The International Monetary Fund (IMF) had recently published a video explaining what cryptocurrency is. Besides suggesting that cryptocurrency could “completely change the way we sell, buy, save, invest, and pay our bills,” IMF went on by saying that it “could be the next step in the evolution of money.”
— IMF (@IMFNews) August 23, 2020
IMF Explains Crypto
The IMF tweeted the video giving vital details on what cryptocurrency is. Referring to cryptocurrency as “a special currency,” the two-minute video attempts to outline its benefits in payments, such as by removing middlemen, lowering costs, and increasing transaction speed.
It also warned about sees as risks, such as anonymity and volatility. The video has garnered more than 523K views at the time of writing; it has been retweeted 6.9K times, liked 10.2K times, and received about a thousand comments. The video ends with:
“If we can counter the risks, then this new technology or some variation of it can completely change the way we sell, buy, save, invest, and pay our bills. And who knows, this could be the next step in the evolution of money.”
Barry Silbert a globally known hedge fund manager and the founder Grayscale of Global leader in digital currency asset management, offering single asset & diversified exposure via private & public funds commented on IMF educative video on crypto. He said “So, um, the IMF is shilling cryptocurrencies now”
So, um, the IMF is shilling cryptocurrencies now https://t.co/d67Pt87xm9
— Barry Silbert (@barrysilbert) August 23, 2020
Understanding Crypto Assets
Crypto assets are digital representations of value, made possible by advances in cryptography and distributed ledger technology (DLT). The blockchain technology allows using distributed ledgers for generating and keeping records without the need for a central party (for example, a central bank) to administer the system.
Crypto assets are denominated in their own units of account and can be transferred peer-to-peer without an intermediary.
$100,000 bounty offered to catch crypto hacker
Harvest Finance, a major decentralized finance protocol, has recently tagged a $100,000 bounty as a result of a $24 million attack.
Harvest Finance, a major decentralized finance protocol, has recently announced a $100,000 bounty, as a result of a $24 million attack targeting its liquidity pools.
In a recently released tweet seen by Nairametrics, Harvest Finance disclosed there is enough data so far to identify the attacker, “who is well-known in the crypto community.”
“Also, for the BTC addresses which hold the funds, there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.
“We are putting out a 100k bounty for the first person or team to reach out to the attacker,” Harvest Finance tweeted.
Why it’s happening
Harvest Finance’s $100,000 bounty is coming on the back burner when it observed its protocol was apparently hacked, with the cyber hacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC).
Hence, Harvest Finance affirmed the hack, stating the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”
The report reads,
“We are working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools and will update this thread in realtime as soon as additional details are available.
“The economic attack was performed through the curve y pool, stretching the price of the stablecoins in Curve out of proportion and depositing and withdrawing a large number of assets through harvest.
“To protect users, we’ve pulled y pool and btc curve strategy funds to the vault
“At this point, all Stablecoin and BTC funds are in the vault (not deployed in a strategy). No other pools are affected.
“To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.”
What you should know
Harvest, a new (DeFi) platform created on the Kava blockchain, plans to launch a product that will enable users to earn more on Bitcoin, XRP, Binance coin, and two other cryptos.
Harvest offers crypto users the platform to supply crypto assets for lending, and earn interest on them, as well as, use their crypto as security for borrowing,; this is according to Brian Kerr, Kava’s co-founder and Chief Executive.
Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58
A Whale is said to have moved 88,857 BTC, worth roughly $1.15 billion for a fee of only 0.00027847 BTC.
Big whales are definitely up to something, with the prevailing price seen at the world’s flagship crypto.
As Bitcoin’s price trades above $13,000, an unknown Bitcoin whale moved more than $1 billion worth of cryptos.
According to on-chain data Blockchain, the said whale moved 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at the time of writing. The coins were confirmed in block 654,364 on Oct. 26.
What you should know
- Bitcoin, at the time of this publication, traded at $13,085.43.
- With a daily trading volume of $21.4 billion, BTC price is down -0.1% in the last 24 hours.
- It has a circulating supply of 19 million coins and a max supply of 21 million coins.
That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
Explore Data on the Nairametrics Research Website
- That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
- Bitcoin accumulation has been on a constant upwards trend for months.
- 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
What this means
Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.
Large entity moves Bitcoins valued $244 million
BTC whale moved about 18,901 BTC estimated to be worth about $244million, some hours ago.
As the price of the Bitcoin, the world’s flagship crypto breaches above $13,000 price levels, a growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto.
Data obtained from Whales Alert, a crypto analytic tracker, revealed that an unknown BTC whale moved about 18,901 BTC estimated to be worth about $244 million, some hours ago.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 18,901 #BTC (244,385,564 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) October 25, 2020
Meanwhile, at the time of writing, Bitcoin traded at $13,064.05 with a 24-hour trading volume of $18,700,010,754. BTC price is down -1.8% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
Explore Data on the Nairametrics Research Website
What this means: From a macro level, the increase in the number of these large entities can be considered bullish.
- At the time this report was drafted, Bitcoin was still trading around the $13,000 support levels, as investors have kept buying BTC at its support levels.
- Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.
Quick fact: At the BTC market, investors or traders who own large amounts of Bitcoins are typically known as Bitcoin whales.
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
- As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.