Chainlink dump left more than $600 million value of LINK tokens erased after a series of bulk sales that started in July. In today’s altcoin news we see that the Chainlink development team valuations dropped as well by more than 60 percent after they reached a high of $4.80.
After the Chainlink raised more than $32 million in its 2017 ICO, some of the crypto analysts were already criticizing the distribution metrics. Out of the total one billion LINK tokens, the development team had about $650 million in custody while other 350 million remained in the circulation throughout the market. Despite the questionable foundation that was created by these scenarios, the Chainlink valuations increased by more than 3.710% in less than two years. A huge portion of these gains accumulated after the apparent marketing development on 4chan’s board was conducted earlier this year. In just a few weeks, ChainLink’s valuations had a ten-fold rally that caused many of the market participants off-guard with TrustNode asking some tough questions. On July 6th, the Chainlink development team issued a statement that there were obvious warning signs for all crypto investors with bullish exposure:
‘’We do sincerely appreciate our community’s continued support and understanding as we expand the number of people working on Chainlink, and we will of course do our best to ensure that our expansion plans are accomplished responsibly, carefully managing the company’s resources, capital and LINK.’’
In their press release, we can notice that the team is telling the investors that they need to sell portions of their holdings in order to hire new people but these claims remained questionable after the fact that Chainlink raised more than $32 million during the ICO in 2017. The Chainlink dump has now however deleted up to $600 million of the tokens. The story sounds already familiar to the events that happened to XRP previously this year where another series of market events led to a significant loss for investors. As it was reported in the latest cryptocurrency news, the data compiled by Etherscan it shows that there was huge pressure directed at ChainLink over a 40 day period where about 700,000 Links were sold on 14 different occasions. The trends have also fallen back to more than normalized levels with volumes of about $70 million and price valuations below $2.50.
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“…We tried to increase the volume but can’t do it through the dashboard and were told we needed to email compliance.’’The debacle brought BitPay under fire due to the massive criticism which frequently engulfs the exchange. The prolonged bureaucracy compounded by another scandal including transaction fees which have led to frequent calls for business to open the source alternative payment processor and the logic as explained on Twitter pointed out in the comments on Amazon Watch’s difficulties is because Bitcoin is a free and open payment system and there are third parties that verify the transactions arbitrarily in order for the cryptocurrency to serve its purpose:
“…You don’t need (BitPay) to reject your transactions when you can verify them yourselves for free.’’As noted in the latest cryptocurrency news, BitPay’s difficulties have had a long history since 2017 even when the executives opted to support the controversial SeGwit2x bitcoins scaling proposal which eventually led for the crypto wallet Trezor to ditch the company. Amazon watch even stated that it would look into using BTCPay an alternative open-source option which could copy that similar one of the travel agent CheapAir from 2018. The backlash over the previous actions of the exchange led to many customers closing their accounts and invoices.
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Kraken Pro Trader Believes Crypto Trading Is The New Wall Street
"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
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