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The OKEx Saga: All You Need To Know 24 Hours Later

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  • The drama around OKEx started on Friday when news broke that the popular exchange had suspended all withdrawals from the platform. 
  • Almost immediately, the cryptocurrency market reacted with price drops. Bitcoin lost about $350 in a few hours. 
  • Shortly after, reports emerged that OKEx co-founder Xu Mingxing was taken by police officers over a week ago and hadn’t returned to work yet. 
  • CryptoPotato reached out to OKEx for comments, and a company spokeswoman asserted that Mingxing is not affiliated with the exchange anymore. As such, they couldn’t comment on any alleged developments.
  • OKEx CEO Jay Hao reassured users that all funds on the exchange are safe. Furthermore, Hao noted that all other activities besides withdrawals were still operational. Those included trading, derivatives, staking, and deposits.
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  • The cryptocurrency monitoring resource Whale Alert found a few transactions tracking hundreds of millions of dollars in BTC supposedly transferred from OKEx to Binance. 
  • However, OKEx published another update hours ago refuting the claims. It reads that the company’s wallet team “has confirmed that the origin wallet addresses in said transactions do not belong to OKEx.”
  • The chief economist of the blockchain analytics company Chainalysis reaffirmed OKEx’s statement. He called the Whale Alert claims “mislabeled” as they were not transfers from OKEx to Binance. 
  • In its latest statement, OKEx apologized for any inconvenience to its users and said that “we will resume digital asset withdrawals as soon as we’ve determined that all security requirements have been met.”
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Source: https://cryptopotato.com/the-okex-saga-what-you-need-to-know-24-hours-later/

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Has Binance Coin paved for itself a profitable position?

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While Binance is slowing becoming one of the most important names in the cryptocurrency industry, its native token, Binance Coin, is also gaining a lot of traction and interest this year. One of the market’s top performers in 2020, Binance Coin has flipped its objective as just an alternative to avoid transaction fees.

Source: BNB/USD on Trading View

Binance Coin, since 1 January 2020, has noted an impressive growth rate of 127%. However, if calculated from the bottom on 13 March, the ascent is as significant as $377.8%. That is extremely impressive for a token that is exchange-centric. After recording an ATH of $33.38 last month, it is fair to say that it might be on its way to another high, before the end of 2020.

Source: Coinstats

While the crypto-asset has done well on its own, its presence is slowly being felt by the rest of the space too. In fact, BNB’s on-chain metrics are indicative of its correlation with the rest of the market, including Bitcoin.

Image

Source: Twitter

According to Santiment, BNB’s active addresses recently registered an uptick, following which, assets correlated to BNB exhibited a bullish rally. Bitcoin is one of the prime examples, and the interesting thing is such a correlation is not limited to one year alone.

The attached chart dates back to the start of April 2019, and a prominent spike in BTC’s prices was correlated with a rise in BNB’s daily active addresses. According to Santiment,

These DAA activity rises often foreshadow BTC price rises.”

Why are Bitcoin and BNB increasingly getting correlated?

Stemming down to the most technical reason, it is possibly due to Binance Coin’s quarterly burning. When Binance Coin was first launched, its supply was 200 million. At the moment, it is close to 150 million. Only last week, BNB concluded its 13th quarterly burn, wherein a total of 2,253,888 BNBs worth close to $68 million were burned.

The burning process will be followed until the total supply gets to 100 million, largely drawing parallels to Bitcoin’s own scarcity functionality.

While 100 million for BNB and 21 million for BTC is still quite off in terms of supply, the market cap is expected to be closer in the future, as BNB’s price rises.

Bottom line, “by reducing the number of tokens in circulation, the value of the remaining tokens naturally goes up due to supply and demand economics (assuming the demand remains constant).” Both assets have largely followed the same logic.

Hence, the increasing correlation makes sense from a fundamental point of view.

That’s not all, however, as recent reports have indicated that traders are taking notice of BNB as Binance Coin has made its way into several notable portfolios in 2020. After Bitcoin and Ethereum, Binance Coin is the most picked crypto-asset this year, further verifying its growing presence in the industry. While the markets remain uncertain until the next rally, Binance Coin is putting itself in a profitable position.

