How a 12-Year-Old Made Over $160,000 in Ethereum on NFTs in One Day

Last month, we introduced you to Gajesh Naik, a 13-year-old boy from Goa, India, who drummed up his own investment management program for cryptocurrency.

Apparently there’s quite a market for tweens looking to get into crypto. This past week, a 12-year-old sold a series of original NFT icons for over $160,000.

The NFT collection is Weird Whales—a set of pixelated whale icons inspired by a stock image—and the kid is Benyamin Ahmed. He’s based out of a London suburb that one of Decrypt’s English staffers described as “small, quaint, and dull.”

“I got interested in the NFT space because originally I thought it was cool as an online flex,” said Ahmed. It was only later, after developing a “respect” for the digital-first art style of popular NFT collections like CryptoPunks and Bored Ape Yacht Club, that he decided to make a collection of his own.

For the uninitiated: an NFT is a kind of cryptocurrency that can be attached to files on the internet and sold as proof of ownership. They’ve been around for years, but it’s only the past six months that they’ve achieved mainstream recognition; in March, the $69 million sale of an NFT by the digital artist Beeple made the front page of the Wall Street Journal.

As with CryptoPunks and Bored Ape Yacht Club, each Weird Whale image comes with a set of…

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Bitcoin is at a ‘do-or-die’ moment and could surge if it can hold above this level, analysts say

Bitcoin is facing a “do-or-die” moment and could move sharply higher if it can hold on to the stellar weekly gains that have taken it to roughly $40,000, crypto analysts have said.

The world’s biggest cryptocurrency has risen around 17% this week so far to $40,403 on Thursday, according to Bloomberg data, after positive comments from Elon Musk and rumours that Amazon could accept crypto payments.

Analysts at the Kraken crypto exchange said the past week had been “explosive” and that “a market-wide shift in sentiment seems to have converted some bears into bulls.”

But they said bitcoin will need to consolidate above the key psychological level of $40,000 for investors to feel confident buying more of the token and pushing the price higher.

“Right now, it’s do-or-die for the bulls,” they said in a note. “Given BTC’s struggles at cracking $40,000 to $42,000 resistance in the past, the bulls will, however, need to turn $40,000 to support should they look to breakout of what has been several months of rangebound trading between $30,000 to $42,000.”

The analysts added: “The odds of BTC scoring a new all-time high before year-end have improved.”

Alexandra Clark, sales trader at digital asset broker GlobalBlock, said: “With this rebound, over $1 billion worth of short crypto positions have been liquidated and bitcoin’s dominance inches closer to 50%.”

Bitcoin accounted for around 48% of the total crypto market on Thursday, according to CoinMarketCap. JPMorgan crypto expert Nikolaos Panigirtzoglou has said bitcoin’s dominance rising above 50% would signal that its momentum is building again.

Yet there are major risks to the outlook for bitcoin. A key one is the threat of tougher regulations.

Senator Elizabeth Warren has this week been pushing for…

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Bitcoin rallies, price touches $40,000

Bitcoin crossed the $40,000 plateu late Tuesday night, before a slight pullback.

Early Wednesday morning Bitcoin was up more than 6%.

The price was around $39,7500 per coin, while rivals Ethereum and Dogecoin were trading around $2,300 and 20 cents per coin, respectively, according to Coindesk.

Bitcoin’s mining difficulty may be set to increase for the first time since China’s crackdown on crypto mining in May, according to Coindesk.

Being blamed are the rapid expansion of mining facilities in North America and the return of Chinese miners through overseas hosting sites.

Mining difficulty is a metric to describe how hard it is to mine a block and get rewards in bitcoin.

An increase in mining difficulty requires a miner to use more computing power to earn bitcoin, which reduces the miner’s profit margin.

Miami Mayor Francis Suarez discussed MiamiCoin, the city’s newest cryptocurrency initiative, during an appearance on “Varney & Co.” on Tuesday. The mayor says the city is focused on ‘differentiating its economy’ by ‘creating the new wave of technological products.’

Suarez calls Miami the bitcoin capital of the world.

“The City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin,” Suarez said. “We’re focusing on differentiating our economy by creating the new wave of technological products that will incentivize people to move to Miami and be part of our tech ecosystem”.

Whenever a MiamiCoin is mined, a percentage of…

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Amazon denies report claiming imminent acceptance of Bitcoin payments

Amazon has denied a report that claimed it plans to start accepting Bitcoin as payment before the end of the year. “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” a spokesperson for the company told Reuters, “We remain focused on exploring what this could look like for customers shopping on Amazon.”

The denial came after London-based financial paper City AM reported on a specific series of plans sourced from a company insider. According to City AM, Amazon is ready to accept Bitcoin as payment this year, followed by other popular cryptocurrencies like Ethereum, and even Amazon’s own “native token.” Instructions for the cryptocurrency initiative were said to be coming from Jeff Bezos himself, although Bezos recently stepped down from the position of Amazon CEO to the company’s executive chair. Although Amazon’s statement doesn’t specifically mention this report, it tallies with speculation around “specific plans” that Amazon says aren’t true.

