Bitcoin (BTC) Price May Peak at $400,000 This Cycle: Bloomberg Report

Bitcoin is also “replacing old-guard” gold, that too more sudden than gradual as it fulfills the need for a digital reserve asset in a low-yield environment.

The bitcoin price target has been increased to $400,000 by analyst Mike McGlone in the April edition of Bloomberg’s Crypto Outlook 2021 report.

While BTC price continues to consolidate under $60k, its support has risen toward $50k, with $40k representing more extreme downside risk and resistance around $60k eroding with volatility, reads the report.

With little change with the price, Bitcoin “appears to be a bull market resting for the next leg of its stair-step rally.”

McGlone wrote that a backup to $40k is less likely and a more likely Q2 scenario is to breach $60k resistance and head toward $80k. Overall, the technical outlook for the year, if past patterns repeat, remains “strongly upward.”

Compared to 55x gains in 2013 and 15x in 2017, similar price extremes would take the largest crypto to $400,000 this time, based on the regression since 2011 high.

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Source: Bloomberg

The bullish factor is that there are few signs of BTC holders looking to sell as coins continue to leave exchanges indicating signs of demand.

According to the Commodity Strategist at Bloomberg, Bitcoin’s adoption has been rather sudden than gradual, which is only expected to accelerate with a “rising tide from institutions and individual investors.”

This has the narrative shifting to a small crypto allocation from the risks of missing out on the potential for Bitcoin.

Bitcoin is actually fulfilling the need for a digital reserve asset in a low-yield environment as gold, a traditional safe-haven asset, which has been rather lackluster in its performance, said McGlone.

The largest cryptocurrency is actually “replacing old-guard,” which again is more sudden than gradual.

“The adage that money flows to where it’s treated best describes what we see as firming underpinnings for the price of Bitcoin,” states the report. While not bearish for the precious metal, which continues to back into $1,700 support an ounce, most indicators show

“a shifting global tide that favors the nascent digital currency as a reserve asset.”

The report also mentions the dollar’s digital dominance eclipsing China’s yuan’s global adoption. The same is happening in the crypto world, where Tether (USDT), defined as “currency to bitcoin’s digital gold,” is trading more than the cryptocurrency itself.

As for the much-talked-about discount on Grayscale Bitcoin Trust (GBTC), it could be just a normal dip in a strong bull market with appreciation expected to be the most likely outcome.

“The increasing probability for Bitcoin ETFs in the U.S. is supporting the price but contributed to a shift to discount in GBTC.”

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Author: AnTy

South Koreans Are Trading XRP & BTT More than BTC and Ether

South Koreans Are Trading XRP & BTT More than BTC and Ether

Bitcoin kimchi premium is also taking a drop after surging to 22% as Upbit temporarily suspends fiat (KRW) deposits and withdrawals, and Bithumb sees an “increasing” inflow of BTC.

Kimchi premium has been flying high until it wasn’t.

Bitcoin prices on South Korean exchanges at one point today were as much as over 22% higher than other cryptocurrency exchanges. But soon it took a big hit and dropped to about 13%. Ki-Young Ju of data provider Crypto Quant noted,

“It seems someone finally figured out how to arbitrage this Kimchi premium opportunity. The trading volume in 30min time frame on Upbit, the largest Korean exchange, was bigger than Binance’s. This drop seems related to Kimchi pullback.”

As of writing, Bitcoin is trading at $56,740 on Coinbase Pro, $56,824 on Binance, $64,247 on Upbit, $64,469 on Bithumb, and $64,494 on Coinone.

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Bithumb, according to CryptoQuant, is seeing an “increasing” inflow of BTC, unlike all the other exchanges which have been seeing a decrease.

A possible reason for the drop could be Upbit announcing a temporary suspension of fiat (Korean Won) deposit and withdrawals and KRW account registration services.

