Bitcoin rose nearly 50% in October. Kraken Intelligence stated that Bitcoin holders insisted on holding positions rather than taking profits. This move triggered a "supply shock" and led to a bull market in the Bitcoin market.
Pete Humiston, manager of Kraken Intelligence, said: “Large entities and small participants who protect the network through mining pools seem to be hoarding bitcoin.” Although the price of bitcoin had reached a historical high of $67,000 before, it includes Riot Blockchain, Bitcoin holding entities such as Marathon Digital and Hut 8 Mining did not take the opportunity to sell Bitcoin. In addition, another indicator that may prove Bitcoin's upward trend is that the number of active addresses in October increased by 10.3%, which shows that people's interest in cryptocurrencies is growing. The average daily trading volume also increased in October. D.A. Davidson analyst Christopher Brendler is optimistic about Bitcoin and the miners who hold it, saying that its earnings will see "explosive" growth. In addition to Bitcoin, Ethereum, the world's second-largest cryptocurrency, also showed an upward trend. Ethereum hit a new high last Friday; with the outbreak of altcoins such as SHIB, it has triggered a new upsurge in the market, and it has also brought an increase in the amount of Ethereum burned: the amount of Ethereum burned has reached a record high for two consecutive days. This creates a deflationary effect, which expands the increase in the economic value of ETH, thereby promoting a breakthrough in the price of Ethereum.
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On October 21st, BTC hit a record high after a trough period of nearly half a year, reaching a maximum of 66,999 US dollars; ETH also rushed to a maximum of 4,375 US dollars. A few hours later, Tesla founder Elon Musk revisited the topic of encryption on Twitter. He posted a connotative picture showing the towering quotations of BTC and ETH. On the same day, Tesla released the third quarter financial report of this year, and its revenue and profitability data increased significantly. What is interesting is that the financial report shows that Tesla still holds Bitcoin, which means that Musk has complied with the promise represented by the "diamond hand" expression that was made when the market crashed on May 19th. In the crypto circle, this expression often means not afraid of market fluctuations, holding positions until the target.
According to estimates, Tesla currently holds more than 40,000 BTC, and the cost of a single currency is about 30,000 US dollars. At the current market price, its profit has exceeded 1 billion US dollars. Musk is happy here, but investors who bought DOGE at high positions are still losing money. On October 22, DOGE quoted a price of US$0.248, which was still a 66.5% drop from the high of US$0.74 in early May. Because Musk has repeatedly called for DOGE to promote its sharp rise, many people blame Musk for investment losses. In fact, during the skyrocketing of DOGE and other animal currencies, Musk reminded in a street interview that "no one should invest all of his wealth in cryptocurrency." Tesla's holdings of BTC make more than 1 billion U.S. dollars in profit No matter what Musk wants to express, this tweet sends a signal that the man who once stirred the market is back. Looking at Musk’s Twitter, in the past two or three months, his personal dynamics have almost revolved around Tesla and the exploration of space. Crypto assets are rarely mentioned. This is the same as the frequent comments on the crypto market in the first half of the year and caused significant fluctuations. He is totally different. Looking back, Musk’s most impressive recent speech on crypto assets is "Tesla has diamond hands." That tweet was published on May 19, when BTC plummeted to $29,000 on that day, and the "diamond hand" usually means defying market fluctuations and holding positions until the target. Musk returned to the public opinion field of the crypto world with BTC to a new high. What is striking is that Tesla also announced its third-quarter financial report on the same day. The financial report shows that Tesla’s third-quarter revenue was US$13.76 billion, a year-on-year increase of 57%, and its operating profit was US$2 billion, a year-on-year increase of 148%. According to its third-quarter balance sheet, Tesla currently holds $1.26 billion in crypto assets, which is $51 million less than in the second quarter. According to industry estimates, Tesla did not conduct any new bitcoin selling or buying operations in the third quarter. In other words, Musk and Tesla did not violate the attitude of "diamond hand" during Bitcoin's decline and turmoil. Although the third-quarter financial report showed that Tesla's crypto assets were impaired, with the recent return of BTC to above $60,000, Tesla's investment has actually reaped huge returns. According to estimates, Tesla currently holds more than 40,000 BTC, and the cost of a single currency is about 30,000 US dollars. Now its investment has doubled and the profit exceeds 1 billion US dollars. Judging from the results, Bitcoin did not live up to Musk's "diamond hand". DOGE still hasn't recovered Tesla's financial report is eye-catching, and the price of Bitcoin is back. Musk once again talked about the crypto market. Everything seems to be back on the eve of the "5·19" plunge. However, many crypto-asset investors have found that the money they lost has not come back because the prices of many altcoins are still far from their highs during the year, such as DOGE. On October 22, DOGE quoted a price of US$0.248, which was still a 66.5% drop from the high of US$0.74 in early May. And if it wants to return to highs, DOGE needs to rise by 198%. Because Musk played a vital role in the earlier DOGE skyrocketing