TIME Now Accepts Crypto as Payment for Subscriptions in the US and Canada

TIME, a global media brand with an audience of 100 million around the world, has announced that it has started accepting cryptocurrency as a form of payment for digital subscriptions.

As was reported previously, the company would be HODLing any BTC that they receive, much like electric car maker Tesla when it announced that they are accepting only BTC as payment soon after investing $1.5 billion in it.

This announcement follows TIME’s recent expansion into the cryptocurrency space after it offered an exclusive series of three TIME covers as NFTs at auction.

“We are thrilled to offer cryptocurrency as a payment option for our digital subscribers for the first time.”

Bharat Krish TIME Chief Technology Officer

Currently, this pay with the crypto feature is only available in the U.S. and Canada. But the company plans to roll up the global access in the next several months.

Those subscribers who pay with crypto will receive unlimited access to content across Time.com for 18 months with their one-time purchase, as well as subscriber-only events and offerings.

TIME will accept crypto through its partnership with the cryptocurrency exchange Crypto.com that will also offer Pay Rewards of up to 10% back for subscribers who pay with CRO, the native coin of the exchange.

“As TIME continues to innovate and find new ways to build upon our existing community of 2.3 million subscribers, we are proud to offer this new payment option through our partnership with Crypto.com.”

Keith Grossman TIME President

Last month, TIME also opened the position for CFO who has “Comfort with Bitcoin and cryptocurrencies.”

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Author: AnTy

Celsius Network Grew 10x in 2020; ‘Huge’ Interest from Retail & Institutions for BTC, ETH & Others

Today, Bitcoin is keeping around $33,000 after recording an approximately 30% correction from January’s all-time high of $42,000.

The mainstream media and the likes of Scott Minerd of Guggenheim and JPMorgan are getting skeptical of this bull run extended further. Still, the cryptocurrency market has seen three of these bull runs and is expecting more uptrend.

According to Alex Mashinsky, CEO of Celsius Network, “seeing a small correction is probably healthy for Bitcoin,” which is still the best performing asset class across 10, 5, or three year periods.

Not to mention, “at the same time, we are also seeing some of the other old coins close to hitting new highs. It is not just bitcoin outperforming. I think it was just a lot of migration of capital from the traditional markets, from the bond markets, from the stock markets into this non-correlated asset class,” Mashinsky said on Bloomberg.

Celsius, the second-largest asset management in the world, manages under $5.3 billion and works with over 350 institutions.

“We grew 10 times during 2020… We have seen huge adoption both in retail and from institutions,” he added.

Retail Front Running the Institutions

Bitcoin skeptics like UBS global wealth management still see Bitcoin failing due to regulatory threats and central banks issuing their own digital currencies.

However, while China is issuing a central currency, they do not promise limited supply, and just like the Fed is printing dollars, they will continue to print their digital versions, Mashinsky said. He added,

“The beauty of bitcoin is that it has limited supply. Everybody in the world knows that no one can print more of these, and the more people come in and buy Bitcoin, the higher the price is going to go.”

Besides the CBDCs, the mainstream media likes to point out how only 2% of buyers hold up to 95% of all Bitcoin. But what they miss about this data is that exchanges hold the BTC of a lot of users.

Mashinsky explains how Celsius has a bitcoin wallet with over $2 billion in it, but it doesn’t belong to one person. Unlike the traditional equities, you can’t really point to the owner. “We have 350,000 users that aggregate their coins into this wallet to earn yields,” he said.

“What we are seeing is that this is the first time in history where the retail guy got in on the next big thing ahead of institutions. The institution is just now running in,” with JP Morgan and Citi recommend Bitcoin for the first time.

The OG’s of the cryptocurrency space has been here for years, which are retail and the ones selling to the institutions.

This is why this time is different from 2017 as we see “some of the world’s smartest investors not just looking to diversify the asset class, but also generating yields and generating alpha on Bitcoin, and Ethereum and 42 other assets we manage. This is a new asset class that is now being adopted by a very broad base of investors,” said Mashinsky.

