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GRNGrid Secures 50 Million USD Investment Commitment From GEM Digital

19 Sep 2022

Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.08%

Ethereum classic (ETC) was one of the most notable movers on Monday, as the token fell by over 12% to start the week.

Following a high of $33.41 during the weekend, ETC/USD slipped to an intraday low of $27.91 earlier today.

The drop comes less than a week after ethereum classic was trading above $40.00, ahead of last Wednesday’s Merge.

Monday’s drop sees ETC move to its lowest point since July 27, when the token was trading near $24.00.

As of writing, earlier price declines have eased, with ETC now back above the $30.00 mark.

After a brief breakout, the 14-day relative strength index (RSI) is also tracking marginally above a support of its own at 40.95.

Like ethereum classic, UNI was also in the red to start the week, as the token moved closer to a multi-month low.

On Monday, UNI/USD found itself trading below a support point of $5.50, with prices falling to as low as $5.42.

Similar to ETC, this is the lowest level UNI has hit since July, however in this instance the bottom occurred on July 11.

Looking at the chart, the sell-off led to the RSI hitting a floor of 36.15, with bears using this as a signal to secure previous gains.

Currently UNI is trading higher, with prices close to climbing above the aforementioned support point of $5.50.

Should this happen, bullish sentiment will likely begin to return, with traders likely looking to push the token above $6.00.

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Tags in this story
Analysis, ETC, Ethereum Classic, UNI, uniswap

Will Wednesday’s interest rate decision have a big impact on crypto prices? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments

Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.

Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.08%

Ethereum classic (ETC) was one of the most notable movers on Monday, as the token fell by over 12% to start the week.

Following a high of $33.41 during the weekend, ETC/USD slipped to an intraday low of $27.91 earlier today.

The drop comes less than a week after ethereum classic was trading above $40.00, ahead of last Wednesday’s Merge.

Monday’s drop sees ETC move to its lowest point since July 27, when the token was trading near $24.00.

As of writing, earlier price declines have eased, with ETC now back above the $30.00 mark.

After a brief breakout, the 14-day relative strength index (RSI) is also tracking marginally above a support of its own at 40.95.

Like ethereum classic, UNI was also in the red to start the week, as the token moved closer to a multi-month low.

On Monday, UNI/USD found itself trading below a support point of $5.50, with prices falling to as low as $5.42.

Similar to ETC, this is the lowest level UNI has hit since July, however in this instance the bottom occurred on July 11.

Looking at the chart, the sell-off led to the RSI hitting a floor of 36.15, with bears using this as a signal to secure previous gains.

Currently UNI is trading higher, with prices close to climbing above the aforementioned support point of $5.50.

Should this happen, bullish sentiment will likely begin to return, with traders likely looking to push the token above $6.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, ETC, Ethereum Classic, UNI, uniswap

Will Wednesday’s interest rate decision have a big impact on crypto prices? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments

Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.

The price of bitcoin has dropped 72.9% in USD value since the crypto asset’s all-time high ten months ago and recently, bitcoin’s been trading for just under $19K per unit. This week two prominent crypto market influencers have been discussing how governments could suppress bitcoin markets by shorting the crypto asset. However, one of the individuals notes that the odds of doing so are “in the 0%-1% range.”

Bitcoin’s price has been lower this week following the initial drop after the U.S. consumer price index (CPI) published last Tuesday which showed inflation was higher than expected. Moreover, the crypto economy, in general, could see another leg down after the U.S. Federal Reserve raises the benchmark bank rate.

The Crypto Fear and Greed Index (CFGI) shows sentiment has dropped from “fear” to “extreme fear” over the last day. On Saturday, the bitcoin analyst Willy Woo published a thread about the possibility of unlimited fiat and derivatives markets suppressing bitcoin prices.

Can Unlimited Fiat and Governments Supress Bitcoin’s Price? 2 Analysts Discuss the Theory and Odds

The thread, called “A dummies guide to selling 42 million BTC,” talks about how Arthur Hayes created the first “BTC casino that real people used, trading billions per day.” Woo remarked that “Arthur gloriously opened the way for us to sell 10 BTC even when we only had 1 BTC — We just need people to take the other side of our bet,” Woo added.

After describing how Hayes created Bitmex in his own fashion, Woo discussed how CME Group, the world’s largest derivatives exchange, “launched a BTC casino where you could front USD to play.”

“Wall Street hedge funds loved that,” Woo’s Twitter thread notes. “What’s the limits on selling BTC now? Unlimited. Fiat is unlimited.” Woo further detailed that BTC had a $0.37 trillion market cap while the U.S. dollar is around $22 trillion.

