Palm Beach Research Analyst, Teeka Tiwari to Release His Next Pick for Trillion-Dollar Crypto

Palm Beach Research Analyst, Teeka Tiwari to Release His Next Cryptocurrency Prediction to Hit A Trillion-Dollars

The analyst who picked Bitcoin (BTC) at $428 in 2016 is set to announce the next Trillion dollar cryptocurrency.

The cryptocurrency market faces one of its greatest bull markets in recent history as demand for cryptocurrencies, NFTs, and decentralized finance (DeFi) keeps growing. Bitcoin (BTC), the largest crypto, is trading at $58,823, as of writing, placing it at a $1.097 Trillion dollar market capitalization after a solid 948% growth in the past year.

Palm Beach Research Group’s Teeka Tiwari, a crypto enthusiast, and an analyst will be releasing his prediction of a new crypto will soon join Bitcoin in the Trillion dollar market cap bracket. In an upcoming webinar event, “Crypto’s Next Trillion Dollar Coin,” set to be held on March 31, 2021, at 8 PM ET, Tiwari will reveal the next cryptocurrency and “where he believes the real money will be made in the crypto boom of 2021”.

According to the Palm Beach Research Group website, Teeka’s shows and webinars in the past have helped investors make insane profits in crypto and he intends to create the same results for his followers in the upcoming webinar.

Teeka Tiwari is a former hedge fund manager and a Wall Street executive who has made a name among crypto circles. He has been a regular contributor to the FOX Business Network. He has appeared on FOX News Channel, CNBC, ABC’s Nightline, The Daily Show with Jon Stewart, and international television networks.

Teeka was an early Bitcoin adopter, having bought his first Bitcoin at $428 in 2016 and calling a Trillion dollar market cap.

Investment analysis research firm, Palm Beach Research Group, offers retail and institutional clients a range of investment advice products (both paid and free), including the “Palm Beach Daily,” “Palm Beach Insider,” and “The Palm Beach Letter.” The company employs some of the top investment analysts from Wall Street and top financial firms globally.

Read Original/a>
Author: Lujan Odera

The Elephants are Moving In; Next Will be the Baby Boomer Wealth: Galaxy Digital CEO

The Elephants are Moving In; Next Will be the Baby Boomer Wealth: Galaxy Digital CEO

Morgan Stanley is now considering becoming a Bitcoiner.

The banking giant’s $150 billion investing arm, Counterpoint Global, is considering adding Bitcoin to its list of assets, reported Bloomberg, citing people with knowledge of the matter.

Counterpoint Global is led by Dennis Lynch and looks for unique companies whose market value can increase significantly, something Bitcoin more than fills the criteria.

The group oversees about 19 funds with prominent investments, including Amazon, Slack, Zoom, Shopify, and Moderna.

Moving ahead with its Bitcoin bet would require the approval of the regulators and the firm.

This morning Bitcoin and the rest of the crypto market is recovering from the sell-off that came not long after the price of Bitcoin nearly hit a new milestone of $50,000 following the BNY Mellon announcing support for the digital asset and Canada approving the first North American Bitcoin exchange-traded fund (ETF).

Already, Tesla has bought $1.5 billion worth of Bitcoin, and Mastercard will begin allowing cardholders to transact in selected cryptos on its network.

“The key for Bitcoin’s path higher is to win over more corporate endorsements,” said Edward Moya, senior market analyst at Oanda Corp.

“Bitcoin is no stranger to massive weekend moves and the next several days could easily see some wild swings.”

Even JP Morgan Chase, whose CEO Jamie Dimon called Bitcoin a “fraud,” is looking to get in with its Co-President Daniel Pinto saying that they will support Bitcoin if they find client demand, which isn’t there yet, but he’s certain that’ll change.

As such, according to Mike Novogratz, the chief executive officer of crypto investment firm Galaxy Digital, the market is yet to see more cash rush in, which is the Baby Boomer money — the “giant generational wealth transfer that’ll happen when they die off,” he said.

“I would tell you the big, big group that hasn’t participated is the baby boomer wealth channel in America,” which can’t participate through Morgan Stanley, JPMorgan, Goldman Sachs, Charles Schwab, UBS, and others yet.