The suspension has been due to an urgent inspection by the KRW deposit and withdrawal service provider. Once this maintenance is completed, the exchange will resume the services. The translated notice reads,

“After the urgent inspection of the KRW deposit and withdrawal service provider has been completed, the KRW deposit and withdrawal and KRW account registration services will be resumed.”

However, on South Korean exchanges, the biggest trading assets by volume are a bunch of altcoins, with XRP and BitTorrent (BTT) taking the top place BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
$0.005.17%
Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 1 mon Why Are Celebrities Exclusively Endorsing Tron, “Is TRX Mass Adoption On The Horizon?”
. XRP is trading nearly 16% higher at $1.10 on South Korean crypto exchanges than about $0.95 on Bitfinex. XRP -13.13% XRP / USD XRPUSD $ 0.92
-$0.12-13.13%
Volume 21.61 b Change -$0.12 Open $0.92 Circulating 45.4 b Market Cap 41.74 b
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 9 h Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

XRP on these platforms is actually pulling in more than double the volume of Bitcoin BTC -3.52% Bitcoin / USD BTCUSD $ 56,041.45
-$1,972.66-3.52%
Volume 74.98 b Change -$1,972.66 Open $56,041.45 Circulating 18.68 m Market Cap 1.05 t
6 h Hindenburg Research Shorts Chinese Bitcoin Mining Maker; Ebang Continues its Fundraising Spree 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
and Ether ETH -7.09% Ethereum / USD ETHUSD $ 1,968.30
-$139.55-7.09%
Volume 35.9 b Change -$139.55 Open $1,968.30 Circulating 115.38 m Market Cap 227.09 b
7 h Seven-Time Superbowl Champ, Tom Brady, Is Launching an NFT Platform Called Autograph 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
.

For instance, on Upbit, XRP and BTT are the two most traded crypto assets at $2.9 billion and $2.3 billion volume, respectively, versus $1.2 billion on BTC/KRW pair and a mere $428 million for ETH/KRW.

Korean investors are also piling into the nation’s crypto stocks, driven by Coinbase’s upcoming public listing.

Hanwha Investment & Securities Co., which owns a 6.15% stake in Dunamu, is the best performer among Kospi stocks this year, as it uptrends over 210% YTD.

Dunamu actually operates Upbit, which local media reported last week has also explored a possible listing on the Nasdaq.

Other shareholders in the company are also enjoying an increase in their value. Woori Technology Investment Co. and Kakao Corp., both of which have about 8% stake in Dunamu, saw their share prices increasing by 140% and 38% respectively so far this year.

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Author: AnTy

62% of Clients Willing to Switch Financial Advisors to Know More About Bitcoin: NYDIG Survey

62% of Clients Willing to Switch Financial Advisors to Know More About Bitcoin: NYDIG Survey

“Unprecedented client demand for advisors to offer access to Bitcoin,” says bitcoin trading and custody service provider subsidiary of Stone Ridge Holdings Group.

NYDIG, the subsidiary of Stone Ridge Holdings Group, revealed in its latest financial advisory survey that there is a high demand for advisors to offer Bitcoin access.

22% of the financial advisors’ clients own Bitcoin, while 2.5% hold BTC with their advisors.

The bitcoin trading and custody services provider survey revealed that 82% of clients expect their advisors to be knowledgeable sources about Bitcoin as an asset class. Still, only 21% of clients have actually brought it up.

“Understanding this gap and closing it is critical,” states the report.

Interestingly, 62% of clients said they would switch financial advisors to advice about the leading cryptocurrency. Client attitudes are shifting as an estimated more than 1 in 5 financial advisory clients already own Bitcoin.

“The increasingly widespread adoption of Bitcoin has perhaps caught many advisors by surprise, and few manage Bitcoin for their clients today.”

The poll was conducted on Jan. 26-27, 2021, among a national sample of 2,082 US consumers. And the respondents want their advisors involved, with 65% saying they wish they knew more about the trillion-dollar asset.

