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Crypto CEO Unfolds How Bitcoin Is Likely To Go From $100,000 to a $300k Price Point

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Is The S2F Model Now Invalidated Majority Of Bitcoiners Believe Bitcoin Will Stay Below $100K In 2021

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Several analysts have already predicted that institutional investors pouring money into Bitcoin may be the push the market needs to recover from the current slump.

Notably, the last surge Bitcoin had before it plunged and lost over 50% of its value has been said to be largely owing to interest from institutional investors, by several observers. Currently, cryptocurrency analyst, Eric Weiss, has speculated that when the price of Bitcoin gets to $100,000, institutional investors will go all out to adopt the asset, thereby driving the price to $300,000.

BTCUSD Chart By TradingView

Weiss, the founder, and chief investment officer of Blockchain Investment Group (BIG), is not alone in his optimism for the future growth of Bitcoin. While there have been predictions of further losses, most cryptocurrency analysts have speculated that it is inevitable that the price of Bitcoin will reach new highs before the year runs out. For several of them, including “PlanB”, creator of the stock to flow model for Bitcoin, the worst-case scenario price of Bitcoin by the end of the year should be about $100,000. 

PlanB is even more hopeful, pegging his prediction at $135,000 and his best-case scenario prediction at $288,000. As Weiss’ $300,000 prediction is not a far cry from PlanB’s $288,000, the prediction may have some merit to it. 

Furthermore, several on-chain metrics revealed by data being monitored by analysts may be pointing to price surges happening soon. Blockchain analytics firm, Glassnode in their recent weekly newsletter, The Week On-chain, has noted several of these metrics. 

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The publication pointed out that data from activity on the Bitcoin network may be a prelude to new growth as activities have reduced on the spots and derivatives markets. They also highlight that the hashrate of the network was increasing while the accumulation of Bitcoin by miners was also increasing compared to recent past weeks. 

Not only that, but Glassnode also points out that exchange reserves of Bitcoin have been greatly reduced in recent times. In a reversal of the trend of net inflow of Bitcoin to exchanges that were predominant in May, Bitcoin is being withdrawn from exchanges at a rate of about 2,000 Bitcoins per day. They attribute this to changing market sentiment as transactions on the network were reversing from being speculative to being more purposeful. 

Crypto analyst, Will Clemente, has also chimed in saying participants should “hang in there” as the market would “pop soon”, alluding to the expected price surge he anticipates the market to experience soon.

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Source: https://zycrypto.com/crypto-ceo-unfolds-how-bitcoin-is-likely-to-go-from-100000-to-a-300k-price-point/

Blockchain

Crypto Market Cap at 6-Week High: Polkadot (DOT) Explodes 16% (Market Watch)

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The bitcoin bulls continued their offensive in the past 24 hours as the asset reached yet another 2-month high of over $42,500. Most alternative coins have outperformed their leader, including ETH, BNB, and DOT, which has jumped by more than 16% in a day.

Green Altcoins; DOT Adds 16% of Value

The altcoins were relatively stagnant yesterday, but the situation is significantly different today. Ethereum traded around $2,450, but a 6% increase has driven it to approximately $2,600. Moreover, ETH even reached $2,650 earlier today, which became its highest price tag since June 15th.

Binance Coin’s performance was somewhat sluggish recently, with all the regulatory concerns surrounding the leading cryptocurrency exchange. However, BNB has spiked by 7% in a day and exceeded $340 for the first time since June as well.

Cardano (5%), Ripple (3.5%), Dogecoin (3.5%), Uniswap (5%), Bitcoin Cash (2%), Chainlink (6.5%) and Litecoin (3.5%) are also well in the green. Polkadot is the most substantial gainer from the larger cap alts with a 16% surge. As a result, DOT trades well above $18.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Siacoin has added the most value from the top 100 coins. A 37% pump has driven SC to around $0.02. Quant (27%), IOTA (19%), Ankr (16%), Basic Attention Token (15%), DigiByte (13%), OKB (12%), Filecoin (11%), and Solana (10%) follow suit.

Consequently, the cumulative market cap of all crypto assets is up to $1.660 trillion. This means that the metric is up by $40 billion in a day and $140 billion in two days.

Bitcoin Touched $42.5K

The primary cryptocurrency has led the charge in the past week or so after it successfully bounced off from the sub-$30,000 price drop. It added more than $10,000 since then and kept climbing upwards, as reported yesterday.

It reached its highest price tag since the mid-May crash of $42,300 (on Bitstamp), but another leg up hours ago led to a new two-month high of $42,700.

As of now, BTC has retraced by about $1,000, and its market capitalization is just shy of $800 billion. Its market dominance, though, has dropped by about 1% in a day as the alternative coins have gone on a tear.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/crypto-market-cap-at-6-week-high-polkadot-dot-explodes-16-market-watch/

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German Institutional Funds Can Now Invest 20% of Portfolios in Crypto

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According to a new law coming into effect next week, some German investment funds will be able to hold up to 20% in digital assets. This comes amid growing demand from various institutions towards the industry.

