A Call for $100,000 per Bitcoin as All Time High Comes into Sight

In another big move yesterday, the price of Bitcoin went as high as $19,400, a level last seen during BTC’s run-up to a new all-time high.

But with the last resistance level present at $19,300, Bitcoin has yet to make a strong move upwards.

Today, we are back to reaching for the new high, just about 4.5% away from $20,000.

However, technically, the digital asset is just inches away from the ATH if we consider Kraken’s 2017 peak. During the last bull run, different cryptocurrency exchanges had different peaks.

While Bitstamp had the ATH around $19,665, BitMEX had it $100 up at $19,777, and another $100 up on Huobi at $19,867. Gemini’s Bitcoin ATH was at $20,000 while Coinbase was just under $19,900.

The consensus in the market, however, is for the round figure of $20,000, and as Erik Voorhees, CEO of ShapeShift exchange, noted, “we’ve already surpassed the more important ATH, which is market cap. BTC value in aggregate is already at its all-time high.”

How High?

Amidst the ongoing bulls onslaught, people are betting that the largest cryptocurrency could go as high as $100,000 in this cycle.

Up 165% YTD, according to Brian Estes, chief investment officer at hedge fund Off the Chain Capital, for Bitcoin, surging from $18k to $100k in a year is not a stretch.

“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal,” Estes told Reuters.

In mid-July, just four months back, bitcoin was around $9.2k, and since then, it has increased 10x in value.

Bitcoin can hit anywhere between $100,000 and $288,000 by year-end 2021, predicted Estes based on the stock-to-flow model, which he said has a 94% correlation with the price of Bitcoin.

But not for Toronto-based independent proprietary trader Kevin Muir said, “Any hedge fund model on bitcoin is rubbish. You can’t model a mania,” adding,

“Is it plausible? For sure. It’s a mania. But does anyone actually have a clue? Not a chance.”

What’s really interesting is the shortage of supply we are seeing. With bitcoin produced in a day already halved, Square’s Cash App, PayPal, and Grayscale are gobbling up the majority of Bitcoin’s supply.

Amidst this, the whale index, addresses holding at least 1,000 BTC, is also at an all-time high at over 2,200, a number up 37% from 1,600 in 2018, suggesting institutional money is pouring in, said Phil Bonello, research director at digital asset manager Grayscale.

As for retail investors that could have been sidelined due to the pandemic may be back again with force now that PayPal has entered the market.

Because of this, Lennard Neo, head of research at crypto index fund provider Stack Funds, expecting a deluge of retail demand even more intense than in 2017, predicts BTC to reach $60k to $80k by the end of 2021.

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Author: AnTy

Bitcoin’s Moon Predictions Make a Comeback, Targeting $25,000 to $500,000

Bitcoin’s price has been on a tear lately, having risen to a new all-time high of almost $19,000 last week, last seen during the peak of the 2017 bull market.

As BTC works on beating an all-time high, the sky-high predictions have made their return.

With Fidelity Investments, JPMorgan Chase, PayPal, and BlackRock embracing the digital asset, the FOMO continues to push the cryptocurrency price higher.

“You suddenly have this nearly perfect backdrop that is not only lending validity to the asset class, but is also really demonstrating its staying power,” said Michael Sonnenshein, managing director at Grayscale Investments. According to him, Bitcoin is,

“once again showing investors no matter how many times it gets challenged, that it has a way of emerging almost stronger or demonstrating its ability to be really, really resilient.”

History doesn’t repeat, but it rhymes

Amidst this bull run, David Grider, the head of digital asset strategy at Fundstrat Global Advisors, has increased his price target to $25,000 by the end of 2021 from $16,500.

Fundstrat co-founder Tom Lee made a had started year-end price target of $25,000 in 2018 only to abandon it after BTC hit its bottom in the bear market at $3,200 in December.

For Grider, “History doesn’t repeat, but it rhymes,” and now “the audience is bigger, the market is bigger, it’s a little more institutionalized — you have different fields of capital coming in.”

Crypto’s resident bull, Mike Novogratz, the founder of Galaxy Digital, known for making some wild predictions just last week, said that BTC would reach $65,000 as Novogratz sees “tons of new buyers” amid “little supply.”

