Bitcoin Price to Rise as it Captures Bigger Share of ‘Anti-fiat Market’ Driven by ‘Stimulated Environment’

“Strong” crypto performance leads to rising interest among institutions, including university endowments and foundations, a trend that will continue “at an accelerated pace,” says experts. As for the govt. banning Bitcoin, “Crypto Mom,” says that would be “foolish.”

Bitcoin is trading above $60,000, giving off strong bullish signals with traders getting in on this action.

According to Dhaval Joshi, chief strategist for BCA Research’s Counterpoint product, the price of Bitcoin will rise as it becomes a bigger share of what he calls the $15 trillion anti-fiat market, currently dominated by gold.

“So long as we have a fiat money system, there will be demand for an ‘anti-fiat’ asset that is a hedge against a debasement of the fiat money system,” said Joshi, who called cryptocurrencies “the new vigilantes to prevent rampant inflation.”

Currently, Bitcoin accounts for 10% of this anti-fiat market but, “as this share doubles or trebles, it arithmetically requires a doubling or trebling of cryptocurrency prices.”

He recommends investors to hold $1 of crypto for every $3 of gold, which implies 25% of the precious metal market, putting BTC at $120k.

Tipping Point

The prices are rising as the institutionalization of the crypto space gains speed.

During a MarketWatch virtual panel discussion, “How to Invest in Crypto,” Tom Jessop, head of Fidelity Digital Assets at Fidelity Investments, said the maturation and adoption of digital assets as a class of investments would continue “at an accelerated pace.”

According to him, ultralow interest rate and easy-money policies helped drive momentum into bitcoin, which are increasingly being seen as alternatives to assets like bonds that offer meager yields.

“Pandemic, quite frankly, was a catalyst for institutional adoption, and specifically bitcoin and the narrative, or use-case, around digital gold,” Jessop said. And “we’re not going to get out of this stimulated environment anytime soon,” he added. “I think we’ve reached a tipping point.”

As Mark Yusko, founder and CEO of Morgan Creek Capital Management, told MarketWatch, “We really believe that we’ll look back five years from now, and it will be deemed fiduciarily imprudent to have zero exposure to digital assets.”

With Bitcoin becoming a trillion-dollar asset and total crypto market cap surging past $2.1 trillion, “you can’t ignore it anymore,” Yusko said. “I really think we are at an inflection point.”

According to him, crypto performance has been “so strong” that even a small allocation can make a big difference. And Yusko has seen a rising interest among institutional investors, including university endowments and foundations.

A Good Regulatory Framework

When it comes to the regulatory front, it might not be of big significance as SEC commissioner Hester Peirce says it would be “foolish” to ban Bitcoin.

“I think we were past that point (of banning Bitcoin in the US) very early on because you’d have to shut down the internet.”

“I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from doing it.”

“So I think it would be a foolish thing for the government to try to do that.”

According to her, technology is likely to outpace the government’s attempt to limit the use of BTC.

During the panel discussion, while reiterating that the US remains “behind the curve” in regulating crypto, Peirce, aka “Crypto Mom,” said Gary Gensler as SEC Chairman might push it in the right direction.

“I’m optimistic with a new chairman coming in with a deep knowledge of these markets that is something we could do together—build a good regulatory framework.”

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Author: AnTy

Ledger Wallet And Shopify Face Class-Action Suit After Rogue Employee Leaks User Data

Crypto wallet provider Ledger and its e-commerce partner Shopify are in for a tough year.

Both firms are defendants of a class-action lawsuit filed against them following the aftermath of a phishing attack that saw a quarter-million of their customers’ details exposed online.

The lawsuit, which is the first of many, was filed by law firm Roche Freedman for John Chu and Edward Baton in California on April 6.

Shopify’s Employee Stole Customer Details

According to the 43-page document, the complaints allege that the defendants had been negligent in their duties of safeguarding customer’s personal details between April and June 2020.

The plaintiffs also ask for commensurate compensation for the damages incurred from the data breach and have asked the court to grant all relief allowed by law, including injunctive relief.

According to John Chu, he saw BTC and ETH worth over $267,000 stolen from his digital wallet, and Baton said that he lost $75,000 worth of XLM through phishing scams.

The duo claims to have been deceived by correspondence from the defendants.

Ledger and Shopify later identified the leak’s source as one of Shopify’s employees who shared full customer names, email, phone numbers, and shipping address on the database sharing website RaidForums. Following this, customers said they got strange calls and were threatened by unknown persons.

Ledger CEO Pascal Gauthier tweeted to reassure customers of the safety of their funds. He also assured that no hardware wallet was affected by the attacks.

Even though it’s been almost a year, the plaintiffs insist that the companies failed to notify affected customers or admit the full scope of the breach.

Speaking to The Block, Kyle Roche said the investigation had begun since the news of the breach became public knowledge. He said experts in the data security and cryptocurrency fields were consulted before any action was taken against the defendants.