process, many investors blame Musk for their losses. Under many of his tweets, there are comments similar to "I lost all my savings by investing in DOGE." Some people denounce Musk for profiting through market manipulation, and others beg Musk for assistance. Never responded to a similar topic. Looking back now, Musk actually hinted at risk. In a video of a roadside interview, he reminded that no one should invest all of his wealth in cryptocurrency, "but if you want to speculate and entertain on a small scale, you can still do it." Although he did it during the frenzy of the market. A reminder, but apparently many people did not listen to these words and suffered heavy losses. Whether it is from Tesla's main business operation or investment return, Musk's life and career are still climbing to a peak, and his life has not changed much due to the collapse of the crypto asset market in the previous stage. But for many investors who have lost most of their net worth, their lives and mentality are no longer what they used to be. In this contrast, if you look back at the picture Musk posted on Twitter, you may understand why there are different conjectures in the comment area. Optimists and pessimists are facing the same thing. At times, they tend to taste different flavors. There was a well-known former Soviet film called "Moscow Does Not Believe in Tears." The same is true in the turbulent crypto market. Musk did not believe in tears. When the market plunged and caused panic, he put out a "diamond hand"; and relatively fragile and drifting investors eventually became disadvantaged in the market game. One side. For investors who have lost money from investing in DOGE, this painful lesson should be an important lesson. Ironically, as Musk once again returned to the vision of the crypto world, many people again placed their expectations on him. In the Twitter comment area, many people hope that Musk will continue to shout for Dogecoin to promote the price increase; of course, there are also investors who are tired of his influence on the market, and what is still in their ears is the investor's complaint. -Please stop manipulating the market. The US Bitcoin futures ETF has been approved, will it be a long time away from the spot ETF?10/19/2021 On Tuesday, October 19th, US local time, the ProShares Bitcoin futures ETF will be launched on the New York Stock Exchange trading platform NYSE Arca under the code BITO.
Fundstrat founder Tom Lee said on Monday that the arrival of the first Bitcoin futures ETF should improve the already bullish environment for cryptocurrencies. He believes that the new Bitcoin futures ETF can push Bitcoin to more than $100,000. Bloomberg analyst Eric Balchunas predicts that the Valkyrie Bitcoin futures ETF may be launched later this week. The ETF was certified for listing on the Nasdaq exchange last week. If this is true, this milestone will make Valkyrie's fund the second Bitcoin ETF issued in the United States. The approval of the first Bitcoin ETF led to a rise in bullish sentiment in the cryptocurrency market, with an inflow of US$80 million in digital asset investment products last week. Michael Sonnenshein, CEO of Grayscale, a cryptocurrency fund management company, published his views on Bitcoin ETFs in CNBC’s Squawk Box column. He expressed his excitement to see that the regulatory authorities will finally allow Bitcoin ETFs to be launched on the national securities exchange platform. At the same time He said that the product structure of the Bitcoin futures ETF can have an impact on investors. The approval of the first Bitcoin futures ETF is likely to attract more funds and more investors into the ecosystem. Michael Sonnenshein also believes that after approving the first Bitcoin futures ETF, the U.S. Securities and Exchange Commission (SEC) is likely to bring an Ethereum-based ETF to the market. At the same time, Grayscale has officially confirmed that it plans to submit an application to the U.S. Securities and Exchange Commission (SEC) to convert its Bitcoin trust into a Bitcoin spot ETF. The company stated that once the SEC issues "clear" and "official" instructions, Grayscale will apply for approval. So can the Bitcoin spot ETF be approved? This question depends on the US Securities and Exchange Commission, and possibly the success of the upcoming Bitcoin futures ETF. So far, the US Securities and Exchange Commission has not indicated any positive signs that it will approve one item. According to TheBlcok report, there will be about 5 Bitcoin futures ETFs ready to be launched in the near future, and 2 may be launched this week. The launch of the Bitcoin futures ETF may not harm the application of a spot ETF. However, if these futures ETFs are going well, are fairly large, and can meet investor demand for Bitcoin through the ETF channel, the US Securities and Exchange Commission may argue that the demand has been met and there is no need to authorize a spot ETF. The success of the Bitcoin futures ETF depends on whether large investment companies such as Charles Schwab and TD Ameritrade will provide ETFs to their customers. If these institutions do not provide all customers with only "certain Customers" visit, then the performance of the BTC futures ETF may be affected. Since the beginning of this year, the term NFT has frequently appeared in the public eye. Why is NFT so popular? What types of NFT are there? Is NFT hype or consensus? Let’s talk about the hottest NFTs this year. The full name of NFT is "Non Fungible Token", that is, non-homogeneous token, which is a digital asset on the blockchain. Different from homogenized tokens, NFT is essentially a blockchain-on-chain token with uniqueness, indivisibility, and difference. It maps offline data content to data through links on the chain. The asset-based carrier of content