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The New York-based multinational investment management corporation Blackrock has filed an application with the Securities and Exchange Commission (SEC) for a blockchain tech exchange-traded fund (ETF). The Ishares blockchain tech ETF aims to track the Intercontinental Exchange (ICE) index called the Factset Global Blockchain Technologies Index.

Blackrock Files to Launch a Blockchain ETF

The investment firm with $10 trillion in assets under management (AUM) as of January 2022, Blackrock, hopes to launch an exchange-traded fund (ETF) called the Ishares blockchain tech ETF. That’s according to a SEC filing submitted by Blackrock which says the fund will track the ICE index called the NYSE Factset Global Blockchain Technologies Index (NYFSBLC).

According to documents, NYFSBLC was initiated on December 31, 2021. Blackrock’s ETF filing investment objective says the “Ishares Blockchain and Tech ETF seeks to track the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies.”

Blackrock’s ETF Lead Salim Ramji Mentioned the Blockchain Fund Last Year

The Ishares ETF will include blockchain tech such as “cryptocurrency mining,” “cryptocurrency trading and exchanges,” and “crypto-mining systems.” The ETF filing follows the CEO of Blackrock, Larry Fink’s opinion about bitcoin (BTC) and how he envisions a “huge role for a digitized currency.” Meanwhile, Rick Rieder, Blackrock’s chief investment officer (CIO) said in September he thought bitcoin’s price could rise significantly.

Blackrock’s plans to introduce a blockchain tech ETF were first mentioned during the first week of December 2021. Salim Ramji, Blackrock’s exchange-traded fund and index investments lead revealed the ETF plans, according to businessinsider.com’s report written by Rebecca Ungarino.

Tags in this storyBlackrock, blackrock ceo, blackrock cio, Blackrock ETF Lead, Blackrock Fund, blockchain ETF, CEO of Blackrock, ETF, ETF Blockchain, Ishares ETF, Larry Fink, Rick Rieder, Salim Ramji, SEC, SEC filing

What do you think about Blackrock’s blockchain tech ETF filing with the SEC? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Amidst the current crypto market chaos, positive news appears to go unnoticed at present. The global financial markets remain focused on inflation and FED monetary policy, which has contributed to the crypto market sell-off.

Uncertainty brings opportunity, however, as the lines between mainstream and crypto continue to blur.

Earlier this month, we had reported Block Inc.’s (SQ2) listing on the Australian Stock Exchange (ASX). For the ASX, the 20th January listing was the first crypto-related listing. It wasn’t the best of starts, however, with negative sentiment towards cryptos leaving Block Inc. down 2.34% on its 2nd day of trading.

Block Inc. isn’t the first crypto-related listing, however. Other listed companies include:

Coinbase Global Inc. (COIN), traded on the NASDAQ.

Bit Mining Ltd (BTCM), traded on the New York Stock Exchange.

HIVE Blockchain Technologies Ltd (HIVE), traded on the NASDAQ.

Bitfarms Ltd (BITF), traded on the NASDAQ.

For mainstream trading platforms, exchanges are also getting in on the crypto act. This week, news hit the wires of Robinhood launching its crypto wallet beta program. While Robinhood users had previously been able to trade cryptos, the launch of the wallet will eventually mean that users can also deposit and withdraw cryptos. This was previously not possible, with investors able to only buy, hold and sell.

Blackrock Files for iShares Blockchain and Tech ETF

On Friday, Blackrock filed for the registration of the iShares Blockchain and Tech ETF. The ETF “seeks to track the investment results of an index composed of U.S and non-U.S companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies”. The Fund will track the investment results of the NYSE FactSet Global Blockchain Technologies Index.

On Friday, the NYSE FactSet Global Blockchain Technologies Index slid by 10.32% to end the day at 172.33. Year-to-date, the Index was down by 24.15%

The move into the crypto ETF space is aligned with Blackrock’s apparent strategy on cryptos. According to reports over the summer of 2021, Blackrock had close to $400m invested in Bitcoin (BTC) mining stocks.

This article was originally posted on FX Empire

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The developing narrative of ether and alternative cryptocurrencies, or altcoins, decoupling from bitcoin in an adverse macro environment went up in smoke on Friday as a sell-off in stocks and the largest cryptocurrency caused extensive damage to the broader crypto market.

Bitcoin fell to a five-month low of $38,300 during the Asian hours, an 8% slide on a 24-hour basis.

Ether, the second-largest cryptocurrency, tanked 10%, printing lows near $2,800. The convincing move under $3,000 saw some traders book bearish option strategies, Swiss-based derivatives analytics platform Laevitas said.

While binance token slipped 10%, native tokens of Looping, Yearn Finance, Compound and Aave fell between 12% and 15%, CoinDesk data show. Recent outperformers such as Fantom's FTM and Cosmos's ATOM dropped 10% and 5%, respectively.

All crypto market sectors, including gaming and metaverse, traded in the red and suffered more significant losses than bitcoin.

"It appears as though the whole market is simply correlated to equities now," Laevitas said. "So it will be interesting to see how that evolves with the Federal Reserve looking increasingly likely to raise rates faster."

The price action perhaps indicates that the market value of cryptocurrencies promising sound money and democratized finance is heavily dependent on centralized liquidity – the Fed's money printing program.

Ether and the broader crypto market had stayed relatively resilient following bitcoin's early December crash to a then two-month low of $42,000. That had several observers calling a continued ether outperformance heading into 2022.

Equities play spoilsport

Bitcoin began losing ground overnight after the tech-heavy Nasdaq 100 and the S&P 500 erased early gains and ended Thursday with losses of more than 1%.

"Currently, the S&P 500 seems to dictate the direction of bitcoin and the overall crypto market, evident by correlations reaching new highs. Bitcoin's 90-day correlation to the S&P 500 is currently at its highest since October 2020," Arcane Research's weekly note published Tuesday said.

According to Kaiko Research, bitcoin's 30-day correlation with the Nasdaq 100 and S&P 500 has risen to 17-month highs in the wake of the Fed funds futures pricing in four Fed rate increases for 2022.

"We're now expecting FIVE Fed rate hikes this year," David Belle, founder of Macrodesiac.com and U.K. growth director at TradingView, told CoinDesk in a WhatsApp chat. Earlier this week, Anna Wong, the chief U.S. economist for Bloomberg Economics, said a 50 basis-point Fed increase is warranted at the March meeting.

Even ether, which is more associated with decentralized finance (DeFi) and non-fungible tokens (NFTs) than with the inflation trade, seems to be tracking equities. According to blockchain analytics firm IntoTheBlock, ether's 30-day correlation with Nasdaq has strengthened to 0.86.

More pain ahead?

The key to sustainable bitcoin price recovery is renewed institutional participation, which remains elusive.

"The awaited institutional inflows have still not returned, and with that $40,000 BTC support broken, the wider market has been pushed lower," Laurent Kssis, a crypto exchange-traded fund (ETF) expert and director of CEC Capital, said.

Kssis added that the short-term perspective looks bleak with the futures market data showing potential for more liquidation of longs – the forced closure of bullish positions due to margin shortage – which, in turn, leads to a deeper decline.

"There are still $100 million worth of longs open, half of which is on BitMEX exchange which I had not seen for a while," Kssis said. "Since BTC dropped overnight, these long positions on leverage are margin called, and it's only a question of time."

Traders will be keenly watching bitcoin's UTC close on Friday, as potential failure to rise back above $40,00 may invite more chart-driven selling. "The loss of the $40,000 mark today will likely lead to more bearish sentiment, which in turn could push the price further down – it could even test last July's low of $30,000," Robbie Liu, a researcher at crypto financial services provider Babel Finance, said in an email.

"In addition, as we near the Lunar New Year, Chinese investors' demand to cash out is also putting the market under greater selling pressure," Liu added. China's week-long Lunar New Year holiday begins on Jan. 31.

UPDATE (Jan. 21, 10:42 UTC): Adds quote from Babel Finance at the end.

Shares in crypto exchange Coinbase Global (NASDAQ:COIN) slump 13% in midafternoon trading as cryptocurrency assets dip across the board. Overall, risk assets are falling out of favor as investors turn to safer bets like Treasurys. The 10-year yield falls 5 basis points to 1.76%. Keep in mind that that as bond prices rise, yields fall. Not helping the case for crypto, money manager Jeremy Grantham likened bitcoin (BTC-USD) to the "emperor's new clothes" and advises that investors ignore the bullish noise surrounding the world's largest cryptocurrency, in a report issued on Thursday. Several other bearish developments may also be weighing on the crypto market. Russia's central bank said it may propose a ban on crypto mining and use of crypto in the country, and the SEC rejected SkyBridge Capital's proposed spot bitcoin ETF. Regulators in Singapore, the U.K., and Spain also suggested toughening rules on promoting crypto to retail investors. Bitcoin (BTC-USD) stays below $40K in Friday trading, sinking to its lowest level in more than five months. In addition, Galaxy Digital Holdings (OTCPK:BRPHF -17.6%), a digital asset management firm, also drop. MicroStrategy (NASDAQ:MSTR), which hold bitcoin (BTC-USD) on its balance sheet, falls 13%. Other crypto-linked companies also slide: Silvergate Capital (SI -10.6%), SVB Financial (SIVB -7.7%), Block (SQ -6.5%), Robinhood Markets (HOOD -4.8%). Earlier, Marathon Digital (NASDAQ:MARA), Riot Blockchain (NASDAQ:RIOT) slide as crypto market cap drops 10%

Published: 22/Jan/2022 17:46

by Shay Robson

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ksi

UK YouTube sensation KSI has revealed he’s lost an insane $5.1M trading cryptocurrency in the last year.