The wave of speculation was prompted by a job listing from the company last week for a “Digital Currency and Blockchain Product Lead.” The listing said that Amazon is looking for someone to explore how the company could make use of cryptocurrency technology as part of its business. “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” a spokesperson said at the time. So the company has a general interest in the area, but no specific plans.

The reports have caused wild swings in the price of Bitcoin over the past week. Reuters notes that the price of the currency shot up by as much as 14.5 percent after City AM’s report on Monday. Over the past day, however, its price has fallen from a high of over $40,000 to under $37,000, according to data from CoinDesk. Last week, prior to the reports, the cryptocurrency was trading in the range of $29,000 and $32,000.

Although Amazon accepting Bitcoin would be significant, it wouldn’t be the first major company to do so. Earlier this year…

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Jeff Bezos Directs Amazon to Accept Bitcoin and Other Popular Cryptocurrencies: Report

Amazon is reportedly planning to accept bitcoin by the end of the year, after which the company will roll out support for other major cryptocurrencies. Furthermore, the company is exploring launching its own cryptocurrency. “The directive is coming from the very top … Jeff Bezos himself.”

Amazon’s Crypto Project ‘Ready to Roll’

Following the news of Amazon seeking to hire a digital currency and blockchain lead, City A.M. publication reported that the company actually has plans to accept bitcoin and other popular cryptocurrencies.

Citing “an insider” at the company, the news outlet reported that Amazon is looking to accept bitcoin payments “by the end of the year” and the company is also investigating its own token for 2022.

Amazon “isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future,” the insider claims, adding that its crypto project “is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.” She elaborated:

It begins with bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top … Jeff Bezos himself.

“This entire project is pretty much ready to roll,” the insider revealed, emphasizing that “It won’t take long because the plans are already there, and they have been working on them since 2019.”

Noting that Amazon’s directors were keen to move forward with adding support for other big cryptocurrencies once a fast and secure method of bitcoin payment is established, she said:

Ethereum, cardano and bitcoin cash will be next in line before they bring about eight of the most popular cryptocurrencies online.

Besides accepting crypto payments, Amazon is also exploring launching its own coin, the insider explained. “When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token,” she opined, adding:

After a year of experiencing cryptocurrency as a way of making payments for goods, it is looking increasingly possible that we’re heading towards tokenisation.

“This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme,” she described.

Do you think Amazon will accept bitcoin by the end of the year? Let us know in the comments section below.


There Isn’t A Bitcoin ETF Yet, But This New Crypto Mining ETF Offers An Alternative

Investors are still waiting on a Bitcoin (CYRPTO: BTC) ETF, but may have an alternative with a new actively managed clean energy crypto mining ETF launched this week.

About The ETF: The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (NYSE: RIGZ) is a new launch that gives investors exposure to companies mining cryptocurrency and the mining infrastructure industry.

Over 50% of North American mining is done using renewable energy sources, according to Viridi, which is the theme of the fund.

“A growing number of investors are keen to gain exposure to the cryptocurrency sector through regulated investment vehicles, but also want to see active leadership and commitment to environmental sustainability,” Viridi said.

Companies held in the ETF will be producers of semiconductors or chips used for mining, manufacturers of cryptocurrency mining hardware and companies that mine. The ETF will not invest directly in cryptocurrencies but will have indirect exposure to Bitcoin, Ethereum (CRYPTO: ETH) and others due to the assets being held on some balance sheets.

“We launched RIGZ to provide investors with an ETF that attempts to align purpose and profit by investing in the infrastructure that underpins the entire ecosystem with sustainability in mind,” Viridi Funds CEO Wes Fulford said.

Fulford will serve as the portfolio manager of the ETF. Fulford is the former CEO of Bitfarms and an experienced investment banking and asset manager.

Fund Holdings: The ETF began trading this week and has the following holdings as of July 21. The fund is…

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Here is what it’ll take to pull bitcoin out of its bear market, according to JPMorgan

The ongoing bear market in bitcoin is showing no signs of ending anytime soon, JPMorgan said in a note on Wednesday.

The bank is looking for indications that the worse in bitcoin’s price decline may be behind us, but in order to argue that the bear market is over, JPMorgan wants to see bitcoin’s valuation share of the entire cryptocurrency market rise to above 50%.

“We believe that the share of bitcoin in the total crypto market would have to normalize further and perhaps rise above 50% (as it did previously towards the end of 2018) to be more comfortable in arguing that the current bear market is behind us,” JPMorgan explained.

Bitcoin’s valuation share of the entire cryptocurrency market peaked near 70% earlier this year. It currently stands around 46%, according to the bank. Not helping bitcoin is the continued unwind in positions by momentum traders, the bank noted.