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Author: AnTy

Filecoin (FIL) Recording More Volume than BTC and ETH Combined on China’s Largest Exchange

Filecoin (FIL) Recording More Volume than Bitcoin and Ether Combined on China’s Largest Exchange

While Huobi is seeing immense demand from users for FIL, Grayscale also added 29.55k FIL today. Unlike Grayscale’s four other new investment products, FIL is the only one with explosive returns.

In terms of price performance, the star of this week is Filecoin which rallied more than 90% during this time to hit an all-time high of nearly $237 today.

From its all-time low of $20 just three months back on Dec. 29, this coin has pumped 1,057%. FIL also soared 415% against BTC during this time, despite the largest crypto pumping to $62k and became a trillion-dollar asset.

With these gains, Filecoin jumped past Litecoin LTC 3.72% Litecoin / USD LTCUSD $ 203.96
$7.593.72%
Volume 3.82 b Change $7.59 Open $203.96 Circulating 66.75 m Market Cap 13.61 b
5 h Filecoin (FIL) Recording More Volume than Bitcoin and Ether Combined on China’s Largest Exchange 2 d PayPal Now Allows US Customers to Pay with Crypto at its 29 Million Merchants 1 w Free Crypto Trading App Robinhood Files S-1 Paperwork With SEC to Go Public
and Chainlink LINK 5.26% Chainlink / USD LINKUSD $ 30.22
$1.595.26%
Volume 1.75 b Change $1.59 Open $30.22 Circulating 416.01 m Market Cap 12.57 b
5 h Filecoin (FIL) Recording More Volume than Bitcoin and Ether Combined on China’s Largest Exchange 1 d Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today 6 d SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading
to capture the 9th spot with a market cap of $8.67 billion.

“China is crazy for Filecoin,” noted Wu Blockchain as FIL records more volume in the country than the combined volume of the top cryptocurrencies BTC and Ether.

The project, which raised more than $200 million in just thirty minutes in 2017, also received investment from the Shenzhen-based computer hardware giant Xinyuan Technology Co.

Xinyuan invested 580 million yuan (just under $90 million) in Filecoin miners, which could have stemmed from its partnership with a Jiangxi-based electronic company called Sesumg which will “ship 500 units of computing and 100 units of storage equipment to the company.”

This week, The9 Limited (Nasdaq: NCTY) signed a Filecoin mining machine purchase and hosting agreement of $2 million following the $10 million agreement in Feb.

Currently, The9 owns an independent node on its blockchain. It has 8 Pebibytes of effective storage mining power in the Filecoin network, which will be increased to over 80 Pebibytes once the two agreements are fully implemented.

Filecoin is an open-source, distributed storage, and digital payment system.

Though Filecoin acquiring Amazon Web Services is nothing but an April Fool’s joke, another reason for the jump in its prices is Grayscale. The world’s largest digital asset manager bought a bunch of coins.

It started on March 19 with just 700 FIL which increased by 14.8k FIL the next day only to add a whopping 29.55k FIL today. Grayscale’s institutional and accredited investors have bought a total of 45.55k FIL.

It was just last month that Grayscale announced the addition of Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT) to its investment products.

Much like FIL, Grayscale also bought a ton of the other altcoins today and now holds 115.57k LINK, 3.2 million BAT, 414.4k LPT, and 17.16 million MANA.

However, unlike Filecoin’s explosive returns, the same performance wasn’t recorded by other coins. In the past 7-days, LINK prices have increased by 24%, BAT 17.4%, LPT 50%, and MANA 20%.

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Author: AnTy

More Bitcoin Supply Ready to be Sucked Out of the Market

With more than $1 billion tied up in hedge fund arbitrage-shorts, they need long-spot positions to hedge further, driving the supply shortage, notes Charles Edwards of Capriole Investments.

Bitcoin currently trades around the all-time high, coinciding with a weekly resistance level. On the lower timeframe, as the downward trend pattern breaks, we could see the continuation to new highs.

