Connect with us

Uncategorized

Bitpay’s CCO predicts Bitcoin is headed to $45k next month

According to Sonny Singh, CCO of the Bitcoin payment service provider, BTC could hit…

The post Bitpay’s CCO predicts Bitcoin is headed to $45k next month appeared first on Coin Journal.

Republished by Plato

Published

on

According to Sonny Singh, CCO of the Bitcoin payment service provider, BTC could hit a price level of $45K in a month

Bitpay’s Chief Commercial Officer is concerned about institutional investors as their movements significantly influence the price of assets. According to Singh, the million-dollar question at the moment is whether institutions will cash in their holdings soon or set up camp in Bitcoin for a while.

Singh stated in an interview with Bloomberg that institutional investors might be enticed by the high price figures and opt for a quick profit. The majority of these giant firms got in on the action when Bitcoin was exchanging hands at around $20,000 and their entry steered the asset’s price higher to break its previous ATH. He went on to add that the firms are key in the current uptrend but they could easily sell their BTC stash.

A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down… All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five-year time horizon,’ which is great, but I think if Bitcoin hits $45,000 next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three-year horizon anymore, let’s start selling some.’”

Asked by Emily Chang [interviewer] if he believed that Bitcoin can eclipse $45,000 in the next thirty days, he answered it was possible as there is a lack of BTC sell pressure at the moment.

Last month on this show, I said I thought it would hit $30,000 in the next three months and I was proven wrong very fast – it hit $30,000 in the next twenty days. So now I think there’s very little sell-side pressure and to be honest with you I think it goes up to $40,000 or $45,000 pretty easily, I think.”

Singh also threw in a projection that national firms and even governments will jump onto the Bitcoin train if the asset spikes to a significant price. He referenced the current case of institutional investors saying that a few years ago, the mere thought of firms purchasing Bitcoin was implausible. Things are now different as several major institutions have flooded the Bitcoin market.

Source: https://coinjournal.net/news/bitpays-cco-predicts-bitcoin-is-headed-to-45k-next-month/

Blockchain

2020 Crypto-In-Review: The Year of The ₿ull

Republished by Plato

Published

on


Prices are soaring, innovation is breaking ground, opportunities are flourishing and cryptocurrency adoption is relentless. As we begin a new year with unbridled enthusiasm, Kraken examines the
past year — one that won’t be soon forgotten. 

The year 2020 will be remembered for economic and humanitarian catastrophe. It will also be recognized by the crypto community as the beginning of a new bull market. 

The COVID-19 pandemic sent shockwaves through the financial markets and cryptocurrencies were not spared from the carnage. The “Black Thursday” market selloff was one of the worst days for bitcoin as price dropped 41% – the second worst intraday loss in its history. 

Since the $3,911 low on March 13, 2020, bitcoin has produced over 700% returns and institutional demand for the premier cryptocurrency has surged as those companies seek a store of value. Favorable legislative action such as Wyoming establishing a path for digital asset banks and institutional adoption from major companies such as Square, PayPal, MicroStrategy, MassMutual, and others have set the stage for a promising future in the cryptocurrency industry. 

Kraken Intelligence has compiled a comprehensive report exploring all of the fundamental factors that have influenced the cryptocurrency industry in 2020. Our team provides insight on developments like the DeFi markets, institutional adoption, legislative and regulatory changes, industry innovation, price action and so much more to help market participants for the year ahead.

By downloading this report, we anticipate you will have a greater understanding of where the growth opportunities are emerging in cryptocurrencies, which projects you should consider and an understanding of market dynamics.

