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Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Bitcoin price is currently flirting with prices above $60,000, as the momentum of the ongoing bull market slowly begins to push the asset above the key resistance level.

The start of a breakout through resistance might have began with last night’s historic weekly close – the highest ever recorded. However, despite what could be a clean bullish breakout, there’s a bearish factor lingering that could make this the last weekly close the high for some time.

Bitcoin Price Closes Record High Weekly Candle Above $60,000

Bitcoin price has poked above $60,000 dozens of times now, yet has been unable to hold strong above the clearly strong resistance level. The leading cryptocurrency by market cap, however, has also yet to tumble any further than a mere 10-20% for most of the last 12 months.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

The first signs that new highs could be near, is the first ever historic weekly candle close above $60,000. Last night’s weekly candle is also only the second daily candle to close above the crucial rounded number.

bitcoin 2021 weekly 60000 zoomed

You have to zoom in to see it, but Bitcoin did close above $60,000 on Binance | Source: BTCUSDT on

The battle between bulls and bears came down to the very last seconds before the close, resulting in some disparity across exchanges. Bitcoin price made the achievement on Binance specifically and others, but failed to make a similar milestone on platforms like Bitfinex and Coinbase.

The slight discount on Coinbase could be a sign that buy pressure is finally waning and the sell side is intensifying.

Why The Record Could Precede A Short-Term Reversal

The cryptocurrency market has been on fire and its been mostly due to the rush to buy Bitcoin before other corporations and hedge funds buy it all.

But as mentioned, the FOMO could finally be running out of steam. Making matters worse, an ultra rare signal has appeared that has only in the past reared its head when the crypto cycle was finally complete.

bitcoin btc pi cycle top indicator

A rare crypto cycle top indicator has issued its signal. Is the rally over? | Source: BTCUSD on

The Pi Cycle Top Indicator has now issued the fourth ever top signal with last night’s weekly candle close and subsequent daily candle open.

That could mean that a long term top could be in. A 2013-like scenario with two peaks in the same year would be bulls last hope for things to continue, albeit after a correction.

Related Reading | Analyst Expects “Escape Velocity” When Bitcoin Price Breaks $60K. Here’s Why

Back then the signal arrived early, Bitcoin price spiked much higher, then corrected 82% within just four days. After settling down, before the year was over Bitcoin price climbed another three to four times in value before the true top of that cycle was in.

What will it be this time around?

Featured image from Deposit Photos, Charts from
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Why MicroStrategy decided to paid its Board of Directors in Bitcoin

Per a Form 8-K filed with the U.S. Security and Exchange Commission (SEC), software company MicroStrategy (MSTR) will pay its board of directors in Bitcoin. The decision was taken on April 11, 2021, and it’s applicable to all non-employee directors.

As the document says the executives will receive all fees for their service to MicroStrategy in Bitcoin and not cash. The company is taking a step further in its “commitment” to strengthen the thesis of Bitcoin as a store of value. As the form 8-K claims:

In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.

The modification contemplates only changes to the payment method, but fees to the directors will remain unchanged and nominally denominated in USD.

The company will convert the fee from fiat currency to BTC using an unnamed payment processor. Then, the executives will receive Bitcoin in their personal digital wallet.

MicroStrategy rises with Bitcoin

Back in August 2020, MicroStrategy became the first publicly-traded company that modified its treasury strategy to adopt Bitcoin. Its CEO Michael Saylor has become a well-renown figure in the crypto space.

Saylor believes Bitcoin is the world’s first monetary network and BTC the only tool to protect MicroStrategy’s value. The company initially bought around $2 billion worth of Bitcoin and since then has increased its reserve to $5 billion.

Matching data, the Saylor-led company holds $5,476,643,990 or 91,579 BTC. Therefore, it has the largest reserve of Bitcoin that belongs to a public company. In the second position is Tesla with 48,000 BTC and Square with 8,027.

Additional data provided by Ecoinometrics claims MSTR shares register a 427% rally since the start of its Bitcoin treasury program. This correlates with the cryptocurrency’s performance up 410% in the same period.

Bitcoin trades at $59,913 and has been moving sideways for the past days. In the daily chart, BTC has 0.7% gains and 2.9% in the 7-day chart.