These institutions are coming in because of the macro environment. The problem is with the monetary system, which saw a half of the world’s dollars created in the last 12 months, basically when corona started.

This currency debasement is making a lot of people nervous and in their search for non-correlated assets to move away from the dollar or the euro, and because there are very, very few options, it is resulting in a stampede in Bitcoin, Mashinsky said.

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Author: AnTy

Mempool & Bitcoin Fees Holding Steady as BTC Payments Hit New Highs

Bitcoin price has become range-bound around the $36,000 level, and with this lull in the action, the average cost to send BTC is also calming down.

From the 2nd highest average fees level in history at $17.5 on Jan. 12, the fees have decreased to the current $9, as per Blockchair. The highest this fee was during the Dec. 2017 peak of $20,000 at around $60.

Interestingly, despite Bitcoin being on a wild run that saw payments hit an all-time high these past weeks, breaking all the previous bull run records, average fees only went this high. Mempool transaction count, the total number of unconfirmed transactions, was also nowhere near the ATH.

transaction fees

Source: TransactionFee.info

“It’s astonishing how well the mempool is holding up and how comparatively low the transaction fees are,” noted Sergej Kotliar, CEO Bitrefill. According to him, when Bitcoin price moons, it is unlikely that fees will reach 2017 levels of bad.

These low fees are the result of segwit, fee estimation, Lightning Network, stablecoins moving to other chains, and of course, most cryptocurrency exchanges implementing payment batching now. And while Coinbase pays top-dollar fees for the next block confirmation, you only pay 1/100th of that because they batch 100 at a time.

This, Kotliar says, points to “an intrinsic aspect of centralization vs. decentralization – centralized solutions at scale are more efficient, decentralization comes at a cost.”

Strong Network

While the network is still cheap with low congestion levels, other metrics have been going for new highs — both hash rate and difficulty of Bitcoin mining are at peak.

In the world of mining, a lot of development has been happening with Mike Novogratz’s Galaxy Digital now officially mining Bitcoin. The company announced the launch of its miner financial services, including lending, investment, and risk management offerings.

The mining branch of the firm, which has been under development since before October, will be led by Amanda Fabiano, former director of mining at Fidelity, who says this will help Galaxy “deeply understand and solve for the financial needs of miners.”

Even the largest exchange in the US, Coinbase’s venture arm, is investing in mining software and services company Titan, which is currently in the beta testing phase. Mining giant Core Scientific is among the clients testing the pool.

Meanwhile, Barry Silbert is working on bringing BTC mining to North America through Foundry, which recently launched an advisory service to help power companies, government entities, and others get involved with Bitcoin mining.

This month, Foundry placed 14,000 Whatsminer MBT units and launched “what will soon become the largest U.S.-based bitcoin mining pool. It is time for bitcoin hashrate to come to the U.S.,” said Silbert, founder, and CEO of Digital Currency Group, the parent company of Grayscale, Genesis, and TradeBlock.

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Author: AnTy

BlackRock CIO on Bitcoin: There’s ‘Clearly Greater Demand than Supply’

As Bitcoin continues to hover around $23,000, everyone finds the leading digital asset valuable one way or the other.

Recently, Guggenheim Investments’ Scott Minerd called for a $400,000 price target for Bitcoin driven by the digital asset’s scarcity and “rampant money printing” by the central banks.

According to BlackRock Chief Investment Officer, Rick Reider, putting a number on Bitcoin as a valuation is hard, but he said, “demand outstrips supply today.”

This especially holds true with all the money printing going on in the US and Europe, and other parts of the world. The Federal Reserve’s balance sheet has actually made a new record at $7.36 trillion this week.

“I think there is clearly greater demand than supply. I think it’s a storehouse of value,” said Reider in an interview with Bloomberg.

“Millennials have definitely adopted Bitcoin as one of ways to get that store of value,” he said.