The analyst added that $1.1 trillion was created during the last year and said the “theoretical shorting power with fiat” is colossal and that it’s “billions of BTC.” Woo stressed:

BTC doesn’t have to be killed, it just needs enough shorts in the system to suppress price. Without a large market cap, BTC doesn’t get to make global impact.

Can Unlimited Fiat and Governments Supress Bitcoin’s Price? 2 Analysts Discuss the Theory and Odds

Woo isn’t the only person to discuss matters in this way, as a number of crypto proponents have said that bitcoin derivatives markets and even exchange-traded funds (ETFs) could harm BTC’s value. This fear has scared investors well before CME Group introduced BTC futures markets in 2017.

Years later, a few studies indicated that it was possible institutional investors could be manipulating bitcoin’s price. CME Group has exposure to a myriad of brokerage firms worldwide and this August, CME bitcoin futures swapped at the largest discount to spot prices since trades began in 2017.

In November 2017, the chairman emeritus of CME Group, Leo Melamed, told Reuters reporters that bitcoin was becoming a “new asset class.” However, Melamed also said it was “a very important step for bitcoin’s history” and that CME Group would “regulate, make bitcoin not wild, nor wilder.” Melamed further stressed:

We’ll tame it into a regular type instrument of trade with rules.

On Saturday, the economist, trader, and entrepreneur Alex Krüger tweeted that “governments could stop bitcoin pretty simply.” Krüger further added how it was possible. “Just short it. Keep it under $10,000 for a long while, [and] watch most people lose interest permanently. No need to bother with 51% attacks.” The economist also added that his statement was a copy and paste of the very statement he said in 2019, and that the probability of this type of thing happening is fairly low.

“Can it happen?” Krüger asked. “Sure can, I covered the mechanics in the original thread. Is it probable? I’d place the odds in the 0%-1% range.” Krüger also mentioned Willy Woo’s Twitter thread and when someone responded that it was “much more feasible to just ban PoW under climate control rhetoric,” Krüger replied: “100%.”

In Woo’s Twitter thread some people said that removing BTC from spot market exchanges was the best way forward. At the time of writing, crypto exchange data from cryptoquant.com indicates that there’s roughly 2.3 million BTC stored on centralized trading platforms.

“[Bitcoin] at a low price means more people buying [and] taking it off exchanges,” Dr Crypto Tony said. “This makes BTC more expensive. They can’t manipulate it like silver [and] gold because people have self-custody. Finite BTC makes it rise in price as more people buy and hold individually. Take [it] off exchanges.”

What do you think about the discussion regarding shorting bitcoin and governments suppressing bitcoin’s price? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

The price of bitcoin has dropped 72.9% in USD value since the crypto asset’s all-time high ten months ago and recently, bitcoin’s been trading for just under $19K per unit. This week two prominent crypto market influencers have been discussing how governments could suppress bitcoin markets by shorting the crypto asset. However, one of the individuals notes that the odds of doing so are “in the 0%-1% range.”

Bitcoin’s price has been lower this week following the initial drop after the U.S. consumer price index (CPI) published last Tuesday which showed inflation was higher than expected. Moreover, the crypto economy, in general, could see another leg down after the U.S. Federal Reserve raises the benchmark bank rate.

The Crypto Fear and Greed Index (CFGI) shows sentiment has dropped from “fear” to “extreme fear” over the last day. On Saturday, the bitcoin analyst Willy Woo published a thread about the possibility of unlimited fiat and derivatives markets suppressing bitcoin prices.

Can Unlimited Fiat and Governments Supress Bitcoin’s Price? 2 Analysts Discuss the Theory and Odds

The thread, called “A dummies guide to selling 42 million BTC,” talks about how Arthur Hayes created the first “BTC casino that real people used, trading billions per day.” Woo remarked that “Arthur gloriously opened the way for us to sell 10 BTC even when we only had 1 BTC — We just need people to take the other side of our bet,” Woo added.

After describing how Hayes created Bitmex in his own fashion, Woo discussed how CME Group, the world’s largest derivatives exchange, “launched a BTC casino where you could front USD to play.”

“Wall Street hedge funds loved that,” Woo’s Twitter thread notes. “What’s the limits on selling BTC now? Unlimited. Fiat is unlimited.” Woo further detailed that BTC had a $0.37 trillion market cap while the U.S. dollar is around $22 trillion.

The analyst added that $1.1 trillion was created during the last year and said the “theoretical shorting power with fiat” is colossal and that it’s “billions of BTC.” Woo stressed:

BTC doesn’t have to be killed, it just needs enough shorts in the system to suppress price. Without a large market cap, BTC doesn’t get to make global impact.