In a July 2020 blog post, Ledger tried unsuccessfully to explain the breach admitting that only 9,500 users were affected by the attacks.

It published another blog post in the opening weeks of 2021, notifying customers about the changes they will be initiated in a bid to protect client’s data better. The cold storage wallet provider also admitted that its earlier number of affected customers was way off and said that the culprit leaked roughly 272,000 customer data.

It said it was creating a 10 BTC bounty fund for information that could lead to the culprits’ arrest.

Roche Freedman Is Crypto’s Bane

Even as the adoption of crypto has grown in a little over a year, many issues have cropped up. One of the most prevalent being malicious attacks that led to losses of digital assets by crypto owners.

US law firm Roche Freedman has been quite active in the past year as cases of retail investors seeing their crypto assets stolen due to the negligence of their service provider have grown.

In a report by investigative outlet OffshoreAlert, Roche Freedman filed 11 class-action lawsuits against 42 defendants. According to the filing, the listed parties were said to have allowed the investing public to trade unregulated cryptocurrencies.

The affected parties included popular exchanges like Binance, TRON, KuCoin, BitMEX, and others. Their company chiefs were not left out, with Binance founder Changpeng Zhao (CZ), Brendan Blumer, Dan Larimer, Vinny Lingham, and BitMEX co-founder and former CEO Arthur Hayes made the list.

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Author: Jimmy Aki

Monetary Authority of Singapore Warns: Crypto is ‘Highly Risky’ & ‘Not Suitable for Retail Investors’

Monetary Authority of Singapore (MAS) Warns: Crypto is ‘Highly Risky’ & ‘Not Suitable for Retail Investors’

Singapore is warning the public about the risks of trading cryptocurrencies. Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore, in response to a parliamentary question on Monday said,

“Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals.”

“They are hence highly risky as investment products, and certainly not suitable for retail investors.”

Crypto funds are not authorized for sale to retail investors, he added.

Tharman, a senior minister and coordinating minister for social policies, said the MAS has powers to impose additional measures on digital asset service providers, under which crypto exchanges are regulated, as needed.

At the beginning of the last year, Singapore introduced new payments legislation, The Payment Services Act, which allows the global crypto firms to expand their operations in the country by applying for operating licenses.

MAS Chairman’s comments came as the total cryptocurrency market cap surged past $2 trillion amidst the rising prices while BTC continues to trade around $58,500. While crypto trading in the country surged significantly over the past year, it remains small compared to traditional markets.

The combined peak daily trading volumes of Bitcoin, Ether, and XRP accounted for just 2% of the average daily trading volume of securities on the main stock exchange last year, said Tharman.

Amidst all this, authorities have stepped up efforts to combat money-laundering and terrorism financing risks associated with crypto assets, he said. In similar news, Singapore-based crypto trading platform Torque is shutting down after at least 70 police reports were lodged against it as investors claimed to lose millions in cryptos.

For this, MAS is raising awareness on the risks of investing in crypto and has increased surveillance of the sector to identify suspicious networks and higher-risk activities that may need further scrutiny, Tharman said.

“The crypto-assets space is constantly evolving.”

“MAS has been closely monitoring developments and will continue to adapt its rules as needed to ensure that regulation remains effective and commensurate with the risks posed. Investors, on their part, should exercise extreme caution when trading cryptocurrencies.”

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Author: AnTy

Risk-On Sentiment Sends Crypto & Stock Market to New All-Time Highs as Bitcoin Holds the Line

Risk-On Sentiment Sends Crypto & Stock Market to New All-Time Highs as Bitcoin Holds the Line

“60k is merely a psychological resistance” as BTC miners accumulate, on-chain activity gives “strong vote of confidence,” futures premium rises, dollar slides, and OI keeps above $22 billion.

The cryptocurrency market enjoys a strong bull rally as it hits a new all-time high above $2 trillion amidst growing demand from both retail and institutional investors.

Momentum for Bitcoin is strong, with the number of BTC held by the first-ever Bitcoin ETF (BTCC) soaring to 16,710 BTC.

But altcoins are particularly enjoying the leading cryptocurrency taking a rest under $60k. This has Ether flying past $2,100 ETH 0.18% Ethereum / USD ETHUSD $ 2,121.30
$3.820.18%
Volume 29.24 b Change $3.82 Open $2,121.30 Circulating 115.36 m Market Cap 244.72 b
4 h Monetary Authority of Singapore (MAS) Warns: Crypto is ‘Highly Risky’ & ‘Not Suitable for Retail Investors’ 6 h Bitcoin Mining Chip Maker, Ebang Launches a New Cryptocurrency Exchange, Ebonex 8 h CI Global Asset Management Launches Bitcoin Mutual Fund, Also Files for Ether ETF & Mutual Fund
, XRP hitting $1 after a long three-year period XRP 21.56% XRP / USD XRPUSD $ 1.11
$0.2421.56%
Volume 37.13 b Change $0.24 Open $1.11 Circulating 45.4 b Market Cap 50.51 b
4 h Monetary Authority of Singapore (MAS) Warns: Crypto is ‘Highly Risky’ & ‘Not Suitable for Retail Investors’ 8 h Risk-On Sentiment Sends Crypto & Stock Market to New All-Time Highs as Bitcoin Holds the Line 1 d Kimchi Premium on Bitcoin & Ethereum Aiming for 15%
, and other old crypto coins waking up from deep slumber.

