Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green

To mark the beginning of the last week of 2021, the crypto market is enjoying the greens.

After the quiet weekend, on Monday, the total crypto market capitalization has risen 2.8% to $2.55 trillion.

Amidst these greens, Bitcoin has moved back up above $50k to about $51,480. But the leading cryptocurrency is still down almost 26% from its all-time high of $69,000 in early November.

As for Ether, it is hovering around $4,100 while ETH/BTC is just under 0.08, down from a multi-year high of 0.0885 seen earlier this month and before that in late February 2018. ETH -0.92% Ethereum / USD ETHUSD $ 4,032.74
-$37.10-0.92%
Volume 11.37 b Change -$37.10 Open $4,032.74 Circulating 118.92 m Market Cap 479.56 b
7 h Over 77% of the SOS Airdrop Was Claimed by OpenSea Users 9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 3 d Dogecoin Foundation Working with Ethereum Co-Founder Vitalik for DOGE Staking Proposal

However, the biggest gainers of this round have been Kadena, Stacks, Uniswap, Amp, Elrond, Monero, Aave, Theta, and Cardano, which are up 10% to 20% in the past 24 hours.

KDA -4.48% Kadena / USD KDAUSD $ 14.68
-$0.66-4.48%
Volume 103.46 m Change -$0.66 Open $14.68 Circulating 162.27 m Market Cap 2.38 b
9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 mon Big Week Ahead? Bitcoin Rallies Towards ATH, Ether Sets A New High, Crypto Marks Hits $3 Trillion
STX -1.51% Stox / USD STXUSD $ 0.01
$0.00-1.51%
Volume 0 Change $0.00 Open $0.01 Circulating 50.42 m Market Cap 598.35 K
9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 2 mon Circle’s Stablecoin USDC Launches on Hedera Hashgraph’s Network 2 mon Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King
UNI -5.14% Universe / USD UNIUSD $ 0.00
$0.00-5.14%
Volume 0 Change $0.00 Open $0.00 Circulating 88.03 m Market Cap 138.22 K
2 w OpenSea Is “Not Planning” an IPO, says CFO After Community Push Back 2 mon Despite ETH Hitting A New ATH, Ethereum’s DeFi Market Share Drops by 30% in the Past Year 3 mon SEC Creates A Stand-Alone Office to Conduct Investigations into Crypto and Other Digital Assets: Report
AMP 4.82% Amp / USD AMPUSD $ 0.05
$0.004.82%
Volume 120.26 m Change $0.00 Open $0.05 Circulating 42.23 b Market Cap 2.26 b
9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 mon Risk-on Assets Rally on Priced-in Tapering “Later this Month,” But Aggressive Rate Hikes Would Be “Extremely Bearish” 3 mon DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL
EGLD 2.92% Elrond / USD EGLDUSD $ 266.31
$7.782.92%
Volume 201.76 m Change $7.78 Open $266.31 Circulating 19.93 m Market Cap 5.31 b
9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 mon Risk-on Assets Rally on Priced-in Tapering “Later this Month,” But Aggressive Rate Hikes Would Be “Extremely Bearish” 3 mon Risk-on Assets Recover and Start Rallying After Fed Chair Pushes Back Decision on Tapering to November
XMR 1.25% Monero / USD XMRUSD $ 220.52
$2.761.25%
Volume 259.6 m Change $2.76 Open $220.52 Circulating 18.05 m Market Cap 3.98 b
9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 mon Biden Administration Sanction Another Crypto Exchange for Facilitating Illicit Transactions Along with REvil Operators 3 mon Chainalysis Uses Wallet Explorer to Gather IP Information on Crypto Users, Shows Leaked Docs
AAVE 3.11% Aave / USD AAVEUSD $ 276.79
$8.613.11%
Volume 546.06 m Change $8.61 Open $276.79 Circulating 13.45 m Market Cap 3.72 b
7 mon Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 7 mon Software Provider Temenos Enables Crypto Trading for Banks 7 mon Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
THETA -0.41% THETA / USD THETAUSD $ 5.47
-$0.02-0.41%
Volume 367.57 m Change -$0.02 Open $5.47 Circulating 1000 m Market Cap 5.47 b
9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 3 w Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019 5 mon Katy Perry Invests in Decentralized Streaming Network, Staked TFUEL Surpasses 1 Billion After Mainnet 3.0 Launch
ADA 4.07% Cardano / USD ADAUSD $ 1.52
$0.064.07%
Volume 1.89 b Change $0.06 Open $1.52 Circulating 33.47 b Market Cap 50.71 b
9 h Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 6 d Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 w Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report

Meanwhile, in the past week, decentralized finance (DeFi) tokens were pumping with Near, Fantom, Aave, Kadena, Sushi, and Cosmos, leading with 40% to 70% gains.

