Dapper Labs’ Flow blockchain takes major step towards mainnet

Dapper Labs’ Flow blockchain takes major step towards mainnet

The hotly anticipated layer-1 chain looks to be getting its ducks in a row.

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In a move that may signal that a mainnet launch is just around the corner, Flow — the blockchain from Cryptokitties and NBA Topshot developers Dapper Labs — has launched the Flow Port: a tool for token holders to manage, stake, and delegate their Flow cryptoassets. 

The announcement focused heavily on how users can stake their FLOW tokens through custody providers such as Kraken and Coinlist, as well as delegate their tokens to currently-existing node operators. Those who wish to operate their own node might face a lengthy reviewal process, however: the announcement notes that there is a long waiting list that will be “processed on a rolling basis.”

The announcement notably includes support from cryptowallet giant Ledger, who will be allowing FLOW token holders native access to Flow Port via their hardware wallets. Upstart wallet provider Blocto will also be offering access, as well as a cross-chain USDT stablecoin transfer mechanism.

In a statement to Cointelegraph, Dapper Labs CEO Roham Gharegozlou noted that the portal opens up a wide range of options for token holders who wish to participate in the network.

„Flow Port lets anyone create and manage non-custodial Flow accounts with any number of providers, starting with Ledger hardware wallets and Blocto software wallets,” he said. “Community stakeholders can use Port to manage their FLOW tokens directly, staking to run nodes or delegating to one of the 300 existing nodes that will be up and running by the time staking starts – including nodes run by major partners like Samsung, Ubisoft, and T-Systems.“

The launch of the layer-one chain has been hotly anticipated by many, and Dapper has been preparing for months on multiple fronts. 

Preparations include a massive fundraising haul from hedge funds and NBA players, a recent Dutch-auction style token that saw a 4x increase in price from the FLOW community sale, and an integration with Binance’s stablecoin, BUSD.

An old trading adage goes, “Buy the rumor, sell the news,” but perhaps in Flow might be the exception ready to come out of the gate with a strong launch.


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The hotly anticipated layer-1 chain looks to be getting its ducks in a row.

Bitcoin Now ‘Perfectly on Track’ to $100K, Says Stock to Flow Creator

Bitcoin Now ‘Perfectly on Track’ to $100K, Says Stock to Flow Creator

The price of Bitcoin surpassed $11,700, and the creator of the Stock to Flow model says BTC to $100,000 is well on track.

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PlanB, the well-known creator of the contested stock-to-flow (S2F) model, believes Bitcoin (BTC) is now well on track to reach $100,000 as the price has risen to yearly highs. The optimistic sentiment coincides with the shift in momentum from alternative cryptocurrencies, or altcoins, to BTC.

He said:

“I can’t make a chart for you now (at sea), but S2F model perfectly on track.”

At the same time, the price of Bitcoin has increased by 17% this week, as it broke through a major three-year trendline. As Cointelegraph reported, traders seemingly expect BTC to test higher resistance levels in the near term.

The price of Bitcoin surpasses $11,700 in a swift intraday rally

The price of Bitcoin surpasses $11,700 in a swift intraday rally. Source: TradingView.com

Data shows it might be the time for Bitcoin to shine

Altcoin declined particularly in the past 72 hours when the price of Bitcoin started to rally. Ethereum’s Ether (ETH) moved in tandem with BTC throughout the rally, but it slumped against BTC in the past two days.

In the short term, as Bitcoin sees a profit-taking rally from altcoins, some investors expect BTC to outperform altcoins. Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Group, said:

“If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”

The pattern of a Bitcoin rally following a strong altcoin season is not new. In previous cycles, the top cryptocurrency typically saw a sharp uptrend after altcoins initially gained against BTC. Such a trend materializes because investors seek safer options, like BTC, when the altcoin market gets overheated.

Most recently, the fear of missing out, or FOMO, of retail investors around DeFi led small market cap tokens to surge substantially. In the early days of the DeFi market craze, for example, Compound (COMP) saw a major rally. Then, smaller tokens, including Yearn Finance (YFI), Synthetix Network (SNX), and Aave (LEND), followed.

