Author: Mark Hartley

Mark is a freelance writer and content developer for the financial technology and payments sector, specializing in blockchain, cryptocurrency, AI, and related fields.

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Bitcoin Coinbase Institutions

Bitcoin Whale Moves AU$1 Billion of BTC into Storage

According to the popular blockchain tracking and analysis service Whale Alert, a user has moved 13,204 BTC worth nearly AU$1 billion out of Coinbase and into an ‘unknown wallet’. This typically indicates a wealthy individual or large institution buying Bitcoin and moving it into ‘cold storage’ such as a hard wallet for safekeeping.

The transactions happened over a one-hour period and involved 34 individual transactions of around 380 BTC each worth approximately US$21 million each. The choice of number could be a reference to Bitcoin’s 21 million supply cap but it’s probably just coincidental.

Naturally, the moves attracted attention, with several Twitter comments questioning whether this could be another big buy from Michael Saylor’s Microstrategy investment firm. However, these moves all occurred during a Sunday, which would be odd for a company or traditional financial institution.

Big BTC Moves

Although this recent transfer amounts to a considerable amount of cash, it’s relatively small compared to some previous big moves. Last year in June, just after Bitcoin’s 3rd halvening, a whale moved 132,255 BTC in three separate transfers, amounting to US$1.3 billion at the time.

In the number of actual coins moved, even that amount remains comparatively small. Way back in 2011, a single transaction was completed involving 550,000 BTC, worth a whopping US$30.8 billion today but a meager US$1.3 million at the time.

Bitcoin Continues to Push Higher

Large moves such as these indicate big players entering the market and placing their coins in longterm storage with the expectation of further growth. If an individual or company with that much money has such strong faith in Bitcoin then one can only assume a fair amount of research has gone into their decision.

Just this year alone, both Bitcoin’s individual market cap and the wider cryptocurrency market cap have almost doubled in value. Bitcoin recently crossed the significant $1 trillion mark, climbing from US$530 million on December 31st, 2020.

The price of one BTC hit a new all-time high of above US$58,600 yesterday before suffering a mild rejection that has taken it back down to US$56,000. However, the price remains above the upward trend line and has already begun to make a decent recovery.

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Bitcoin Dogecoin Investing

Bitcoin (BTC) Hits New All-Time High as Tesla Drops in a Cool $1.5 Billion

Tesla, the world’s favorite electric car manufacturer, has announced a $1.5 billion injection into Bitcoin, sending the king of cryptocurrencies to new highs.

Within minutes of the announcement, Bitcoin catapulted past its previous high of $42,000, very nearly cracking the $44,000 barrier before a mild correction. It currently sits just about $43,000 but we expect to see some more volatility and further growth as the news spreads.

The official announcement follows several hints dropped by Telsa CEO and world’s richest man, Elon Musk, about his faith in Bitcoin. Two weeks ago, Musk changed his Twitter profile to the hashtag #Bitcoin, followed by a cryptic message simply stating “In retrospect, it was inevitable”. That announcement alone gave Bitcoin a massive 20 percent boost in value, although the gains dissipated quickly.

Musk’s Crazy Crypto Journey

Musk’s support for Bitcoin came at a time when financial markets around the world were faced with mounting instability following the WallStreetBets and GameStop saga that nearly bankrupted massive US hedge fund Melvin Capital. The fallout forced popular trading app Robinhood to halt trading, leading to widespread controversy and driving many traditional investors to consider cryptocurrency.

Musk has also been promoting the least likely of digital assets, the joke meme cryptocurrency Dogecoin (DOGE). He did so in a series of bizarre tweets involving photoshopped Lion King imagery that led many to wonder if Musk’s Twitter account had in fact been hacked. However, it seems the tweets were genuine, helping to send Dogecoin to new highs and secure it a place in the top 10 cryptocurrencies by market cap. At the time of writing, Dogecoin is up 104 percent in the past 7 days with a market growth of $6 billion.

Buy a Tesla with BTC

Along with the $1.5 billion investment, Tesla has also announced that it plans to start accepting Bitcoin as a form of payment. In its annual financial report, presented to the US Securities and Exchange Commission (SEC), the company outlines its plan to begin accepting cryptocurrency payments.

