Investors poured the most cash into bitcoin in 7 months last week, when ‘buy the dip’ lifted the price above $50,000: CoinShares

Purple and gold bitcoin
Purple and gold bitcoin

  • Assets backed by bitcoin saw $225 million in inflows over the week to October 8, according to CoinShares.
  • Bitcoin soared above $50,000 in that period thanks to dip buyers and the SEC’s potential approval of a related ETF.
  • Ether-backed products logged $13.6 million in outflows, the most since June 25.
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Investors poured the most cash into bitcoin-backed products in seven months as the cryptocurrency rallied past $50,000 last week, according to a report from CoinShares on Monday.

Assets backed by bitcoin logged $225 million in inflows in the week to October 9, the most since the week of February 26, the report showed. The leading cryptocurrency made up almost all the total $226 million inflows into digital asset management products, CoinShares noted.

Ether-backed assets saw outflows of $13.6 million, the most since the week to June 25, compared with $20.2 million worth of inflows the previous week.

Over that timeframe, bitcoin rose by around 15% to top the psychologically important $50,000 level, spurred on by people buying into a dip below $40,000 in late September. Investors may also be bullish after signs the US Securities and Exchange Commission may be open to a bitcoin exchange-traded fund.

“We believe the turnaround in sentiment towards bitcoin is due to constructive statements from SEC Chair Gary Gensler, potentially allowing a bitcoin ETF in the US. Our recent survey data also highlights greater institutional participation in the asset class,” CoinShares said in the report.

Last week, the SEC approved Volt Equity’s exchange-traded fund, which is made up of stocks with bitcoin exposure, such as bitcoin miners. It is seen as the closest the regulator has got to giving the green light for the 13 bitcoin ETFs it has under review.

Among altcoins, solana-backed assets logged inflows totalling $12.5 million and cardano-backed assets had inflows worth $3 million.

But at the same time, cash flowed out of assets backed by polkadot’s dot, with $2.1 million in outflows. XRP-based products saw $600,000 of outflows, while litecoin booked $200,000 of outflows.

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A financial TikTok influencer with almost 500,000 followers says bitcoin is going to ‘get slayed’ – and shares how cryptos and stablecoins make up his trading strategy

Mason Versluis
Mason Versluis

  • 21-year old Mason Versluis has almost 500,000 followers on TikTok, where he shares tips on crypto and markets.
  • He recently spoke to Insider about how he picks which coin to invest in and why.
  • Versluis said he would like to see bitcoin ‘get slayed’ as other coins have far more real-use cases.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin is the biggest cryptocurrency by market value and, for now, continues to dwarf its competitors. But the rise of crypto rivals with far more real-life applications means it will be dethroned sooner rather than later, according to financial TikTok influencer Mason Versluis.

21-year old Versluis also goes by the user name Crypto Mason and has almost 500,000 followers on his TikTok account, which he uses to make short videos to educate his viewers about crypto and the markets.

Versluis, who has been trading crypto since he was 15, recently spoke to Insider about his outlook for the market.

“The psychological thing of bitcoin always being number one and king can be gone. So, by ‘slaying bitcoin’, I mean I want something to pass it and then we’ll see what happens after that,” Versluis said.

Bitcoin has a market capitalization of just under $800 billion, out of the roughly $1.9 trillion that the entire crypto market is worth, according to CoinMarketCap.

In the last 12 months, it’s gained almost 350% in price, but Versluis thinks there’s more value to be had elsewhere.

“My dad actually told me about XRP when I was 17, and I’ve been in ever since, off and on,” he said.

“I am one of these people who think XRP is a ‘better bitcoin’. And it actually tackles the payments problem better than bitcoin can or ever will,” he added. Ripple Lab’s XRP token is used in fast-payments systems – an area where bitcoin cannot really compete given how slow its network is in comparison. XRP is one of the larger crypto coins and has kept pace with bitcoin in the last year, rising around 320%.

Ether, the native token of the ethereum network, is the second-largest cryptocurrency and accounts for about 20% of the market. Its blockchain’s ability to run decentralized finance applications, smart contacts and other protocols has seen a rush of investor cash into ether this year, which has gained almost 800% in that time.

“It’s got to have use cases, meaning: does this token do nothing? Am I just buying this token because I think it’s going to go up in value?” Versluis said.