According to trader and economist Alex Kruger, the best-case scenario for the crypto market is a “euphoric bull run into Coinbase listing,” which is to happen next week, to sell in May go away. The coursing of bulls will then lead to their come back in September.

“Merely A Psychological Resistance”

While BTC hasn’t broken its mid-March ATH of about $62k, Glassnode said in its research report that the fact that the largest cryptocurrency held the $1 trillion market cap for one week is a “strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole.”

Glassnode further notes that on-chain activity reinforces Bitcoin’s robust position with over 1.98 million BTC, equivalent to 10.6% of the circulating supply, transacting above the $1 trillion thresholds.

As analyst Mati Greenspan puts it, “60k is merely a psychological resistance.”

As we reported, Bitcoin network fundamentals are also strong, with hash rate and difficulty both hitting new all-time highs. Also, miners have begun to accumulate BTC after selling through Q1 as miner revenue hit a new peak in March and a hat-trick for keeping above the $1 billion levels this year.

All of this is long-term bullish, says Ki Young Ju of CryptoQuant. “Network fundamentals are getting stronger, and those who make the network strong don’t cash out Bitcoins to buy new mining rigs. They buy mining rigs with cash, not Bitcoin,” he said.

What’s Happening in Futures?

Meanwhile, in the futures market, open interest across major exchanges continues to stay over $22 billion for almost a week now.

Moreover, the BTC futures premiums on retail-focused platforms are climbing higher this week, widening the institutional platform CME gap.

The funding rate on Bitcoin perpetual contracts has reached 0.1264%, the highest on Bybit. On CME, Bitcoin price is trading just 1.2% higher, as of writing.

image1

Source: Arcane Research

Macro is Bullish Too

Just like the Bitcoin market and network are bullish, the macro environment also gives bullish signals as risk appetite makes a return. The S&P 500 and Dow both surged to an ATH over the growing momentum of economic recovery.

Additionally, the dollar has started April on a weak note despite stronger-than-expected monthly payroll data.

After rising along with the Treasury yields this year, the USD index posted its biggest drop in three weeks as hedge funds cut their long positions, but it steadied on Tuesday. This latest weakness, according to strategists, is because USD has “outstripped the pickup in non-U.S. growth expectations” and could further be a sign that the U.S. reflationary advantage compared to other major economies is running out of steam.

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Author: AnTy

Teeka Tiwari Presents Crypto’s Next Trillion-Dollar Coin Event Today

Teeka Tiwari is hosting a crypto investment webinar on March 31.

The crypto analyst and former hedge fund manager will reveal the next cryptocurrency he believes could reach a $1 trillion market cap. The webinar is called Crypto’s Next Trillion-Dollar Coin.

Bitcoin recently broke the $1 trillion barrier. What will be the next cryptocurrency to shatter that ceiling? Find out on March 31 during Teeka Tiwari’s latest webinar.

About Crypto’s Next Trillion-Dollar Coin

Crypto’s Next Trillion-Dollar Coin is a crypto investment webinar scheduled for March 31 at 8pm ET.

The webinar is hosted by Teeka Tiwari and his team at the Palm Beach Research Group, a Florida-based financial publishing company.

Teeka will identify the next cryptocurrency he believes will reach a $1 trillion market cap during the webinar.

Bitcoin surged earlier this year, smashing through a $1 trillion market cap. The price of bitcoin (BTC) has sat in the $50,000 to $60,000 range ever. Now, Teeka believes he has identified the next cryptocurrency to reach that will reach this mark – and he’s sharing that tip during the March 31 webinar.

Crypto’s Next Trillion-Dollar Coin is a free webinar. Anyone can sign up through the official website. Just enter your email address into the online form. You will receive marketing communication from Teeka in the lead-up to the event. You will also receive a link to the webinar just before it’s scheduled to begin.

What Will You Learn During the Crypto’s Next Trillion-Dollar Coin Webinar?

During the Crypto’s Next Trillion-Dollar Coin webinar, Teeka will discuss what he believes will be the next coin to reach a $1 trillion market cap.

Teeka will tell viewers the name and ticker symbol of that coin. Viewers who share Teeka’s opinion could buy the coin today and hold it for the long term. If Teeka is right, readers could make huge returns.

Teeka will also discuss his justification for the recommendation during the webinar. He’ll explain why he expects that coin to shatter the $1 trillion market cap boundary.