Can Unlimited Fiat and Governments Supress Bitcoin’s Price? 2 Analysts Discuss the Theory and Odds

Woo isn’t the only person to discuss matters in this way, as a number of crypto proponents have said that bitcoin derivatives markets and even exchange-traded funds (ETFs) could harm BTC’s value. This fear has scared investors well before CME Group introduced BTC futures markets in 2017.

Years later, a few studies indicated that it was possible institutional investors could be manipulating bitcoin’s price. CME Group has exposure to a myriad of brokerage firms worldwide and this August, CME bitcoin futures swapped at the largest discount to spot prices since trades began in 2017.

In November 2017, the chairman emeritus of CME Group, Leo Melamed, told Reuters reporters that bitcoin was becoming a “new asset class.” However, Melamed also said it was “a very important step for bitcoin’s history” and that CME Group would “regulate, make bitcoin not wild, nor wilder.” Melamed further stressed:

We’ll tame it into a regular type instrument of trade with rules.

On Saturday, the economist, trader, and entrepreneur Alex Krüger tweeted that “governments could stop bitcoin pretty simply.” Krüger further added how it was possible. “Just short it. Keep it under $10,000 for a long while, [and] watch most people lose interest permanently. No need to bother with 51% attacks.” The economist also added that his statement was a copy and paste of the very statement he said in 2019, and that the probability of this type of thing happening is fairly low.

“Can it happen?” Krüger asked. “Sure can, I covered the mechanics in the original thread. Is it probable? I’d place the odds in the 0%-1% range.” Krüger also mentioned Willy Woo’s Twitter thread and when someone responded that it was “much more feasible to just ban PoW under climate control rhetoric,” Krüger replied: “100%.”

In Woo’s Twitter thread some people said that removing BTC from spot market exchanges was the best way forward. At the time of writing, crypto exchange data from cryptoquant.com indicates that there’s roughly 2.3 million BTC stored on centralized trading platforms.

“[Bitcoin] at a low price means more people buying [and] taking it off exchanges,” Dr Crypto Tony said. “This makes BTC more expensive. They can’t manipulate it like silver [and] gold because people have self-custody. Finite BTC makes it rise in price as more people buy and hold individually. Take [it] off exchanges.”

What do you think about the discussion regarding shorting bitcoin and governments suppressing bitcoin’s price? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

PRESS RELEASE. ZUG, SWITZERLAND, 19th Sep, Chainwire: The GRN Association announced today that it has secured an investment totaling $50M for the GRNGrid project from GEM Digital Limited, a venture capital focused on digital currencies.

GRNGrid is an environmentally friendly, scalable, and stable Layer 1 blockchain, with novel DeFi features. On GRNGrid, users have the choice to only use nodes running exclusively on renewable energy for their transactions.

GRNGrid’s renewable energy partners, who specialize in data center and hosting facilities, have shown keen interest in running Grid’s nodes as validators. With their help, the company can kickstart the availability, speed, and sustainability of GRNGrid in Q2 2023. GRNGrid’s novel features as GRNPay and Exnode will also encourage developers and consumers to connect on GRNGrid.

GRNGrid is also introducing Proof-of-Stake V2 (PoS2). GRNGrid is the first blockchain with a consensus method specifically designed to tackle whales and achieve fairer distribution. This consensus method will deliver increased security, enhanced decentralization, and better financial sustainability.

GRN ($G) is the native token of GRNGrid. “G” will govern the blockchain by staking to validate and earn validation rewards. Consumers are able to provide liquidity to the inbuilt DEX called Exnode.

The GRN Association is a Swiss-based NPO (non-profit organization) — and protects the sustainable vision of GRNGrid, as well as providing funding to environmental projects. The association also handles the ReCharge program, which enables GRNGrid validators to repurpose their hardware and cut back on electronic waste.

The new funding from GEM will be invested in further connectivity with top crypto Exchanges, adding new global professional partnerships, and building out its blockchain technology and infrastructure.

Frederik Vyncke: “The GRN Association is confident that with the support of GEM investment and the community, it can bring GRN Grid to fruition and be setting the tone for a renewable blockchain with innovative features and create a sustainable development”

For more information, visit:

GRNGrid | Twitter | Telegram

GEM Digital Limited is a digital asset investment firm. Based in The Bahamas, the firm actively sources, structures, and invests in promising utility tokens listed on over 30 centralized and decentralized exchanges globally.

For more information, visit:

GEM Digital Limited

Board Member

Board Member

 

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.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

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