As we reported recently, Tom Fitzpatrick, a strategist at Citigroup Inc., said the flagship cryptocurrency could reach $318,000.

Institutional Momentum Mania

Up 170% YTD and 35% month to date, If all institutions were to assign 1% to 5% allocation to Bitcoin, it could rise “to somewhere in the $400,000 to $500,000 range,” said Catherine Wood, CEO of ARK Investment Management during the Virtual Investing in Tech series of Barron’s.

According to her, this time is different for one big reason – the involvement of institutional investors. A noted booster of disruptive technologies such as Tesla and Bitcoin said the digital asset is “equivalent to the dollar in the fiat currency system. That’s a pretty exalted role.”

However, according to Edward Moya, a senior market analyst at Oanda, “Today’s outlandish calls seem primarily based on momentum mania,” adding, “I doubt institutional traders will allow Bitcoin to only go in one direction.”

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Author: AnTy

Bitcoin Has Only Traded Above the 2020 High for Just Over 30 Hours, In Its Entire History

Bitcoin is aiming for a new all-time high this weekend.

On Friday, the digital asset went as high as $18,980, making a new 2020 high. Now, we are less than 7.5% away from $20k as we currently trade around $18,680.

Interestingly, there have been only 31 hours that BTC traded above $18,900 in its entire history, at the peak of the 2017 bull run, of course, and at $19k for a mere 24 hours. Also, at that time, BTC has been above $19,800 for less than an hour.

“There is little to suggest this rally has run out of steam, and all signs point to a run at the all-time high in the near future,” said Denis Vinokourov, head of research at Bequant in London.

For Su Zhu, the CEO of 3 Arrows Capital, “the next key price to watch will be $36k,” because “this is the strike with the largest BTC Open Interest on Debit Exchange, the dominant market leader in Bitcoin and Ether-settled options trading.”

For now, it would be interesting to see if breaking the much-coveted $20,000 will trigger a pullback for the prices of the Bitcoin, for which the crypto community has been waiting for a long time. A break above ATH is also expected to capture more of the mainstream attention.

Already it has been pacing in 2020, what with the likes of BlackRock, JPMorgan, Ray Dalio, Maisie Williams, Rapper Logic, who went YOLO, and so many more.

Wider institutional acceptance has been particularly seen after PayPal announced its decision to allow its customers to access cryptos.

“When we think about who we see getting involved in the space and seeing how many more access points are being opened, that can further expand the base of investors participating in this asset class,” said Michael Sonnenshein, managing director at Grayscale Investments. “We’re very, very encouraged by the prospects for this space overall.”

Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform, also said that today the flagship cryptocurrency had reached a place where institutional investors, banks, and family offices are “legitimately pondering involvement as a defense against currency devaluation.”

With these latest gains, 17% in just last week and over 150% YTD, Bitcoin has become the 15th largest digital asset by the market capitalization of $347 billion.

Beating Mastercard and Walt Disney, the leading digital asset, is ready to take over JPMorgan at $349 billion, just one step above, which it already did, albeit briefly.

As BTC continues to climb the rank up among the biggest assets by market cap, it has Visa at 12th spot with $397 billion market cap, Tesla at 10th spot with $464 billion, and Warren Buffet’s Berkshire Hathaway at 8th spot with $532 billion market cap in its vicinity to take over.

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Author: AnTy

Bitcoin Finally Hits a 34-Month High as BTC Briefly Pushes Past $14,000 on Its Birthday

Bitcoin continued inching closer to the big resistance of $14,000 on its way to the all-time high of $20,000 today, and finally, on its whitepaper Birthday, BTC hit it.

The leading digital currency went as high as $14,100 on Bitstamp, up 5% today with $2.6 billion in trading volume, before retracing under $14k. The last time we hit this level was in the middle of January 2018.

Today, as October comes to an end, Bitcoin has printed a monster monthly candle as we rallied 35% this month following the start of around $10,340. Now, it’s to be seen how high we actually end it.

In 2020, to date, Bitcoin has recorded 90.5% gains.