The UK’s king of YouTube KSI has dabbled in cryptocurrency over the past few years. However, it hasn’t all gone swimmingly for the YouTube, Boxing, and Rapping sensation.

He’s recently revealed the absurd amount of money he’s lost from his crypto shenanigans in the last twelve months, all from a risky trading tactic known as leverage trading – which essentially involves borrowing money from a broker.

KSI has over 23 million subscribers on YouTube.

In a tweet from his cryptocurrency account on January 17, KSI revealed the insane amount he’s lost in the past year. The YouTube star shared a screenshot of his Binance account which he uses to trade, which showed a loss of $5,112,464 in the last 12 months.

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Logan Paul & KSI go undercover at Walmart to sell their new Prime Hydration drink

During a recently uploaded YouTube video, KSI elaborated on how he lost an absurd amount of money. “Note to self, and everyone watching, never leverage trade. You don’t win, you never win.

“In a year of me doing crypto, I’ve managed to lose about $5.1 million,” the YouTuber revealed. “Yeah, my crypto experience has just been a lot of losing. A lot of losing, a few wins, and then a lot of losing.”

(Timestamp 5:43)

Fortunately, the UK’s YouTube king is pretty well off financially from his business with the Sidemen, his boxing and rapping career, and even his brand new Prime Hydration drink he launched with former rival Logan Paul.

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However, maybe he’ll think twice before investing in cryptocurrency in the future.

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Russia can legalize cryptocurrency mining and stablecoins backed by gold under government control, a high-ranking member of the Russian parliament has suggested. The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining.

Mining and Some Stablecoins Can Be Legalized in Russia, Duma Deputy Insists

The free circulation of cryptocurrencies must not be allowed as they carry risks for unqualified investors, but Russia may permit the use of gold-backed stablecoins and the mining of cryptocurrencies under government control, the Chairman of the State Duma Committee on Industry and Trade, Vladimir Gutenev, told the RIA Novosti news agency.

On Thursday, The Central Bank of Russia (CBR) published a consultation paper in which it presented its comprehensive view on cryptocurrencies. The monetary authority proposed to prohibit coin operations through the Russian financial system, crypto investments, exchange, and mining in the country. Meanwhile, the bank has launched the pilot phase of its own digital ruble project.

Cryptocurrencies should be banned, Gutenev agreed, but Russia could make use of a stablecoin denominated in gold and under state control. Such a financial product would be an interesting proposition for both private investors and companies. It can also be used for saving, the deputy said, quoted by the Prime business news portal.

The gold-backed stablecoin could be similar to a golden ruble, the parliamentarian elaborated, and Russia can employ it to circumvent sanctions and the policy of containment applied against the country. The coin can also be used to facilitate regular and transparent economic relations with other nations.

Gutenev revealed he had already discussed the idea with CBR governor Elvira Nabiullina. The head of the Industry and Trade Committee thinks that as an asset, gold is quite undervalued in comparison with reserve fiat currencies such as the U.S. dollar and the euro.

In October, the Ministry of Foreign Affairs said that Russia may consider partially replacing the greenback in currency reserves and trade settlements with other currencies, and even digital assets in the future. Amid expanding U.S. sanctions, Moscow is putting an emphasis on “dedollarization,” Deputy Foreign Minister Alexander Pankin stated in an interview with Interfax.

Commenting on Bank of Russia’s call for a ban on crypto mining, Vladimir Gutenev said he thinks that cryptocurrency farms can be allowed to operate legally if their activities are under strict control of the state. Miners can take advantage of the abundant energy resources and favorable climate conditions in some Russian regions, provided their facilities are powered transparently and they pay all due taxes.

A working group at the State Duma, the lower house of parliament, is now preparing proposals to fill the regulatory gaps in the Russian crypto space remaining after the adoption of the law “On Digital Financial Assets.” Its members are expected to address the outstanding issues in several areas, including the legal status of cryptocurrencies, coin trading, and mining. Media reports have revealed that not all government institutions share Bank of Russia’s hardline position on the matter.

Tags in this storyban, committee, Crypto, crypto mining, Cryptocurrencies, Cryptocurrency, deputy, industry, lawmaker, mining, parliament, parliamentarian, proposal, Regulation, Regulations, Russia, russian, Sanctions, Stablecoins, State Duma, trade, Vladimir Gutenev

Do you think Russia will permit the use of stablecoins and authorize cryptocurrency mining? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The sell-off seen in the crypto space is continuing into the weekend, and Bitcoin (CRYPTO: BTC), the apex crypto, is no exception. Bitcoin-backer and El Salvador President Nayib Bukele, unsurprisingly, is seeing the weakness as a buying opportunity.

What Happened: Bukele said in a late Friday tweet that the country has purchased an additional 410 Bitcoins for $15 million, the nation now holds over 1,500 BTC. The president also suggested that some current sellers are liquidating at throwaway prices.

The tweet was in reply to his own Jan. 14 tweet, in which Bukele indicated that he might have missed the dip at the time.

Nope, I was wrong, didn’t miss it.

El Salvador just bought 410 #bitcoin for only 15 million dollars

Some guys are selling really cheap https://t.co/vEUEzp5UdU

— Nayib Bukele � (@nayibbukele) January 21, 2022

The tweet elicited mixed responses. One Twitter user said Bukele wasted over $36,500 per Bitcoin and suggested that if the president wants to make bad bets on Bitcoin, he should be doing so with his own money. He challenged Bukele to disclose his personal Bitcoin holdings.

Meanwhile, another user supported the Bitcoin purchase and said the president is seeing the big picture, while others don’t understand Bitcoin is a long-term asset.

Related Link: Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That's Weighing

Why It’s Important: After seeing a downtrend since hitting a high in early November, Bitcoin has come under further pressure in the new year. Since the start of the year, the apex currency has lost over 20%, implying it is sinking further into bear market territory.

El Salvador has the distinction of being the first country to adopt Bitcoin as legal tender, alongside the U.S. dollar, on Sep. 7, 2021.

At the time, Bukele reasoned the move would spur investment in the country and come in handy for 70% of its citizens, who don't have access to traditional financial services. The country has also made plans to build a Bitcoin city, financing the construction by the issuance of a $1 billion Bitcoin Bond.

BTC’s trajectory in the near- to midterm will determine the success of the country’s Bitcoin strategy and whether Bukele will be vindicated. At last check, Bitcoin was seen down 7.56% in the past 24 hours to $35,486.19.

Related Link: How to Buy Bitcoin

Photo: Courtesy Blockzeit CH on Flickr

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One of the largest banks in the Philippines, Unionbank, is reportedly launching cryptocurrency trading and custodial services. “It’s a way to future-proof our banking business,” said a Unionbank executive.

Philippines’ Unionbank to Offer Crypto Trading and Custodial Services

Union Bank of the Philippines (UBP), also known as Unionbank, plans to offer cryptocurrency trading and custodial services, Bloomberg reported Thursday.

Unionbank is one of the largest universal banks in the Philippines with over $15 billion in assets under management (AUM). The bank is one of the first financial institutions in the Philippines to adopt cryptocurrency.

Cathy Casas, head of the bank’s blockchain and application programming interface group, explained that the average Filipino investor currently holds about 1% to 2% of their personal assets in cryptocurrency, like bitcoin. She added that if the markets are “stable,” investors would hold between 3% and 5% in 5 years.

The Unionbank executive estimates that about 5% of the local population has dabbled in cryptocurrency. She added that many crypto investors are young people, some of whom earn tokens from play-to-earn virtual games.

Casas commented:

It’s a way to future-proof our banking business.

On Thursday, Metaco, a provider of security software and infrastructure for the digital asset ecosystem, announced that Unionbank is implementing its digital asset management services. Metaco added that Unionbank is deploying services on IBM Cloud.

The bank first announced that it was piloting a crypto custody service in August last year, noting at the time that crypto assets are here to stay. Casas noted that the bank’s custodial service for digital assets will include tokenized bonds.

The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has cautioned against investing in crypto. The central bank warned that cryptocurrencies could “pose a danger to the financial system” citing their vulnerability to illicit activities like money laundering and terrorist financing.

Casas said:

We are making efforts to educate our clients also via social media, making sure that they are safe.

Unionbank is one of the licensed cryptocurrency exchanges approved by the central bank. The bank launched its own stablecoin, PHX, in 2019 to provide rural banks in its network with easier access to payments and remittances.

Tags in this storyCryptocurrency Exchange, Philippines, Philippines Union Bank, Union Bank crypto, Union Bank crypto trading, Union Bank cryptocurrency, Union Bank of the Philippines, Unionbank crypto, unionbank cryptocurrency

What do you think about Union Bank of the Philippines launching cryptocurrency trading and custodial services? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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There are many movements happening in the world of cryptocurrency where several countries with their banking services are launching the cryptocurrency in their countries with the motive of related to cryptocurrency. Along with this, many countries have been moved towards the crypto market and some are still planning. According to the latest updates, Unionbank, one of the largest banks in the Philippines, is reportedly launching cryptocurrency trading and its custodial services. The updates regarding the steps said by Unionbak executive. Union bank Executive added that it is a way to future-proof our banking business.

Let us tell you that the Union Bank of the Philippines country is also known as a Unionbank. As per the latest updates from Bloomberg, the bank plans to offer cryptocurrency trading and custodial services. This is one of the enormous universal banks in the Philippines with more than $15 billion of assets under the management (AUM). Well, the bank is going to be the only and first financial organization in the Philippines to accept cryptocurrency.

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The head of the Bank’s blockchain and the Application programming interface group, Cathy Casas explained that the report says there is an average of Filipino investors currently holds around 1% to 2% of their personal assets in the cryptocurrency market, like Bitcoin. She also stated that if the cryptocurrency market is stable, investors would hole the assets between 3% to 5% in the next 5 years.

