One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory

Despite the volatility this week, due to Coinbase making its debut on Nasdaq, the Bitcoin price is holding strong above $62,000.

Amidst this, over $623 million worth of BTC stolen in the Bitfinex hack in 2016 moved, representing 10% of the total 119,756 BTC originally stolen. This could have been an attempt to move unseen amidst all the worldwide frenzy around “COIN” listing.

After hitting nearly $65,000 on Wednesday, BTC took a hit to $61,500, which in part could be due to stolen bitcoin moving and in part COIN shares ending up lowering 24%. But the market expects BTC to be back to a new ATH before taking over $70k.

While anything can happen in the market, we are far from topping out based on past performance.

As CoinGecko notes in its latest 2021 Q1 report on the cryptocurrency industry, the ascent of Bitcoin in this cycle (2020- 2022) is mimicking the trajectory it took in the last cycle (2016-2018).

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As we recently reported, despite rallying 1,610% from March lows, due to a wave of institutional adoption amid a conducive macro-environment, BTC is only 225% above its 2017 peak of $20,000. By comparison, the 2017 peak was 1,578% above 2013 ATH, and the 2013 peak was 3,590% higher than the 2011 ATH.

Interestingly, unlike last year and the previous cycle, this cycle we see very low volatility despite bitcoin becoming a trillion-dollar crypto asset, making its way to a six-figure price.

One reason why bitcoin might continue its trajectory, according to the report, is inflation. After spending trillions of dollars, another $1.9 trillion bill was passed this week that will again pour more money into the market.

Moreover, with the Federal Reserve determined to keep interest rates low, there is a growing fear of rising inflation, a setup that has made Bitcoin an increasingly viable hedge against the inflationary macro-environment stated Coingecko.

As we have seen, Bitcoin continues to outperform all major asset classes, but while the stock market is doing good, making new ATHs, gold, and bonds (TLT) did not amidst a “rally” in the U.S. Dollar index and rising bond yields.

Bitcoin’s market capitalization is actually just 10X away from flipping gold.

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When it comes to the rest of the market, Ether is finally moving up, hitting $2,400 this week. But with rising prices comes congestion and fee spikes, making it not conducive for retail users to do even a simple swap using DEXs. ETH 3.60% Ethereum / USD ETHUSD $ 2,523.06
$90.833.60%
Volume 32.2 b Change $90.83 Open $2,523.06 Circulating 115.48 m Market Cap 291.37 b
3 h European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain 3 h Gitcoin Spins Out of ConsenSys After Raising Over $11M in a ‘Strategic’ Capital Move 4 h Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)

With ‘Ethereum-Killers’ racing to offer the cheapest gas fees, this turned out to be good for Binance’s BSC. SOL 6.43% Solana / USD SOLUSD $ 27.85
$1.796.43%
Volume 221.45 m Change $1.79 Open $27.85 Circulating 270.02 m Market Cap 7.52 b
6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 1 d Solana’s Data Aggregator Step Finance Raises $2 Million in Private Sale 3 d BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’
BNB 0.93% Binance Coin / USD BNBUSD $ 544.29
$5.060.93%
Volume 4.59 b Change $5.06 Open $544.29 Circulating 154.53 m Market Cap 84.11 b
6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 1 d Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News 1 d Binance Is Listing A Tokenized Stock of Coinbase, CZ says ‘Rooting for $COIN’
ADA 1.61% Cardano / USD ADAUSD $ 1.48
$0.021.61%
Volume 5.34 b Change $0.02 Open $1.48 Circulating 31.95 b Market Cap 47.39 b
6 h Cardano Releases Plutus Smart Contract Language in Preparation for Alonzo Hard Fork 6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 6 d Revolut Adds 11 New ‘Hot’ Cryptos Including DeFi Tokens for UK and EU Users

“Total TVL is growing, but BSC’s TVL appears to be stealing Ethereum’s thunder – in Q1 2021 alone, BSC’s TVL rose from 3% to 27%. Apr-21 Ethereum is likely losing ground because of rising gas fees which drives away retail users,” noted the report.

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Author: AnTy

Turkish Lira (TRY) Crashes 15% in a Single Day; Bitcoin (BTC) Starts A Green Week Above $58k

This big fall in Turkish Lira against USD to nearly record low from November has the country’s people curious and searching about Bitcoin.

The price of Bitcoin is on the rise today, going above $58,000 after a drop to just under $55,500 over the weekend.

