The Price of Bitcoin Lags Behind The Growth of Crypto ATMs, Which Surpassed 11,100 Installs

While the price of cryptocurrencies is taking its sweet time to reach their all-time highs, Bitcoin is holding strong above the important psychological support level of $10,000, currently above $11,300; the same can’t be said of the fundamentals.

The crypto industry continues to grow fast, and the latest metric to reflect this is the crypto ATMs.

For the first time, the number of crypto ATM installations has exceeded 11,100, representing a surge of almost 75% since the beginning of this year, as per Crypto ATM Radar.

In 2020, already more than 4,700 new bitcoin ATMs have been added, more than double of last year’s growth as only about 2200 new crypto ATMs were installed in 2019. The growth of these ATMs has seen almost a parabolic uptrend in 2020.

Bitcoin ATM Installations Growth
Source: CoinATMRadar

The biggest net change in crypto ATM numbers was recorded in September as 973 ATMs were installed this month, which has been growing since May. As a matter of fact, throughout 2020, more than 250 ATMs were installed every month, unlike ever before.

Genesis Coin is the dominant contributor to this growth as it manufactured 35.9% of these ATMs, followed by General Bytes, with its share just under 30%. Other manufacturers account for less than 10% of the number of cryptocurrency machines installed by manufacturer share.

As always, most of these crypto ATMs, 86.6%, are based in North America, with the US representing 78.6%. Europe is another continent with 11.3% of this share, while others account for less than 1%.

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Author: AnTy

Gold Beating Bitcoin for Over 2 Months Now; A New ATH for Bullion is Imminent

Precious metals are enjoying the gains with gold rising 1.23% today to reach $1,840 per ounce today although it is Silver which has been stealing the show by having its highest finish since 2016.

XAU/USD chart
Source: TradingView XAU/USD

With the government and central banks releasing excessive stimulus, the new normal is benefiting the metals just as much as it is stocks which have been rallying hard throughout 2020.

The expectation for even more stimulus and lower interest rates amidst the rising debt and increasing coronavirus infections, slow economic recovery, and US-China tensions have prompted investors to keep buying the yellow metal.

“I wouldn’t be surprised to see gold test the all-time highs set in 2011 at around $1,900 per ounce,” said Thomas Taw, head of APAC iShares investment strategy at BlackRock previously.

With rates at virtually zero, gold and the likes of bitcoin becomes far more attractive when the real yield on alternative investment becomes negative.

Also, a meeting of European Union leaders in Brussels is also in agreement on a huge spending program of €1.82 trillion (over $2 trillion USD) while US lawmakers are set to start talks over an additional coronavirus aid bill.

All the money central banks are pumping in the market means further currency debasement which should help gold “profit as a store of value” and of course Bitcoin.

However, for now, gold is stealing the thunder with bitcoin down 6% since May 7th when the market topped at just above $10,000. Also, billionaire investor Paul Tudor Jones announced his fund was buying the digital asset calling Bitcoin the “fastest horse” and an inflation hedge while gold has jumped 7.5% during the same period.

While bullion has been enjoying all the bullish factors, bitcoin has been stuck in a rut all this time after surging to $10,000 in the aftermath of the March sell-off. The range bitcoin has been trading has been getting tighter and tighter, one month price range has been actually at an all-time low, with volatility declining as well.

Today, however, after a long time, bitcoin is making some moves, rising above $9,400 with ‘real’ trading volume also increasing albeit slowly to $1.3 billion.

Meanwhile, Citigroup analysts say gold hitting a new all-time high is “only a matter of time.” The yellow metal is already up 20.5% YTD.

The precious metal has already posted fresh records in G-10 and major emerging market currency this year. Gold is expected to climb to a new ATH in the six-to-nine months with a 30% probability that it’ll top $2,000 an ounce in the next three-to-five months. Last month, Bank of America made even a higher top prediction at $3,000 per ounce.

