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Bitcoin Bounces as $6.4B in Options Expire, Institutional Buying Slows Down: What’s Next?  https://bitcoinist.com/bitcoin-bounces-as-6-4b-in-options-expire-institutional-buying-slows-down-whats-next/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-bounces-as-6-4b-in-options-expire-institutional-buying-slows-down-whats-next
https://bitcoinist.com/?p=148005
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<p><span>The past few weeks have been hard on crypto bulls, as Bitcoin and the broader crypto market continued to sell off. Since reaching an all-time-high of $61,500, Bitcoin plunged 16% in a matter of a few weeks, shedding $100 billion in market capitalization. The major cryptocurrency saw signs of life as </span><a href=”https://twitter.com/elonmusk/status/1374617643446063105″ data-wpel-link=”exclude” target=”_blank” rel=”follow noopener”><span>Elon Musk’s tweet</span></a><span> sent prices back up to $56,000.&nbsp;</span></p>
<p><span><a href=”https://bitcoinist.com/bitcoin-plunges-despite-tesla-boost-ahead-of-record-options-lapse/” data-wpel-link=”internal”>This would prove to not be enough</a>, as Bitcoin continued to plummet, revisiting the $51,000 territory. Following a multi-day loss streak, bearish sentiment began to set in; investors and speculators began to brace for impact, fearing that the correction was far from over.&nbsp;</span></p>
<p><span>Today however, the market breathed a sigh of a relief as Bitcoin rose 6%, recovering back to $54,000. Tech index </span><a href=”https://www.tradingview.com/chart/?symbol=NASDAQ%3ANDX” data-wpel-link=”exclude” target=”_blank” rel=”follow noopener”><span>NASDAQ</span></a><span> also pared its weekly losses, rising 1.4% into Friday market close — helping build Bitcoin’s intraday momentum.&nbsp;</span></p>
<h2><b>Record Number of Bitcoin Options Expire: What’s in Store for April?&nbsp;</b></h2>
<p><span>More importantly though, selling pressure likely slowed down thanks to a record $6.4 billion in options expiring earlier today. According to </span><a href=”https://metrics.deribit.com/options?index=BTC” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener”><span>figures from DeriBit</span></a><span>, the price expectation for Bitcoin remains higher for April compared to March. With April 30 contracts showing a put/call ratio of 0.80 as of press time, investors appear to be more bullish than before.&nbsp;</span></p>
<p><img loading=”lazy” class=”alignnone size-full wp-image-148006″ src=”https://bitcoinist.com/wp-content/uploads/2021/03/deribit-metrics-1.png” alt width=”2400″ height=”1200″></p>
<p><span>What’s interesting is that a majority of investors have placed their bets on Bitcoin to end April over $80,000. This particular strike price represents 12.6% of total open interest (4842 out of 38283), being the most popular call strike price. On the other side of the trade, the $50,000 put strike price accounted for 10.1% of total open interest.&nbsp;</span></p>
<p><span>From a glance, it’s clear that the options market has priced in a bullish sentiment for Bitcoin — for now. This is obviously subject to change, depending on various factors including catalysts, equities market, regulations, and more.&nbsp;</span></p>
<h2><b>Institutional Inflow Continues to Slow: Worrying Sign?</b></h2>
<p><span>With Bitcoin’s recent price action and extreme volatility, many institutions previously interested were likely thrown off. According to a <a href=”https://coinshares.com/research/digital-asset-fund-flows” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener”>report</a> from CoinShares, institutional demand for Bitcoin investment products dropped in the latter weeks of March. They saw institutional inflow drop nearly 60% in a single week.&nbsp;</span></p>
<p><span>Despite this, it’s likely that institutional demand will ramp back up as Bitcoin stabilizes. One of </span><a href=”https://www.coindesk.com/new-zealand-wealth-management-firm-bitcoin” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener”><span>New Zealand’s retirement funds</span></a><span> recently disclosed that Bitcoin accounted for 5% of its investment holdings. Temasek, Singapore’s $306 billion sovereign wealth-fund, also revealed that it had been amassing the digital currency since 2018.&nbsp;</span></p>
<p><span>Major investment bank Goldman Sachs has also remained bullish on the cryptocurrency, </span><a href=”https://www.nasdaq.com/articles/goldman-sachs-files-for-an-etf-capable-of-investing-in-bitcoin-2021-03-24″ data-wpel-link=”exclude” target=”_blank” rel=”follow noopener”><span>filing to create their own financial products tracking Bitcoin</span></a><span>. In conclusion, the recent drop in institutional inflow is not a worrying sign in the long haul. More likely than not, institutional demand will ramp back up as Bitcoin’s price stabilizes. </span></p>