Along with this, the executive also estimated that around 5% of the local population has been dabbled by cryptocurrency. She also added that there are many crypto investors who are young and some of them earn the tokens from the play-to-earn virtual games. Cathy Casas also commented,” It’s way to future-proof our banking business”.

Not only this but the provider of security software and infrastructure for the digital asset ecosystem, Metaco announced that Unionbank is applying its digital asset management services. Along with this, Metaco also said that the bank is deploying its services on IBM Cloud. First, the Bank announced that it was planning to launch the crypto custody services in August last year, after noticing that the cryptocurrency is worthy to stay here. Casas added that tokenized bonds will be added to the bank’s custodial services for digital assets.

“We are making efforts to educate our clients also via social media, making sure that they are safe.” Said Casas.

Now, the Unionbank is one of the licensed cryptocurrency exchanges which is approved by the Central Bank. The bank has already launched its stablecoin, PHX in 2019 to provide rural banks in its network with an easier way to remittances and payments.

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It was a particularly bearish day for Bitcoin (BTC) and the broader market on Friday. Market sentiment towards FED monetary policy and a continued tech sell-off weighed on the crypto market.

For Bitcoin, a 10.4% tumble on Friday left Bitcoin at $36,000 levels. The only highlight of day was a recovery from $35,000 levels. Bitcoin had last visited $35,000 levels back in July 2021.

Things were not much better elsewhere. Ethereum (ETH) slumped by 14.4%, with Crypto.com Coin (CRO) down by 14.6%. The Friday meltdown saw as much as $280bn wiped out before a partial recovery. On the day, the crypto market cap fell by $200bn.

Central Bank and Regulatory Chatter Remain Key Drivers

Bitcoin and the broader crypto market have been in a downward spiral since November. From November’s ATH $68,979, Bitcoin was down by 47.1% to Friday’s close. The time of Bitcoin’s slump has coincided with increased regulatory chatter and a shift in the FED’s stance on inflation and monetary policy.

While the regulatory scrutiny has had a direct impact, FED forward guidance has hit both the global equity markets and the crypto market.

Earlier this year, IMF had raised concerns over the interconnectedness of the U.S equity markets and the crypto market. The IMF’s comments followed calls from the Bank of England for a global crypto regulatory framework. These are not only concerns over cryptos and financial stability, however. On Thursday, a U.S Congress subcommittee hearing gathered initial views from witnesses on the impact of Proof-of-Work protocols on the environment.

During the hearing, it was evident that there were two clear sides with no one sitting on the fence. While there was nothing negative to weigh on Bitcoin and the crypto market, lawmakers were certainly leaning towards the negative aspects of Bitcoin mining. With news of the SEC also planning to increase scrutiny, the crypto market is in for a tough time ahead.

For the crypto markets, however, it hasn’t just been UK and the U.S regulators that have been more active in the crypto space.

This week, there has been news of Russia’s central bank proposing to ban cryptos and crypto mining was also negative. According to the University of Cambridge, the Russian Federation accounted for 11.23% of the Bitcoin hashrate in August 2021. Russia’s influence on the Commonwealth of Independent States could also prove damaging. Kazakhstan is the leading Bitcoin mining state, with the world’s 2nd largest hashrate of 18.1% as at August 2021.

For Binance (BNB), the news couldn’t have come at a worst time. Earlier this month, news had hit the wires of Binance making strategic hires in Russia and the Ukraine.

Crypto Interconnectedness with U.S Equity Markets

On Friday, the NASDAQ slid by 2.72% to end the week down by 7.55%. The reversal left the NASDAQ in corrective territory, while also weighing on the Dow and the S&P500.

The correlation between the U.S equity markets and the crypto market looks to have justified the IMF and the Bank of England’s concerns. This in itself may well lead to even greater regulatory scrutiny. It remains to be seen whether the crypto market can come out of its current death spiral. Unlike the U.S equity markets, the FED and the U.S government will unlikely be too concerned over the latest crypto market correction.

Bitcoin Price Action

At the time of writing, Bitcoin was down by 0.24% to $36,381. A move through the today’s $37,693 pivot would bring $40,000 levels into play. Plenty of support would be needed, however, for a break back through to $38,000 levels.

A fall back to sub-$36,000 would bring the first major support level at $34,270 into play. The Bitcoin bears are eyeing a return to sub-$30,000. Bitcoin last sat at sub-$30,000 back in July 2021. $29,000 had proven to be the key support level following a reversal from last April’s previous ATH of $64,829.

This article was originally posted on FX Empire

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European Equities: A Week in Review – 21/01/22

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Traders are complaining about Solana's performance, raising questions about its status as a Wall Street darling January 23, 2022, 5:00AM EST · 3 min read advertisement

Jim Greco, like many traders who have had to deal with the Solana network's outage over the last few days, is annoyed.

"How can anyone possibly trust the Solana network with real capital after a meltdown like today?" Greco, a market structure guru and former executive at KCG,  said in a tweet on Friday night.

As the price of cryptocurrencies across the board slid during Friday's trading session, traders large and small found themselves unable to execute transactions on Solana's blockchain — a protocol that has been touted by proponents for its scalability and fast transaction speeds. Transactions per second (tps) were down significantly. 

Those issues spilled into Saturday. Meanwhile Solana's official status Twitter account noted that the blockchain has been "experiencing high levels of network congestion" tied to "excessive duplicate transactions."

According to Solana founder Anatoly Yakovenko, bots were also apparently sending duplicate transactions, adding to the problem. 

Solana was not the only blockchain experiencing issues as prices plunged. But the network's issues have taken the spotlight because it has become a darling of large trading shops in the crypto industry and beyond.

FTX's Sam Bankman-Fried is a big backer and Jump Trading has poured capital into Solana-based projects. According to The Block Research's John Dantoni, more than 50% of Jump Crypto's protocol investments went into the Solana ecosystem.  

Pyth — the Solana-based data project — counts a wide range of market participants as backers, including IEX, Virtu, and GTS. (It too has experienced issues.) 

Part of the reason that Solana has been so attractive to large trading shops is that it has prioritized scale. Still, when the network gets overcrowded, it has shown that it can stall out. 

Solana released a fix on Saturday to ameliorate "the worst effects of this issue," it said.

"These forthcoming releases are aimed at improving the state of the network, with more improvements expected to roll out in the next 8-12 weeks," the developers added.  "Many of these features are currently live on Testnet, where they are being rigorously tested."

Solana has a big war chest to draw from to address its issues, having completed a $314.2 million fundraise in June 2021. 

Trader woes

Solana's network logjam has had ramifications across the crypto-ecosystem. Not only does it make it difficult for a retail market participant to, for instance, sell a Solana-based NFT, it also slows down large DeFi traders and forces them to work around the network. "Slows everything down," one trading executive said. 

For large traders moving tens of millions, they have to move activity over-the-counter and agree to settle once the chain is working. "Agree on a price now and settle later... CEXes are still working so you still have price discovery," an executive at a derivatives trading desk noted. 

Others traders complained about not being able to top off a leveraged position in Solana on a decentralized venue — meaning, add to their position before risking liquidation. 

These complaints raise questions about Solana's ability to establish its position as Wall Street's preferred crypto platform. A firm trying to move around hundred of millions might opt for a different blockchain even if they have to pay hefty fees — if they can count on it to work.

 "I don't care about the price," Jim Greco said in a message to The Block. "But I can't get anything done on the network. How many times is this going to happen at exactly the time when the network needs to perform the most?"

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BlockchainDeFiMarketsThe Block

Solana has faced more network issues, this time during a major market downturn. Solana DeFi Users Liquidated Due to Congestion

Solana DeFi users were among the hardest hit in this weekend’s crypto bloodbath. 

The Solana network suffered from congestion issues again Friday through Saturday as crypto assets like Bitcoin, Ethereum, and Solana itself plummeted. While Solana has faced similar problems in recent months, most notably in September when the network was hit by an 18-hour outage, this one had a severe impact on users who had borrowed assets on DeFi platforms like Solend. 

SOL has crashed amid a market-wide downturn over the last few days, tumbling from $143 on Thursday to a low of $90 Saturday. As a result, multiple DeFi users who had taken out loans found that they needed to top up their collateral to avoid getting liquidated. This is a common practice with DeFi lending protocols on Solana, Ethereum, and other networks: to get leverage, users typically need to provide collateral with a base asset like SOL or ETH to ensure that they can’t default on the loan. If the collateral ratio falls below a certain threshold, the borrower loses their funds. This means that users often have to scramble to top up their collateral during market meltdowns. Otherwise, liquidators can close the position to secure a bounty. 

This weekend, many Solana users struggled to top up their collateral because the network was too congested. Solana doesn’t have a mempool, and transactions are extremely cheap—especially compared to Ethereum. This creates a dynamic in which bots, DeFi borrowers, or other users are incentivized to flood the network with transactions. In the past, bots have attacked the network to secure a place in sought-after IDO sales. This time, though, liquidators and borrowers raced to send their transactions through as SOL crashed—with liquidators having more success. In a Saturday tweet, Solana Labs co-founder Anatoly Yakovenko said that “bots were sending duplicate TXs” and explained that the network’s ongoing congestion issue would be fixed in Solana’s 1.9 mainnet release. 

Solend, Solana’s biggest lending protocol, acknowledged the liquidation problem early Sunday. The team behind the project posted a tweet confirming that it was “painfully aware” of the issue and was looking into a way to repay those affected. 

We're painfully aware of the issues in which users were unable to save themselves from being liquidated due to network congestion, and are looking into reconciliation.

— Solend 🟠 (@solendprotocol) January 23, 2022

In response, one user posting under the alias Klean claimed that they had lost 500 SOL during the incident. “I tried to repay my loan for over 8 hours yesterday but every transaction failed and I was eventually liquidated, losing a total of 500 SOL,” they wrote. 

The Solana Foundation, meanwhile, said that the network was “experiencing high levels of network congestion” and that engineers were working to resolve the duplicate transaction attack problem. “The last 24 hours have shown these systems need to be improved to meet the demands of users, and support the more complex transactions now common on the network,” a post read. It added that the team had made “lots of progress” with a link to Solana’s latest mainnet beta release, 1.8.14. Yakovenko also posted an update encouraging validators to sync their nodes for the new release. The 1.9 release is currently on testnet and is slated to go live imminently; the foundation has said that more improvements will be rolled out in the coming weeks. 

Pyth, an on-chain price feed oracle powering DeFi on Solana, also suffered issues Saturday amid the market slide. Its price feeds were showing inaccurate data, which accelerated the liquidation problem for some users. Solana is expected to adopt Chainlink, DeFi’s most widely used oracle, sometime in the near future. 

While Solana didn’t fare particularly well in this weekend’s crash, the wider DeFi ecosystem also faced problems. Several leading stablecoins fell below their peg Saturday as the volatile conditions meant that there was not enough collateral backing them. UST and DAI dropped to $0.97, while USDT briefly hit $0.95. 

After Solana, Bitcoin, Ethereum, and the rest of the market tumbled over the last few days, the global crypto market cap has fallen to $1.7 trillion. It’s over 40% down from its November 2021 peak. 

Representatives from Solana and Solend had not responded to Crypto Briefing’s request for comment at press time. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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For Bitcoin, there’s just been one consistent as of late: many decreases after decay. And the superlatives have piled up actually rapidly. With the Federal Reserve planning to withdraw stimulus from the market, more hazardous resources the world over have endured. Bitcoin, the biggest digital resource, lost over 12% Friday and dipped under $36,000 to its most reduced level since July. Since its peak in November, it has lost more than 45% of its worth. Other digital currencies have experienced comparably a lot, in the event that not more, with Ether and meme coins buried in comparative drawdowns.

“It gives an idea of the scale of value destruction that percentage declines can mask,” wrote Bespoke analysts in a note. “Crypto is, of course, vulnerable to these sorts of selloffs given its naturally higher volatility historically, but given how large market caps have gotten, the volatility is worth thinking about both in raw dollar terms as well as in percentage terms.”

Bitcoin’s decline since that November high has wiped out more than $600 billion in market value, and over $1 trillion has been lost from the aggregate crypto market. While there have been much larger percentage drawdowns for both Bitcoin and the aggregate market, this marks the second-largest ever decline in dollar terms for both, according to Bespoke Investment Group.

With the Fed’s intentions rocking both cryptocurrencies and stocks, a dominant theme has emerged in the digital-asset space: cryptos have twisted and turned in nearly exactly the same way as equities have.

Crypto-centric stocks also dropped on Friday, with Coinbase Global Inc. at one point losing nearly 16% and falling to its lowest level since its public debut in the spring of 2021.

“Crypto is reacting to the same kind of dynamics that are weighing on risk-assets globally,” said Stephane Ouellette, chief executive and co-founder of institutional crypto-platform FRNT Financial. “Unfortunately for some of the mature projects like BTC, there is so much cross-correlation within the crypto asset class it’s almost a certainty that it falls, at least temporarily in a broader alt-coin valuation contraction.”

MicroStrategy Inc. tumbled 18% while the Securities and Exchange Commission said the company can’t strip out Bitcoin’s wild swings from the unofficial accounting measures it touts to investors. The enterprise software company’s pile of Bitcoin has effectively made its shares a proxy for the digital asset.

Meanwhile, the Biden administration is preparing to release an initial government-wide strategy for digital assets as soon as next month and task federal agencies with assessing the risks and opportunities that they pose, according to people familiar with the matter.

Antoni Trenchev, Nexo co-founder and managing partner, cites Bitcoin’s correlation to the tech-heavy Nasdaq 100, which right now is near the highest in a decade. “Bitcoin is being battered by a wave of risk-off sentiment. For further cues, keep an eye on traditional markets,” he said. “Fear and unease among investors is palpable.”

Take also the correlation between Bitcoin and Cathie Wood’s ARK Innovation ETF (ticker ARKK), a pandemic poster-child of speculative risk-taking. That correlation stands at around 60% year-to-date, versus about 14% for the price of gold, according to Katie Stockton, founder and managing partner of Fairlead Strategies, a research firm focused on technical analysis. It’s “reminding us to categorize Bitcoin and altcoins as risk assets rather than safe havens,” she said. Meanwhile, more than 239,000 traders had their positions closed over the past 24 hours, with liquidations totaling roughly $874 million, according to data from Coinglass, a cryptocurrency futures trading and information platform.

Though liquidations have spiked, the numbers are relatively muted when compared to previous declines, according to Noelle Acheson, head of market insights at Genesis Global Trading. Acheson points out that Bitcoin’s one-week skew, which compares the cost of bearish options to bullish ones, spiked to almost 15% on Wednesday compared to an average of about 6% in the past seven days. “This flagged a jump in bearish sentiment, in line with overall market jitters given the current macro uncertainty,” she said.

Kara Murphy, chief investment officer at Kestra Investment Management, said cryptocurrencies have a life of their own but that the recent slump is rational. “It makes sense as people start to retrench a little bit, look for something that’s a little bit more solid, they’re gonna move away from crypto,” she said. “On the margin, with folks becoming more risk averse, crypto will suffer from that.”

News Summary:

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Two unprecedented things happened in 2020 which might not be intertwined with each other. However, they did complement themselves in one or more ways. We are talking about the Covid-19 pandemic and the emergence of DeFi in the summer of 2020. As the Covid outbreak went rampant, economies took a hit due to global lockdowns. Millennials lost job opportunities and the government had one way to undo the odds. Print more money and launch stimulus packages. The outcome was rather grotesque with inflation spiking up. This was due to excessive demand for goods and services and job opportunities biting the dust.

Despite the pessimism all around, the DeFi space managed to thrive. Its innovative use-cases like yield farming, staking, and liquidity mining gave better opportunities for millennials to multiply their earnings. On some of the protocols, investors made 20x to 200x returns through the above-mentioned use-cases. Allegiance to the Compound protocol emerged as the frontrunner to introduce yield farming and governance tokens. 

As a result, DeFi, which started off from a humble beginning of $700 million in 2020, clocked $100 billion in less than a year’s time. Concepts like DEXes and DeFi lending ended up as a panacea to solve financial problems. They were simply sitting back at home and locking your tokens in the liquidity pools for unprecedented returns. Let’s deep dive and explain all prime aspects of DeFi. We’ll also explain why the ecosystem revolves around DEXs and key DEXs that you can choose to multiply your yield. 

What is DeFi? 

DeFi or Decentralized Finance is a broad term that includes almost all financial activities practiced in traditional finance. Traditional Finance is better known as CeFi (Centralized Finance). However, the DeFi ecosystem comes with an upside where there are no intermediaries. Everything works in a truly decentralized manner using blockchain technology and smart contracts.

For example, if you go to a bank and deposit money, the bank has full control over your money. However, with DeFi, everything changes. The right to control/ownership shifts back to the user, making the space non-custodial and truly decentralized. That said, it doesn’t make the list of use-cases possible exhaustive, rather, just a part of the complete big thing which DeFi is. So a space that has exploded and yielded returns as high as 1000% to 10,000% cannot just ride on just financial inclusion, rather, financial utilities. To drive financial utilities deeper, DeFi lending has remained an undisputed monarch in the space.

What is DeFi Lending? 

Before we jump to DeFi lending, it is necessary to know about the Dex or Decentralized exchange since they power the entire DeFi ecosystem. On the DEXes, you can do yield farming, staking, and much of all the use-cases supported on a DeFi Dapp protocol. So, with that said, a DEX  or a decentralized exchange is a peer-to-peer marketplace where crypto traders interact with each other directly and engage in a trade. Being a decentralized ecosystem, DEXes are powered by smart-contracts that help execute transactions in a peer-to-peer, trustless manner. 

Since by now you have understood what Dexes are and how they work, we can come down to DeFi Lending now since it is the heart and soul powering up the entire DeFi ecosystem. You can understand DeFi lending as a smart way to gain more exposure to the financial space in a short span. For example, when you buy crypto and you have a long-term plan with that crypto asset. Or, put simply, if you want to hold that asset for long, during the interim period of your holding, you cannot get financial exposure. However, with the help of DeFi lending, you can lock the assets in the DeFi lending protocol take a percentage of the loan as allowed by the protocol and earn fees at the same time for lending your asset. Along with this, you can also see your asset grow with the growth of the market.

However, you must see that the interest charged and interest earned should be carefully evaluated. Having said that, DeFi lending has helped individuals who do not have KYC or CIBIL scores avail loans in a truly decentralized and convenient manner. However, even the DeFi space charges interest on such loans and you need to pick the best lending and borrowing protocols for acquiring crypto loans. Apeswap has emerged as a preferred checkpoint when you want quick loans at convenient interest rates. 

What is Apeswap Crypto? 

Apeswap is the fork of Pancakeswap functioning much like all other AAMs or Automated Market Maker within the DeFi ecosystem; however, it has an upside which will be discussed in the latter part of the content. Meanwhile, in case if you are not aware of the term AAMs or automated market maker concept, you can think of an order book model which exists in traditional trading. In a traditional order book model, a broker performs the role of creating orders. 