While it has been a bad weekend for the Bitcoin longs, trader and economist Alex Kruger says, “we are up for a strong week.” From cryptocurrencies, stocks, bonds, to metals, everything will be up while the dollar makes its way down.

His reason for a risk-on week is the stimulus checks that Americans have been receiving since last week. Also, because bonds rallied on Friday’s major negative news, the Federal Reserve declined to extend its Covid-19 capital break-in, which is “very positive for tech, which dominates risk sentiment.”

The Fed said it would allow a change to the supplementary leverage ratio (SLR) to expire March 31, when announced in April 2020; this allowed banks to exclude Treasury and deposits with Fed banks from the calculation of the leverage ratio.

According to some, it could be a signal that the central bank won’t buy $120 billion of bonds a month indefinitely.

However, Kruger said, the concerns in the form of portfolio rebalancing outflows for equities, crypto regulatory FUD re-emerging, and that the crypto curve steepens too fast can hurt the bulls.

Aggressive Moves

The gains to mark the start of the week are coming as the US dollar eases down after surging past 92 level, aiming for an early March level of 92.5, which was seen in late November before that, on Sunday. The greenback rallied on the back of higher Treasury yields following the Fed’s pushback against speculation over interest rate spikes but is having a slight red start of the week.

The US economy is heading for its strongest growth in about 40 years, with inflation expected to jump to 2.4% this year, above the central bank’s 2% target as policymakers pledge to keep on supplying aid, said Fed Chairman Jerome Powell.

According to BofA, US 10-year Treasury yields could rise to 2.15% by year-end, having revised its target citing “much more aggressive” US fiscal stimulus impulse and rapid vaccinations in the US.

Amidst all this, the Turkish Lira (TRY) crashed 15% on Monday, approaching its record low from November, and dollar bonds sold off following President Tayyip Erdogan’s decision to oust a central bank governor.

Turkish stock index also slipped 9% to a three-month low after the appointment of Sahap Kavcioglu, a former banker and ruling party lawmaker, which sparked fears of a reversal of recent rate hikes. Ulrich Leuchtmann, head of FX at Commerzbank said,

“It may well be that interest rate hikes are once again permitted by Erdogan in a phase of crisis-like lira depreciation, but the recent developments should have shown currency traders that even then a sustainable monetary policy regime change is not to be expected.”

“The calming effect of interest rate hikes has probably been largely destroyed.”

The South African rand has also slipped ahead of the central bank meeting, where the South Africa Reserve Bank is expected to keep the rates unchanged. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation noted,

“A nation of 82 million sees its currency crash 15% in a single day. No coincidence that Turkey has some of the highest per-capita Bitcoin usage in the world. A growing number of Turks are peacefully choosing a different monetary system that their oppressors can’t control.”

Interestingly, the fall in Turkey’s fiat currency coincides with a surge in Google searches for the term “Bitcoin.” Ever since October, it has been on an uptrend and took a big jump today before normalizing.

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Author: AnTy

Alameda’s Beef with Reef Finance, A Case of “Trust” and “Misunderstanding”

This week, besides the on-chain war over who is responsible for the movement of 18,969 BTC on the Gemini crypto exchange, the market saw another drama unfold when Alameda Research, a trading firm by Sam Bankman-Fried, the CEO of popular crypto exchange FTX, said they do not affiliate with or endorse REEF.

This resulted in the prices of the REEF falling about 32% to $0.0384 from its ATH on the day at $0.057460, as per CoinGecko. The token is currently trading above $0.040.

According to Adam Cochran of Cinneamhain Ventures, “There isn’t some sneaky backroom plot here.” There was just some “misunderstanding” between both parties. “The irony here is that crypto may be trustless, but investing in crypto and managing OTC trades is all about trust and reputation,” Cochran said.

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REEF is the governance token of Reef Finance, a Polkadot-powered liquidity aggregator and yield engine which is listed on Binance and Huobi.

On Monday, the Reef team shared what exactly went down between them and Alameda, with whom they engaged in September regarding raising funds to bootstrap the platform.

While at the time Alameda passed on the opportunity to invest, this month, their investment arm reached Reef for a strategic investment of $80 million. In response, $20 million worth of tokens were sent to market-maker, wrote the Reef team.

“As previously stated, Alameda secured investment in Reef Finance token for $20M at a 20% discount to create various long-term synergies with Serum and Solana,” led by Alameda’s VC team member Brian Lee, reads the official account of what went down from Reef’s side.

