The previous ATH being recorded at Dec 17 2017 at 19.6k $, so as you can tell this has been a long awaited event.
Hysteria, fomo and gold rush type mania seem to had been the driving force behind that rally then, but this current one feels different. Bitcoin has methodically crashed every level up to its ATH and is currently facing some resistance there.
‘’Yes RLE Gazette, but why is it different this time?’’
Well… Glad you asked
The current bull run is believed to be driven by the excess buying by new mainstream financial giants such as PayPal and Bitcoin management trust fund Grayscale who are currently buying more bitcoin than it is being mined. It was anticipated that when markets open PayPal and Grayscale would buy more bitcoins which would drive the price further.
Institutional FOMO has been the driving force behind bitcoin’s dominant bull rally and it seems more mainstream asset management firms are looking to hodl the hardest currency in the world before its scarcity goes beyond their reach.
Guggenheim, one of the largest global investment firms with over $275 billion worth of assets is planning to invest 10% of its net asset value worth $5.3 billion Macro Opportunities Fund to invest in Grayscale Bitcoin Trust.
The Bitcoin bulls dominated each level brushing aside any hurdle small or big in its way, if it manages to break and hold above $20k we could witness a different league of price momentum never seen before.
As the weekend concludes, are we going to see another price run as markets open again, with boomers going to work buying BTC? That remains to be seen.
MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ— Michael Saylor (@michael_saylor) December 4, 2020
A couple of interesting observations here.
When the price of BTC started surging we saw a spike in price of some dead chains and 2017 shitcoins, that could mean a lot of new gladiators are joining the arena of cryptos after buying some BTC and a lot of normies from 2017 that haven't touched crypto since then are back at it and of course, they will buy some more XRP. Another interesting observation as we can see on the 14-day chart here
The dip from 19k to the upper 16k range which seemed at the time to be a larger correction brewing. However, that lasted only 2 days and we can clearly see the trend reversal and the bulls taking the wheel again to reach the new ATH.
What a beast!
Truly historic times as we see all the mechanisms Satoshi Nakamoto and the BTC developers put in place in full effect.
Who is Satoshi Nakamoto?
Of course here in the Gazette we know who Satoshi is but that’s for a later article…
Just the fact that the $ price of crypto is rising is making people hodl harder and be more mindful with their crypto spending, so as it was expected, market volumes and activity have dropped significantly. Another factor that was fuelling NFT markets was defi gains and farming rewards that made some people a lot of money. So with deflated defi and BTC/ETH bull run it is normal to experience a small dip. Nevertheless we remain optimistic about the NFT markets due to Christmas being around the corner.
Compounder.finance rugged and the affected users have started groups on TG to unite and put up a fight in order to locate the scammer and reclaim the funds An honorable cause indeed.. They have issued this ‘’declaration of war’’ against the individual who orchestrated the whole thing.
Here is their manifesto from their TG group.
Message to the scammer of compounder.finance just scammed approximately $10,800,000.000
I have personally lost over 1m$ and the rest of the crypto community lost over 10m$ from your rug pull.
I am willing to search in deep till the end, and I can ensure you that if you ever have:
It’s only a matter of time before a criminal authority will find you and arrest you.
I will not have any limit of time and budget to make a report as detailed as possible about your scam/rugpull, file it to all criminal authorities with the best lawyers I can find for each country and authority: Cybersecurity and Infrastructure Security Agency (CISA), Federal Bureau of Investigation (FBI), Interpol, Europol, European Cybercrime Center (EC3), Russian Federal Security Service (FSB) and all other criminal authority required
I will have no limit in involving OPSEC agencies and other agencies who can help with the investigation and recovering of the funds
No matter how you are going to clean up your funds, there will always be a mistake and a trace to you. Either now or in the future
As this is a substantial loss for me and many more crypto farmers, I will keep going on with the investigation and pushing the authorities now and in the coming years, until there will be a positive result.
