Cryptocurrency
Crypto: Popular Hedge Fund, Grayscale record best quarter ever
Grayscale Investments has had impressive growth after registering its third consecutive record-breaking quarter.
Popular American based hedge fund, Grayscale Investments, has had impressive growth after registering its third consecutive record-breaking quarter with more than a billion inflows recorded.
READ: How to buy and sell Bitcoins in Nigeria
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Bitcoin Trust, Grayscale Investments product remained the most widely selected investment product. Grayscale Investments in its most recent report for Q3 2020 report, total investments into the digital asset managers fund in those three months alone accounted for more than a billion dollars. Adding Q1, Q2, which were also record-breaking at their respective time, the year-to-date inflows surged to $2.4 billion.
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Just for comparing our massive, the recent feat is, Grayscale had received $1.2 billion s2013 to 2019. This makes the year to date for 2020 inflows twice as much.
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What you must know; Grayscale Bitcoin Trust Among Fastest Growing Investment Products: Grayscale Bitcoin Trust experienced $719.3 million in 3Q20 inflows.
- The Trust has seen its assets under management (“AUM”) surge from $1.9 billion to $4.7 billion YTD.
- Grayscale Bitcoin Trust does not operate a redemption program and its shares do not trade on a national securities exchange.
- Trust is therefore not an ETP or ETF. Still, if the Trust were compared to global ETPs and ETFs with over $1B AUM at the start of the year, it would rank as the third-fastest growing product YTD with an AUM increase of approximately 147%.
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Backstory
Recall Nairametrics about five months ago, revealed how institutional investors and hedge funds around the world have been rushing to have a stake in crypto assets which all have been outperforming other financial assets in 2020.
A popular hedge fund based in New York –Grayscale Investments –caught the investment world by surprise by buying up Bitcoin (BTC) at a great rate in recent months.
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What you need to know about Hedge Funds; They are firms that offer alternative investments to a specific type of investors (high net worth individuals), in a bid to protect their investment portfolios from market uncertainty, while generating positive returns regardless of market sentiments.
Explore Data on the Nairametrics Research Website
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Cryptocurrency
China bans people selling Crypto
China has placed a ban on entities from issuing Crypto
The world’s second-largest economy, China just recently published a draft law that seems to ban entities from issuing digital cryptos.
This could be the first time the word ‘Crypto’ has appeared in any of China’s formal laws.
The new draft of legal comments cited on Fxstreet, clearly states that no individual or unit can produce or sell tokens to replace CNY in circulation in the market.
The violation of this law will have severe consequences according to the draft which reads:
“For anyone that violates such regulation, the PBoC will halt such activities and forfeit any proceed from the making and selling of yuan-backed digital tokens and issue a fine that is up to five times of the involved proceeds.”
Cryptocurrency
Bitcoin whale transfers $112 million worth of BTC
BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million.
Bitcoin whales are keeping up their pace in the last quarter of the year especially as prices hover over $12,800.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million, some minutes ago.
READ: Two strange Bitcoin whales transfer $290 million worth of Crypto
Whale alert! 🐋 Someone moved 8,701 BTC ($112M) in block 653,929 https://t.co/IFkPwNT0wv
— Bitcoin Block Bot (@BtcBlockBot) October 23, 2020
READ: Large BTC entity transfers over $100 million worth of Crypto
Bitcoin price at the time of writing traded at $12,873.76 with a daily trading volume of $25,438,932,778. BTC price is up 0.9% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins
Why it is happening: Global investors and crypto-traders are now preserving some of their profits in digital assets, as the crypto market is awash with cheap money coming from stimulus packages from global central banks and global inflation hitting a record high.
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
READ: Cryptos: Nigerian financial experts talk risks associated with trading digital assets
Explore Data on the Nairametrics Research Website
What you should know
- 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) 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.
- 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.
Cryptocurrency
#EndSARS: Feminist Coalition raise Cryptos worth $126,000
Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.
Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.
Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.
READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days
The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.
READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments
October 21st, 2020. pic.twitter.com/UCPquA4Vbc
— feministcoalition (@feminist_co) October 21, 2020
Why this matters
- The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
- Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
- Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.
READ: #EndSARS: How Nigerian football players have reacted
The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.
Its core focus is on education, financial freedom, and representation in public office.
Explore Data on the Nairametrics Research Website
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