As per Alameda, the $20 million tranche “represented a settlement and not the culmination of a $20m trade.”

These $20 million worth of tokens were then offloaded to the Binance exchange by Alameda. “We could not understand why Alameda, our long-term strategic investor would offload their tokens immediately after purchase to Binance,” said the team.

But Alameda says, “it is not true that Alameda immediately sold all of the REEF,” although it is not relevant for the terms of the deal. According to Cochran,

“As a market making trade desk, they spread their tokens out to trade and maximize them. It’s impossible to tell if “they were dumping them” just by an onchain transaction.”

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So, the cross-chain DeFi operating system decided not to go forward with the additional $60 million because of their “doubts” around Alameda’s interest. The team said Alameda then “threatened” to delist the Reef token from FTX; the exchange later deleted the tweet regarding the same.

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Reef claims “additional threats and legal ramifications” were also thrown around, which were later deleted.

Reportedly, the deal was based on “trust,” and no legal contract for the transaction was offered by the Alameda team, which the latter says is commonplace in crypto, and they have done so before as well.

Also, “All agreements on terms are “contracts” something doesn’t need to be a written legal contract to be a “contract.”

Denko Mancheski, CEO at Reef Finance, is currently promoting #BoycottFTX.

“This action hurt retail investors and should be a cautionary tale akin to the Wall Street Bets GameStop saga. The actions of one centralized entity such as Alameda and FTX should not and can not influence the future of a community-driven project like Reef,” said the team adding that it will launch its next products on the Reef chain and seek less centralized alternatives to work with.

Meanwhile, Bankman-Fried said because at times one team has “way more reputation to lose than another…that creates an asymmetry in PR fights.”

“Definitely fucked that one up,” he added.

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Author: AnTy

PayPal Investing ‘Heavily’ in Crypto, Launching a Cryptocurrency Business Division This Quarter

PayPal Investing ‘Heavily’ in Crypto, Launching a Cryptocurrency Business Division This Quarter

Payments giant PayPal is planning to launch a new business unit dedicated to cryptocurrency services. It is expected to be launched later this quarter. Trader Joe McCann, founder of NodeSource commented,

“Digital wallets are a multi-trillion-dollar opportunity, so it’s only natural PayPal announces a cryptocurrency business division.”

With the current financial system getting outdated, it is important the company launches a new crypto division or business unit, said Chief executive Officer David Shulman. He said,

“We all know that the current financial system is outdated, and we can envision a future in which transactions are completed in seconds, not days, a future where completing transactions is less expensive, and a future that enables all people to be part of the digital economy, not just the wealthy. We are investing heavily in the cryptocurrency, blockchain, and cryptocurrency industry unit to help shape this more inclusive future.”

The payments giant is also working on enabling customers to use supported cryptocurrencies to pay for goods and services at its network of 29 million merchants around the world. This service is also expected to be rolled out before the end of this quarter.

“We hope to launch our first international marketplace in the next several months,” Schulman said. The company further expects to integrate digital assets with Venmo later this year.

In October last year, PayPal first allowed its more than 300 million active users to buy, sell, and hold cryptos on its platform. In Q4 of 2020, the company attracted over 16 million new users with an active account.

The CEO also shared that “everyone who owns PayPal cryptocurrencies has increased their activity on the PayPal application or site twice more than it was previously.”

Last week, there were reports that it is also considering acquiring crypto custody startup Curv, which the crypto market sees as “insanely bullish.”

Meanwhile, the payment company is also working with regulators and central banks to shape “the next generation of the financial system,” said Shulman.

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Author: AnTy

Bitcoin Sell-Off Over? Bullishness Continues to Permeate the Market

This week, the price of Bitcoin has been on a rollercoaster ride. We started with a dump right after hitting a new all-time high last Sunday at about $58,350.

Following the drop, we made several attempts to go back up but only to end up lower and yesterday, we went down further down to $44k.

As of writing, BTC is seeing some relief trading around $46,800 but that’s to be seen if the upward momentum will continue or take us only lower. Trader TheCryptoDog said,

“At this point my assumption is we don’t go lower from here. That can change at the drop of a hat (we’ll see what happens to macro on Monday), but looking at this now I would be more surprised to see BTC sink.”

One caveat is March, the month which in the last six out of seven times have been a red one with an average drawdown of over 14%.

Unlike BTC, Q1 is good for Ethereum which five out of six times ended with significant greens, already it is up 102% YTD despite the losses. This week, it went down to $1,350 during this recent sell-off, even lower than the previous ATH of $1,420.