“That is what I am personally invested in, just because of the potential – they actually do something. Ethereum has so many decentralized applications built on it,” he added.

When it comes to taking a position in a coin, Versluis says he isn’t a day trader.

“That’s a lot of stress, you’ve got to be at your computer watching the markets,” he said.

“I’ll see an opportunity, put some money in, and I’ll basically ride that rocket up until I think it’s time to sell. I sell out of it and I put it into a stablecoin, such as USDT or USDC. And then, I just make profits, and then I’ll reinvest some of that into my main portfolio. So it’s a slow process,” he said.

As a relatively young trader who says part of his crypto passion is its decentralized, free nature, the question arises as to what Versluis thinks about regulation in this market. Unlike a lot of crypto fans, he’s not against it. But he does believe that any rules need to adapt to the reality of the crypto market and one size does not fit all.

“It’s a digital world. And we’re only going to get more digital and more virtual,” he said.

“They can’t just take the old system, laws and slap it on to crypto. It doesn’t work. So, what’s gonna come out of this is a whole new way of looking at these tokens.”

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Bitcoin drops another 5% a day after the crypto market shed $360 billion during El Salvador’s BTC rollout

Bitcoin el salvador protest
Many in El Salvador oppose the introduction of bitcoin as legal tender.

  • Bitcoin and ether fell further on Wednesday after plunging during El Salvador’s BTC rollout on Tuesday.
  • Analysts said price falls on Tuesday were accelerated by high levels of leverage in crypto markets.
  • Glitches on exchanges such as Coinbse and Kraken also worsened the situation, analysts said.
  • See more stories on Insider’s business page.

Bitcoin and ether fell again on Wednesday before regaining some ground after plunging during El Salvador’s bumpy bitcoin rollout the day before, with more than $360 billion wiped off the highly leveraged crypto market in just two days.

Bitcoin fell as much as 5% on Wednesday, according to Bloomberg data, before paring losses. It was 1% lower by 9.50 a.m. ET to trade at $46,347, after a two-day drop of 11%.

Ether, the second biggest cryptocurrency by market value, also fell as much as 5% before rebounding somewhat. It stood 0.6% lower at $3,390 early Wednesday, with its two-day fall coming to 14%, Bloomberg data showed.

Cryptocurrencies began to crater on Tuesday as El Salvador made bitcoin legal tender in a landmark moment for the world’s biggest cryptocurrency. The rollout was afflicted by glitches, with the small central American country’s Chivo wallet having to be taken offline.

“Bitcoin is lower on a ‘buy leading up to the big event, sell the fact’ reaction to El Salvador’s historic moment embracing bitcoin,” Edward Moya, senior market analyst at trading platform Oanda, said.

Bobby Ong, chief executive of crypto data company CoinGecko, agreed with Moya’s analysis and said the price falls were so steep due to the effects of leverage in crypto markets.

Read more: The head of research for a blockchain analytics firm breaks down why bitcoin and ethereum can reach $100,000 and $10,000 respectively by next year

Many of the world’s biggest cryptocurrency exchanges such as Binance allow users to borrow large sums to bet on the markets. Yet when prices fall, investors often have to sell out of their positions, or exchanges liquidate them automatically to limit losses.

Matt Blom, head of sales trading at Nasdaq-listed crypto firm Eqonex, said: “Heavy selling on derivatives platforms… caused a cascade of auto-liquidations, like a line of dominoes,” he said. “Over $2 billion of long positions were liquidated in under 20 minutes.”

Matters weren’t helped by problems on major cryptocurrency exchanges Coinbase, Kraken and Gemini, which led to transactions being delayed or canceled.

Coinbase said its issues were caused by “a sudden increase in network traffic and market activity” that led to a “degradation in our services.”

So-called altcoins such as cardano, binance coin, XRP and dogecoin were also nursing heavy losses after falling sharply on Tuesday and Wednesday. The Bloomberg Galaxy Crypto Index, which tracks a range of crypto tokens, was down 0.7% on Wednesday and had shed 11.5% over two days.

The total market value of all cryptocurrencies stood at $2.01 trillion on Wednesday, more than $360 billion below its Tuesday peak.