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Author: AnTy

Blockchain Analysis Firm Chainalysis Looks to Expand Its Network With Partnership Program

Chainalysis, one of the prominent blockchain analytics firm is looking for new partners to expand its reach in the decentralized space. The firm has launched a major partnership program in order to expand its operational base and also enhance its intelligence capabilities.

Chainalysis has made a name for itself through its various investigating and monitoring tools which have been utilized by government agencies and private firms alike. Chainalysis tools are majorly used to monitor the movement of funds and transaction to trace whether the transaction is being done for illicit activities.

In the recent past, Chainalysis has partnered with major crypto exchanges and blockchain firms, especially after major countries, have taken a stricter regulatory stance. The firm has also published several important research pieces be it the movement of stolen funds from major crypto exchanges or movement of funds from scam associated wallets.

The Goal Behind Recently Announced Partnership Program

Jason Bonds, the chief revenue officer at Chainalysis explained that the new program is aimed at several categories of collaboration with different types of firms and institutions. The key areas of focus would include collaboration with compliance firms with whom their investigative tools can be easily integrated. These firms would cover the base expanding the use of Chainalysis tools.

The second major focus would be on the distribution partners which include several existing markets where Chainalysis is active and also newer domains to expand the reach. Bond also identified two key distributors in the form of Carahsoft, an IT service provider who is working with the federal as well as state institutions in the US, and M.Tech, a Singapore-based cybersecurity firm currently active in the Asia Pacific region.

Rayson Lim, the chief financial officer at M.Tech noted the importance of such partnership programs and how the demand for such blockchain monitoring tools. He said,

“In the APAC marketplace, we are noticing increased demand from law enforcement for cryptocurrency investigative software. Our partnership with a top tier company like Chainalysis will help fill this demand.”

The third key factor for Chainalysis would be to expand its own intelligence capabilities and refine their data to ensure better results. In order to do that, they are looking to collaborate with data providers in the area of ransomware which has been the biggest nuisance in the decentralized space.

Chainalysis promises to reveal every detail of the partnership program and plans to create a partner directory which would be publicly available to make sure every aspect of its program is transparent.

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Author: Rebecca Asseh

Elon Musk’s Tesla (TSLA) Stock is Mimicking Bitcoin’s 2017 Parabolic Move, Will It Last?

  • Tesla “anxious to reach Mars before SpaceX has a chance to get there” as it jumps 118% YTD
  • Despite never being profitable on an annual basis, Tesla shares are at an all-time high

One of the most astounding bull markets was of the Bitcoin that saw the digital asset surging $20,000 in 2017.

However, there is yet another stock in 2020 that is mimicking Bitcoin’s movement from 2017. And this is none other than crypto proponent Elon Musk’s Tesla.

Last week the stock market succumbed to the fear over the deadly coronavirus outbreak and as it started recovering, Tesla has emerged as the winner.

“The shining star by far has been Tesla, which seems anxious to reach Mars before SpaceX has a chance to get there,” said Mati Greenspan, founder of Quantum Economics in his Tuesday newsletter.

Larger than Ford, BMW, GM, & Harley Davidson Combined

Since October, TSLA stocks have seen a massive jump of 212%. The level of its success can be understood from the fact that Tesla’s market cap of $140 billion is now larger than BMW, General Motors, Ford, and Harley Davidson… combined.

Before its regular trading today, Tesla surged over 15%, a crypto-esque move, which came after a nearly 20% pump yesterday during regular trading. Just a week ago, Tesla shares were worth $560 and today they have jumped past $900 to $925.

Last Wednesday, the company reported earnings leading to a nice bump to the company’s market value. Although Tesla’s financial situation improved in recent years it reported zero year-over-year revenue growth.

Despite never being profitable on an annual basis, Tesla shares are at an all-time high.

“I just can’t believe this freaking stock. It’s insane,” Roth Capital analyst Craig Irwin told CNBC. “This is a big separation from those of us who like to pull out the calculators and look at reality.”

Short Seller or an Edge over the Auto Industry?

However, not all were gainers. Tesla short-sellers or traders betting that the automaker’s shares will decline. They have lost more than $8 billion since the beginning of the year.