Eventually, as small tokens saw five to ten-fold spikes in price, investors started to take profit. The abrupt pullback of DeFi tokens coincided with a BTC rally as momentum shifted back to Bitcoin.

Traders say the trend is still up

Data from Skew shows that tens of millions of dollars worth of short contracts are still getting liquidated. It indicates that a relatively large number of investors are betting against BTC in the near term.

Bitcoin liquidations on BitMEX

Bitcoin liquidations on BitMEX. Source: Skew

Cryptocurrency trader Cantering Clark said that while he understands why shorts are compelling, the upward trend is too strong. He said:

“Looking at trades from the standpoint of R:R is good, but understanding context is superior. After a major contextual change like this, you can assume that your shorts have a lower probability of resolving successfully. Bets should be on strength always showing up.”

For some traders, a short against Bitcoin could be attractive because BTC has increased steeply in the past week and is testing major resistance levels. 

A 17% rally in six days — even during a bull market — is substantial, even for Bitcoin. But when the trend of BTC is overwhelmingly bullish, a short squeeze could only add more rocket fuel.

In the last 12 hours, more than $23 million worth of shorts were liquidated, for example, as the price hit as high as $11,750. Thus, during a strong upward price trend, shorts could indirectly catalyze a larger rally.


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The price of Bitcoin surpassed $11,700, and the creator of the Stock to Flow model says BTC to $100,000 is well on track.

Japan’s Covid-19 Stimulus Payments Didn’t Flow Into Crypto

Japan’s Covid-19 Stimulus Payments Didn’t Flow Into Crypto

Covid-19 relief money does not seem to have been spent by many Japanese on cryptocurrencies.

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In April, the Japanese government began distributing 100,000 yen payments — about $930 —  to every household. But did the Japanese follow some in the United States and spend that money in crypto exchanges? The data from the three major crypto exchanges in Japan suggests they probably did not. 

In his latest report, Yuya Hasegawa, a market analyst at Bitbank exchange notes some “irregularities” in the month of June in terms of deposits but overall concludes that the coronavirus relief payments did not result in significant changes to the behavior of Japanese crypto investors. 

There were some changes to normal. The number of 100K yen deposits from investors in their 40s was up more than 36%, surpassing that from investors in their 20s for the first time in two months. The number of 100K yen deposits from investors in their 50s increased by more than 35%. 

But according to Hasegawa, those changes are “too minuscule to alter overall investor behavior in any significant way”. By comparing the number of deposits in June with “previous months that recorded roughly the same amount of monthly BTC volume in the past (ie. Sep 19〜Dec 19”, he observed: 

 “The number of deposits and the degree of increase is a little too small to conclude, with confidence, that a number of Japanese investors are using their stimulus checks to buy crypto (emphasis on ‘a number of’)” 

BitFlyer and Coincheck on the Covid-19 stimulus check

Cointelegraph asked exchanges BitFlyer and Coincheck to check the number of 100K yen deposits since April. By and large the results confirmed the Covid-19 stimulus payment had little impact on crypto purchases

BitFlyer compared the month of February with April, May, and June. The number of 100K yen deposits increased from 1.1 to 1.2 times from April to June. The rate of increase was small and BitFlyer said it couldn’t conclude if the number was buoyed by the coronavirus rescue stimulus. 

According to Coincheck, the number of 100K yen deposits gradually increased between January to April but stopped increasing in May. It decreased in the second quarter compared with the first quarter. 

Why the small impact? 

Why did Japanese investors shy away from using the relief money for crypto investments? Hasegawa suggested it could be related to the “Japanese consumer’s tendential characteristic towards investment”: 

“In Japan, average households allocate only about 15% of their funds to financial products (excluding insurance, pension, and standardized guarantee scheme) and a little over 50% to savings, whereas the average US and EU households allocate more to financial products and less to their savings.”

As Cointelegraph reported, on July 13th, the Bank of Japan revealed that the supply of M3 in the country — essentially the volume of deposits by individuals, corporations, and local governments excluding financial institutions— increased 5.9% in June to $13.5 trillion.


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Covid-19 relief money does not seem to have been spent by many Japanese on cryptocurrencies.