“I wouldn’t say it should be this price or that price, I just don’t know how you could determine that, but It does strike me it’s gonna be part of the asset sweep for investors for a long time.”

This is the second time Reider has shared bullish comments on the digital asset. Just last month, he said on CNBC that Bitcoin could replace gold in the future.

However, according to Goldman Sachs Group, Bitcoin and gold can co-exist despite the largest digital currency pinching some demand from the traditional safe-haven asset.

“I would argue that Bitcoin is the retail inflation hedge,” said Jeff Currie, head of commodities research at Goldman Sachs, in an interview with Bloomberg.

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Author: AnTy

Bitcoin Uptrending on the Weekend; But Not Everyone Wants to Bet Against the Brute Force of Billionaires

After yesterday’s drop to $17,600, today Bitcoin is back around $18,500.

Given it’s the weekend and the Bitcoin market is being led by US investors, with only $2.44 billion in ‘real’ volume, BTC is keeping around $18,450.

“Bitcoin looks like it could be ready to range higher over the weekend,” noted Hxro Labs. “If it manages to break into the VPVR value area around $18400, expect to see it trend up to the Point of Control ($19,086) shortly after.”

Compared to Bitcoins’ gains, ETH only managed to get to $560 while other altcoins are rallying much harder, including BASE (132%), NEM (25%), HAKKA (20%), YFI (12%), AAVE (11%), Monero (10%), IOTA (9%), Cardano (7%), and Litecoin (6%).

However, it’s still not known in which direction Bitcoin will move next. Many expect the pain to continue and even get us a better ‘buy the dip’ opportunity, while others expect the momentum to take us upwards.

As one trader noted, “One of the reasons I forfeited on the idea to get another significant short position is that I don’t want to be betting against brute force of billionaires.”

It has only begun

2020 for Bitcoin has been all about institutions; everyone wants a piece of the largest digital asset. It’s just that a few of them have revealed their positions while many are expected to be doing it without public disclosure.

“Reality is that I don’t know what will happen from here. Big cash flows are entering Bitcoin. Technicals that say downside is possible can be blown out of the water, whilst we should also not forget that institutionals don’t dictate bitcoin entirely, yet,” wrote the trader on Twitter.

Wall Street legends Stanley Druckenmiller, Paul Tudor Jones, Bill Miller, and others like Mexican media billionaire Ricardo Salinas Pliego have been endorsing Bitcoin. After influential money manager Rick Rieder said Bitcoin “is here to stay,” Larry Fink, CEO of BlackRock, also noted that this untested and small market has “caught the attention and imagination of many people.”

However, “the adoption of Bitcoin by institutional investors has only begun,” as written by the analyst team of JPMorgan led by Nikolaos Panigirtzoglou.

Christian Armbruester, the founder of Blu Family Office, a London-based investment firm for wealthy clients, told Bloomberg that he wishes he’d bought more BTC, which he dabbled in a few years ago.

“We’re now looking for trading opportunities in a very exciting field,” said Armbruester, who manages $670 million for Blu Family Office.

Thanks to currency devaluation

This traction has been particularly the result of central banks and governments flooding economies with cash and dropping the interest rates to zero and sub-zero to address the coronavirus pandemic.

As we reported this week, first, ECB announced a $600 billion COVID-19 stimulus only for German Chancellor Angela Merkel to unleash another monstrous fiscal stimulus package to pump €750 billion directly into the economy, the very same day.

“Normally in times of crisis people run to cash but who in their right mind wants to be cash-rich at a time when major economies are devaluing their currencies?” says Kevin Murcko, the founder, and CEO of CoinMetro, an Estonia-based crypto exchange.

Even Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, said cash is trash and bitcoin can act as an “interesting” investment diversifier.

“You could say that Covid-19, the U.S. election, Brexit, and, well, the entirety of 2020 have altered the way many in traditional finance view the value of digital assets,” Murcko added.