Bitcoin BTC
BTC moving sideways in the 24-hour chart. Source: BTCUSD Tradingview
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Mike Novogratz’s Galaxy Digital files for Bitcoin ETF with U.S. regulators

Galaxy Digital today submitted Form S-1 with the U.S. Securities and Exchange Commission (SEC) for consideration of a Bitcoin exchange-traded fund (ETF). The filing is used by companies that plan on going public to register their securities.

ETFs are financial instruments that track the price movements of Bitcoin. These trade on traditional exchanges, and offer investors a regulated and (relatively) safe exposure to Bitcoin.

And while such products would signal the top-down acceptance of cryptocurrency and help legitimize the space, they have not, so far, been accepted or legally offered in the US.

Is the SEC soon to approve a Bitcoin ETF?

The world of cryptocurrency is potentially high risk for retail investors: Regulatory uncertainty plus the hassle of safe custody can be off-putting for some, especially the less tech-savvy.

Bitcoin ETFs help in such instances. Their advantages include simplifying Bitcoin investing by eliminating custodial obstacles, offering diversification, and eligibility for fairer tax treatment.

However, Bitcoin ETF hopefuls in the US have seen nothing but rejection. Over the years, VanEck, SolidX, Grayscale, ProShares, Direxion, GraniteShares, Bitwise, Wilshire Phoenix, and Realty Shares ETF Trusts have all applied and been rejected by the SEC.

More recently, VanEck re-filed an application, while Grayscale released a statement signaling its intent to convert the Grayscale Bitcoin Trust into an ETF.

Now, with Galaxy Digital joining the hunt, can we expect an imminent change of heart from the SEC?

Todd Rosenbluth, the head of ETF and Mutual Fund Research at CFRA Research, thinks not. According to Rosenbluth, approval could be up to two years away.

“We’ve got a number of firms that have entered and we think we’re likely to see one in the coming year or two, but we don’t have a firm time frame as to when the answer would be yes.”

The world’s first Bitcoin ETF, The Purpose Bitcoin ETF (BTCC), was approved by Canadian regulators in February this year.

Novogratz says crypto is getting too big to ignore

People often say regulators are conflicted as far as endorsing cryptocurrency is concerned. And that hypothesis carries weight based on the SEC’s past actions, including the rejection of several Bitcoin ETF applications.

But that could soon change. Commenting on the flood of institutional investors entering the Bitcoin space, Galaxy Digital CEO Mike Novogratz said that was getting harder to deny Bitcoin’s legitimacy.

“The more people involved in this space, the more big firms, if it’s Tesla, or MicroStrategy, or Goldman, or Morgan Stanley, the more wealthy individuals – the harder it is politically to say ‘hey we don’t like this anymore…’”

With that, and the shoo-in appointment of “crypto-friendly” Gary Gensler as SEC Chair, is mainstream acceptance on the way?

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The New York Stock Exchange (NYSE) is issuing NFTs for these 6 stocks

The New York Stock Exchange (NYSE), one of the world’s largest exchanges by daily trading volume, today said it would issue non-fungible tokens (NFTs) for stocks listed on its platform. Six NYSE listings would be minted as the ‘First Trade NFTs’ on the blockchain.

The move is the first-of-its-kind and a landmark for the NFT market, which was valued under $200 million in 2019 but has since surged to a $25 billion behemoth.

NFTs are blockchain-based representations of tangible or non-tangible assets that prove the true ownership of the underlying asset with whoever holds those NFTs. These can range from the quirky to the serious, and from digital pizzas to CryptoPunks to real-estate.

NFTs before Bitcoin on the NYSE

The six publicly listed firms to be offered as NFTs would be music-streaming service Spotify, cloud-computing player Snowflake, video game development firm Unity, delivery giant DoorDash, online gaming platform Roblox and end-to-end e-commerce and logistics network Coupang

“These non-fungible tokens memorialize a company’s First Trade using the blockchain’s digital ledger and provide irrefutable proof of authenticity and ownership,” the firm explained, adding that the First Trade is the exact moment a company became public, creating a rare, one-of-its-kind digital collectible for retail investors. 