But “that’s all going to change in the next two years. I can guarantee it’s going to change because I’m seeing it. We’re working with companies, it’s going to change,” said Novogratz in a recent episode of the Odd Lots podcast.

According to him, that’s why “the elephants,” the banking giants, have been lately moving in. They would first start with their wealth management division and then their trading business.

Read Original/a>
Author: AnTy

NFTs are the Next Frontier of Digital Currencies says Bitcoiner Chamath Palihapitiya

NFTs are the Next Frontier of Digital Currencies says Bitcoiner Chamath Palihapitiya

He’s currently “building a fairly sizable portfolio” of non-fungible tokens (NFTs). The Social Capital CEO says while Bitcoin will displace gold, it will be the stablecoins that will replace the US dollar.

“I don’t even know what that is,” was Chamath Palihapitiya’s reply to DeFi last summer. But now things have changed, so much so that the CEO of Social capital is “building a fairly sizable portfolio” of non-fungible tokens (NFTs).

An early executive at Facebook, Palihapitiya, shared in his interview with Bloomberg that he is buying digital arts, virtual trading cards, which “may sound crazy to some. But I do think that that’s the next frontier of digital currency and digital assets.”

Soon, they will be publishing their holdings. Although he’s not ready to share the details yet, Palihapitiya said he is “very excited.”

As for Bitcoin, he is still as bullish on the leading digital currency as ever, which he thinks is “very important because it just shows the fragility of the traditional financial infrastructure.”

According to him, while Bitcoin will replace gold and become a de-facto reserve currency, it won’t be BTC that would displace the US dollar rather, it will be a stablecoin. Palihapitiya explained,

“There are companies around the world that are replacing one fixed U.S. dollar with one digital token of a U.S. dollar. And by simply making that small abstraction they’re able to completely build financial rails that didn’t exist.”

“There is a revolution happening,” he said, which might not be felt in the United States because its financial services infrastructure is robust. But when you look at the developing world and any market where there is any form of currency manipulation or currency instability, stablecoins are “the future,” he explained.

Here, “Bitcoin is a canary in the coal mine for a completely virtual largely anonymous financial reality,” said Palihapitiya.

You can see the full interview here:

Read Original/a>
Author: AnTy

G7 Leaders to Focus on CBDC’s & Digital Asset Taxation at Next Week’s Meeting

G7 Leaders to Focus on CBDC’s & Digital Asset Taxation at Next Week’s Meeting

  • The G7 is set to convene this week, and CBDC development will be a top priority.
  • Governments are becoming more aware of cryptocurrencies as calls for regulations intensify.
  • With Central Bank Digital Currencies (CBDCs) gaining significant popularity over the past few years, global regulators and policymakers have been forced to consider them at various levels.
  • Now, the G7 has confirmed a consultation on the topic at its next session.

State-Backed Assets Take the Spotlight Again

The next G7 meeting will kick off on February 12 and it would include a dedicated session on CBDCs, Reuters reports. Quoting Japanese Finance Minister Taro Aso, the news source explained that the G7 meeting would feature the world’s top economies discussing ways to bounce back from the coronavirus’ effects. One such proposal could involve CBDCs.

The meeting, which will be chaired by the British delegation, will start with a session focused on CBDCs. As Minister Tao added, other sessions will look into participating countries’ debt problems and digital taxation.

The G7 is a consortium of finance experts representing seven countries – the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. Interestingly, several of these countries, notably Japan and France, have made major progress with CBDC rollout on their own. The most notable holdout on the CBDC issue has so far been the United States, with the country still remaining in the dark on how to execute it.

A Focus on Wider Crypto Regulations

CBDCs have been a significant point of focus for countries over the past year. Governments hope to capitalize on blockchain’s benefits to improve financial inclusion, and with the coronavirus forcing countries to focus more on digital payments, the stars seem to have aligned for many to move to state-backed digital assets.

Along with CBDCs, growing developments in the crypto space have also drawn considerable attention from governments globally. Last October, former U.S. Treasury Secretary Steve Mnuchin chaired a meeting of G7 finance ministers and Central Bank Governors, where they discussed wide-ranging crypto regulations at length.