“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the report reads.

The news is undoubtedly one of the biggest boosts for cryptocurrency since Bitcoin was birthed over a decade ago. With the backing of one of the world’s most successful and forward-thinking tech companies, many more businesses around the world are likely to begin accepting payments in crypto.  

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Australia Bitcoin Crypto News Cryptocurrency Law Illegal Scams

Australian Man Pleads Guilty to $90 Million Crypto Hedge Fund Scam

An Australian crypto fund manager has pleaded guilty in a US court for the theft of almost $90 million of investor’s money. 

Stefan He Qin was charged with defrauding clients over a three year period between 2017 and 2021 through two cryptocurrency hedge funds that he founded. The US Securities and Exchange Commission (SEC) began investigating one of the 24-year old entrepreneur’s businesses, Virgil Capital LLC, in December last year.

It was discovered that Qin had attempted to funnel money from his second fund, VQR Multistrategy, to pay investors of the Virgil Sigma Fund. However, after years of risky investments and frivolous spending, much of the funds were gone, leaving investors empty-handed.

Judge Valerie Caproni found Qin guilty of the charges on 4 February 2021 brought forward by the United States Attorney’s Office for the Southern District of New York. US Attorney Audrey Strauss said Qin is now awaiting sentencing after being found guilty of draining “almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund.”

Special Agent Peter C. Fitzhugh who had been investigating the case reiterated the charges, stating that Qin had been using investor’s funds to “live his extravagant lifestyle.”

“Qin orchestrated this reprehensible criminal scheme for many years, making misrepresentations and false promises that coaxed investors into pouring millions of dollars into fraudulent cryptocurrency firms, all the while stealing the hard-earned money of his investors,” he said.

Crypto Scams on the Rise

The case is reminiscent of the recent Mirror Trading International (MTI) scam perpetrated by South African Johann Steynberg. In December last year, Steynberg reportedly fled South Africa after the country’s financial regulator began investigating his company. The Financial Sector Conduct Authority (FSCA) found evidence suggesting that MTI’s broker, Trade 300, was owned and operated by Steynberg.

Despite several warnings issued during 2020, clients continued to invest money into the firm, which promised unrealistic returns of up to 10 percent monthly. The unlicensed firm has now gone into liquidation, with assets worth approximately $863 million unaccounted for.

“There were no proper accounting records and Bitcoin was transferred in and out,” FSCA executive Brandon Topham told Bloomberg. “Thus no definitive answer currently exists as to how much Bitcoin was actually invested but is in the region of 23,000 plus.”

Due to fraudsters taking advantage of the panic and uncertainty brought about by the ongoing pandemic, law enforcement agencies around the world reported a rise in financial scams in 2020. Scams such as these are likely to continue throughout 2021.

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Australia Bitcoin Blockchain New South Wales

Australian Ranch Awarded Blockchain-based Soil Carbon Credits from Microsoft

microsoft

Major tech giant Microsoft recently announced ambitious plans to cut down on its carbon footprint and implement 100 percent renewable energy at its data centers by 2025.  Furthermore, the company plans to incentivize its suppliers to reduce their carbon footprint by rewarding certain sustainability projects like reforestation, soil sequestration, and bioenergy with carbon capture storage (BECC).

Soil sequestration is the process of increasing the amount of carbon dioxide stored in soil, thereby reducing the amount present within the atmosphere. To do so, cattle ranchers implement special grazing practices with the hope of achieving between a 4 and 6 percent concentration of soil organic carbon in their land.

The environmental regeneration project, Regen Network, built on the Cosmos (ATOM) blockchain, was designed to reward farmers that increase the carbon concentration in their soil. It does so by verifying a farm’s soil sequestration and issuing it tokens, known as CarbonPlus Grasslands credits, funded by corporations that wish to reduce their carbon footprint. Microsoft has partnered with the Regen Network to purchase 43,338 metric tons worth of carbon credits for the Wilmot Cattle Co, an Australian-based ranch owner. The initiative was originally launched by natural capital firm Impact AG and has now been bought by Microsoft.

In addition to reducing its carbon footprint and supporting companies that do the same, Microsoft also hopes to eliminate an equal amount of carbon that it’s been responsible for producing since the company began in 1975. The corporation has set a date of 2050 to achieve this goal, using a combination of negative emission technologies (NET) like BECCs, direct air capture (DAC), and other methods.

Tech Giants Call for Climate Change Action

Microsoft is not the only tech giant calling for more aggressive climate change action.

Elon Musk, CEO of fellow tech giant Tesla, famously announced a $100 million prize to whoever could provide the best carbon capture technology. The often controversial businessman has been a long time supporter of climate change action, environmental causes, and blockchain technology. 

Last week, Musk finally made clear his support for Bitcoin when he changed his Twitter profile to the hashtag #Bitcoin. He followed up the change with the tweet “In retrospect, it was inevitable,” appearing to confirm the widespread belief that he would one day buy Bitcoin. Immediately following the news the digital asset enjoyed a brief 20 percent rise in price, touching the $38,000 level. However, it quickly corrected back down to current levels, indicating strong bearish sentiment within crypto markets.

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Bitcoin Blockchain Crypto News Reddit

Elon Musk Pumps Bitcoin, Tweet Recorded in Bitcoin Blockchain For Eternity

Bitcoin (BTC) has seen some impressive gains this year, rising by a massive 25 percent in just the first week of January alone. However, nothing quite compares to the massive pump seemingly instigated by Elon Musk this morning when he changed his Twitter profile to the simple hashtag #Bitcoin, sending a strong endorsement of the world’s leading cryptocurrency to his 43.7 million followers. 

The effect of the update by the world’s richest man saw Bitcoin rocket from $32,000 to near $38,000 in a matter of minutes. That’s an almost 20 percent price rise in less than an hour, driven by an incredible $20 billion increase in trading volume. While the price corrected soon after to below $36,000, Bitcoin’s trading volume continues to grow, reaching around $88 billion as more traders across the US begin waking up.

“It was inevitable.”

After changing his Twitter status to Bitcoin, Musk tweeting the phrase “In retrospect, it was inevitable.” The tweet is widely understood to signal that Elon has now bought some Bitcoin, although it may also signal his feelings about the recent GameStop (GME) and Robinhood debacle that exposed the true level of fraud on Wall Street.

Musk has been following the GameStop events as they unfolded this week, Tweeting on Tuesday this week “Gamestonk!”, with a link to the r/WallStreetBets Reddit channel that’s been driving these massive stock market short squeezes.

Documenting Bitcoin, a Twitter account dedicated to keeping a record of Bitcoin events, noted that somebody had embedded Musk’s tweet into the Bitcoin blockchain for eternity. According to this tweet, the entry was inserted by Coin Corner tech lead @zakkdev.

Bitcoin longs and shorts liquidated

As a result of Musk’s tweet, nearly $420 million worth of Bitcoin shorts were liquidated in less than an hour, followed by $120 million in longs liquidated soon after as the price rapidly corrected. On Binance alone, $57 million worth of shorts were liquidated in just the first 10 minutes of Musk’s endorsement.

Not only did Musk’s tweet help pump Bitcoin but potentially saved it from an extended bear market due to options expiring. Billions of dollars worth of Bitcoin futures options expired today, an event which could have otherwise pushed Bitcoin below $30,000 and into an even deeper rut.

Overbought Territory

While the move is undoubtedly good for the crypto market, it does mean Bitcoin has moved into overbought territory, signaling the potential for a trend reversal to the downside. However, as is common in the cryptocurrency market, the current revolutionary sentiment could continue to drive the price to the moon.

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Blockchain Crypto News DeFi Ethereum Reddit

Reddit forms First-Ever Blockchain Partnership with Ethereum Foundation

The massive social media and news forum Reddit has announced a partnership with the Ethereum Foundation for the creation of scalable blockchain-based applications. The collaboration represents Reddit’s first-ever blockchain partnership and further solidifies its growing commitment to the technology.

According to the announcement posted by Reddit admin u/jarins on the r/Cryptocurrency subreddit, blockchain technology will allow Reddit to provide decentralized applications to its users, helping them to “create, govern, and grow their own communities.”

“Through this partnership, we will be increasing our commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of Redditors,” states the post.