Bitcoin Shines Bright

On Wednesday, this week, BTC came close to hitting 2019 high but failed and dumped to go under $13,000.

Yesterday, we started moving yet again, while the equity market dropped even lower. Since Oct. 12, S&P 500 has been on a downtrend and has decreased by 7.5% during this time. In the same time period, Bitcoin’s price increased by nearly 25%.

It was the tech stocks that were hit the hardest, yesterday Nasdaq fell 2.8%, and since Oct. 12, it has slid more than 8%. Apple stocks were down 5.2% after it posted the steepest drop in quarterly iPhone sales in two years, while Amazon dropped 4.1% because of the increase in costs forecast and waning of a tougher 2021 had Facebook shedding 6.2%.

Also Read: Apple Can Buy 145k Bitcoin With Just 1% Of Its $191B of Dollars Held in Cash

“Exact opposite happened. Bloodbath, tech stocks in particular. The Warren effect,” said economist and trader Alex Kruger referring to Senator Elizabeth Warren expressing a desire to be Joe Biden’s Treasury Secretary adding to the risks.

“Rare given the size of the stocks dump. Could it be the market appreciates how bullish BTC Warren would be?”

Even gold continues to fall, going as low as $1,860 today before recovering to $1,880. The US dollar is also stuck between 92 and 94 ever since late July.

Even in the Crypto Market

In the cryptocurrency market, after a long time, this weekend is promising to see some activity. Bitcoin’s uptrend is also helping altcoins recover today.

For the past few weeks, altcoins have been losing in the wake of the flagship cryptocurrency’s strong upward movement. However, today Ether made it to $390 while DOT, WBTC, XTZ, and YFI all are up about 5%.

For now, Bitcoin continues to steal the show as Grayscale Bitcoin Trust bought another 5,190 BTC yesterday.

Additionally, CME is poised to close with its highest quarterly close ever and highest monthly close as well. Since its launch in December 2017, the total open interest (OI) on the platform is up 7.5x in terms of contracts.

“Institutions have clearly flipped their view of the world since 2018; as of this week, they were long Bitcoin with no short exposure,” noted analyst FilbFilb.

Leveraged Funds that make up most of the OI have been short as they perpetually are bearish; this week, they further increased their shorts. Other reportables, meanwhile, are pretty flat, retail bullish, and dealers short.

“So overall takeaways; Chart; very bullish bucking the trend vs. traditional. Institutions total mindset shift. Dealer Short. OI increasing as price increases. Bullish,” he added.

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Author: AnTy

Fidelity Digital Asset Services to Custody Crypto Investments for High Net Worth Individuals In Asia

  • Digital Assets Custodian FDAS Expands Into Asia
  • Targeting High Net Worth Crypto Investors With A New Partnership

Fidelity Digital Assets Service, one of the largest financial corporations dealing in Bitcoin, announced a partnership with Stack Funds, a Singapore-based fintech startup, to provide digital assets custody to its customers across Asia, Bloomberg reported on Thursday.

The partnership targets to offer a secure and accessible crypto custodial service to the high net worth individuals and families across Asia aiming to fill the high demand for such services in the region.

Speaking on the partnership, Christopher Tyrer, head at Fidelity Digital Assets Service in Europe said,

“There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for” that “has historically been lacking in the digital asset space.”

Stack Fund is a leading provider of cryptocurrency and digital assets index funds in Asia. The firm aims to capture more market share across the region with the latest partnership with Fidelity. Customers’ assets and funds will be audited monthly and also receive unique protection programs such as insurance coverage and offer weekly contributions and redemptions.

Following its launch in 2018, Fidelity Investments crypto wing, FDAS, the firm has grown as one of the largest traditional finance custodians of digital assets. The latest move to Asia aims to offer risk mitigation and attract high net worth individuals and families to digital assets, Michael Collett, Stack’s co-founder said.

Collett aims at turning the tide of Bitcoin adoption, which he explains has not been on the explosive tide despite the skyrocketing prices currently. He further said,

“This year has been tough as far as getting people into Bitcoin because it didn’t cover itself with glory in the market downturn. [But] “since the dark-dark days of March we’ve had inquiries pick up again.”

