Since the Bitcoin blockchain was launched back in 2009, nearly $10 trillion in value has changed hands through it, with $7.5 trillion changing hands since 2018 after the cryptocurrency’s price surged.

The hedge fund investment firm founded by Anthony Scaramucci, Skybridge Capital, has confirmed the launch of its new bitcoin fund and revealed its exposure to the flagship cryptocurrency has now reached $310 million.

A team of J.P. Morgan global market strategists led by Nikolaos Panigirtzoglou, a managing director at the financial giant, wrote in a note to clients that over the long term, bitcoin’s price could get to $146,000 and higher.

Sponsored:Crypto.com is pleased to announce that Zilliqa (ZIL) has been listed on Supercharger, a one-click liquidity mining platform on the Crypto.com Exchange. 

Top stories in the Crypto Roundup today:

• Nearly $10 Trillion Have Been Settled on the Bitcoin Blockchain
• SkyBridge Capital Launches New Bitcoin Fund, Increases BTC Exposure to $310 Million
• J.P. Morgan Strategist Puts $146,000+ Long-Term Price Target on Bitcoin
• Sponsored: Crypto.com Exchange’s One-Click Liquidity Mining Platform is featuring ZIL

Nearly $10 Trillion Have Been Settled on the Bitcoin Blockchain

Since the Bitcoin blockchain was launched back in 2009, nearly $10 trillion in value has changed hands through it, with $7.5 trillion changing hands since 2018 after the cryptocurrency’s price surged.

A gradual increase in trading volume has also contributed to the rise in value settled on-chain, with more and more users learning about BTC as time goes by and using the cryptocurrency’s blockchain. In late 2017, it’s worth noting, bitcoin’s price hit $19,000 and the total transfer volume gained a boost.

As more and more value started being settled on the blockchain, blocks became full and transaction fees went up. Despite being far from their all-time high, the fees may still be an issue for users moving smaller amounts of bitcoin.

SkyBridge Capital Launches New Bitcoin Fund, Increases BTC Exposure to $310 Million

The hedge fund investment firm founded by Anthony Scaramucci, Skybridge Capital, has confirmed the launch of its new bitcoin fund and revealed its exposure to the flagship cryptocurrency has now reached $310 million.

The announcement was made in a press release that detailed the increase in SkyBridge Capital’s BTC position, from $182 million a week ago, was mostly due to market appreciation, with a small amount of additional purchases being made.

Ray Nolte, the firm’s co-chief investment officer, said in the press release that with “ global money printing at an all-time high, bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation.”

J.P. Morgan Strategist Puts $146,000+ Long-Term Price Target on Bitcoin

A team of J.P. Morgan global market strategists led by Nikolaos Panigirtzoglou, a managing director at the financial giant, wrote in a note to clients that over the long term, bitcoin’s price could get to $146,000 and higher.

Panigirtzoglou and his team wrote:

“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term… a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process.”

The team added this implies that “the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target,” and as an unsustainable target for this year. For the short term, the strategists are concerned too much speculation may be going on.

Per the note sent to clients, the team “cannot exclude the possibility that the current speculative mania will propagate further” and help Bitcoin’s price move to a “consensus region of between $50,000-$100,000,” but believes that “such price levels would prove unsustainable.”

BCH’s User Activity Skyrockets with the Rise of Bitcoin.

Bitcoin Cash (BCH) is a cryptocurrency created through a hard fork of the Bitcoin network, which occurred in August 2017. Those who supported larger blocks on the network split from BTC to increase the block size from 1 MB to 8 MB on Bitcoin Cash.

Despite the split, the rise and fall of BCH always closely mirrored that of Bitcoin, and the sudden spike in User Activity has been no exception.

BCH (on top) compared to BTC User Activity since January 2020. Source: Flipside Crypto’s FCAS Tracker.

Both BTC and BCH quickly gained momentum in mid-October 2020. After Bitcoin hit its all-time high above $34,000 this week, price speculation on the Bitcoin Cash network seemed to rise. It’s worth noting the risk of investing in BCH remains high.

Bitcoin Cash is a member of the FCAS 25. These are reevaluated each month and must be ranked within the top 25 for at least 40 days to qualify. The FCAS is a comparative metric that evaluates the fundamental health of a crypto project, and the FCAS 25 is a weighted moving average of the top 25 projects that aims to show the overall health of the crypto industry.

Today, a new set of members was released with Horizen (ZEN), Augur (REP), and Bitcoin Cash (BCH) replacing Aave (AAVE), Monero (XMR) and Status (SNT). 

Overall industry health can be assessed by taking the average FCAS of the 25 top projects. This Overall Industry Health metric works as a good proxy for how the industry is doing as a whole. The score increased 2-points since last month.

Crypto.com Exchange’s One-Click Liquidity Mining Platform is featuring ZIL

Crypto.com is pleased to announce that Zilliqa (ZIL) has been listed on Supercharger, a one-click liquidity mining platform on the Crypto.com Exchange. 

Crypto.com Exchange users will receive ZIL as rewards for depositing CRO tokens into the Supercharger pool. 

Event Timeline:

• 29 Dec 1:00pm UTC: Charging Period Begins 
• 28 Jan 1:00pm UTC: Charging Period Ends 
• 29 Jan 11:00am UTC: Acceptance Period Begins 
• 30 Jan 11:00am UTC: Reward Distribution Period Begins 
• 01 Mar 11:00am UTC: Reward Distribution Period Ends

Charging Duration (First 30 days)

Users can deposit and withdraw from the Supercharger pool (with no gas fees) at any time during the Charging Period. Price of the reward token is determined at the end of this period.

Reward Distribution Period (Next 30 days)

Users will receive their reward tokens during the Reward Distribution Period based on their share of the liquidity provided during the Charging Period. Their eligible reward tokens will be distributed daily during this 30 day period after accepting the reward terms. Users will forfeit a portion of their reward if they do not accept the terms before the Reward Distribution Period begins.

Allocation:

The total allocation amount is USD 250,000 in ZIL.

Rewards Calculation 

Find out how to calculate your rewards here.

NOTE: 

• Participants may withdraw their CRO deposits from the pool at any time.
• Participants can make multiple deposits throughout the duration of the event.
• If the participant fails to accept their reward allocation before Rewards Distribution Period begins, they will lose the portion of the reward that was scheduled to be distributed. They are still entitled to the remaining portion of their reward, and can redeem it by logging in to the Exchange and accepting their allocation.
• Crypto.com reserves the right to cancel or amend the Supercharger campaign rules at its sole discretion.

Sign up for the Crypto.com Exchange, deposit CRO and start earning ZIL now!

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