Saturday , July 31 2021
Home / Jordan Lyanchev

Jordan Lyanchev



Articles by Jordan Lyanchev

MicroStrategy to Buy More Bitcoin Despite Q2 Impairment Loss

22 hours ago

The NASDAQ-listed software giant MicroStrategy has seen a total impairment loss of nearly $700 million in Q2 2021 from its massive bitcoin investments. As this is only on paper, though, the company pledged to double down on its BTC strategy and continue to accumulate more.
MicroStrategy’s Q2 BTC Impairment Loss
Michael Saylor’s brainchild has become one of the largest holders of bitcoins, with over 105,000 coins accumulated in the span of a year. However, the substantial purchases completed during the second quarter of this year have resulted in a cumulative impairment loss of $689.6 million for the company, according to the Q2 report.
Despite the positive revenue during this period from the non-bitcoin products, the operating expenses, which “included impairment losses on

Read More »

Investing in Dogecoin Is Worse Than Gambling, Says Kevin O’Leary

1 day ago

Investing in a meme coin like Dogecoin is like putting your funds on red or black in a casino, said the popular investor – Kevin O’Leary. He went even further in a recent interview, indicating that it has no inherent value and should be classified as pure speculation.
O’Leary: Dogecoin is Pure Speculation
The meme token, which saw its birth in 2013, blossomed in popularity in 2021 as it received frequent social media engagements from Elon Musk at first and other celebrities later. As its price blew up to an all-time high of $0.75, though, some sounded a note of caution that it’s nothing more than a bubble, which was prone to burst soon.
Kevin O’Leary, the Canadian businessman, and author, possibly best known for his participation as one of the hosts in the reality TV show

Read More »

Binance Halts Derivatives Products for Users in Italy, Germany, and the Netherlands

1 day ago

The world’s leading cryptocurrency exchange has announced that it will cease providing futures and derivatives products in three European countries. Users from the Netherlands, Italy, and Germany have three months to close their positions.
According to an announcement from July 30th, customers from the aforementioned countries cannot open new futures accounts on Binance with “immediate effect.”
Those who already have registrations and have opened derivatives positions will have 90 days to close them.
This move is a part of the company’s longer-term strategy to “continually evaluate our products and work with our partners to meet our users’ needs.”
Moreover, the firm said this is just the start of winding down its futures and derivatives product offerings across the entire

Read More »

Bitcoin Spikes to 18-Day High, Crypto Market Cap Nears $1.5 Trillion (Market Watch)

6 days ago

The bulls have resumed control over the market in the past few days and have pushed bitcoin to a near three-week high at almost $35,000. The alternative coins have also benefited from these developments, with ETH closing down to $2,200 and DOGE sitting at $0.20.
Bitcoin Taps an 18-Day High
Ever since bitcoin bottomed at $29,200 on July 20th, the cryptocurrency has been on a roll. It bounced off immediately and reclaimed $30,000 in just a few hours.
Shortly after, more positive news from Elon Musk and Jack Dorsey emerged, which propelled significant gains in a relatively short period. The bulls kept on pushing north, and BTC added 15% of USD value in less than five days, as reported yesterday.
However, bitcoin’s leg up was not over yet, and it jumped further upwards to

Read More »

Bitcoin Hit a Weekly High Around $33K: Crypto Markets Gained $230B in 3 Days (Market Watch)

8 days ago

After charting a $3,000 surge in a day, BTC continued slightly upwards again in the past 24 hours and reached a weekly high at approximately $33,000. Most alternative coins are in the green as well, with ETH nearing $2,100 and Polkadot registering a 7% increase.
Bitcoin Touched $33K
After the Monday crash in which the primary cryptocurrency dumped below $30,000, the bulls have kept complete control over the market. They firstly pushed the asset above that coveted level before positive news coming from Elon Musk propelled another leg up.
As reported, the CEO of Tesla and SpaceX said he personally owns BTC, ETH, and DOGE, and two of the companies he runs also hold bitcoin. As a result, BTC went on a tear and exploded by more than $3,000 in just a day.
After a brief

