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Cryptocurrency

BTC’s Volatility Has Not Changed Michael Saylor’s Outlook on It

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Despite the massive drop in the cryptocurrency market, MicroStrategy CEO Michael Saylor continues to express confidence in bitcoin’s growth. 

Michael Saylor emphasized that his company is not threatened by anything. When MicroStrategy bet on bitcoin, the firm’s management anticipated the volatility of the cryptocurrency market. 

Therefore, its financial asset structure was adapted so that the firm could withstand periods of market turbulence. Earlier, MicroStrategy received a three-year, $205 million loan from Silvergate Bank. 

MicroStrategy used its first cryptocurrency holdings as collateral. However, due to the drop in bitcoin, the company’s management had to increase the collateral. 

The bitcoin reserves will be enough to secure the loan until the BTC exchange rate drops to $3,562. Interestingly, the company’s share price has fallen 70% in the last six months. MicroStrategy’s CEO also urged his subscribers “not to cause a panic,” but to wait quietly and accumulate bitcoin reserves. 

Saylor has repeatedly expressed an extreme degree of support for the first cryptocurrency. At the end of May he stated that he would invest absolutely all of his available funds in bitcoin.

Cryptocurrency

Institutional crypto asset products saw record weekly outflows of $423M

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Institutional crypto asset products saw record weekly outflows of $423M

Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada representing nearly all of the carnage.

According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a whopping $487.5 worth of digital asset products between June 20 and June 24.

Flows by Asset: CoinShares

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Cryptocurrency

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

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‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there’s “not a lot left” to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult but there is one asset class that’s (unsurprisingly) catching the fund manager’s attention — cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape.

“It’s just like the end of the 90s with the internet bubble, so you’re still early in the space,” said Mureau. “A very solid use case for crypto is becoming apparent in the gaming industry, where people invest time that you can earn from it, and that’s all arranged by the blockchain.” He reiterated that there would be only 21 million Bitcoin in existence with no more printing. Therefore, alluding to hyperinflation in Turkey and Argentina, Mureau said that central banks can’t print more of the digital currency. “So that, for me, makes for a very safe hedge. Thirty percent volatility in asset prices can be bad, but not if you lose 70% on your local currency’s purchasing power each year.”

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Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

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Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Bear markets have historically been challenging to navigate for traders and the conventional set of “reliable” indicators that determine good entry points are unable to predict how long a crypto winter might last.

Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.

BTC/USD price normalized since all-time high (Current vs. 2017 peak) source: Delphi Digital
ETH/USD price percent drawdown (current vs. prior ATH). Source: Delphi Digital
BTC/USD weekly price vs. 14-week RSI. Source: Delphi Digital
BTC/USD price vs. 200-week SMA and 14-week RSI. Source: Delphi Digital
Crypto Fear & Greed Index. Source: Alternative
BTC/USD vs. Fed funds rate vs. Fed balance sheet. Source: Delphi Digital
BTC/USD price vs. percentage of supply in profit. Source: Delphi Digital

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