realizes the value circulation of data content, so that it can mark the ownership of native digital assets to anchor real-world commodities. Through its characteristics, NFT provides a feasible way to virtualize real assets, which is of great significance in today's accelerating digitalization. Since the encryption technology enthusiast Hal Finney put forward the concept of encrypted trading card in his community Cypherpunks group in 1993, NFT has a history of about 28 years. The NFT application field is gradually expanding, expanding from the original niche circle to the art circle, cultural consumption circle and other major circles, involving art, copyright, sports events, meta universe, etc., and the industrial ecology is gradually taking shape. With the continuous emergence of art collection projects, traditional companies such as Christie's, LV, Gucci, Visa, etc. have also begun to deploy in the NFT field. In terms of market size, in general, the NFT market is still in its infancy at this stage, and the market penetration rate is still relatively low. Compared with Bitcoin, which is popular all over the world, the overall market value of NFT in 2020 is only 0.17% of BTC, and the market is relatively small. Crowd. However, due to its huge imagination and clear asset transaction attributes, the scale of the NFT market has shown rapid growth in recent years. According to the data of NonFungible.com, from 2018 to 2020, the total market value of NFT rapidly increased from 41 million US dollars to 338 million US dollars, an increase of more than 8 times, with an average growth rate of more than 400%, an amazing growth rate. According to CoinGecko data, 2021H1, the NFT industry The overall market value reached US$12.7 billion, an increase of nearly 310 times compared to 2018. In 2021, the NFT market will usher in explosive development. According to statistics, as of September 1, the total market transaction volume of NFT has reached approximately 5.9 billion U.S. dollars, of which the Q2NFT market transaction volume reached 754 million U.S. dollars, a year-on-year increase of 3453%. The month-on-month growth is 48%, and it is predicted that under the influence of its continuous expansion, it will explode even more amazing growth potential. In terms of subdivisions, the virtual world, artwork and games are the most important application areas of NFT in 2020, and the three together account for 72% of the NFT application areas. After that is the sports field, occupying the fourth place in the application distribution with a proportion of 13%, and virtual assets at the end, occupying only 4% of the total application share. It is worth noting that in the Q2 quarter, the proportion of applications is obviously inclined. Driven by phenomenon-level products such as CrytoPunks, Bored Ape YC, etc., the transaction volume of the collectibles field ushered in a bright moment, the proportion of applications has increased significantly, and the proportion of applications has increased rapidly. Increased to 66%, the application gradient is highlighted. The previous strong artworks and games have fallen to 14% and 5% of application shares respectively.
CryptoPunk 7804 was sold for 4200 ETH, valued at USD 7.57 million, Visa bought CryptoPunk 7610 for USD 150,000, and Curry bought Bored Ape YC for USD 180,000. Since 2021, avatar projects have shown strong growth momentum. Ushered in its bright moment in the market. According to Messari data, avatar NFT projects have become the top 3 market share players in the NFT digital art market. In the second quarter of 2021, avatar NFT projects generated nearly US$350 million in secondary sales, an increase of 40% from the first quarter. , And as of 2021, according to incomplete statistics, avatar projects have generated more than 1 billion U.S. dollars in sales. In terms of specific applications, the market demand for avatars is relatively concentrated, and the head effect is becoming more prominent. Estimated and calculated based on rarity data, and estimated market value based on 7-day average transaction ETH prices. CrytoPunks maintains an absolute lead with nearly 50% of the market share, followed by Bored Ape YC and Meebits, which together account for 76 of the avatar market share. %about. Waist avatar projects such as Cool Cats and Hashmarks continue to fluctuate according to different market shares, but the overall performance is relatively stable. At the same time, as the avatar market is getting hot, emerging projects such as CyberKongz VX and 0N1 Force are also emerging. Although from the overall market perspective, the NFT avatar market is still niche, and most of its project market holders fluctuate at around 2-5 thousand, its demand is still showing a steady growth trend. Taking the representative CrytoPunks as an example, OpenSea data shows that as of August 31, the transaction volume of CryptoPunks in the past 7 days has increased by 143.59%, and the monthly average transaction price has increased by 116.26% compared with the previous month. Its total transaction volume has broken down on August 23 800 million US dollars, a record high. The 0N1 Force, which was launched on August 20, currently has a transaction volume of more than 38,305.33 ETH, with a total number of transaction holders of 3,900, and the floor price has risen to 3.4 ETH. The popularity of avatar apps can also be seen from the Ethereum burning data. According to the Ethereum burning tracker Ultrasound.money data, the NFT avatar project CyberKongz VX after its launch on August 15 exceeded OpenSea and Uniswap with 1437.13 ETH burning. V2, Axie Infinity and other projects quickly jumped to the first place on the 24h burning list of the day, and once again saw the fiery feedback from the market on avatars. |
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