Cryptocurrency
Is Bitcoin Undervalued? Core Scientific Founder Shares Optimistic Thoughts
Darin Feinstein, founder of Core Scientific, recently asserted that Bitcoin is still massively undervalued.
In a July 4 post on X, Feinstein shared his insights and personal experiences within the world of Bitcoin.
Bitcoin’s True Value
In the post, he stressed that the true value of Bitcoin lies in its underlying technology: the immutable ledger on which it operates.
“What is still massively undervalued about Bitcoin is that the immutable ledger that Bitcoin runs on is infinitely more valuable than the Bitcoin itself. The ledger blockspace is still not priced in,” he explained. According to Feinstein, the Bitcoin ledger represents “the most important accounting ledger of all time and the only true record of history in humanity.”
Reflecting on Bitcoin’s growth, Feinstein emphasized the institutional and governmental support the cryptocurrency has gotten. “Now you have ETFs, governments HODLing, billionaires and Presidents supporting, and an understanding that this asset, Bitcoin, is never going anywhere,” he asserted.
On April 17, 2013 I entered the email confirmation code into Mt. Gox and set up my account, sending them #Bitcoin valued that day at $68.36 per #Bitcoin.
It would be almost a year before this #Bitcoin would be lost.
I had an account at https://t.co/acsIaKKM6X prior to Mt. Gox,… pic.twitter.com/gtxFGPPBCm
— Darin Feinstein (@DarinFeinstein) July 4, 2024
He stated that even during periods of extreme market volatility, such as Bitcoin’s recent drop to the mid $50,000 range, the cryptocurrency’s fundamental value remains intact. He added that today’s concerns are minimal compared to the “complete chaos” experienced in Bitcoin’s early years, where skepticism and mockery were common.
Feinstein’s message on Independence Day was one of resilience and optimism. He encouraged the community to see the cryptocurrency’s current price drop as an opportunity stating, “Take this opportunity to enjoy the 4th in this great country, and know this artificial Bitcoin movement is a chance to buy more.”
Darin Feinstein’s Bitcoin’s Journey
Feinstein recounted his entry into the Bitcoin market, sharing his experiences with various exchanges that ultimately failed, resulting in financial losses. “On April 17, 2013, I entered the email confirmation code into Mt. Gox and set up my account, sending them Bitcoin valued that day at $68.36 per Bitcoin,” he wrote.
He went on to explain that almost a year later, this Bitcoin would be lost when Mt. Gox collapsed. His accounts on other exchanges like Bitfloor, Cryptsy, and btc-e also vanished, resulting in the loss of millions of dollars at current Bitcoin prices.
Despite these setbacks, his determination and belief in Bitcoin never stopped. He demonstrated this by becoming involved in three class-action lawsuits in an attempt to recover his lost Bitcoin.
In 2017, he traveled to Wuhan to meet with ASIC manufacturer Innosilicon and then to Beijing to engage with Bitmain and the U.S. Ambassador to China to get support for Bitcoin.
His journey ended in a meeting with Changpeng Zhao (CZ) in Shanghai, who was then planning to move Binance to Japan. Feinstein’s confidence in CZ’s vision led him to transfer his Bitcoin to Binance.
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Cryptocurrency
Binance Makes an Important Announcement for September 25: Here’s What You Need to Know
TL;DR
- Binance will perform a system upgrade on September 25, lasting around three hours, during which users may experience temporary interruptions in services like account login, trading, and other features.
- The company assures users there is no risk for their funds, recommending they take precautions such as adjusting account positions, while API trading will remain available during the upgrade.
Rest Assured, Data and Assets Will Not be Affected
Binance will conduct a service upgrade on September 25 “to improve the overall system performance and stability.” The effort will take approximately three hours, and users may experience certain setbacks during that time.
“There may be intermittent interruptions to all Binance services during the upgrade, including account login, registration, trading (Spot, Margin, Futures, P2P, etc.), VIP account services, and other account-related features. The interruptions may last a few minutes for each individual user, and users will be able to access Binance products again shortly after,” the exchange explained.
Binance assured that users’ data and assets will remain unaffected by the upgrade. It also said trading services will be available through API during the process.
The company warned users to take measures beforehand in order to avoid potential losses. Some of the tips include evaluating and measuring the account positions and orders (such as reducing leverage).
All services will be restored after the upgrade is completed and Binance will not announce any further information. This means that whatever users come across on the Internet should be taken with a grain of salt.
Previous Such Developments
The world’s biggest crypto exchange performs similar upgrades quite regularly. Earlier this month, it conducted wallet maintenance for BNB Smart Chain (BEP20), temporarily halting deposits and withdrawals on the network to support the process.