As a result, there might be a situation when both buyers and traders do not converge at a price point and trade doesn’t happen. Hence, to eliminate the dependency on a third party to make a market, the AAMs use smart-contracts and incentivize stakers to stake their tokens in their specific liquidity pools created.  The Apeswap introduces the following features to make staking and yield farming more satisfying, safe, and secure for stakers on their platform. 

1. Audits 

On Apeswap, two credible audit platforms BSC Gemz and Certik take the onus of regularly performing the audit. As a result, everything on the platform remains transparent and instances of rug-pulls can be easily traced before they actually happen. Perhaps, investors have become more cautious post the Sushiswap fiasco and Apeswap has been establishing new standards to help earn their trust. 

2. Token Burn 

Apeswap regularly indulges in token burning to drive their token economics and make the ecosystem sustainable for long-term goals. 

3. Lower Fees

Fees are relatively lower on Apeswap with the Dex charging as low as 0.3% fees for each swap done. Out of that, 0.05% goes to Apeswap treasury which helps in further developing the ecosystem. 

4. Partnerships 

Apeswap has been eyeing long-term sustainability in the DeFi ecosystem. However, that can only happen when key collaborations eliminate obstacles that the Apeswap ecosystem face. So the protocol has gone on a collaboration spree to add more projects with a vision to change the future of DeFi. Ontology is one of the latest names on their list of collaborations. 

How is Apeswap different from all of its peers like Pancakeswap?  Interactive Platform 

Through Apeswap, traders get to connect with all other AAMs and exchange tokens using the Binance Smart Chain as a bridge. 

Auditing 

With all other AAMs and swap platforms keeping much of their information siloed within layers, Apeswap engages in continuous audits and shares the reports with the community and its users. In the process, establishing greater trust among stakers and investors. 

Strong Community 

Apeswap has a better community than Pancakeswap who are striving to make the ecosystem sustainable and future-proof. In their latest association with Lympo, Apeswap wants to tap the potential of the sports-themed NFT marketplace and bring more people to their ecosystem. 

Crypto DeFi DEX share share share tweet share  You might also like Altcoin Crypto DeFi 2022 is for DeFi 2.0! Everything You Should Know About Convex Finance January 1, 2022 Altcoin Crypto TradingView UNI Top 3 Yield Farming Cryptocurrencies for 2022 December 28, 2021 Blockchain Crypto DeFi DEX Ultimate Guide on What is Raydium DEX and How to Use it December 19, 2021 Crypto DeFi DEX Bancor v3 To Introduce Highly Automated “Set And Forget” Yield Generation November 29, 2021 Airdrop Crypto ParaSwap Airdrop Imminent – What We Know So Far November 12, 2021 Blockchain Crypto Crypto Market Crosses $3 Trillion, DeFi Hits Record $113 Billion November 10, 2021 Crypto DeFi DEX Top 5 Layer 2 Decentralized Exchanges November 2, 2021 Altcoin Crypto DEX Education Free Resources What is Pangolin Cryptocurrency? Check This Complete Guide October 30, 2021 Crypto Cryptocurrency Exchanges DeFi DEX Education Free Resources What is SpiritSwap, and how to use it? (Step by step guide) October 29, 2021 Crypto DeFi DEX Education How To Stake And Earn Rewards On AAVE October 27, 2021 Crypto DeFi Is Floki Inu Token A Good Investment? October 24, 2021 Crypto DeFi DEX Discover The Wonderful Features Of QuickSwap! October 16, 2021 More from DeFi NFTBOOKs: Setting Up New Standards in Publishing Posted On January 21, 2022 Ravi Gupta 0

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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Please also note our Non-liability disclaimer.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

 For Bitcoin price, there has been only one constant recently: decline after decline after decline. And the superlatives have piled up really quickly. With the Federal Reserve intending to withdraw stimulus from the market, riskier assets the world over have suffered. Bitcoin, the largest digital asset, lost as much as 8.7% Friday and dropped below $38,000 to its lowest level in six months. Since its peak in November, it has lost 40% of its value. Other digital currencies have suffered just as much, if not more, with Ether and meme coins mired in similar drawdowns. 

Bitcoin price’s decline since that November high has wiped out more than $570 billion in market value, and roughly $1.17 trillion has been lost from the aggregate crypto market. While there have been much larger percentage drawdowns for both Bitcoin and the aggregate market, this marks the second-largest ever decline in dollar terms for both, according to Bespoke Investment Group.

“It gives an idea of the scale of value destruction that percentage declines can mask,” wrote Bespoke analysts in a note. “Crypto is, of course, vulnerable to these sorts of selloffs given its naturally higher volatility historically, but given how large market caps have gotten, the volatility is worth thinking about both in raw dollar terms as well as in percentage terms.”

With the Fed’s intentions rocking both cryptocurrencies and stocks, a dominant theme has emerged in the digital-asset space: cryptos have twisted and turned in nearly exactly the same way as equities have. 

“Crypto is reacting to the same kind of dynamics that are weighing on risk-assets globally,” said Stephane Ouellette, chief executive and co-founder of institutional crypto-platform FRNT Financial. “Unfortunately for some of the mature projects like BTC, there is so much cross-correlation within the crypto asset class it’s almost a certainty that it falls, at least temporarily in a broader alt-coin valuation contraction.”

Crypto-centric stocks also dropped on Friday, with Coinbase Global Inc. at one point losing nearly 16% and falling to its lowest level since its public debut in the spring of 2021, Bloomberg data show.

Antoni Trenchev,, Nexo co-founder and managing partner, cites Bitcoin’s correlation to the tech-heavy Nasdaq 100, which right now is near the highest in a decade. 

“Bitcoin is being battered by a wave of risk-off sentiment. For further cues, keep an eye on traditional markets,” he said. “Fear and unease among investors is palpable.”

Take also the correlation between Bitcoin and Cathie Wood’s ARK Innovation ETF (ticker ARKK), a pandemic poster-child of speculative risk-taking. That correlation stands at around 60% year-to-date, versus about 14% for the price of gold, according to Katie Stockton, founder and managing partner of Fairlead Strategies, a research firm focused on technical analysis. It’s “reminding us to categorize Bitcoin and altcoins as risk assets rather than safe havens,” she said. 

Meanwhile, more than 239,000 traders had their positions closed over the past 24 hours, with liquidations totaling roughly $874 million, according to data from Coinglass, a cryptocurrency futures trading and information platform. 

Though liquidations have spiked, the numbers are relatively muted when compared to previous declines, according to Noelle Acheson, head of market insights at Genesis Global Trading. Acheson points out that Bitcoin’s one-week skew, which compares the cost of bearish options to bullish ones, spiked to almost 15% on Wednesday compared to an average of about 6% in the past seven days.

“This flagged a jump in bearish sentiment, in line with overall market jitters given the current macro uncertainty,” she said. 

Kara Murphy, chief investment officer at Kestra Investment Management, said cryptocurrencies have a life of their own but that the recent slump is rational. 

“It makes sense as people start to retrench a little bit, look for something that’s a little bit more solid, they’re gonna move away from crypto,” she said. “On the margin, with folks becoming more risk averse, crypto will suffer from that."

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First Published Date: 22 Jan, 12:08 AM IST Tags: Cryptocurrencybitcoinbitcoin price

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Source: Binance Research

Over the past couple of years, there have been many industries that have managed to enter the mainstream but, one such industry that has managed to make a name for itself and has been more than successful in catching the eye of many potential investors globally is the cryptocurrency industry. Not just that, the crypto world has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

Crypto is nothing but a blockchain-based platform that is decentralized to its very core. Being decentralized, the industry becomes more than capable of stepping outside the control and jurisdiction of central authorities and can work freely without any unnecessary government interference as well.

This digital asset of yours can also be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available online.

Since the industry has come so far, compared to when it all first started, unlike its initial phase, there are pools of currencies available today for you to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Binance Coin, PancakeSwap, Polkadot, Bitcoin, EverGrow Coin, Cardano, Baby Doge as well as Dogecoin to name just a few of course.

Source: Medium

Also, it is worth noting that, some of the major contributing factors for this huge success of the industry include its ease of use, convince it offers, portability, intuitive nature, high-profit margins, negligible response time, real-time updates as well as the volatility of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, CertiK. To know more, I suggest you read further!

Everything to know about CertiK (CTK)

Source: CertiK

CertiK or as commonly referred to as CTK is nothing but an edge standards cybersecurity firm that is said to be entirely focused on improving the overall security and correctness of smart contracts as well as blockchain protocols on a global scale.

In other words, CertiK Chain is simply a security first, delegated proof of stake blockchain, that is made use of for trustworthy execution of mission-critical applications including non-fungible tokens (NFTs), decentralized finance (DeFi) as well as autonomous vehicles.

Not just that, CertiK Chain is known to prioritize across chain compatibility, built as a Cosmos Hub with full EVM as well as Hyperledger Burrow compatibility, while also being compatible with Ant Financial AntChain and eWASM.

In addition to this, across protocols, blockchain projects are said to receive security insights with the Security Oracle, which is responsible for providing real-time guards of on-chain transactions, thus helping to identify and flag a wide range of malicious vulnerabilities before they even occur.

Before moving on any further, it is worth noting that, recently CertiK Chain has been renamed to Shentu Chain. So, if you come across Shentu Chain, know that it is CertiK Chain only but with a new name that’s all. Also, the said project was founded by computer science professors hailing from Yale and Columbia University.

Source: Asia Blockchain Review

Not to mention, CTK is known to be the native utility token for the CertiK Chain and as a matter of fact, can be used for a variety of purposes on the platform itself like serving as the core utility for on-chain functionalities including operating the CertikSheild systems as well as Security Oracle, voting for governance decisions within the network as well as paying gas consumption of CertiK Chain (Shentu Chain).