Other topics Teeka could cover during the webinar include:

  • Why one coin will be the next to break the $1 trillion market cap limit
  • What makes that coin different from other cryptocurrencies
  • How one coin is launching the decentralized app (dApp) store marketplace that could position it for future dominance
  • The name and ticker symbol of Teeka’s recommendation

For perspective, the next largest cryptocurrency in the world after bitcoin is Ether (ETH), the digital token that fuels Ethereum. ETH 4.43% Ethereum / USD ETHUSD $ 1,926.53
$85.354.43%
Volume 30.13 b Change $85.35 Open $1,926.53 Circulating 115.28 m Market Cap 222.09 b
4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability 5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today

Ether has a market cap of around $213 billion as of March 31, 2021. For ETH to reach a market cap of $1 trillion, it would need to quintuple in value over the next few months or years. That’s certainly doable – we’ve seen similar gains in the crypto space, even among the largest coins like bitcoin. BTC 0.04% Bitcoin / USD BTCUSD $ 58,924.59
$23.570.04%
Volume 65.26 b Change $23.57 Open $58,924.59 Circulating 18.67 m Market Cap 1.1 t
3 h Blockstream Offer Investors Exposure to Bitcoin Mining with BMN Security Tokens 4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability

It’s possible Teeka will discuss ETH during the webinar. It’s also possible he’ll recommend another, lesser-known cryptocurrency as the next coin to break the mark.

What is the App Store of Blockchain?

In the weeks leading up to the highly-anticipated webinar, Teeka Tiwari and his team have teased the trillion-dollar coin with certain hints.

In a recent email, a Palm Beach Research Group team member explained that the cryptocurrency that creates the “app store of blockchain” could be the world’s biggest cryptocurrency.

That team member, Greg Wilson, used Apple as an example. Apple didn’t just create the iPhone for developers. They also created the iOS App Store, and they take a cut of every app sold in that store.

Greg Wilson is the Palm Beach Daily editor, a free financial newsletter from Palm Beach Research Group.

In the email, Greg shares the story of a young man named Nick D’Aloisio. When Nick was 12, he released his first app onto Apple’s app store. The app store had just launched, and developers were experimenting with different ways to make money through it.

By the time he was 17, Nick had sold his app (Summly) for $30 million.

There were many similar stories from the early days of the app store. Apple encouraged these stories, and the app store helped make Apple’s iPhone into the giant it is today.

How a dApp Store Works

Teeeka’s trillion-dollar cryptocurrency might be building an app store for decentralized apps or a dApp store.

Decentralized apps are already here. They’re apps built on the blockchain. There are productivity apps, finance apps, communication apps, and video game dApps built using blockchain.

As blockchain technology becomes more usable, dApps are surging in popularity. We’ve already seen how one blockchain, the bitcoin blockchain, can disrupt the modern financial system. Other apps are disrupting their own fields, using blockchain’s transparency and security to change the world.

Here’s how Greg explains the dApp revolution and how it relates to Nick D’Aloisio’s original story from the Apple app store:

“D’Aloisio’s road to riches marked the beginning of an explosion in apps…Today, we’re seeing a similar trend in the blockchain space, the underlying technology of cryptos.”

Blockchain-based apps could do more than just disrupt the financial space. They could disrupt entire industries. Teeka’s trillion-dollar cryptocurrency play could be the dApp store that hosts all of these apps.

How Decentralized Apps (dApps) Work

Decentralized apps (dApps) are already changing the world. Over the last few years, we’ve seen a surge in dApp development as developers compete for market share.

Decentralized apps work in a similar way. Developers build software on the blockchain, and the blockchain runs that software in a secure, transparent, and immutable way.

Developers might build on a blockchain like Ethereum, for example. Ethereum functions like a super-computer. The Ethereum blockchain runs the software, fueled by ETH-based tokens.

Ethereum is one of many blockchain platforms open for developers. Binance Smart Chain (BNB), Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM) are just to name a few others, although Ethereum is the most popular, other platforms have unique advantages.

Examples of dApps

There are all types of dApps available today. Some are financial apps disrupting the global financial system through decentralized finance (DeFi) technology. Others are gaming apps, messaging apps, or NFT marketplaces.

Some of the biggest dApps available today include:

Uniswap: Uniswap (UNI) is one of the best-known and most popular dApps available today. Uniswap allows you to trade cryptocurrencies seamlessly. Instead of transferring money to an exchange, finding a matching trade on the marketplace, and withdrawing your coins, you can make the same exchange in seconds via Uniswap.

Chainlink: Chainlink (LINK) is an open standard for an oracle system. It’s a dApp that other dApps can use to prove certain data. A gambling app might use Chainlink to verify sports scores, for example. Chainlink secures the data feed to and from smart contracts, making smart contracts more secure.

Brave: Brave is a web browser with over 10 million users. Brave aims to disrupt the online advertising space using Basic Attention Tokens (BAT). It’s the first web browser where users can earn crypto for viewing ads – instead of selling their ad viewing for free.

Axie Infinity: Axie Infinity (AXS) is a dApp game built on the blockchain. Some have described it as like a blockchain-based version of Clash of Clans. Users raise, battle, and trade creatures called Axies, earning real crypto for their conquests.

