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Bitcoin [BTC] price showing a ‘really bullish sign’, says Barry Silbert

Priyamvada Singh



Bitcoin [BTC] price showing a 'really bullish sign', says Barry Silbert
Source: Pixabay

In a panel discussion with CNBC Fast Money on 18th July, Barry Silbert, the Founder, and CEO of the Digital Currency Group discussed the Bitcoin price recovery of above $7000 and the possibility of the beginning of a bull market.

Silbert, on the bullish nature of Bitcoin, implied that a large amount of institutional money was sitting in dry powder, seeking an opportunity to enter the market. Eventually, the ‘bears ran out of energy’.

Recently, several negative remarks have been passed on Bitcoin, by the Chairman of the U.S. Federal Reserve, Jerome Powell, and billionaires such as Ken Griffin and Howard Marks. Silbert stated that the Bitcoin prices standing firm in such circumstances is a strong sign of the bull’s long stay.

Bitcoin and other cryptocurrencies have received a plethora of protest from big authorities such as the U.S. Securities and Exchange Commission [SEC] and the U.S. Federal Reserve System. In this context, Silbert was asked about his ‘upstream swim’ in the cryptocurrency space. To this, he responded by saying that:

“That’s the best part I mean that’s, that’s really where you make money when you’re swimming upstream and like I started buying Bitcoin in 2012 when the price was $10 and I’ve gotten through now to 80 percent corrections and this was like a 65 percent correction. It’s the same old criticisms and I think a lot of it is just that they’re uninformed.”

Silbert also added that anybody who would spend the time to research on this asset class, in terms of its significance and potential, will turn into a believer of cryptocurrencies and want to put money in it.

The discussion moved to traditional hedge funds and their approach and feasibility in entering the cryptocurrency markets. Therefore, a panelist asked for Silbert’s opinion on the insufficiency in the infrastructure of the hedge funds to invest in digital assets and their interest in solving the same. Silbert concluded by explaining that many hedge funds do not want to be the first one or the last ones in entering the new space.

Regarding his company’s investments and whether the focus is more on the cryptocurrencies and tokens or the platforms, the CEO said:

“So we’ve invested in 130 companies. I would say… it’s entire spectrum – blockchain, wallets, exchanges – candidly on the enterprise blockchain very little traction, very little evidence that there’s product market fit. I’m really all about the store of value, value prop and I’m all about the infrastructure that’s required to create the on-ramps and off ramps for Wall Street to get involved in this asset class.”

Silbert continues, saying that 2019 is going to be the year of ease as well as social acceptance for those who want to get into the cryptocurrency space.

Further, he was also asked about the fundamental valuation approach to the digital asset class. Silbert explained that he has only invested in five cryptocurrencies that he believes in. The allocation, according to the Digital Currency Group balance sheet is 50% in Bitcoin, 25% in Ethereum Classic [ETC], 15% in Zcash [ZEC], and 5% each in Decentraland [MANA] and ZenCash [ZEN].

On the regulatory aspect of cryptocurrency investments, Silbert clarified that the firm stays away from ICOs and only concentrates on the store value side of the digital assets.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions




Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
Source: Unsplash

Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,

“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”

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