This week, some volatility could be expected as major cryptocurrency exchanges, including Binance, Huobi, and MEXC, close China’s fiat-to-crypto channels on Dec. 21, as communicated by them previously.

Bitcoin Pumps Prices

A Thai technology company also has its share more than tripled since it unveiled its expansion into Bitcoin mining in late July. Jasmine Technology Solution stock soared by almost 7,000% YTD.

“The strong response from investors has exceeded our expectations,” Chairman Soraj Asavaprapha said in an interview.

“There’s bullish optimism toward our new direction even though this is just the beginning.”

So far, the company has generated only 8 BTC from its 325 mining machines since operations started. Soraj expects next year to be even more active as it plans to invest about 3.3 billion baht ($98.3 million) in as many as 7,000 new devices.

The mining businesses will be profitable as long as bitcoin’s price holds above $30,000, said Soraj, adding revenue from Bitcoin mining will account for 80% of their total turnover by late next year.

Gifting Bitcoin

NFL quarterback Mac Jones has also announced that he gifted Bitcoin to 12 of his teammates as a Christmas present.

These teammates include Ted Karras, David Andrews, Trent Brown, Yodny Cajuste, Yasir Durant, James Ferentz, Shaq Mason, Mike Onwenu, Alex Redmond, Justin Herron, Will Sherman, and Isaiah Wynn have become Bitcoiners for the first time.

Jones, who plays for the New England Patriots in the National Football League, said that he has been researching the cryptocurrency for some time now and reached out to fellow Alabama Alumni and Bitcoin Magazine CEO David Bailey.

“I’ve been studying Bitcoin for a while now. This year I just knew I had to give some Bitcoin to my teammates.”

For this, Jones used Bitcoin service provider Swan private, whose CEO said in a statement that the company’s mission is to “create 10 million new Bitcoiners.”

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Author: AnTy

Bitcoin Crashes to $8k Amidst New ATH; OI on CME Ready to Surpass Binance and Claim the Top Spot

Bitcoin hit a new all-time high on Wednesday at $67,000.

For now, as Bitcoin went up, altcoins are also enjoying an uptrend, with Ether nearly hitting a new ATH at $4,380 on Coinbase. As a result, the total cryptocurrency market cap went past $2.79 trillion.

But it is expected that altcoins will soon lose their momentum as money flows out of them to chase Bitcoin’s gains and end up taking it even higher.

Tesla CEO Elon Musk also joined in on the excitement tweeting about the price action. This week, Tesla posted its third-quarter financial results, reporting record revenue and profits.

The electric car maker also continues to hold on to its stake in Bitcoin, first disclosed in February that it had invested $1.5 billion only to sell 10% of it in April.

At the end of the quarter, the company’s “digital assets” totaled $1.26 billion, down from $1.31 billion in the previous quarter. $51 million was reported as a Bitcoin-related impairment.

As of writing, BTC/USD is trading just around $63,850 and Ether above $4,170.

Interestingly, on Thursday, the price of Bitcoin crashed to $8,000 on Binance.US. According to trader Satsdart, a whale fat-fingered, selling a lot of Bitcoin on Binance.US spot. It “is never the fault of an exchange btw,” he added.

Given that the wick went down so low, some happy people out there had their bids opened at that level.

As for why one would sell at $8k, the seller “market sold, and that’s just how deep the book was.”

Overall the market remains extremely euphoric, especially after the first Bitcoin ETF started trading in the US and off-the-charts demand seen by it. In a matter of two days, ProShares Bitcoin Strategy ETF (BITO) amassed more than $1 billion in assets, unlike gold ETF in 2004, which managed to do this in five days.

Thanks to this, the open interest on Bitcoin futures has reached $27.17 billion, just inches away from the mid-April high of $27.38 billion. On CME, OI has reached $5.75 bln, just second to Binance’s $5.90 bln, with FTX coming at third spot with $4.39 bln, according to Skew.

