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The story of Winklevoss Twins, Bitcoin ETF Update

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The Winklevoss twins are considered to be in the list of cryptocurrency billionaires around the world. their Bitcoin investment in the early days.

Comprehending the entire life of the Winklevoss twins

 

Why should we know about the Winklevoss brothers?

The Winklevoss brothers are considered to be in the list of cryptocurrency billionaires around the world. their Bitcoin investment in the early days has provided them why multiple folds and now they have initiated to invest in various another cryptocurrency project which seemed to have a fundamental used case in the practical world. The brothers have also been alleged for a lawsuit against Facebook and had been in controversies for a long time due to it. In this article, we’ll cover the various events of the Winklevoss twins which changed the course of their lives.

 

 

Tough times with Mark Zuckerberg

Cameron Winklevoss and Tyler Winklevoss have been in a constant controversy with Facebook as the alleged that Mark Zuckerberg has told stolen their idea of the social media. The twin brothers initially were trying to develop a dating website in 2003 as they were pursuing their graduation. As a consequence of the project, they hired Mark Zuckerberg to code parts of it, who was also a student. All the controversies surrounding the idea has beautifully been portrayed in “The Social Network”. The identical twins have also been very well known for various other activities apart from Bitcoin investment.  

 

Childhood of the Bitcoin Billionaires

The Twin Brothers were born on August 21, 1981. Born in Southampton, New York to Howard and Carol Winklevoss, the Christian twins have acknowledged that their father was a former coal miner. Despite such conditions, the twins went to one of the most aristocratic schools in the town. The Twin brothers are also very well known for their spirit in rowing and have been known to be participating in various National and International rowing competitions. It was actually from their mother that they got introduced rowing. The Winklevoss brothers initially went to Harvard Business School for the graduate degree. It was at the Harvard, where they had met, Mark Zuckerberg and also further moved on to pursue their higher education from the Oxford University.

 

Further insights into their lives

Their company, Winklevoss Capital is now looking forward to institutional investment in varied cryptocurrency projects. Suing Mark Zuckerberg for stealing their idea of Facebook, had made then rich but also most of their investments apart from Bitcoin or Facebook lawsuit has also been very lucky. The Twin brothers received a total amount of $65m against the Facebook lawsuit. The Winklevoss brothers had invested in Bitcoin in its early days and as a result of which in summer 2012 they became overnight billionaires. Although investments in the cryptocurrency market are highly risky, the brothers made a considerable fortune out of it, as they jumped onto the bandwagon during the early days of Bitcoin wave.

 

The confusion around the Winklevoss ETF

More recently the Twin brothers had proposed for a Bitcoin Exchange Traded Funds before the Securities And Exchange Commission for their approval. Despite their consistent efforts to democratize the cryptocurrency space, through their Bitcoin ETF, their efforts have been constantly being turned down upon by the Securities And Exchange Commission. The proposal was rejected by the authorities even second time, even though they made some amendments. Bitcoin exchange-traded funds would bring enough liquidity to the market and would be a great move in the group domain.

 

Bitcoin BTC ETF is nothing but an Exchange Traded Fund whose underlying asset is Bitcoin. In Bitcoin BTC ETF 101, we discuss the implications of this ETF

Bitcoin BTC ETF is nothing but an Exchange Traded Fund whose underlying asset is Bitcoin. In Bitcoin BTC ETF 101, we discuss the implications of this ETF

 

The twins are wealthy

It has been estimated that they stand near to the inventor of Bitcoin, Satoshi Nakamoto works respect to the number of Bitcoins they own. According to estimates, the brothers hold almost more than 100,000 BTC, as they had exclusively bought them in March 2013. According to experts, the brothers had bought 1% of the total number of bitcoins in circulation at that time, which resulted in a five thousand times increase in value within the past five years.

 

Tweaky facts about the twins

Interestingly, the parents never revealed to them that which one of the brothers, was born first, for some reasons. It is also worth mentioning that the twin brothers are just 5 pounds in their weight difference. However, Tyler Winklevoss if slight always slightly heavier than Cameron Winklevoss.

#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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