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Author: AnTy

Bitcoin Buy Signal Flashes; Institutional Investors Focused on Accumulation, Becoming Whales

Today, Bitcoin went as low as $18,700, and the volume remains around $3 billion as Bitcoin struggles to find a direction.

Interestingly, Bitcoin Hash Ribbon gives a buy signal that flashes when the hash rate has recovered (30d MA crosses above 60d MA). BTC price momentum is positive, as per Glassnode data.

image1

According to HRXO Labs, Bitcoin’s high range is $19,915, above which both BTC and ETH will rally higher, and range low is $16,200 below, which is “death.” But it is the sideways trading around $18,000, where altcoins live.

In the short-term, the leading digital asset is expected to show some weakness as in 4Q20; bitcoin has rallied 80%. Besides the correction to $17,300 last week, we haven’t had any meaningful pullback yet.

But given that this time is different, it is anyone’s guess where BTC will go next.

The good thing about it all is, once we are above $20k, the sky’s the limit with no barriers holding BTC as noted by analyst Ceteris Paribus, “after 20k there’s no resistance to 1m.”

The thing is, “Timing the macro top will be extremely difficult this time, with institutions potentially muting extreme moves. There will still be a lot of retail, but IMO institutions are in charge of the market this time. So macro narratives (e.g., inflation) are important to pay attention to,” said quant trader and entrepreneur Qiao Wang.

It’s an Institutional play

2020 is all about institutions in the bitcoin market. Just yesterday, Grayscale bought yet another 7,188 BTC.

“BTC whales are changing from Bitcoin OGs to inst. Investors,” responded Ki-Young Ju, the CEO of data provider Crypto Quant. This can also be seen in the 1% of BTC’s total supply that moved out of the long-term storage during the November price run-up.

Young Ju is actually bearish in the short term, as we reported, but goes on to say that the Grayscale institutional investors holding BTC on Coinbase Custody are why Bitcoin is currently going sideways rather than having a correction.

Institutional investors have actually accumulated more than 100k BTC, and they aren’t selling.

But despite just over 3% of BTC supply getting scooped off, the number of Bitcoin supply in circulation has remained relatively stable, as per ByteTree.

image2

Amidst this, the adoption curve of Bitcoin is growing faster than any other global infrastructure rollout before it that involves the Internet, mobile phones, and easily faster than “virtual banking” players like PayPal.

With the network strong and people continuing to buy any dips and adoption surging, it seems to be just a matter of time that Bitcoin price moons. Analyst PlanB, based on his stock-to-flow cross-asset model, said,

“If BTC doesn’t break it’s historical path: BTC market cap will approach gold market value $5-10T in 2021-2024 and approach real estate market value $10-100T in 2024-2028, after 2028 we can no longer interpolate and enter uncharted waters.”

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Author: AnTy

Tether’s Supply on Exchanges Declining Rapidly, Total Stablecoins’ Market Cap at $22.7 bln

Bitcoin is taking a breather around $18,500 after rallying 72.5% In this quarter. Analyst PlanB said,

“Current Bitcoin price action is nice, but we are waiting for a real jump (like the red arrows early 2013 and 2017).”

“IMO that will be the start of the real bull market, and indeed phase5. January 2021?”

Just yesterday, BTC took a pullback to about $17,640, and today, it is back around $18,500.

Amidst this, the percentage of Tether supply on cryptocurrency exchanges is rapidly declining, reaching 13.06% after being at a 2020 high of 44.84% in mid-march following Black Thursday.

The last time, Tether supply was decreasing at such a pace was on July 20th. During that time, the price of Bitcoin rose by 28.2%.

image1

The market cap of the popular stablecoin has climbed to nearly $17 billion, having increased more than 300% since April this year.

Not just USDT but other fiat-pegged cryptos have also seen explosive growth in 2020. The total market cap of stablecoins has jumped to $22.5 billion, up from $6 billion in early March.

