Even JPMorgan Has Turned Bullish, Now Saying “The Previous Phase Of Demand Weakness Is Over”

“Significant impulse” seen in the futures as a sharp rebound of crypto “caught most investors by surprise,” more so on ETH, whose OI on CME has hit a new peak in USD, all the while on the back of low leverage. At the same time, the long USD continues to soar to new highs.

Bitcoin and Ether are recovering spectacularly from the losses recorded in the second half of May, the entire June, and much of July.

August is finally looking good after nearly three months of red, with BTC almost touching $48,000 on Friday and Ether climbing to $3,330. The total crypto market cap aims for $2.1 trillion, now closer to the $2.55 trillion peak from mid-May.

Interestingly, just like crypto-assets rallied into the end of 2020 to the 2017 ATHs, this time, prices are slowly moving towards their 2021 peaks without the high leverage. FRNT Financial CEO Stephane Ouellette said in an interview,

“Typically, we look at that as more of a strong-handed rally, which implies that the leverage portion of the rally comes later.”

“If that is the case, those $100,000 targets are very reasonable, I’d suggest. The last time we saw a move of this little leverage, we were pointing towards $20,000, and we didn’t really see the leverage come into the market in an aggressive way until we got to $40,000, which took us to $65,000.”

On Binance, BTC’s annualized daily basis is currently 3.56%, down from 41.4% in mid-April, which was a mere 0.2% in late March just before its peak. As of writing, the highest Bitcoin funding rate is 0.0240% on FTX while keeping around 0.1% on the majority of the crypto exchanges, as per Bybt.

As for ETH, it’s 3.72% (7DMA, APY), while in February, it was above 50% on Binance compared to 131% on Bybit and 113.7% on BitMEX. Currently, it is 21% on BitMEX and 3.72% on Bybit.

All the while, open interest on futures continues to climb; on Bitcoin contracts, it is $16.72 bln back to May levels. This OI is up 57.4% from the late June low and still down 39.6% from the April high.

As for Ether, OI is currently sitting at just above $9 bln, up 104% from late June low but down 22% from May high.

On CME, OI on Bitcoin futures is $1.71 bln, down from a $3.26 high on Feb. 21 but up from $1.14 bln on July 1st — accounting for 10.23% of the market share. Unlike BTC, on Eth futures, OI on CME has surpassed the May 14 peak of $607.88 mln to reach $648.5 mln — accounting for a 7.02% market share.

Traders on CME are also closing their short positions, which have hit their smallest since mid-May. Bitcoin net shorts have fallen to 1,104 contracts from 1,290 in the previous week.

Amidst this, US dollar net longs rose again to reach their highest level, $3.08 billion, since early March last year. US dollar positioning has been net long for four weeks in a row now after staying net short for 16 months. JPMorgan strategist Nick Panigirtzoglou wrote in his latest crypto report,

“There are clear signs of demand improvement in futures markets pointing to rising institutional demand for crypto. Momentum traders such as CTAs have likely amplified recent crypto price moves as the shorter lookback period momentum signals shifted from negative to positive territory for both bitcoin and ethereum. Typically this is when momentum traders’ impact is mostly felt as they are forced to exit short positions and start building up long positions.”

According to the strategist, the institutional buying of crypto has reversed and spiked after several months of muted activity.

This is because “the sharp rebound of crypto markets over the past three weeks caught most investors by surprise,” wrote Panigirtzoglou.

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JPM now sees a “significant impulse” in the futures. They have now come around on backwardation as well, which they previously saw as a bearish signal. Back in early June, in contrast, trader CL of eGirl Capital had said that longing BTC every time it’s in backwardation has resulted in significant profits.

Now JPM is also arguing “that the previous phase of demand weakness is over.”

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Author: AnTy

Global Bitcoin ATM Installation Shoots Past 24,000 In 2021: Report

This year has seen a sharp increase in the number of crypto automated teller machines (ATMs) installed worldwide. Data from Coin ATM Radar shows that crypto ATM installation has increased by more than 70% to over 24,000 this year.

Over 10,000 Crypto ATMs Installed In 2021

No less than 10,000 new crypto ATMs have been installed this year alone, surpassing the 7,620 added in 2020, per Coin ATM Radar. These crypto ATMs are being installed at a speed of roughly 52.3 ATMs per day.

At press time, the crypto ATM tracker reported a total of 24,004 crypto ATMs globally. This represents a 71.73% growth from the 13,993 crypto machines earlier this year.

The US takes the lead for the country with the most installations, according to the report. There are over 21,161 ATMs in the US alone. Canada closely follows the US with 1,698 locations and the UK with 174 locations.

