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Cryptocurrency

Big mistake: Ripple’s CTO sold his Bitcoin for $750

Ripple’s CTO stated that he sold some Bitcoins for $750, 40,000 Ether (ETH) for $1 each

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Fate of $2.3 billion worth of Bitcoins in Limbo, Big mistake: Ripple's CTO sold his Bitcoin for $750, Best time to cash in on Bitcoin

Many times in the investment world, patience can be golden. This theme was prevalent when Ripple’s Chief Technology Officer, David Schwartz, had recently revealed with regrets that he and his wife made bad decisions for their crypto portfolio in 2012 — resulting in the eight-figures worth of missed profit at current prices.

In a series of tweets recently released by Ripple’s CTO, he sold some Bitcoins for $750, and 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million in today’s prices.

READ: Stanbic IBTC creates a phenomenal experience of tech and agric

Investing in crypto assets has always been a hot trend among investors around the globe. However, selecting which cryptocurrencies to invest in is often complex, especially for beginners.

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READ: Large BTC entity transfers over $100 million worth of Crypto

According to CoinMarketCap, there are over 5000 crypto-coins to select from, although not all of them are worth investing your hard-earned capital in.

For you to be a successful crypto trader, you must be able to understand the relationship between reward and risk management. This entails high understanding levels about the degree of randomness in the BTC market and the risk involved in taking such risk. As a successful BTC trader, you are required to understand when its best to trade BTC as market conditions change from time to time.

READ: FG to spend N447.6 billion on Police in 2021

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Chris Ani, a professional BTC trader, in a phone chat interview, explained to Nairametrics in detail, the major attributes every successful BTC trader must possess, including the need to have basic trading skills. He said;

To prevent yourself from becoming a slave to the market, you must be trading small enough size on your trades that you are not emotionally attached to them. Trading opportunities wait for no one.

READ: Gold prices drop, as President Trump shows sign of recovery

“You have no idea when and where they will appear. Whenever they appear, you have to be ready with your trading plan.  You must also master technical and fundamental analysis and most importantly, the one that works for me, understand the seasons and market structure so as to know when to trade, allow big wins run, or rather exit the market in order not to lose your money.”

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READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

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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. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Why Bitcoin could triple in value annually

Michael Saylor recently disclosed why he believes the flagship crypto-asset could triple in value

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Bitcoin

The leader of the biggest traded business intelligence firm, Michael Saylor recently disclosed why he believes the flagship crypto-asset, Bitcoin, could triple in value yearly.

In a Stansberry Research interview, Saylor explained Bitcoin is monetary energy that will attract lots of money;

“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.

READ: 94% of Bitcoin investors are making money

“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset, ” Saylor said.

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Another key macro supporting the bullish bias of Micheal Saylor is data showing the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.

Over the last 21 days, 141 new whale addresses with over 1k BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.

READ: 100 Crypto wallets have at least 10,000 Bitcoins

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READ: CBN retains MPR at 11.5%, holds other parameters constant

Some days ago, MicroStrategy purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, showing they hold approximately 70,784 Bitcoin, and thereby making the flagship crypto-asset scarce.

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Cryptocurrency

Crypto entity moves $227 million worth of Bitcoin

a large entity transferred 6,925 BTC worth $226,609,828, from Unknown wallet to Unknown wallet.

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Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

Large entities in the Bitcoin market are transferring a significant amount of Bitcoin amid the prevailing market volatility in play.

Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 6,925 BTC worth $226,609,828, from an unknown wallet to another unknown wallet.

READ: 273,000 Bitcoins taken away from crypto market within a month

  • At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
  • This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
  • As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

READ: 230 million XRP worth over $117 million moved by powerful investors

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Meaning 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.

  • leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
  • Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

READ: Crypto: LEND gains more than 4000% in one year, set to rally higher  

Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “Inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase, as retail starts entering in large numbers, attracted by the price rises.”

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Cryptocurrency

94% of Bitcoin investors are making money

Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.

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94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam

Bitcoin investors have reasons to be excited amid a significant amount of volatility prevailing at the flagship crypto market.

The number of Bitcoin holders in profit is about 94% as data retrieved from Glassnode, a crypto analytic firm, showed.

Bitcoin Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%.

READ: Bitcoin posts biggest daily drop since market crash of March 2020

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READ: Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin

Metric description; The percentage of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.

At the time of drafting this report, Bitcoin traded at$32,640.90 with a daily trading volume of $63.8 billion. Bitcoin is up 5.03% for the day.

What this means: Sequel to such metric stated above, the turnaround for investors in profit occurred some hours ago when Bitcoin dropped to $28,950 — a key level when it comes to support from large pocket investors and only its second dip below $30,000 in 2021, as a leading bitcoin investor, Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.

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READ: 4 cryptos gain over 400% in a month, far outperforming Bitcoin

READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune

Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:

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“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”

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Consequently, amid the impressive metric showing a lot of Bitcoin wallets in profits, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.

“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”

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