Black Thursday

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$30M MakerDAO ‘Black Thursday’ lawsuit sent to arbitration

A class-action lawsuit accusing MakerDAO of misrepresenting the risks associated with its DAI stablecoin has been stayed pending arbitration proceedings. A court has agreed with the Maker Ecosystem Growth Foundation that a class-action lawsuit over its ‘Black Thursday’ meltdown should enter into arbitration proceedings. The Maker Foundation filed this motion to compel arbitration in response a lawsuit filed by MakerDAO user Peter Johnson in April after he suffered six-figure losses as a result of the protocol becoming undercollateralized in March. In a September 25 order, Judge Maxine Chesney found that the American Arbitration Association must determine whether Johnson’s claims fall…

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Sunday, Monday, or Friday – When does Bitcoin’s price deviate the most?

Sunday, Monday, or Friday – When does Bitcoin’s price deviate the most?

Everybody has a favorite day of the week. For the workaholics, it’s Monday, for the weekend warriors, it’s Sunday, and for everyone else, it’s Friday.  Well, not really, but you get the point. There’s a day of the week for all of us. But, is there a day of the week for Bitcoin? It’s been […] The post Sunday, Monday, or Friday – When does Bitcoin’s price deviate the most? appeared first on AMBCrypto.

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Makerdao Vote to Not Compensate Black Thursday Victims Receives Harsh Criticism

Makerdao Vote to Not Compensate Black Thursday Victims Receives Harsh Criticism

Large Makerdao holders decided not to compensate the victims that were liquidated during the unexpected flash crash that took place on March 12, otherwise known as ‘Black Thursday.’ An aggregate total of 38 votes was cast and more than 65% of the governance portal participants voted for zero compensation. The day after March 12, otherwise known as ‘Black Thursday,’ the Makerdao project made headlines after between $4 to $6 million worth of the stablecoin DAI was left underwater due to an auction failure. A vote held this Tuesday indicates that the Makerdao project doesn’t plan to compensate any of the…

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2020 so far: How has Bitcoin’s price fared?

2020 so far: How has Bitcoin’s price fared?

Volatility is a given in the Bitcoin market, but nowadays, it’s a given in every market. Let’s face it – 2020 hasn’t been a good year for a lot of things, least of all the financial markets. With stock markets hitting record-lows, inflation only likely to rise from here, and investors puzzled with all that’s happening, the volatility of 2020 has not helped anyone. However, what it has shown is that volatility is not just a facet of the crypto-markets, but every market out there. Bitcoin began the year at $7,200, dropped to a low of $3,800, jumped to a…

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Keiser Insists ‘Bitcoin Inversely Correlated To USD Not Stock Markets’ After Crypto Market Tumble

Reports that global banking giants helped criminals launder money for close to two decades helped spark the crash of global stock markets on Monday, September 21. Also tumbling in tandem with stocks were cryptocurrencies thus leading to renewed concerns that digital assets are intertwined with the global financial system. However, these concerns are dismissed by Max Keiser, a bitcoin pioneer and a Wall Street analyst who insists that bitcoin behaves differently. Keiser’s latest comments about bitcoin were prompted by remarks made by one Twitter user who questions the commonly held view that cryptocurrencies are immune from the global financial system.…

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Does Bitcoin’s ‘buy today, sell tomorrow’ strategy always work?

Does Bitcoin’s ‘buy today, sell tomorrow’ strategy always work?

To the investment world, Bitcoin just doesn’t make sense. An asset with no financials, no quarterly earnings reports, no management to speak for it on investor calls, no valuations, no annual report, no head office, nothing. How does one value something like this in order to invest in it? There’s a simple answer – They don’t.  Bitcoin is more or less seen as an asset of the future. And for an asset of the future, you don’t look at present fundamentals, not just because there are none, but because you can’t evaluate it correctly. For this reason and more, Bitcoin…

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Bitcoin’s uptrend is only beginning and here’s proof

Bitcoin’s uptrend is only beginning and here’s proof

In the cryptocurrency world, every sign is a bullish sign. From China getting into blockchain, to Facebook launching its own cryptocurrency, to Donald Trump tweeting about Bitcoin, nearly everything can be construed to be a sign of the upcoming bull run. Needless to say, not all of these signs actually have any backing behind it. When everything is a sign of a bull run, well, nothing is. However, looking at the actual price of Bitcoin against its previous trend, one can find signals that are worth their salt. Even if these signals aren’t flushed with ‘Bitcoin to the moon,’ they…

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Here’s why spot traders should care about BitMEX’s $264M sell liquidations

Here’s why spot traders should care about BitMEX’s $264M sell liquidations

Bitcoin’s recent price action triggered a cascade of sell liquidations on BitMEX. In fact, a total of $264 million sell orders were liquidated following Bitcoin’s price drop below $11,500. Interestingly, the U.S stock market also suffered a similar fate. However, perhaps the reactions of traders on derivatives exchanges are most important since those reactions influence the price on spot exchanges. Significant liquidations on derivatives exchanges happen in times of high volatility. The last time such an event transpired was back on 12 March, a time when the price of Bitcoin on spot exchanges dropped by over 50%. At the time,…

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Bitcoin: Should you be worried about another March-style crash?