In terms of the manufacturers of the mahines, Genesis Coin tops the list with a total of 9,813 machines installed. This is closely followed by General Bytes with 5,720, Bitaccess with 2,766, and Coinsource with 1,684 machines.

The ATMs are operated by more than 600 different companies. Bitcoin Depot controls the market with about 15.8% market share.

Crypto ATM Operators Sealing Partnership Deals

Earlier this year, Bitcoin Depot started its expansion plans when it launched 115 kiosks across 24 US states, including Alabama, Minnesota, Florida, and California.

Bitcoin Depot has continued to grow its reach. Just last week, the crypto ATM operator sealed a partnership with convenience store chain Circle K.

Through this collaboration, Bitcoin Depot plans to expand its ATMs by installing over 6,000 kiosks across North America by the end of 2021.The partnership has resulted in the installation of more than 700 Bitcoin ATMs in the US and Canada.

Other operators like Coin Cloud and CoinFlip have also signed partnerships with celebrities to boost their operations. Coin Cloud partnered with Oscar-winning filmmaker Spike Lee to promote cryptocurrency ATMs in an ad campaign.

The multimillion-dollar media campaign was tagged “The Currency of Currency” and was directed by Lee.

Last month, Coinflip also partnered with actor and bitcoin investor Neil Patrick Harris on a marketing campaign. The campaign titled “So Flippin’ Easy,” was aimed at promoting cryptocurrency investing.

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Author: Jimmy Aki

Austrian Financial Market Authority (FMA) Sees A Sharp Rise in Crypto-Related Fraud

Austrian Financial Market Authority (FMA) Sees A Sharp Rise in Cryptocurrency Related Fraud

The Austrian regulator reported a record amount of potential frauds in 2020. And cryptocurrencies are at its center, with two-thirds of investment fraud reports related to digital assets trading products.

Besides cryptocurrencies, the frauds were related to gold and stocks, Financial Market Authority said in a statement.

A rise in scam offerings for digital assets was seen on “dubious” platforms that were often advertised on social media like WhatsApp, Telegram, Facebook, or TikTok, the regulator said.

“We see a great need for stricter regulation,” FMA spokesman Klaus Grubelnik said on Friday.

He further said the prosecution of these cryptocurrency-related frauds was even more difficult because investigations have to be conducted across borders. While fake offerings for bullion and stocks have been around forever, the shaft has now been seen towards the digital assets “because of the hype,” Grubelnik said.

In 2021, so far, the price of Bitcoin has surged past $57,000, hitting a trillion-dollar market cap. The entire cryptocurrency has been enjoying a bull run, with the overall market capitalization going past $1.75 trillion.

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Author: AnTy

Ripple-Partner, MoneyGram, Sees 107% Growth in Customer Transactions YoY: Q1 2020 Report

MoneyGram International Inc. (MASDAQ:MIG) peaked at $4.03 on June 10, 2020, representing a sharp 20% increase since the markets opened on Monday. The rise comes in light of the recent release of positive reports on the company’s financial health and customer growth in Q1 2020.

MoneyGram registers 100% YoY growth in customer transactions

In a press release, MoneyGram reports a year-over-year (YoY) growth of over 100 percent in customer transactions on its platforms in Q1 2020. At the end of last year, the international remittance money processor received a $20 million funding from the Ripple Inc. to boost its payment solutions. The funding completes its $50 million offerings for a 15% stake in MoneyGram to run its pilot program for testing the digital token XRP.

In Q1 2020, the company registered expansionary customer transaction growth rates of 57% despite the challenging COVID-10 global pandemic. Ripple Inc. denies any part in MoneyGram’s exploding numbers but remains heavily invested in the company. In February 2020, Ripple disbursed an $11.3 million funding (in XRP) in “money development fees” calling it an incentive program. Alex Holmes MoneyGram Chairman and CEO said,

“I’m excited to report that our strong digital growth continued to accelerate in May, highlighting yet again the incredible progress we’ve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money.”

“May was a good month”

MoneyGram’s online platform was the best performing platform, registering a 107% YoY growth rate as of May 2020. This was mainly driven by the launch of their mobile device application –contributing to over 80% of the online transactions. Kamila Chytil, Chief Operating Officer at MoneyGram said,

“We’ve built a modern, mobile, API-driven company that is resonating with millions of consumers across the globe.”

The account deposit and mobile wallet transactions also experience an 80 percent YoY growth but the past month was more impressive registering a monthly growth rate of 156%.

The growth of MoneyGram’s transaction also stems from the deep roots of the company in 200 countries (70 countries enjoying the digital services). MoneyGram recently announced a partnership with Federal Bank in India to facilitate instant transactions in the country. There was also speculation that MoneyGram may be acquired by Western Union, but there hasn’t been an official word from either company.

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Author: Lujan Odera