Additionally, JPMorgan is looking for increased uptake in bitcoin by institutional investors. And while some institutions like Ark Invest and MicroStrategy have been buying bitcoin in recent weeks, these purchases are not as encouraging as they might appear, according to JPMorgan.

“These institutional announcements are far from encouraging as they do not reflect new entrants, but rather existing investors with a vested interest in propping up bitcoin prices,” JPMorgan said.

Those purchases by ARK Invest have…

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Bitcoin surges as crypto markets recover from selloff

Bitcoin surged more than 8 percent to trade above $32,000 on Wednesday, as the world’s most popular cryptocurrency rebounded from a brutal rout a day earlier.

As of 1 p.m. on Wednesday, Bitcoin was trading at $32,064 — an 8.3 percent increase over the past 24 hours, according to CoinDesk’s Bitcoin price index.

The turnaround comes after Bitcoin on Tuesday fell below $30,000 for the first time in a month, wiping $40 billion off the cryptocurrency market. Some investors view $30,000 as a key threshold for the digital coin.

Other cryptocurrencies also rallied on Wednesday, with Ethereum up 10.1 percent to $1,961, XRP up 7.3 percent to 57 cents and Dogecoin up 16.0 percent to 20 cents over the past 24 hours, according to CoinDesk.

While Wednesday’s recovery will surely please crypto fans, Bitcoin is still worth less than half of its all-time high of nearly $65,000 in April.

The digital coin’s decline has come as regulators around the world take a harder line toward crypto.

In China, the government has sought to stamp out crypto operators across the country, raiding bitcoin mines and arresting more than 1,000 people for allegedly using crypto to launder profits from frauds in June.

In the US, meanwhile, Federal Reserve Chairman Jerome Powell has said…

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Bitcoin slides below $30,000, wiping out 2021 gains

Bitcoin was on track to close on Tuesday below $30,000 a coin for the first time this year.

Bitcoin, the largest cryptocurrency by market capitalization, fell by as much as 4.6% to $29,393 a coin. It has not closed below $30,000 since Dec. 31.

“The latest sharp sell-off across the cryptocurrency space is seeing heavyweights Bitcoin and Ethereum touching important support levels that are becoming increasingly fragile,” said Nicholas Cawley, an analyst at DailyFX. “The lack of any rebound over the past three weeks suggests traders are no longer interested in ‘buying the dip.’”

Tuesday’s selloff comes a day after a broad selloff in risk assets and as Treasury Secretary Janet Yellen called on regulators to create a regulatory framework for stablecoins, which are backed by a reserve asset like U.S. dollars. Stablecoins offer holders the privacy of cryptocurrencies and the stability of fiat currencies.

Bitcoin’s price had spent the prior two months bouncing between $30,000 and $40,000 after the Chinese government in May induced a selloff after calling for a crackdown on mining of the cryptocurrency.

The price of bitcoin had surged by as much as 116% this year, topping out at $63,503 a coin in April, as a number of U.S. companies, including MicroStrategy and Tesla, began investing in the cryptocurrency as a way to diversify their cash.

Analysts say bitcoin’s bear market still has room to run.

J.P. Morgan analysts said last month that bitcoin’s share of the crypto market would need to climb back above 50% before they became more comfortable that the selloff was over.

Tuesday’s selling brought bitcoin’s market capitalization down to…

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Ethereum Cofounder And Early Bitcoin Adopter Reveals Surprise Crypto Exit And Issues A Stark Warning Despite Huge Price Rally

Anthony Di Iorio, a co-founder of the ethereum blockchain, is wrapping up his time in the cryptocurrency world due to personal safety concerns, and because he no longer wants to be known as the “crypto guy.”

He recently told Bloomberg he wasn’t too encouraged by the risk profile attached to the industry.

“I don’t feel necessarily safe in this space,” he said. “If I was focused on larger problems, I think I’d be safer.”

The 48-year-old Canadian has had a security team since 2017, and mostly been accompanied on his travels, Bloomberg said. He soon plans to sell his current blockchain venture Decentral to focus on philanthropy and other projects unrelated to crypto.

Decentral, founded in 2014, is a Toronto-based wallet and crypto services provider whose flagship product, Jaxx Liberty, counted about 1 million customers this year.

Di Iorio, who estimates his startup is worth “hundreds of millions,” expects to strike a deal in fiat money, or in equity, rather than in crypto. Forbes lists his own net worth as high as $1 billion.

He further told Bloomberg he wants to transition to being someone who takes on complex problems. He’s currently involved with an initiative called Project Arrow which is involved with a zero-emission concept vehicle run by a high-school friend.

Di Iorio co-founded ethereum in 2014 along with seven others in Switzerland in a rented house they called the “spaceship.” Among them, Vitalik Buterin is the only one still working on the blockchain. Ether, the network’s native token and the world’s second-largest cryptocurrency, held a market value of…

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