Coming back to the topic, depending on the level of the security score, audited blockchain projects of any given protocol will be eligible for a CertiKShield membership or as now referred to as ShentuShield, which is a flexible and highly decentralized reimbursement system for any virtual currency asset that is irretrievably stolen or lost due to some security issues.

On a similar note, ShentuShield memberships are open to all community members of certain eligible blockchain projects, thus providing a safety net to holders of their virtual assets, just in case anything unexpected happens. Furthermore, natively, projects are able to code in DeepSEA, which is simply a hyper-secure programming language that is said to be supported by IBM, Ethereum Foundation as well as Qtum Foundation.

Source: Medium

Speaking of DeepSEA, you should probably be aware that, DeepSEA works directly with the Shentu Virtual Machine (SVM), which is known to be fully compatible with Ethereum Virtual Machine (EVM). Not just that, SVM is said to innovatively expose blockchain security information as well as smart contracts, thus enabling unprecedented ways to check, access as well as incorporate risk into the decisions of smart contracts.

As mentioned, leveraging a seasoned team of multi-skilled security auditors as well as engineers, CertiK aims to apply a plethora of high-level industry practices, helping to cover the entire spectrum of manual, static, as well as dynamic analyses to ensure each project is subject to a formal audit and is up-to-date with modern security standards while offering their services to the broader DLT community.

Lastly, over the past couple of years, CertiK has been able to service more than a hundred top-shelf blockchain as well as protocols of decentralized finance (DeFi), among other complex and custom smart contracts, including Tera, Blockstack, Binance, Bancor as well as Shapeshift to name a few of course.

Now that we have talked much about CertiK, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in CertiK (CTK)

Source: CoinJournal

As of today, the price of CertiK is about 1.19 US dollars with a twenty-four-hour trading volume of 23,481,755 dollars. Not just that, in just the past twenty-four hours, the value of CertiK has been up by 2.27 percent, and with the current market cap of 74,424,190 US dollars, CTK is currently placed at #430 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of CertiK is 62,609,225 CTK coins, but unfortunately the maximum lifetime supply of the token is not yet available. In just the past week alone, the price of the platform has fallen by 23.43 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in CertiK is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that CertiK can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said or sure!

Source: Nomics

If still not convinced, see it this way that, if say you buy CertiK worth a hundred dollars today, you will receive nearly 83.109 CTK. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +180.13 percent and thus, your current hundred-dollar investment will be nearly 280.13 US dollars in 2026.

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, CertiK does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy CertiK? Let me help you with that. Currently, CertiK is available on all major crypto exchanges but, some of the popular exchanges that have CTK listed on them include Mandala Exchange, Binance, Gate.io, Bitrue as well as MEXC to name a few.  

In conclusion, what are your thoughts on CertiK? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Wrapped Bitcoin: Everything you need to know

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With cryptocurrency being the talk of the town, people are trying to explore the space as easily and seamlessly as possible. Any amount of volatility scares the average investor, which is why fixed-income assets like bonds have so much capital allocation towards them. 

Some new crypto projects have caught on and employed new marketing tactics to target people who don’t want to risk their hard-earned capital. One of the main means is through airdropping: acquiring crypto without buying it. 

Sounds too good to be true, right? This article examines how crypto users are getting thousands of dollars for free.

Contents

Cryptocurrency Airdrops ExplainedStandard AirdropsHolder AirdropsExclusive AirdropsBounty AirdropsPopular Cryptocurrency AirdropsENS AirdropLooksRare AirdropBitcoin Cash AirdropUniswap AirdropNFT AirdropsWhere To Buy CryptocurrencyeToroCoinbaseWebullHow To Be Eligible For Crypto AirdropsHow To Store Crypto and NFTs SafelyHow Much Can You Get From Crypto Airdrops?Cryptocurrency Airdrops Explained

 A cryptocurrency airdrop is a free transaction from a cryptocurrency project to a consumer’s wallet.

Developers find a variety of reasons for launching an airdrop, but an airdrop follows one basic principle: the investor receives a certain amount of coins or cryptocurrency tokens, generally for free or in exchange for completing a simple task. It requires you to connect a wallet to receive your rewards, and while you’re at it, you will probably want to find an awesome crypto wallet to use.

The answer as to why a crypto project would airdrop its crypto lies in the fact that it is arguably the most powerful marketing tool at this stage. Free money is what every consumer wants, which is why this tactic is so enticing to novices, experts and everyone in between. Alternatives in coin launching like initial coin offerings (ICOs) exist, but these methods generally don’t garner as much attention for projects.

The process for an airdrop is streamlined and basic whether it is following social media accounts or subscribing to a newsletter. Most people can participate in the majority of airdrops; however, many projects have begun to increase exclusivity. 

You can take part in four main types of airdrops: standard, holder, exclusive and bounty.

Standard Airdrops

The standard airdrop functions as the most basic of airdrops. Generally, a small quantity of the token is awarded, and supplying your wallet address as well as following very basic steps will reward you. Marketing-wise, if everyone can get a piece of the pie, more people will flock to the airdrop, which is a great technique to attract new members.

Holder Airdrops

Holder Airdrops are also basic. Holder airdrops are awarded to wallets that contain particular tokens or non-fungible tokens (NFTs). Bitcoin Cash was awarded in a 1:1 ratio to Bitcoin holders before its launch. 

Exclusive Airdrops

Exclusive airdrops go only to loyal or verifiable members of a community. People who have consistently followed up with news about the project or first followers on a social media account are rewarded with the project’s currency. 

This common type of airdrop rewards early adopters of certain applications. Projects like Uniswap and Ethereum Name Service (ENS) Domains have airdropped thousands of dollars to early users for free.

Bounty Airdrops

Bounty airdrops are generally promotion-based, often using a paid promotion through Instagram, Meta Platforms Inc. (NASDAQ: FB) or Twitter. Sometimes projects will incentivize users who interact with larger audiences. 

Popular Cryptocurrency Airdrops

Many highly impactful airdrops have occurred within the crypto space over the past year. Most large airdrops are exclusive airdrops that reward early users of certain Ethereum applications. 

ENS Airdrop

The massive ENS airdrop occurred at the end of 2021. Depending on a user’s involvement with using ENS Domains, $13,000 to $84,000 was given to each person who qualified. To qualify, you needed to register an ENS domain name before Oct. 31, 2021. 

LooksRare Airdrop

The LooksRare coin LOOKS was dropped to people for having traded over three Ethereum on OpenSea during the latter half of 2021. Depending on the amount of Ether spent on OpenSea, those who received the airdrop got anywhere from $500 to over $50,000.

Bitcoin Cash Airdrop

Bitcoin Cash’s BCH airdrop on Aug. 1, 2017, matched Bitcoin holdings with BCH. The price of Bitcoin was around $3,000 at the time, and each Bitcoin Cash was trading for a few hundred dollars.

Uniswap Airdrop

The Uniswap airdrop for its token UNI is valued at well over $5,000 today. The basic qualification for 400 UNI is to have interacted with the Uniswap network before Sept. 1, 2020. If you missed out on this drop, being involved in growing communities could help pave the way for participation in the next big airdrop.

NFT Airdrops

Cryptocurrency airdrops are common in the crypto space. Almost just as common but lesser-known are NFT airdrops. Done just as perfunctorily as crypto airdrops, NFT airdrops generally are given to holders of previous collections. These airdrops are known as holder airdrops.

Some of the most touted NFTs include the Bored Ape Yacht Club (BAYC) and the highly sought-after CryptoPunks. These collectible items have airdrops for owners to generate and maintain hype, such as Mutant Ape Yacht Club and Meebits. 

Where To Buy Cryptocurrency

You can access a number of good trading platforms to buy crypto. Benzinga recommends choosing a safe exchange that you can easily move money in and out for peace of mind. Here are a few.

eToro

eToro is easy to exchange various cryptos through as well as a variety of other traditional financial assets. On eToro, without paying commissions, you are granted all of the safeguards that come with being a qualified and licensed platform. This brokerage allows you to communicate with a large number of other investors who have accounts on the site, as well as imitate other traders’ actions automatically.

Coinbase

Coinbase Global Inc. (NASDAQ: COIN) is an online solution that integrates wallet, trading and commerce features into a single user experience. The founders’ primary objective is to establish Coinbase as an outstanding international brand for converting cryptocurrency to fiat currency.

In the United States, where the operations are situated, Coinbase is a regulated corporation. The platform supports well over 50 coins and tokens.

Webull

Investors of various levels of expertise can establish a crypto strategy with Webull. Webull has designed an excellent trading platform that is suitable for both amateur and advanced traders. Webull distinguishes itself as a top exchange for seasoned clients thanks to its comprehensive charting and research tools.

Best ForLow MinimumsOverall Rating Read Review get startedsecurely through Webull’s website More Details Best ForLow MinimumsN/A1 Minute Review

Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.

Webull is widely considered one of the best Robinhood alternatives.

Best ForActive tradersIntermediate tradersProsNo charges to open and maintain an accountNo account maintenance fees or software platform fees Intuitive trading platform with technical and fundamental analysis toolsConsOnly offers 14 coinsBest ForEarning RewardsOverall Rating Read Review earn free cryptosecurely through Coinbase’s website More Details Best ForEarning RewardsN/A1 Minute Review

Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. 

You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.

