Lazy Hackers NEWS Portal is the most trusted, widely-read infosec source of the latest hacking news and zero day attacks for ethical hackers For the first time ever, we hit $1 trillion (USD) in total market capitalization – that’s for all cryptocurrencies currently on the market. This is a huge deal and what a great way to start the year. Next milestone will be turned when Bitcoin’s own market cap goes to $1 trillion and this (in my… Olivet Institute of Technology is opening a Cryptocurrencies and Blockchain course taught by Dr. Reza Sadoddin for winter quarter 2021. The advanced level course covers a new trending technology, blockchain, as a widely used application fitting with cryptocurrencies bitcoin. The world of cryptocurrencies is ahead of the regulators, has extraordinary technical complexity and is a machine to make rich and poor without knowing very Jan 7, 2021 at 2:28 p.m. UTCUpdated Jan 7, 2021 at 2:47 p.m. UTCBitcoin prices have shot to a fresh all-time high above $38,000. First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’Bitcoin (BTC) rose for a third straight day, pushing early Thursday to a new all-time high price above $38,000 and setting bullish… More The post First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’ appeared first on BTC Ethereum Crypto Currency Blog.
The total value of all cryptocurrencies passed $1 trillion Wednesday for the first time ever, per CoinGecko‘s index of 6,124 assets. At its prior peak in late 2017, the market’s total capitalization was just above $760 billion, according to TradingView.
Bitcoin represents roughly 69% of the market’s value, according to Messari.
Traders aren’t surprised by the market’s soaring value.
“Is it frothy? A little bit in the short term,” said Qiao Wang, co-founder of decentralized finance (DeFi) accelerator firm DeFi Alliance and former quantitative trader at Tower Research. “But is it ridiculous,” he asked rhetorically. “Nope.”
Over the past 12 months, the nearly parabolic rise of bitcoin and other cryptocurrencies has come as deep-pocketed institutional investors show increasing interest in bitcoin with a new crop of retail investors following their lead and showing some interesting in alternative cryptocurrencies (altcoins) as well.
Bitcoin has already gained 25% in January, following its more than 300% gain in 2020. Ethereum has also soared over the past 12 months, reaching a total gain of roughly 860% Wednesday after trading above $1,200 for the first time since early 2018.
“The $1 trillion mark cements cryptocurrency as a investable asset class that no longer sits on the fringes of Traditional Finance as a toy for retail investors,” said Jack Purdy, decentralized finance analyst at Messari. “It demonstrates that this asset class is large enough to absorb large orders like we’ve seen recently with the slew of institutions entering over the last few months.”
Some of those large investments have come from firms like technology firm MicroStrategy, who has scooped up over 70,000 BTC with plans to buy more, and London-based asset manager Ruffer Investment, who dumped $740 million into bitcoin toward the end of 2020.
For some investors, those returns are coming from altcoins. As bitcoin continues to climb above $30,000, altcoin indexes have gained momentum.
Per FTX’s markets, its index of 10 leading altcoins has rallied over 30% in 2021. The “shitcoin” index, representing micro-cap altcoins, has also gained over 20% so far in January.
From “shitcoin” indexes to the bellwether assets like bitcoin, institutional buyers and retail speculators alike can likely find something to pique there interest in this newly-minted, trillion-dollar market.
“Crypto is in a unique position to be the most important asset class of the 21st century and still has a lot of room to grow,” Maddrey said.
Crypto Total Marketcap hits $1 Trillion today
For the first time ever, we hit $1 trillion (USD) in total market capitalization – that’s for all cryptocurrencies currently on the market.
This is a huge deal and what a great way to start the year.
Next milestone will be turned when Bitcoin’s own market cap goes to $1 trillion and this (in my humble opinion) will happen also this year. Just watch this space.
I’m calling Bitcoin to $50k very soon – much sooner than I originally expected, but with the growing interest in Bitcoin by institutional investors, the supply gets bought in bulks and you know there’s only so much of it. 90% of all Bitcoin has already been mined, around 20% has already been lost or locked in eater addresses or inactive accounts (1 million alone is Satoshi’s own stash that isn’t likely to ever get used).
The bull run is still in its early days, not even midway…
We are bound to have a very profitable year ahead.
Cheers to that. I’ll be back with my next episode and market roundup tomorrow.
