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Cryptocurrency

Bitcoin Drops as Unknown Person Sold Off $300,000 Worth of Coins

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  • Bitcoin Drops as Unknown Person Sold Off $300,000 Worth of Coins

Bitcoin has lost 5.04 percent of its value in the last 24 hours, according to data obtained from Coindesk.

The digital currency failed to break the US$10,000 resistance level anticipated by most traders prior to Bitcoin’s third halving.

Bitcoin declined from US$9,294.34 per coin it traded in the last 24 hours to $9,371.60 as traders continue to sell off their holdings.

On Wednesday, about $300,000 worth of Bitcoin was reportedly transferred from an old inactivity account dating as far back as the earliest days of the blockchain network.

The over 31 Bitcoins sold off by an unknown personality rumored to be Satoshi Nakamoto, an individual or a group of people likely to have invented the cryptocurrency, triggered a broad-based sell-off on Thursday.

“No matter who moved the coins, it did cause a mean ol’ nasty spike on the charts,” wrote Mati Greenspan, founder of foreign exchange and cryptocurrency research firm Quantum Economics, in an e-mail to clients.

The news of the transfer plunged Bitcoin by 7 percent and further led to the liquidation of over $40 million worth of Bitcoin futures contracts on BitMex, according to Skew.

“This occurrence highlights the importance of ‘address watching,'” Jose Llisterri, co-founder of crypto trading platform Interdax, told CoinDesk’s Daniel Cawrey. That includes “monitoring the addresses of whales/early miners and the so-called ‘Satoshi coins’ mined in the first months of bitcoin.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Cryptocurrency

Pizza Hut Joins Burger King, Church’s Chicken to Accept Crypto Payments in Venezeuela

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Pizza Hut has joined other global fast-food chains like Burger King and Church’s Chicken already accepting crypto payments in Venezuela.

This was confirmed by a crypto services firm, CryptoBuyer, on November 27 after pizza Hut stores in the South American nation partnered with Mega Soft to drive adoption in Venezuela by encouraging crypto payments in its over 20,000 shops and businesses in the country.

Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities,” said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”

According to Elkhouri, customers can buy pizza with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT.

This will further help deepen cryptocurrency adoption in the country and across the South American region.

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Cryptocurrency

Bitcoin Rebounds; Gained 7 Percent to $18,116 Per Coin Amid Renewed Demand

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Bitcoin recovered most of its lost ground in the last 24 hours after dropping about $3,000 from $19,400 it exchanged a week ago to $16,800 per coin.

The world’s most dominant cryptocurrency gained 7.01 percent to close at $18,116.31 per coin on Monday morning at 8:46 am Nigerian time.

Investors jumped on the digital currency after Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its Macro Opportunities Fund to invest as much as 10 percent or $500 million of its $5 billion net asset in Bitcoin through Grayscale Bitcoin Trust (GBTC).

The news bolstered Bitcoin attractiveness as cryptocurrency investors interpreted as a new capital inflow that could aid the coin above the $20,000 per coin obstacle or resistance.

According to the amendment filed: “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”

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Cryptocurrency

Cryptocurrency: Facebook Owned Libra to Launch Stablecoin in January 2021

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Facebook Inc led Libra Association is planning to launch Libra stablecoin pegged to only the United States Dollar as early as January 2021, according to three anonymous people quoted by the Financial Times.

The stablecoin was initially proposed to be pegged to a basket of multiple currencies before the group faced several setbacks after the US parliament pressure Facebook on data breach and other issues that allegedly allowed Russia to meddle in the 2016 US presidential election.

The social media giant has now cut down on its ambition to focus on US dollar-pegged stablecoin in an effort to reduce regulatory bottleneck.

PayPal Inc., one of the first members of Libra Association that pulled out after regulators increased scrutiny on Facebook operations, has since started a cryptocurrency exchange business.

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