Read More »

Celer’s cBridge Goes Live: Aims to Facilitate Cross-Chain Compatibility

9 days ago

Celer Network, the layer 2 scaling platform, has announced that its multi-chain network is live on the mainnet. Dubbed cBridge v1.0, it will enable users to transfer assets across several blockchain networks, including Ethereum, Binance Smart Chain, Polygon, and Arbitrum.
cBridge v1.0 Goes Live on Mainnet
The blockchain-based project announced its latest milestone in a press release shared with CryptoPotato. The statement informed that cBridge v1.0 aims to “tackle a few of the major challenges” in the DLT space that prevent protocols from “reaching a sustainable multi-chain and multi-layer-2- future.”
Namely, these are the “overly complex user experience” and the time and money investment required to transfer tokens between various chains and layers. With cBridge v1.0,

Read More »

Crypto Mining Company Core Scientific to Go Public on Nasdaq With a $4.3B Valuation

10 days ago

Core Scientific, a digital asset mining firm, aims to be the next company from the crypto space in line to become publicly traded at a $4.3 billion evaluation. Instead of an IPO, Core will merge with a SPAC called Power & Digital Infrastructure Acquisition Corp.
As reported on July 21st, Core Scientific, a crypto miner with operations in several US states, plans to go public on Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp – a special purpose acquisition company (SPAC).
After the deal, both parties’ estimated valuation should skyrocket to just over $4 billion.
However, the company has failed to provide more details about when precisely it aims to become public or what would be the ticker.
According to Darin Feinstein, co-founder and

Read More »

Mastercard and Circle Partner to Trial USDC Settlements

11 days ago

Circle, the blockchain company behind the second-most popular stablecoin USDC, has partnered with the US multinational financial services giant – Mastercard. Both parties aim to facilitate crypto-to-fiat conversions and test using USDC as a settlement option.
The partnership, announced by Circle on July 20th, will result in launching a pilot program that will assist both companies in a few endeavors.
Firstly, Mastercard will start employing USDC to “facilitate crypto-to-fiat conversations” and to expand the ability of issuers and digital asset businesses to spend their virtual currencies.
Another part of the testing will including using the popular stablecoin as a means for card issuers to “more easily settle payments to Mastercard, helping accelerate the world towards

Read More »

UBS Has No FOMO for Crypto as Asset Class Still Untested, Says CEO Ralph Hamers

11 days ago

Ralph Hamers, the CEO of the Swiss multinational investment bank UBS Group AG, has no FOMO towards the cryptocurrency industry. He feels his organization is not missing out on any potential gains from this “untested” market.
No Crypto Fomo: UBS CEO
Speaking to Bloomberg TV, Hamers outlined the success of the financial institution that he runs in the past year. While commenting on the bank’s earnings and the expansion to other nations, he received a question in regards to what are UBS’s plans towards the cryptocurrency industry.
More specifically, he was asked whether the giant banking institution feels any FOMO (fear of missing out) of potential gains which the digital asset market registered in the past year or so.
However, Hamers refused any such assumptions, saying that

Read More »

Polkadot Is the Only Blockchain Protocol Fitting the Revolutionary Bill: Interview With Parity

12 days ago

Polkadot is the only protocol that fits the bill of a blockchain project providing enhanced scalability, speed, security, and utilization, said Peter Mauric – the head of public affairs at Parity Technologies.
In an interview with CryptoPotato, Mauric outlined Polkadot’s advantages over Ethereum and spoke about the project’s parachains.
Polkadot Over Ethereum
Ever since the official launch of the network in 2020 – three years after the ICO – Polkadot, the sharded heterogeneous multichain protocol, has enjoyed a substantial increase in terms of adoption.
Aside from the price appreciation of DOT, its native token, the blockchain infrastructure became the home of countless cryptocurrency-related projects, including DeFi and stablecoins.
Peter Mauric, Parity. Image by