The $6 billion Bitcoin futures and options expiry last Friday also suggests that downward pressure on the price has eased. “In the past months, Bitcoin has set local bottoms around important option expiration dates,” noted Charles Edwards of Capriole Investments.

The growing interest in these products means they can have a significant impact on BTC price.

In the futures market, contracts are trading at significantly higher prices than the underlying asset. And by buying spot Bitcoin and shorting the futures, the delta between the two can be locked in as a risk-free trade.

This is exactly what hedge funds are doing, as evident from their massive short position in Bitcoin in the recent month, which

“is a big endorsement for Bitcoin, as it shows that Bitcoin is becoming a serious asset class.”

Currently, there are more than $1 billion tied-up in hedge fund arbitrage shorts, which is growing fast. This means, “all these shorts require long-spot positions to hedge risk, so more and more Bitcoin supply is being sucked out of the market just to maintain these short positions.”

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Overall, Bitcoin is “skewed bullish” in all timeframes, but still, it will be a daily close above $60k that will provide a good technical breakout buy signal for the short term, said Edwards.

“Historically, April is the second-best month for Bitcoin returns. With an average return of over 20%, the 70Ks are on the cards.”

While Bitcoin’s exponential rally is showing some healthy signs of consolidation over the last few months, the underlying network is strong as ever. Addresses with non-zero balance are hitting new all-time highs, and the number of active addresses is also near its ATH.

The fact that in recent weeks, over 3-year-old coins have started moving indicates that we are about halfway through this bull market.

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Author: AnTy

‘Nothing has Really Changed’ in the Crypto Market, Despite the Weak Price Action

Money and bullish news continue to flow into the Bitcoin market, with more to “start coming in early next month.”

After yesterday’s drop to $50,300, Bitcoin made its way to $53,800 today, giving hope of the market being bottom.

“It is now time to start looking for a tradable bottom in BTCUSD and the other major cryptocurrency. I plan to keep an eye on the alts too,” tweeted John Bollinger, inventor of Bollinger Bands.

Meanwhile, analyst Mati Greenspan says, “a strong break below 50k could easily pave the way for a move down to 42k, and possibly 36k.”

The crypto asset briefly fell below its average price over the 50 days as well, which has been a support level so far this year, now having a $953 billion market cap. According to Miller Tabak + Co.’s chief market strategist, Matt Maley, a “lower-low below that level would scare a lot of momentum players.”

Cautious Crypto

Source: Bloomberg

The pullback in Bitcoin and altcoins’ prices came amidst a wider retreat in other assets like tech stocks. A general Bitcoin downtrend is being “exacerbated by the move to value in general across asset classes” and away from areas like technology, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.

After an earlier wave of institutional adoption and stimulus-infused optimism among retail traders, the largest cryptocurrency fell for the fifth straight day, recording the longest losing streak since December.

Poll results have been showing that people have been planning to spend their stimulus checks in the markets. But given that markets fail to see the effects, unlike the last time, the speculation is growing that Americans will be spending them in the real economy.

Bullishness Continues Flowing In

While the traditional market analysts are back at calling it a downtrend again and seeing a limited upside with the likes of BIS’s Benoit Coeure reiterating that Bitcoin is not a currency, the crypto market says nothing has changed.

“The color and information we see from the street is largely from the institutional part of the market, and nothing has really changed in their view on the impact of stimulus on longer-term inflation and the role of digital assets as a hedge to that,” said Matt Long, head of distribution and prime brokerage at digital-asset platform OSL in Hong Kong.

The bullish news hasn’t stopped coming in at all either. For starters, USDC supply has increased more than $1 billion in the past week, its market cap reaching past $10.6 billion. As for USDT, it added $6 billion in the past month, its market cap climbing to $41.6 billion.

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Source: Twitter

Sovereign wealth funds and even the government are looking at Bitcoin, according to the NYDIG CEO.