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Link, dot and XRP lead another altcoin rally as investors opt for cheaper coins with smart-contract capabilities

Crypto coins circle
crypto coins circle

  • Chainlink’s link climbed 18% to reach a high of $36.35, the highest since May 19.
  • XRP, dot and litecoin also posted gains.
  • Investors have been piling into altcoins because they are cheap and have smart contract capabilities.

Link, bitcoin cash, XRP, dogecoin, dot and litecoin soared to new multi-month highs on Monday as investors opted for cheaper alternatives to bitcoin whose networks can support decentralized finance applications and smart contracts, analysts said.

A smart contract is a piece of code that allows people to enter into financial agreements without the need for a centralized player like a commercial bank or broker.

Thanks to their ability to run smart contracts, blockchain networks like ethereum have been able to do more than just host cryptocurrencies. They can include different layers of software, host non-fungible tokens and more. The bitcoin network is slower, more expensive to use and generally does not handle this type of application.

Bitcoin is still the largest cryptocurrency by market value by a long way. But it’s lagged behind some of the smaller tokens in recent weeks.

“What makes bitcoin less popular is its high cost and its enclosed nature when compared with that of ethereum and other smart contract-enabled altcoins,” Yuriy Mazur, head of data analytics department, CEX.IO broker, said.

“The crypto community believes altcoins can go up 5x or even 10x over the next several months, while Bitcoin will slowly grind higher,” Edward Moya, senior market analyst at OANDA said.

Link climbed the most by as much as 18% over the previous 24 hours to reach a session high of $36.35 – its strongest since May 19 – and was last up 6.8% at $35.79, compared with a gain of 1.65% in bitcoin, according to Coinmarketcap. The coin has rallied 45% in the last month, compared with a 15% rise in bitcoin.

“At this pace, we can see the digital token rise to $50 in approximately 14-21 days. We can face correction along the way, but the growth surge is more likely at this time,” Mazur said.

Chainlink underpins the link token and offers smart contracts much like the ethereum network. The company said in a tweet last week that a record 76 new integrations took place on the network in August, bringing the total to 755. on any blockchain like ethereum.

“It seems that the demand for chainlink is growing, as well as its utility,” Mazur said.

“Additionally, the growth recorded in the past month has highlighted the relevance the token has continued to print, extending its lead as the first network to allow the integration of off-chain data into smart contracts,” he added.

Ether was last up around 0.6% at $3943, while other coins like XRP rose almost 8% to $1.37, and polkadot’s dot was up about 2.0% at $34.25.

Cardano’s ada hit record highs last week ahead of this month’s “alonzo” network upgrade, but lagged the rest of the crypto complex, easing by 0.4% to around $2.856.

“Now amongst the favorites of crypto enthusiasts are ethereum and cardano, which have shown impressive results lately and are going through the era of hard forks. Ethereum has already had an update, and a cardano update is coming,” Mazur said.

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Hackers raided a Japanese crypto exchange and seized up to $74 million in assets, report says

A pile of bitcoin cryptocurrencies is seen.
A visual illustration of bitcoin.

Hackers have raided the Japanese crypto exchange Liquid, the company tweeted early on Thursday. The stolen assets could be worth as much as $74 million, The Block reported.

“Important Notice: We are sorry to announce that #LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet. We are currently investigating and will provide regular updates. In the meantime deposits and withdrawals will be suspended,” Liquid tweeted.

Liquid confirmed that bitcoin, ether, XRP, and TRX coins were stolen in the hack. The exchange said it was tracing the movement of the assets and working with other exchanges to freeze the stolen funds and recover them. Liquid said the hackers managed to transfer some of the ill-gotten coins into second and third accounts.

Johnny Lyu, the CEO of crypto exchange KuCoin, confirmed it was aware of the hack and KuCoin had frozen the addresses of the hacker.

The Block reported that the hacker had seized assets worth as much as $74 million, after initiating transactions worth around $80 million at the time of the hack.

At the time of writing, the hacker’s ethereum address had funds worth almost $44.8 million allocated to it, while their bitcoin address contained tokens worth approximately $4.8 million.

This is the latest in a series of crypto hacks and other crypto-related crimes that have become more and more common in recent months. Between January and the end of July, crypto assets worth $681 million were involved in thefts, hacks, and fraud, according to intelligence firm CipherTrace.