A potential reason behind this surge could be the company expanding its edge over the auto industry.

“There’s a recognition that Tesla is in a preeminent position in terms of EV technology,” Peter Rawlinson, the chief executive officer of upstart Lucid Motors Inc., said in an interview with Bloomberg. “They’re even further ahead than has been reported, and I think the gap is widening, not closing.”

Amidst this, billionaire investor Ron Baron has a big belief in Tesla which he said has the potential to hit “at least ” $1 trillion in revenue in 10 years and then further continue to grow from there.

Getting Flashbacks of Bitcoin Bull Run in 2017

While Greenspan is wondering “just how happy the Fed and daddy Powell are to see where all their newly printed money is going,” others are getting flashbacks of the Bitcoin bull run of 2017.

In 2020, TESLA is up over 118% YTD while in comparison Bitcoin has seen only a 25% surge.

“Hearing a Wall Street analyst calling for Tesla to go to 7K is no different than hearing euphoric Bitcoin bulls call for 100K in December 2017. People rarely learn from examples of the past. I would LOVE to see Tesla at 7K, but there’s no rational reason to expect it,” wrote trader Scott Melker.

Now, what remains to be seen is how high TESLA is going and if Bitcoin is ready for its another bull run as it approaches reward halving in May.

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Author: AnTy

Bitcoin Price to $9k ‘Inevitable’ But What Will Confirm the Next Big Uptrend?

  • Jump in BTC price resulted in Bitcoin futures recording $25 billion in volume, OI surged 15% to reach $3.5 billion & options volume on Deribit Exchange spiked 500%
  • Crypto Twitter feeling very bullish, a vast majority think 2020 high will be above $20k
  • “New year, new money, (or) new enthusiasm,” what got the altcoins going?

Yesterday BTC jumped about 10% to cross the $8,900 level. Altcoins, however, pumped harder than Bitcoin.

While former hedge fund manager Mike Novogratz isn’t sure what brought on this altcoin rally, if it was “new year, new money, (or) new enthusiasm,” It could just be the lack of liquidity in altcoins or “closely held BTC forks” that makes it very easy to pump them and drag the entire market up. Saifedean Ammous, author of The Bitcoin Standard notes,

“Altcoins have approximately zero liquidity, so when Bitcoin starts to rise, it only takes a little bit of money seeking “diversification” to make altcoins rally. As alt liquidity rises & their numbers swell, the effect dissipates.”

However trader Josh Olszewicz says for Litecoin (LTC), EOS, Zcoin (ZEC), and Ethereum Classic (ETC), it was a matter of technicals. Six month accumulation period after two-year downtrend combined with growing bullish divergence on RSI for most of the higher caps, and favorable trend metrics (Cloud/EMAs) drove the price up.

Volume Jumped Across the Board

Although the world’s leading cryptocurrency couldn’t sustain this level, along with price the volume across the board saw a substantial jump too.

According to crypto analytics firm Skew, Jan. 14 was the most active session of the year for Bitcoin futures. It has actually been the busiest one since Oct. 26. The company recorded over $25 billion in Bitcoin futures trading volume.

When it comes to open interest, it surged 15% to reach $3.5 billion on all the bitcoin derivatives exchanges combined.

The options volume on Deribit Exchange, the dominant force in the bitcoin options sector, saw an increase of 500% yesterday.

Crypto Twitter is Feeling Very Bullish

Bitcoin’s 10% rally in a day and nearly 19.50% gains YTD have turned the Crypto Twitter extremity bullish as can be seen in the result of the poll run by economist and trader Alex Kruger.

Over 47% of the 4,079 respondents think the high of 2020 will be above $20,000. It is followed by the $14k to 19k and then below $11,500.

The bracket price of $11,500 to $14,000 that received the least votes, 10.5%, is however, Kruger’s personal educated guess, the level he sees BTC topping this year.

What’s to Come?

