Veteran talk-show host, Larry King dies at 87
53,460 3G and 4G Base Transceiver Stations (BTS) deployed in Nigeria – Prof. Danbatta
Niger Insurance Plc gets shareholders nod to restructure business
Nigeria’s Qua Iboe crude exports resume as ExxonMobil lifts force majeure
CBN says revised new cheque book to become fully operational from April 1, 2021
These are Nigerian stocks Warren Buffett may likely buy
Elon Musk to offer $100 million prize for best carbon capture technology
Unilever sets out plans to help build a more equitable and inclusive society
Unilever Overseas Holdings acquires N352 million worth of shares of Nigerian subsidiary
WHO warns Africa in danger of being left behind in Covid-19 vaccination
Cryptocurrency
Pension funds take up investing in Bitcoin
Grayscale CEO recently revealed the pension industry joining hedge funds and other institutional firms in gaining exposure to Bitcoin.
Pension funds have already begun investing in the world’s most popular crypto asset, Bitcoin, according to the biggest crypto hedge fund firm, popularly known as Grayscale.
What you should know
In a recent Bloomberg interview, Grayscale CEO, Sonnenshein, disclosed on the pension industry joining hedge funds and other institutional firms in gaining exposure to Bitcoin through his firm portfolio, better known as Grayscale Bitcoin Trust.
READ: World biggest crypto hedge fund: Grayscale Crypto holdings now $9.8 billion
We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions, and endowments.
- Investors are increasing their cash flow investments to notable crypto hedge funds, who are prepared to pay a premium to buy and hold cryptos through the security of a regulated fund like Grayscale.
- Grayscale Bitcoin Trust is a traditional investment vehicle with shares titled in the investors’ name, providing a familiar structure for financial and tax advisors and easy transferability to beneficiaries under estate laws.
READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%
At press time, Grayscale net Assets Under Management, Holdings per Share, and Market Price per Share for its Investment Products totalled $24.5 billion. The sizes of allocations they are making are growing rapidly as well.
01/11/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $24.5 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/WgFd5UCENP
— Grayscale (@Grayscale) January 11, 2021
The chief Executive officer also gave details about the trust and how it could affect the overall Bitcoin market as regards pricing.
READ: Greek Debt Crisis and the sudden rise in Nigerian Stock Market All Share Index!!
Sonnenshein said:
- “So there is definitely an argument to be made about Grayscale and really any other vehicle that may be removing Bitcoin from circulation and putting it into a financial product inherently increasing the scarcity of an already scarce asset. This is a verifiable scarce asset and so when there are mechanisms that are removing them from circulation, that’s inherently making it an even scarcer asset.”
READ: U.S investment giant, with $295 billion assets plans to buy Bitcoin
Cryptocurrency
94% of Bitcoin investors are making money
Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.
Bitcoin investors have reasons to be excited amid a significant amount of volatility prevailing at the flagship crypto market.
The number of Bitcoin holders in profit is about 94% as data retrieved from Glassnode, a crypto analytic firm, showed.
Bitcoin Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%.
READ: Bitcoin posts biggest daily drop since market crash of March 2020
📉 #Bitcoin $BTC Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%
View metric:https://t.co/ik5IkrurRk pic.twitter.com/jvhN6ur50r
— glassnode alerts (@glassnodealerts) January 22, 2021
READ: Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin
Metric description; The percentage of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.
At the time of drafting this report, Bitcoin traded at$32,640.90 with a daily trading volume of $63.8 billion. Bitcoin is up 5.03% for the day.
What this means: Sequel to such metric stated above, the turnaround for investors in profit occurred some hours ago when Bitcoin dropped to $28,950 — a key level when it comes to support from large pocket investors and only its second dip below $30,000 in 2021, as a leading bitcoin investor, Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.
READ: 4 cryptos gain over 400% in a month, far outperforming Bitcoin
Microstrategy just bought 314 more #Bitcoin for $10M.@michael_saylor bought the dip.
— Documenting Bitcoin 📄 (@DocumentBitcoin) January 22, 2021
READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune
Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:
“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”
Consequently, amid the impressive metric showing a lot of Bitcoin wallets in profits, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
Cryptocurrency
Bitcoin posts biggest daily drop since market crash of March 2020
Some crypto experts anticipate such losses are coming from widespread profit-taking by U.S. and European investors.
The flagship crypto, Bitcoin, suffered massive losses in the early hours of Friday, as almost all the gains recorded in 2021 vanished into thin air, thus posting its largest daily drop since the market crash of March 2020.
- Some crypto experts posit that such losses are coming from widespread profit-taking by U.S. and European investors, and that worries about extra regulation has driven the crypto asset toward a weekly loss of more than 25%.
- Top-rated crypto assets like Ethereum plunged by almost 16%, while Chainlink also recorded double-digit percentage losses.
READ: Finance leaders of G7 countries strongly support crypto regulation
Also weighing on prevailing market conditions seen across the crypto-verse, data retrieved from Glassnode, a crypto analytic firm, reveal bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC.
The previous 3-month low of 16,903,691.779 BTC was observed on 11 December, 2020
📉 #Bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC
Previous 3-month low of 16,903,691.779 BTC was observed on 11 December 2020
View metric:https://t.co/FzSS3snpDH pic.twitter.com/ODVjtiOvag
— glassnode alerts (@glassnodealerts) January 21, 2021
What this means: Consequently, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such rally this year.
The prevailing market condition at the crypto market led to heavy losses of global investors’ funds, when roughly $1.6 billion worth of crypto positions evaporated into thin air within a day.
The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed that such occurred before the flagship crypto dipped from $34,300 to around $29,700 at press time.
READ: Everything you need to know about Crypto Trading
For the day, about 192,005 crypto traders got liquidated.
The global crypto market value at press time was around $842.75B, a 16.40% decrease over the previous day.
- Total crypto market volume for the day stood at $169 billion, which makes a 12.17% increase.
- Total volume in DeFi is currently $14.53 billion, 8.61% of the total crypto market 24-hour volume.
- The volume of all stable coins is now $140.71B, which is 83.36% of the total crypto market 24-hour volume.
- The flagship crypto traded at $29,196.15.
- Bitcoin’s dominance is currently 64.77%, an increase of 0.16% over the day
READ: Stellar defying gravity, gains 103%
What this means: Record sell-offs have pushed Bitcoin’s year-to-date gains below 1%. The record sell-off in the crypto market is likely due to widespread profit-taking by U.S. and European investors.
Some days ago, the leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.
READ: Crypto traders suffer heavy losses of $639 million within a day
The statement highlighted the risks associated with investing in Bitcoin and other crypto assets, and warned the public that there were high chances that 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.
READ: Litecoin displaces XRP as 4th most valuable crypto
“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.”
Yahaya Yusuf Onimisi
January 13, 2021 at 1:39 pm
This could be an oppotunity for me to exit papectual poverty due to poor planning please guide me on this great chance of survival