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Undaunted by Bitcoin flash crash, crypto bulls say 'the greatest time' to invest is now – Yahoo Finance

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This week's "flash crash" that dragged bitcoin (BTC-USD) back below $50,000 — and sent other digital coins reeling in its wake — marred what should have been the momentous occasion of the first sovereign country on earth adopting a cryptocurrency as legal tender. 
Despite the ugly price action, most of crypto's true believers are still just that — even as some observers question bitcoin's head-spinning volatility, and El Salvador's decision to throw its weight behind it. 
Michael Sonnenshein, CEO of Grayscale Investments, the world's largest cryptocurrency fund manager by assets, who told Yahoo Finance Live this week that other countries are likely to join El Salvador in the race to make crypto legal tender.
And Matt Hougan, CIO of Bitwise, also told Yahoo Finance Live that “it’s the greatest time, I think, to enter the crypto market. A lot of the first decade of crypto was about zero to one. … Now the question is how fast we scale from one to 100. A lot of that is built on what regulatory clarity we get.”
To be sure, it's been a rocky week for digital currencies like bitcoin — which traded above $52,000 on Monday but hovered near $45,000 on Friday — as well as ethereum (ETH-USD) and Cardano (ADA-USD). However, from peak to trough, the latter two didn't lose nearly as much as bitcoin, which suffered offshore outflows upwards of $3 billion during Tuesday's selloff, according to one investor.
On the other hand, the price of cryptocurrency (SOL1-USD), which power the Solana blockchain, is already above its pre-flash crash highs, trading above $175 on Friday. 
In an interview with Yahoo Finance, Jeff Sekinger, a financial guru, founder of the Miami-based crypto hedge fund Orca Capital, said he believes overall crypto market will likely see a lot of growth through the end of this year, despite this week's rout.
Like the week of Coinbase’s initial public offering, this week began with another major market event — El Salvador’s new Bitcoin Law, which was expected to be a boon to the industry.
Sekinger has witnessed his share of crypto market cycles. He first purchased bitcoin in college in 2013, and the 2017 bull market convinced him to leave his job at JPMorgan Chase to focus on the asset class full-time. He started Orca Capital in April two years later.
Breaking down trading volume, open interest levels and on-chain analysis, Sekinger actually called this week’s flash crash in a Youtube video he published on August 31. He told Yahoo Finance it came down to volume and three major upward trends.
“When the perpetual funding, opening interest and price action are all moving up but volume is slowing, it's been a telltale sign for the past three major crashes,” Sekinger told Yahoo Finance.
This time, the downturn came from the combination of high leverage in the markets on top of cryptocurrency traders “buying the rumor and selling the news,” he said. That was proof enough that the market is still relatively small — and still heavily manipulated by a few big players, according to Sekinger. 
Acknowledging that market cycles are notoriously difficult to predict, Sekinger said the current bull market in crypto will likely end in the first or second quarter of next year.
“There will be too much euphoria and too much leverage and everything will come crashing down. Because we are starting to see serious money within the space, I think in terms of a percentage correction, it will be less,” said Sekinger.
Currently, Orca has two funds that each hold about 10 to 15 different assets that cumulatively hold $50 million under management today, with 167 limited partners. Since Orca started, both funds have outperformed bitcoin while one doubled the cryptocurrency's return in the last year.
Within two months, Orca will rollout two more funds — including a more aggressive decentralized finance (DeFi)-focused fund. These additions should double their total asset value under management, Sekinger said.
Retail investors "see all these crazy stories about the ridiculous amount of money being made on NFTs and that sparks their interest.”Jeff Sekinger, crypto portfolio manager
In terms of leverage, Sekinger said that his funds can lever up to 5 percent of their value, but that they never have had a desire to go close to 5 percent, and typically use it at the most “two to three times per year in small quantities.”