After climbing to $8,900 yesterday, Bitcoin is currently trading at $8,747. As Bitcoin takes a rest with volume dragging down, altcoins have started cooling off as well.

According to investor and trader Josh Rager, $9,400 is the significant area for BTC to take as it held support for June-Sept. range. The next important level is $10,350 which is the point of control. At this price point, the highest volume was traded from May to Dec. He said,

“Breaking $10,350s, IMO, will confirm next big uptrend with 5-digit BTC for months to come.”

Meanwhile, trader CryptoSqueeze believes $9k is coming.

“BITCOIN CANT STOP WONT STOP. I think 9k is inevitable at this point. Back in my long. I’d be more concerned of not having a long than trying to time the dip.”

While many are still bullish…

Some are not feeling this rally…

The rally had BitMEX registering its highest daily funding rate yesterday since 11/6 but analyst Rptr45 notes, this was where “it subsequently sold off ~20% in the next 20D.”

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Author: AnTy

Peter Brandt Considers Bitcoin Could Reach $100k During The Next Bull Run

Bitcoin could eventually reach $100,000, the main question is when and how. This is according to Peter Brandt, one of the most respected cryptocurrency analysts in the crypto market. He spoke on this in a recent video released a few days ago.

Peter Brandt Explains How Bitcoin Could Reach $100k

In this explanatory video, he said that Bitcoin is moving towards the $100,000 mark or even further in the long-term. He shared a chart in which Bitcoin is close to the bottom of a multi-year channel and the current bear channel in which Bitcoin is since June 2019 will eventually help the market gather enough strength to move higher.

At the same time, he explained he is not trying to get new signals every single day or week considering he based his analysis on possibilities rather than certainties. If Bitcoin is able to break out from the current bear channel, the next bull phase could start and help the leading digital currency reach a new all-time high.

However, things could not go as planned if Bitcoin continues the current bear trend and if it breaks the multi-year trend. Bitcoin could move down to as low as $5,324 in July 2020. That would mean a price decrease of around 30% from current values.

Nevertheless, he considers that Bitcoin will never go to zero because there will always be interest from the community at any price level. Indeed, the digital currency is currently being traded around $7,615 and it has a valuation of $137.79 billion.

In order to reach these price predictions, he explained that chart analysis is based on fractals. The main advantage of these analysis in the fact that it is possible to identify few opportunities each year with asymmetrical reward-to-risk ratio and in Bitcoin, it is possible to find these opportunities around four to five times a year.

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Author: Carl T

Bitcoin is ‘Undervalued’ Until it Manages to Reach Gold’s Market Cap of $7 Trillion: Winklevoss Twins


Bitcoin Is Still ‘Undervalued’ Until It Manages To Reach Market Cap Of $7 Trillion, According To Winklevoss Twins

Have you been watching the performance of Bitcoin these past few months with some thinly veiled feelings of remorse that you weren’t one of those investors being brought along for the bullish ride? Well you’ve got another thing coming if you think you’ve missed out, this is what the Winklevoss twins think, at least.

According to the co-founders behind Gemini, Bitcoin still has plenty of room and time to surge ever upwards, and are under no allusion that it is currently ridiculously undervalued. Just how undervalued, exactly? The duo believe that it will continue to be so long as it has anything less than a $7 trillion market capitalization to its name. To put this into some interesting perspective – the current market cap for Bitcoin this quarter is $229 billion.

Being the owners of 1 percent of all circulated Bitcoin has put Cameron and Tyler Winklevoss into a very enviable position, and the two base their theory on Bitcoin having all the potential to surpass the current market cap for Gold, which is at 7 trillion dollars.

“Our thesis is that bitcoin is gold 2.0 and so until it has a market cap of $7 trillion, which is the size of gold, it’s a very under-valued asset, so I think people are waking up to that.” This is according to the two who took part in a discussion on CNBC.

Digital Gold? Can Bitcoin Outmatch The Precious Metal?

For an increasing number of people, Bitcoin is getting considered as the next generation class of precious metal – ‘Digital Gold’ – and a viable kind of store of value thanks both to its in-built scarcity and lack of correlation with any other market asset.