“BTC has been on a tear, yet leveraged funds on CME continue to short, as evidenced by their net open interest moving further and further negative. These are likely the funds carrying out the basis trade. They hold BTC spot and short futures,” noted Delphi Digital.

With this, the funding rate is also climbing up, the highest currently on Bybit at 0.1669%.

“We’re seeing a whole new class of investors move into crypto. We’re seeing institutional and professional investors move into the market, and that’s moving the prices higher,” said Bitwise CIO Matt Hougan.

While not a physically-backed Bitcoin ETF as desired by the crypto community, the price appreciation shows that the market is excited about what an ETF means for the crypto market long term, he added.

This has, of course, sent the price of Bitcoin to new highs already, but it also means that five digits, $100k, is not out of the picture either. Fundstrat Global Advisors’s Tom Lee has predicted $168,000 per Bitcoin.

“Right now, sentiment is really high in this industry,” Sadie Raney, co-founder at crypto robo-advisor Makara. “There’s a lot of momentum behind Bitcoin.”

As for the regulatory threat hanging over the market, it is both risk and opportunity. While regulatory overreach could mean a setback for prices, progressive or fair regulation, which seems a likely pathway if a futures ETF is an indication “that will unlock a bull market,” said Hougan.

Because that would be the opportunity of unlocking the full potential of what crypto could be. And investors have started to bet that we’re going to be on the progressive side of that, he added.

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Author: AnTy

Bitcoin and Ether Print Green Candles for 10 Consecutive Days, OI on FTX & CME Rises Sharply

The crypto market is enjoying the greens this week as both Bitcoin and Ether print 10 daily green candles in a row.

Ever since bottoming out on July 20, these crypto assets have been surging, with Bitcoin hitting $42,500, which was last seen on May 20, and Ether climbed to the June 16 level of about $2,484.

The total crypto market has now rallied to $1.68 trillion but is still down from $2.55 trillion in mid-May.

In the derivatives market, the open interest on Bitcoin futures is also going up, now at $14.25 billion, up from $11.27 from June 27 low. In terms of BTC, total OI is now at 341.57k, down from 375.74k BTC on July 17.

Interestingly, in the past 24 hours, FTX had the biggest increase of 15.29% in OI, now at 57.53k, followed by CME‘s 10.21% jump to 36.68k BTC. Leading crypto exchange Binance had one of the lowest increases of 4.71% to 80.91k BTC.

Less than a fortnight back, FTX had 42.5k BTC in OI compared to Binance’s 93.89k. This shows the shift in the market as FTX continues to get more popular and bigger while Binance faces regulatory scrutiny worldwide.

Also, during the recent short squeeze, more Binance traders got liquidated than FTX, much like always in spite of the former only pushing 1 liquidation per second and significantly underreporting the figures.

As for Ether, OI has recovered to $6.41 billion from $4.43 billion on June 26. In ETH terms, it is currently at 2.6 million ETH, while less than a fortnight back, it was 2.77 million. The latest increase in OI across the exchanges has been between 8% to 12%, except for CME, which only had a 2.36% rise in the past 24 hours, followed by Bybit’s 4.8%.

But FTX is clearly leading with its OI on Ether futures now at 3726k, while on July 17, it was 379.5k compared to Binance’s 626.92k, which is a long way to reach 730.97k about two weeks back.

The Macro

While the market is clearly recovering sharply, crypto market participants aren’t really sure if the bull run is continuing from the first half of the year after having a 50% to 75% drawdown in crypto prices. However, the confidence for the same is increasing.

But not only is the micro in favor, but the macro-environment also is not as dim with the US Federal Reserve discussing tapering.

The thing is, tapering might not happen soon, with GDP figures coming in at 6.5%, only slightly better than Q1 and well below the economists’ expectation of 8.5%. Unemployment also increased month over month at 5.9%.

For the first time, volume at Fed’s reverse repurchase facility also topped $1 trillion as investors and financial institutions continued to pour cash into the overnight window. Demand for the reverse repo facility surged as the US debt ceiling looms, the Treasury department cuts down on its bill issuance, and financial firms struggle to find places to invest their excess cash.