Other dApps: Decentralized app development has exploded. As dApp development grows, we’ll see dApps disrupting all types of industries.

Invest in the dApp Store Instead of Individual Apps

As blockchain technology grows, there will be winners and losers in the space.

One company will create the best blockchain-based bank. Another will create the best blockchain-based communication platform. Eventually, one or two companies will become dominant in these niches, and their coins will become valuable. Other dApps will disappear, and the value of their tokens will plummet.

However, Teeka seems to recommend investing in the dApp store as a whole instead of individual apps.

Instead of buying cryptocurrencies or digital tokens for dApps, you can buy the digital token that fuels the entire app store. No matter which dApps win, you win because you own the digital token for the dApp store.

Here’s how Greg Wilson explains the benefits of investing in the app store instead of individual apps:

“If it can do what Apple did, Daily editor Teeka Tiwari believes it will be [the] next trillion-dollar coin. It will take crypto to [the] next level… and send smaller coins up 25x or even 50x – just like Apple did for some breakout apps on its platform.”

Based on the hints sent over the last few weeks, Teeka could recommend a dApp store token as his next trillion-dollar cryptocurrency. Or, he could surprise viewers with something totally different.

How Much Money Could Viewers Make?

In marketing material leading up to the webinar, Palm Beach Research Group has dazzled viewers with stories of enormous returns.

Picture 3

As mentioned above, Greg and Teeka believe the trillion-dollar cryptocurrency could send other coins skyrocketing by 25x to 50x. As a dApp’s userbase grows, the value of its native token will inevitably rise.

Meanwhile, the official webinar’s sales page mentions gains as high as 38,055%. By investing in the right crypto at the right time and then selling that crypto at the optimal time, you could have made gains as high as 38,055%:

“Bitcoin breaking the $1 trillion barrier sent other cryptos into escape velocity, delivering stunning returns like 1,201%, 1,728%, 3,237%, 3,976%, 17,613%, [and] 38,055%.”

Greg and Teeka believe dApp store development is in the same place mobile app development was in 2008. They believe the industry is on the cusp of going mainstream, and that could mean huge returns for investors who buy the recommended cryptocurrency today.

When Will Crypto’s Next Trillion-Dollar Coin Webinar Take Place?

The webinar is scheduled to take place on Wednesday, March 31, at 8pm ET.

There are no physical tickets to the event, and there’s no way to attend the event in person. It’s purely a webinar, and all viewers will be watching the event over the internet.

How to Attend the Webinar

The Crypto’s Next Trillion-Dollar Coin webinar is an online event available to anyone who signs up through the online form.

There’s no cost to sign up, although you must agree to receive marketing communication from Teeka and Palm Beach Research Group.

There’s no “catch” to the webinar. You genuinely get to view the webinar for free without buying anything, signing up for any newsletters, or paying any hidden fees. You’ll receive advertisements for other Palm Beach Research Group products, but you are not obligated to buy those products.

Who is Teeka Tiwari?

Teeka Tiwari is a former hedge fund manager who works as an editor for Palm Beach Research Group.

Teeka has been an advocate for bitcoin since 2016, just before bitcoin surged in popularity. Teeka recommended buying bitcoin when it was under $1,000. He also recommended buying bitcoin as prices plummeted down to the $5,000 range in 2018 to 2020. Today, Teeka’s followers are reaping the benefits of that recommendation.

Teeka leads a range of newsletters for Palm Beach Research Group, including a crypto-focused advisory named Palm Beach Confidential. Viewers of the Crypto’s Next Trillion-Dollar Coin webinar may receive advertisements for Palm Beach Confidential.

About Palm Beach Research Group

Palm Beach Research Group is a financial publishing company based in Delray Beach, Florida. The company employs investment analysts from across different industries, offering specialty and general investment newsletters.

Some Palm Beach Research Group newsletters target crypto investing – like Teeka Tiwari’s Palm Beach Confidential. Others target commodity investing, high-risk investing, and other strategies.

You can contact Palm Beach Research Group via the following:

  • Email: [email protected]
  • Phone: 1-888-501-2598
  • Mailing Address: 55 NE 5th Avenue, Delray Beach, FL 33483
  • Email Form: https://www.palmbeachgroup.com/contact-us/

Conclusion

Teeka Tiwari is hosting a webinar on March 31 at 8 pm ET called Crypto’s Next Trillion-Dollar Coin.

During the webinar, Teeka will reveal his top cryptocurrency recommendation, which is a coin he believes will rise to reach a $1 trillion market cap in the near future. That coin appears to be linked to decentralized app development, and it could be creating the “dApp store” of the future.

Anyone can attend the webinar for free. just enter your email address into the online form, then view the webinar on March 31 at 8 pm ET.

Read Original/a>
Author: Andrew Tuts

Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

The US exchange is “gearing up” to go public itself. Jesse Powell, meanwhile, sees per Bitcoin worth a Lambo by the end of the year and one Bugatti probably by next year-end.