Reddit initially collaborated with the Ethereum Foundation in June last year when it hosted an Ethereum “Scaling Bake-Off“. The event invited Ethereum-based scaling projects to put forward proposals for how they could help the r/Cryptocurrency community ‘scale’. The scaling in question involves bringing Reddit’s Community Points onto a blockchain-based network, with the eventual goal of scaling to fit all of Reddit’s 430 million monthly users. Unlike traditional, centralized computer networks, the decentralized nature of blockchain makes scaling a particularly troublesome task.

The new partnership will help to further this goal and bring a wealth of new features to the platform. Further to the new partnership, Reddit is already hiring backend engineers and blockchain developers to help build the network and its applications.

Reddit’s Ethereum-based Moon Tokens

Reddit has long been a vocal support of blockchain and cryptocurrencies, with its popular r/Cryptocurrency subreddit recently introducing ‘Moon’ token rewards on the platform. Moon (RCP) tokens are built on the Ethereum blockchain and are now the official cryptocurrency of the r/Cryptocurrency subreddit. Users are rewarded with tradeable Moon tokens when they receive ‘Karma’ for posting unique and insightful content on the subreddit.

Ethereum Price Action

The good news has helped to push the price of Ethereum (ETH) tokens up by a considerable amount in the past 24 hours, although the cryptocurrency remains slightly down over the past 7 days. It’s been a tough few weeks for cryptocurrencies after Bitcoin (BTC) suffered a rejection at $42,000 earlier this month. Along with most other coins, Bitcoin has been steadily dropping since, hitting a low of $29,300 last week.

Some altcoins have managed to weather the storm though, particularly in the Defi market. Defi Oracles network Chainlink (LINK) is up 10% in the past week, with Defi protocols Uniswap (UNI) and AAVE up by 60% and 48% respectively.

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Australia Bitcoin Crypto News DeFi Ethereum

Australian Analyst Positive About 2021 as Ethereum (ETH) Hits New All Time High

Australian Analyst Matt Harcourt of Apollo Capital, the country’s leading crypto-asset investment firm, recently spoke to DMARGE about crypto trends in 2021. While the discussion focused largely on Bitcoin (BTC), it’s Ethereum (ETH) that’s making headlines today after securing a new all-time high (ATH) above its previous record of AUD$1,850 (US$1,420).

Ethereum was one of the best-performing assets of 2020, gaining over 800% in value throughout the year. After starting the year at the extremely low price of AUD$166, ETH has steadily climbed to its new ATH, only suffering a brief dip during the early days of the COVID-19 outbreak.

In mid-2020, a thriving decentralized finance (DeFi) market emerged that was largely developed on Ethereum’s ERC20 protocol. Although DeFi had a somewhat bumpy start with several projects collapsing or exit-scamming, it nevertheless helped to boost Ethereum’s price and should continue to do so into 2021. 24-hour volume on the Ethereum network has also seen extreme growth this year, peaking at $140 billion on January 4.

Harcourt believes there is room for more growth going into 2021, citing a ‘broken’ financial system that will help boost interest in cryptocurrencies.

“…there is a ‘broken’ (I use that word loosely) financial system that will inevitably be replaced by the more open, fair and efficient system that is Bitcoin and blockchain technology (Ethereum, Decentralised Finance),” he told Australian news outlet DMARGE.

However, he noted that now may not be the best time to buy as prices are very high. “A good time to enter the market may come in 1, 2 or 3 months as I think Bitcoin will end 2021 at a higher price,” he said. It looks like he might be right, as other market indicators are suggesting a possible retrace from the current overbought level.

The supply of Bitcoin on exchanges is currently at the highest its been in nine months, suggesting traders are getting ready to sell. With Bitcoin already up by a massive 25 percent just in 2021 alone, buying power must surely start dissipating soon. Even the institutional interest that drove Bitcoin to new highs through late 2020 is beginning to wane, and retail investors appear to be diversifying into altcoins.

Over the past 24 hours, smaller-cap cryptocurrencies like AAVE, ATOM, and MIOTA have all enjoyed gains of between 7 to 12 percent. In the same period, Bitcoin has seen barely any change at all, suggesting that this record-breaking month-long rally that saw it double in price may finally be exhausted.