Meanwhile, in the current unchartered territory, household savings rates are plummeting. “In the early days of covid, a major point of inconsistent economic data in increasing stimulus + QE/OMO was the massive savings everyone had. Now they’re back to lows,” noted Split Capital.

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Author: AnTy

Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE

Bitcoin may have brought cryptocurrencies to the limelight, but altcoins seem to be enjoying media attention in recent weeks.

The unprecedented surge in the value of small-cap cryptocurrencies has brought an influx of investors who have called for their listing on popular trading platforms.

The latest is meme-based cryptocurrency Dogecoin (DOGE) which enjoyed great fame following its bullish run in April.

In a few weeks that saw Dogecoin post over 300% increase in value, calls have continued to grow for the meme token to be listed on major crypto exchanges in the US.

The first response is coming from popular brokerage company eToro.

eToro US Lists DOGE

Israeli online brokerage firm eToro announced the listing of parody-based cryptocurrency Dogecoin on its U.S platform.

The listing will see Dogecoin join a host of other popular digital assets like Bitcoin (BTC), Ethereum (ETH), as well as, BCH, XRP, TRX, ETC, ADA, DASH, LTC, EOS, MIOTA, XLM, NEO, XTZ, ZEC, LINK, and UNI on the eToro US platform.

The brokerage firm with over 20 million active global users noted that this step was taken due to growing client demand for the meme coin to be listed.

eToro’s decision comes at a point in time when it witnessed remarkable rallies. It’s known as one of the most highly sought-after digital currencies.

It has also received backing from popular figures like Tesla’s Elon Musk and Shark Tank investor Mark Cuban.

Both men have contributed immensely to the continued success of Dogecoin.

At one point, Musk described DOGE as his favorite crypto.

This saw the price of the digital asset climb 20% with a further 10% when he confirmed his appearance on the popular tv show Saturday Night Live.

Cuban has been quite vocal too.

He has spent the better part of 2021 talking about cryptocurrencies and their potential to revolutionize the financial landscape.

In a recent tweet, he compared Bitcoin and gold as stores of value, noting that both are more or less financial religions in how they are used.

He also noted that BTC is easy to trade, create, and store with minimal delivery issues.

Also, Bitcoin allows for the transfer of value domestically and cross-border in contrast to gold which he said can be a hassle.

He also spoke on the decentralized platform Ethereum, which he said is far better, cheaper, and faster in authenticating financial transactions in a trustless manner through smart contracts than conventional financial institutions.

Cuban did not forget to speak about DOGE in his series of tweets. According to the billionaire investor, Doge may become a usable currency if more companies accept the digital coin in exchange for products and services.

Businesses Jumping on DOGE

Top on the list of companies adopting Dogecoin is NBA franchise Dallas Mavericks. The Mavs have since accepted Dogecoin as a form of payment for tickets and online merchandise. The solution was done in partnership with crypto payment provider BitPay.

Other businesses jumping on the Doge train have been consumer electronics company Newegg, Air Baltic, and Canada-based internet service provider EasyDNS.

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Author: Jimmy Aki

Ethereum Targeting October for The Merge through Scaling Project ‘Rayonism’

Ether is enjoying a lot of momentum with prices aiming for fresh ATH as interest for the cryptocurrency gains interest from retail and institutions alike, as seen in the volume recorded by CME ETH futures, inflows into Ether funds, and four ETH ETFs gaining traction.

This has been ahead of the London upgrade that will involve EIP-1559 aiming to burn the ETH paid in gas fees, making it a deflationary crypto asset, all ready to come in July, a tentative date set in the last dev meeting.

Besides this reduction in ETH supply, the transition of the second-largest network from PoW to PoS is of significant importance. It will help the network remove the scalability issue.

Phase 0, the beacon chain, has already been launched in December, and almost 4 million ETH has been deposited so far in ETH 2.0.

During the ongoing ETHGlobal’s Scaling Ethereum event, a virtual hackathon that also involves summits, the devs talked about the need to move away from the centralized staking, especially crypto exchanges, and onto more decentralized options.

The developers working on Ethereum are targeting October 2021 for the Merge, which will swap the actual consensus layer from proof-of-work to proof-of-stake.