While Jesse Powell, CEO, and founder of cryptocurrency exchange Kraken, believes Bitcoin is going to infinity in his recent interview with Bloomberg, he provided more clarity.

According to him, because of all the money printing that’s going on, it’s hard to comprehend in terms of dollars, “it might be easier to understand if we measure it like in terms of Teslas.”

“By the end of the year, I think it’ll be one bitcoin per Lambo, and probably by the end of next year, it’ll be one bitcoin per Bugatti,” Powell said. One Lamborghini costs in the range of $200,000 to $500,000, while a Buggati’s price starts well over a million dollars.

Tesla started accepting Bitcoin as payment this month following a $1.5 billion investment last month. And thanks to Tesla CEO Elon Musk, “everyone who owns a piece of the S&P 500 now owns a piece of Bitcoin,” and in a single stroke distributing bitcoin to more people than anyone else on the planet,” he added.

And for those who are still on the sidelines, Powell said, they owe themselves to “really take a look at the fundamentals and try to understand why that is. And if you’re not understanding that, I think you must not understand how the existing financial system works and how much benefit there is to the world.”

ETH, DOT, & NFTs

As for other assets, Powell spoke about Ethereum’s PoS transition, in the process of which millions of Ether are being locked for an indefinite amount of time which is constraining the supply.

Powell predicted, “north of two thousand dollars a coin for eth by the end of this year.” ETH is currently trading above $1,800 and made ATH at $2,035 last month.

Powell also mentioned Polkadot DOT 8.89% Polkadot / USD DOTUSD $ 37.13
$3.308.89%
Volume 3.53 b Change $3.30 Open $37.13 Circulating 924.82 m Market Cap 34.34 b
5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today 6 h Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO 1 d Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout
, “which is sort of the next Ethereum,” and said, “you’ll see a lot of things that were on Ethereum be ported over to Polkadot for lower transaction fees.”

He also touched on NFTs, for which there is already a “huge market” as “collectibles business has been around since the dawn of humanity.” Now, it is just moving into the digital format with “tremendous commercial application.”

So, “NFTs are here to stay. Whatever you think about, you know the collectibles segment,” he added.

Valuations Will Go Higher

Talking about Coinbase’s upcoming trading debut in April, Powell said their direct competitor going public is “very exciting.”

While Coinbase was worth about $100 billion pre-IPO, it would “probably be a pop after that.” And because cryptos “really are the future of finance” and can replace everything that exists in the traditional system, “these valuations are very reasonable right now, and they can go much higher.”

This listing, Powell said, will provide them with an example and how to value Kraken.

“Historically, the crypto space has been all private. So we’ve kind of just got to speculate about how the public markets would value these businesses. And I think it’s going to be an indicator for the entire private market. And I think it’s going to send valuations of other crypto companies much higher.”

Kraken itself is on track to go public next year, in the second half, but Powell cautioned that during this time, “anything could happen in the crypto space,” so there’s no guarantee.

But, Powell assured that the exchange is “gearing up” for that by involving in discussions and “doing more acquisitions,” as their clients are constantly looking for ways to participate in the upside and the performance of the business, something that the SEC doesn’t allow.

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Author: AnTy

Soros Fund Investing in Crypto Infrastructure Says CEO; Bitcoin Is Taking Gold’s ‘Firebase Away’

Soros Fund Investing in Crypto Infrastructure Says CEO; Bitcoin Is Taking Gold’s ‘Firebase Away’

In her “mysterious response,” Dawn Fitzpatrick refused to answer if she owns any BTC.

Soros Fund Management Chief Investment Officer Dawn Fitzpatrick revealed that the fund is making investments in the cryptocurrency industry as it sees an “inflection point” for Bitcoin and other crypto-assets.

In an interview with Bloomberg, when asked if she owns any Bitcoin, Fitzpatrick replied with a “mysterious” – “I’m not gonna answer that.”

While she didn’t reveal her personal Bitcoin holdings, she talked about her views on the cryptocurrency industry.

“We think the whole infrastructure around crypto is really interesting. We’ve been making some investments into that infrastructure, and we think that is at an inflection point. I’d say it’s everything from kind of exchange asset managers custodians to the mundane like tax reporting on your crypto gains and everything in between. We think that’s interesting.”

She further discussed how the Federal Reserve’s money printing is the factor behind Bitcoin’s success.

“We’re at a really important moment in time in that something like Bitcoin might have stayed a fringe asset. But for the fact that over the last twelve months, we’ve increased money supply in the US by 25 percent. So there is a real fear of debasing of fiat currencies.”

According to her, Bitcoin is not a currency but a commodity that’s easily storable and transferable. The IRS also classifies it as a physical asset that has a finite amount of supply. The fact that Bitcoin’s limited supply halves every four years is “interesting” to her.

“By the way when you look at gold price action in the context of a fairly robust inflation narrative of late, it’s struggled getting traction. I think that’s because Bitcoin is taking some of its firebase away.”