Best ForNew cryptocurrency tradersCryptocurrency traders interested in major pairsCryptocurrency traders interested in a simple platformProsSimple platform is easy to operateComprehensive mobile app mirrors desktop functionalityCoinbase Earn feature rewards you with crypto for learning about available coinsConsHigher fees than competitorsBest ForCrypto TradingOverall Rating Read Review get startedsecurely through eToro’s website More Details Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.Best ForCrypto TradingN/A1 Minute Review

eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features

Best ForU.S. based cryptocurrency tradersSocial and copy tradersSimple user interfaceCommunity engagement and following other tradersPros25 cryptocurrenciesExpansive network of social trading featuresLarge client base for new traders to imitateConsU.S. traders can only buy cryptocurrencyHow To Be Eligible For Crypto Airdrops

To be eligible for crypto airdrops, you need an Ethereum wallet that can connect to decentralized applications on Ethereum’s blockchain. MetaMask is a wallet that connects seamlessly to websites that require it.

MetaMask is a renowned Ethereum and Binance smart chain (BSC) digital wallet that is available immediately to use. Chrome, Firefox and Microsoft Edge browsers offer it as an extension. MetaMask makes sending and receiving Ethereum tokens a delight. To execute a transfer, go to the application or browser extension’s send tab, input the recipient’s Ethereum address, select your gas cost threshold and send.

As mentioned previously, many crypto airdrops have some level of exclusivity that can include promoting the project or having held onto particular cryptos or NFTs before the drop. You’ll want to diversify your wallet while you support projects that you are passionate about.

How To Store Crypto and NFTs Safely

Although most blue-chip digital wallets and brokerage accounts are generally extremely safe, the safest place to store crypto is in a physical hardware wallet. 

Ledger is one of the most popular hardware wallets on the market with its best-selling wallet the Ledger Nano X. The portable gadget is handy and trustworthy, with an LED display for transaction verification and a password for confirmation. The hardware wallet works with most cryptocurrencies, by connecting to your laptop through a USB. The device’s only limitation is that all programs require your computer to be connected to the internet and run on Google Chrome.

Best ForERC-20 tokensOverall Rating Read Review buy nowsecurely through Ledger Hardware Wallet’s website More Details Best ForERC-20 tokensN/A1 Minute Review

Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.

Best ForERC-20 tokensAll experience levelsPros Easy to set up and use Supports more than 1,500 different digital assets Tamper proof Portable Long-lasting batteryBluetooth connectivity featuresCons Can be quite priceyHow Much Can You Get From Crypto Airdrops?

As mentioned throughout the article, crypto airdrops come in all shapes and sizes. They are a great way for the project to get community engagement and for the consumer to make a quick buck. Often, airdrops give as much as $1,000 to users who partake in active communities. You could make even more from high-profile airdrops. For the average crypto trader who follows projects casually, free money from airdrops is attainable. 

This article attempts to predict what the transition to hyperbitcoinization will look like through the lens of the real estate market. Naturally there are elements of fun and fantasy to this exercise. Part 1 covers the transition. Part 2 will explore what the real estate market could look like on a Bitcoin standard.

The U.S. dollar has lost. Bitcoin is the new global money. Hyperbitcoinization has arrived. The world – and the real estate market – have changed forever. In a world now operating on a Bitcoin standard, those that create actual value are rewarded and the parasites that once fed off the money printer are scratching their heads as to how it all happened. The real estate market functions rationally again. Before we examine what the real estate market looks like under hyperbitcoinization we’ll recap what happened during the transition, starting in 2020 …

Part One: The Transition

As part of their COVID-19 pandemic response, many governments introduced moratoriums on evicting tenants from residential rental properties – after all, jobs had been lost and livelihoods destroyed by their lockdowns. Banks “did their part” by allowing holidays for mortgage repayments. For a while, the real estate market completely stopped transacting. The ability to travel, see, touch and feel real estate and the economic uncertainty created by the government’s response to the pandemic was a perfect storm. However, after the northern hemisphere summer and complete recovery of equity markets, the real estate sector followed suit and “got on with it” despite some of the practical transactional hurdles still remaining. Institutions and middle/upper-class households with secure jobs were equally flush with cash and began to put it to work in the second half of 2020. When mortgage repayment holidays started to wind down towards the end of the year a minority of stretched borrowers were forced sellers, but luckily sold into an incredibly strong market with prices ensuring they mostly sold at profit. Similarly, homeowners around the world confirmed their investing genius with yet another year of double-digit price growth despite everything that had taken place. In the commercial space, government intervention also ensured recalcitrant tenants could not be moved on easily, however the new money created flowed into the hands of institutional investors and ensured that capital values remained high despite poor income performance from retail, office and hotel assets in particular. Meanwhile, logistics valuations hit new records as e-commerce became entrenched globally and data center construction boomed to meet demand from big tech’s continued expansion and influence.

2021 was the year inflation started to be noticed and better understood by the general population. According to government statistics it reached levels not seen for 40 years, however distrust in these numbers grew and some outspoken voices started to question whether hyperinflation was already beginning throughout the western world. Towards the end of 2021 the Turkish lira began to collapse – the first major fiat currency domino had fallen. Throughout the year institutional investors had begun to accumulate single family homes across America, with groups such as BlackRock paying 50% premiums in many cases. In places such as Canada and Australia, governments began the socialization of private housing by announcing shared-equity schemes masked as ways to help first-time home buyers enter the market. Measures initially introduced as a short-term response to the pandemic were extended indefinitely. As the attractiveness of U.S. Treasury bonds waned further, the Chinese continued to be major buyers of high-end real estate and infrastructure globally, simultaneously pushing up prices and pushing out locals – extending a decade-long theme. Once again, prices rose in double-digit percentage terms across almost all real estate sectors.

At the end of 2021 the Federal Reserve Board was openly flirting with tapering asset purchases and raising interest rates during 2022 while admitting inflation was no longer “transitory,” sending jitters through the market as pricing and demand for real estate started to soften slightly. Lockdowns returned to Europe, travel restrictions escalated and pandemic fatigue took hold globally, bringing back some of the practical challenges faced in 2020. Focus began to increase on the conundrum faced by central banks – the impossible trade-off between trying to deal with rising inflation and bursting a debt bubble that would have tremendous economic and social consequences.

Throughout 2022 it was increasingly clear governments and central banks had no real intention of stopping inflation. Multiple double-digit prints in major western economies brought more rhetoric from bankers, but they only spoke about raising rates at an ever-distant point in the future. Capital markets responded by entering a euphoric risk-on mode, pushing equity markets to all-time highs. Bitcoin had an incredibly strong first quarter and although it gave up some gains during the middle of the year, went on to surprise most by resuming its consistent upward grind thereafter as it established itself as a macro asset of institutional and nation-state significance. El Salvador’s first “Bitcoin bond” was oversubscribed and their second triggered a number of South American and African nations to adopt similar legal tender policies and funding structures.

Moving into 2023, multiple high profile S&P 500 companies announced bitcoin strategies. This took much longer than the market initially anticipated after MicroStrategy’s pioneering moves in 2020. With bitcoin’s market capitalization now entrenched over $3 trillion and it’s resilience fully tested through another cycle, their entry had been further de-risked by Democratic party infighting preventing an anti-Bitcoin position becoming part of either party’s 2024 election platforms. As this was all unfolding, residential real estate prices had doubled since the start of 2020 and now half of all home sales in the U.S. went to an institution. Violent social unrest had started to consistently emerge throughout Europe and North America, but was mostly quelled by increasingly strict policing of now almost-permanent lockdowns. Rental controls became ubiquitous globally and tenants could not be evicted, but this had no impact on nominal real estate values given the combination of institutions being a dominant buyer and continued currency debasement. However, for those on a Bitcoin standard already, when priced in bitcoin real estate was on a continual decline.

Although governments were generally powerless in being unable to counter bitcoin’s ongoing growth, they had significantly more success debuting central bank digital currencies (CBDCs) built on the Ethereum blockchain. Paradoxically this caused more people to begin adopting a Bitcoin standard, increasingly frustrated by the never-ending lockdowns and expanding surveillance state. Throughout this period multiple major currencies began to fail against the U.S. dollar, with governments and central banks only response being to further debase the currency, leading to hyperinflation and more negative social consequences. After bitcoin’s U.S. dollar price surpassed $1 million, Canada and New Zealand became two of the highest profile examples of modern hyperinflation and incredible stories began to emerge from their real estate markets. In Canada, where the government had already extended their socialization of housing by acquiring residential real estate outright and providing housing free of charge to essential workers, the lucky few remaining middle to upper class big tech employees were able to retire existing mortgages with a single annual bonus. In New Zealand, university students from China purchased entire condominium complexes and wineries with the allowances from their loyal party member parents. In these examples, in local currency terms real estate prices continued to rise as people fled their currencies. This was of little consolation for locals though, as when priced in stronger currencies or bitcoin, real estate was crashing hard. Wage growth could not keep pace with inflation and when combined with decimated cash savings it became impossible for most people to buy a house. Transactions ground to a halt. Even equity-rich sellers chose not to cash in as the market moved too fast for them to be able to redeploy into a comparable replacement property.

Bitcoin’s adoption escalated further in the second half of the decade and its U.S. dollar price marched towards $10 million. Many on a Bitcoin standard chose to leave their fiat careers as life in a surveillance state policed through CBDC wallets failed to align with their values. Fiat cash flows were also no longer necessary as their bitcoin wealth had the potential to provide financial freedom. This was still possible in the few U.S. states and rouge nations that had broken free and either adopted a Bitcoin standard or allowed it to flourish unfettered, but getting there was impossible for most people as temporary government border controls in response to the pandemic became permanent features and convenient methods of preventing capital flight. Once the CBDC wallet’s social credit system was operational, various controls were introduced to combat inflation, pushing consumers to low-cost deflationary choices and taxing “unsociable” expenditure punitively. This extended to various aspects of home ownership, particularly accessing mortgages which became increasingly difficult for the majority of bitcoin owners who had a KYC footprint. Without fiat salaries and despite their (often hidden) bitcoin wealth, many traditional banks would only provide services and mortgages to Bitcoiners who held their satoshis in bank custody. Self-sovereign Bitcoiners rejected this requirement. Instead, they looked forward to hyperbitcoinization looming ever closer as the system was more obviously unsustainable as time passed. For those determined to acquire residential real estate, alternative lenders emerged to service this niche. The product offerings required significant compromises initially but gradually improved to offer loan-to-value ratios, tenor, interest rates and key management practices that were tolerable for some. Ultimately increased competition amongst these lenders combined with a desire to accumulate bitcoin drove the bitcoin-backed mortgage sector forward and borrowers benefited.