Source: https://eng.ambcrypto.com/binance-coin-profitable-position

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Buying Bitcoin Is Like Investing Early in Tech, Says Paul Tudor Jones

Hedge fund icon Paul Tudor Jones is gaining confidence in Bitcoin. While he’s no “Bitcoin flag bearer,” he believes the crypto asset has a long way to go.

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In brief

  • Billionaire investor Paul Tudor Jones sees Bitcoin as an attractive inflation hedge.
  • Jones’s comments come as Bitcoin reaches new yearly highs.
  • The investor added that Bitcoin growth is still only in the “first inning.”

Billionaire hedge fund manager Paul Tudor Jones is warming up to the rapidly evolving Bitcoin market.

In an interview with CNBC this morning, Jones said the crypto asset is an attractive hedge against inflation and spoke highly of the growing community of investors that have entered the space.

Jones, the founder of Tudor Investment Corp., told CNBC that we are still in the very early stages of the Bitcoin evolution, but after dipping his toe in the market earlier this year, he’s grown more comfortable in the space. 

“Bitcoin has a lot of the characteristics of being an early investor in a tech company, and I didn’t realize it until after unfortunately I came by your show and got besieged by God knows how many different people on bitcoin,” he said on CNBC’s Squawk Box. 

He said he has a small, single-digit investment in Bitcoin, adding that he is “not a bitcoin flag bearer,” but added that he has been surprised by the number of really smart, sophisticated people that believe in Bitcoin. 

He compared the potential of the Bitcoin market to investing in early tech, such as Apple during Steve Jobs’s tenure or early stage Google. 

“I’ve never had an inflation hedge where you have a kicker that you also have great intellectual capital behind it,” he said.

The price of Bitcoin has surged past the $13,000 mark for the first time this year, one day after PayPal announced that it would let users buy and sell the cryptocurrency on its mobile app. 

The price of Bitcoin is up about 275% since tanking in March during the market instability created by coronavirus outbreak surging in the U.S. 

“I like Bitcoin even more now than I did then,” he told CNBC. “I think we’re in the first inning of Bitcoin and it’s got a long way to go.”

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds

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As Bitcoin price recorded a new yearly high, most of the participants in a recent survey shared that they hold the majority of their holdings in Bitcoin rather than altcoins.

Bitcoin traders are basking in profit as October turns out to be a good month for BTC.

46% Of People Allocate More Than 50% To BTC

Crypto commentator and analyst Josh Rager took to Twitter to ask crypto users how much of their portfolio is allocated to Bitcoin. Voters had to choose from one of four options that best describe their portfolio.

The result of the poll was quite interesting. As much as 35% of traders revealed they dedicated less than 10% of their portfolio to the most valuable cryptocurrency. This category is bullish on altcoins and had the highest number of votes in the poll.josh_rager_poll

A total of 23.2% maintained that Bitcoin holds a significant percentage in their portfolio. According to the results, these people dedicate between 51% to 89% of their portfolio to Bitcoin.

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The third-highest category consists of Bitcoin maximalists who are very bullish on Bitcoin. These voters, which made up 22% of the poll result, said that 90 to 100% of their portfolio is allocated to the king coin.

Lastly, the fourth category, consisting of 18% of voters, said they allocate between 11 to 50% to BTC.

In other words, almost 46% of the respondents shared that they hold over half of their portfolio in Bitcoin rather than altcoins.

Bitcoins Hits $13,200, Altcoins Suffer

Elsewhere, altcoins have been experiencing terrible nightmares since last month. An earlier report suggested that Bitcoin’s fresh surge is crushing both altcoins’ prices and market dominance.

At the time of writing, Bitcoin has blasted through important resistance levels, reaching a fresh 2020 high of $13,217 on Binance. The cryptocurrency now holds a market dominance of about 61%.

Although the speculation around is the current surge is caused by money flowing from altcoins into Bitcoin, a fresh analysis debunked has debunked that. As CryptoPotato reported, Bitcoin’s rising value is likely caused by new money entering the crypto market.

Moreover, the latest surge seemed to be primed largely by the news that PayPal, the world’s largest online payment processor, will start allowing users to buy, sell, and hold Bitcoin and other cryptocurrencies.

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Source: https://cryptopotato.com/hodlers-most-crypto-investors-hold-majority-in-bitcoin-over-altcoins-survey-finds/

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