In this episode I go through the markets and talk about Bitcoin, Ethereum and XRP and I answer your questions, i.e: Which HD wallets are the best? Should you worry about the XRP court case ruling? What coins I hold longer term? How to do my crypto Taxes? ========= Get a hardware wallet at Half-Price!! … Continue reading CRYPTO CORNER EPISODE 129
We just entered the new year with a new ATH for Bitcoin which touched $34,800 today and we are surely heading towards new highs throughout the next 12 months. This is why I am dedicating this article to the boldest, most daring, and outright obscene price predictions for 2021 and beyond. In my latest episode … Continue reading Bitcoin Price Predictions 2021
CRYPTO CORNER EPISODE 127 As we hit yet another ATH for Bitcoin, we revisit the previous All-Time Highs throughout the years. We also look at the current state of the markets and discuss the recent XRP crash. Also, I announced a new Giveaway – to take part in the Giveaway, just comment “WIN” Good Luck! … Continue reading All of Bitcoin’s ATH’s Explained
Author: OJ Jordan
OIT Opens Cryptocurrencies and Blockchain Course for Winter Quarter
Olivet Institute of Technology is opening a Cryptocurrencies and Blockchain course taught by Dr. Reza Sadoddin for winter quarter 2021. The advanced level course covers a new trending technology, blockchain, as a widely used application fitting with cryptocurrencies bitcoin. Blockchain is regarded as one of the two most promising technology to revolutionize the world, as the other one is artificial intelligence. Blockchain is based on computer cryptography and it has wide applications including bitcoin and smart contracts.
“This is the first time OIT has opened a course in the area of blockchain and smart contracts, which is of great importance for providing cutting-edge level technology courses and equipping students for various needs of ministries,” said OIT Director Thomas Kong.
OIT hopes this course can provide students with knowledge of this important tech trend. Students interested to enroll in this course must fulfill the prerequisites and hold basic knowledge of computer security as a requirement.
Dr. Sadoddin is currently a senior developer at Google’s Headquarter in the Bay Area. His expertise in search engine, data mining and machine learning have enabled him to teach new google employees for development.
For more Olivet University News visit www.olivetnews.com
Legal battle between cryptocurrencies
The world of cryptocurrencies is ahead of the regulators, has extraordinary technical complexity and is a machine to make rich and poor without knowing very well why. With this panorama it is easy to attract hackers and speculators, turning it into a swampy ground. But supervisors believe that nothing will stop their growth – there are already more than 2,000 different virtual currencies – and that they have potential advantages, so they have proposed to regulate the traffic, but there are still holes of allegory.
The supposed ease and scarce resources required to organize a cryptocurrency application causes them to proliferate, although they suffer to survive. In Spain, one of the best-known firms in the world is 2gether, a veteran with four years of hazardous life who has experienced all the changes in the sector.
The company has convertible loans from Abanca, Cecabank and Lanzadera, from Mercadona, Chamberí Ventures (created by José María Fuster, former president of Openbank and former CEO of Santander). Some of these entities claim to know the problems, but say that they are calm with their investment.
In these four years, 2gether has gone through two important vicissitudes: a confrontation between the founders, which has led them to cross complaints (the current board of directors of the company is being investigated for false accounting and fraud) and on July 31 a theft of hackers which affected 5,500 customers who lost cryptocurrencies worth 1.2 million euros, although their replacement value may exceed 1.5 million. The platform has 26,000 active users every month and twice as many registered. To replenish these funds they have launched an issue of shares through a platform of crowdfunding, Fellows Funders, supervised by the CNMV, with which they have already raised 1.5 million and is still open. The members of the council say they have contributed 300,000 euros.
The history of 2gether begins in 2016, when a treasury expert from a large bank, Salvador Casquero, current president, some IT technicians, lawyers and investors with concerns in the new developments of virtual currencies, such as Salvador Carrillo, founded the firm. They formed this financial platform that raises funds and offers customers a debit card to pay against the current account that can be in euros or in cryptocurrencies at the price that is quoted at that time. It operates in the 19 countries of the euro zone.
In 2018 they launched the first offering of what was to be a cryptocurrency, the 2GT. Later, after verifying how difficult it was to issue these currencies in the euro zone, they changed their mind and transformed it into a token of utility, that is, a right to use the 2gether platform with advantages. “That is why we say that it is a participatory model, because we all win with the success of the signature,” says Ramón Ferraz, CEO of the company, which has about 30 employees. So far they have raised about 900,000 euros in token.
