Bitcoin Predictions, Miner Hacks, and Art Forgery
Shib had a bit of a sell-off yesterday and dropped from back down to the 20th spot.
Bitcoin also briefly hit $56,000 last night before a quick decline down to 54,000.
One of the things that caused the drop was that we saw an unusually large number of bitcoin miners sent their coins to exchanges instead of personal wallets.
It’s not common that we see this. Usually, miners send their coins to wallets to hold, but there’s been an interesting trend when we’ve seen this behavior in the past.
During the bull runs of 2017 and 2021 – miners also has a sell-off when things spiked. However, in both cases, this influx of supply only momentarily slowed the bull run and each time miners sold off early in the run and missed the true peak.
It’s possible that might be happening again, as top analysts are saying they expect a record-breaking bull run by the end of the year.
Nick Spanos, the founder of Zao Protocol came out saying he believes Bitcoin will break 100k by the end of the year, and that Ethereum will be around 10 or 12,000.
Nigel Green, CEO, and founder of financial advisory organization DeVere Group also said he believes that bitcoin will be breaking 100,000.
This recent run seems to be triggered by billionaire George Soros’ investment fund coming out saying they have begun investing in Bitcoin over the last few months.
Their chief investment officer, Dawn Fitzpatrick, “I’m not sure that Bitcoin is seen only as a hedge of inflation here. It has crossed the abyss into the mainstream.”
This quote comes right as the Bitcoin market cap passes that of Facebook and Tesla.
But let’s be clear, not everyone believes in Bitcoin’s success.
ByteTree’s investment chief, Charlie Morris, has come out saying he believes Bitcoin is overpriced and shouldn’t be worth more than $28,000. His belief is that this premium we are seeing is due to China’s leaving the market and Tesla’s buying into it.
If you’re into mining, there’s been some interesting news. For those of you that aren’t, a lot of graphics card manufacturers have been putting on limiters to discourage people from buying them for mining.
This comes after there was a graphics card shortage, which affected the entire computer industry.
NVidia made their new cards to have a Lite Hash Rate, which discourages Ethereum miners.
Well, NBMiner was able to bypass the limiter by restoring up to 70% mining performance to Nvidia’s RTX 30-Series cards.
A program called Cue T-Rex came out that allowed users to mine a second coin using the remaining 30%. Although a miner can’t yet use the full 100% graphics power to mine a single coin like Ethereum, they can use the full power for mining.
Now it’s time to switch our focus over to the NFT world.
Well, there’s a new NFT marketplace called Infinity that’s looking to compete directly with OpenSea, which is the market leader at the moment.
There have been some NFT influencers who have backed the project, like 0x_b1
Infinity is planning to take users directly from OpenSea by airdropping tokens to anyone who had a transaction on OpenSea before October 4th.
“The airdrop amount is based on tiers derived from OpenSea transaction volumes. The airdrop becomes claimable after transaction activity on the Infinity marketplace within a 30 day period. The token is transferable once the 30 day period has been completed.
A famous art forger has entered the NFT space, Wolfgang Baltrachi.
Wolfgang is known for decades for forging some of the world’s most expensive art and selling it. HE spent six years in prison after being convicted in 2011 of forging 14 famous works of art and selling them for millions of dollars.
He’s going to be selling, 4,608 original digital artworks of the 500-year-old “Salvator Mundi” painting.
The original Salvatori Mundi sold for $450.3 million at a Christie’s auction in 2017.
That’s all I have for you this week, and I’ll be back on Monday with more news.
If you are interested in signing up for our upcoming newsletter, please go to CryptoDailyShow.com. There you can also find links to where you can follow me on social media.
Please follow our show wherever you listen to podcasts – and please leave a review on Apple Podcasts. If you get your podcasts on Youtube, be sure to subscribe and leave a comment there.
For Notes:
Bitcoin Miners Send An Unusual Amount Of Coins To Exchanges
Bitcoin bull run: analysts predict record rally to end 2021
Bitcoin price spikes 10% and surpasses $ 55,000 thanks to billionaire George Soros
Bitcoin market capitalisation hits $1 trillion surpassing Facebook, Tesla
Bitcoin is ‘overpriced’ as it is worth no more than $28k, says ByteTree’s investment chief
Crypto miners have busted through Nvidia’s LHR graphics cards yet again