The NFTs are available on crypto firm’s NFT page, with just one edition of each available for sale. They contain the exact time, date, price, and other relevant trading information for each of the 6 stocks.

“Innovation is what we do at the NYSE. We were the first with Direct Listings and at the forefront of the emergence of SPACs,” said the NYSE in a tweet. “Now we want to help drive this new wave of NFT innovation,” it ended.

Explore NFT Coins on CryptoSlate.

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Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’

Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an 'Attack on All Fintechs'

The Central Bank of Nigeria (CBN) has recently suspended the provision of the bank validation number (BVN) service to all fintech and third-party partners. The decision means non-banks entities include crypto startups “have lost one of the most comprehensive means of identity verification in the country.”

New Identification System

Before the latest decision, the CBN accepted the use of the BVN alongside any other acceptable identity documents for KYC purposes. According to the apex bank, this service helped to “check risk and determine whether or not there is an element of money laundering, fraud and other corruption-related activities.”

However, as one local media report explains, the central bank’s sudden decision may be linked to the Federal government’s determination to change Nigeria’s identification system. The report says:

Over the last few months, the Federal government has been changing the unique means of identification of all agencies, parastatal and industries to National Identification Numbers (NIN). Examples include UTME/ JAMB registration, voter registration, Banks and SIM cards.

Nevertheless, the report still warns that the removal of the BVN service could potentially “increase the cost of onboarding customers.”

Following reports of the suspension of the BVN service, News sought the views of some players in Nigeria’s crypto industry. Most of the players agree the suspension is not specifically targeted at the crypto industry. However, some are adamant the move is just a continuation of CBN policies that seek to stifle innovation and to block young people from participating in the economy.

Nathaniel Luz, a cryptocurrency thought leader, characterizes the CBN’s latest decision as a clash between “old and new money.” He adds that the suspension of the BVN service shows that the CBN continues to use the same playbook to frustrate the Nigerian youth. In a post on Facebook, Luz wrote:

There is a handwriting on the wall— the fact that most ‘traders’ on the Nigeria Stock Exchange (NSE) are over 50 years and there is no pipeline for young people flowing. Old men are trying to use every means possible to frustrate new money guys from economic independence. This is very specific, knowing that this is a decade where we expect a global shift/wealth transfer.

An Attack on Fintechs

In the meantime, another crypto space leader, Chiagozie Iwu, a CEO of a local crypto exchange, expressed surprise at the CBN’s decision to suspend the use of the BVN service for verification. He said while crypto and fintech start-ups have, with the aid of the BVN service, been trying to make the space (fintech and crypto space) cleaner, the suspension of the service removes the ability to do the KYC on users. Iwu offers his thoughts on why the CBN made the decision:

“It is becoming very obvious that they just looking for every way of attacking fintechs (both crypto and non-crypto).”

Iwu suggests that because some fintech start-ups like Flutterwave now handle “volumes which banks can only dream of”, the CBN is now coming to the aid of banks via the suspension of the BVN service.

Meanwhile, at the time of writing, the CBN had still not disclosed its reasons for the suspension of the BVN service. News will update readers once the CBN explains the reasons for the suspension.

What are your thoughts on the CBN’s decision to suspend the BVN service? Tell us what you think in the comments section below.

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Holdefi: A Unique Decentralized Lending Platform Shaping the Future of DeFi

The DeFi industry offering an alternative to traditional financial services is evolving at a rapid pace. There are few platforms that are using the latest advances in the blockchain space to create DeFi solutions that could not only outperform their peers but also capable of adapting to new developments in the blockchain technology itself.

Holdefi is one such open-source, non-custodial decentralized lending platform that offers an attractive passive income stream to investors while enabling the masses to borrow at attractive interest rates. Like its counterparts, Holdefi allows users to instantly secure credit against crypto collateral. The platform does not require the borrowers to provide their KYC or prove their creditworthiness before borrowing. All they have to do is to deposit their crypto assets as collateral to secure a loan in any of the supported cryptocurrencies including stablecoins like USDC, DAI, USDT and BUSD. Users can deposit collateral in one or more types of crypto assets. Similarly, they can borrow different cryptocurrencies using single collateral as long as the value meets the platform requirements.