Read More »

Grayscale Launches a DeFi Fund Consisting of Uniswap (UNI), Aave (AAVE), and Compound (COMP)

12 days ago

Grayscale announced the release of its latest product called Decentralized Finance (DeFi) Fund to enable institutional investors to receive exposure to assets from that particular space. Some of the tokens represented in the fund will be Uniswap (UNI), Aave (AAVE), and Compound (COMP).
Launched in 2013, Grayscale has become the largest digital asset manager with nearly $30 billion of AUM as of now. While its flagship product tracks the performance of Bitcoin, the firm has launched numerous more funds for different digital assets.
The latest will focus on coins representing the decentralized finance space, as the company announced on July 19th.
As of July 1st, The Grayscale Decentralized Finance (DeFi) Fund consisted of ten tokens. Uniswap’s governance asset (UNI) had

Read More »

Bitcoin ETF in the US a Matter of When, Not If: Says Grayscale CEO

12 days ago

Although the US Securities and Exchange Commission has failed to approve even a single BTC ETF application, the Grayscale CEO believes it’s a matter of “when, not a matter of if.” In a recent interview, Michael Sonnenshein also outlined that the current price correction has allowed long-term investors to accumulate more portions.
BTC ETF: A Matter of When not if
The topic of Bitcoin ETF has surged in popularity lately as Brazil and Canada already have multiple such products available for investors. However, the most significant milestone remains open as the US – the world’s largest economy – is yet to approve its first one.
And, it’s not like there aren’t enough candidates – from VanEck to SkyBridge Capital even to Goldman Sachs – the applicants are filing quite

Read More »

Nearly 70% Would HODL Bitcoin if it Drops Below $3K: Twitter Poll

12 days ago

Nearly 70% of current bitcoin holders are prepared to endure a massive price crash that drives the asset to below $3,000, showed a recent poll conducted by VanEck’s Director of Digital Assets Strategy – Gabor Gurbacs.
HODLers Mentality Confirmed?
It’s safe to say that the price of bitcoin has suffered severely in the past three months or so. It was in late Q1 and early Q2 this year when the cryptocurrency was flying high, registering new records almost daily. It all culminated in mid-April when the asset reached its highest price line ever of $65,000.
However, the tides quickly changed following FUD started by Elon Musk and intensified by China. In fact, the Asian Superpower’s actions were even more vigorous this time, with a flat-out ban on BTC mining.
Consequently,

Read More »

The Longest Streak of Negative Mining Difficulty Adjustments in 10 Years for Bitcoin

13 days ago

Bitcoin’s network went through another negative mining adjustment in the past 24 hours, with a decrease of nearly 5%. With this one, the world’s largest blockchain has registered its worst streak of four consecutive difficulty declines for the first time in roughly ten years.
Four in a Row for Bitcoin
The BTC blockchain has the ability to readjust itself depending on the number of miners currently putting their computational devices to work. Essentially, the network either makes it harder or easier for them at every 2,016 blocks (approx. two weeks).
With the latest crackdown from China – the country responsible for the vast majority of the BTC hash rate – miners had to abdicated their business ventures. While they are looking for new places to settle in, the network

Read More »

Are Mike Tyson and Busta Rhymes Looking to Get Into Crypto?