According to a statement from the Treasury Department at the time, several policymakers particularly from the G7 countries advocated for speedy digital asset regulations. Following the meeting, German Finance Minister Olaf Scholz ramped up his criticism for Diem, the stablecoin initiative announced by Libra Association back in 2019. Diem, which was known at the time as Libra, had ramped up attention due to the makeup of the founders behind the Libra Association.

Scholz had been a primary critic of the asset since it was announced. He continued with his criticism, calling the asset a “wolf in sheep’s clothing” and casting doubt on its extensive rebrand. The G7 explained that it will not accept the stablecoin until it enacts proper crypto laws. Per a separate Reuters report, a joint statement read,

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards.”

Read Original/a>
Author: Jimmy Aki

Pantera Capital Is Looking to Launch A New Institutional-Driven Fund Next Month

Pantera Capital Is Looking to Launch A New Institutional-Driven Fund Next Month

  • Pantera Capital CEO Dan Morehead says the billion-dollar crypto fund is working towards launching a new fund aimed at big institutional investors.

In an episode of The Scoop, Dan Morehead, CEO at Pantera Capital, confirmed the company is in the works to launch a new fund. The company currently runs over $1 billion of assets for its customers and is focusing on adding new institutional investment through the new fund, Morehead further said.

Across 2020, institutional funding has spiked in the crypto market, adding an unprecedented $4 billion into Bitcoin hedge funds, during the year. Pantera aims to continue riding on this customer demand wave by targeting heavyweight institutional investors for its new “crypto-focused fund,” which is expected to launch next month.

According to Dan, there has been an influx of institutional investors getting on the crypto act in the past year as Bitcoin spiked to an all-time high price of $42,000. The new fund will offer institutional investors a diversified class of assets rather than a single-asset fund such as Grayscale’s Bitcoin Trust.

“We’re really seeing an inflection point with more coming into the market over the last couple of months,” Morehead said. “We’ve had a ton of inbound calls from endowments and others that are trying to get exposure to the space.”

Read Original/a>
Author: Lujan Odera

Bitcoin Is Ready to Welcome The New Year With Blast; Chance Of A Pullback?

Several factors point to an upcoming correction, what will be instructive for next year’s flows would be whether institutions “buy on a potential dip.”

Bitcoin vaulted above $29,000 to hit yet another record high with just one day left to end 2020. But it is showing no signs of slowing down its crazy December rally that has it up over 50% this month.

The digital asset climbed as high as $29,275 before pulling back to $28,045 but is now just above $28k.

And with these gains came over $540 billion market cap which helped Bitcoin flip its skeptic Warren Buffett’s Berkshire Hathaway and become the 10th largest asset by market capitalization.

Interestingly, while volume on Wall Street is winding down due to the holidays, crypto volumes are seeing record-breaking levels.

As Paul Vigna, a reporter at the Wall Street Journal noted, in his 3-decade experience covering financial markets, he has “never seen a group of people so insanely bullish on a specific asset class.”

This latest uptick in BTC price coincided with increased stablecoin deposits on crypto exchanges. However, such transactions are now decreasing.

A Potential Dip

Bitcoin has been going strong ever since the March sell-off and since then we have yet to see any meaningful pullback.

“BTC would have a correction when the spot inflow of institutional investors slows down,” says Ki-Young Jo, CEO of data provider CryptoQuant. He noted that Grayscale hasn’t purchased any BTC since Dec. 25. Also, we haven’t had significant Coinbase outflows since last week.

The relative strength indicator is also flashing red, putting the digital asset into overbought territory, suggesting the coin is “close to a top.”

“Key to this rally is that it has been sustained over several weeks,” said Matt Long, head of distribution and prime products with crypto brokerage OSL in Hong Kong. “If we do see a break to the downside, it will be instructive on the direction of first-quarter flows whether we see institutions continue to buy on a potential dip.”

The market has long been anticipating a correction that is yet to be seen. In the light of strong demand for Bitcoin, experts believe it won’t be as deep, 30% to 40%, as we saw during the 2017 bull run but less than half of that and even that would be quickly scooped off.