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Bitcoin Bitcoin Mining Crypto News Crypto Trackers Cryptocurrencies Ethereum Investing Markets Stablecoins Tether Worldwide

Crypto Market Cap Hits One Trillion US Dollars

The overall cryptocurrency market capitalization has reached one trillion US dollars for the first time in history, according to data from the leading crypto statistics site Coinmarketcap.com.

Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen exponential gains over the past few months, both rising by over 300% since November. Some smaller cap crypto assets and digital tokens like Chainlink (LINK), Cardano (ADA), and Polkadot (DOT) have enjoyed similar price rallies.

Bitcoin’s market valuation recently catapulted to $650 billion, overtaking major US investment firm Berkshire Hathaway, with a $533 billion market cap. Berkshire Hathaway was acquired and reformed in the 70s by iconic investor Warren Buffet, who remains its chairman and CEO to this day. Buffett has historically been very vocal about his dislike of cryptocurrencies, once famously calling Bitcoin “rat poison squared”. 

Despite Bitcoin being the best performing asset of the past decade by a large degree, Buffett continues to discount its worth, insisting that it has no value and is purely speculative. However, several major tech firms and financial institutions disagree, such as 170-year-old Mass Mutual which recently bought up $100 million worth of Bitcoin. A small amount compared to the world’s largest digital currency asset manager, Grayscale, with over $20 billion invested in crypto assets.

Image from Howmuch.net
Image from Howmuch.net

Criticism

Naturally, the extreme gains mean the cryptocurrency market has once again come under fire from critics who believe that asset prices are being manipulated. As with the previous 2017 rally, many critics believe that USDT tokens printed by stablecoin company Tether are being used to artificially prop up the cryptocurrency market – much like the US Federal Reserve props up traditional stock markets with seemingly endless USD issuance.

The concerns are not without merit, especially considering Tether’s continued reluctance to prove that it’s USDT tokens are fully backed by genuine dollar reserves. Tether has been minting millions of dollars in USDT tokens lately, presumably to meet the demand of consumers cashing out their Bitcoin profits or buying USDT as a digital onramp to the crypto world. Without clear and transparent auditing of this issuance, it’s fair to say the situation has the potential for abuse and manipulation.

One argument that challenges this theory is PlanB’s Bitcoin stock-to-flow model, which has accurately tracked the price movements of the BTC/USD trading pair over several years. The model reveals how the price of Bitcoin closely follows a set pattern dictated not by buyers or sellers but rather scarcity created by the algorithm which halves the BTC mining reward every 210,000 blocks. Price movements from the very first Bitcoin halving in late 2012 – long before Tether started printing in 2015 – correlate with Plan B’s stock-to-flow model. This suggests that the current price rally and the one following the previous 2016 halving are simply a result of Bitcoin’s coding rather than any external manipulation.

Image from PlanB (@100trillionUSD) on Twitter
Image from PlanB (@100trillionUSD) on Twitter
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Australia Bitcoin Crypto News Ethereum Institutions

“2021 should be a Good Year” says Australian Analyst as Ethereum Breaks $1,000 and Bitcoin Turns 12

Image by Miloslav Hamřík from Pixabay

Despite the majority of news focusing on market leader Bitcoin, Ethereum had a much better year than the king of crypto, providing a 600% return-on-investment (ROI) during 2020.

After a massive week-long rally that saw Ethereum double in price and break through the significant $1,000 price point, Australian market analyst Kyle Rodda told news.com.au that “2021 should be a good year” for the cryptocurrency.

However, the sudden gains faced severe resistance around the US$1,200 mark, getting knocked back down to US$892 before recovering to current levels. ETH is now back up above $1,100, with Bitcoin up 16% after suffering 13% losses and dumping almost US$4,000 in one hour on Monday. 

The movements could indicate the start of the ever-elusive alt-season that crypto altcoin investors have been patiently waiting for since the current bull market started last year. As popular Crypto Twitter voice GalaxyBTC pointed out: 

“This $BTC correction was all we needed to finally ignite the #altseason.” 

As a result of the huge gains, Ethereum gas fees are skyrocketing again, rendering the network inefficient for the massive decentralized finance (DeFi) market that relies largely on Ethereum’s ERC20 protocol to function.