Though a bit optimistic, Ethereum virtual Hackathon hosting between April 16th and May 14th is working on the Merge. It has been given the name of Rayonism, a project that is taking the research and engineering efforts of the Eth1-Eth2 Merge and Sharding and building testnets around the ETHGlobal Scaling Hackathon.

If the Merge gets delayed due to the Shanghai upgrade, it can then come by Q1 of 2022.

During the Summit, it has been shared that the code changes for the Marge are expected to take weeks and not months, with much of the work needed to be done with testing and auditing.

Once the Merge is complete, a cleanup fork will take place, which will enable the withdrawal of the locked ETH.

From here, the team will move to sharding, which is expected to make the network scale up to 25x, which the community has long been waiting for as very high usage of the Ethereum network has made it accustomed to congestion and high fees.

Parallel to sharding, the key execution layer upgrade will be statelessness along with state expiry that will enable much higher gas limits and scaling on L1. Finally, the focus will be on zkSync 2.0 and StarkNet to make native execution on shards easier.

So, all the major upgrades to the Ethereum network are all planned out with developers working on making them a reality, and it is driving the ETH prices higher, which is currently trading above $2,500.

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Author: AnTy

Uniswap Reaches 1 Million Users; UNI has Highest Distributed Supply Among Major DeFi Assets

Popular decentralized exchange Uniswap is enjoying increasing volume in 2021, just like the centralized exchanges.

Ever since November 2020, the weekly volume on the platform only went higher, starting from just under $2 billion through the month to climb above $3.50 billion towards the end of December. January saw these numbers rising past $5 billion only to have a record $8.2 billion in the Feb. 21-27 week.

Things are currently slowing down to $5 billion weekly volume, as the cryptocurrency market consolidates in the macro backdrop of the rising USD index, smaller users trying cheaper alternatives like Pancakeswap on Binance Smart Chain (BSC), and NFT mania capturing the attention.

image1

Interestingly, while DEX Uniswap is managing about $1 billion in daily trading volume, its valuation is only $32 billion. Compared to this, Coinbase does $2.5 billion with a valuation of $100 billion.

“Now, let’s think about a fair price for UNI,” commented DeFi.

Just past weekend, UNI joined the top 10 cryptocurrencies list as the price hit a new high. As of writing, at a price of $32, UNI has a market cap of $16.71 billion.

But while on Uniswap, the fees are 0.30%, Coinbase charges a hefty up to 4%, which can rise further after the markup. During high volatility, both the exchanges recorded higher volume and increased fees paid by users.

The big difference is in their users; Coinbase, which was launched in 2012, revealed in its filing with the SEC that it had 43 million verified retail users in Q4 2020. The company also reported 7,000 institutions and 115,000 ecosystem partners.

Meanwhile, in November 2018 launched Uniswap has just reached 1 million users, as per Dune Analytics.

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While Uniswap has a long way to go, the growing DeFi ecosystem can speed up things.

Just last week, as UNI’s market cap surged to a new all-time high on Sunday, UNI active addresses also increased 4.3% week-over-week, and transfers increased by 10%.

The governance token of the dominant DEX further had a massive 470.3% increase in adjusted transfer value after it spiked to over $4.9 billion, from a daily average of less than $1 billion, on March 5th.

The DeFi token also has a relatively high SER, The Supply Equality Ratio inspired by the 20:20 Ratio – a traditional wealth inequality metric that compares the average income of the richest 20% of society to the poorest 20%.

Among the major DeFi assets, UNI has the highest distributed supply with SER of more than 0.002, likely due to its initial airdrop to platform users, as per Coin Metrics. AAVE, whose SER increased significantly since the start of the year, and COMP also have relatively high SER, just under 0.001.

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Author: AnTy

Grayscale Recording Inflows “Unlike Ever Before;” Meanwhile Largest Gold ETF Yet to See Any

Bitcoin is enjoying a wild rally, having surged more than 20% since yesterday this too, while average BTC fees being just above $4.

Trading above $23,000 with $11.27 billion in ‘real’ volume, the market is euphoric with greens.

Bitcoin’s market cap has reached above $430 billion today, adding more than $70 billion since yesterday.

This is all the result of the factors at play in this bull market that we haven’t ever seen before in terms of “investment banks writing research highlighting bitcoin superiority to gold,” said Michael Sonnenshein, Managing Director of the largest crypto asset manager Grayscale Investments.