“My sense is we’re very close to a top — we could hit $30,000 though,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “We should definitely see a pullback, but the magnitude is probably lesser. We might only see 10% to 15% drops.”

According to Ayyar, a lot of things have been validated this year, and “Bitcoin is now a real alternative.”

Regulatory Worries

Regulators are also keeping things slightly uncertain. After the SEC sued Ripple Labs and its top executives for allegedly selling unregistered security XRP, it has been speculated that they are “sniffing around a number of projects and companies.”

The market can see the biggest hit if a stablecoin like the dominant USDT gets targeted. And although some may feel so, “Tether is registered and regulated under FinCEN as all the centralized competitors. Strict KYC/AML is applied to all Tether direct users, as the other main issuers are doing. Less regulated is just FUD,” clarified Paolo Ardoino, CTO at Tether and Bitfinex.

When it comes to Tether, the “SEC isn’t the agency to be worried about,” said Jake Chaervinksy, General Counsel at Compound Finance. The NYAG is already pursuing Tether in a Martin Act investigation, He said earlier this week that the handover of loan documents will be completed in “the coming weeks.”

Read Original/a>
Author: AnTy

What’s Next for Bitcoin, Now that It Broke Through $20,000?

The sky’s the limit for the largest cryptocurrency. But where we go to next in the short-term, that’s the next question in everyone’s mind because now no technicals are there to guide the market.

We have already gone well above $23,000, with the ‘real’ trading volume also surging past $11 billion. Antoni Trenchev, the co-founder of crypto lender Nexo, says,

“We have a new line in the sand and the focus shifts to the next round number of $30,000.”

“This is the start of a new chapter for Bitcoin. It’s a narrative the media and retail crowd can properly latch onto because they’ve been noticeably absent from this rally.”

According to Meltem Demirors, Bitcoin breaking above $20,000 marks an important psychological milestone. She told Bloomberg,

“The biggest thing is the macroeconomic conditions — this is the perfect setup for Bitcoin”

“From here things are going to move very quickly and I wouldn’t be surprised if we touched $35,000 in the next three to six months.”

This week, Bank of America’s survey revealed Bitcoin to be the third-largest crowded trade after long tech and the short US dollar.

It might look crowded to the outsiders, but the market knows that Bitcoin has just started its new cycle. Ed Campbell, managing director at QMA, said,

“People tend to pile into momentum trades, so Bitcoin could have more upside from here.”

As we have been reporting, institutions lead this uptrend with the retail “out of this rally,” which, according to Kay Van-Petersen, global macro strategist at Saxo Capital Markets, means the “price will now go from linear to parabolic.”

Interestingly, despite bitcoin’s big moves, implied volatility remains muted. The crypto market’s low volatility is expected to sustain the largest digital asset’s performance next year.

Not to mention, interest rates will remain at zero and sub-zero while the Federal Reserve announces that they will continue to keep up with its massive stimulus measures.

All of this has Bitcoin’s top in this bull rally anywhere between $100k to $500k and $1 million in an even larger scheme of things.

However, in the short-term, “testing $36,000 will be the next real objective,” if BTC sustains its momentum, said Dan Gunsberg, CEO of crypto trading platform Hxro, adding that a significant break below $13,800 would bring a much weaker period.

Read Original/a>
Author: AnTy

Kraken to Integrate Lightning Network in 2021 for Faster & Cheaper Bitcoin Transactions

Cryptocurrency exchange Kraken will be integrating the Lightning Network next year.

The day Bitcoin smashed through $20,000 to reach nearly $20,900, the same day Kraken announced that it would help its clients deposit and withdraw Bitcoin on Lightning Network, which is expected to be done by the first half of 2021.

This means instantly transferable Bitcoin at the lowest fees.

With the help of this integration, the cryptocurrency exchange will be able to scale to process millions of transactions per second,

“a leap forward enabling trades to be completed at a lower cost and with greater speed.”

However, Kraken says these features are just the beginning as it works towards shaping the “future of programmable payments with digital money.”