Bitcoin’s lack of direction, right now, is turning out good for altcoins, leading to a 15% to 30% uptrend. The total market cap has also recovered to $1.455 trillion, adding more than $100 billion in the past 24 hours.

All This Bullishness

While the price action in the market isn’t’ looking bullish, the developments in the market certainly suggest so.

For starters, the first Bitcoin ETF debuted on the TSX last week, Purpose Bitcoin ETF (BTCC) continues to see demand and now holds more than 10,000 BTC.

If we look at the premium on the Bitcoin product of the world’s largest digital asset manager, Grayscale which went negative this week, but is expected to be just short-term noise, could actually turn out to be bullish.

Started in late Sept. 2013, “Outside of 2013-2014 this has only occurred 4 times. With fees of 2% and a current discount of 2.5%, BTC can be bought inside the trust cheaper than at market,” noted one analyst.

“Like the last 2 times, does the bull continue?” he added.

Bitcoin miners are also sending bullish signals as they stop their selling and start accumulating BTC. For the first time in two weeks, Miners Position change has turned positive.

The Spent Output Profit Ratio (SOPR) indicator, which is the price sold / price paid, is another one that has gone back to level 1, indicating the bottom on the sell-off.

Not to mention, money-making exchange Coinbase has announced its public listing and got more than $100 billion valuation. This would make the company CEO, Brian Armstrong who previously worked at Airbnb to get rich and join the world’s 500 richest people.

Even more bullish is the news that the House passed its $1.9 trillion coronavirus relief package early on Saturday, which will now head to the Senate. Democrats are rushing to approve more aid before unemployment programs expire on March 14.

This time, payments of $1,400 will be made to most individuals, along with the same amount for each dependent. $1,200 stimulus check from last time invested in Bitcoin at the time is currently worth $8,500 and surpassed $10,000 last week.

And just like the last stimulus package, this could propel the market higher.

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Author: AnTy

Purpose Bitcoin ETF (BTCC) Becomes Leader by Just Being the First Mover

This doesn’t bode well for Grayscale Bitcoin Trust (GBTC), which doesn’t have a redemption option. Already all three Bitcoin closed-end funds (CEF) in Canada went into discounts, but they do have redemption programs.

Last week, the first Bitcoin exchange-traded fund, Purpose Bitcoin ETF (BTCC), made its debut on the Toronto exchange, and it received an amazing response.

Launched on Feb. 18, it has already attracted more than $500 million of investor capital.

This week, TMX Group will be listing options around the Purpose Bitcoin ETF on the Montréal Exchange to cater to both the retail and institutional investors. Som Seif, founder, and CEO of Purpose Investments said,

“This is great news for investors and a powerful display of innovation in motion.”

“Not only does this provide investors with more ways to gain exposure to Bitcoin, but it also really cements the idea that Purpose Bitcoin ETF is the premier tracker of the cryptocurrency in North America.”

Now, another firm, Evolve Fund Group in Canada, has lowered the price on its Bitcoin ETF, EBIT, to 0.75% from 1% to compete. With this move, EBIT has now become cheaper than the 1% expense ratio of its competitor, the Purpose Bitcoin ETF.

BTCC started trading just a day before Evolve’s offering. However, compared to BTCC’s more than half a billion in assets, EBIT has only captured $28 million. Ben Slavin, head of ETFs for BNY Mellon Asset Servicing said,

“BTCC illustrates the importance of first-mover advantage in ETFs.”

“A one-day head start was all that was required to establish a clear lead for Bitcoin ETFs in Canada.”

On the first day of trading, more than $165 million worth of shares in the Purpose product changed hands, while for EBIT, it was just $14.6 million.

According to James Seyffart of Bloomberg, the launch of Bitcoin ETF in Canada doesn’t bode well for Grayscale Bitcoin Trust (GBTC) either because it doesn’t have a redemption option yet.

He noted how all three Bitcoin closed-end funds (CEF) in Canada went into discounts, BTCG down under -16%, immediately when BTCC began trading. But Candian CEFs have redemption programs, so that should limit discounts around month-end, he said.

As a matter of fact, on Thursday, the premium on GBTC also went negative to its lowest level. This huge demand for the Candian fund has also ramped up the interest in the US for issuers to gain first approval in launching a Bitcoin ETF. Nate Geraci, president of the ETF Store, an advisory firm said,

“Prospective Bitcoin ETF issuers in the U.S. must be salivating after witnessing the debut of BTCC, but they’re also likely feeling much more pressure now.”

