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Cryptocurrency

Winklevoss brothers become crypto billionaires

Tyler and Cameron Winklevoss, have made billionaires status, thanks to the price surge of Bitcoin.

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Tyler and Cameron Winklevoss, the co-founder of a leading American crypto exchange now billionaires, thanks to the price surge of Bitcoin.

The brothers had earlier bought $11 million worth of Bitcoins in 2013, according to the New York Times, and soon became crypto-evangelists, building crypto exchange Gemini Trust Co.

The 39-year-old brothers, who gained fame following the release of the 2010 movie, “The Social Network,” briefly became billionaires in 2017 when Bitcoin soared to a record before plunging to record lows.

In a report credited to Bloomberg, each of the twins is now estimated to be worth about $1 billion.

What you should know

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  • At the timing of writing this report Bitcoin price traded at $15,029.58 with a 24-daily trading volume of $30.2 Billion.
  • BTC price is down -3.5% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 Million coins.

What to expect

Nairametrics believes the flagship crypto valuation might certainly rise in the high global quantitative easing program, which is a matter of time before it propels Bitcoin prices, according to Gemini crypto exchange co-founder and CEO, Tyler Winklevoss.

The Fed continues to set the stage for bitcoin’s next bull run,” Winklevoss said in a July 22 tweet, which included an article link on the government agency’s discussions of further stimulus spending.

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What they are saying

According to Winklevoss, there’s never been a better time to buy bitcoins than now that the government is involved in stimulus packages that are intended to pump money into the system.

In an August essay, the Winklevoss brothers elaborated on why they expect Bitcoin’s price to reach $500,000.

“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or Bitcoin will outrun the scourge. And money stored in Bitcoin will run the fastest, overtaking gold,” they said.

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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. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Canadian investment company buys more Bitcoin

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020.

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Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Cypherpunk Holdings a publicly listed Canadian investment company, amid record sell-offs prevailing in the flagship crypto market, has recently purchased more Bitcoin (BTC).

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020. Cypherpunk holdings raised cash by selling other crypto-assets like Monero (XMR) and Ethereum (ETH).

READ: Total credit to the economy rose to N19.54trillion – CBN Governor

With the purchase, Cypherpunk now has 276.5 Bitcoins making it the 9th public Bitcoin holder. At current values, such crypto is worth about $5 million.

The report further added that “During October 2020, Cypherpunk Holdings Inc. was added to the unofficial list of public companies with a treasury position in Bitcoin alongside other companies such as MicroStrategy [MSTR], Square [SQ], and Galaxy Digital Holdings [GLXY].”

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READ: Bitcoin boosts Square earnings in Q3

At the time of writing, Bitcoin price traded at $17,151.39 with a daily trading volume of $44 billion. BTC price is down -3.0% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

Recall a publicly-traded company based in America, MicroStrategy, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is seen in many quarters as a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.

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READ: Gold Prices cross $1800, first time since 2011

Bottom-line: The many global economic uncertainties that include inflation and the depreciation in value for most global fiat currencies have made cash an unreliable store of value, pushing well-known companies like Square, MicroStrategy, Grayscale to store their value in a deflationary currency like Bitcoin.

READ: Global companies are buying Bitcoins to hedge against inflation

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Cryptocurrency

Large entity transfers $78 million worth of Ethereum

An unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to another unknown wallet.

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Unknown identity moves $117 million worth of Ethereum

The bull trend currently in play amidst the record sell-offs seen yesterday has kept Ethereum whales very busy. This confirms the bias that the bearish days look numbered and never again will Ether trade below $200 support, taking to account recent price actions coming to play.

What we know: Data retrieved from Whale Alert, an advanced crypto tracker revealed an unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to an unknown wallet.

READ: Crypto traders transfer USDT 100,000,000

READ: Pigs on a rampage, Bitcoin drops $2,000

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What this means: Such movements have been tracked by Nairametrics on the bias revealing large entities have purchased almost half of all the Ethereum mined so far in 2020, pushing the value to rise over 150% from March 2020.

  • This is clear evidence that major investors are now looking at the future potential of Ethereum as an investment, despite the recent sell-offs recorded in the second most capitalized crypto market.
  • Ethereum supports smart contracts on which developers can write code in order to program digital value.
  • Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.

READ: Ethereum whale transfers 200,000 ETH, as price drops to $387

At the time of writing, the second most valuable crypto by market value traded at $526.21 with a daily trading volume of $23,939,794,283 USD. Ethereum is down 1.44% in the last 24 hours. The market capitalization of Ethereum stood at $59.77 Billion.

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READ: Reps Committee warns MDAs against failure to render accounts to Auditor-General

What you should know

  • Crypto holders or entities who own a large number of Ethereum are typically called Whales.
  • This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Pigs on a rampage, Bitcoin drops $2,000

Bitcoin prices plunged by more than 15%, approaching the $17,000 level.

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Pigs on a rampage, Bitcoin drops $2,000, 6 features to look out for in a Cryptocurrency, Cryptocurrency: Discern investors’ goldmine 

It appears the bulls driving Bitcoin upward lately have momentarily gone out of steam. Bitcoin prices plunged by more than 15%, approaching the $17,000 level, after reaching as high as $19,580, owing to heavy losses as large investors cash in on some of their Bitcoin holdings.

READ: Why Bitcoin suddenly lost $1,000

  • The crypto lost $2,000 in a matter of few hours, falling around $17,000 before it sprang up back to the $17,900 price level.
  • Taking into consideration that most bitcoin wallets are in profit, unsurprisingly, some investors are already cashing out some of their gains amid the end of a turbulent 2020.
  • That said, its recent price action shows its tilting towards an overbought position.

READ: Dangote cement post a 52-week high, investors gain N224 Billion

At the time of writing, Bitcoin price was $17,890.84 with a 24-hour trading volume of $33,259,413,581.

The Head of the blockchain intelligence platform further anticipated the likelihood for Bitcoin to go through a period of correction, as more investors deposit their BTC on Coinbase.

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READ: President Trump’s action triggers Ethereum plunge

Too many BTC whales on Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.”

READ: NBS hits back at Prof Hanke, says Nigeria’s inflation is not 33%

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Should you buy it?

Although it’s more likely that some Bitcoin whales increase their purchases when prices drop to these levels, Nairametrics, envisages cautious buying, as the volatility in this fast-changing market, could lead to a significant loss of capital.

However, if things get really terrible, Nairametrics believes this could be another chance to buy bitcoin below $15,000.

READ: $66.5 billion worth of Bitcoin lost forever

What you should know

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Recall Nairametrics exclusively broke the news on how a crypto strategist, Ki-Young Ju, recently warned on the high influx of big-time Bitcoin holders moving a significant portion of their BTC holdings to a well-known crypto exchange, Coinbase, obviously to cash out, amid the bullish trend currently in play.

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