One of the richest Bitcoin investors known is suddenly moving his crypto fortune.
An anonymous whale recently transferred 13,242 BTC worth $175.1 million for a fee of just $0.84. The transfer was first reported by a whale-watching bot known as Whale Alert.
Businesses and individuals are fast adopting Bitcoin on the bias that it’s virtually cheap to transfer any amount of funds, and doesn’t exhibit stringent capital controls on outflows, relatively high transaction costs, and inflexible exchange rate system prevalent in many global financial systems.
Why is this happening?
Popularly known hedge fund manager and Billionaire, Paul Tudor Jones, recently had been bullish on bitcoin, calling it the best inflation hedge you can find.
“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go,” Jones said on CNBC’s Squawk Box on Thursday.
He first revealed his bitcoin investment in May and on Thursday, he said he holds a “small single-digit investment” in the cryptocurrency.
The widely respected trader believes the huge quantitative easing program from the Federal Reserve is setting the stage for inflation to make a grand comeback.
“The reason I recommended bitcoin is because it was one of the menus of inflation trades, like gold, like TIPS breakevens, like copper, like being a long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade,” Jones said.
Jens Ischebeck, a renowned Fintech publisher, in a note shared with Nairametrics, gave vital insights on why Africans are fast adopting crypto and the advantages that crypto-assets bring
“Most African citizens have started shifting their hopes to the use of crypto, to escape numerous constraints faced with the traditional money transfer services, including cost, speed, and inconveniences.”
Coinbase debuts on Nasdaq at around $100 billion valuation
Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN”.
Coinbase, a Cryptocurrency exchange made its highly anticipated debut on Nasdaq on Wednesday, April 14, 2021, becoming the first company devoted entirely to cryptocurrency to enter the US stock exchange.
The IPO of Coinbase Global today was a big turning point for the cryptocurrency business. It had a rousing debut on Wall Street with the digital currency exchange’s stock growing as high as $429, giving it a market cap of $100 billion for a brief period of time.
According to analysts, retail trading accounts for 90% of Coinbase’s income, with the majority of trading taking place in the United States and focusing mainly on the two main cryptos: Bitcoin and ETHUSD. Dubbed the most talked-about IPO on Wall Street, Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN.”
What this means
Given Coinbase’s reception, Crypto optimists insist Bitcoin will not go anywhere in the near future, but will instead become more mainstream. They see the Bitcoin craze as the “start of a new era” in the digital currency world, rather than a passing phase.
Due to Bitcoin’s young and unpredictable existence, investors and public corporations are also wary of investing in it. However, as long as the currency’s popularity is sustained, the bubble hypothesis can be debunked as control and acceptance of the currency spreads further down the line, according to analysts.
It is important to note that Coinbase has a strong correlation with Bitcoin and as it benefits from its bullish run, it can also be hit by a downturn in the market.
What you should know
- Coinbase has become popular amongst cryptocurrency optimists since being founded in 2012, for providing an easier way to exchange shares of digital currencies.
- Coinbase announced last week that its first-quarter sales jumped 847% to $1.8 billion and that it currently has 56 million confirmed customers.
- Coinbase is now one of the largest publicly traded firms in the United States, with a market cap of more than $100 billion.
- Only 83 companies in the S&P 500 index have a market value greater than $100 billion.
- The combined market value of Nasdaq Inc., which operates the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange, is greater than Coinbase’s.
Dogecoin hits a new milestone, surges by 54%
DOGE experienced a strong 54% rally and established a new all-time high of $0.1161.
The price of Dogecoin, the fast-rising crypto popularly referred to as DOGE experienced a strong 54% rally and established a new all-time high of $0.1161 amid strong buying pressures prevalent in the Cryptoverse.
While crypto pundits can’t clearly give the rationality behind the recent surge of Dogecoin, its debut as one of the most popular crypto on social media, with top celebrities including Elon Musk and Mark Cuban giving the crypto endless support, makes a strong case.
At the time of writing this report, Dogecoin was trading at $0.113824 with a daily trading volume of $11.3 billion. Dogecoin is up 54.49% for the day.
Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.
Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.