We cover:

  • What’s Influencing Adoption – Institutional buying has surged as nearly 6% of the total bitcoin supply is now held in corporate treasury. Wallets holding over 100 BTC grew significantly since the beginning of March and wallets with less than 1 BTC saw double digit growth in that same time period. 2020 is the year when we witnessed a groundbreaking uptick in institutional investor interest. 
  • The Halving – Provable scarcity is one of the main appeals of bitcoin. The hard-coded event to reduce the block reward subsidy and further enforce the disinflationary trend of bitcoin’s supply growth has often foreshadowed each new bull cycle. On May 11, 2020, the latest halving event occurred and by the end of the year, nearly 90% of all of bitcoin’s 21 million supply had been mined. With demand rising for a limited supply, price has once again shown to be on the rise. 
  • Yield Farming – The emergence of Decentralized Finance has not only helped growth in stablecoins, but has created a new opportunity for crypto investors – a yield curve. DeFi has provided crypto holders yield in exchange for offering their coins into liquidity pools. The emergence of yield in cryptocurrency is another step in the direction towards challenging the existing financial infrastructure as it provides an opportunity to earn for those holding long term.
  • Stablecoin Growth – Stablecoin adoption exploded in 2020 with the rise in  Decentralized Finance as traders began utilizing them for yield farming. The total market supply for stablecoins rose nearly 400% to $27.7 billion by end-of-year. As Visa announced that it will connect their global payment network to USDC, it appears this may just be the beginning of a stablecoin paradigm shift. Stablecoins are proving to be an on-ramp for individuals that may have difficulty accessing traditional financial products as well as safe havens in periods of volatility, thus increasing their appeal in a growing industry.

Download Our Full Report

Source: https://blog.kraken.com/post/7496/2020-crypto-in-review-the-year-of-the-%e2%82%bfull/

Continue Reading

Blockchain

Chinese Investors Fight Over Crypto as They Look for Safe Haven

Republished by Plato

Published

on

Chinese Investor

Customary institutional speculators once thought about cryptographic forms of money as a venture for the strong or the dumb: a specialty market with a terrible standing and high unpredictability. In 2017, J.P. Morgan CEO Jamie Dimon considered Bitcoin a fake. 

In 2020, J.P. Morgan began offering banking administrations for digital forms of money and its experts anticipated Bitcoin price could hit $146,000 in the long haul. Bitcoin’s value flooded to $20,000 a year ago, entering the standard. On Jan. 9, 2021, it momentarily hit $41,000. As of the hour of composing, one Bitcoin costs $36,500. 

Throughout the most recent year, well-to-do Chinese have rushed to blockchain-based advanced resources as a venture—and a more secure spot to stash their cash—industry insiders told. There are no hard figures on the amount Chinese speculators are placing into the generally untraceable universe of crypto.

Chinese investors have generally favored stopping their resources in US markets through interests in stocks, reserves, land, and the sky’s the limit from there. The US is an mature and fluid market, with generally close authority over corporate structures and low expenses on capital increases, making it a famous objective for the world’s riches. 

Major league salary Chinese are currently viewing cryptographic forms of money as a place of refuge for their resources, said Flex Yang, CEO and fellow benefactor of Babel Finance, a Hong Kong-based Chinese digital money resource the executives organization. 

About $50 billion in digital currencies was moved from East Asia to abroad records in the year finishing off with June 2020.

“China is a large part of this activity in East Asia,” a representative from Chainalysis told, however it has not yet examined nation level information. In light of their own meetings with specialists, Chainalysis said that probably a portion of this $50 billion speaks to capital flight.

Get the latest in Asian Bitcoin news here at Coin News Asia.

Source: http://www.coinnewsasia.com/chinese-investors-fight-over-crypto-as-they-look-for-safe-haven/

Continue Reading

Blockchain

Why This Bull Market Is Different

Republished by Plato

Published

on


This isn’t the first crypto bull run. This is the fourth market cycle since the Bitcoin Genesis Block in January 2009; each preceding one, without fail, has led to unprecedented growth and development in terms of market capitalization, infrastructure, and most importantly of all, new participants. 

In that sense, this bull cycle is no different from the last. The rush of new investors has led prices to hit new all-time highs that seemed utter fantasy months ago. In 2017, the parabolic price action that attracted so much media attention was fueled by retail traders and crypto-focused funds. The real big fish – the blue-chips and the billion-dollar hedge funds – sat on the sidelines, unsure over whether bitcoin really could be an investable asset.