Regarding the central bank launching their own digital currencies (CBDC), Fitzpatrick said they are going to be here and even “quicker than people expect.” China is currently leading the race for CBDC as it has already run several digital yuan trials for a while now.

“There are some strategic reasons why they are going to be a first mover. And I do think from a geopolitical perspective; they want to use that digital currency too. They want that to be used around the world. And it is a potential threat to other bitcoin and crypto.”

While she thinks CBDCs are a “real threat” to crypto, it will only be “temporary,” as they won’t be successful in “permanently destabilizing Bitcoin,” she said.

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Author: AnTy

‘Too Much’ Bitcoin Supply Is In Search of Yield Reveals True Inherent Yield on Crypto Assets

Decentralized Finance (DeFi) continues to attract not just degens and crypto enthusiasts, but as we have been seeing, government authorities are also getting interested.

As we reported recently, the US Federal Reserve published a paper on DeFi, and now the Fed is interested in knowing more about the revolutionary and burgeoning sector that, according to the crypto market, could one day in the future replace banks and traditional finance.

“Today, I had the opportunity to present DeFi and Compound Finance to the Federal Reserve staff. Eventually, the banking system will run on shared, open ledgers. Each day, we get closer,” tweeted Robert Leshner, founder, and CEO of lending protocol Compound.

An increasing number of cryptocurrency firms are also offering banking features.

This week, Abra announced the launch of its new crypto banking feature, Abra Borrow, that will enable customers on the Abra Mobile App globally and in 35 U.S. states to borrow against their crypto holdings.

“Abra already has a critical mass of over 1,000,000 users, and we’re excited to roll out our new Borrow feature by popular customer demand,” said Bill Barhydt, Founder, and CEO of Abra.

“By allowing people to borrow US dollars against their digital assets, users can immediately tap into their crypto price gains without selling their crypto or forgoing future price gains.”

What’s the Point?

Amidst this growing interest in banking features, BlockFi made waves in the industry by slashing the interest rates so much that the rate on the highest amount of BTC and ETH has been brought down to the rates offered by the banks.

This has the community dragging BlockFi through the mud and arguing what’s the point of lending your crypto assets for such a meager amount of rates.

“Blockfi is now reducing their yield on BTC in ranges down to 0.5%. I can make more money from my non-custodial Lightning nodes than I can with them, and peers don’t even send me complaints if I fund a channel via a CoinJoin. I’ve pulled my BTC from BlockFi and reallocated it to LN,” commented Alex Bosworth, Lightning infrastructure Lead at Lightning.

It was “Long Overdue”

BlockFi had clarified that it is because of the market conditions, the supply and demand of the lending in crypto.

Matthew Ballensweig, the head of lending at competing firm Genesis Trading, who previously worked at Bridgewater Associates, also chimed in on BlockFi’s defense, saying,

“Crypto rate markets, like most markets, aren’t static. BlockFi cutting rates is just a supply/demand lever. There is simply too much BTC supply in search of yield relative to institutional demand for that BTC.”

He explained that Bitcoin “borrow demand is a function of the risk-adjusted return opportunities in the market and right now they are limited.”

Not only is public shares vs. private placement arbitrage backward, but futures markets are also in heavy contango. With limited ways to deploy BTC, the yields are contracting fast.

“You either grow your user base by offering generous yields on assets, or you focus on profitability and optimize your business for net interest margin,” he said. It was basically inevitable and “long overdue,” and these rates, according to him,

“represents a much truer picture of the inherent yield on crypto assets in this market.”

While the BTC deployment opportunities would arrive as markets ebb and flow, right now, “it pays to have cash in this market, not crypto,” he added.

Fiat-Backed Cryptos Leading

Cash may not be the king in the traditional space, but fiat-backed cryptocurrencies are immensely useful and popular in the crypto market.

That is why Ballensweig doesn’t see the same drop in stablecoin rates coming as Bitcoin BTC 6.10% Bitcoin / USD BTCUSD $ 55,137.57
$3,363.396.10%
Volume 56.67 b Change $3,363.39 Open $55,137.57 Circulating 18.67 m Market Cap 1.03 t
8 h ‘Too Much’ Bitcoin Supply Is In Search of Yield Reveals True Inherent Yield on Crypto Assets 10 h ‘Nothing has Really Changed’ in the Crypto Market, Despite the Weak Price Action 10 h Microsoft Deploys V1 of Decentralized Identity Platform ‘ION’ on Bitcoin Network
and Ethereum ETH 7.14% Ethereum / USD ETHUSD $ 1,703.04
$121.607.14%
Volume 22.55 b Change $121.60 Open $1,703.04 Circulating 115.21 m Market Cap 196.21 b
4 h Alonzo Hard Fork to Bring Smart Contract Compatibility to Cardano (ADA) In April 5 h SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading 6 h Ethereum Layer 2, Optimism, Delay’s Mainnet Roll Out to July; Doesn’t Want to Rush ETH Community
; it’s the opposite, actually. Cash provides you with leverage and the ability to capture the basis between BTC futures and spot markets.