“It’s reasonable to assume the winner of the U.S. Bitcoin ETF race stands to benefit significantly.”

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Author: AnTy

5% of Companies Plan to Hold Bitcoin as Corporate Asset This Year: Gartner Survey

5% of Companies Plan to Hold Bitcoin as Corporate Asset This Year: Gartner Survey

Some companies are worried about the extreme volatility of Bitcoin. But this is actually a feature, not a bug.

The latest survey conducted by Gartner Inc., consisting of 77 finance executives, including 50 CFOs, showed that 5% of them plan to hold bitcoin on their balance sheet this year.

84% of respondents, however, said they do not plan on ever purchasing the leading digital currency as an asset, which is nearing $52,000.

Volatility was the biggest concern of these naysayers, with 84% of respondents saying Bitcoin’s wild price swings pose a financial risk, the February survey said.

“It would be extremely difficult to mitigate the kind of price swings seen in the cryptocurrency in the last five years,” said Alexander Bant, chief of research at Gartner Finance.

According to Mike McGlone, a commodity strategist at Bloomberg Intelligence, who sees $100,000 as a longer-term target, the volatility may continue to rise in the near term “until it settles in around its next plateau.”

For the crypto market, the famed volatility is actually a feature rather than a bug. Antoni Trenchev, the co-founder of crypto lender Nexo, reminded that Bitcoin never moves up in a straight line and

“Short-term volatility is very much a feature of this bull market.”

Besides volatility, broader risk aversion, digital currency’s slow adoption as an accepted form of payment, regulatory concerns, and cyber risks were also among the concerns.

“There are a lot of unresolved issues when it comes to the use of Bitcoin as a corporate asset. It’s unlikely that adoption will increase rapidly until we get more clarity on these challenges,” Bant said.

The survey came while publicly-listed MicroStrategy shared its plan to issue another debt round of $690 million to add to its 71,079 BTC stash. Earlier this month, Elon Musk’s Tesla also bought $1.5 billion worth of Bitcoin.

“The mood, music, and momentum is impossible to ignore,” said Trenchev. “To the annoyance of many, the Bitcoin express has left the station.”

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Author: AnTy

Canadian Singer, Grimes, Entering the NFT Scene; Volume Jumps 2.6x This Month

Canadian Singer, Grimes, Entering the NFT Scene; Volume Jumps 2.6x This Month

Canadian musician and singer Grimes is ready to join the NFT space with her collection WarNymph on digital art platform Nifty Gateway.

“Big NFT News: Grimes is coming to Nifty Gateway! She will be dropping the #WarNymph collection on February 28th. This is going to be bonkers. Especially if Elon Musk starts bidding. To the Mars!” tweeted Tyler Winklevoss, co-founder of Gemini.

One of the more prominent platforms in the NFT space, Nifty Gateway, is owned by cryptocurrency exchange Gemini and has hosted the sale of several NFT arts in 2021 alone. One of the artwork was sold for $373,000 earlier this year.

Last month, animator and video producer Justin Roiland, the co-creator and voice of Rick and Morty, released his collection of non-fungible tokens (NFT) on the digital art platform.

NFTs, however, is not limited to art, but about digital goods, which are gaining immense traction lately as they record nearly $9 million per week now, up from under $500k in early January, and about $3 million at the beginning of this month, after the likes of Mark Cuban, Lindsay Lohan, Mike Shinoda, and other jumped on the NFT bandwagon.

Ethernity is a project that is auctioning digital artwork featuring well-known names from the world of sports and crypto. Recently, the success of Hasmasks underscored the potential of NFTs.

NFTs were also the talking point at the annual ETHDenver event, which was held online this year due to COVID-19.

The popular NFT marketplaces in terms of the volume include NBA TopShot, CryptoPunks, OpenSea, Rarible, Super Rare, and Axie Marketplace, as per Dapp Radar.

In terms of traders as well, the list is pretty much the same with some shuffling around with NBA TopSHo at the top with over 10k traders OpenSeat around 1,000, Rarible just over 500, Cryptopunks over 100, and Axie Marketplace with less than 100 traders.

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Author: AnTy

Bitcoin to Move Out of Consolidation Phase; Indicator Signals Downward Trend Is Losing Strength

  • Bitcoin is back to aiming for $40,000, as the digital currency moves upwards this week, but still remains range-bound between $30k and $40k.