That figure has almost doubled in the past week alone, as DeFi platform Poly Network was hacked and funds worth over $600 million were stolen in what has been called one of the biggest crypto heists ever. Although the hacker has since returned a portion of the assets, the major hack drew renewed attention to weaknesses in crypto systems and crypto-related theft.

Crypto crimes and illicit activities linked to crypto are one of the key concerns raised by regulators, financial institutions, and governments regarding the wider adoption of cryptocurrencies.

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Bitcoin has seen two straight weeks of outflows, while investors have poured money into ether for a third week ahead of a key network upgrade: CoinShares

Ethereum and bitcoin
Ethereum and bitcoin

Investors pulled their money from bitcoin products for a second straight week in the seven days to July 16, with many likely booking profits on long-held positions, while pouring money into ether for a third week, according to data from CoinShares.

Bitcoin assets saw flows drop 10.4% over the week, while ether saw flows rise 11.7%, according to the company’s most recent weekly flows report released on Tuesday.

Bitcoin lost around 7% in value in the week to July 16, when it fell below $32,000. Since then, it has fallen another 6.5% to around $29,720, driven by rising investor risk aversion over the surge in cases of COVID-19 that has battered global markets this week.

Since the currency peaked in April at almost $64,000, it has lost more 50%, although it is still up by over 200% over the last year. CoinShares investment strategist James Butterfill told Insider he believed a portion of the bitcoin outflows were down to longer-standing investors taking profit now in case of a steeper slide over the coming months.

CoinShares graph
CoinShares

“Most of our funds were launched in 2015 and we saw profit-taking earlier this year and not now. So the outflows we are seeing in some funds is simply due to when individuals first invested, rather than negative sentiment towards bitcoin,” he said.

In 2015, bitcoin traded between lows of around $110 and a high of close to $500. It’s risen by almost 30,000% since then.

“People that are seeking out, might not necessarily be doing so for bearish reasons, but instead their deciding to profit now, perhaps their line of thinking is that ‘I should have sold at $55,000, but it’s fallen down to $30,000, so I’ll just take profits here because my worry is that the BTC price is not going to do much over the summer,” Butterfill said.

Meanwhile, over the last 7 days ethereum’s ether token has fallen by around 13% to $1,748.85, Coinmarket cap data shows. After peaking in May above $4,300, much like bitcoin, it’s also lost around 50% in value. Over the last 12 months, however, it’s up by more than 600%.

Investors are hoping to profit from the upcoming upgrade to the ethereum network. Ethereum 2.0 is scheduled to roll out on August 4 and some investors may be buying, given that the shift will result in supply reduction and the price potentially rising sharply.

Bitcoin products were the only ones that saw outflows in the latest week. The smaller altcoins, together with ether, all registered modest inflows. According to the CoinShares data, which is an accumulation of global flows, XRP and dot saw a 0.3% rise in inflows, while ada saw an increase of 0.4%.

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Bitcoin sinks 8% as crypto market volatility again rears its head

GettyImages 1299369049 (1)
  • Bitcoin falls more than 8% Friday as part of a wider slump in the cryptocurrency market.
  • South Korea is reportedly set to levy a 20% tax on crypto transactions starting next year.
  • The value of the global cryptocurrency market has slid to $1.6 trillion during May.
  • See more stories on Insider’s business page.

Bitcoin dropped by more than 8% to trade under $36,000 during Friday’s session, slumping alongside other cryptocurrencies as the market starts wrapping up a month rocked by regulatory threats and Tesla’s about-face on accepting bitcoin as payment.

The world’s largest cryptocurrency lost as much as 8.5% at $35,178 but trimmed the loss to 7.5%. It again lost grip of the $40,000 level it had reached on Thursday. Meanwhile, ether, the token of the Ethereum blockchain, fell nearly 7%, Binance Coin lost 8%, as did Cardano-ADA, and Dogecoin moved 6% lower.

Volatility in the crypto market was showing signs of a pickup on Friday. The Crypto Volatility Index climbed above 133 after falling to roughly 127. The CVI has soared from the 80 level at the start of May, but is off its recent high close to 183.