13 days ago

Mike Tyson, one of the greatest boxers in history, has asked his millions of followers on Twitter if they prefer bitcoin or ether. This comes shortly after the popular rapper Busta Rhymes asked around for trustworthy sources for education about digital assets.
Iron Mike: Bitcoin or Ethereum?
The 55-year-old, considered by many as the greatest boxer of all time, took it to Twitter to see if his 5.6 million followers prefer BTC or ETH on Saturday. The thousands of answers vary from people urging him to stay away from the volatile nature of the cryptocurrency space to bitcoin maximalists highlighting only BTC as the correct option and more balanced views of “why not both.”
Just a few hours after Iron Mike posted his question, the prominent bitcoin bull Michael Saylor took the

Read More »

Bitcoin Amid $32K as Markets Await GBTC Unlock (Market Watch)

13 days ago

While BTC’s price continues to trade in a range of around $32,000, all eyes are on today’s largest GBTC unlocking of over 16,000 bitcoins.
On the other hand, some of the altcoins have bounced off since the recent price declines, with DOGE jumping by roughly 9% on a 24-hour scale.
All Eyes on GBTC Unlocking
After briefly exceeding $33,000 on Thursday, bitcoin started to retrace in value and lost about $2,000 in a day. The subsequent unsuccessful attempt by the bulls to recover some ground resulted in yet another drop – this time, the cryptocurrency reached its lowest price line in three weeks at $31,000.
The trading volume remained relatively low in the following days, and BTC has failed to reclaim most losses. It initiated a few sudden legs up and briefly surpassed $32,000

Read More »

Negative Sentiment on Crypto Twitter Peaks Again: History Shows This Could Be Bullish

14 days ago

With bitcoin’s price losing more than $3,000 in days and reaching a multi-week low, the crowd sentiment remains mostly negative, shows recent data. However, similar developments have turned out to be signals for local bottoms in the past, and the question remains if history is to repeat itself.
The Sentiment is Low, But Could That Be Good?
Bitcoin tried to break above $37,000 at the end of June, but it was quickly rejected and headed south in the following days. Despite the relatively positive start of July when BTC attempted another breakout, the asset has actually lost more than $5,000 of value since June and reached a three-week low earlier today.
Naturally, these adverse developments have affected investors’ general feelings and approach towards the primary

Read More »

Bitcoin Reached a 3-Week Low as ETH Dips Beneath $1,900 (Market Watch)

14 days ago

Aside from a brief spike of over $1,000, bitcoin’s struggles continue as the asset is still well below $32,000. The alternative coins have also lost some more steam, with ETH standing beneath $1,900 and BNB close to breaking below $300.
Bitcoin Dipped to a 3-Week Low
BTC’s hurdles continue ever since the asset failed to breach $35,000 earlier this week. The bears took control over the market at that point and kept pushing it south.
Initially, bitcoin decreased beneath $32,000. Despite bouncing off and reclaiming about a grand of value in the middle of the week, they kept the pressure on.
As a result, the cryptocurrency dropped yesterday to a critical level of $31,000. This became its lowest price point since June 27th.
At that time, though, reports emerged that Bank of

Read More »

Bank of America Reportedly Approves Bitcoin Futures Trading

15 days ago

After years of bashing Bitcoin, one of America’s largest banking establishments – Bank of America – seems to have completed its 180-turn. The organization has purportedly approved the trading of BTC futures.
Citing two sources familiar with the matter, CoinDesk reported that the Wall Street behemoth will enable some of its customers to trade BTC futures.
The plan to allow only a handful of clients to access the new service is because of the large amount of margin required to trade futures.
One of the sources went even further, indicating that some customers may have already started interacting with the primary cryptocurrency through BofA’s platform, which will use CME futures.
This development comes just a week after another report saying that the giant banking

Read More »

Three Months Later: Binance Shuts Down Stock Tokens Trading

15 days ago

Binance announced earlier on July 16th that it has “effective immediately” halted one of the most recently-released services – trading digital tokens representing equity stocks. This comes amid the exchange’s regulatory issues in numerous countries.
CryptoPotato reported in April 2021 when the leading cryptocurrency exchange added support for a new product enabling its users to interact with fully-backed digital tokens representing equity stocks.
After initially adding Tesla’s shares, Binance expanded its service with Coinbase – when it went public – and Apple, Microsoft, and MicroStrategy.
However, the company faced scrutiny in Germany as the country’s Financial Supervisory Authority raised concerns regarding the tokenized shares weeks after the launch.
Ultimately,

