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Pirate Weekly Meeting | 2.19.2020

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ETH Miners Start Selling Their Holdings As Sentiment Turns Bearish

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ETH miners start selling their holdings as the sentiment turned quite bearish on Twitter so can we expect an incoming correction? Let’s find out in today’s ethereum news.

The recent data revealed that ETH miners start selling significant ETH holdings after the latest price jump to $420. The Twitter sentiment turned bearish for the cryptocurrency after the price drop. Ethereum miners which are the lifeblood for the algorithm behind the Ethereum blockchain, have gained the most from the ongoing decentralized finance craze. They made a total of $166 million in fees in September which is a new monthly all-time high and about six times more than Bitcoin miners.

eth miners
ETH Miners Behavior. Source Santiment

As far as the balances go, they started accumulating bigger portions at the start of September as the graphs show. Apart from slight drops in holdings, the trend continued for a few days. However, the price of the second-biggest cryptocurrency surged to a 7-week high of $420 as miners started changing their minds. The data analytics company Santiment outlined the massive drop for the ETH miner holdings. The sell-off coincided with Ethereum’s price peak but the second-largest digital asset by market cap which lost some steam and trades now below $400.

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Ethereum Twitter Sentiment. Source Santiment

Despite being one of the best-performing assets since 2020 started, Santiment’s data suggested that ETH could be heading further south. Apart from miners depositing their ETH coins, the analytics companies say that the traders’ FOMO and the increased on-chain data activity that is visible recently, slowed down. The Twitter sentiment turned against Ethereum which was expected but the sentiment performs in correspondence with the price most of the time. When ETH dipped to about $300 the metric remained in negative territory for a few weeks consecutively.

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On the contrary, when ETH started pumping, the sentiment pumped as well. Now the trend reversed after a sharp spike but the analytics company concluded that since the sentiment flipped into bearish territory, the ETH token could be in for a few short-term price drops as well. As reported earlier, Ethereum is facing huge price movements as it is winding up for another shot of breaking the $420 level. The positive fundamentals for Ethereum are supporting the bulls in the near-term.

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Source: https://www.dcforecasts.com/ethereum-news/eth-miners-start-selling-their-holdings-as-sentiment-turns-bearish/

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IDEO CoLab Unleashes $21 Million Early Stage Crypto Fund

The venture fund has helped incubate more than 30 blockchain startups since 2018.

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In brief

  • IDEO CoLab Ventures is backed by IDEO, Avanta Ventures, GS Group, Hansha Asset Management, and Fineqia.
  • The venture capital fund sees crypto and blockchain as a key driver of societal change.
  • IDEO CoLab Ventures has already invested in Braintrust, Handshake, and FalconX.

IDEO CoLab Ventures, which has been investing in blockchain firms since 2018, has announced a $21 million fund specifically for early stage crypto firms. So far, the fund has invested in and helped incubate more than 30 crypto and blockchain startups. 

IDEO CoLab Ventures is backed by design company IDEO as well as GS Group, Hansha Asset Management, Fineqia International, and Avanta Ventures (the venture capital arm of CSAA Insurance Group). Executives from Coinbase, Twitter, and Fortress have also signed on.

“Our deep capabilities in design, product development and blockchain technology enable us to attract world-class entrepreneurs and startups from around the world,” Ian Lee, managing director of IDEO CoLab Ventures, said in an announcement

“This has led to unparalleled investment opportunities and the chance to collaborate with some of the world’s best founders and companies on the development of this important technology and the businesses that are being built on it.”

IDEO has helped incubate firms with a range of services, including product, design, and customer research. IDEO CoLab Ventures investments have included Braintrust, a user-controlled talent network; Handshake, a decentralized naming and certificate authority; and FalconX, a digital asset trading platform. 

It’s looking to back blockchain and crypto projects focused on developing Web 3 infrastructure, open finance products, and innovative networks and marketplaces.

“We’ve had a longstanding partnership with IDEO CoLab, collaborating on investments and a blockchain solution for insurance verification,” Debbie Brackeen, executive vice president and chief strategy and innovation officer at CSAA Insurance said in the Medium post. 

“Blockchain is a disruptive technology that will affect many industries, and we’re excited to continue our partnership with IDEO CoLab Ventures who is at the forefront of this important work.”

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How to use a Bitcoin ATM in 2020?

Bitcoin ATMs are the new trend in 2020. ATMs allow Bitcoin to fiat withdrawal and more. ATMs also allow Bitcoin buy and sell options. With digital currency on the rise, the need for automated teller machines (ATM) is a mandatory requirement of consumers. Currently concentrated in the North American region, more and more countries are […]

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How to use a Bitcoin ATM in 2020? | Cryptopolitan

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  • Bitcoin ATMs are the new trend in 2020.
  • ATMs allow Bitcoin to fiat withdrawal and more.
  • ATMs also allow Bitcoin buy and sell options.

With digital currency on the rise, the need for automated teller machines (ATM) is a mandatory requirement of consumers. Currently concentrated in the North American region, more and more countries are joining the bandwagon. Very much similar to regular ATMs, Bitcoin versions enable buying, selling, and sometimes exchange into other currencies as well.

Bitcoin ATMs offer a regulated platform ensuring FinCen (Financial Crimes Enforcement Network) required compliance of adhering to KYC (know-your-customer) and AML (anti-money-laundering) laws. It drives away the volatility usually associated with cryptocurrency and provides users with high-end security of confidential data and digital assets with minimum obligations as compared to digital exchanges that make users go through meticulous procedures for simple transactions. There are about 56 manufacturers with working ATMs installed across the globe.

How to use a Bitcoin ATM?

Purchasing Bitcoins through ATM is a fairly easy process of entering one’s registered mobile number following by entering the authentication code received via SMS and finalizing the transaction by scanning the QRcode on the soft wallet in the mobile app.

Bitcoin wallet that includes a confidential key (Bitcoin address) is what one needs to transfer Bitcoins through Bitcoin ATMs. Options of hardware and software wallets are readily available using which bought crypto funds are transferred to preferred recipients.

Trading away Bitcoins is just as simple as buying them. Selecting the sell Bitcoin option on the Bitcoin ATM followed by entering the registered mobile number followed by scanning one’s ID and take it forward by mentioning the amount of BTC you want to sell. 

You are halfway thereby scanning the QR code and receiving a message confirming the receipt of the entered amount by the ATM. Finally, navigate through the redeem ticket option and pickup conventional currency against the digital ones sold.

It’s a bit of a process but that also goes for the regular ATM machines too. Nevertheless it is well suited to new players in the field.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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