Crypto Exchanges Experience Bullish and Bearish Events

There’s been a big chunk of news lately regarding various cryptocurrency exchanges, with a strong mix of bullish to bearish sentiment. ($CRO.X) continues to act aggressively during the market downturn and has its eyes on South Korea. South Korea has some of the strictest reporting requirements, so’s targeting of that market sends a clear message to competitors. However, it remains to be seen whether it can faceoff against Upbit, Bithumb, Coinone, and Korbit. 

Despite the legal woes and low investor sentiment, Robinhood’s ($HOOD) cryptocurrency business continues to expand its offering. Today, Robinhood announced the addition of Stellar ($XLM.X) and Avalance ($AVAX.X) to its platform. Stellar and Avax have hit intraday highs in the +10% range but have given up a good chunk of those gains. 

Surprisingly (or maybe not surprisingly), crypto exchanges FTX ($FTT.X) and Bybit have recorded large gains in traffic while other big names have seen major drops. YoY traffic increases have seen FTX traffic spike +123% YoY, WhiteBit +244%, Bybit +160%, and KuCoin +50%. However, two of the world’s biggest cryptocurrency exchange firms have recorded YoY traffic losses. Coinbase ($COIN) is down -46%, while Binance is down by -40%.

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Technically Speaking – August 31, 2022

Is a short squeeze incoming for Bitcoin? The warning signs are certainly there. But first – what is a short-squeeze?

In a nutshell, a short squeeze is what happens when an instrument moves higher, often sharply and in a more dramatic way than it generally moves. What happens during that sharp move is traders who are short (they want the instrument to move lower) end up becoming buyers.

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Technically Speaking – September 19, 2022

There’s lots of FUD in all markets this week – a good chunk of it related to an anticipated rate hike of 0.75 basis points from the US Federal Reserve. And that FUD transfers into crypto too, which has already been beaten down this year. 

The choppiness will likely continue until the Fed data is finally dumped. Already the market has seen Bitcoin ($BTC.X) trade -by 3% today, only to recover almost all of those losses. Cardano ($ADA.X) traded almost -3.5% lower this morning and is now up +0.50%. Similar behavior exists across the crypto market. 

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ST Exclusive: VanEck CEO Talks Crypto

The Daily Rip and Litepaper had a fantastic opportunity to sit down with the CEO of one of the biggest names in ETFs: Jan van Eck. With the upcoming Merge for Ethereum ($ETH.X), Cardano’s ($ADA.X) Vasil hard fork, and the myriad of other events in the crypto space, there hasn’t been a lot of focus on the upcoming SEC decision over the fate of VanEck’s third spot Bitcoin ETF application.

The SEC has consistently rejected every spot ETF application. Why is that? And what is Bitcoin/crypto’s role in an overall investment portfolio anyway? We get into these questions and more in today’s exclusive chat with one of the biggest names on Wall Street.

Can you give us a brief intro on who you are and what VanEck is for those who are unfamiliar?

VanEck was founded in 1955, and our approach to investing is what I call ‘macro.’ It’s what international investors are very used to, which is looking at what’s happening worldwide. History as it reminds us that the world is radically changing all the time. As money managers, we try to offer funds that take advantage of the changes in the markets.

My father started the firm and is best known for creating the first gold fund in the United States in 1968, which led to our breakthrough. At the time, gold was pegged to around $35 an ounce and had been pegged against the dollar, not for just a couple of months but the entirety of US history—almost 200 years. 

He took his fund and almost all the assets and bought gold mining shares, thinking that that would change. And it did a couple of years later. So I think that’s the kind of perspective we bring to the market. 

Coming to Bitcoin in 2017, we had to determine: is Bitcoin ($BTC.X) going to be a real competitor to gold or not? We determined that it was. There was not much to read on Bitcoin back then unless you read the whitepaper or listened to some podcasts, but that was our conclusion. Since then, we’ve been saying that it should be considered a part of people’s portfolios. 

Speaking of Bitcoin, let’s get right into that discussion. What role do you see Bitcoin playing in a portfolio?

Bitcoin ($BTC.X) is like a gold competitor—gold has had some soft competitors over time, like silver, platinum, and other precious metals. They are more monetary assets. What makes them different from oil is that oil is linked to the real economy. Copper is connected to the real economy. Gold is priced against central bank activity, and I think Bitcoin is like that, too. 

We are in an era of Fed tightening, so stores of value are not going to do well. And you need to allocate to stores of value with that in mind – that’s Bitcoin and gold. 

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USDC Ya You Know Me

Most people in the crypto space are familiar with Tether ($USDT.X), but USD Coin ($USD.X) has made some big moves – off and on exchanges, that is.

Earlier this month, Binance ($BNB.X) announced they would begin auto-converting USD Coin, Pax Dollar, and True USD by September 29. The reason for this conversion is to enhance liquidity and reduce the number of trading pairs. The new stablecoin from Binance will be BUSD

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