Attractive Interest Rates and Better ROI

Holdefi uses a mechanism that calculates interest rates for borrowing based on the market and competitive conditions. By doing so, it will balance the demand and liquidity to provide an attractive interest rate to borrowers. Meanwhile, lenders providing liquidity to the supply pool will receive a portion of the interest payments in proportion to the invested amount.

Lenders on Holdefi will get a bigger share of interest payouts in comparison to those on other DeFi platforms as borrowers do not receive any reward or interest on their collateral deposits. So, the lenders end up receiving a proportional share from the overall interest received by the platform from its borrowers.

What Makes Holdefi Stand Apart from the Rest?

Holdefi is an advanced DeFi solution based on the Ethereum protocol. Powered by a native ERC20 standard HLD token, the project is designed to work flawlessly on Ethereum’s existing PoW protocol while being future-ready to operate on ETH’s upcoming PoS upgrade.

The platform witnesses significant upgrades that impart certain qualities of CeFi platforms without affecting decentralization. One such sought-after feature of CeFi is the availability of collateral insurance. While such an option is not available with other DeFi projects, Holdefi solves the issue by separating the collateral deposits from borrowers and liquidity provided by investors into different pools. That way, the collateral won’t be utilized, and borrowers can withdraw it at any time, thus eliminating the need for insurance.

The separation of liquidity and collateral pool will also have a positive effect on Holdefi when ETH 2.0 is implemented as it will speed up the process while keeping transaction costs at a minimum.

Using HLD

HLD is a native ERC20 utility token of the Holdefi ecosystem. Apart from being a mode of value exchange within the ecosystem, it also acts as a governance token imparting voting rights to tokenholders. It can also be used for liquidity mining, staking, and revenue sharing between the participants.

The project has set the maximum supply cap for HLD at 100 million of which 13 million was offered to investors through private and public sales. Recently, Holdefi successfully concluded its private and public sale.

The public sale, a 2-day event starting March 31 was completely sold out within hours of launch. Meanwhile, those who didn’t participate in the token sale can purchase HLD on Uniswap and PancakeSwap

Buy HLD and HODL?

Holdefi is one of the few platforms that has made significant improvements to DeFi lending. It offers a lot of flexibility to users while maintaining strong security features. The future-proof design of Holdefi ecosystem is an added advantage that will make it popular with the crypto community.

While there is no definitive forecast on whether HLD will be an asset due to the volatile nature of crypto markets, Holdefi is an innovative project that is playing a major role in shaping DeFi platforms of the future.

Learn more about Holdefi at –



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One of the first ConsenSys-backed Ethereum projects just raised $5 million

Ethereum-based decentralized poker platform Virtue Poker has completed a strategic investment round of $5 million, as per a report on tech publication VentureBeat today.

The project was one of the first protocols to have received backing from the Ethereum incubator ConsenSys, with founder Joseph Lubin foreseeing blockchain technology and smart contracts to play a big role for online gambling platforms at the time.

Raising funds

As per the report, Virtue Poker was part of Coinlist’s Seed Winter 2021 Batch and attracted funding from several high-profile crypto investors, such as Pantera Capital, ConsenSys, and Jez San, the founder of decentralized gaming tools protocol FunFair.

It is reportedly the first and only blockchain-based company to be recognized and licensed by the Malta Gaming Authority. This allows it to legally operate and compete in most global markets worldwide.

The project’s USP is using a peer-to-peer network design P2P to create a trusted and fair platform for users—as opposed to the centralized (and highly opportunistic) poker industry that is said to run on manipulated matching algorithms and malicious middlemen.

Trust Ethereum for poker

Using Ethereum smart contracts and sidechain infrastructure cuts down the perils of the above and brings security and transparency for players.

Phil Ivey, a world-famous poker star and spokesperson of Virtue Poker, said that using a blockchain-based system created a secure and globally accessible payment system for users of the platform.

“I’m excited to continue my partnership with the Virtue Poker team and work to bring the platform to poker communities worldwide,” he said in a statement.

The fundraise will help bootstrap Virtue Poker’s mainnet launch for May 2021. Virtue Poker would host an exhibition tournament at the time with Phil Ivey, Joe Lubin, and others players expected to attend.

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