Happy Birthday Bitcoin!

The cryptocurrency market has been on a tear recently, with leading asset Bitcoin (BTC) smashing records and hitting new highs almost daily. The price movements mimic the 2017 rally that saw Bitcoin rise from a new all-time high (ATH) of around $1,000 to almost $20,000 per coin in less than a year. Should the same scenario play out this time around, Bitcoin could reach $400,000 per coin before the end of 2021.

Yesterday, on January 3, 2021, Bitcoin celebrated its 12th birthday with huge gains that took it to a new ATH above AUD$40,000. The mysterious and pseudonymous creator, Satoshi Nakamoto, mined the very first Bitcoin block (the genesis block) on January 3, 2009, forever encoding in history a news headline from the day: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

Many believe the meaning of the encoded headline is to reiterate Bitcoin’s intention as an autonomous and incorruptible replacement for badly managed government-issued money. 

Institutional investment continues aggressively

Speaking to Forbes yesterday, US-based blockchain developer James Reilly from decentralized hosting platform Ether-1 said “BTC is becoming more mainstream.” The level of institutional interest today is much larger than during the 2017 rally, when cryptocurrencies were largely considered a risky, unreliable investment. 

With multinational investment firms like Grayscale and tech giants Paypal pouring money and research into the crypto market, this new rally could unfold in a unique fashion. While adoption and investment are typically a positive sign for an asset class, in the case of cryptocurrency, it’s also attracted intense regulatory scrutiny. The two opposing forces of regulation and adoption will need to find a suitable balance if the crypto market hopes to mature in a sustainable way.

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Crypto Exchange Regulation Ripple

XRP to be Delisted from Major Exchange Crypto.com, Down 27% in 24 Hours

Ripple’s XRP token has been announced for delisting from major cryptocurrency exchange, Crypto.com, following prior delistings from several other exchanges this week.

“Effective January 19, 2021, at 10 am UTC, XRP will be delisted and trading suspended from the Crypto.com App in the US. Customers based in the US won’t be able to deposit XRP into the Crypto.com App as of January 19th, 10am UTC,” the announcement states.

Following the recent US Securities and Exchange Commission (SEC) lawsuit against the blockchain-based international remittance company Ripple, XRP has been crashing in value. It has lost 27% of its value in just the past 24 hours and over 50% in the past seven days. Some crypto market analysis sites like OnChainFX have even moved XRP out of the top five coins, listing it below Litecoin (LTC) and Chainlink (LINK).  

Although the SEC ruling only applies to US-based investors, which make up a small percentage of XRP’s user base, the effects have been devastating. This is most likely due to Ripple being based in the US and foreign investors fearing that regulators in other countries may impose similar rulings. Following the ruling, Ripple CEO Brad Garlinghouse criticized the SEC for stifling crypto innovation in the US and pouring favor on Bitcoin (BTC) and Ethereum (ETH). 

Why the SEC views XRP as a security

Since 2013, Ripple has raised over $1.38 billion in sales of XRP tokens that were never registered with the SEC. The SEC alleges that this amounts to the illegal sale of unregistered, non-exempt securities under Section 5 of the Securities Act of 1933. Ripple, however, claims XRP is not a security and should therefore be exempt from the rules. 

In a new lawsuit filed by the Southern District of New York on December 22, 2020, the SEC specifically names Ripple CEOs Chris Larsen and Garlinghouse for aiding and abetting the sales of XRP tokens. Due to their highly decentralized nature, other cryptocurrencies like Bitcoin and Ethereum are not viewed as securities by the SEC.

“The network on which Bitcoin functions is operational and appears to have been decentralized for some time, perhaps from inception. Applying the disclosure regime of the federal securities laws to the offer and resale of Bitcoin would seem to add little value,” said SEC Corporate Finance Director Bill Hinman in 2018.

The ruling doesn’t necessarily mean the end of Ripple, as the company has recently been moving away from XPR as a means of liquidity for their operations. Many of Ripple’s most widely used products, like xCurrent, no longer require the use of XRP to facilitate cross-border payments. Whether or not XRP can survive the blow remains to be seen, as the token may become largely unusable if unlisted from all major exchanges.