At this stage, I invite you to refund the stolen funds, which will be the only way for me and other farmers to take a step back.
You should be rational about what you did, understand your mistake and refund the investors. Do you really want to run away and hide for the rest of your life? Change passport, name, surname, fingerprinting and face?
For all investors who have lost their funds, I have created the following telegram group to connect with each other and stay in touch.
I will allocate personally 50k$ as bounty to whoever can find any information which will help tracking you down, and returning the funds to those who suffered from your fraud.
Anybody that have contact with www.chainalysis.com www.elliptic.co ciphertrace.com please reach me out to start the investigation related the case. I have allocated the budget to start the investigation immediately.
I will start preparing a report organizing what happened. Whoever has any useful information, please join the efforts.
At the time of writing our investigative bloodhounds haven’t been able to verify if the author of this message was affected to that degree but for sure that TG group is going strong with 722 members!
There are links pointing to $kore another rug that we covered.
It will be interesting to watch how this crusade will develop, it might even set a precedent for the future whichever the conclusion might be.
However you know how we like to poke the bee’s nest. F1 Delta time has been accused in the past for fabricated record sales in order to boost their public image. We really hope that’s not the case here.
Let’s all wear a tinfoil hat and have a closer look at the 434 ETH sale. Here is a tweet thread by the owner
1/8 At NFT New York in February, I met with so many kindred spirits in the space. Had conversations, started meaningful investments. So much has happened so fast. The way art has blossomed makes doubly sure that NFTs are the perfect medium for crypto.— MetaKovan (@MetaKovan) August 10, 2020
Here is a nonfungible.com valuation for the metapurse mentioned above.
This week we performed valuation of one of the largest #NFT portfolios out there! You guessed it, @metapurse with the @F1DeltaTime 1-1-1, an impressive @decentraland $LAND and $ESTATE collection, an @urbit galaxy sold for $375 000 and so much more! https://t.co/yxZVaW7Rts— NonFungible.com (@nonfungibles) November 24, 2020
One could argue, he is overpaying for NFTs that there is no real demand for but are supposed to sell at record prices.
Does he have some personal gain from the news spreading?
From f1 Delta Time we can see that Twitter engagement is extremely low even after the sales.
It's official - @F1DeltaTime Grand Prix de Monaco 2020 1A has a new owner, after a winning bid of over 9M $REVV!— F1® Delta Time (@F1DeltaTime) December 2, 2020
😱That is over 223K USD at the time of the sale!😱
Congratulations for the new owner, this is history in making!#animoca #NFTs #blockchain #cryptocurrency #F1 pic.twitter.com/V3EfWiB2PH
Are we witnessing a publicity stunt or some legit sales that make us jelly and makes our minds run in wild directions?
Congrats to Gmoney for acquiring a highly sought after Zombie Cryptopunk.
Congrats to Nate for a sweet 32 ETH sale!
Very interesting collection of very rare NFTs in his wallet!
The Shameless Shilling
Harem is a machine learning algorithm that automates the creation and distribution of adult entertainment content. In layman’s terms, it’s an AI that creates porn.
Harem’s AI generates women who do not exist from scratch, immortalized in photorealistic detail as ERC-1155 NFTs. The owners of these NFTs can use the women in their “Harem” to create their own videos starring their Harem’s girls (such as the examples seen in the following links 1, 2, 3, 4, 5), or can “stake” their NFT. Staking the NFT makes the woman in the NFT available for anyone to use in video creation through Harem’s technology. When a woman in a staked NFT is used in a video, the NFT owner receives a portion of profits from the resulting video creation charge.
The first 10 Redlion Gazzette readers who join the Harem Token telegram and message the admins using the code REDLION will receive the below NFT of “The Red Lioness” free of charge. Check out Harem Token today and stay tuned for their token sale starting Dec 15th!
To the question if real people simp on these AI generated babes, the Harem team replied with proof of simping: