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Bitcoin Hits $33,000; Continues to Set Records

It’s just been a few days and already 2021 is off to a great start for bitcoin and the land of cryptocurrency. The world’s number one digital asset by market cap has shot beyond the $30,000 mark. In fact, it is currently trading in the high $32,000 range, which is a small dip from its

The post Bitcoin Hits $33,000; Continues to Set Records appeared first on Live Bitcoin News.

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It’s just been a few days and already 2021 is off to a great start for bitcoin and the land of cryptocurrency. The world’s number one digital asset by market cap has shot beyond the $30,000 mark. In fact, it is currently trading in the high $32,000 range, which is a small dip from its new all-time high of roughly $33,000.

Bitcoin Is Enjoying the New Year

2020 really set a pinnacle for bitcoin and crypto trading. The asset rose all the way to about $28,700 during the final days of December. Now that January is here and bitcoin is all set for a new 12-month period, it looks like things are continuing the bullish patterns traders everywhere have become so used to in recent weeks.

In addition, analysts everywhere believe that things are going to remain like this for some time. Nicholas Pelecanos – head of trading at the cryptocurrency firm NEM – explained in a recent interview that he thinks bitcoin could reach a price of roughly $50,000 per unit by the time we’re in mid-February.

He states:

When any asset climbs in price this fast for an extended period, I become cautious, and I’d urge anyone trading BTC to not get caught up in the euphoria. I believe we are just at the beginning of what will be an immense bull market.

For many industry experts, the rises will continue so long as the government continues to look to increased spending measures to ensure citizens get the funds that they need to survive the ongoing pandemic. Russ Mould – investment director at brokerage AJ Bell – recently mentioned:

Gold reached a new all-time high in 2020 and bitcoin has set a string of new peaks, more than trebling in the second half of the year to pass the $28,000 mark for the first time. Some will argue that there is more to come from both gold and bitcoin, especially if governments keep piling up debts and central banks do their best to fund that borrowing through the backdoor with quantitative easing, zero interest rates and bond yield manipulation thanks to their scarcity value relative to cash.

Not Everyone Will Be Convinced

However, he was also quick to say that bitcoin is always likely to have doubters, despite the recent surges it’s been enjoying. He explains:

Others will argue that neither gold, nor bitcoin have intrinsic value, as they do not generate cash. Some will even argue that bitcoin is just a glorified Ponzi scheme, as new money flows in at the bottom to help the smart money that got in early bail out at the top. In 2021, investors will get their chance to pay their money and take their choice as to whether they will see bitcoin and gold as stores of value and useful portfolio diversifiers, as governments and central banks conjure money out of thin air.

Tags: bitcoin, bitcoin price, coronavirus Source: https://www.livebitcoinnews.com/bitcoin-hits-33000-continues-to-set-records/

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Binance Futures launches DOTECO Polkadot Ecosystem Composite Index

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Binance Futures is in the news today after it announced the launch of a DOTECO (Polkadot Ecosystem) Composite Index perpetual contract. The DOTECO Composite Index perpetual contract is a USDT-margined Futures contract that uses USDT as collateral.

According to the said announcement by one of the market’s biggest crypto-exchanges, the DOTECO Composite Index is denominated in USDT and users can trade with up to 20x leverage.

The underlying assets of the DOTECO Composite Index perpetual contract include a basket of Polkadot Ecosystem (DOTECO) protocol tokens listed on Binance, including Dock (DOCK), Reef Finance (REEF), Akropolis (AKRO), and Kusama (KSM).

Polkadot projects have been getting a lot of attention lately, especially following DOT’s rally to an all-time high of $17.5 over the weekend. In fact, the cryptocurrency is currently ranked 4th by market cap on CMC, with the crypto trading at $15.9 at the time of writing.

Binance’s decision to support the development of the Polkadot ecosystem dates back to last month when it announced a series of upcoming initiatives for the cause.

Binance’s efforts included a $10 million Polkadot Ecological Fund to support top projects in the ecosystem and a Community Coin vote that would enable users to vote for listing Polkadot-based projects on the popular exchange.

However, it would seem that over a month later, the listing of coins hasn’t been a reflection of a community vote since it is still yet to take place. In fact, based on the summary of responses, a majority of the market’s traders also believe that important Polkadot tokens have not been included in the said index, with one trader commenting,

“I wouldn’t consider $DOCK and $AKRO to be $DOT ecosystem coins let alone put them as part of a trading index.”

Source: https://ambcrypto.com/binance-futures-launches-doteco-polkadot-ecosystem-composite-index

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Is $1 billion a day in volume the ‘new normal’ for Uniswap?

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Leading decentralized exchange, or DEX, platform Uniswap continues to lead the sector as it nears an average of $1 billion a day trading volume for the month of January.

Only two-thirds of the way into the month and the platform has already surpassed the previous monthly trade volume record of $15.3 billion set in September during the DeFi boom. The DEX passed $17 billion as of this morning and is on track to surpass $25 billion by the end of January with a daily average of $855 million.

Uniswap traders are spoilt for choice with 1,558 coins traded in more than 2,400 pairs, however the majority tend to favor less risky trades. Trading between stablecoins, such as USDC, Tether and DAI, against ETH, made up 45% of the $1.1 billion traded in the last 24 hours.

On December 15, Uniswap founder Hayden Adams tweeted that the platform had passed $50 billion in all-time trade volume and asked the community when it would hit $1 trillion. Approximately 50% of respondents tipped this would occur in 2021.

Currently sitting around $70 billion in all time trade volume, the DEX would need to average approximately $2.7 billion each day in order to hit $1 trillion by the end of the year.

Uniswap strategy Lead Matteo Leibowitz is already claiming $1 billion trading volume is here to stay:

“$1bn volume/day is the new normal.”

Adams compared this to the New York Stock Exchange, saying “2% of [NYSE] is the new normal for Uniswap. When 100%?”

DEX’s in general have been on a strong growth trajectory over the last 30 days, increasing by 112%. The total volume traded in the last 30 days is $43.3 billion with approximately $1.5B added each day.

SushiSwap is the next strongest DEX with $8.2 billion traded in January to date, already double its previous monthly high of $3 billion, set in December last year.

Source: https://cointelegraph.com/news/is-a-billion-a-day-in-volume-the-new-normal-for-uniswap

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Here’s why this macroeconomist has Bitcoin, Ethereum in his crypto portfolio

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On 18 January, CEO and Co-Founder of Real Vision Group, Raoul Pal reportedly increased his ETH holdings. The decision could be based on Pal’s own assumption that Ether would reach $20,000, similar to how Bitcoin performed in its last cycle. The macroeconomist also believed that by market cap ETH will become bigger than that of BTC. 

Nevertheless, the crypto influencer’s most recent tweet indicated that his portfolio was split between BTC and ETH:

Source: Twitter

When a Twitter user asked whether Pal bought more ETH or sold BTC, he explained that he added more Ether to his portfolio instead of selling the latter. 

With regard to Bitcoin, Raoul Pal continues to remain bullish about the asset and criticized those who were spreading FUD in BTC markets.

Even as institutions invest in Bitcoin, the crypto may never break free from FUD. Countless opinions often do the rounds claiming that Bitcoin is for criminals, or a bubble or is likely to face government bans, among others. 

However, the macro investor does not see any threat or any “risk remotely near” to the Bitcoin bull market at this point. In a 19 January tweet, the former Goldman Sachs executive said

Everyone needs to understand all risks to assess their own probabilities and risk tolerance. Even S2F is cyclical. Everything else is FUD. Now, positive reflexivity is king.

The macroeconomist believed that every asset including Bitcoin will always have a bear case. However, Pal emphasized the importance of “when” the bearish trend would change market dynamics. In a subsequent tweet Pal stated: 

That is the entire investment game. Making bear cases is only a small part of the game. Same is true of bull cases.

Pal also claimed that Bitcoin would be regulated in the future, but that regulation would only “drive institutional adoption.”

Last year on 30 November, Pal intended to sell all his gold holdings and use that money to purchase Bitcoin and Ether.

As for the price of ETH, the asset is trading at $1,375.96 at press time and has been up by 11.6% in the last 24 hours. ETH has been down by 1.6% in the last hour but this did not stop analysts from expecting a new ATH later today:

Source: https://eng.ambcrypto.com/heres-why-this-macroeconomist-has-bitcoin-ethereum-in-his-crypto-portfolio

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