Read More »

Another DeFi Hack: THORChain Compromised With up to $7.6M Stolen

15 days ago

THORChain is the latest DeFi project to be exploited, with estimations showing that the hackers might have swooped up to $7.6 million in digital assets. The team behind the decentralized exchange promised to make whole all affected users and requested the perpetrators to contact them to discuss the return of funds.
THORChain highlighted the hack on Twitter earlier on July 16th. The amount stolen remains unconfirmed as the initial estimations showed that it was more than 13,000 ETH – worth roughly $25 million at today’s prices.
However, the team later updated with new numbers of 4,000 ETH (- about $7.6 million). At the same time, other estimations suggested that the amount is even less – approximately $6 million.
In the official Telegram account, THORChain explained that

Read More »

Jackson, Tennessee Looking into Adding BTC Payments for Taxes, Said the Mayor

15 days ago

Jackson, Tennessee, could soon implement BTC for property tax payments, according to the city’s mayor – Scott Conger. He made this statement shortly after bashing the US government for the unnecessary high inflation rates across the entire country.
Scott Conger, the mayor of Jackson, Tennessee, since 2019, took it to Twitter to indicate that the local blockchain task force is looking into how the city “can start property tax payments in bitcoin.”
Furthermore, he indicated that employees might be allowed to start purchasing BTC through the popular accumulation strategy – dollar-cost averaging. As previously reported, DCA enables investors to average their entry price without attempting to time the market.
Shortly before this, the mayor, who recently changed his Twitter

Read More »

Michael Saylor Says He’s Not Forced to Sell MicroStrategy’s Bitcoin No Matter What

16 days ago

In a recent interview for Natalie Brunell’s Coin Stories, MicroStrategy’s CEO also indicated that BTC is among the few assets fitting the criteria of potential upside movements by a factor of 100.
Saylor: No BTC Price Can Make Me Sell Bitcoin
It has been almost a year now since the man who founded and runs MicroStrategy announced the company’s first massive BTC purchase worth more than $200 million. In the following eleven months, the NASDAQ-listed business intelligence giant kept buying, owning more than 100,000 coins as of now, and Saylor became known as one of the most prominent bitcoin bulls.
In a recent interview with Natalie Brunell from Coin Stories, the executive spoke about the potential consequences for him and his firm if BTC fails to maintain its price above a

Read More »

Visa and Mastercard Maintain Support for Binance Amid Regulatory Issues

16 days ago

Although numerous banking organizations have restricted their users from interacting with Binance, Visa and Mastercard have reaffirmed their belief in the world’s largest crypto exchange.
With the growth of its services and popularity, Binance attracted regulatory scrutiny from various global watchdogs, as CryptoPotato explained recently.
While the exchange’s attempts to enhance its compliance requirements continue with the employment of new personnel, some financial organizations have halted doing business with it.
Those include a few European giants like Barclays and Santander. However, the US multinational financial services behemoths, Visa and Mastercard, have a more favorable approach.
According to a Financial Times report, Visa is in a “dialogue with Binance to

Read More »

ECB Confirms Plans to Work on a Digital Euro, Syas It Will Be Greener Than Bitcoin

17 days ago

The European Central Bank will start an investigation phase of a digital euro project, which will last 24 months after years of dabbling with the idea. The organization promised privacy protection and also lower energy consumption than Bitcoin.
Although the idea of a central bank digital currency has floated around for years, the ECB has never shown genuine interest in actually looking into it. In the past, bank officials, including President Christine Lagarde, have shared possibilities but never precise plans.
Now, though, the situation has changed. The institution announced earlier on July 14th that it has “decided to launch the investigation phase of a digital euro project,” which will go on for two years.
Within the testing period, the ECB’s research department will

Read More »

