Tesla ‘Eating Bitcoin’s Lunch’ as Realized Volatility Hits 3-Year Low

Tesla ‘Eating Bitcoin’s Lunch’ as Realized Volatility Hits 3-Year Low

30-day realized volatility for Bitcoin drops to its lowest levels since 2017, while Tesla beats performance at over $1,500.

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Bitcoin (BTC) set another dubious record on July 15 as realized volatility sank to its lowest in three years.

According to data from on-chain analytics resource Skew, 30-day realized volatility recorded its smallest reading since 2017 this week.

BTC volatility echoes pre-$20K position

Realized volatility refers to volatility as defined by various timespans. Low volatility tends to concern traders and analysts, particularly over extended periods, as a kickback is all too often triggered afterward.

Earlier this month, 10-day realized volatility hit 20%, its lowest since the period immediately before BTC/USD crashed to $3,100 in December 2018.

As Cointelegraph reported earlier this month, trading volumes were also down at the time, fuelling expectations that volatility would soon return to the market.

Since then, Bitcoin’s anticipated “big move” has yet to appear, with a trading corridor between $9,000 and $9,500 remaining in place.

BTC/USD realized volatility comparison

BTC/USD realized volatility comparison. Source: Skew/ Twitter

For Cointelegraph Markets analyst filbfilb, however, there was plenty of potential for a major correction towards $8,000. Specifically, he told subscribers of his Telegram trading channel on Tuesday, the 20-week moving average (MA) at $8,200 provided a realistic support level. Alternatively, BTC should reclaim its 50-day moving average, currently close to $9,400.

“Overall my position remains very cautious,” he summarized. 

“Until then it’s just sideways chop until proven otherwise so I’m happy to sit that out and wait for confirmation.”

Tesla “eating Bitcoin’s lunch”

In the meantime, Bitcoin is providing little inspiration, with even Tesla stock beating it on volatility. 

“#Bitcoin realized volatility on a three years low, Tesla is eating bitcoin’s lunch!” Skew commented. 

Tesla has surprised by posting multiple new highs despite multiple calls for a massive correction continuing for several months. Since its recent bottom on March 18, $TSLA has gained over 300% to trade at $1,516 at press time. 

Even at $1,200, Tesla’s market cap was over 30% larger than Bitcoin’s.

Tesla stock price eight-month chart

Tesla stock price eight-month chart. Source: TradingView

Tesla CEO Elon Musk continues to be known as a possible cryptocurrency supporter, with mysterious tweets on topics from Bitcoin holdings to Dogecoin (DOGE) causing considerable interest among users.


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30-day realized volatility for Bitcoin drops to its lowest levels since 2017, while Tesla beats performance at over $1,500.

Blockchain Technology Faces a Tug of War Between Scalability and Decentralization

Blockchain Technology Faces a Tug of War Between Scalability and Decentralization

There is no free lunch: “Blockchain scalability is a trade-off,” says Lisk CEO

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Blockshow Asia 2019 hosted some big names today for a panel on blockchain scalability. All the speakers agreed: people have to choose between scalability and decentralization.

The panel included Max Kordek, CEO at Lisk; Matthew Tran, founder of Etherscan; Saranya Sriram, technical lead at Microsoft Azure; and Xinxi Wang, co-founder of Litecoin Foundation.  It attracted a large audience for such a super-technical discussion.

Speaking about the difficulties of scaling a blockchain to the next level, Kordek said that “blockchain scalability is a tradeoff. You can’t simply scale a blockchain for free. This is why I always laugh when I hear about projects promising 50,000 transactions per second.”

Xinxi agreed, pointing out:

“At Litecoin, we always choose decentralization and security over scalability. Unfortunately we can’t do both, but we try to find something in the middle.”

The sentiment was echoed by Matthew Tran, who added that there is no reason to pursue infinite scalability:

“First of all, we need to define what scalability means. Are we talking about infinite scalability? There is no reason to do that. We need to go for the happy medium, so then we can scale and have decentralization and security granted.”

Besides the relevant subject and the strong opinions expressed, the panel didn’t get much engagement from the audience on this niche topic. At the end of the panel, no one had any questions for the speakers.


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There is no free lunch: “Blockchain scalability is a trade-off,” says Lisk CEO

BitMEX CEO Arthur Hayes Says Traders Could Lose Weekends, Lunch Breaks

BitMEX CEO Arthur Hayes Says Traders Could Lose Weekends, Lunch Breaks

According to BitMEX CEO Arthur Hayes, digital finance will change the order of the financial industry as trading happens 24/7

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BitMEX CEO and co-founder Arthur Hayes says traditional traders may lose their lunch breaks and weekends as digital finance is going to change everything, including workplaces.

Cryptocurrencies trade 24 hours a day, seven days a week

In a Sept. 19 article by Bloomberg, Hayes noted that cryptocurrencies trade 24 hours a day, seven days a week, and that this will end up affecting “everything from traditional equities, bonds and currency trading, to the way payments are processed and recorded.”

