Crypto Trader makes over $100,000 on Augur
The cryptocurrency industry has not had the greatest of starts to 2019. With markets remaining bearish, Bitcoin and other altcoins dipped and posted losses for the last few weeks in a row. Most crypto investors have lost significant amounts of capital. However, one pseudonymous crypto trader netted a six-figure profit despite all of the red in the market. This lucky trader scored over 856 ETH, currently valued at little over $100,000. This eerily accurate trader managed to net the entire amount through 177 trades, averaging about $564 per trade. According to Kevin Rooke, a Canadian crypto researcher, the trader accomplished this major feat using the Augur DApp, a ‘wisdom of the crowds’ app that allows people to place bets on certain outcomes and then receive payoffs based on the accuracy of their predictions.
Bitcoin Enthusiast Wants to Help Struggling Crypto Start-Ups with $250 million
A Bitcoin enthusiast is looking to salvage struggling cryptocurrency start-ups with funding to the tune of $250 million. Mike Novogratz, the founder of Galaxy Digital and a former Wall Street investor, is creating a fund with $250 million in cash. This fund would then be offered to blockchain and crypto start-ups in USD. If the funding is successful, Mike’s merchant bank, Galaxy Digital, will gather, vet, and approve blockchain firms for loans before asking for collateral. This news comes at a time when firms such as Huobi, Blockfolio, BlockEx, and ShapeShift are struggling. Most of them have laid off worker to preserve their resources. Mike’s endeavors would undoubtedly bolster these small pockets of start-ups and help bolster the industry in an important segment if successful.
JP Morgan Claims Bitcoin Value Could Dip as Low as $1,260
The 2018 bearish crypto market has spilled over into 2019 and has spurred a lot of anti-crypto rhetoric into the market. JP Morgan has not been left behind, especially with respect to criticisms of Bitcoin and cryptocurrencies in general. Based on a recent market report, JP Morgan took jabs at the market claiming that Bitcoin can only be a useful hedging tool in a dystopian future. The entire report is rumored to be a trickled-down sentiment of JP Morgan’s top executive, whom we shall not name here – an open critic of bitcoin. JP Morgan has long questioned the value of cryptocurrencies. They state that if the bearish trend goes on, it is likely that the price of Bitcoin could plunge to as low as $1,260.
Bitcoin Investors Rushing to Invest in Gold in 2019
It may seem that Bitcoin’s hot streak over the years may well be coming to an end. The granddaddy of all cryptocurrencies has been unable to rise above the $4,000 threshold for over three weeks. This is just twelve months after it traded at a value above $12,000. Now, reports are showing that BTC investors are making a move towards traditional commodities. According to Van Eck, CEO of Van Eck Associates who polled 4,000 Bitcoin investors, they found that BTC traders’ number one investment vehicle for 2019 is gold. In 2017, Bitcoin’s value rose 25 times over to almost $20,000. During that same time, the value of gold rallied four percentage points. More than a year later, bitcoin is down 82%, and gold is up 2.5%.
Nouriel Roubini Finds Blockchain No Better than an Excel Spreadsheet
Nouriel Roubini, a harsh critic of blockchain and crypto, has stated that blockchain is no better than an Excel spreadsheet. He made this statement at the Blockchain Economic Forum in Davos. He claimed that blockchain was the most overhyped technology ever and that it has nothing to do with fintech or private DLTs (Distributed Ledger Technologies). He also criticized what he termed as the ‘tokenization of everything.’ According to him, using blockchain and crypto-assets is no different from barter trade. He pointed out that no government would allow the use of anonymity coins such as Monero, but his comments seem to disregard the wider applications of DLT and blockchain technology.