Orca’s future offerings come from retail demand for nonfungible token (NFT)-related investment, according to Sekinger — something he connected to solana's skyrocketing growth over the summer
“One of the reasons why SOL is blowing up is because a ton of NFTs are moving from Ethereum to Solana because it's so much less expensive to launch, buy and sell on the Solana blockchain,” said Sekinger. 
Retail investors "see all these crazy stories about the ridiculous amount of money being made on NFTs and that sparks their interest,” he said.
In light of the wellspring of investment brought into the crypto market by NFTs, investor interest in blockchains with higher transaction speed has quickly dominated price action. 
Since its London hardfork update, the Ethereum blockchain is said to perform 15 transactions per second but reports of high fees due to network congestion have sent traders reeling.
I'm glad the gas fees are so high on ETH that I simply have to diamond hand everything anyway.
The future of finance involves 0 transactions.
— Lily Francus (@nope_its_lily) September 3, 2021
Based on tests, Cardano is said to do 257 transactions per second and potentially much more with upgrades while Solana can complete 50,000 transactions per second.
David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers.
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What happened Shares of BioNTech (NASDAQ: BNTX) were plunging 19.8% as of 11:12 a.m. EDT on Friday. The steep decline came after Pfizer (NYSE: PFE) announced positive results from a late-stage study of its experimental COVID-19 pill Paxlovid.
Shares of Moderna (NASDAQ: MRNA) fell on Friday, following a major development in the war against COVID-19. Rival drugmaker Pfizer (NYSE: PFE) announced that its clinical study results indicate that its investigational antiviral treatment could slash the risk of hospitalization or death by 89% in non-hospitalized adults with COVID-19. "Today's news is a real game-changer in the global efforts to halt the devastation of this pandemic," Pfizer CEO Albert Bourla said in a press release.
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Deciphera Pharmaceuticals Inc (NASDAQ: DCPH) stock plunged to a 52-week after announcing disappointing results from the INTRIGUE Phase 3 study of Qinlock in patients with gastrointestinal stromal tumor (GIST) previously treated with Novartis AG's (NYSE: NVS) Gleevec (imatinib). The study did not meet the primary endpoint of improved progression-free survival (PFS) compared with the standard of care Pfizer Inc's (NYSE: PFE) Sutent (sunitinib). The full results from the INTRIGUE Phase 3 clinical s
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Zoom Video Communications Inc (NASDAQ: ZM) shares are trading lower in possible reaction to positive data from Pfizer for its COVID-19 oral antiviral treatment candidate, which has weighed on remote work outlook. Weakness in remote fitness company Peloton could also pressure the space. According to Pfizer: PAXLOVID™ was found to reduce the risk of hospitalization or death by 89% compared to placebo in non-hospitalized high-risk adults with COVID-19 In the overall study population through Day 28,
Shares of the vaccine specialist Dynavax (NASDAQ: DVAX) were sliding this morning after the company reported third-quarter earnings. After the market closed on Thursday, Dynavax stock actually rose after hours on the strength of a terrific third-quarter earnings report. Yesterday, Moderna's (NASDAQ: MRNA) stock tanked after the company had to lower its revenue outlook in the face of softer vaccine demand.
Shares of Emergent Biosolutions (NYSE: EBS) have crashed 41.1% as of 11:44 a.m. EDT on Friday. The huge decline came after the company revealed on Thursday that a multimillion-dollar agreement with the U.S. Department of Health and Human Services (HHS) had been canceled. Emergent Biosolutions CEO Robert Kramer seemed to attempt to play down the termination of the HHS contract.
Shares of cloud analytics company Teradata (NYSE: TDC) fell on Friday. Teradata stock's decline follows the company's third-quarter earnings release. While revenue and earnings per share were both ahead of analysts' consensus forecasts for the two metrics, the company missed analysts' average view for cloud annual recurring revenue.
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If you look beyond the hottest tickers, you can find companies giving out jumbo dividends.
ARK Invest went shopping on Thursday, buying into three stocks that have fallen after posting disappointing quarterly results this earnings season.