Buying Spree: The Top 10 Ethereum Wallets Now Own 20.58% of ETH’s Supply

17 days ago

The largest Ethereum whales have taken advantage of the recent slump of ETH’s price and bought more. As a result, the top ten wallets now own over 20% of the asset’s total supply, says on-chain data.
Top 10 ETH Accounts Own More Than 20% of Supply
By examining the behavior of the top ten largest ETH addresses, the analytics resource Santiment outlined their selling and accumulation phases in the past few months.
In fact, they had taken profits in mid-May as the asset’s price skyrocketed to its all-time high of around $4,400. At the time, those addresses had sold off some portions, and they were responsible for 18.46% of all ETH in circulation.
However, as the asset started retracing, they resumed buying once again. CryptoPotato has reported several massive purchases made

Read More »

$2.2 Trillion Asset Manager Buys 12% Stake in Michael Saylor’s MicroStrategy

18 days ago

A few weeks after the initial filing with the US Securities and Exchange Commission, Capital Group’s allocation in MicroStrategy has become official. The giant financial firm with over $2 trillion in AUM has bought nearly 1,000,000 shares in the business intelligence company holding more than 100,000 bitcoins on its balance sheet.
The financial services company based in Los Angeles, California, filed with the SEC in late June but Walter Burkley, the Senior Vice President at the firm, made it official on July 12th.
Consequently, Capital Group, through its private equity firm Capital International Investors, has purchased a 12.2% stake (953,242 shares) in MicroStrategy – the company founded and run by one of the most prominent Bitcoin bulls – Michael Saylor.
Thus, the

Read More »

BNY Mellon to Assist Grayscale in Converting the Bitcoin Trust into a BTC ETF

18 days ago

The world’s largest digital asset manager, Grayscale Investments, has partnered with America’s oldest bank BNY Mellon. As a result, the banking giant will provide the Grayscale Bitcoin Trust with fund accounting and administration starting later this year.
The announcement from Grayscale states that as of October 1st, 2021, BNY Mellon will become an official partner with several services oriented towards the company’s largest fund.
Namely, the oldest US bank will “provide the Grayscale Bitcoin Trust with fund accounting and administration.”
Additionally, the banking institution will assist the asset manager’s endeavors to covert the BTC Trust into an exchange-traded fund. Grayscale recently reaffirmed its plans to file with the SEC to have its own Bitcoin ETF.
BNY Mellon

Read More »

Regulations Could be Healthy for Crypto, Says Bitmain’s Former CEO Jihan Wu

18 days ago

Jihan Wu, the founder and former CEO of the crypto mining company Bitmain, believes regulations are necessary for the cryptocurrency industry. In fact, they could be beneficial for the space as it would isolate it from bad actors and fraudulent activities.
Wu: Crypto Regulations Are Healthy
The topic of implementing a legislative framework around the crypto market has become wildly discussed in the past year or so as prices blossomed to new highs. Global watchdogs have dabbled with various propositions, but most have failed to execute them so far.
Jihan Wu is among those who believe that the market could actually prosper even more once clear regulations go into effect. Speaking to CNBC, he classified the current regulatory pressure as “very healthy” as it could help with

Read More »

Estimated Daily USD Transaction Value on Bitcoin’s Network at a 6-Month Low

19 days ago

With bitcoin’s price correcting in the past few months, the usage of the network has also declined substantially. The estimated daily USD transaction value on the blockchain, the number of transactions, the on-chain activity, and miners’ revenue have all dropped since their respective peaks earlier this year.
Transaction Count and USD Value Drop
According to data from Blockchain.com, the daily confirmed transactions on the world’s largest blockchain have seen a massive nosedive since the start of the year. After the peak reached in January at over 400,000 and another boom in mid-April at above 350,000, the transactions slumped to below 200,000 in late June.
This became the metric’s lowest point in over three years, as the graph below demonstrates. The transaction count has

Read More »