USDC is the second-largest stablecoin that has been growing like crazy, even faster than the dominant USDT. With a market cap of $2.8 billion, Coinbase and Circle’s stablecoin had seen an increase of 500% since March when the prices of digital assets tanked hard along with other assets in the traditional world.

Other notable mentions include $683 million BUSD, $400 million Pax, and $255 million HUSD.

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Author: AnTy

This Election Week is Won by Markets; US Dollar Under Pressure with Risk On

On Thursday, the price of Bitcoin went nearly to $16,000 and is currently holding around $15,500. Having rallied 20% this week, the digital currency seems to be now in consolidation mode providing the altcoins the chance to surge.

These gains came during the US election week, which helped the leading digital currency beat major asset classes this year.

With 115% gains in 2020, Bitcoin exceeds gold’s 28% returns and S&P 500’s 8.60%.

Everything is aiming for their all-time highs following the Nov. 3 election as Joe Biden’s lead strengthened with the possibility of a Republican Senate. Such an outcome of a split government, according to some, could lead to an increase in fiscal stimulus.

“We still anticipate that there will be a fiscal package in excess of $1 trillion next year,” said James Knightley, chief international economist at ING Group in New York.

Besides the escalating pandemic and looser monetary policy, the sliding greenback helps push the digital asset higher as investors seek stores of value.

The dollar has its worst week since March, and according to Kit Juckes, a strategist at Societe Generale, “If you had to write a playbook that would get people to say ‘I need an alternative to the dollar,’ this whole process fits that story.”

During the period BTC rallied, the risk-on backdrop triggered a sell-off in the dollar, which fell to a 2018 low.

“Gold, silver, and Bitcoin have worked like a dream in the weak U.S. dollar environment and has attracted huge client interest,” wrote Chris Weston, head of research with Pepperstone Group Ltd., adding, further weakness in the dollar would encourage “an even more constructive view” on both gold and Bitcoin.

Crypto markets also have a history of wild swings, and it is currently on its third such cycle, riding a tide of liquidity.

Mania isn’t Here Yet

In the stock market, tech stocks are rallying on expectations that key progressive goals like antitrust reforms won’t be implemented by Biden.

According to Goldman Sachs analysts, financial services companies will also benefit from better capital markets and a lower likelihood of tighter regulation.

Already, more than $4 trillion has been added to global equity markets this week, putting it on track for the third-biggest week of 2020.

And with this, investors are back into pouring cash into global markets with a force that hasn’t been seen in months. The same is happening in the crypto markets, which added about $50 billion during the same period.

This can be seen in the open interest in Bitcoin options, which is reaching $4 billion. As per CME’s latest COT report, short interest from hedge funds has made a new all-time high, the same as short interest from dealers and intermediaries.

According to on-chain analyst Willy Woo, Bitcoin is not topping; rather, it will see more bullish action after consolidation.

As for the price action that we have recently, it was the “most organic pump” instead of a squeeze from derivatives traders as a “ridiculous amount of coins were scooped up and moved off to individual wallets,” — the largest one day scoop up in 5 years.

Before the pump started, the influx of new HODLers has been “through the roof,” the kind of momentum last seen in Oct. 2017, just one month before the mania started.

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Author: AnTy

Bitcoin Sees a Correction After Ending October with the Highest Monthly Close Ever

Bitcoin started November around $13,760, and although in the red currently, the price of the digital asset remains hovering around $13,400 on the back of $1.79 billion volume.

The month began on a red note, but it has just started, and more exciting has been the monster monthly candle we got in October.

Interestingly and bullishly, Bitcoin had its second-highest monthly close in history in October.

While, on Bitstamp, the longest-standing bitcoin exchange, Bitcoin had its second-highest monthly close, losing to the first by just an inch, on other exchanges, the flagship cryptocurrency actually made history.

On Bitfinex, Binance, and HitBTC, Bitcoin had the highest monthly close ever.

Additionally, it was the highest quarterly close for BTC price in history as well.

image1

As for why does it matter, “month-end asset valuation is how institutional participants appraise their holdings & investments,” stated one trader.