This makes it a highly effective hedge investment to have during times of economic uncertainty. And while there have been some fluctuations in its value over this quarter, the digital gold narrative is one that has gone from strength to strength.

The Cypto Fund Grayscale, which manages more than 2.8 billion dollars worth of assets, took to social media to kick off its #DropGold campaign. It is using this in order to encourage investors to switch out their Gold in exchange for Bitcoin. This has since been something that the Winklevoss Twins have come to espouse too.

According to Grayscale (@GrayscaleInvest), Gold is something worth looking into kicking out of your portfolio from its Twitter account on Mat 1st, 2019:

“Why is #Gold still in your Portfolio? #DropGold (”

This seems to be a hashtag trend and narrative that has been steadily gaining momentum online and in the investment world. An increasing number of traders operating on Wall Street, for example, not urge investors to consider a 5 percent portfolio allocation over to Bitcoin

“Usually in a portfolio, gold is about 5-10% of the portfolio so there’s nothing wrong with saying bitcoin couldn’t be 5-10% of a portfolio right now.” –  This is according to a statement provided by Anthony Grisanti during an interview on CNBC.

Winklevoss Twins Go Double Or Nothing On Bitcoin

We all commonly know the Winklevoss Twins from the hectic legal suit between themselves and Mark Zuckerberg back in 2013. Since managing to take millions of dollars from that settlement, the two decided to pour it into Bitcoin. Effectively, they managed to invest in the crypto startup company – BitInstant and have since managed to accrue a total holding of around 1 percent of all BTC in circulation.

Since then, they took to creating and launching their own Crypto exchange known as Gemini, and is in the process of getting involved in official Over the Counter trading (OTC).

Even with the kind of exceptional growth that Bitcoin has undergone in the last few years, the two believe that it is still very much in the formative years of its development, with much more to come in the foreseeable future.

“We still think it’s the bottom of the first inning,” to borrow a Baseball analogy.

Some Advice To Zuckerberg And Facebook’s Libra Crypto Project

While there is certainly cause for some kind of modicum of hard feelings between the twins and Mark Zuckerberg over intellectual property claims regarding Facebook. This hasn’t stopped the two from sharing their thoughts on the recently announced project and cryptocurrency coming from the platform known as Libra.

So what kind of advice did they provide to their former nemesis exactly?

“Talk with [regulators]. You know, we definitely went through the front door, and we tried to educate the regulators and shape the regulation in a thoughtful manner because if you get the regulation wrong it can stifle innovation.”

While the two have been on the figurative shop floor of cryptocurrencies, they have always been firm advocates for an approach by startups that allows them to obtain regulatory compliance and, therefore, approval. The twins were among some of the first to speak to regulators situated in New York, and were responsible for a rather controversial call for implementing ‘rules’ within the Bitcoin ecosystem to improve its chances of being adopted by mainstream finance.

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Author: James Fox

XRP Price Prediction: Long-term (XRP) Value Forecast – July 6

  • On June 22, the bulls broke the $0.46 overhead resistance and reach a high of $0.51 price level.
  • On the upside, if the bulls break above the EMAs, the XRP price will rise to retest the $0.46 resistance level.

XRP /USD Price Long-term Trend: Ranging

  • Supply levels: $0.46, $0.48, $ 0.50
  • Demand levels: $0.40, $0.38, $0.36

On May 15, the XRP market reached the $0.46 overhead resistance level. The bulls had been trading below the overhead resistance. On May 15 and 28, the bulls tested the overhead resistance. When the bulls tested the overhead resistance, the price would fall either to the support of 12-day EMA or 26-day EMA.

At other times price would find support at a low of $0.38 or $0.40 price level. However, on June 22, the bulls broke the $0.46 overhead resistance and reach a high of $0.51 price level. Nevertheless, the bulls could  not sustained the price above the overhead resistance.