Downbeat crypto news flowed through the market Friday, led by South Korea moving ahead with its plan to impose a 20% levy on cryptocurrency transactions beginning in 2022, Yonhap News Agency reported. Gains from virtual assets will need to be reported when filing for general income taxes in May 2023, the report said.

Meanwhile, Bank of Japan Governor Haruhiko Kuroda criticized bitcoin during an interview with Bloomberg. “Most of the trading is speculative and volatility is extraordinarily high,” he said. “It’s barely used as a means of settlement.”

For the month as a whole, bitcoin is facing a loss of roughly 38% after taking a number of blows, including China reiterating its call to restrict mining and trading activities surrounding bitcoin and Tesla saying it would stop taking bitcoin as payment because of the “insane” amount of energy needed to create new coins and secure the network.

But bitcoin’s price is poised to regain upward momentum, said Peter Jensen, CEO of RocketFuel Blockchain, in a note.

“BTC always recovers from past dips and surpasses the previous upper boundary/ceiling price,” he wrote. “We could see a similar upward trend in the coming months due to the Robinhood IPO and release of Central Bank Digital Currencies from various countries, which is expected to cement crypto as the future medium for trade and settlement.”

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Cryptocurrency rally cools off as tighter regulations loom, leaving bitcoin heading for its biggest monthly drop since November 2018

The photo shows physical imitations of cryptocurrency

The recovery in the cryptocurrency market ran out of steam on Thursday, with traders cashing in on the rally that began earlier this week, as regulators and governments honed in on the sector, with Iran implementing a temporary ban on mining for digital assets the previous day.

Coins across the board stumbled in the 24 hours to Thursday in the Europe morning, with many major cryptocurrencies falling by around 5% based on Coingecko data. Bitcoin fell 4.9% in the 24 hours to 04:15 E.T., when it was trading at $38,336.14. Bitcoin had reached record highs in April, but has since lost over 40% of its value based on its Thursday valuation.

The world’s biggest cryptocurrency is on track to reach its largest monthly drop since November 2018 this month. Since the start of the month, bitcoin has declined by almost 34%, almost matching the 37% decline of November 2018.

The second largest cryptocurrency ether was down by 4% in the 24 hours to Thursday midday in Europe and was valued at $2,738.64. It reached record highs earlier this month and has lost 37.5% in the past two weeks alone.

Smaller coins followed suit as binance’s BNB token was down 5.3%, XRP lost 4.9% and dogecoin dipped by 6.3% in the 24 hours to 04:15 E.T. on Thursday.

The cryptocurrency market has been cooling off in recent weeks as an increasing number of governments and regulators have indicated that tighter restrictions and rules could be imminent, which has rattled crypto investors.

Most recently, Iran had banned crypto mining for the upcoming summer months over fears of electricity shortages. Several blackouts had occurred in recent weeks as the country’s electricity network became overloaded.

China has been leading the crackdown on crypto mining and trading, which caused several crypto firms to halt operations in the region earlier this week. In the US, SEC Chairman Gary Gensler reiterated the authority would be prepared to fight bad actors in the crypto industry. Security and environmental concerns as well as investor protection have been cited as reasons for the increased regulatory attention.

Environmental concerns also caused Elon Musk’s Tesla to halt bitcoin payments this month after pioneering the use of cryptocurrencies as a form of payment for goods and services.

Despite these headwinds, the crypto market may be on the road to recovery.

“Overall, the crypto markets look to cap off a busy and volatile month next week and potentially leave behind the bearish price action seen with it. After all, despite the high volatility, Bitcoin’s sentiment among traders appears largely unfazed, with many calling it a “buy the dip” opportunity,” Thomas Westwater, analyst for DailyFX.com, said about the future of crypto.

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The founder of news site TechCrunch is using an NFT auction to sell an apartment

  • TechCrunch founder Michael Arrington is selling an apartment via an NFT auction.
  • Propy, a blockchain-based real estate platform, is running the auction with bidding starting at $20,000.
  • The winner of the NFT will also win the property rights to the studio apartment in Kiev.
  • See more stories on Insider’s business page.

TechCrunch founder and crypto investor Michael Arrington is selling an apartment in Ukraine through an NFT in a transaction being billed as the world’s first real estate sale via a non-fungible token.