Prior to that, Binance suspended some services with TON for several hours due to performing a similar upgrade on The Open Network. The effort happened mere weeks after the firm officially listed Toncoin (TON) on its platform.
In mid-July, deposits and withdrawals for all networks were temporarily unavailable due to another wallet maintenance. Everything came back to normal following the update.
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Cryptocurrency
Bear Market Ethereum (ETH) Trade Leads to $132 Million Profit for Savvy Trader: Details
A cryptocurrency trader has made headlines by securing a profit of $131.72 million through a strategic investment in Ether (ETH).
This notable trade was made during the 2022 bear market, after which the individual held onto the assets through volatile market conditions.
The Investors Strategy
Blockchain analytics firm Lookonchain has identified an Ether address that made a $131.72 million profit after investing during the 2022 bear market when others were losing confidence due to declines in asset prices.
“This is a smart diamond hand, buying $ETH in the bear market and selling $ETH in the bull market, making $131.72M!”
The wallet shows a purchase of 96,639 ETH from Coinbase between September 3 and 4, 2022, when the asset was trading at approximately $1,567. For two years, they held onto their holdings despite major market fluctuations. This approach proved very profitable, as the asset’s value recovered in the subsequent years.
In March 2024, they moved more than 72% of their initial investment, equivalent to 70,000 ETH, through multiple transactions to the crypto exchange Kraken.
At the time of these transfers, the market price of Ether had surged to $3,062, resulting in transfers worth $214.34 million. Despite these movements, the address still holds 26,639 ETH from the original purchase, currently valued at $68.81 million.
This incident shows the concept of “diamond hands,” a term used to describe individuals who hold onto their investments amid market volatility and price fluctuations. Such investors resist the urge to sell their assets during market dips, believing in the long-term potential of their trade.
Other Similar Events
The cryptocurrency market has seen other notable success stories recently. For instance, a Shiba Inu (SHIB) investor with diamond hands made a $1.1 million profit on a $2,625 investment after holding for three years.
Reports show that after being dormant for 3.5 years, this investor finally sold SHIB at a profit. They spent 2 ETH ($2,625) to buy 48.09 billion SHIB on February 1, 2021, and sold it for 278.7 ETH ($1.1 million), achieving a gain of 419 times their initial investment.
Similarly, just two weeks before, another trader turned $3,000 worth of Pepe (PEPE) meme coin into $46 million within one year, equivalent to a 15,718x gain.
This was possible due to the reemergence of the GameStop saga, which caused a rally in the price of certain meme coins at the time.
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Cryptocurrency
Bittensor (TAO) Skyrockets 80% Weekly, Bitcoin (BTC) Stopped Ahead of $65K (Market Watch)
Monday started on a positive note for bitcoin as it jumped to a four-week peak of $64,800 before it was stopped and pushed south.
The altcoins are sluggish on a daily scale, at least the larger-cap ones. Many of the mid- and lower-cap alts have charted notable gains.
BTC Halted at $65K
Bitcoin had an eventful seven-day period, which started with a price retracement from $60,000 to under $58,000 last Monday. The landscape changed mid-week when the US Federal Reserve announced the first rate cut in over four years, with a reduction of 0.5%.
Following the inevitable volatility, the cryptocurrency went on the offensive and added over four grand by Friday morning when it briefly topped $64,000. It failed there at first and spent the weekend trading sideways around $63,000.
This Monday was different than the previous one, as the bulls attempted another leg-up that drove bitcoin to a four-week high of just under $65,000. However, the asset was stopped there and pushed south by nearly two grand.
It’s worth noting that the week ahead is also expected to be quite eventful for the entire market, and you can see why – here.
As of now, bitcoin’s market capitalization has risen above $1.250 trillion, while its dominance over the alts stands at 54% on CG.
Alts With Massive Gains
While most larger-cap alts sit quietly today, with minor gains from ETH, BNB, LINK, AVAX, and TRX or insignificant losses from SOL, XRP, and SHIB, the mid and lower caps have produced some impressive increases.
Bittensor’s native token leads the pack with a 15.5% daily surge. Moreover, TAO has skyrocketed by 80% in the past week and trades at around $550 now. IMX, RENDER, AAVE, WLD, and NEAR are the other notable daily gainers.
IMX also finds a spot in the top performers on a weekly scale, with a 45% surge, followed by SUI (40%) and APT (30%).
The total crypto market cap has added around $20 billion since yesterday and is now at $2.320 trillion on CG.
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