Moreover, the New Zealand retirement fund, KiwiSaver, has reportedly invested 5% of its assets into Bitcoin. The pension fund, with NZ$350 million (US $244 million) in assets at the end of December, reportedly started investing in Oct. last year.

“If you are happy to invest in gold, you can’t really discount bitcoin,” said the fund’s chief investment officer, James Grigor.

Mike Novogratz, founder of crypto firm Galaxy Digital further believes wealthy baby boomers will be the next generation to jump into cryptocurrencies.

“It could be as much as a trillion dollars comes over the next year from that giant group of wealth,” said Novogratz in an interview at Reuters Digital Assets Week. He expects the money to “start coming in early next month.”

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Author: AnTy

Theta Mainnet 3.0 Delayed Till June; Devs Needs More Time for Elite Edge Nodes & TFUEL Staking

Theta Mainnet 3.0 Delayed Till June; Devs Needs More Time for Elite Edge Nodes & TFUEL Staking

A long-term NFT strategy and scalability issues were noted as causes for the delay. The Theta Mainnet 3.0 launch is postponed until June 30th, 2021.

On Wednesday, the Theta development team announced the “Theta Mainnet 3.0” launch would be delayed from the designated April 21 ate to June 30, 2021. Theta Labs, a leading developer of Theta blockchain, stated the launch would be delayed due to the growing NFT market and ensuring the platform works efficiently once it scales.

Theta is a decentralized video content streaming platform that allows users to share content and earn rewards in crypto. Towards the end of 2020, Theta announced its mainnet 3.0 launch in April, promising the release of Elite Edge Nodes and TFUEL staking and burning programs. This was meant to increase the value of the token by adding more utility and reducing its supply.

However, the new upgrade mainnet will not be released till the start of summer as the development team requested “additional time to conduct a more thorough code review and testing.”

The team is building out its Theta NFT marketplace in response to the booming non-fungible token (NFT) market in 2021, the statement reads. The team is building ‘key partnership opportunities” in the NFT marketplace to incorporate these foundational elements before the mainnet launches.

Additionally, the platform aims to expand its video streaming platform to reduce minting costs and offer NFTs on Ethereum. The team will integrate cross-chain bridges between Theta, Ethereum, and other blockchains to enable seamless transfer, storage, and minting of assets on the blockchain. The post further reads,

“In the longer term, we believe that Theta’s Elite Edge Nodes can become a true, universal decentralized edge storage for all NFTs and does not rely on any centralized platform.”

However, this delay is not new to Theta, who postponed the launch of Mainnet 2.0 in spring last year. The platform was launched later in the year without any technical hitches, making the team confident with the latest postponement.

“So the team is confident this is the right choice for the long term,” a spokesperson said.

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Author: Lujan Odera

People Are Now Searching for NFT More than DeFi on Google

People Are Now Searching for NFT More than DeFi on Google

The Non-Fungible Token (NFT) mania is now outpacing decentralized finance (DeFi). The search interest for NFT gained traction in the middle of January 2021, and last week more people were busy learning about digital collectibles more than DeFi in the US, as per Google Trends.

In the US, interest in NFTs first gained more traction than DeFi briefly at the beginning of the month and then sustained this uptrend over the weekend of Feb. 13. On Feb. 19, while NFT had a reading of 100, on a 0-100 scale, the search interest in DeFi wasn’t even half of that, at 46. Qiao Wang of DeFi Alliance noted,

“A little bit surprised how fast this is happening but not really surprised either. As things *currently* stand, digital collectibles and gaming are much more appealing to the mainstream than permissionless casinos.”

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Source: Google Trends

Worldwide, NFT phenomena still had some catching up to do with the interest in the search term DeFi having a reading of 100 while NFTs have about half of that at 56.

This interest has the trading volume on NFT marketplaces skyrocketing, going from mere less than $500k in mid-January to now beyond $50 million. The most popular marketplaces are NBA TopShot, CryptoPunks, OpenSea, and Rarible, as per DappRadar.