“You can take your cash or USDC and long spot, short June BTC future and capture roughly 22% ann implied on FTX Official right now,” he stated.

However, according to data provider, Skew, demand for stablecoin borrowing is cooling off after seeing a big spike in Feb.

Stablecoins gained traction during the pandemic last year. Demand for them spiked “as crypto users sought to safely park their assets. Then, as markets rallied, the DeFi sector jumped even higher, buoyed by blockchain-based borrowing and lending protocols,” which allowed crypto users to earn eye-popping interest rates on their crypto assets, noted Binance CEO, Changpeng Zhao.

Borrowing and lending protocols that drove the DeFi boom is what offers “an even brighter future for the wider DeFi ecosystem,” he said.

Aiming to defy traditional finance, with its high costs and inefficiencies, “these borrowing and lending protocols offer a proof-of-concept that showcases DeFi’s disruptive potential—and enduring appeal,” Zhao added.

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Author: AnTy

Millions of Dollars Flow Into Funding Crypto Companies; Digital Asset Bank Avanti, Raises $37 Million

Millions of Dollars Flow Into Funding Crypto Companies; Digital Asset Bank Avanti, Raises $37 Million

“The offering was upsized twice due to market demand,” in its Avanti Bank’s Series A capital funding.

In the ongoing bull market, crypto companies are raising millions of dollars every other day.

Money is flowing into companies dealing with digital assets, and the latest one is Avanti Bank & Trust.

The digital assets bank announced the completion of its Series A capital funding in which it raised $37 million, bringing the total raised capital to date to $44 million.

“The offering was upsized twice due to market demand,” noted the start-up digital asset bank.

Series A shareholders included a global mix of institutional investors, family offices, and cryptocurrency companies like Binance.US, Coinbase Venture, Morgan Creek Digital, Susquehanna Private Equity Investments, The University of Wyoming Foundations, and many others.

“As Bitcoin and digital asset markets mature and financialization network effects take root, there is a tremendous need for both well-crafted laws and experienced, competent operators,” said Trace Mayer, who participated in Series A fund raising.

In its official announcement, Caitlin Long, Avanti’s founder, and CEO shared the bank’s plan to offer API-based U.S. dollar payment services for wires, ACH, and SWIFT and issuance of tokenized, programmable U.S. dollar called Avit along with custody and on-/off-ramp services for digital assets.

Since receiving its bank charter in Oct. 2020, it has received over 2,500 inbound customer inquiries.

In the month of March, we saw the money flowing in huge numbers:

  • Blockchain.com, which raised $300 million at a $5.2 billion valuation,
  • Decentralized project Covalent raising another $2 million,
  • Derivatives trading platform Vega raising $5 million,
  • $23 million by NFT marketplace OpenSea,
  • $133 million by Fireblocks at a $1.8 billion valuation,
  • Bitpanda raised $170 million,
  • DeFi lending protocol Alchemix raising $4.9 million,
  • Crypto exchange aggregator OpenOcean raised $2 million,
  • Decentralized service protocol Automate network was funded for $1 million,
  • Ethereum 2.0 staking protocol StakeWise received funding of $2 million,
  • Rewards-focused startup Eco got $26 million,
  • Bitcoin Rewards App Lolli raised $5 million,
  • CoinSmart crypto exchange raised $3.5M

All of this has happened only in March so far.

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Author: AnTy

Crypto.com Exchange Launching an NFT Marketplace with ‘Exclusive Content’

Crypto.com Exchange Launching an NFT Marketplace with ‘Exclusive Content’

Cryptocurrency exchange platform Crypto.com is launching a new NFT marketplace and has already roped in the likes of Snoop Dogg and Boy George for “exclusive content” on the platform.

More exclusive content is promised from Aston Martin Cognizant Formula OneTM, Axel Mansoor, Bag Raiders, BossLogic, Jonathan Monaghan with Nathan Evans of the hit single Sea Shanty ‘Wellerman’ fame, KCamp, Klarens Malluta with Lionel Richie, KLOUD, Mr. Brainwash, OPUS, and many others.

With over 10 million global users, Crypto.com aims to capitalize on the latest trend as billions of dollars flow in the non-fungible token craze.

The marketplace will be launched this Friday.

Crypto.com is aiming to create “the most user-friendly NFT-buying experience.”

The platform will allow users to have the option to 1-click buy using their credit or debit card. Even if you are not a Crypto.com user, you will be able to acquire, trade, and resell NFTs through the platform.

The NFT platform’s announcement sent the price of the CRO token higher by over 17% to 0.227, up 285% YTD.

In its roadmap shared this week, the company shared that there will be five major releases on Crypto.org Chain following the maninnet launch.

Besides NFT to be supported on-chain, it plans to bridge Crypto.org Chain with Ethereum protocols through Inter-Blockchain Communication (IBC) protocol and support AMMs. The team will also work closely with leading protocols and further conduct smart contract deployment to unload different smart contract standards.

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Author: AnTy