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Bitfinex: CTO confirms completion of private token sale; LEO raises expected $1 billion

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Bitfinex: CTO confirms completion of private token sale; LEO raises expected $1 billion
Source: Unsplash

In what could be an end, or rather a climax to the Bitfinex episode, the CTO of the controversy-riddled exchange, Paolo Ardoino, confirmed the completion of the private token sale. LEO, the exchange’s native token, was curated to raise $1 billion to rectify the undisclosed losses incurred by the exchange.

Bitfinex managed to raise $1 billion in just 10 days, confirmed Ardoino. The CTO added that participants in the token sale included “giants in our industry and outside.” The exchange in their whitepaper had confirmed that the private sale would be geared towards institutional investors, and the CTO confirmed that the invested sum was over $1 million each, attesting the same.

Ardoino’s May 13 tweet read,

Source: Twitter

Talking about the LEO sale, the CTO stated that the exchange was “trustworthy,” and that investors paid testament to the same by participating in the private token sale. He added that they want Bitfinex to “keep fighting for the industry whole,” recognizing that these were their words.

His follow-up tweet read,

Source: Twitter

In the whitepaper, Bitfinex had stated that LEO tokens could be purchased using the stablecoin Tether [USDT], which is operated by the common parent company iFinex. This was another reason for many in the cryptocurrency community to suspect the intentions of the exchange.



Of late, due to tensions with Bitfinex, BTC’s price on the exchange exhibited a considerable spread over other exchanges. However, that spread had reversed and BTC price on Bitfinex dipped below other rival exchanges like Coinbase, Bitstamp, and Gemini, after weeks of trading significantly above the same.

Ardoino clarified that the sale included “USDt or USDt equivalents,” after some confusion with eToro’s Mati Greenspan who questioned the $1 billion USDT sale corresponding to the stablecoin’s overall market cap. The CTO stated,

Source: Twitter

 





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Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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