Bitcoin $727B Annual Investment Flow Can Beat Visa Next Halving — Data

Bitcoin $727B Annual Investment Flow Can Beat Visa Next Halving — Data

If Visa’s payment volumes stagnate, Bitcoin is on track to beat them within around five years

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Bitcoin (BTC) is already processing 1% of the world’s GDP and the number is growing by “an order of magnitude” every halving cycle.

According to statistician Willy Woo, who analyzed data from monitoring resource Coin Metrics, Bitcoin’s investment flow is $727 billion annually.

BTC processes $727B per year

The number is almost 10% of payment processor Visa’s transaction volumes each year — Visa processes $8.8 trillion in transactions.

“Bitcoin’s investment flow (aka annual investment velocity) is presently growing an order of magnitude (10x) every 4 years,” Woo summarized. 

Per the statistics, Bitcoin should “catch up” with Visa at some point after its next halving cycle, which begins in May. As Cointelegraph reported, smaller fiat operators such as PayPal are already falling by the wayside — in 2018, PayPal processed a total of $578 billion.

Bitcoin 1-year adjusted transaction volume

Bitcoin 1-year adjusted transaction volume. Source: Coin Metrics

Woo acknowledged the data for Bitcoin was only an estimate and may include movements between cold wallets held by exchanges, which would not constitute true transactions. Circular payments between wallets, as well as multi-hop transactions with multiple steps, were excluded.

Small wallets hit record highs

The impressive statistics come as fresh highs in the number of low-balance Bitcoin wallets suggest that more and more private investors are experimenting with the cryptocurrency. 

According to Glassnode, there are now more wallets than ever with a balance greater than or equal to both 0.01 BTC ($101) and 0.1 BTC ($1,080).

Bitcoin wallet growth, 2009-present

Bitcoin wallet growth, 2009-present. Source: Glassnode

Nonetheless, both private and institutional investors have been found to reward convenience over security when it comes to crypto fund storage. A recent survey revealed that more than 9 in 10 institutional investors, for example, used trusted third parties such as exchanges to store their coins. 

An industry effort, dubbed “Proof of Keys,” aims to raise awareness of the importance of self-ownership of wallet private keys, but its success so far is difficult to estimate.


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If Visa’s payment volumes stagnate, Bitcoin is on track to beat them within around five years

Max Keiser: Altcoin Phenomenon Finished, Value Will Flow Into Bitcoin

Max Keiser: Altcoin Phenomenon Finished, Value Will Flow Into Bitcoin

Bitcoin bull Max Keiser predicted that the current rally will see bitcoin dominance grow and leave altcoins behind

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American broadcaster and known bitcoin (BTC) bull Max Keiser suggested that the cryptocurrency market rally will not include altcoins in a recent interview with CNBC

Keiser said that with the development of the cryptocurrency space and adoption of Segregated Witness (Segwit) and the Lightning protocol, people began to better understand the store of value bitcoin offers, as well as scaling that would happen off chain. This, per Keiser, made crypto owners move their funds back into “the most secure chain [bitcoin].”

Keiser further projected that altcoins are going to pennies or even out of existence, because “all that cash is going to flow into bitcoin.” He reasoned that with bitcoin’s market current dominance 60% — which Keiser purports could go to 80%–90% — “the altcoin phenomenon is finished,” he stated.

Recently, veteran trader and author Peter Brandt predicted that bitcoin will continue to grow but altcoins will not feel the benefits. Brandt said that unlike the previous bull market cycle in 2017, bitcoin’s gains would not have a knock-on effect elsewhere. He summarized, “Cryptomaniancs expect alts to do so again — they may be very disappointed.”

In late June, ThinkMarkets chief market analyst Naeem Aslam predicted that bitcoin will hit somewhere between $60,000 and $100,000 during its next bull run. He argues that by hitting $20,000, discussion will move from conservative estimates exceeding the number one coin’s all-time high to forecasts of $50,000; from there, breaking $50,000 will move the price target to $100,000.


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Bitcoin bull Max Keiser predicted that the current rally will see bitcoin dominance grow and leave altcoins behind