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This makes sense given that NFT pieces are being sold for an exorbitant amount of money, in some instances more than a million dollars.

The average SuperRare piece is currently being sold for just over 3 ETH, which recently hit a new ATH above $2,000. Recently, the internet sensation Nyan Cat was sold for a whopping 300 ETH.

The primary benefit of these digital collectibles is that each NFT is unique and can be traced back to its original issuer. And because no two NFTs are identical, they cannot be exchanged with one another.

Ethereum is the popular platform for creating these NFTs, using its ERC-721 and ERC-1155 token standards. Other blockchains are now joining in, like Tron, BSC, and NEO, to capture this trend.

As we reported, major auction house Christie’s is also selling a completely digital artwork and accepting Ether for it as well.

NFTs are also gaining a lot of interest from celebrities and investors like Mark Cuban and Chamath Palihapitiya, who see them as the future and the next frontier of digital currencies.

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Author: AnTy

Uniswap Hits Over Bln in Weekly Trading Volume & 0 Billion Overall

The popular decentralized exchange Uniswap has hit a milestone of processing more than $100 billion in trading volume in its entire life.

Ever since the beginning of 2021, the DEX has been doing more than $5.5 billion per week, which went past $7 billion during the second week of February, as per Uniswap.Info.

With this much volume, Uniswap is the leading decentralized exchange (DEX), capturing the majority of market share, 54.4%, which is down from 70.7% on August 31st due to SuhsiSwap’s launch.

The TVL (total value locked) of the protocol has also surpassed $4 billion for the first time.

Much like the exchange, its token UNI is experiencing a significantly positive price performance. Uniswap Token, with a market cap of $6.34 billion, is trading above $21, up 345% this year so far.

After exchange balances peaked at 36.86 million UNI in early January, a 10% outflow of over 5.3 million UNI tokens occurred, supporting a price rally from $6.33 to over $23.26.

According to Glassnode, over this same period of time, the number of intra-day transactions transferring UNI tokens tripled from 277tx per hour to a peak of 830tx per hr. However, despite this continued price appreciation, there has been a marked slow-down of transaction counts for UNI tokens since the beginning of this month.

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Author: AnTy

MicroStrategy Wants to Buy More Bitcoin with Another Round of 0 Million Debt

MicroStrategy Wants to Buy More Bitcoin with Another Round of $690 Million Debt

“CEO Michael Saylor is carrying out one of the highest conviction investment thesis we have seen in public markets.” – Bitcoin Bull Anthony ‘Pomp’ Pompliano

The publicly listed company has made yet another bet on Bitcoin by announcing that MicroStrategy intends to offer $600 million worth of convertible senior notes, up to an additional $90 million aggregate principal amount of the notes. The official announcement reads,

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins.”

Bitcoin proponent Michael Saylor, the chief executive of MicroStrategy, has already added a total of 71,079 Bitcoin to the company’s balance sheet and is now ready to add even more. MicroStrategy’s $1.145 billion Bitcoin investment has them owning 0.38% of BTC circulating supply.

In December, the company issued convertible senior notes to raise $635 million, whose entire proceeds were used to buy Bitcoin. Veteran investor Bill Miller was one of the buyers of MicroStrategy’s 0.75% convertible bond who called this “unique purchase” a “very little downside and an almost-free call option on Bitcoin.”

Now, yet again, MicroStrategy is ready to take up more debt due 2027, to buy even more Bitcoin, which has been hitting $50,000 for two days in a row.

With the latest jump in prices, the leading cryptocurrency’s market capitalization rose above $940 billion, just a few inches away from the trillion-dollar mark.

The notes will be issued via a private offering to qualified institutional buyers, which will mature on February 15, 2027, unless earlier repurchased, redeemed, or converted and will bear interest payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021.

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Author: AnTy