Fast forward to today and those same big fish are the ones now ploughing billions of dollars into the crypto market. Investors like Stanley Druckenmiller, Paul Tudor Jones and Christopher Wood have added bitcoin to their portfolios. Square, MicroStrategy and MassMutual have each allocated millions into bitcoin while CME group will soon introduce ETH futures built on CF Benchmarks crypto indices. PayPal has made bitcoin available to their hundreds of millions of users worldwide; BlackRock, Citibank and JP Morgan, institutions with trillions of dollars on their balance sheets, have expressed interest in doing the same. 

What’s most fascinating about this run is how Kraken volumes have reached new all-time highs but, according to Google Analytics, public interest in bitcoin is nearly half of what it was at the previous high. To this point, it appears this run is mostly being driven by institutions and that individual investors are playing catch up. 

Google Analytics of Bitcoin Search Trends
Courtesy Google Analytics

“This time is different” is a market cliche proven wrong on countless occasions. But following 2020, a year of pandemics, unprecedented monetary policy and fiscal stimulus, this time really is different. 

With its fixed supply, many believe bitcoin is digital gold. An allocation into bitcoin can protect the value of households and businesses’ hard-earned savings, as well as a hedge against the possibility of out of control inflation. Since March 2020, nearly 4 trillion U.S. dollars have entered circulation, increasing total money supply by more than 20%. 

Thanks to the hard work entities such as Kraken have devoted to educating investors, more people than ever are now using cryptocurrencies to help navigate through these trying and unpredictable times. Access has improved remarkably, compared to three years ago. Kraken’s new retail app — available in over 100 European countries and launching soon in the U.S. — provides anyone with the ability to buy cryptocurrency in just a few clicks from their phones. 

The stage is set for cryptocurrencies to become an investable asset complete with a valid value proposition underpinning it. This is the time to invest in your future. Whether it is diversification of assets, holding custody over your money or hedging against uncertainty, the time is now.

Source: https://blog.kraken.com/post/7470/this-bull-market-is-different/

Continue Reading
Blockchain2 days ago

Ethereum Price Can Skyrocket to $10,500 According to Fundstrat

Blockchain4 days ago

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

Blockchain2 days ago

TradingView Launches ‘Bitcoin Timeline’ to Show BTC Price Changes With Events

Blockchain5 days ago

Analyst: Hodlers will be this year’s biggest Bitcoin gainers

Blockchain3 days ago

Over 31% of People in Latin America Want to Invest in Bitcoin

Blockchain4 days ago

Biden Appointed SEC Chair Gary Gensler is not Going to Save Ripple’s XRP Token

Blockchain2 days ago

Tether’s General Counsel: iFinex v. NYAG Case Continues with a Court Meeting in 30 Days

Blockchain4 days ago

After alleged hack, Russian crypto exchange Livecoin shuts down

Blockchain2 days ago

2020 Crypto-In-Review: The Year of The ₿ull

Blockchain2 days ago

Crypto exchange Bitpanda opens pre-orders for Visa debit card

Blockchain1 day ago

Litecoin, Dash, FTX Token Price Analysis: 21 January

Blockchain2 days ago

Bitcoin And Tesla Stock The Biggest Market Bubbles According to a Deutsche Bank Survey

Blockchain5 days ago

Former Ripple CTO may have lost much more than $220M in Bitcoin

Blockchain2 days ago

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

Blockchain5 days ago

Monero Price Analysis: 17 January

Blockchain2 days ago

Rick and Morty crypto art sells for $150,000 on Gemini-owned platform

Blockchain2 days ago

Treasury Secretary nominee Janet Yellen warns of crypto crime

Blockchain2 days ago

Bitcoin Price Analysis: 20 January

Blockchain2 days ago

Palit GeForce RTX 3070 GameRock Ethereum Mining Rig

Blockchain2 days ago

Digital euro to face review by 2 institutions, before possible launch in mid-2021

Trending