Bitcoin-based Decentralised Financial Services

Ark Invest, headed by Cathie Wood, has recently made some very interesting investments. She is quite bullish about it which is a positive sign for Dogecoin and other cryptos. So let’s talk about some new information that will help you understand it better.

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Cathie Wood is considered one of the smartest investors in the world. Recently, ARK Invest acquired 214,718 Coinbase shares. Her investment firm has also added almost 54 million dollars in new shares to its portfolio. So, let’s talk about it -

Ark Invest acquired these new shares from Square right after Square’s CEO Jack Dorsey announced his plans for a ‘new business’ focused on creating a platform for Bitcoin-based decentralised financial services.

Coming back to Square, earlier this week, Dorsey said that his payments company was establishing a new bitcoin-based DeFi business. So far, decentralised finance services have mostly been built utilising Ethereum, but this time he wants to build it with Bitcoin.

Business development head at Allnodes, Mr Tally Greenberg also supported this by saying -

"Ethereum is the network with the most developers, but I think the smart contract idea is coming to bitcoin as well."

This is happening because Cathie supports decentralised finance too as she knows that it is a big deal for Crypto.

Now, talking about grayscale. This is a great deal, especially for Bitcoin, as a crypto ETF will bring more institutional funds into the market.

Recently, Grayscale’s CEO, Mr Michael Sonnenshein also said -

“Bitcoin is just a ‘couple of points of maturation’ away from getting an approved ETF in the US.”

Now, let’s talk about how Grayscale has already started taking steps towards GBTC’s conversion into a Bitcoin ETF. It partnered with BNY Mellon as an asset servicing provider. To this, BNY Mellon said -

“Digital assets are the future and there will be a very significant demand for digital assets.”

Coming back to the new crypto ETF, Grayscale says that it will be quite different from GBTC and it is just a matter of time till it is approved. It also highlighted why many investors are unconcerned about Bitcoin volatility.

But, the question is - when? Considering recent news, it could be difficult as the US SEC has typically delayed reaching final judgements on bitcoin ETF applications by three weeks in the name of considering public and expert opinion.

During his statement, the SEC Chairman expressed worries about bitcoin market manipulation and investor protection. In the past, the SEC has often cited these factors as a major issue in rejecting these applications.

Well, there is still a great news from Grayscale.

Grayscale's CEO, Michael Sonnenshein, has announced the launch of a new investment vehicle focused on decentralised finance assets. He said that the fund will provide institutional investors with exposure to DeFi assets such as Uniswap and Aave.

Now, another bullish news going around the industry is that a large asset management firm, Capital International has gained bitcoin exposure by purchasing almost 1 million shares of Microstrategy, which now controls more than 100,000 bitcoins.

The company's CEO said that the company's bitcoin holdings had reached 105,085 BTC, which had been bought for about 2.7 billion dollars.

It’s time to look at Dogecoin’s price today. Currently, it is valued at 16.4 cents. It has come down by around 7.5 per cent in the last 24 hours.

Next, let’s move on to some predictions about crypto -

Popular on-chain analyst, Will Clemente believes that a Bitcoin rally is on the way as the leading cryptocurrency faces the possibility of a supply squeeze. He suggested that a Bitcoin supply shock may cause a big increase in BTC.

He said -

“Following March 2020, record money supply expansion changed investor behaviour in the Bitcoin market. The illiquid supply ratio shows a steady uptrend in the number of illiquid coins relative to overall supply. More coins are being locked up than ever.”

Moving onto another prediction about crypto, let’s look at Bitcoin’s recent major price fall. The real question is, will it still continue to fall on the charts and add to the losses born by the market? Well, popular Bitcoin Critic Peter Schiff definitely thinks so. He said -

“11% down now. It’s dropping like a stone. Wait until Bitcoin breaks below 30,000 dollars.”

Here’s another crypto critic, Michael Van De Poppe who showed his disappointment with Bitcoin’s recent price fall below its benchmark. In a recent tweet, he said -

“Bitcoin did not hold the 32,400 dollar level as support, and dipped lower, through which it is facing the final support zone to hold. If this is lost, 29,000 dollars and 24,000 dollars are the next zones.”

Let’s move forward to another prediction about crypto -

Despite the current market downturn, the founder of Avalanche, Emin Gün Sirer is still quite bullish about crypto market prospects. He believes that hedge funds are not the only large-money investors interested in cryptocurrencies.

According to Sirer, cryptocurrency has attracted the attention of everyone from politicians to central banks and even hedge funds over the last year.

Recently, he said -

“I expect we will see sideways markets. This is going to be a summer where the price levels are going to maybe remain horizontal, maybe decline a little bit as well. That can happen. But I expect a resurgence back in October, November.”

Let’s look at a new report by Glassnode sharing on-chain analytics for Bitcoin. According to it, it is a bearish sign that BTC sales are mostly at a loss. But the good news for long-term holders who have acquired 75% of the circulating supply as this is a very bullish sign.

Since the Bitcoin price reached a record, prompting new buyers to pile in, as a result, the demand led to high trading volumes. As per Glassnode, the lack of liquidity can send the price upwards once again.

Moving forward, let’s talk about a recent poll conducted by VanEck’s director. As per the poll, nearly 70% of existing bitcoin investors are willing to suffer a severe price drop that brings the commodity down to less than 3,000 dollars per coin.

But the real question is - would they really do it?

No matter how unlikely it may sound but since the asset has gone through some massive crashes, it is quite possible for Bitcoin to go below 3,000 dollars. But I think it is doubtful for investors to keep holding onto their shares in a case like this.

Another prediction that affects Bitcoin holdings is that the Bitcoin Spot Price chart has been showing a weakening of the downtrend as the weeks go by. This could mean that in the coming days, the downward movements would not be as drastic as they were at the beginning of this year. This is good news for the big bulls as now, they are not in a hurry to sell their coins.

If this is the case then holding onto these over the long run could be very profitable for Bitcoin holders.

So, as I said -

It looks quite bullish for Dogecoin in the market. But I’d like to remind you that I am not a financial advisor and this isn't financial advice, so you should definitely do proper research before investing anything into crypto.

But as we can see, Dogecoin has been very bullish in recent hours, and it seems to have recovered from the 17 cents level. A bullish thesis seems to be at work here, with the next resistance levels being 21 cents and 25 cents. If Doge continues to climb beyond these levels, a change to 32 cents would be the obvious next step.

So it looks like, despite a continual decline, the Dogecoin price has been rather stable in recent weeks.

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