<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Sat, 27 Mar 2021 00:22:20 +0000 San Lee
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DragonFly Capital Launches $225 Million Crypto Fund https://bitcoinist.com/dragonfly-capital-launches-225-million-crypto-fund/?utm_source=rss&utm_medium=rss&utm_campaign=dragonfly-capital-launches-225-million-crypto-fund
https://bitcoinist.com/?p=148000
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<p><span>Crypto fund DragonFly Capital announced the launch of a new $225 million fund to invest in projects across the crypto space.</span></p>
<p><span>Following the success of the original $100 million fund kickstarted in late 2018, the Dragonfly Fund II will target four potential areas: decentralized finance (DeFi) protocols, non-fungible token projects, Ethereum Layer 2-based businesses, and centralized finance (CeFi) platforms.&nbsp;</span></p>
<p><span>The San Francisco-based venture capital fund have been early backers of notable projects such as ByBit, Compound, Celo, and Maker, among others. Much of DragonFly Capital’s past investments have been focused on the DeFi space, but as the crypto space continues to rapidly evolve, it’s clear that the fund is exploring new opportunities.</span></p>
<div id=”attachment_148001″ class=”wp-caption alignnone” readability=”32″><img aria-describedby=”caption-attachment-148001″ loading=”lazy” class=”wp-image-148001 size-full” src=”https://bitcoinist.com/wp-content/uploads/2021/03/0_Fiq-QbK2i_8os8Kp.png” alt width=”700″ height=”379″><p id=”caption-attachment-148001″ class=”wp-caption-text”>Notable projects DragonFly Fund I has backed to date.&nbsp;</p></div>
<p><span>In a </span><a href=”https://www.theblockcrypto.com/linked/99557/dragonfly-capital-new-225-million-fund-defi-nft?utm_source=rss&amp;utm_medium=rss” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener”><span>blog post</span></a><span>, they acknowledged the risk of betting on volatile, “frothy” spaces like NFTs. Non-fungible tokens have been all the rage this year, with the industry gaining mass-popularity as cryptos rallied to record highs. Riding on the fresh NFT wave, digital marketplace <a href=”https://bitcoinist.com/breaking-down-openseas-23-million-raise-in-nft-boom/” data-wpel-link=”internal”>OpenSea raised $23 million</a> in Series C funding earlier this month.&nbsp;</span></p>
<p><span>Once the novelty wears out, however, it’s uncertain whether the industry can continue its parabolic growth. Despite such concerns, DragonFly Capital reiterated that these emerging spaces have the potential to become an “important component of the digital future.”&nbsp;</span></p>
<p><span>Venture capital giant Sequoia will back the fund as a strategic limited partner, alongside OKEx, Huobi, Bitmain and Bybit. “Together with many of the technology and cultural leaders from US technology firms and VCs, we’re in an incredible position to help unite and push the crypto movement forward,” said Hasseb Qureshi, managing partner at DragonFly Capital.&nbsp;</span></p>

<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Fri, 26 Mar 2021 22:18:11 +0000 San Lee
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How Buying A Tesla With Bitcoin Is A Catch-22 https://bitcoinist.com/how-buying-a-tesla-with-bitcoin-is-a-catch-22/?utm_source=rss&utm_medium=rss&utm_campaign=how-buying-a-tesla-with-bitcoin-is-a-catch-22
https://bitcoinist.com/?p=147980
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<p><strong>This week the crypto market went nuts when Elon Musk revealed his company began accepting Bitcoin as a form of payment for any Tesla model.</strong></p>
<p><strong>While this caused prices to initially soar, reading the fine print reveals a bit of a catch-22 situation for anyone who uses the cryptocurrency to pay. Here’s what you need to be aware of if you’re considering spending BTC on a Model S, Y, or 3.</strong></p>
<h2>Tesla Begins Accepting Bitcoin As A Payment Option</h2>
<p><a href=”https://bitcoinist.com/elon-musk-adds-bitcoin-to-twitter-bio-as-btc-posts-monster-sized-breakout/” data-wpel-link=”internal”>Elon Musk</a> has been causing the crypto market to pump for one reason or another for several years now, with it at first primarily being cheeky fun the CEO was having with the Dogecoin community.</p>