We also saw prominent investors like Paul Tudor Jones, Stanley Druckenmiller, BlackRock CIO, and many others coming out supporting this asset class and corporations like Square and MicroStrategy adding bitcoin to their balance sheet as a reserve asset.

As Sonnenshein shared in his interview with CNBC, Grayscale is currently seeing flows that “are now probably up 6x what they were last year.”

Elaborating on the type of investors that are buying GBTC at over 34% premium to Bitcoin price and ETHE at nearly 210% premium to Ether, Sonnenshein said these “investors that are putting capital to work are unlike any of the investors we’re seeing ever before.” He said,

“It’s some of the world’s largest investors and the allocations that they’re making are bigger than we’ve ever seen before and their time horizon for this is generally something over the medium to longer-term.”

As of writing, GBTC holds just above 569k BTC, worth more than $12 billion, representing just over 3% of Bitcoins’ circulating supply, while their Ether stash represents 2.58% supply at 2.94 million ETH worth $1.84 billion.

Unlike all the flows that Bitcoin sees currently, gold has yet to recover from all the outflows it started recording last month. Kevin Rooke noted,

“The world’s largest gold ETF sold 8.3% of its gold so far in Q4 (100+ tons), and hasn’t seen any inflows in 17 trading days. November 19th was the last day the NAV of GLD actually went up, almost a month ago.”

However, the price of gold did manage to uptrend some on the back of declining USD, and Federal Reserve Chairman Jerome Powell vowing that they will keep up with its massive monetary stimulus.

Climbing to $1,890, the bullion still recorded 22.32% returns in 2020 compared to Bitcoin’s 223%.

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Author: AnTy

Chinese State Media: BTC Bull Market Can Cause Long-Term Downward Pressure on Gold

In 2020, China has repeatedly been pointing out the bull run the largest digital asset is enjoying, and yet again, before the year is over, it went at it again, but this time, it took one step further.

Over the weekend, CCTV, China’s state media’s Bitcoin coverage, involved its bull market, causing downward pressure on the precious metal.

Bitcoin getting airtime on the state media is significant in itself, but it is more so when compared with the traditional safe-haven asset, which has high demand in the country.

Interestingly, when it comes to global gold demand that includes jewelry, technology, bars, coins, and ETF, China, along with India, accounts for the highest, 24% each.

“It’s truly incredible if you think about it. A decade ago, we started printing a digital ledger, which today is still less than 1 terabyte that’s sucking the life out of an element on the fucking periodic table that has existed since the dawn of universe…” noted analyst Qiao Wang.

The CCTV report quoted JPMorgan’s report predicting a major shift in crypto and gold markets as digital assets become increasingly popular as an investment asset class.

“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced,” wrote JPMorgan strategists earlier this month while noting that money poured into the Bitcoin fund since October year while moving out of gold.

According to the strategists, the trend that started this year is only going to continue in the long run as more institutional investors jump on the Bitcoin bandwagon.

“If this medium to longer-term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years,” wrote JPMorgan’s strategists at the time.

In its latest report, the banking giant said Bitcoin adoption by institutional investors achieved another milestone with MassMutual’s $100 million BTC purchase that could see an additional $600 billion in Bitcoin demand.

Back in Sept., CCTV also reported that cryptocurrency is the best-performing asset of the year has surpassed other investment classes like gold and US stocks.

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Author: AnTy

XLM Records Impressive Volume; Co-founder says Team Is Making Stellar ‘Useful for Real People’

Much like the rest of the cryptocurrency market, Stellar has also been enjoying the gains this past month.

With nearly 113% gains in the last 30-days, XLM is currently trading at $0.175, which brings its year-to-date performance to over 289%.

In the last 60 days, Stellar’s trading volume has surged by a whopping 517% on the back of numerous fundamental developments, noted eToro.

Recently, Germany’s Bankhaus von der Heydt (BVDH) launched a Euro stablecoin on the Stellar network. The EURB stablecoin is a fully regulated one but won’t be openly traded on exchanges due to strict KYC requirements.

BVDH managing director Philipp Doppelhammer said EURB’s first use case will be for “cross-border money transfers” for blockchain payments company SatoshiPay’s customers.

