Bitcoin Recovers As Institutions Return Inflows, Bitcoin Crash Won’t Last – Anthony Scaramucci
After another rough start to the week, drop to six-month low is $33k, Bitcoin is finally starting to recover. Up 4% in the last 24 hours, the price of Bitcoin hit an intraday high of $38k. Bitcoin is currently trading at $37,816 as of the time of this writing.
24-hour price chart for Bitcoin (BTC). The source: Tradingview
Bitcoin’s The price increase coincided with a rejuvenating interest in the asset from both institutional and retail investors. After 5 weeks of outflows, leaving $317 million out of Bitcoin, Bitcoin has now recorded an outflow in the first week of 2022, as investors pumped $14 million into the cryptocurrency.
Confirming the stance of many institutional investors, SkyBridge Capital Founder Anthony Scaramucci has advised investors to “take a cold pill” and hold onto bitcoin. Scaramucci says buyers need to look at the bigger picture and assume the current unhappiness won’t last.
Investors’ renewed interest in Bitcoin confirms their long-term commitment to the asset, as global crypto assets under management (AUM) hold steady above $50 billion.
Ripple achieves $15 billion valuation amid stock buybacks
Ripple, the company behind the cross-border payment cryptocurrency XRP, has announced that it is buying back equity shares from investors in its Series C round. Following the conclusion of an individual share buyback, the company announced $15 billion valuation.
Ripple wrote;
“The acquisition puts Ripple’s new valuation at $15 billion and reflects Ripple’s strong position in the market and global corporate dynamics. Ripple’s global business has grown exponentially, and 2021 is the company’s best year to date.”
Despite the ongoing legal battle with the SEC, Ripple remains optimistic about its crypto project. According to the company, XRP is in a good position after seeing transactions on its RippleNet platform double by 2021. The optimistic project has also signed Bhutan and Palau as CBDC clients.
Ripple remains one of the most promising crypto projects today, bringing crypto services like liquidity to banks and businesses.
Mark Zuckerberg is considering selling Diem’s property to return capital to investors
Diem, originally called Libra, is an ambitious Meta-backed stablecoin first announced in June 2019 when the company was still Facebook. Despite being supported by Meta, the managers have criticized many projects.
At the time, Meta partnered with Silvergate Bank with the intention of potentially issuing a stablecoin Diem USD. However, after failing to get the Fed’s approval despite numerous attempts and rebranding, Mr. Diem’s project now appears to have failed.
According to news, the Association of Fringe is planning to sell the project’s assets to return money to investors. Diem is said to be negotiating with investment bankers to determine how best to sell his intellectual property and remaining assets.
While Diem gave little explanation for the entities that originally invested in the project, it listed top VCs like Andreessen Horowitz, Union Square Ventures, Ribbit Capital and Thrive Capital among them. It is currently looking to sell its assets and raise money to return capital to these investment members.
Diem’s fate is a humbling demonstration of how influential regulators can be on the failure or success of a cryptocurrency project.
OpenSea Considering Solana Network Support and Phantom Wallet Integration?
As a pioneer of the technology, markets primarily use Ethereum for the purpose of buying and selling non-fungible tokens (NFTs). However, rising fees on the network have seen Ethereum dominance drop as collectors move to cheaper networks like Solana.
Cryptocurrency Blogger Wong recently shared screenshots depicting hidden features on Opensea, world’s largest NFT marketplace, integrating Solana and hidden wallet login for Phantom. Wong tweeted;
Wong explains that she found references to Solana while reverse engineering OpenSea’s website. While OpenSea has not officially commented on the report, the platform’s official Twitter account did comment below Wong’s post.
OpenSea has also tagged the blogger and the official Phantom wallet account. However, a representative of the NFT market dismissed the rumor as “old speculation”, insisting that OpenSea would only comment “if or when we have something to say.”
Adding support for Solana will give NFT collectors additional options when purchasing digital work, and at a fee that may be cheaper at the time.
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