Connect with us
BitStarz

Bitcoin

Billionaires Are Buying Bitcoin, And Not From Where You Expect

Published

on

Why Bitcoin Is Still The Leading Cryptocurrency When It Comes To Cryptocurrency Trading

When it comes to trading cryptos, many people turn to exchanges for buying and selling digital assets. However, a new form of the crypto market seems to be emerging from the entertaining scenes of the arts industry. In fact, this new trading method, introduced by one Eleesa Dadiani, seems to be attracting the biggest fish in the tank – the billionaires.

It’s A Syndicate

Dadiani is an art dealer and has an office down in Mayfair where she runs the Dadiani Fine Art. A few years ago, Dadiani dabbled into cryptocurrencies and eventually started trying to meet her investors’ demand for trading fine art using Bitcoin. That’s how the Dadiani Syndicate was born.

Eleesa Dadiani now runs Dadiani Fine Art and the Dadiani Syndicate under one roof. Sometime last year, she partnered with a blockchain company, the Maecenas Fine Art, to facilitate crypto cashouts. Soon, the syndicate started receiving requests from wealthy people to facilitate the accumulation of digital assets, primarily Bitcoin.

They’re Buying  25% Of The Bitcoin Market

According to Eleesa, the Dadiani Syndicate has received a request from a billionaire who wants to buy as much as 25% of the total Bitcoin supply. That’s about 4.5 million Bitcoins worth over $38 billion. It’s notable that about the same amount of Bitcoins is currently assumed to have been lost. That makes the 4.5 million Bitcoins quite a huge chunk of the total circulating supply.

Avoid Exchanges

Obviously, such a large purchase would most likely upset the market if done through other channels like exchanges. That’s why Dadiani’s company and its clients avoid exchanges and opt for one-on-one (P2P) trading instead. The company’s job is to link the buyer to the seller and get a commission from the trade. The Dadiani Syndicate is currently on its 4th trade running into millions of dollars, with numerous transactions happening every day.

Bitcoin

Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals

Published

on

Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals

The recent price upheaval seen in cryptocurrencies has been the hot topic in the cryptocurrency community. Crypto traders and investors have had a rough couple of days as this volatile market keeps shifting by the day.

At press time though, most cryptocurrencies, led by bitcoin seem to have struck a purple patch as they are recording small gains over the last 24 hours.

However, at the University of Cambridge, a certain group of researchers have been busy developing an index that computes the amount of electricity used by the bitcoin network.

This online tool indicates that the bitcoin network consumes more electricity than Switzerland. This revelation has left many in shock. 

It is not the first time we’ve heard bitcoin and Switzerland in the same sentence. Not so long ago, a lot of conversations have sprung up concerning the correlation between the price of bitcoin and Swiss franc, Switzerland’s fiat currency. Now with the ongoing economic uncertainties, bitcoin has been recognized as a safe haven by investors alongside Swiss franc.

Bitcoin’s Energy Consumption Exceeds That of An Entire Nation

This time around, the conversation is centered on bitcoin’s electricity consumption. This research was prompted by concerns over the impact of bitcoin mining on the environment.

Cambridge Centre for Alternative Finance at the University of Cambridge developed an index known as Cambridge Bitcoin Electricity Consumption Index (CBECI) to calculate the amount of electricity that powers bitcoin in real-time then calculating annual power usage.

Continue Reading

Bitcoin

The Crypto Whale that Triggered an 8.5% Dip in Bitcoin (BTC) Prices

Published

on

A Bitfinex investor staked a 20,000 bitcoins short order and gambled that BTC prices would slide in the near term. Within a fortnight, the BTC price dropped to $10, 765 from a whopping $11,900. After a span of a few hours, the valuation of the crypto market fell by over $20 billion.

Market experts have been wondering whether a quick upward recovery is even possible. Some analysts, like the incredible – Josh Rager were quite skeptical if the price of BTC went below $11, 500. Below this point could prompt even a further drop from $10, 000.

Whale movements seem to be key influencers in the price movements of crypto markets. Where the effect on the market is not rapid sales of crypto assets (Let’s say BTC); the trivial effect is maybe a dip in the prices and market capitalization.

Minor corrections of Bitcoin markets has resulted in the declining power of top crypto assets against the pair of BTC/USD. Litecoin had recorded a 5% rise against the U.S dollar during the weekend but has dropped by 5%. Other crypto assets that have slid by an average of more than 5% include, Ethereum, EOS, Bitcoin cash, and Binance Coin.

Experts predict the 8.5% BTC drop was a result of technical factors. The large short contract created panic among many retail investors. As a result, they end up selling their assets and pulling down the market. It was such an abrupt drop, however, experts believe a bullish fundamental catalyst still exists around the market. This bullish expectation, they predict could improve sentiments within crypto markets. 

Analysts identified  a generally positive trend for BTC from factors such as; 

  • Opening of trading venues such as Bakkt and Fidelity in the second quarter of 2019
  • The gradual increase in retail investment
  • Rising institutional interest

Short term traders are however skeptical and remain wary of the declining trend of bitcoin prices. An extended correction of market insights forecast that crypto assets tend to follow the bitcoin movement. Therefore, illustrating intensified markets moving both to the upside and the downside.

However, some traders are very optimistic and have spotted positive medium-term indicators in the monthly BTC trend. Despite the fact, investors did not expect an abrupt pullback in the magnitude of 8.5%. Investors have faith that pullbacks are quite necessary for the stabilizing of crypto market foundations.

Continue Reading

Trending