Mar 07 2024

Autoglyphs Set Fetches Record-Breaking $14.6 Million in Historic NFT Sale

A complete set of 10 Autoglyphs has been acquired for 5,000 ETH, equivalent to approximately $14.6 million. This sale marks the highest NFT sale in the past two years and stands as the fifth-largest purchase on-chain. The acquisition was made by a collector who, while preferring to remain anonymous, comes from a background deeply rooted in the traditional analog art scene. The collector plans to exhibit the works in museums and institutional settings in the future. The sale is one of the top NFT sales ever recorded onchain.

Source: Wayne Jones, 2024-02-21; https://cryptopotato.com/autoglyphs-set-fetches-record-breaking-14-6-million-in-historic-nft-sale/

Mar 07 2024

Bitcoin’s Plunge Sparks Massive Liquidation of Long Positions

In the past 24 hours, 51,553 traders were liquidated, the total liquidations coming in at $132.91 million. Bitcoin, of course, represented the largest share of the liquidations, with over $38.85 million worth of longs liquidated in the period. Coinglass also indicates that in the same 24-hour period, about $22 million of shorts was liquidated. This dramatic surge of liquidation follows a tumultuous rollercoaster ride in crypto prices. Bitcoin’s value soared its highest point in 18 months.

Source: Wayne Jones, 2023-11-04; https://cryptopotato.com/bitcoins-plunge-sparks-massive-liquidation-of-long-positions/

Mar 07 2024

‘Rich Dad Poor Dad’ Author Explains Why He Owns Bitcoin

Robert Kiyosaki, renowned for his book “Rich Dad Poor Dad,” is gaining attention for his strong endorsement of Bitcoin (BTC) The author positions Bitcoin as a key defense against what he perceives as systematic wealth erosion orchestrated by institutions such as the Federal Reserve, Treasury, and Wall Street bankers. He commended Bitcoin’s role as a more secure asset. He strongly criticized figures such as Federal Reserve Chairman Jerome Powell for their role in the erosion of wealth.

Source: Wayne Jones, 2024-02-01; https://cryptopotato.com/rich-dad-poor-dad-author-explains-why-he-owns-bitcoin/

Mar 07 2024

Bitcoin Plummets Back to $65,000 After New ATH, Over $670 Million In Liquidations

Bitcoin has descended back to $65,000 in a massive selloff following a brief wick above $69,000 on Tuesday. The sell-off has triggered over $670 million in crypto market liquidations – including $388 million in longs, and $286 million in shorts. “Large sellers use the anticipation of the moment to dump into a high liquidity moment,” Boyapati wrote in a . “Importantly the psychological wall is broken and true price discovery will eventually begin.”

Source: Andrew Throuvalas, 2024-03-06; https://cryptopotato.com/bitcoin-plummets-back-to-65000-after-new-ath-over-670-million-in-liquidations/

Mar 06 2024

New Emails Signal Progress as Mt. Gox Trustee Advances Bitcoin and Bitcoin Cash Repayments

The trustee overseeing the restitution process for the defunct crypto exchange, Mt. Gox, is making progress towards Bitcoin repayments. Recent reports indicate that the trustee has been actively engaging with creditors to validate their identities and verify the existence of their accounts. Numerous creditors have disclosed receiving updated emails from the exchange, signaling the completion of identity verification procedures for crypto exchange accounts slated for Bitcoin and Bitcoin Cash repayment. An email revealed that a crypto exchange referenced in the user’s rehabilitation claim has successfully confirmed account ownership with the trustee. As a result, the exchange is now gearing up to acknowledge the user’s subscription for agency receipt.

Source: Chayanika Deka, 2024-01-24; https://cryptopotato.com/new-emails-signal-progress-as-mt-gox-trustee-advances-bitcoin-and-bitcoin-cash-repayments/

Mar 06 2024

Tether (USDT) Records New Milestone, Hits $100B Market Cap

Tether (USDT), the largest stablecoin by market capitalization, continues its growth by reaching a new milestone of $100 billion. Tether’s new all-time high comes just two months after the digital asset surpassed the $90 billion mark. USDT started 2023 with a market cap hovering around $66.24 billion and ended the year with a record of $91.69 billion, showing a year-to-year increase of more than 35%. There is enough room for more growth given the current market conditions, and USDT could record unprecedented highs by the end of the year.

Source: Mandy Williams, 2024-03-05; https://cryptopotato.com/tether-usdt-records-new-milestone-hits-100b-market-cap/

Mar 06 2024

Grayscale Bitcoin Trust’s (GBTC) Market Share Drops to 30%: Kaiko

Between January 11-21, the Grayscale Bitcoin Trust (GBTC) dominated the spot ETF market, commanding over 50% of trade volumes. However, recent data by Kaiko revealed a significant decline in its share, dropping to approximately 30% last week. Since the introduction of spot Bitcoin ETFs earlier this year, GBTC has experienced substantial outflows, resulting in its AUM (Assets Under Management) decreasing to $23.7 billion as of Thursday.Grayscale notably set the management fee for its converted ETF at 1.50%, surpassing the fees of its nine rival players by more than one percentage point, or 100 basis points.

Source: Chayanika Deka, 2024-02-16; https://cryptopotato.com/grayscale-bitcoin-trusts-gbtc-market-share-drops-to-30-kaiko/

Mar 06 2024

South Korea With a Clever Way to Collect Crypto Taxes: And It’s Paying Off

In 2023, Gyeonggi Province, the most populous province in South Korea, collected millions of dollars from tax evaders by tracking their crypto assets on several centralized exchanges. According to a by local media Yonhap News Agency, the G Yeonggi Tax Justice Department accrued 6.2 billion won ($4.67 million) in undeclared taxes from evaders. The new management system has reduced the time of the process to approximately 15 days. Authorities use the resident registration num num num.

Source: Mandy Williams, 2024-02-23; https://cryptopotato.com/south-korea-with-a-clever-way-to-collect-crypto-taxes-and-its-paying-off/

Mar 05 2024

Massive Bitcoin Price Prediction by Pantera but BTC Maxis Won’t Like It

Pantera predicts a potentially strong uptrend in crypto spanning 18 to 24 months. Institutional adoption is gaining momentum following the introduction of the spot Bitcoin ETF in January. The hedge fund projected that if decentralized finance (DeFi) on Bitcoin reaches proportions similar to Ethereum’s, the total value of DeFi applications could reach $225 billion, constituting 25% of Bitcoin’s market cap. Pantera suggested that the leading DeFi application on Bitcoin could eventually reach a valua of $450 billion.

Source: Chayanika Deka, 2024-02-23; https://cryptopotato.com/massive-bitcoin-price-prediction-by-pantera-but-btc-maxis-wont-like-it/

Mar 05 2024

Bitcoin ETFs Could Grow Larger Than Gold ETFs Within Two Years: Bloomberg

Bloomberg analysts say Bitcoin could become larger investment vehicles than gold ETFs in under 24 months. Bitcoin ETFs have absorbed over $5 billion of inflows following their launch last month. Gold funds have suffered $3.6 billion of net outflows since January 11. According to data from VettaFi, BitcoinETFs held over $37.3 billion in assets as of Friday. By comparison, goldETFs hold roughly $88 billion, most of which is held by the SPDR Gold Shares (GLD)

Source: Andrew Throuvalas, 2024-02-27; https://cryptopotato.com/bitcoin-etfs-could-grow-larger-than-gold-etfs-within-two-years-bloomberg/