Over the past months, however, a number of institutions and high net worth individuals have entered the crypto space. MicroStrategy’s CEO, Michael Saylor recently announced he personally held over $253 million in Bitcoin announcing the firm wants to buy more Bitcoin. Notwithstanding, PayPal, a global payments firm announced the addition of crypto purchases – opening a gateway to digital assets to over 300 million customers.

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Author: Lujan Odera

Bitcoin Is Having A “Sell-Side Liquidity Crisis,” As BTC Buyers Outweigh the Sellers

After an explosive start of the week that took us to a 13-months high of $13,300, Bitcoin is taking a breather just under $13,000.

Interestingly, there have only been 43 such days in Bitcoin’s history when the BTC price was higher than this new 2020 high.

Not outright, but Ethereum and the rest of the market also joined the party. The gains recorded by altcoins are still small compared to Bitcoin, but greens are surely here.

All these gains even helped Grayscale to add a “cool” $300 million in assets under management in one day, bringing the AUM it to $7.3 billion.

According to Charles Edward, Founder Capriole Investments, this isn’t euphoria yet, but a “very healthy” move.

“This pump is organically spot driven. There is almost no order book resistance. Yes, things can change quickly, it’s crypto. But this is a very healthy move. Something we have never seen before at 12K plus bitcoin,” he said.

Might be Overbought But Still the Beginning

Up 79.50% YTD, the leading cryptocurrency is still 35% away from its all-time high of $20,000.

According to Bloomberg, Bitcoin has overheated, based on Bitcoin’s 14-day Relative Strength Index (RSI), currently having a reading of 80, a level considered overbought.

“Something unanticipated needs to occur to trip up advancing Bitcoin, as we see it, yet the crypto may need a new catalyst to sustain above $14,000,” wrote Mike McGlone, an analyst at Bloomberg Intelligence. “Absent a reversal in key metrics showing increasing demand and adoption, breaching resistance should be a matter of time.”

Overall, things are very much bullish for Bitcoin, and as billionaire hedge manager Paul Tudor Jones said, the digital currency is still in the “first inning.”

“If history rhymes, 2021 is going to be a BIG year,” said former hedge manager Raoul Pal.

Strong Demand Absorbing Sales

Currently, the market is getting into a “sell-side liquidity crisis” as not many people are selling their BTC rather they are “holding on to their bitcoin even if they have made good returns,” noted Philip Gradwell, Chief Economist at Chainalysis.

As we have reported, 98% of all Bitcoin UTXOs are currently in a state of profit, and in the last six weeks, there have been the lowest levels of bitcoin sent at a 25% or more USD gain while prices have been above the psychologically important level $10,000.

“This keeps the supply of bitcoin available to buy low, which increases prices,” said Gradwell.

However, on Wednesday, when the Bitcoin price climbed above $13k, 107,000 BTC were sent to the cryptocurrency exchanges as some people took the profit. These BTC were traded on average 5.8 times, more than double the 90-day average, which means while people are taking advantage of the rising prices to realize gains, “they are currently being outweighed by buyers.”

“We haven’t seen inflows to exchanges at that level since early October and prior to that early September. However, current demand is strong, balancing inflows,” added Gradwell.

At that time, people were selling into falling prices, unlike when demand is strong and absorbs sales.

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Author: AnTy

OFF BLUE NFT Project Returns Customer Funds After Rarible Suspension

As the craziness in the DeFi market wanes, especially the mania around high APYs and yield farming cooling down, market participants have shifted their focus to non-fungible tokens (NFTs).

With the DeFi tokens down 80% to 90% in the past two months, people have to find excitement in something else.

And it was NFT, which has been seeing a lot of limelight lately. Even Christie’s sold its first NFT with Block21 at 7x the estimated price.

Ethereum’s ERC-721 standard made for DeFi degens, the fact that these digital collectibles can be used for yield farming is just cherry on the top, satisfying their appetite following the absence of food tokens every other day.

Dapper Labs has also taken advantage of the NFT trend and closed an $18 million token sale on CoinList on the back of its collectibles game, NBA Top Shot. The funds were raised with participation from 13,000 people between Sept. to Oct. 2.