Bitcoin: Should you be worried about another March-style crash?

After Bitcoin dipped by a total of 6.25% between Tuesday and Wednesday, liquidations worth $50 million were spotted. Although this drop is small compared to the drop on August 2nd, there might be fears of a price crash. Perhaps, in a fashion similar to the March crash, that wiped out bitcoin’s price by more than 50%, this crash caused widespread panic, cascading liquidations that reached as much as $1 billion. On the miner’s side, it caused the shutdown of many farmers which resulted in a stark decrease in the hashrate of Bitcoin, which eventually led to the difficulty adjustments. Suffice…

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Report: Bitcoin Untied from the Economic Cycle, ‘Largely Uncorrelated to Other Asset Classes’

Report: Bitcoin Untied from the Economic Cycle, ‘Largely Uncorrelated to Other Asset Classes’

On Tuesday, Coinshares Investment strategist James Butterfill published a report which shows that bitcoin is a unique asset, but is “largely uncorrelated to other asset classes” like commodities and traditional stocks. Coinshares Investment strategist James Butterfill published a new report on August 18 that shows bitcoin (BTC) is establishing itself as an investment store of value. Butterfill’s report notes that BTC is “less correlated to the economic cycle” and the crypto asset is uncorrelated to other asset classes in the investment world. One of the trends highlighted is how investors holding BTC for one year or longer jumped from 30%…

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Bitcoin’s price surge has depleted long-term hodlings

Bitcoin’s price surge has depleted long-term hodlings

A week ago, Bitcoin dropped by 8 percent in an hour, minutes after it surged over $12,000 for the first time in 14 months. On August 2, between 0400 to 0500 UTC dropped from $12,000 to under $11,000 and considering the history of the cryptocurrency markets, this bleeding was pegged to continue. Quite surprisingly, not only did the price drop cede but in the week since the price has held strong, which has opened up a selling opportunity for investors.  With the price holding above $11,000 in the day after the crash and slowly moving above, two things have happened…

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Bitcoin Exchange Reserves Drop to a 12-Month Low Fueling Bullish Optimism

Bitcoin Exchange Reserves Drop to a 12-Month Low Fueling Bullish Optimism

The number of bitcoin held on exchanges has touched a 12-month low, as bitcoin exchange balances have reached levels not seen since June 2019. According to onchain statistics, there’s more than 2.6 million BTC held on global trading platforms worldwide. Data from a number of sources show that the bitcoin (BTC) held on exchanges has dropped to a low not seen in over a year. This statistic gives crypto proponents bullish optimism, as the last time BTC exchange balances were this low the price of bitcoin (BTC) jumped very close to the $13k range last summer. As of July 30,…

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93% of Bitcoin’s Supply Profitable at $11K, ‘Realized Price’ Recovers from Black Thursday

93% of Bitcoin’s Supply Profitable at $11K, ‘Realized Price’ Recovers from Black Thursday

Onchain data shows that bitcoin’s breakout above $11,000 puts 93% of the circulating supply in a state of profit. Additionally, seven-day metrics show that bitcoin’s “realized price” has recovered from the low that took place on March 12. The research and analysis firm Glassnode revealed that when the price of bitcoin (BTC) is over the $11,000 range, 93% of bitcoin in circulation becomes profitable. At the time of publication, BTC has been struggling to hold that momentum as the price has shifted below the $11k range a couple of times on Tuesday. The spike on Tuesday led to a decent…

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Top 5 Swiss Bank’s Profits up 34% After Bitcoin Integration

Top 5 Swiss Bank’s Profits up 34% After Bitcoin Integration

Julius Baer, one amongst the above-mentioned top-five Swiss bank, recorded its net profit upsurge by 34% in the first half-yearly of 2020 which accords with the bank’s introduction of a supervisory provision for digital assets like Bitcoin (BTC) in January, the same time span in which it initiated offering digital assets like Bitcoin to its clients. Julius Baer Group, manages $427 billion in assets, proclaimed on July 20 that its revenue amplified by $524 million in the last 2 quarters. The bank was mostly furthered from an escalation in trade revenues all over the U.S. and Europe. Overall surge in…

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