since its third halving event, which occurred on May 11.

Many cryptocurrency traders and investors expected that the event (Bitcoin halving) would boost Bitcoin’s bullish run in the short and mid-term.

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Bitcoin addresses that own at least a hundred Bitcoins have increased their ownership level to another 12,000, according to data obtained from a cryptocurrency analytic firm, Santiment Research Company.

The new purchase is worth around $108 million based on the current market prices. The research company stated that, “Since Bitcoin’s drop below $9,500 on May 20, addresses holding 100 or more Bitcoin have added another 12,000 BTC to their bags – more than $108,000,000 at current prices.” 

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What are Bitcoin whales? In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1,000 Bitcoins or more.

(READ MORE: Bitcoin is performing better than gold)

Most cryptocurrency traders are taking positions into Bitcoin’s relatively low prices, with many of them expecting it to rise after the recent Bitcoin halving event.

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Santiment Research Company also gave details showing that the Bitcoin addresses that have shown notable behavioral patterns since the beginning of the year might see history playing out again. It said, “Since the start of the year, these addresses have shown a propensity to accumulate into dips and offload their bags slightly before short-term tops occur. Will this history repeat itself?”

READ ALSO: Meet Theta Fuel, the cryptocurrency that catches world’s attention

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Some investors are waiting on the sidelines to see how this situation unfolds. While it is difficult to predict market movements, Bitcoin whales have always shown historically that they often determine Bitcoin’s  trend.

 

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Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and analyzing Financial Markets. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

LINK continues to see sky-high daily active addresses.

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ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

LINK, an altcoin powered on Chainlink’s decentralized network, is smashing BTC and many other fast-growing digital coins, in terms of the rate at which it has been appreciating in dollar terms lately.

Data from a crypto analytic ranking firm, Coinmarketcap, shows the 12th most valued crypto asset is presently valued at over $2.2 billion dollars (1.2 times more valuable than Nigeria’s most valued bank) with a daily trading volume of over $595 million. It traded as low as $1.60 dollars to its present-day value of over $6.20, showing a percentage gain of more than 387.5% as the price keeps drifting up.

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Crypto behavior analytics platform, Santiment, in it feeds detailed that its on-chain volume, along with social volume and daily active addresses, is a “great triple thread to track.” These macros help track whether a given crypto asset is poised to continue its bullish momentum, and in LINK’s case, it shows that the momentum is still on.

READ ALSO: 3 Crypto exchanges control about 14.3% circulating BTC supply

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About Chainlink

Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

READ MORE: Tether market capitalization surges close to $10 Billion

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Among the leading 20 cryptocurrencies by market capitalization, it is viewed as the only top-20 token with a broad, adaptable business application that is easily explained to an average person. Chainlink is the first successful Blockchain application to interact with the outside world.

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Cryptocurrency

Tether mints 80,000,000 USDT to unknown wallets within 24 hours

Tether Treasury minted a whopping 80 million USDT in less than 24 hours.

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Tether expected to surpass Ethereum, based on strength of the U.S dollar, ther mints 80,000,000 USDT to unknown wallets within 24 hours

Tether, the world’s most valuable stable coin by market capitalization, has been gaining a lot of traction lately. The latest development is that Tether treasury minted a whopping 80 million USDT to unknown wallets in less than 24 hours, as seen on Whale Alert, an advanced blockchain tracker and analytics system.

Tether is ranked the 3rd largest cryptocurrency by market cap of $9.2 billion, with a daily volume of $22.8 billion as at the time this report was drafted.

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READ MORE: U.S regulator invites Banking and Crypto industry leaders for partnership

Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

Barely weeks ago, Bloomberg reports stated that the momentum with the help of the U.S dollar was expected to make Tether gain and move to the second spot.

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READ MORE: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin. Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.

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Cryptocurrency

Ripple payment now operational in U.S, 22 geopolitical regions

Ripple (XRP) plays dual roles as a payment platform and a currency.

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The infusion of Ripple by global banks has gained traction lately, as Spanish biggest bank by total asset and market capitalization, Santander, designed a Ripple enabled payment app called Pay FX that offers a borderless blockchain-based payment channel.

Santander recently just added 19 geopolitical regions to its One Pay FX international payments app offering in collaboration with blockchain and crypto payment powerhouse Ripple.

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Before now, the blockchain payment app was available only in Poland, Spain, Brazil, and the United Kingdom; One Pay FX now enables users from the world’s biggest economy, United States, and emerging markets that include Chile to sit among others on the list of added countries, totaling the number of countries on its offering to 22.

Explore Economic Research Data From Nairametrics on Nairalytics

Quick fact: Ripple (XRP) plays dual roles as a payment platform and a currency. It has an open-source platform that is created to allow quick and cheap transactions.

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

Customers told us that the international payments process could be better so we partnered with Ripple to explore how BTC could make transactions faster, cheaper and more transparent,” Ed Metzger, CTO of One Pay FX said in the statement.

READ ALSO: Uber expands food delivery business in a $2.65 billion acquisition 

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Metzger described feedback from customers, noting difficulties with transaction exchange rate clarity and timing confusion.

“Ripple helps us directly address the issues raised by our customers […] Whether they are putting down a deposit on a holiday rental or paying a foreign supplier, they see exactly how much will arrive when they’re making the payment and have certainty about when it will get there.”

What this means ; The Ripple enabled app will allows customers to see exactly how much will arrive when they’re making international payments, while the low-cost transactions happen instantly or on the same day, instead of the traditional 3-5 timeframe.

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