Cryptocurrency
Crypto hedge fund, Polychain capital buys $8.2 million worth of yearn.finance
Polychain Capital is adding more investments into the Ethereum-based yield farming token, yearn.finance (YFI) by $8.2 million.
The world’s leading crypto hedge fund – Polychain Capital, is adding $8.2 million investments into the Ethereum-based yield farming token, yearn.finance (YFI).
Led by Olaf Carlson-Wee, the founder of the first crypto billion hedge fund, bought 141 YFI this week, following up on its $4.7 million investment into yearn.finance last month.
READ: SEC proposes rules regulating Blockchain and Crypto investments
Data retrieved from Messari market analyst, Mason Nystrom, revealed Polychain Capital doubled down and purchased another 141 $YFI this week. Polychain is now the 10th largest holder with 470 YFI (~8.5m) or 1.6% of the total supply.
- yearn.finance price at the time of writing this report traded at $16,820.11, with a daily trading volume of $627,073,571.
- YFI price is down -0.3% in the last 24 hours. It has a circulating supply of 30 thousand coins and a max supply of 30 thousand coins.
READ: Crypto exchanges stop Ethereum withdrawals
What you should know
There are multiple protocols providing yield (returns) on the capital that you lend. These yields vary from one protocol to the next. YFI automates & optimizes lending such that you can earn maximum value on your capital without researching each and with the launch of the YFI governance token, assets under management skyrocketed from $10 million in mid-July to $830 million today. It has two major uses:
READ: U.S customers can now buy Cryptos with Paypal
- Lend your digital assets: Earn maximum interest among a pool of lending protocols such as Compound, Aave, et al.
- Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers), who deploy advanced strategies leveraging liquidity mining tokens to maximize returns.
- Yearn Finance’s advantage over Bitcoin: With a mere 30k token supply making it more scarce than even Bitcoin, and a provably fair launch, $YFI is the hardest money the world has ever known.
Cryptocurrency
Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark
The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.
Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.
Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.
Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688
READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC
Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 11,901 BTC ($714M) in block 678,688 https://t.co/harpPfXLjD
— Bitcoin Block Bot (@BtcBlockBot) April 11, 2021
The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.
Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.
At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.
READ: Why Bitcoin is still going up
During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.
Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.
However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.
A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.
READ: FG moves to recover N5.2 trillion debt owed by firms, individuals
📉 #Bitcoin $BTC Balance on Exchanges just reached a 2-year low of 2,337,271.262 BTC
Previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/sV3lhECEGU
— glassnode alerts (@glassnodealerts) April 11, 2021
Cryptocurrency
XRP surges by 150% in 7 days as Ripple posts early victories against SEC
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.
READ: Why this unknown crypto with over 600% gain in 3 months, might still explode
The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.
That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.
READ: XRP stands firm, investors wait on Ripple’s legal outcome
What this means
Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.