As the token It is a right, it is not considered a financial asset or a cryptocurrency, so it is not regulated by anyone, not the National Securities Market Commission (CNMV) or the Bank of Spain. On the 2gether website it was stated that the 2GT token “has previously been supported by the CNMV in its classification as a utility token”. At the request of the Commission, on December 18 this sentence was withdrawn.
They have not yet issued the token and they hope to do it in January or February 2021, according to Ferraz. He token 0.05 euros per unit is sold and once issued, its value will fluctuate.
But the disputes came earlier, at the beginning of 2019, when one of the founders, Salvador Carrillo and 12 other partners, who controlled 40% of the shares, decided that the company had to be restructured, as expenses multiplied and income no. And here the debate arose: continue growing with more investment or rethink the accounts.
One of the biggest debts belonged to Luis Estrada, head of technology at Bi Geek Software, who had billed more than one million euros to 2gether. Carrillo questioned the bill. Estrada proposed capitalizing its debt in shares, which gave it control of the firm and reduced Carrillo’s group’s stake to 4% of capital.
After months of debate, the current owners took control; Carrillo and that group of unruly partners considered that it was a deliberate coup in command for their benefit and against the company. The current CEO, Ferraz, who joined the owners, because, he says, it was the only way to move forward, since the alternative was to close the firm. Both groups began to sue and now the board of directors of 2gether is being investigated for fraud and falsehood in public and private documents. The defendants filed a lawsuit against Carrillo, which the judge has rejected except for the document falsification charge, which still stands.
The one who left the firm, Carrillo, has achieved a first final judgment that annuls all the agreements of the council that the current owners took in April 2019 and condemns 2gether to costs for bad faith.
Carrillo has also denounced to the CNMV that the platform does not warn investors of the real legal risks that weigh on the firm. “They try to mask reality by hiding the true scope of the consequences that the ongoing procedures could have,” he accuses. And remember that a paragraph says that “the viability is estimated unlikely” of the claims. The former partner claims that they are so serious that they could affect his solvency of the company.
From 2gether, Ferraz ensures that, although the existence of the litigation does not appear in the public information, they inform all those who buy shares of the judicial problems, which are less serious.
The issuance of crowdfunding Because, according to Carrillo, in the middle of the process, in the brochure they changed the name of the company that carries out the operation: it went from being 2gether to Salvaria, which is the holder of 94% of the platform’s shares. In 2gether they deny it. In spite of everything, Carrillo acknowledges that “he hopes to reach an agreement that puts an end to corporate conflicts.”
Meanwhile, the European Commission is trying to close this loophole. In September, it published a proposal for a Regulation on crypto-asset markets known as MiCA, for its acronym in English. Markets in Crypto-Assets, which will see the light in 2021 or 2022. Too long for a sector that circulates at the speed of light and that already moves 500,000 million dollars (410,000 million euros) around the world.
Author: Given Ruvic / Reuters
First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’
Bitcoin (BTC) rose for a third straight day, pushing early Thursday to a new all-time high price above $38,000 and setting bullish traders’ sights on $40,000.
“Momentum has been building over time, and it’s anyone’s guess where or when we might eventually top out,” Mati Greenspan, founder of the foreign-exchange and cryptocurrency analysis firm Quantum Economics, told clients in a newsletter.
The gains came after a day of turmoil in Washington, D.C., during which supporters of U.S. President Donald Trump stormed the Capitol building and disrupted a congressional vote to formalize challenger Joe Biden’s victory in last November’s presidential election. The shocking images prompted world leaders from the U.K., European Union and Canada to condemn what they characterized as an unacceptable attack on democracy. U.S. lawmakers later reconvened and certified the election result early Thursday.
The upshot, according to Bloomberg News, is that global investors are now focusing on the likelihood that a Biden White House, backed by a legislature controlled by his Democratic Party in both chambers, could more easily pass new U.S. stimulus measures. Bitcoin prices quadrupled in 2020 as a growing number of big Wall Street investors said the cryptocurrency could serve as a hedge against the potential negative impact on the dollar’s value from trillions of dollars of fiscal and monetary stimulus.
In traditional markets, European and Asian shares rose on Thursday and U.S. stock futures pointed to a higher open. Gold weakened 0.1% to $1,916 an ounce.
Earlier this week, First Mover flagged the possibility that the total market capitalization of all cryptocurrencies combined could surpass $1 trillion within a few months.
