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The cryptocurrency market has seen huge swings recently.
Tesla CEO Elon Musk spooked the market last week when he said the company would stop taking Bitcoin payments due to environmental concerns. Then, on Tuesday, Chinese authorities announced a crackdown on crypto.
The result? A massive increase in trading volume as some investors rushed to sell their positions and others tried to buy the dip.
Upshot, a Boston, MA-based blockchain-based protocol that incentivizes experts to answer subjective questions honestly, raised $7.5m in Series A funding.
The round was co-led by Framework Ventures, CoinFund and Blockchain Capital with participation from Slow Ventures, Mechanism Capital, Delphi Digital, CMS Holdings, Stani Kulechov, Kain Warwick, Ryan Selkis, FlamingoDAO, Andrew Steinwold, Shayne Coplan, Cooper Turley, gmoneyNFT, Meltem Demirors, Tegan Kline, Tony Sheng, Andy Chorlian, and several other notable figures in the NFT space.
The company intends to use the funds to continue to expand operations and its business reach.
Led by CEO Nick Emmons, Upshot uses a novel algorithm that analyzes people’s answers to questions and rewards experts who provide credible information for appraising a wide variety of digital assets. The company’s first product – Upshot One – is specifically designed to tackle the problem of NFT price-discovery by incentivizing a community of expe
After hitting its all-time high of $63,000 in mid-April, Bitcoin plunged to $49,000 before climbing back to around $57,000 as of Wednesday afternoon.
However, investors who are quick to dismiss Bitcoin amid the rise of more affordable altcoins should think twice.
Crypto custody firm NYDIG on Wednesday said it has teamed up with Fidelity National Information Services to enable hundreds of banks to offer Bitcoin to customers in the coming months.
JPMorgan, whose chief executive Jamie Dimon called Bitcoin a fraud in 2017, is also preparing to offer an actively managed Bitcoin fund to its private wealth clients for the first time.
While Dimon said at The Wall Street Journal CEO Council summit on Tuesday that he still does not care about Bitcoin personally, the clients of big and small US banks are clamoring for access to the world s first and most popular cryptocurrency.
Price Analysis
The recent weakness in Bitcoin (BTC) price did not see any panic selling by investors, suggesting the sentiment in the crypto sector remains bullish. After Ether’s (ETH) strong run in the past few days, Bitcoin played catch up today as it reclaimed the $55,000 level. This suggests investors continue to accumulate on dips.
Gaming-focused venture capital fund Bitkraft Ventures, with more than $400 million in assets under management, has tied up with crypto research firm Delphi Digital to invest in crypto-assets and related projects.
The demand from institutions also seems to be picking up in Asia. To cater to this demand, Huobi Asset Management has launched four cryptocurrency-related tracker funds.
Crypto Analysis Platform, Sherlock, Launches on Fidelity
Last Updated: 30 April 2021
Fidelity has announced the launch of a cryptocurrency analytics platform names Sherlock. The platform will offer analytics solutions to fund managers and institutional investors.
Fidelity, a leading asset management firm, is investing more in digital assets. This has been confirmed through an announcement of the firm’s partnership with Sherlock. The announcement on April 29 unveiled a data and analytics solution that will help institutional investors and fund managers.
Fidelity currently has $10 trillion worth of assets in its management. On the other hand, Sherlock will analyze fundamental and technical data, blockchain data, market, data, industry news, and social news all under one roof. The platform will also offer research on crypto assets. The data will be gathered from global institutional investors to enable investors to evaluate the market.