{"id":434887,"date":"2020-08-15T06:00:35","date_gmt":"2020-08-15T06:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=434887"},"modified":"2020-08-15T07:01:12","modified_gmt":"2020-08-15T07:01:12","slug":"crypto-tidbits-microstrategys-250m-bitcoin-purchase-ethereum-defi-boom-bitmex-kyc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-tidbits-microstrategys-250m-bitcoin-purchase-ethereum-defi-boom-bitmex-kyc\/","title":{"rendered":"Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC"},"content":{"rendered":"

Another week, another round of\u00a0Crypto Tidbits<\/a>.<\/p>\n

It’s been another volatile week for the Bitcoin market. In the past seven days, the leading cryptocurrency has traded at both $11,100 and $12,000, whipsawing between the levels as the price enters a consolidation. Ethereum, on the other hand, has been surging higher; ETH now trades for $440 as of this article’s writing, around 6% higher than the early August high.<\/p>\n

BTC’s drop towards $11,100 this week was triggered by a collapse in the values of precious metals. Gold saw its worst day since 2013 early this week, resulting in a similar correction for Bitcoin. The ongoing BTC rally towards $12,000 has been propelled by Ethereum undergoing a breakout of technical significance, slingshotting the asset higher.<\/p>\n

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Chart of BTC's price action over the past seven days from TradingView.com<\/a><\/pre>\n

Analysts remain optimistic about Bitcoin due to macroeconomic trends.<\/p>\n

Dan Tapiero \u2014 the co-founder of DTAP Capital, Gold Bullion International, and a digital asset-focused fund \u2014 recently wrote in reference to the chart below:<\/p>\n

\u201cTremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.\u201d<\/p><\/blockquote>\n

\"Image\"<\/p>\n

Chart of BTC's macro price action (Logarithimic chart) by Bitcoin bull and gold investor Dan Tapiero. Chart from Bloomberg<\/pre>\n

The optimism was echoed by Raoul Pal, the chief executive of Real Vision. The Wall Street veteran said that he thinks almost every other trade is “inferior” to Bitcoin. Pal added in a later tweet that for the next 24 months, there’s a good likelihood Bitcoin will be the best-performing asset in existence.<\/p>\n

\u201cThese are all INCREDIBLY BULLISH long-term chart patterns. The probabilities in the charts suggest that Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.\u201d<\/p><\/blockquote>\n

Related Reading: Crypto Tidbits: Goldman Stablecoin, Dave Portnoy Wants Bitcoin, DeFi Boom<\/a><\/h6>\n

Crypto Tidbits<\/strong><\/h2>\n
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  • MicroStrategy Acquires $250m Worth of Bitcoin:\u00a0<\/strong>This week, it was revealed that MicroStrategy, an American business services company, had formally acquired Bitcoin as an investment. The company purchased 21,454 bitcoin with $250 million USD from its balance sheet, according to a press release. The company sees value in BTC, with its chief executive arguing: “This investment reflects our belief that Bitcoin, as the world\u2019s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.” This news is bigger than meets the eye, though. As I explained in a tweet, the California Public Employees Retirement System, Healthcare of Ontario Pension Plan, Vanguard Total Stock Market Index, and many other prominent funds own MSTR shares. This means that millions now have a stake in Bitcoin.<\/li>\n<\/ul>\n
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    Bitcoin succeeding is now in the best interest of millions.<\/p>\n

    SEC filings indicate these funds own many MicroStrategy shares:<\/p>\n

    – California Public Employees Retirement System
    – Healthcare of Ontario Pension Plan
    – Vanguard Total Stock Market Index<\/p>\n

    Gradually, then suddenly. pic.twitter.com\/s7teyP337b<\/a><\/p>\n

    — Nick Chong (@n1ckchong) August 14, 2020<\/a><\/p><\/blockquote>\n