20,000 Bitcoin (BTC) Short Claimed on Bitfinex: Bullish or Bearish?

Short Worth $200M+ Claimed

On Sunday, a trader on Bitfinex claimed, not liquidated, 20,000 Bitcoin (BTC) worth of shorts — a position that was collateralized by over $200,000,000 worth of the cryptocurrency if unlevered. It is important to note that prior to the claim, there was a mass inflow of Bitcoin onto Bitfinex.

For those unaware of the complexities of Bitfinex’s long-short trading system, the “claim” means that the trader (assumed to be one entity due to the speed of the claim) used funds in his/her/their margin wallet to settle the short. Unlike liquidations, which happens when shorts or longs are forced to close their positions after a large move, all this activity occurs off the order book. As Bitfinex writes:

Claiming a position is essentially converting from a margin trade into an exchange trade; closing the position by buying it yourself and settling your funding costs to the lender. Because of this, there is no trading activity on the order book.

Due to this, the number of BTC shorts on Bitfinex fell to 9,686 BTC, which is a far cry from the 30,000 BTC that the figure was sitting at prior to this claim. What do analysts have to say of this movement in the market, which seemingly didn’t lead to a direct bout of buying or selling pressure?

The Bear Case

As a number of individuals have pointed out, there remains an imbalance of long to shorts on Bitfinex. In fact, the long to short ratio now sits at 67% to 33%, meaning that buyers and outweighing sellers at current.

With many in the cryptocurrency trading community believing that they should go against the grain, selling instead of buying into a long-heavy market could occur, leading to downward action. Interestingly, the value of BTC has fallen slightly since the claim, potentially corroborating the theory that traders are selling as a result of this shift on Bitfinex.

reason why this may be seen is bearish is that due to there being fewer shorts open, Bitcoin has less of a chance to experience a short squeeze. You see, when shorts are liquidated when Bitcoin shoots higher, they are forced to buy BTC on the spot market, resulting in cascading price action to the upside. With there being fewer shorts open now than before, the chances of a squeeze and the potential of said squeeze have dropped.

The Bull Case

On the other hand, there is a reason to believe that the 20,000 BTC claim may not be exactly bearish per se. Last time there was a large claim on Bitfinex, Bitcoin temporarily dipped. But then after that, BTC continued higher, returning to the pre-claim levels, to then set new year-to-date highs.

While analysts have been trying to interpret this statistic as a bullish or bearish indicator, one prominent researcher, Alex Krüger, explains that it may be unwise to rely on Bitfinex’s market data as a way to influence your trading. This is likely in reference to the fact that whales could spoof positions and that the crypto market can act irrationally, meaning not dependent on the number of longs or shorts open at any one time.

Photo by Dmitry Moraine on Unsplash

How to Pay Employees or Get Paid With Bitcoin

Paying or getting paid with digital coins is the norm in the cryptocurrency sector. Participants in many other industries, however, may also be tempted to take advantage of the benefits offered by decentralized currencies. In the case of cash (BCH), that means fast, secure and low-cost transactions. Some platforms facilitate crypto payments between companies and their , while peer-to-peer settlements remain a viable option as well.

 

Crypto Payroll Services Offered

Businesses exploring the possibility of introducing crypto payments for their employees and contractors may need the help of companies that specialize in this type of accounting. Bitwage is a well-established platform that provides payroll and human resource services for this day and age, when the use of digital currencies in payments is growing rapidly around the world.

Bitwage helps international companies their vendors faster and cheaper using crypto. Many of its clients are employers who want to offer their workers and contractors benefits associated with digital assets. At the same time, it provides individuals who would like to get paid with coins the option to receive some or all of their salary in cryptocurrency.

The platform, which has offices on both sides of the Atlantic and customers from Brazil to India, is working with businesses that need extensive payroll and HR services. It offers a wide range of flexible solutions and pricing to both employers and employees. For payroll funding, Bitwage currently supports bitcoin core (BTC) and (ETH) as well as multiple fiat currencies including U.S. dollar, Chinese yuan, Russian ruble, and euro.

How to Pay Employees or Get Paid With Bitcoin

Once Bitwage receives the funds, workers can choose to be paid in either cryptocurrency or local fiat. In the United States, it also gives companies the option to settle payroll taxes in crypto through a partnership with American company, Simply Efficient HR. Since January, Bitwage clients in the U.S. have also been able to cover employee benefits such as health insurance. Tax obligations related to cryptocurrency income vary between jurisdictions and taxpayers should check their local regulations.

The establishment and advancement of other platforms providing payroll services is likely to entice even more businesses, especially those employing remote workers, to start paying wages in cryptocurrency. For , Bitwage doesn’t have too many competitors at the same level but there are others with interesting proposals. For example, an employment service called Laborx has set out to cut banks and redefine salaries by facilitating real-time remuneration using cryptocurrency.

In its vision of what payroll management should look like, the Australian startup considers the current monthly and weekly payment arrangements outdated and allows companies to pay their employees as they work. At the end or even during the working day, employees will be able to spend what they’ve just earned. When the instant payment system was announced last year, it was meant only for members of Laborx’s hiring ecosystem using its Labour-Hour tokens. However, decentralized cryptocurrencies like bitcoin cash can be used for the same purpose, as BCH transfers often cost less than a U.S. cent.