Even though the surveillance state was on its last legs, its grip on control tightened and consequently it became more common for people to vote with both their feet and wallet – rejecting CBDCs and limited freedoms by moving to bitcoin-friendly jurisdictions (if they could circumvent travel restrictions). Whilst this trend began with a trickle earlier in the decade, now many Bitcoiners either had the means or had chosen to rise up against authoritarian control. This was accelerated by various countries introducing wealth and property taxes. For those unable to leave easily or liquidate assets quickly, the taxes often forced the sale of real estate as incomes and cash flows could not meet the new tax obligations. Some jurisdictions learnt from the Canadian and Australian models of shared equity schemes and took partial ownership rather than demand the new taxes be paid in cash.

By this time there had also been much change in the commercial real estate landscape. With significant office supply having been completed in the earlier part of the decade – a pre-pandemic overhang – starts for new office construction had completely dried up. Almost all traditional office occupiers adopted predominantly work-from-home models, with the exception being government and big tech companies who continued to expand their leased footprints, citing health reasons for dramatically increasing workplace utilization ratios and abandoning activity-based working models.

In most of the world almost all retail assets were decimated, with the combination of increased centralization and ecommerce further extending the already established trend of malls being redundant. This started to encourage some decentralization on a smaller scale, such as the reemergence of “high streets” for non-discretionary goods and services. But ultimately even these locations still had a glut of physical space. The retail sector was one of the first to preview what real estate values and investment performance might look like in a hyperbitcoinized world – the financial premium evaporated from valuations and the ability for the physical space to derive value for its occupier became paramount. Debt funding either dried up completely or was prohibitively expensive.

The hotel sector never recovered from the 2020 shock, with initial forecasts of a fast rebound to pre-pandemic occupancy levels proved incorrect as lockdowns and travel restrictions became so common, unpredictable and burdensome that most people who could afford to travel gave up waiting for the opportunity to do so unencumbered.

Industrial and logistics real estate was the darling of the pandemic years and this continued throughout the decade. For a while, logistics valuations grew at an even faster rate than money supply, as developers couldn’t deliver new stock to service a permanently increased level of e-commerce demand quickly enough. Prologis became the largest real estate investment trust (REIT) in the world, with Goodman and GLP also in the top 10 consistently. However towards the middle of the decade this trend petered out as the necessary supply had been delivered and inflation took hold. Real wage growth and employment levels weren’t able to support logistics rents and the valuation premium for the sector eroded.

Residential development became largely unfeasible as incomes – and therefore rents and sale prices – were unable to keep pace with the continued inflation in construction costs. This put significant pressure on supply. Rent controls were happily adhered to by the corporate institutions who had been given the informal consent to be the buyer of last resort as a proxy for the socialization of housing.

Most institutional real estate investors and developers continued to operate on an entirely fiat standard throughout the decade. Those that adopted bitcoin to different levels – from small balance sheet allocations to a full Bitcoin standard – found their performance and competitiveness increase as a result. For example, asset managers were able to hire the best talent by offering wages in a desirable currency that increased in purchasing power. Investors outperformed their peers simply as a result of a small bitcoin allocation in what would’ve otherwise normally been held entirely as cash (pending deployment into real estate assets). Developers and builders with bitcoin balance sheets were able to more confidently underwrite feasibility studies for new projects because even if fiat currency debasement accelerated over the course of a project, their money held its purchasing power. Construction cost increases in fiat terms were more manageable than for their peers who were finding it impossible to justify new projects with time-frames that inevitably meant the initial underwriting was redundant soon after a commitment to proceed.

Towards the end of the decade the loss of trust in fiat currencies began to escalate as more governments were defaulting on debt obligations, often turning to their largest creditor China for a bail out, thereafter adopting the digital yuan as their new currency. As the cadence of this quickened and very few fiat currencies other than the yuan and dollar remained, private bitcoin adoption had become the norm. Finally, the U.S. government made the arguably bold but ultimately inevitable decision to announce it could no longer service its debt. It adopted a Bitcoin standard, dragging all other nations using the U.S. dollar along with it. The dismantling of oversized authoritarian bureaucracies commenced, along with a period of necessary austerity in which all late adopters of bitcoin – governments, corporations and individuals – would finally learn the lessons of low time preference under a Bitcoin standard. From here on, the real estate market would never be the same ...

Part Two: Post Hyperbitcoinization

Housing

The opportunity cost of using bitcoin to acquire real estate is significant. You are trading money that will theoretically increase in purchasing power forever for an asset that is less scarce and subject to depreciation and ongoing ownership costs.

The period after hyperbitcoinization will be one of significant upheaval. Those with large bitcoin holdings could have incredible power in dictating the terms of trade given the demand for their scarce bitcoin. Ultimately this won’t prevent the money being distributed, as trade cannot be avoided. Early bitcoiners will probably always respect their money’s scarcity but understand that some spending becomes unavoidable, particularly if all transactions are priced in bitcoin and it is the only money. The rest of the world adopting bitcoin essentially at once will cause its purchasing power to increase exponentially – think the meme “infinity divided by 21 million.” Therefore, many earlier adopters will be wealthy enough for multiple lifetimes and happier to part with bitcoin for real estate than they are today despite the opportunity cost, especially given it could be at very attractive pricing.

For the majority who aren’t early adopters, the incredible scarcity of bitcoin will cause them to prioritize using what irreplaceable hard money they have as collateral in exchange for the provision of goods and services, including real estate in essentially a “loan to own” structure. Bitcoin-poor real estate owners will happily receive interest payments in bitcoin as a method of accumulation, with the additional benefit of taking possession of the collateral in the event of default. In this structure, the value of the real estate (priced in bitcoin) could be significantly higher than the value of the bitcoin collateral posted, eg., collateral of 0.1 bitcoin will “buy” the use of a house worth 1 bitcoin for a defined long term, with interest payments only a fraction of the 0.1 bitcoin collateral and denominated in satoshis. A new type of business could emerge to facilitate and manage this structure on behalf of the real estate owner.

A pure rental model will be similar to today’s. However, rental yields should be much higher than the interest rates in the above loan structure, given the bitcoin owner has no collateral at risk and the real estate owner has no potential to take possession of bitcoin collateral through a default. Market rents should move in line with changes in the productivity of the working population and their wages. This is the opposite of today’s dynamic, where given the impacts of currency debasement residential real estate owners’ returns are almost entirely from leveraged capital appreciation. Predicting how much yields and interest rates will vary to today is impossible, but fortunately under a Bitcoin standard wherever they end up should be market-driven and based on the comparative supply and demand for both real estate and bitcoin.

Those forced onto the Bitcoin standard but still holding real estate may find that their mortgage debt has either been written off or is so small in bitcoin terms that retiring it is relatively easy. However, they’ll be doing anything they can to increase their bitcoin balances. Therefore, for a while it might be that the rental market for their real estate assets is incredibly cheap in bitcoin terms as competition to obtain a bitcoin income stream is intense. Similarly, the same strong desire for real estate owners to receive bitcoin from a sale may cause prices to be very cheap initially. The market will ensure bitcoin distribution starts to take place organically.

Commercial Real Estate

Real estate services provider Savills estimated the size of the global real estate market was $327 trillion in 2020, with 21% of this (or $69 trillion) being non-residential. Assuming 10% of the non-residential stock is owner-occupied (based on Nareit research), there is approximately $62 trillion worth of commercial real estate owned by various types of investors – REITs, funds, family offices/high net worth individuals, etc. As mentioned in the article “Bitcoin Is A Better Store Of Value Than Real Estate,” the utility value of most of this real estate is likely significantly less than the financial asset that it has become today. Hyperbitcoinization could vaporize the financial premium within these valuations, with an obviously major impact on these investors’ portfolios.

REITs and fund managers will be forced to adapt or shrink. Many won’t make it. If hyperbitcoinization happens suddenly and quickly, their investor base will attempt to flee from liquid ownership structures. However, the majority of structures – whether that be private funds or directly owned assets – are illiquid and will experience maximum pain.

Businesses who have been earlier adopters of a Bitcoin standard may find it beneficial to acquire the real estate they occupy – ultimately they will be the buyers of last resort in a market where the limited fungibility of real estate will become very obvious once it’s been largely demonetized.

Some businesses or even whole industries may not survive hyperbitcoinization. For example, it is hard to imagine a banking and finance industry anywhere near its current size. Similarly, with hard money creating actual trade-offs rather than endless expansion, governments will be forced to shrink dramatically. Demand for office space could be decimated for some time. Much has been spoken of the demise of central business districts (CBDs) due to lockdowns making working from home more widespread permanently, however it's quite possible that hyperbitcoinization could have an even bigger impact on the way cities are developed.

After a period of disruption, pricing and yields for commercial real estate will likely reflect the value created by the business occupying it, rather than the growth in money supply. The need to develop and manage commercial real estate won’t ever go away entirely, but the investment industry that has grown around it will be a casualty of hyperbitcoinization.

This is a guest post by James Santi. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. 

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