This came after earlier this week, German private bank Hauck & Aufhäuser announced its first crypto fund, the HAIC Digital Asset Fund I that will include Bitcoin (BTC), Ethereum (ETH), and Stellar (XLM). This fund will be launching on Jan. 1, 2021.

The Dollar Savings Project

Stellar co-founder Jed McCaleb, who was also behind the Mt. Gox exchange, recently appeared on The Pomp Podcast where he talked about the idea behind the 13th largest cryptocurrency which is to

“make this interoperable layer where all these things can communicate with each other, not just in financial networks but different currencies.”

McCaleb further explained,

“It just allows you to use any currency at any financial institution and seamlessly and effortlessly send anybody else in the world.

That’s kind of the goal and the way we do that is by leveraging this innovation that Bitcoin came up with which is this distributed ledger that everyone can see but no one can change arbitrarily.”

Stellar launched about six years ago and currently one of the big things the team is working on is the dollar savings app “which is a consumer app that allows people in places with really high inflation like say Argentina to be able to save their money in dollars,” said McCaleb.

These are the efforts where the team is working on making Stellar useful for real people with another big B2B payments corridor between Nigeria and Europe that “we’re helping it foster,” he added.

McCaleb, who is also the former CTO of Ripple, recently sold 29.5 million XRP worth about $135 million in a single day.

Between 2014 and 2019, he sold 1.05 billion XRP, as per Whale Alert. In 2020, he sold another 375 million XRP at a total of $75 million up to August 3.

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Author: AnTy

Last Obstacle: Bitcoin Price Near its ‘Loftiest Point’ Since January 2018

While the stock market continues to feel the heat of the elections, the bitcoin market is enjoying a red-hot rally. Analyst Mati Greenspan in his daily newsletter Qutamm Economics wrote,

“This sort of bullish action at a time when stocks are showing increased volatility only adds to the narrative that bitcoin can be seen as a safe haven to hedge increasingly larger portfolios.”

With the latest upwards move, the digital currency was on its way to break the 2019 high of $13,900, just millimeters away from its “loftiest point” since January 2018, before tumbling about 4% to just under $13k.

Last night, bitcoin’s price went nearly to $14,000, a level the market loudly believes is the only resistance to the $20,000 all-time high. Greenspan said,

“Note that between the levels of $14,000 and $20,000, there is insufficient price data to single out any specific points of resistance. Yes, there’s still a possibility of a large retracement. $14,000 is a large point of resistance, and we’re still watching that upward channel.”

Seen as the “last boss” before hitting the peak, it’s not to say there won’t be any hiccups along the way, which quant trader Qiao Wang believes “will be buying opportunities for those don’t own enough yet.”

Today, BTC price retraced under $13,000, up about 90% YTD while managing the ‘real’ trading volume of over $ 3 billion. In October, the leading digital currency had increased by almost 30% in value.

With this latest retracement, already BTCs are happening with NFL athlete Russell Okung jumping right on that.

Supply-side liquidity crisis to blow it up

In the past few days, the news of PayPal allowing its customers access to cryptocurrencies, Singapore’s biggest bank DBS soft launching its fiat-to-crypto exchange, and JPMorgan’s JPM Coin making its first payment since announcing its development in 2019 is leading to increased interest from institutions. As Nic Carter of Coin Metrics told Bloomberg,

“This rally seems to be more driven by allocators with larger balances getting involved, rather than a flurry of retail investors.”

Not to mention Fidelity Investments launching a Bitcoin fund, Square making a $50 million investment in the digital currency, and MicroStrategy making it a part of its Treasury.

“It seems that there is more excitement and that crypto will be used more often,” said Edward Moya, a senior market analyst at Oanda Corp. “The world seems poised for a digital currency.”

In the short-term with the US Presidential election next week, volatility is expected. Things are expected to get “very noisy” not only because of high odds of a contested election but with Europe in the process of lockdown as well.

Still, it won’t take BTC long to burst through $14,000, as it is known for its explosive moves. Sven Henrich, the founder of NorthmanTrader, is also targeting $17,000 per coin. Jake Chervinksy, General Counsel at Compound Finance, noted,

“Bloomberg analysts think BTC might hit $14,000 by . . . the end of the year? That long? Try next week. After all this time, legacy finance types still have no sense of BTC’s face-melting volatility. The coming “supply-side liquidity crisis” will blow them all away.”

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Author: AnTy