Propy, a blockchain-based real estate platform, is running an auction for the studio apartment as a real estate-backed NFT and bidding starts at $20,000. The apartment was purchased in 2017 by Arrington, founder of online publisher TechCrunch, through Propy.

NFTs are digital assets such as video, images or audio that are tied to a blockchain. The assets can usually be viewed online but just one person can own them and the market for such collectibles has boomed recently.

The apartment is located in the Svyatoshino neighborhood in Kiev. Following the auction, the winner will become the owner of the NFT and the property itself. If the NFT is resold, the property rights are attached. Bidding begins June 8.

“Real estate is the world’s largest asset class and the most significant financial investment for most families. The intersection [between] Humanity and Big Capital is key to changing the old industry,” wrote Natalia Karayaneva, the CEO of Propy, in a Tuesday post on Twitter.

Arrington bought the apartment for $60,000 and the residential property transaction was recorded on the Ethereum blockchain network and settled using smart contracts. Michael Arrington served as an advisor to Propy, according to a 2017 press release announcing Arrington’s purchase of the Kiev apartment.

Propy’s Karayaneva, a software engineer and former real estate developer, is an advisor to Arrington XRP Capital, a hedge fund denominated in XRP, the digital asset used in Ripple Labs’ payment network.

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Mike Novogratz compared this bitcoin crash to late 2017, when the market plunged into a ‘winter’ lasting years

GettyImages 1036973538
Mike Novogratz is one of the most high-profile bitcoin and crypto investors.

  • Crypto billionaire Mike Novogratz compared the current state of the crypto market to late 2017.
  • At the time, bitcoin plunged into a “winter” lasting years as buyers lost interest following a rally.
  • Novogratz said the proliferation of other coins was overwhelming the crypto market.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Leading crypto investor Mike Novogratz has compared bitcoin’s dramatic price crash to late 2017, when a boom in interest in digital tokens presaged a market collapse into a “winter” that lasted years.

Novogratz said that the widespread creation and adoption of alternative cryptocurrencies was overwhelming the market and meaning investors’ cash was spread too thin. Investors have recently pumped up bitcoin alternatives like ether, XRP and dogecoin, and turned to new creations like safemoon.

“The proliferation of cryptos is a supply response that overwhelms demand,” he wrote on Twitter. “Same happened in 2017.”

Novogratz said he was confident that “the best projects with utility and community will survive and thrive,” just as bitcoin eventually skyrocketed again in late 2020.

Novogratz is not the first to make the comparison between the current state of the bitcoin market and the situation in late 2017, when a sharp rally to record highs was followed by a collapse in prices.

On Wednesday, bitcoin crashed as much as 30% to $30,000 before rebounding to around $40,000, more than 38% off its April all-time high of close to $65,000.

The drop was triggered by China signalling it would crack down on the use of cryptocurrencies for payments, but the multi-day slide began last week when Elon Musk said Tesla would stop accepting bitcoin as payment for cars due to the network’s huge energy use.

It started a debate in the crypto community about whether this was the start of another bitcoin “winter” – a period in which the price drops sharply and stays low for years.

The last such winter began at the end of 2017, when bitcoin slid from a high of around $20,000 to a low of below $4,000 at the start of 2019.

Novogratz was replying to a tweet from Guggenheim chief investment officer Scott Minerd, who said the crypto market looks like the Tulipmania bubble of 17th-century Netherlands.

“As prices rise, tulip bulbs and #crypto currencies multiply until supply swamps demand,” he said.

Pankaj Balani, chief executive of crypto derivatives exchange Delta, told Insider he also saw parallels with 2017 and the rise of bitcoin alternatives.

He said money has been “rotating” into coins such as ether, XRP, and dogecoin, which is a “typical sign of retail exuberance.”

Bitcoin’s dominant share of the crypto market has been waning steadily since the start of the year, when it accounted for around 70% of total market capitalization. That share has now fallen to just over 40%, based on data from Coinmarketcap.com. This is around its lowest in two years.

But Balani said the money has been coming from investors chasing quick gains and is not “sticky capital” that will stay in the market when prices start to fall.

Analysts have also compared the $100 billion listing of crypto exchange Coinbase in April to the listing of bitcoin derivatives by CME Group in late 2017, which came just before prices plunged sharply.

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