Shutting Down

Amidst this, the popular marketplace to create and sell the NFTs Rarible, which launched the first governance token RARI in this space, suspended the OFF BLUE team account over the weekend.

“We have suspended the OFF BLUE team account until further examination due to potential violations of our terms of service. Rarible is not intended to facilitate capital-raising transactions.”

The project has been accused of rug pulling millions of dollars, which has now been refunded, 1 ETH for 1 NFT, as it closes.

Going with doxxing, threaten, and cancel, FTX CEO Sam Bankman-Fried says, the internet overreacted by not going with the path of “ask questions, give feedback, wait for responses, don’t buy unless/until you’re comfortable.”

A few days back, Twitter user @CL, who works at Yearn.Finance, shared his conversation with Blue Kirby — who was the communications manager at the project, and later made an exit after he promoted YFI creator Andre Cronje’s Eminence.Finance, which was exploited for $16 Million — which reflects on the shadiness of the project.

Still Building

OFF BLUE’s idea was to use the proceeds from their several art sales to fund a “custom platform further.” They planned to acquire some epic art, Banksy, KAWS, Warhols, to auction on OFF BLUE but didn’t communicate the game plan over the concern of someone else beating them to it. The official closure statement reads,

“This would have created unimaginable hype for OFF BLUE and positioned the decentralized Sotheby’s for long-term success.”

The team is now returning the Ether, a claim process that will go on for the next 14 days. In case one does not claim the refund, it will go towards the development of the OFF BLUE, which the team continues to build.

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Author: AnTy

Bitcoin On The Way to $12,000 as US Dollar Moves Down

After ending the market on a high note last week, this new week is seeing another good start.

What started as a not so pleasant Monday with Bitcoin losing about $200 turned out to be a green one with the digital asset going for $11,550.

“Some technical overhead resistance right now and a CME gap below at 11.1k, pretty low risk in buying the dip if it comes,” says on-chain analyst Willy Woo.

The price now has resistance coming at $13,000-$14,000 with trader Josh Rager seeing $12k real soon.

“Price is back up in previous range prior to breakdown, and personally, I don’t see why we can’t see $12k this week,” said Rager.

Square’s $50 million Bitcoin investment caused the price increase to prevent institutional investors from placing long positions as of yet.

While asset manager accounts long positions on CME went up from 523 to 703, Leveraged funds and other reportable positions accounts didn’t show a direction adjustment indicating a conservative approach, as per CME’s latest report, as of Oct. 6.

Open interest also rebounded from 7,324 to 7,511, after a two week contraction period.

The Longest Run

The good thing for bitcoin is despite a slew of regulatory moves like the UK FCA banning the sale of crypto derivatives and the DOJ issuing a crypto enforcement framework, Bitcoin held to $10,000 strong.

As a matter of fact, it has now been a total of 90 days, so far in 2020 that bitcoin has been above $10k compared to 86 in 2019, 53 in 2018, and 34 in 2017.

According to Fundstrat Global Advisors LLC, regulatory clarity is good for crypto as it would clean up “bad actors.” “Despite select smaller pockets of risk,” they see it as a positive for the overall market, adding, “we believe the prevailing bull market trend is intact.”

But they do see DeFi “coming under pressure” for lack of KYC and AML protocols along with offshore quasi-equity exchange tokens and further risks with “crypto tokens exclusively listed on offshore exchanges where stricter U.S. investor prohibitions could limit liquidity and demand.”

Derisk Mode Still on

Unlike BTC, gold is seeing no such spike, trading at $1,924, the same as S&P 500 at just above 3,500. The US Dollar, however, has declined to 93, which is in strong negative correction to bitcoin.

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The general market remains in de-risking mode ahead of the US Presidential election on Nov. 3rd.

However, investors are growing more hopeful of additional economic stimulus as President Donald Trump said that he wants to see a bigger stimulus package than either Democrats or Republicans were offering.

While Trump made a reversal from earlier last week’s threat to halt negotiations, Senate Majority leader Mitch McConnell expressed doubt that Congress would pass a package before the election.

According to Goldman’s chief equity strategist David Kostin “new information on the election, vaccines, and upcoming 3Q earnings represent substantial cross-currents for equities during the next two months.”

