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).
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].”
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.
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.
4 cryptos gain over 400% in a month, far outperforming Bitcoin
Ramp Defi, Telcoin, Parsiq and DeFiChain have had their value surge by more than 400%.
Four crypto assets have had their value surge by more than 400% while significantly outmatching the flagship crypto asset, Bitcoin, amidst a relatively bullish trend in play.
CryptoDiffer, a crypto information company, disclosed such data on its Twitter feed.
— CryptoDiffer (@CryptoDiffer) January 15, 2021
Staking platform, Ramp Defi (RAMP), had rallied by more than 465% for the last month by January 15th, coupled with outperforming Bitcoin by 5 times.
The crypto asset traded around $0.04 on December 16th before exploding to an all-time high of $0.28 on January 13th, according to Coinmarketcap.
- Telcoin (TEL) is the second crypto-asset on the list printing monthly gains of about 418% and also outperforming Bitcoin by 4.3 times.
- TEL continues to surge as it is presently trading around $0.001 from $0.00016 on December 16th.
The third crypto asset eclipsing Bitcoin in monthly returns is the blockchain transaction tracking protocol known as Parsiq (PRQ). PRQ had gained 414% in 30 days and exceeded BTC’s performance by 4.2 times.
- Recent data show that it’s on an impressive bullish run, printing a new all-time high of $1.78 on January 16th from $0.18 on December 16th.
The fourth digital currency is known as DeFiChain (DFI) printing gains of a 401% surge.
- The crypto that helps its users with seamless access to Defi services has also outmatched Bitcoin by 4.1times within a month
- DFI is presently trading at $2.64 after surging from $0.53 on December 16th.
Crypto investors lose $530 million within a day
The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in a single day.
These are surely bad times for many crypto investors on the account that roughly $530 million worth of Crypto positions disappeared into thin air within a day.
The mass liquidation of such trading positions, according to data retrieved from Bybt.com, showed such occurred before the flagship crypto dipped around $34,000 today.
What this means
Over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.
- However high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.
- The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.
What they are saying
A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.
- “People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market.”
People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral.
— Ki Young Ju 주기영 (@ki_young_ju) January 17, 2021
At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.
Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.
Some days ago, leading the United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;
“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”
$128 million worth of Bitcoin exchange hands, Bitcoin drops to $36,100
Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion, down 0.49% for the day.
Large crypto entities are definitely up to something with the prevailing bullish trend at the world’s flagship crypto. Before dropping to $36,100, an unknown Bitcoin whale moved about $128 million worth of cryptos.
Data retrieved from Whale alert, an advanced crypto tracker, revealed recently, that a large entity transferred 3,510 BTC valued at $128.3 million from an unknown wallet to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,510 #BTC (128,266,672 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) January 16, 2021
At the time of writing this report, Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion. Bitcoin is down 0.49% for the day.
- While it is difficult to predict market movements, large owners of Bitcoins have shown historically that they often determine the BTC trend.
- The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.
What you should know
- In the Bitcoin 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.
- The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.