Now, after recording more than 27% gains in October and up 91% YTD, Bitcoin is down -2.18% in November, experiencing a correction.

However, it is not much different from last week when BTC’s price dipping under $13,000. It’s to be seen how low we will go this time.

“Another strong weekly close on high time frame. With that said, let the “dips” come. It shouldn’t surprise anyone who’s been in this market when it happens. Bitcoin had 9+ pullbacks of at least 30% last bull market. But in the long run, we know where this is going (up),” noted trader Josh Rager.

Pullback after the October rally is to be expected, and during the last bull cycle of 2017, Bitcoin had several such corrections, which were as much as 30% to 40%. Moreover, with the US Presidential elections tomorrow, a bit of volatility is expected across the markets.

Stock markets have been experiencing a downturn since mid-October. Meanwhile, today, gold is making its way up above $1,880, the same as the US Dollar index is doing above 94.

“I don’t have much a bearish thesis etc. Just seems like a nice spot for de-risking. High time frame resistance, elections coming up, not seeing evidence of fuel for a short squeeze,” said trader CryptoGainz. “Low time frame technicals are bullish, just sorta hoping for a bull trap tbh.”

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Author: AnTy

Crypto Market Sentiments Do A 180; From Fear to ‘Borderline Euphoric’ Following Bitcoin Rally

Since surging last week to hit $13,000, Bitcoin has been keeping around this level.

More importantly, over the weekend, Bitcoin made its first close above $13,000 since the end of the last bull market.

And with this recent rally, the social sentiment of Crypto Twitter has done “one of the biggest 180 turns in its decade-long history,” as per Santiment. From its all-time negative levels earlier this month, the ratio of positive vs. negative commentary has now “shifted to borderline euphoric levels.”

one of the biggest 180 turns in its decade-long history
Source: Santiment

The crypto fear and greed index is also showcasing “greed” sentiments, having a reading of 75, up from 45 last month reflecting “fear”.

“We’re in a bull market”

Adding to all the bullishness in the market is exchanges’ BTC balance which has been on a continuous decline since March, even whales aren’t selling which says the macro view of the leading digital asset remains bullish.

“Exchange netflow is mostly in the negative region since October 2019. Netflow was mostly positive in 2018 (and especially high during the 3k capitulation) when people were actively selling their coins. We’re in a different paradigm now that the BTC have exchanged hands,” said trader Crypto Squeeze.

Moreover, about 136k BTC are currently locked on Ethereum through WBTC and RenBTC, further putting pressure on bitcoin’s sell-side liquidity crisis.

“We’re in a bull market. Trade if you must but make sure you HODL your precious BTC.”

“Institutions are net record long”

While the PayPal news last week helped push Bitcoin’s price higher, adding about $19 billion to its market cap over the following two days, it is mostly seen as helpful for sentiment, PR, and making PayPal look progressive.

Still, institutional interest is rising, for one, the latest CME Bitcoin futures COT report shows leveraged funds are net record short and institutions are net record long. Just this month, the open interest on CME Bitcoin futures has increased by 127%.

“With market rallying, basis trades are increasingly attractive for hedge funds, currently yielding 10%+,” noted Skew.

So Much Better, Still More to Come

As we reported, Grayscale raised a record $1 billion for its investment products in the third quarter. Since December 2017, Grayscale Bitcoin Trust (GBTC) has attracted more than $2.8 billion, $2 billion of it has been in 2020 alone.

According to Bloomberg, this is better than “about 97% of exchange-traded funds currently listed in the U.S.” However, analyst Ceteris Paribus noted that “Big factor here is that ETF’s allow outflows, GBTC does not.”

Meanwhile, Fidelity is receiving interest from “a wide range of institutional investors, including family offices, RIAs, hedge funds, pensions, foundations, and other institutional investors.”

And with the chances of the approval of a Bitcoin ETF next year high, more institutions would start paying attention to the market

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Author: AnTy