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Cryptocurrency

Crypto entity passes on $125 million worth of Bitcoin

Data obtained from Btc Block Bot reveals that an unknown entity transferred 2,210 BTC worth $125 million in block 675,713.

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Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

Crypto entities continue to move their prized crypto asset at record levels amid high price swings notably seen in the crypto-verse.

Data obtained from Btc Block Bot, a crypto analytic tracker, reveals that an unknown entity passed on 2,210 BTC worth $125 million in block 675,713 a few hours ago;

At the time of writing this report, the world’s most popular crypto traded at $57,686.91 with a daily trading volume of $49 billion and is down 0.67% for the day.

Global investors and crypto-traders seem to be taking some of their profits off the table, though it’s often challenging in anticipating market movements in the ever-changing crypto market.

READ: Bitcoin miners are outrageously rich, earn $4 million per hour

Bitcoin whales have shown historically that they often determine the BTC trend.

However, it’s critical to note that the number of Bitcoin accumulation addresses (which have received at least two non-dust transfers and which have not spent funds) has been increasing since early 2018, thereby suggesting that it might be an isolated event.

Crypto fans are presently cheering Bitcoin as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.

READ: Unknown identity moves Bitcoin worth $208 million

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Bitcoin trading is becoming particularly very risky, which is perfectly outlined by the number of total liquidations in the past few days.

  • For the day, 79,664 crypto traders got burnt on the prevailing market volatility.
  • The largest single liquidation order happened on Huobi-BTC value of $10.45 million.

Should you still buy: Nairametrics, however, advises against investing a large pool of capital into a volatile financial market like Bitcoin, instead an investor or trader can allocate smaller amounts periodically over time.

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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. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Dogecoin post weekly gains of over 450%, more valuable than Barclays and Credit Suisse

The listing of DOGE on Coinbase and other related institutional-focused exchanges could make DOGE’s value rise as high as $1.

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doge

In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.

Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.

The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

Market pundits argue that the credence from the world’s leading billionaires like Elon Musk and Mark Cuban might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market.

Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.

READ: SEC ban on foreign stocks denies Nigerian investors of generational wealth

At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.

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.”

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Cryptocurrency

Bank of England considers digital currency

If approved, the digital currency would exist alongside other payment options, rather than replacing them.

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The UK government and the Bank of England are taking landmark steps towards the creation of a central bank digital currency, joining other nations that include China and Bahamas in the digital currency drive.

A press release issued on the government’s website announced the creation of a body with the mandate to coordinate on the possibility of a Bank of England-issued digital money for use by households and businesses.

If approved, the digital currency would exist alongside other payment options, rather than replace them.

READ: Bank of Canada quickens up its digital currency launch

Speaking at Fintech Week, Chancellor Rishi Sunak spoke on the initiatives put in place with regulatory support and structural reforms toward the British drive on a central bank digital currency.

Chancellor of the Exchequer, Rishi Sunak said:

“Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre.

A new Taskforce, bringing together HM Treasury and the Bank of England, will be established to explore a possible UK central bank digital currency (CBDC).

READ: U.S Central Bank leader says no rush into crypto dollar

Two new forums will also be established to engage technical experts and key stakeholders (including financial institutions, merchants, business users, civil society groups, and consumers) through the process.”

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A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the British pound or Naira, for instance.

Digital currencies can be decentralized, a situation where the control over cash supply can come from diverse sources. Digital currencies can also be centralized, a situation where there is a midpoint of control over cash supply, just like the way central banks work.

READ: Crypto crash: 3 major risks involved in investing in Crypto

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The U.S government is also considering a framework for creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.

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