Paying Directly With Bitcoin

Many companies from the crypto industry often prefer to fund their entire payroll with cryptocurrency. Bitcoin cash is the coin of choice in the case of Bitcoin.com for its obvious advantages over other digital currencies, including fast and safe transactions processed at a negligible cost.

No third party services are needed to implement such payments. All your employees and contractors would need is a secure and easy to use crypto wallet app. The Bitcoin.com Wallet is available for free on the App Store and Google Play. And for desktop applications you can try out the Badger wallet.

How to Pay Employees or Get Paid With Bitcoin

With the wallet, you can make and receive payments to and from any bitcoin cash and bitcoin core address and Badger has some useful features. One of them is the integration of an exchange service called Sideshift, which will let you swap BTC and BCH at very low cost and you’ll receive the exchanged amount directly in your wallet. You can also purchase coins with a credit card and without visiting an exchange.

But even if you work with people from countries where smartphones are rarer and internet connection is not as reliable, you can still pay them with bitcoin cash. Cointext is a platform that facilitates offline crypto transactions. The platform enables users to transfer BCH using simple text messages.

Create and Send Crypto Invoices

Invoicing is an important part of day-to-day business relations between companies and contractors. Multiple platforms now offer accounting services for businesses and professionals in the crypto space and beyond, including tools that will help you create and send cryptocurrency invoices like Gilded, Anypay, Blockonomics, CD Pay, and Coinpayments.

At the same time, platforms such as Piixpay allow you to pay bills and invoices with digital assets, including bitcoin cash, to entities that still accept only fiat money. To do so takes only a few steps before sending the electronic cash, like providing the exact amount in fiat currency, the recipient’s name and their bank account number.

How to Pay Employees or Get Paid With Bitcoin

The expansion of all these services has allowed many companies, and not only those operating within the crypto industry, to start paying wages, bonuses and other remuneration partially or fully using cryptocurrencies. For instance, platforms such as Openbazaar, Augur, Uber and Airbnb are among Bitwage’s clients.

Others have introduced arrangements allowing part of the salary payments to be made in crypto. Japanese internet giant GMO implemented such a system early last year. And in May 2019, in response to Peter Schiff’s claim that “there is no way people are going to work for salaries paid in bitcoin,” crypto exchange Kraken revealed it just paid over a quarter of its employees in cryptocurrency.

Finding a Job Paid With Cryptocurrency

Technological advances, including the spread of cryptocurrencies, have made the world smaller and the importance of freelancing grows with every passing year. A study released in 2017 predicted that freelancers will form the majority of the workforce in the United States within a decade. Remote jobs are a phenomenon that’s rapidly gaining traction globally as well.

Right now, cryptocurrency is as close to a frictionless, borderless means of payment as possible. It can serve the expanding freelancing space very well. A survey exploring the payment preferences of freelancers in the U.S., conducted by Humans.net in 2018, showed that almost a third of the respondents would like to be paid partially or entirely with crypto.

How to Pay Employees or Get Paid With Bitcoin

If you are a freelancer looking for employment in the crypto industry and you want to be paid with cryptocurrency, there’s a bunch of online platforms that can help you find the job you want. Check out, for example, sites like Crypto Jobs List, Angel List, Peopleperhour, Moneo, Hire Match, Blocklancer, and Bitjob.

Workingforbitcoins is another option that gives the opportunity to connect with businesses hiring people for crypto. The platform supports major currencies such as bitcoin cash (BCH) and will let you pick a job paid with your favorite coin. You can also find thousands of job ads offering crypto remuneration on Crypto.jobs and a service called Freelance for Coins enables users to place offers and bids for freelance services.


Source: cryptoassethome
How to Pay Employees or Get Paid With Bitcoin

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NASA Uncovers Gold Rocks But Bitcoin Price Remains Unaffected

nasa


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uncovered the recently unknown amount of rocks which is enough to make everyone a billionaire at current prices but this could also mean that the of the precious rock could drop. , on the other hand, remains unaffected. We are about to find out more in the altcoin news below.

If NASA creates the equipment and has the money to bring the gold here, they are expected to enter the market and make a massive spur. The trouble with precious metals is that it is easy to drop their price once the supply increases dramatically. Bitcoin however it is coded to be in consensus so everyone has the interest to keep the rules in place. The limited supply is the one key element that makes the balance. The other elements prove to be resistant to change including the raising block size in order to allow for more transactions. The reality is that getting a new change in bitcoin is very difficult, unlike gold. Crypto users are wondering whether someone like Elon Musk or NASA with the technology and funds could just go and get the tons of gold.

As it was explained in some of the best cryptocurrency news sites, Bitcoin would subsume most of the assets in value if the huge amount of gold and money will be injected in the market. Just imagine for a second what that would be like. For example, the investors would have to become the largest holders by capital investments but that would also have a new value added. A huge number of coins will leave the market and only one person will be the holder and will have the interest to seem them rise in value. This could happen with most of the 100 coins outside of bitcoin.

If someone invests this big amount into BTC, they could become the holders of the largest BTC stack but with altcoins such as Tron, , and Cardano, they will only be holding a considerable portion of the entire supply. The question remains many billions of dollars with taking to make such an investment be worth it to a given chain. As for gold, the limited supply argument is now officially broken.


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