<p>Over time, the eccentric entrepreneur and visionary became enamored with the cryptocurrency market, often commenting on the state of things. More recently, however, after a rumored chat between Musk and MicroStrategy CEO Michael Saylor where the Bitcoin bull let Musk in on his BTC buying playbook, <a href=”https://bitcoinist.com/the-bull-market-is-back-bitcoin-explodes-as-tesla-loads-up-on-10-figures-worth-of-btc/” data-wpel-link=”internal”>Tesla revealed it also had bought BTC</a> to add to corporate treasure reserves.</p>
<p><em><strong>RELATED READING |&nbsp;<a href=”https://bitcoinist.com/how-laser-eyes-could-have-bitcoin-investors-seeing-red/” data-wpel-link=”internal”>HOW LASER EYES COULD HAVE BITCOIN INVESTORS SEEING RED</a></strong></em></p>
<p>At the same time, the company revealed the plan to eventually support accepting Bitcoin as a payment, which was just enabled on the car manufacturer’s website this week.</p>
<p><a href=”https://twitter.com/elonmusk/status/1374617643446063105″ target=”_blank” rel=”noopener follow” data-wpel-link=”exclude”>Musk’s tweet</a> announcing the addition of Bitcoin payments going live, sent the price of the leading cryptocurrency by market cap soaring higher initially, but a rejection has led to serious volatility since.</p>
<p><img loading=”lazy” class=”alignnone size-large wp-image-147997 aligncenter” src=”https://bitcoinist.com/wp-content/uploads/2021/03/btc-bitcoin-tesla-tsla-musk-980×477.png” alt=”btc bitcoin tesla tsla musk” width=”980″ height=”477″></p>
<pre>Bitcoin pumped immediately after Musk’s tweet, but was used to fake out traders | Source: <a href=”https://www.tradingview.com/symbols/BTCUSD/” target=”_blank” rel=”noopener follow” data-wpel-link=”exclude”>BTCUSD on TradingView.com</a></pre>
<h2>Read The Fine Print When Buying A Tesla With BTC</h2>
<p>While the selloff isn’t due to <a href=”https://twitter.com/tbpinvictus/status/1375088089002094595?s=21″ target=”_blank” rel=”noopener follow” data-wpel-link=”exclude”>the discovery of a clause in the fine print</a> for anyone using BTC to buy a Tesla, there’s some language that makes the situation a lot less positive overall.</p>
<p>Found in the fine print when purchasing a vehicle with BTC, there’s a catch-22 explaining that Tesla, at its sole discretion, can choose how it refunds a buyer – either through BTC or USD.</p>
<p>In plain terms, if the price per BTC is significantly higher than when the buyer spent their coins, <a href=”https://www.tesla.com/” target=”_blank” rel=”noopener nofollow” data-wpel-link=”external”>Tesla</a> can refund the vehicle purchase in USD instead.</p>
<p><img loading=”lazy” class=”alignnone size-large wp-image-147998 aligncenter” src=”https://bitcoinist.com/wp-content/uploads/2021/03/ExVLKkiWQAIErj1-980×363.jpg” alt=”btc bitcoin tesla tsla musk” width=”980″ height=”363″></p>
<pre>The Refunds and Buybacks section of the Tesla fine print reveals unexpected risk for buyers | Source: <a href=”https://twitter.com/tbpinvictus/status/1375088089002094595?s=21″ target=”_blank” rel=”noopener follow” data-wpel-link=”exclude”>Twitter</a></pre>
<p>If for some reason <a href=”https://bitcoinist.com/how-laser-eyes-could-have-bitcoin-investors-seeing-red/” data-wpel-link=”internal”>Bitcoin dumps hardcore</a>, making that initial BTC now far less valuable than the USD equivalent, Tesla gives you that now cheaper BTC back instead.</p>
<blockquote readability=”7″><p>According to Wikipedia, “one connotation of the term is that the creators of the catch-22 situation have created arbitrary rules in order to justify and conceal their own abuse of power.”</p></blockquote>
<p><em><strong>RELATED READING |&nbsp;<a href=”https://bitcoinist.com/bitcoin-is-replacing-gold-at-an-accelerating-pace/” data-wpel-link=”internal”>BITCOIN IS REPLACING GOLD AT AN “ACCELERATING PACE”</a></strong></em></p>
<p>Tesla, as the corporation in the power position while making this business transaction in BTC, makes the risk associated with Bitcoin’s notorious volatility as a burden only the buyer bears.</p>
<p>It makes sense from a business standpoint, but doesn’t exactly align well with the transparency and lack of third-party control the cryptocurrency space is used to. However, as more controlling corporations <a href=”https://bitcoinist.com/bitcoin-is-replacing-gold-at-an-accelerating-pace/” data-wpel-link=”internal”>get involved in the cryptocurrency</a>, the more they’ll seek to control the conditions surrounding it, which might not be so great for Bitcoin as it was meant to be.</p>
<pre>Featured image from Deposit Photos, Charts from TradingView.com</pre>

<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Fri, 26 Mar 2021 15:30:52 +0000 Tony Spilotro
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