For the integration of the second layer of Bitcoin, Kraken will be hiring a team that will specifically focus on the Lightning Network, as part of the exchange’s “continuing effort to deliver the best possible experience for traders and investors.”

Read Original/a>
Author: AnTy

Ethereum Transaction Volume & Daily Active Wallets Took a Hit in November

November was a shaky month for Ethereum as it prepared for the launch of ETH 2.0. Amidst the excitement for the next phase, the total value locked in Ethereum DeFi showed erratic movements.

But the increase in prices helped TVL reach $13 billion by the end of the month, while adjusted TVL was around $11 billion, as per the latest Dapp Radar report.

While Daily active wallets grew by 239% year-on-year, they decreased by 19% month-on-month with the biggest drop recorded within the DeFi ecosystem, where daily active wallets took a dive from 54k to 45,600.

image2

Much like this, the total transaction volume surpassed $41 billion but was still down 12% to October levels; this has been because of a big decrease in the DeFi ecosystem, which accounts for 99% of it.

The NFT category, though fueled Ethereum volume it also saw a decrease of 24% while the Games category had an increase by almost $1 million, with Axie Infinity and Sorare being the biggest contributors with $2.2 million and $1.3 million, respectively.

image1

All of this obviously led to gas prices being a major network issue, as the average gas price got around 55 Gwei during the month.

“November was all about Ethereum 2.0 news and speculation, token price growth, and increased TVL. Although, transaction volume and daily active wallets decreased during November. We believe that improved results lie ahead for Ethereum,” concluded the Dapp Radar report.

As for other blockchains, Tron reached an all-time in terms of daily active wallets at 150,000 in November. But the same can’t be said of EOS, which, although saw improved activity, continues to see a decrease, painting a “doubtful” picture for the protocol.

Hive, meanwhile, managed to maintain a stable activity of 10k daily active wallets in November 2020.

Read Original/a>
Author: AnTy

Ethereum Proof of Stake (PoS) Will ‘Launch in 2020’ as ETH 2.0 Dec. 1st Launch Confirmed

It’s official! ETH 2.0, the Beacon Chain, is coming next week.

In a dramatic move, Ethereum community members deposited a huge chunk, more than 40% of all ETH required to reach the threshold to trigger ETH 2.0.

With an increase of 279% in deposits in just one day, the ETH community did the deed a day before and confirmed the launch of Phase 0 on December 1st as scheduled.

Interestingly, the price of ETH moved in the exact direction as of the staked Ether, as per Crypto Quant.

The price of ETH was just under $400 when the deposit contract for Beacon Chain was released to the public. And yesterday, ETH hit $600, going as far as $621.

CryptoQuant ETH 2 Staking Rate
Source: CryptoQuant

Now that ETH 2.0 is officially coming in a week and BTC price is making some moves today, ETH price is retreating but still around $600.

Along with this positive price action, Perpetual Swaps Open Interest also reached a new yearly high of $1.69b, both in USD terms and Ether terms.

The crypto community is excited about this development and congratulated the Ethereum team for this achievement.

“Congratulations to the ETH2 deposit contract for hitting the needful amount of ETH for Beacon Chain activation. A momentous achievement indeed!” said Su Zhu, CEO of Three Arrows Capital.

This is a very bullish development not only for Eth but for all things DeFi as “transition to PoS, alongside various upgrades will enable greater network scaling, with that, cheaper transaction and more efficient running of the network,” noted Denis Vinokourov of Bequant.

As for those who still want to deposit their ETH, they can do so at any time that is up until it officially closes today.

Bloomberg also noted this development that will allow the second largest network to process the same number of transactions like Visa and Mastercard. Launched in 2015, the project has been working on the upgrade for years now.

“Ethereum needs to scale to become a global substrate of the clearing and settlement layer,” Andrew Keys, a managing member in Darma Capital, told Bloomberg.

According to him, while the current version of Ethereum proved that the real-world items like gold, music, and currencies can be successfully digitized, “now, it needs to be able to serve global volume.”

Keys, who was one of the first employees of ConsenSys, is “100% certain that proof of stake will launch in 2020.”

Read Original/a>
Author: AnTy