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Polygon Reveals Details About Its Future Collaboration With LBank During AMA – Press release Bitcoin News – Bitcoin News

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PRESS RELEASE. Recently, LBank Exchange held an AMA session with the Polygon team, discussing Polygon’s achievements, collaborations, NFT and Gaming markets, Nightfall solution, future plans and so on. Here’s the summary of this AMA.
Ethereum is the blockchain development platform of choice, but it has limitations such as low throughput, poor UX, and no sovereignty. As a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, Polygon breaks through these limitations by aggregating scalable solutions on Ethereum and supporting a multi-chain Ethereum ecosystem.
Polygon Outperforms Ethereum In-terms Of Active Users
As a layer 2 solutions aggregator built on top of Ethereum, Polygon has made some great achievements since its birth, its POS chain has over 2000 DApps live and processes over 7 million transactions daily. In fact, Polygon now has more daily active users than Ethereum.
MATIC, the token for the polygon network, is already live on trading platforms like LBank Exchange, and currently the trading volume of it is over 1 billion across exchanges. Polygon team is aiming to make more people hold MATIC tokens, and it’s hoping to see MATIC’s trading volume on LBank Exchange continue to grow as well.
Expanding the Polygon ecosystem
With the power to bring thousands of new users into blockchain, NFT and Gaming markets are strategic sectors that Polygon continues to focus on. There are already some of the largest gaming projects live on Polygon, such as Decentral Games, Sandbox, Somnium Space, Vulcan Verse, etc. As for NFT projects, there are OpenSea, Lazy.com, Autograph, etc.
The team will be bringing many more such games and NFT projects onto Polygon so that its community can enjoy more artwork and fun. In addition, Polygon allows for massive scalability, and compared to Ethereum, minting costs on Polygon are 100,000 times cheaper on average.
Polygon also has products designed for enterprise customers who need privacy and scalability, such as Nightfall, a one-of-a-kind, privacy-focused Rollup that combines Optimistic Rollups with Zero-Knowledge (ZK) cryptography commonly used in ZK Rollups. It creates a scalable and private hybrid of the two popular technologies.
Polygon Nightfall has the power to bring many large enterprises into blockchain, the team believes that it will lead to a large number of transactions on Polygon and further add new projects and users to the Polygon ecosystem.
Big Plans Ahead
The Polygon team has already got some big plans ahead. On the technical side, Polygon is investing heavily into ZK and ZK Rollup technology, for example, the team has already spent $250 million on acquiring Hermez, which is a decentralized, open-source ZK Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.
Polygon has also acquired another 4 teams to build more ZK Rollup chains, to achieve the goal of building highly scalable EVM enabled ZK Rollup technology. In addition, Polygon has updates coming for its POS chain and details on EIP 1559 implementation.
On the business side, Polygon has many exciting updates as well, with lots of big DApps and integrations planned. Significantly, Arjun, Polygon’s Head of Growth, points out that LBank is enhancing its global branding. He also assures that the love of the community makes the team achieve its goals, so it will continue to collaborate with LBank Exchange to bring more Polygon projects and tokens to the community. Polygon team will keep posting on its official social media accounts such as Twitter to reveal more details about future plans and latest updates.
 
About Polygon
Polygon is a layer 2 aggregating scalable solution on Ethereum that supports a multi-chain Ethereum ecosystem. The platform resolves the blockchain challenges like high gas fees, slow speed without sacrificing security. It is a protocol and framework to build and connect Ethereum-compatible blockchains.
Visit to Know more:
Website: https://polygon.technology/
Twitter: https://twitter.com/0xPolygon
Telegram: https://t.me/polygonofficial
Discord: https://discord.com/invite/polygon
 
About LBank
LBank is an ever-growing crypto trading platform which offers safe trading for the users worldwide. The team aspires to build the professional integration services for crypto-assets being a convenient trading platform. It has become popular with over 6.4 million users around the world.
Visit to Know More:
Website: https://www.lbank.info/
Twitter: https://twitter.com/LBank_Exchange
Telegram: https://t.me/LBank_en
LinkedIn: https://www.linkedin.com/company/lbank
Facebook: https://www.facebook.com/LBank.info/
 
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
Check all the news here
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
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‘Trillions Of Dollars’—Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance’s BNB, Solana, Cardano And XRP Soar – Forbes