On June 23, the bulls were resisted and the XRP had a downward correction to a low at the $0.40 price level. The crypto’s price is now below the EMAs. On the upside, if the bulls break above the EMAs, the XRP price will rise to retest the $0.46 resistance level. On the downside, if the bulls fail to break the EMAs, the XRP price may continue its range bound move. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

XRP’s price is $0.40 XRP/USD exchange rate today. The real-time XRP market cap of $16.96 Billion currently ranks #3 with , daily trading volume of $540.67 Million and live coin value change of XRP 4.28 in the last 24 hours.

Latest Ripple Industry News and XRP Coin Analysis Updates

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

Zcoin Price Prediction Today: Daily (XZC) Value Forecast – July 2

  • On the downside, if the bearish trend continues, the market will reach the lows of $7, or $8 price level.
  • From the price action, the bulls were unable to break the $13 price level.

XZC/USD Medium-term Trend: Bearish

  • Resistance Levels: $12.0, $13.0 $14.0
  • Support levels: $10.0, $9., $8.0

Yesterday, July 1, the price of Zcoin was in a bearish trend zone. From the Fibonacci tool, the coin has reached the downtrend zone of Fib retracement level. The price of Zcoin has earlier broken the continuation zones of 0.236 and 0.382 Fib. retracement level. The current trend may have been terminated. On the downside, if the bearish trend continues, the market will reach the lows of $7, or $8 price level.

From the price action, the bulls were unable to break the $13 price level. On June 12, the bulls were resisted and the price retraced to the  12-day EMA. On June 19, the bulls tested the $13 price level and were resisted. The market had a downward correction to a low of $10. Meanwhile, the price of Zcoin is in the oversold region of the daily stochastic but below the 40% range. This indicates that price is in the bearish momentum and a sell signal.

. XZC/USD Short-term Trend: Bearish

On the 1-hour chart, the XZC price was in a bearish trend. The 12-day EMA and the 26-day EMA were pointing southward indicating that price is in a downtrend. On June 26, the crypto’s price tested the $12.50 resistance level. The market was on a downward correction to at $10. Meanwhile, the price of Zcoin is in the oversold region of the daily stochastic but above the 20% range. This indicates that price is in the bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

CME Bitcoin Futures Broke $10,000 Due To A Large Interest From Crypto Investors

CME Bitcoin Futures Broke $10,000 Due To A Large Interest From Crypto Investors
  • Bitcoin futures reach a new all-time this year high at the CME surpassing $10,000
  • The spot price of Bitcoin is also getting closer to $10,000
  • Bitcoin futures on the Chicago Mercantile Exchange (CME) have reached new highs this year after breaking above $10,000 for a short period of time a few hours ago. This is according to data provided by the trading analytics platform TradingView.

Bitcoin Futures Reach $10,000

As the crypto spot market continues to grow, Bitcoin futures reached a new record high this year after being traded around $10,050. This is the first time that Bitcoin futures reach this price level since March 2018. At that time, Bitcoin was traded around $11,000 per coin.

At the same time, the CME bitcoin futures total open interest (OI) has also reached $273 million after the all-time high of 5,311 contracts that were valued at $256 million this week. The CME explained that there is a growing interest from larger investors, including institutions.

These futures contracts allow users and investors to agree on a transaction of Bitcoin on a specific future date and at a specific price. At the same time, the CME Group became the second global exchange that listed Bitcoin futures after the Chicago Board Options Exchange (CBOE), which is now not offering BC future anymore.

The Bitcoin futures contracts offered by the CME are currently cash settled, which means that investors are not dealing with the Bitcoin itself but they process all the transactions in US dollars.

Meanwhile, the spot price of Bitcoin is also getting closer to $10,000 as we write this article. According to CoinMarketCap, Bitcoin is being traded around $9,900 and it has a market capitalization of $176 billion. In the last 24 hours, Bitcoin surged almost 5%.

The Intercontinental Exchange (ICE) is working in order to offer physical Bitcoin futures contracts through its company called Bakkt. Nonetheless, there is no specific date for launching this platform.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T