The milestone could prove another catalyst for big Wall Street funds to look more seriously at cryptocurrencies for a potential portfolio allocation. It’s getting harder and harder to argue, as the big bank and brokerage firm Goldman Sachs did last May, that cryptocurrencies are “not an asset class.” The sums are getting too big to ignore.
“Is it frothy? A little bit in the short term,” Qiao Wang, co-founder of decentralized finance (DeFi) accelerator firm DeFi Alliance, told Voell. But is it ridiculous? “Nope.”
One of the biggest stories in finance during the last decade was the rapid (and concerning) growth in so-called leveraged loans, which are big loans that are arranged by Wall Street firms on behalf of junk-grade or even unrated companies and then typically apportioned to other banks, sold off to investors or even transformed into new triple-A rated bonds via the alchemy of structured finance.
Cryptocurrencies have now traversed that chasm in just a few months.
“The $1 trillion mark cements cryptocurrency as an investable asset class that no longer sits on the fringes of traditional finance as a toy for retail investors,” Jack Purdy, of the crypto-market analysis firm Messari, told Voell. “It demonstrates that this asset class is large enough to absorb large orders like we’ve seen recently with the slew of institutions entering over the last few months.”
Bitcoin, the original cryptocurrency and the largest by far, represents about 70% of the industry’s total market capitalization. So the push toward the $1 trillion milestone came largely on the heels of bitcoin’s rally over the past year.
Bitcoin now has a market capitalization of about $700 billion, up from about $130 billion at the start of 2020. According to the website fiatmarketcap.com, bitcoin’s outstanding value would rank it as the 16th biggest global currency, just ahead of the Mexican peso and one rung below the Russian ruble.
And if bitcoin were a publicly traded company, it would rank as the world’s eighth-largest, according to another website, AssetDash, well behind Apple’s $2.1 trillion valuation, Amazon’s $1.6 trillion and Facebook’s $751 billion valuation, but far in excess of the big U.S. financial institutions like Visa ($468 billion), JPMorgan Chase ($401 billion) and Citigroup ($135 billion).
If the recent trend is any indication, bitcoin could keep climbing these ranks.
Options traders are signaling a looming change in digital-asset markets – from a focus on bitcoin to relatively undervalued ether (ETH) and alternative cryptocurrencies.
The spread between the six-month implied volatility (IV) for ether and bitcoin – a measure of the expected relative price volatility between the two – has risen to a record high of 46%. That surpasses the previous peak of 45% seen on Feb. 21, 2020, according to data provider Skew. The three- and six-month spreads have risen to an 11-month high of 32% and 23%, respectively.
The widening of the IV spreads indicates that the market expects ether and other alternative coins to chart bigger percentage moves than bitcoin in the near term.
Some may argue that implied volatility reflects investor expectations of price turbulence and may not turn out to be reflected in the charts going forward. However, historical data show that implied volatility spreads are reliable indicators of upcoming shifts in the market. For example, the ether-bitcoin IV spread nosedived in the second half of September 2020, portending a big shift toward bitcoin. And the largest cryptocurrency delivered, outperforming most other cryptocurrencies by a significant margin in the final quarter of last year, with a 168% rally.
– Omkar Godbole
CME becomes biggest bitcoin futures exchange as institutional interest rises (CoinDesk)
Maker governance token MKR surges 44% in 24 hours to highest in two years, as issuance of stablecoin dai (DAI) surges along with DeFi’s rapid growth (CoinDesk)
Crypto brokerage Voyager to suspend trading in XRP tokens after SEC suit against Ripple Labs (CoinDesk)
Bitcoin investment makes sense in current economic climate, former Fed Governor Kevin Warsh tells CNBC (CoinDesk)
Kraken users are staking more than $1B in crypto, including ether (ETH), tezos (XTZ) and polkadot (DOT) (CoinDesk)
Eric Vorhees’s ShapeShift plans phase-out of centralized trading activity, will route orders through DeFi applications, which “frees users from having to provide personal, private information” (CoinDesk)
Iranian authorities close 1,620 illegal cryptocurrency mining farms, Financial Tribune says (CoinDesk)
U.S. economy seen getting boost with Democrats’ Georgia sweep, possibly another $1T stimulus (Bloomberg)
Danish 20-year home mortgages now carry a fixed interest rate of 0% (Bloomberg)
Italian government could take on $17B of lender UniCredit bad loans to facilitate takoever of state-owned bank Monte dei Paschi (Reuters)
U.S. private payrolls post first decline in eight months as coronavirus cases skyrocket (Reuters)
Author: By TeamMMG