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Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3 trillion as ethereum, Binance’s BNB, solana, cardano and XRP make double-digit percentage gains.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains
The bitcoin price has climbed from around $45,000 per bitcoin in early October to all-time highs of $67,000 late last month, in part due to the launch of the first U.S. bitcoin futures exchange-traded funds (ETFs). Bitcoin has recently dropped back—despite huge new price targets even as ethereum and its smaller rivals hit fresh highs.
Now, Michael Saylor, a bullish bitcoin buyer, has predicted “trillions of dollars” will flow into bitcoin once the U.S. regulator approves a fully-fledged bitcoin ETF—helping bitcoin to replace gold and become the primary asset index for the Western world.
Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday
The bitcoin price has surged through 2021 but much of the crypto market’s gains have come from … [+] ethereum, Binance’s BNB, cardano, solana, and XRP.
“To do that, you need the spot ETF,” said Saylor, the chief executive of business intelligence software company MicroStrategy, speaking this week at Bloomberg‘s Financial Innovation Summit. “And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”
Over the last year, Saylor has pivoted Microstrategy to a bitcoin acquisition vehicle, buying more than 110,000 bitcoins. The value of the company’s bitcoin holdings is around $7 billion, making up almost all of MicroStrategy’s $8 billion market capitalization.
Saylor said he expects a U.S.-based spot bitcoin ETF would act as an institutional on-ramp for investors who want bitcoin exposure, adding he’ll continue buying bitcoin via MicroStrategy. Such funds are already live in other countries, including Canada.
The launch of two U.S. bitcoin futures ETFs in October generated huge media attention, with the ProShares Bitcoin Strategy ETF accumulating more than $1 billion in assets in mere days. However, some, including general partner at Castle Island Ventures Nic Carter, have called futures-based ETFs “inferior” as they don’t give direct exposure to the underlying asset. Carter, speaking alongside Saylor, said a spot bitcoin ETF would be “the hottest commodity ETF launch of all time.”
“The right answer is: let investors buy a trillion dollars worth of bitcoin via an ETF because the ETFs plug into the existing security structure, the existing prime brokerages, the existing collateral packages,” said Saylor.
CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has risen more than 300% over the last 12 months, making bitcoin a $1 trillion … [+] asset. However, bitcoin has been left in the dust by ethereum, Binance’s BNB, solana, cardano, and XRP.
Meanwhile, bullish bitcoin and crypto market watchers continue to predict prices will surge into the end of 2021. While bitcoin has lost ground this week, ethereum has added almost 5%, with its too biggest rivals, Binance’s BNB and solana, both surging by around 20%.
“Intraday volatility is completely normal after such a bullish month, but the higher time frame is looking solid for now,” Lukas Enzersdorfer-Konrad, chief product officer at Vienna-based bitcoin and crypto trading platform Bitpanda, said in emailed comments. “The crypto market is more integrated into the world economy every day which only shows how important it is for bigger institutions but on the other hand, is also under pressure from macro events.”
“A melt-up in bitcoin and ethereum into year-end is likelier than retracement, we believe, after 2021 corrections cleansed speculative positions, and with increasing demand and adoption, and declining supply, sustaining a bull market,” Bloomberg Intelligence senior commodity strategist Mike McGlone wrote in his latest market report, pointing to a “tidal wave of U.S. ETFs.”
“The startup of U.S. ETFs and the fact that cryptos counter China bans limit downside risks.”

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XRP Set for Massive Breakout With Altcoins Poised to Steal the Show From Bitcoin, Predicts Top Crypto Analyst – The Daily Hodl

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One closely followed crypto analyst is bullish on XRP and thinks that altcoins are in a prime position to outpace Bitcoin (BTC).
The pseudonymous analyst known as Credible Crypto tells his 257,400 Twitter followers that XRP’s price structure looks very similar to data-sharing protocol OriginTrail, whose native token TRAC just rallied more than 300% following its recent listing on Coinbase Pro.
He expects XRP to follow a similar path to TRAC, taking the cryptocurrency back to its previous all-time high of $3.40.
“The XRP chart below is from my last YouTube video on XRP made in August. The chart next to it is another coin that I came across today that has the same structure but is one step ahead with the 5th wave already in progress. Do you see it now?”
After Ethereum’s new breakout against Bitcoin (ETH/BTC), the trader anticipates ETH’s next leg up to kick off a new alt season.
He also notes that Bitcoin dominance has likely already topped out, further paving the way for an altcoin rally.
“ETH/BTC broke out today, closing above the key resistance zone I was watching. This is a great sign and indicates BTC dominance may have already found its top and alts may be about to steal the show, led by ETH.”
The analyst says that Bitcoin dominance dropping doesn’t necessarily mean that BTC’s price will drop.
No it just means that if BTC is rising alts will probably rise faster. We saw this in 2017 in the latter stages of the bull run as lots of new money started pouring in.
— CrediBULL Crypto (@CredibleCrypto) November 3, 2021

Taking a closer look at the top crypto asset, Credible says that Bitcoin is close to deciding whether it wants to break to the upside or continue ranging.
According to his analysis, a rejection of $63,000-$64,000 could take BTC back to major support around $58.000.
“63-64k tagged BTC. Now to see if we break out to new ATH [all-time high] or reject soon and continue to range.”
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