The CEO of BitMex made his remarks at the Milken Institute Asia Summit in Singapore, where he added that “traders may even lose their lunch breaks and weekends as traditional assets absorb some characteristics of digital ones.” Hayes added:

“Some of the practices in our market are going to be mimicked in traditional trading […] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”

It remains to be seen how labor organizations, who were crucial in the passage and adoption of weekends, the forty-hour workweek and mandatory breaks, will respond if Hayes’s prediction comes to pass.

“Get Ready for Bitcoin $20K”

On Sept. 18, Hayes predicted that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. 

Hayes comments came right after the Federal reserve swooped in to decrease interest rates on some loans which reached more than 10%, or four times its target. More than $53 billion was pumped into the economy through quantitative easing (QE) measures. 

“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” Hayes tweeted.


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According to BitMEX CEO Arthur Hayes, digital finance will change the order of the financial industry as trading happens 24/7

Big Four Auditing Firm Deloitte Allows Staff to Pay Lunch in Bitcoin

Big Four Auditing Firm Deloitte Allows Staff to Pay Lunch in Bitcoin

Big Four auditing firm Deloitte allows its staff to pay for food using a mobile Bitcoin wallet

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Big Four auditing firm Deloitte is now allowing its staff to pay for food in the cantine using a mobile Bitcoin (BTC) wallet.

English-language local news outlet Luxembourg Times reported on Sept. 17 that Deloitte is testing Bitcoin among its employees to “see how the audit giant could use the cryptocurrency.” 

Partner at the advisory arm of the company Laurent Collet commented on the project:

“We think it’s good to have our employees assess this new technology.”

Only an internal test

That said, Collet also noted that there are no plans to allow clients to pay in Bitcoin in the near future. Worth noting, PwC Luxembourg, another Big Four firm, will start accepting Bitcoin payments from Oct. 1.

Blockchain not Bitcoin

Collet explained that Deloitte’s priority is to use blockchain in its fund management activities to process transactions, not making payments in Bitcoin. The reason being that moving funds would speed up the process, make audits easier while removing middlemen. He concluded:

“This is where we focus our attention right now in linking this new technology with the needs of the Luxembourg industry.”

As Cointelegraph reported yesterday, an economist from the Bank for International Settlements has also proposed new ways of supervising financial risks through distributed ledger technology.


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Big Four auditing firm Deloitte allows its staff to pay for food using a mobile Bitcoin wallet

OKEx Skips Warren Buffett Lunch, Donates $4.5M to Insurance Fund

OKEx Skips Warren Buffett Lunch, Donates $4.5M to Insurance Fund

OKEx has revealed its contribution to the perpetual swap market insurance, whose amount is equivalent to the cost of the lunch with Warren Buffett

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Cryptocurrency exchange OKEx has donated $4.5 million in Bitcoin (BTC) to its perpetual swap market insurance fund as a show of support for the Warren Buffett Power Lunch.

More protection for traders

In a press release shared with Cointelegraph on July 23, the Malta-based crypto exchange revealed its contribution to the perpetual swap market insurance, whose amount is equivalent to what Tron’s Justin Sun paid to have lunch with Warren Buffett. 

Andy Cheung, head of operations of OKEx, commented on the contribution saying that “the Power Lunch is a significant initiative to advocate the value of Bitcoin, blockchain, and digital assets to traditional finance leaders on Wall Street.” Cheung added:

“We wanted to support blockchain development in our own way and, more importantly, put our customers first. That’s why we decided to place our resources where our customers can directly benefit.”

The insurance fund is used to pay the amount of default value on a margin call before the clawback event is triggered. So the bigger the insurance fund, the less likely the clawback would be occur. The clawback mechanism would, therefore, act as the last line of defense if a large-scale systematic event occurs. Insurance serves as a cushion to protect trader’s profit from reaching the last defended line.  

“The insurance fund minimizes the uncertainty and trading risk of which traders’ expected profit would be taken out, aka clawback risk,” OKEx explains. 

The donation is expected to go through on 24 July, which will roughly double the amount of the perpetual swap market insurance fund.

However, as Cointelegraph reported earlier, the Tron Foundation is postponing the Warren Buffett lunch to an unspecified date due to founder Justin Sun falling ill with kidney stones. Nevertheless, the given donation plan will not be affected, according to OKEx.

Cryptocurrency donations taking off

The charity sector has been increasingly adopting digital currencies, with leading industry players having donated in a number of projects worldwide. This month, decentralized insurtech firm Etherisc launched a blockchain-based insurance platform for farmers in Sri Lanka through a partnership with the insurance company Aon and the charity Oxfam.

The Binance Charity Foundation announced an alliance of 47 organizations to make a token geared towards women’s health. Binance claims that a blockchain-based means of distributing charity will address inefficiencies and transparency issues that are purportedly present in traditional means of charitable giving.


