Bitcoin subreddit hits 2M subscribers following GameStop controversy

One of the most well-known online Bitcoin communities passed two million subscribers in a surge of activity on Friday, purportedly due to the media attention over the r/Wallstreetbets subreddit. According to the Metrics For Reddit analytics website, the subreddit r/Bitcoin has 2,184,941 subscribers at the time of publication, making it the 178th most popular subreddit among more than 100,000 active pages. The Bitcoin (BTC) subreddit hit the two million subscriber milestone on Friday, more than 18 months after reaching one million. Though much of the growth in the subreddit following…

Hedge fund behind shorting GameStop reports 53% loss in January

Melvin Capital started 2021 with $12.5 billion in assets before retail investors from Reddit caused the firm to lose billions on its GameStop short positions. According to a Wall Street Journal report, the hedge fund has a little more than $8 billion in assets at the end of January, which includes a $2.75 billion investment from Citadel and Point72 Asset Management earlier this month. This represents a 53% loss, according to people familiar with the firm. In the report, a client claims that Melvin has “massively de-risked” its investment portfolio…

BTC, ETH, UNI, ATOM, COMP

Over the past seven days, the crypto market saw an uptick in volatility as Bitcoin (BTC) and Dogecoin (DOGE) price rallied higher simply because of social media activity. In situations like these, traders who make their investment decisions based on emotions tend to incur heavy losses and this is exactly what happened last week. Dogecoin’s (DOGE) recent pump and dump caused several new traders who bought due to FOMO to lose money within a short time and this scenario is likely to play out again as social media groups have…

‘When alt season?’ eToro may have some answers

Investors who knew when to swap Bitcoin (BTC) and altcoins could have boosted their gains significantly in 2020, according to new research from eToro, the popular social trading platform. The challenge, of course, is pinpointing when the coveted alt season begins.  In its latest quarterly report, eToro breaks down various cryptocurrency investment themes related to the 2020 bull market. It also devotes an entire section to alt season – the part of the cryptocurrency market cycle where altcoins rally against the dollar and, possibly, outperform Bitcoin. The research found that…

The future of crypto trading will be omni-chain

It’s now virtually unarguable that decentralized finance is blockchain’s “killer use case.” Total value locked in DeFi grew by over 3,000% over the year leading up to January 2021. On the DApp Radar rankings, eight of the top 10 DApps on Ethereum are DeFi. Uniswap sees more users than any other application and is set to average $1 billion per day in trading volume for January. Given the challenges we see with centralized exchanges, the push toward DeFi is hardly surprising. Centralized platforms offer limited lending and staking opportunities, and…

Indian government looking to crack down on crypto scams with proposed ban: Cashaa CEO

Kumar Gaurav, founder and CEO of cryptocurrency exchange Cashaa, believes the Indian government’s latest efforts to regulate digital currencies are more of an attempt to prevent illicit activities in the industry rather than outright ban crypto. According to a bulletin released by the Parliament of India on Friday, the governing body will be considering a bill intended to “prohibit all private cryptocurrencies” while also creating a regulatory framework for a digital rupee issued by the Reserve Bank of India, or RBI. The central bank announced last week that it would…

Thanks Bitcoin, MicroStrategy stock is up 113% since being downgraded by Citigroup

On Dec. 8, 2020, Citigroup, one of the largest banks in the world, downgraded MicroStrategy’ss stock (MSTR). Since then, MSTR stock is up 113.27% from $289.45 to $617.31, as the price of Bitcoin (BTC) rallied. In the same period, the Citigroup stock has declined slightly by 0.63%, from $58.36 to $57.99. MicroStrategy stock vs. BTC and Nasdaq. Source: ecoinmetrics Why has MicroStrategy stock performed so strongly despite the downgrade? MicroStrategy has been investing its treasury holdings in Bitcoin, making BTC is treasury reserve asset. Currently, it is the biggest public…

Decentralized identity is the way to fighting data and privacy theft

Decentralized identity is a function of blockchain technology that delivers real-world benefits to users quickly and easily, allowing them to benefit from things such as easier logins, faster credit checks and an overall smoother online experience. The proliferation of websites, e-commerce hubs and social media platforms means we can all have a huge database of logins, passwords and usernames to remember. As these increase, the use of password managers has become commonplace (as has the use of one-time passwords and two-factor authentication) to effectively allow websites and services to double-check…

Bitcoin ‘ascendant’ as GameStop saga unfolds, Bitfinex CTO says

The sudden rise of stocks like GameStop (GME) have shined a positive light on Bitcoin (BTC), as more retail investors look to “rail against” the financial status quo, according to Bitfinex CTO Paolo Ardoino. Bitcoin’s price peaked north of $38,500 on Friday, just as U.S. stocks concluded their worst week of trading since October. The divergence between BTC and stocks was partly due to a massive short squeeze of institutional investors by a Reddit group called r/WallStreetBets. The Reddit buying frenzy was centered around GameStop, the video game and consumer…

Institutional demand for crypto isn’t subsiding, but impact will be gradual

For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region. However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for most crypto veterans that might have been another day at…