Charged Aussie Bitconnect promoter faces up to 47 years in prison

The Australian Securities and Investments Commission, or ASIC, has charged the former Australian national representative of BitConnect for his involvement in the multi-billion-dollar crypto Ponzi scheme. According to a Nov. 17 statement from the ASIC, the commission — with assistance from the U.S. Federal Bureau of Investigation — has charged John Louis Anthony Bigatton for his role working for BitConnect from August 2017 through January 2018. He faces four courts of making misleading or false statements that had an influence on market participation, one count of operating an unregistered managed…

How Microstrategy CEO Turned “Scary” Bitcoin Investment Into More Than $250 Million

Key Takeaways Saylor states that the economic crisis of 2020 caused hyperinflation of major assets. “Bitcoin is about digital scarcity,” says Saylor. He believes that cash is losing value at a pace far greater than the media reports. Share this article Michael Saylor, CEO of Microstrategy, recently made headlines for revealing that he personally owns $245 million worth of Bitcoin. His company’s stash is nearly double that.  Under Saylor’s leadership, Microstrategy Recently increased its BTC holdings by $175 million to a whopping $425 million.  But why the big bet? The…

FTX Traders Say Democrats Have 23% of Winning the Senate in January

Key Takeaways U.S. Senate elections have entered a crucial phase as Georgia run-off races for two Senate positions will decide the overall majority.  FTX has issued a derivatives contract for betting on its outcome.  Share this article The crypto derivatives exchange FTX has issued a new contract to bet on the outcome of Georgia’s contentious Senate election. The results of the contest will decide which party runs the Senate this coming January.  FTX Bets on Georgia Senate Elections  The Democratic Senate 2020 (DEMSENATE) derivatives contract on FTX allows traders to…

Grayscale survey connects COVID-19 pandemic to new Bitcoin purchases

As Bitcoin price rises toward $18,000 and traders attempt to secure a new all-time high, the surge of institutional investors jumping on the Bitcoin (BTC) bandwagon continues. This time, institutional and retail investors are both keen to accumulate Bitcoin, and data from crypto derivatives markets shows institutional investors are driving Bitcoin volumes to new highs. BTC futures volume by exchange. Source: Digital Assets Data According to research from Grayscale Investments, a digital asset management company that currently holds over $9.8 billion in assets under management, the coronavirus pandemic may be a…

Ray Dalio admits he ‘might be missing something’ about Bitcoin as it surges past $17K

In a Twitter thread posted on Tuesday, Dalio stated he believed that Bitcoin (BTC) was not an effective medium of exchange nor a store of value due to its volatility. He also asserted that governments could outlaw crypto assets if they became a threat to fiat currencies. However, he also admitted he “might be missing something” and invited others to chime in with their explanations. “I can’t imagine central banks, big Institutional investors, businesses or multinational companies using [Bitcoin],” said Dalio. “If I’m wrong about these things I would love…

Yearn.finance Likely to See One More Dip Before Rocketing Higher

Yearn.finance’s YFI token is trading up significantly today, with bulls aiming at providing the cryptocurrency with a strong foothold within the lower-$20,000 region. Where the aggregated crypto market trends in the near-term will likely depend on Bitcoin and Ethereum, with the strength seen by these two digital assets helping to provide the DeFi sector with serious momentum over the past few days and weeks. YFI’s immense momentum throughout the past few days and weeks has created a tailwind for the broader altcoin market, but it is now pushing up against…

Trader Offers Bearish Bitcoin Scenario, Leaving No CME Gaps Left Unfilled

Bitcoin is incredibly bullish, now trading only $2,000 away from setting a new all-time high. The momentum has caused the crypto community to erupt in chatter regarding prices of $100,000 or more in just a year’s time. But before this happens, one ultra-bearish trader believes there’s a chance the cryptocurrency could retest its bear market bottom, and potentially fill all remaining gaps left on CME BTC Futures price charts. Is this trader in disbelief, or is there validity to their theory? Bearish On Bitcoin: One Crypto Traders Expects A Full…

Why traders think a Bitcoin ‘blow-off top’ will occur above $18,000

Bitcoin price is steamrolling toward $18,000, and excited traders are calling for the top-ranked digital asset to overtake the 2017 all-time high at $19,763. Unless you’re a bear, reaching a new all-time high is great. But ideally, for a sustainable rally to maintain its pace, a staircase uptrend is more beneficial than a sudden upward climb. In recent weeks, BTC has continuously surged higher without prolonged consolidation periods or any major dips. BTC/USD daily chart. Source: TradingView.com The chances of a blow-off top is increasing A pseudonymous trader known as “Squeeze”…

ConsenSys Accelerator Alumni Idle Finance Raises $1.2 Million

ConsenSys accelerator project Idle Finance has raised funds to innovate in the DeFi space. Idle is a decentralized platform that allows users to automatically manage their investments and holdings across multiple DeFi protocols, adjusting interest rate returns and capital allocation based on user risk profiles.  We are glad to unveil our plans for $IDLE and its governance applications. 🏛 This is a step towards a fully decentralized protocol, embracing an impartial and trust-minimized way to supervise and operate it. 🔍 https://t.co/cdZjerzK2Y — idle (@idlefinance) October 5, 2020 Idle Labs CEO…

“I Might Be Missing Something,” Says Billionaire Bitcoin Bear Ray Dalio

Bridgewater Associates founder Ray Dalio posted a series of tweets regarding Bitcoin fundamentals on Nov. 17 after being surprised to see BTC cross $17,000. Dalio acknowledged his bearish analyses might have been wrong, adding that he would “love to be corrected.” I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple… (1/5) — Ray Dalio (@RayDalio) November 17, 2020 Dalio has previously stated that Bitcoin is inferior to gold and ineffective as either a medium of exchange…