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OKEx has revealed its contribution to the perpetual swap market insurance, whose amount is equivalent to the cost of the lunch with Warren Buffett

Tron’s Justin Sun Wins eBay Charity Auction in $4.57M Bid to Lunch With Warren Buffett

Tron’s Justin Sun Wins eBay Charity Auction in $4.57M Bid to Lunch With Warren Buffett

Tron founder and CEO Justin Sun has won an eBay charity auction to have lunch with renowned investor and Berkshire Hathaway CEO Warren Buffett

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Tron (TRX) founder and CEO Justin Sun has won an eBay charity auction to have lunch with renowned investor and Berkshire Hathaway CEO Warren Buffett. The news was revealed in a press release shared with Cointelegraph on June 3.

Sun reportedly bid a record-breaking $4,567,888 to win the charity auction, which has been held by Warren Buffett for the past 20 years.

Bloomberg reports that the winner, who had previously been unnamed, will be able to bring seven friends along for lunch with Buffett at a steakhouse in New York.

All proceeds from the auction benefit the San Francisco-based non-profit GLIDE Foundation. As the press release notes, GLIDE focuses on fighting injustice and inequality on behalf of economically deprived and oppressed communities in need, including the homeless, those from ethnic minorities or of LGBTQ orientation.

Buffett’s wife is reported to have been a GLIDE volunteer before her passing in 2004, since which the investor has upheld his own commitment to the foundation, reportedly raising over $30 million to date in auction proceeds.

In a statement, Sun emphasized the importance of contributing to a foundation whose work provides holistic programs for the local community, noting that:

“BitTorrent and TRON’s US headquarters are in San Francisco, and bidding on this charity auction was a key priority for our team. I’m proud to have my bid donated to GLIDE, a foundation that provides critical support for our local homeless community.”

According to the press release, the auction was hosted in cooperation with the “eBay for Charity” initiative, which enables members of eBay’s online community to support their chosen charities both donate platform-derived proceeds and additional contributions to various causes. The initiative has reportedly raised almost $912 million for nonprofits via the e-commerce community to date.

In her own statement, Karen Hanrahan, CEO and president of GLIDE, underscored that 100% of Sun’s contribution would be used “to help people overcome barriers such as homelessness, addiction, hunger and social isolation and reach their full potential.”

As reported, Sun also recently offered to personally deposit 7,000 BTC to compensate the loss incurred by the major hack of top crypto exchange Binance last month. The offer — alongside other similar offers from industry members such as Coinbase and QKC — was gratefully acknowledged but declined by Binance CEO Changpeng Zhao.

For some in the crypto community, Sun’s charity lunch with Warren Buffett will recall the investor’s much-publicized negative view of decentralized cryptocurrencies. While Buffett is well-known for this scathing stance — memorably characterizing bitcoin as „probably rat poison squared.” He has, however, recently made more positive comments in regard to blockchain.


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Tron founder and CEO Justin Sun has won an eBay charity auction to have lunch with renowned investor and Berkshire Hathaway CEO Warren Buffett

Binance’s Charity Arm Rolls Out Blockchain-Powered School Lunch Campaign

Binance’s Charity Arm Rolls Out Blockchain-Powered School Lunch Campaign

The charity arm of the world’s largest crypto exchange has launched blockchain-enabled school lunch program

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The charity arm of the world’s largest crypto exchange, Binance, has launched its pilot blockchain-based lunch program in African schools, according to a blog post on Feb. 21.

Binance Charity Foundation (BCF) has rolled out its charity campaign “Lunch for Children” in the capital of Uganda, Kampala. According to the program, the organization is set to provide two meals a day during the full year of 2019 to more than 200 students and school staff.

The recently launched pilot in Uganda is a part of a larger campaign by Binance that intends to benefit one million students in schools across other countries such as Rwanda, Kenya and Ethiopia.

Based on BCF’s blockchain-based donation system, the campaign was first announced during Binance Blockchain week in Singapore last January, the blog post notes.

According to the press release, the distribution of donations officially kicked off at a launch ceremony attended by over 500 participants. BCF’s initiative partners, privacy-oriented blockchain firm Zcoin and Kenya-based non-profit organization Dream Building Service, also attended the ceremony.

According to the report, the Zcoin team and its major investors donated $24,000 worth of cryptocurrency to support the students and school staff at the Jolly Mercy Learning Center in Kampala, where the event took place.

Uganda’s Minister of State for Primary Education, Rosemary Nansubuga Seninde, stressed that the recently launched program is not only a donation, but also guarantees protection from potential third-party corruption.

Binance first launched its charity arm in October 2018, revealing that the initiative was supported at the time by a donation of $3 million from the Tron Foundation.

In late 2018, the BCF announced a new charity channel on its platform, intending to support terminally ill patients and disadvantaged children in Malta and Gozo.

Recently, the ALS Association partnered with the Tron Foundation to launch a blockchain-enabled campaign to raise donations for research into treatments for amyotrophic lateral sclerosis, commonly known as Lou Gehrig’s disease.


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The charity arm of the world’s largest crypto exchange has launched blockchain-enabled school lunch program