According to Bloomberg, the GT Vera Convergence Divergence Indicator, which detects trend fluctuations, is signaling that the bear trend of the cryptocurrency may now be coming to an end.

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While Bitcoin is ranging, altcoins and DeFi tokens are taking this as an opportunity to pump hard. The total cryptocurrency market cap has also flown past the $1 trillion mark to $1.15 trillion.

Ether hit a new ATH above $1,765, but it’s DeFi tokens that are the real stars of the show. In 2020 so far, the notable gainers include COVER (8,251%), BAO (4,160%), ALPHA (1,134%), BADGER (1,036%), ROOK (533%), AAVE (466%), and CRV (416%).

However, all these gains can soon move into Bitcoin and take the leading crypto above $42,000 to new highs.

Institutions have also been piling into Bitcoin, with Grayscale buying 643.44 BTC this week. Bitcoin also continues to be moved out of the exchanges. This on-chain analyst, Willy Woo, speculates that could be the result of Michael Saylor holding a conference for companies, which was attended by more than 1,000 executives, to help them make a shift to Bitcoin just like MicroStrategy.

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Moreover, as we reported, PayPal that started supporting cryptocurrencies back in October, saw an exceptional response from its users.

“The volume of crypto traded on our platform greatly exceeded our projections,” PayPal CEO Dan Schulman said on the company’s fourth-quarter earnings call. “We’re excited to build on this early success by allowing customers to use their crypto balance as a funding source. … We hope to launch our first international market in the next several months.”

While PayPal is also investing in its crypto business unit, several crypto funds are being launched as well. Not to mention the retail investors from the traditional markets also see the appeal of the crypto market. So much so, much like CT, now Jim Cramer is suggesting Gamestop take the Bitcoin route. Cramer tweeted,

“Bitcoin! Genius!!! Gamestop needs to be a 5000 store bitcoin palace!!! I cannot believe how brilliant that would be… They can sell stock buy a ton of bitcoin, and just hold on. Call it Bitstop. Or Gamecoin. Wow!”

Moreover, one of the reasons for Bitcoin getting stuck in a consolidation phase, according to Ed Moya, senior market analyst at Oanda Corp, could also be a strengthening dollar ever since the start of the year.

But with the Senate passing the motion to progress Biden’s $1.9 trillion stimulus bill, USD isn’t expected to keep up with this strength for long. This, combined with the money to flow into the market, is further expected to push the prices of assets higher.

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Author: AnTy

47% of Nocoiner Brits Plan to Invest in Bitcoin This Year: Survey

47% of Nocoiner Brits Plan to Invest in Bitcoin This Year: Survey

While those invested, 74% plan to further increase. Also, 30% of coiners expect the BTC price to exceed $100,000 this year.

Brits remain bullish on Bitcoin, with 61% of respondents of the new survey saying they expect the value of BTC to rise above $60,000 this year.

The survey was conducted by uk.Investing.com with approximately 800 respondents, 58% of who invest in Bitcoin while 42% do not. 17% of the respondents believe $42,000 hit on Jan. 8 was the top of this bull cycle.

However, those who have invested in Bitcoin are particularly optimistic as the survey revealed 30% of them believe BTC price will exceed $100,000 per coin this year.

“After a record-breaking year in 2020 that saw it jump more than 300%, Bitcoin looks to stay strong in 2021 as more retail – and big-name institutional buyers – enter the market,” said Jesse Cohen, senior analyst at uk.Investing.com. “For those already in, the strategy in place remains to HODL.”

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According to Cohen, besides the first-time investors, the ultra-cheap money that is being pumped into the global financial system by the central banks all over the world has found its way into Bitcoin as well.

When it comes to other cryptocurrencies, 83% of investors expect the value of Ethereum (ETH) to rise this year, followed by Litecoin (LTC) by 35%, Bitcoin Cash (BCH) by 28%, and XRP by 25%.

Among the surveyed Bitcoin investors, 74% are planning to increase their HODLings this year, with the majority of them having only entered within the last three months.

As for those who do not currently invest in the cryptocurrency, 47% of them plan to do so this year — 26% plan to make a £1-£1,000 investment while 21% planning a £1,000 – £10,000 investment, reveals the survey.

For the majority of Brits, 53%, the new regulatory restrictions is the biggest threat to Bitcoin in 2021, followed by a pullback leading to a large off, at 26%.

However, 46% of the respondents trust Bitcoin and other cryptocurrencies “to some extent” while 18% do so “fully.”

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Author: AnTy