Germany’s Next Crypto Move

As per a Bloomberg report from July 30th, Spezialfonds – German investment funds with fixed rules – will be able to allocate as much as 20% of their holdings in digital assets. Those funds reportedly manage around 1.8 trillion euros or $2.1 trillion and can only be accessed by local institutional investors like insurers or pension firms.

Tim Kreutzmann – an expert on cryptocurrencies at BVI, Germany’s fund industry body – pointed out that the majority of the funds would most likely prefer to start small at first:

“Most funds will initially stay below the 20% mark. On the one hand, institutional investors such as insurers have strict regulatory requirements for their investment strategies. And on the other hand, they must also want to invest in crypto.”

Even though the initiative comes after increased demand from numerous German institutions towards cryptocurrency products, Kamil Kaczmarski – an executive at the management consultancy firm Oliver Wyman LLC – opined that many local investors are still skeptical, mainly because of the infamous volatility. He argued that this trend would remain for the next five years.

According to a spokesman, Deutsche Bank AG’s asset manager DWS Group and one of Germany’s leading financial institutions – DekaBank – have both showed interest in investing in cryptocurrencies but so far have not made any decisions.


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Deutsche Bank is Keen on Cryptocurrencies

As CryptoPotato reported in May, the German multinational financial institution – Deutsche Bank – demonstrated its support towards virtual currencies. Back then, its CIO – Christian Nolting – highlighted the growth of the asset class experienced in the past few years and especially following the COVID-19 pandemic. Moreover, he believes cryptocurrencies are here for the long haul:

“I think that by now, it is clear that cryptocurrencies (in some form) are here to stay, but I would argue that they are far from a mainstream asset class.”

On the contrary, Nolting argued that CBDCs could harm digital assets and reduce their chances of serving as international payment instruments:

“A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

Deutsche Bank’s executive also compared Bitcoin to gold, saying that the primary cryptocurrency has all the qualities of the precious metal. He went further, stating that one day BTC “could ultimately replace gold as a store of value.”

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Source: https://cryptopotato.com/german-institutional-funds-can-now-invest-20-of-portfolios-in-crypto/

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“Bad For Bitcoin”: Congressman Warren Davidson Blasts Last-Minute Crypto Tax Insertion In Infrastructure Bill

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Biden's Tax Plan Could be Bullish for Ethereum but Bearish for Bitcoin

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As the U.S. Senate plans to hold a popular vote on the proposed infrastructure bill under which a last-minute cryptocurrency tax law was introduced, some believe that the whole bill is ill-fitted due to its vagueness and could prove colossal to the industry and by large, the U.S. economy.

Privacy Concerns

The law, which seeks to subject players in the crypto space to the same regulatory rules placed on various securities such as stocks has disgruntled some industry players as well as legislators who feel that its language is detrimental to the crypto industry. In essence, the government aims at individuals and institutions not only reporting on gains and losses but also any activity associated with crypto, such as the sale of mining equipment.

Congressman Warren Davidson who coined the cryptocurrency language in the proposed infrastructure bill as “the big bank protection act” particularly believes that if passed, it could spell adverse problems on a big chunk of crypto-related activities that might not even need to be taxed. 

The congressman who is an ardent supporter of bitcoin speaking to Bitcoin magazine added that he was not a fan of governments spying on virtually all individual activities with one’s money, especially using the 16th amendment.

“The government just seeks to know too much about you. It really is not the government’s business as to whether you got paid or you ended up paying somebody, did you buy or sell something, gain or lose money – this extends that logic way beyond just collecting taxes, it collects all kinds of information.”  

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Sloppy Language

Davidson further criticized the language in the 16th amendment now inserted to serve in taxing crypto-related activities, terming it as sloppy, dangerous, and must have been advanced by people who were ignorant about the cryptocurrency industry or by people intending to only destroy it.

“Either this language was skilfully crafted to completely new crypto in America or it was willfully ignorant, I mean you would have to work hard to be that ignorant about how much collateral damage this kind of sloppy language would cause ” he added.

He called on Bitcoiners to raise their voices to their senators on the colossal harm the proposed bill could cause to them, and for the country as it threatened not only financial stability but also innovation.

Jerry Brito, the executive director of Coincentre had also raised alarm over the proposed infrastructure bill seeing that it has a provision that could be very bad for crypto, forcing non-custodial actors including miners to comply with IRS tax reporting obligations. He echoed Davidson’s concerns over the broadness in wording which potentially covers miners and DEXs. 

He was however relieved at the fact that arguably miners and DEXs did not have “customers” as defined in the tax code. He posited that despite the last-minute addition to a must-pass bill, he and other stakeholders were working around the clock to make sure that the bill was not passed in its current form ahead of Wednesday’s vote.

Portman spokesperson however sought to clarify the language on crypto in the infrastructure bill stating that the language did not redefine digital assets or cryptocurrency as security for tax purposes.

“It simply clarifies that any person or entity acting as a broker by facilitating trades for clients and receiving cash must comply with a standard information reporting obligation.” he said.

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Source: https://zycrypto.com/bad-for-bitcoin-congressman-warren-davidson-blasts-last-minute-crypto-tax-insertion-in-infrastructure-bill/

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