Ethereum founder sold his ETH for $700

Cryptocurrency

                                                                                Ethereum’s baseline metrics still justify it as being one of the safest long-term holds in crypto.





                                                    Published 1 hour agoon August 19, 2020

Ethereum (ETH) founder, Vitalik Buterin, recently admitted that he sold (and gave away) his Ether holdings for cash when the price was just $700.
While he did not say he sold his entire ETH stake, which is rather unlikely, Nairametrics has not been able to figure out how much ETH was actually sold.

“I sold ETH at $700, or about half the top (actually, both sold and donated). The Ethereum Foundation sold at $1200, and that money has gone into devs and grants since then,” he tweeted.

I sold ETH at ~$700, or about half the top (actually, both sold and donated). The ethereum foundation sold at ~$1200, and that money has gone into devs and grants since then.
— vitalik.eth (@VitalikButerin) August 17, 2020

Meanwhile, Ethereum’s development activity and baseline metrics still justify it as being one of the safest long-term holds in crypto.

ETH’s fundamental analysis
On a shorter-term scale, Nairametrics’ believes the daily active address versus price model has continued to show a concerning lack of unique addresses on July 27th, which indicated that a push toward a $400 price level could be imminent.
When this came to fruition two weeks later while active addresses remained high, the dropoff of DAA was as steep as it was sudden.
401,700 active addresses were recorded recently, while Ethereum continues to trade around $425. Unless Ethereum’s active addresses gain again to provide fundamental support for its current price action, the viability of Ethereum’s midterm rally may be put to the test.

Meanwhile, Ethereum co-founder, Vitalik Buterin, also spoke about how hard Ethereum 2.0 “was to implement from a technical perspective than he had envisaged.

“I definitely freely admit that Ethereum 2.0 is much harder than we expected to implement from a technical perspective.
“I definitely don’t think that we discovered any fundamental flaws that make it impossible, and I do think it will be finished. It’s just a matter of time, and it’s actually been progressing quite quickly lately.”

                                                            Olumide Adesina is a French-born Nigerian.

He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading.
A member of the Chartered Financial Analyst Society.
Financial Market; Yale University, Behavioral Finance; Duke University.
You can follow Olumide on twitter @tokunboadesina or email [email protected]

                                            Cryptocurrency

                                                                                                Bybit is currently hosting thousands of crypto fans for its World Series of Trading, or WSOT competition.




                                                            Published 2 hours agoon August 19, 2020

As Investors and traders rush to have a stake in the world’s most valuable crypto asset, crypto futures trading platform (Bybit) is currently hosting thousands of crypto fans for its World Series of Trading (WSOT) competition.
With roughly 12 days left before the competition ends, 12,368 participants are currently pursuing 200 Bitcoin (BTC) in prize money, valued around $2.4 million, according to data from WSOT’ website.

Nairametrics readers can become part of the World Series of Trading competition by clicking here.
Meanwhile, sentiment aligning well with daily active addresses (orange bars) and BTC price increased over past days, which should indicate these are overall sustainable conditions for further price expansion.

Sentiment aligning well with daily active addresses (orange bars) and $BTC price increase over past days, which should indicate these are overall sustainable conditions for price further expansion. Thanks @santimentfeed pic.twitter.com/QxFkItyWkY
— CRYPTO₿IRB (@crypto_birb) August 18, 2020

As Bitcoin continues to gain traction, co-founder of Gemini, an American regulated crypto exchange, Tyler Winklevoss, advised newcomers to the crypto market saying:
“You don’t have to buy a full bitcoin, you can buy any fraction of a bitcoin that you want — even as little as 0.00000001 (called a “satoshi”) is possible”.
This is what Bitcoiners mean when they say they’re “stacking satoshis” or “stacking sats.”

Attention #Bitcoin newcomers, you don’t have to buy a full bitcoin, you can buy any fraction of a bitcoin that you want — even as little as 0.00000001 (called a “satoshi”) is possible. This is what Bitcoiners mean when they say they’re “stacking satoshis” or “stacking sats.”
— Tyler Winklevoss (@tylerwinklevoss) August 18, 2020

Why you shouldn’t ignore Bitcoin now?
In recent times, some emerged markets have beefed up their monetary activities, attempting to prop up their fragile economies disrupted by the raging COVID-19 pandemic.

BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while about 4million BTCs have already been lost forever. These reveal that its definite supply protects the asset against inflationary assets like cash.

                                            Cryptocurrency

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




                                                            Published 1 day agoon August 18, 2020

BTC whales are on the rise as Bitcoin breaches the $12,000 price level.
Data obtained from Bitcoin BlockBot, a BTC analytic tracker, has shown that a Bitcoin whale has moved 19,721 BTC valued around $242 million.

Whale alert! 🐋 Someone moved 19,721 BTC ($242M) in block 644,178 https://t.co/6nzGw39FRV
— Bitcoin Block Bot (@BtcBlockBot) August 17, 2020

Also, data obtained from Coinmarketcap, another crypto analytic firm, shows that the flagship currency is presently above the $12,000 price level, with a market capitalization of about $227 billion
Why this is happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is awash with cheap money coming from stimulus packages from global central banks.

READ MORE: Why 47% of Bitcoin entities are whales
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale could be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces. This can weaken any bearish trend Bitcoin finds itself in. In other words, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

READ ALSO: 13.9 million Nigerian youth are unemployed – NBS
In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset custodian management company, gave vital insights on why BTC  is attracting investors attention now. She said:

“In the past few weeks, gold saw a new all-time high of $2034 which is about 42.6% in the last decade.
“Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin.

“Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.”

                                            Cryptocurrency

                                                                                                OmiseGo helps in easing the transfer of coins from one blockchain to another without using a crypto exchange.




                                                            Published 2 days agoon August 17, 2020

OmiseGO, an Ethereum token that energizes smart contract platforms and trades under a sticker known as OMG, has just reached its 13-month high
OMG has gone parabolic on another impressive altcoin. Currently, up 49% in the past 24 hours, the 46th ranked market cap blockchain has reached a 13-month high.

However, it should be noted that active addresses aren’t quite telling the same story yet. Therefore, proceed with extreme caution.
READ ALSO: Bitcoin could potentially become superior to cash

$OMG has gone parabolic on another impressive #altcoin Sunday. Currently +49.4% in the past 24 hours, the 46th ranked market cap #blockchain has reached a 13-month high. Active addresses aren’t quite telling the same story yet, so proceed with caution. https://t.co/LjeVMPfwR8 pic.twitter.com/9F2jUfpxPZ
— Santiment (@santimentfeed) August 16, 2020

READ MORE: Bitcoin robbers move 3503 BTC worth $38.5 million
What you need to know: The OMG coin was designed as a white-label eWallet. It was designed on the Ethereum blockchain by a Thailand-based financial services company called Omise. Its full name is OmiseGo.
OmiseGo helps in easing the transfer of coins from one blockchain to another without using a crypto exchange.

Most blockchain ecosystems are limited by low throughput, high and unpredictable transaction fees, and poor user experience.

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The project’s team believes these are barriers that need to be overcome before businesses and developers will adopt blockchain for real-world applications, leading them to develop the OMG Network.

Just recently the federal agency in charge of regulating crypto assets in Japan, the Financial Services Agency (FSA), has given OMG Network, formerly known as OmiseGo, approval for the sale of its native crypto coin in the world’s third-largest economy.

    , 
Nairametrics