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Author: AnTy

After CFTC Files Charges, Chainalysis Labels BitMEX Crypto Exchange as a ‘High Risk’

BitMEX is set to be classified as a ‘high risk’ exchange by crypto intelligence firm Chainalysis; barely a week since its officials, including CEO Arthur Hayes, were indicted by the U.S Commodity Futures Trading Commission (CFTC).

Chainalysis advised its clientele, which includes government agencies, financial institutions, and crypto exchanges that it would consider BitMEX a ‘high risk’ label as of October 13 onwards.

This risk classification update on BitMEX means that Chainalysis clients who leverage the platform’s ‘KYT’ monitoring tool will be able to see both historical and future trigger alerts from the now haunted crypto derivatives exchange. Chainalysis shared the client advisory email with TheBlock,

“Any transfers from October 1st and later should be considered high risk. Compliance teams should also look back at older transfers, but given this change may trigger alerts on thousands of older transfers, it is reasonable to do that incrementally,”

However, a Chainalysis spokesperson said that the company’s clients could opt for their own risk tolerance levels and adjust accordingly. That said, they were keen to highlight it is their duty as a crypto intelligence firm to protect its clients, hence the consideration of ‘high risk’ based on criminal charges filed against a specific firm or its ownership/leadership.

Meanwhile, Arthur Hayes remains at large as BitMEX’s parent firm, HDR Global Trading Ltd, vows to take on the government against the recently filed charges. The accused are being pursued on grounds of violating KYC/AML rules and running an unregistered trading service. While it might be early to predict the future of BitMEX, the exchange is already taking a hard hit on its business. In fact, brutal skeptics like LMAX Group CEO, David Mercer, are of the opinion that recent developments will ultimately affect BitMEX’s going concern,

“I can’t see any significant institution wanting to continue to trade there.”

Also Read: ‘Warning Shot’ for DeFi: Here’s Why BitMEX Charges are ‘Incredible Bearish’ for this Burgeoning Sector

More Reading: After Targeting BitMEX, SEC Takes On John McAfee, Who Made Over $23M From Fraudulent ICO Promotions

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Author: Edwin Munyui

Former Ripple CTO Jed McCaleb Ready to Sell Another 120 Million XRP ($28.14M)

Ever since hitting its all-time high of $3.84 in January 2018, XRP hasn’t been having a good time. As a matter of fact, it has been only on a decline.

There have been several pumps along its downward journey, but unlike other altcoins, XRP fails to show any momentum.

In 2020, the fourth largest digital asset managed to record 20% losses, but it is among the worst performers, joining the ranks with Bitcoin Cash (BCH) and Litecoin (LTC).

At the time of writing, XRP has been trading at $0.234, managing just $109 million in ‘real’ trading volume.

Amidst this, former Ripple CTO Jed McCaleb continues to dump his XRP on the market regularly. Just yesterday, another 120 million XRP were transferred to his wallet.

Although this doesn’t have much of an impact on the price of XRP, with not much happening with XRP’s price anyway, it just adds to the sell-side.

XRP sees some use!

Ripple’s prominent partner, SBI Holdings, however, continues to keep XRP relevant. In the latest news, SBI Group’s subsidiary, SBI esports, announced that it would be paying player salaries in crypto instead of fiat.

Esports players will drive their salaries in XRP as part of the sponsorship deal with Venture capital firm, VC Trade, to strengthen the company’s presence in the field.

With this deal, the goal is to “create and nurture a healthy market based on customer-centricity, improve prices, and expand liquidity.”

Increase those numbers…

According to Ripple, using sustainable architecture means XRP transactions could grow by more than 1000% by 2025.

Ripple also wrote about how “the digital asset XRP is a staggering 61,000x more energy-efficient than Bitcoin.”

The company has announced that it will achieve a net carbon zero target by 2030 for which it is working with XRP Ledger Foundation, Energy Web, and the Rocky Mountain Institute.

The company is also helping in launching and funding the EW Zero open-source to enable any blockchain to decarbonize through the purchase of renewable energy in local markets in partnership with Energy Web Foundation.

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Author: AnTy