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Indy 500 to Feature Bitcoin Sponsored Car in Effort To Spread Adoption

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The 105th edition of the Indianapolis 500 will feature a Bitcoin sponsored car. Ed Carpenter Racing will have a fully designed BTC Chevrolet numbered 21.

Popular American NTT IndyCar Series will feature the popular cryptocurrency in Sunday’s big event. The annual automobile race held at Indianapolis Motor Speedway will see cars race 200 laps to claim the title of Indy 500 winner.

Ed Carpenter Racing (ECR) had announced this week that their number twenty one Chevrolet will be driven by Rinnus VeeKay, and will be sponsored by the popular cryptocurrency. 

The race car will be detailed in the popular BTC logo. The BTC logo is not under any copyright laws, therefore giving the team free reign to design the car as they wish. 

The car has also been numbered as 21 to signify the total supply of BTC, being 21 million. 

Source: Twitter

Talking to Autoweek, team owner Ed Carpenter spoke about the idea, saying “The whole movement is amazing. I really believe that it is the future of a lot of what our financial system is going to look like. There can be a lot of volatility in it still, but the whole premise and how it’s built—there’s so many positives to it that make it so valuable in the long-term.” 

Racing for adoption

Carpenter hopes to eventually be able to pay service providers in BTC, admitting that currently it is not a viable option, “but I see a future where that will change, and if I can be at the tip of the spear of that, it’s a fun project and one that’s also doing historic things for the Bitcoin community as well” he said. 

Educating the masses 

Carpenter admits he is an avid fan of bitcoin, and the idea behind sponsoring a BTC car will allow for the spread of adoption and awareness around the cryptocurrency. Carpenter explains “It’s about educating, whether it’s race fans or people who are maybe afraid of it or don’t understand it.”

The team owner is looking to remove the stigma surrounding the digital asset, explaining that people do not understand how the crypto works. “We’re trying to help bridge that gap” Carpenter explains. 

Founder of Strike, Jack Mallers who assisted in sponsoring the Bitcoin race car explains that Carpenter “is racing for human freedom, financial literacy, financial inclusivity, and is using the platform he’s earned throughout his career to promote the most powerful message possible in pushing humanity forward. We’re tremendously proud to support his efforts.”

The Indy 500 starts at 12:45 EST on Sunday. With Rinus VeeKay and the Bitcoin car starting third on the grid. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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Source: https://beincrypto.com/indy-500-to-feature-bitcoin-sponsored-car-in-effort-to-spread-adoption/

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Commodity strategist predicts Bitcoin ETF could get the nod in US next month

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Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves the country’s first Bitcoin exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a competitive lead over the United States after approving Bitcoin ETFs from 3iQ and Coinshares in April.

He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the United States will not want to miss out for much longer.

When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year, and this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the latter quarters saw huge price rallies.

Related: Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags

The SEC is currently yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.

Earlier this month, multinational financial services firm Fidelity Investments, lobbied the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.


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Source: https://cointelegraph.com/news/commodity-strategist-predicts-bitcoin-etf-could-get-the-nod-in-us-next-month

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TA: Ethereum Topside Bias Vulnerable If It Struggles Below $3K

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Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone.

  • Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
  • The price is now trading below $3,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its decline unless there is a clear break above the $3,000 resistance zone.

Ethereum Price Remains At Risk

Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin.

The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA.

More Losses in ETH?

If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level.

The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is still below the 50 level.

Major Support Level – $2,650

Major Resistance Level – $3,000

Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

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Evergrande crisis: Buy the dip or bail? Pundits weigh in

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As the prospect of Chinese property giant Evergrande defaulting on $305 billion worth of debt looms, pundits are weighing in on how the firm’s bankruptcy could impact the legacy and crypto markets.

Speculation as to whether the real estate investment giant will default has coincided with a downturn across the crypto and stock markets, leaving many analysts divided on whether traders should be buying the dip or looking to take profits in preparation of further bearish momentum.

At the time of writing, Bitcoin (BTC) is down by around 13% since the downturn started on Sept. 18, while the S&P 500 is down by 1.7% and the Hang Seng has dipped 2.8% within the same time frame.

Some are asserting that Evergande’s possible default could represent another Lehman Brothers moment — citing the major investment bank’s 2008 declaration of bankruptcy on $600 billion worth of debt that kicked off the Global Financial Cris.

However, speaking at the Greenwich Economic Forum on Sept. 22, Bridgewater Associates co-chairman and co-CIO Ray Dalio downplayed the significance of an Evergrande default and suggested that the debt is “manageable.”

Dalio admits that while investors will be stung, he thinks that Evergrande’s debt won’t cause structural damage, as the Chinese government may swoop in to restructure the firm and strike deals with the company. He said:

“[The] Lehman moment produced pervasive structural damage through the system that wasn’t rectified until the Treasury came across in terms of its borrowing and then the Fed came across with quantitative easing, but this is not that kind of a shake-up.”

Ming Tan, a director at the credit rating agency Standard & Poor’s (S&P) predicts the Chinese state will intervene to restructure Evergrande.

Speaking to Financial Times on Sept. 20, Tan speculated that said restructuring is likely to see the “profitable parts of [Evergrande’s] business bought up by rivals,” with its debt obligations likely to be underwritten by either a consortium of commercial Chinese banks or the local central bank directly.

Influencer Lark Davis also isn’t too concerned:

Not everyone is so optimistic. The host of CNBC’s Mad Money show, Jim Cramer asserted Evergrande’s debt issues will likely impact the crypto market because nearly half of the reserves backing the leading stablecoin Tether (USDT) are held in commercial paper

Cramer urged for investor caution while Evergrande awaits a verdict on a potential government bailout, stating:

“I know the crypto-lovers never want to hear me say sell, but if you’ve got a big gain as I did, well, I’m begging you: Don’t let it become a loss. Sell some, stay long the rest, then let’s wait and see if China changes its attitude toward an Evergrande bailout.”

While Tether has denied holding any commercial paper issued by Evergrande, analysts have warned that the fallout from an Evergrande restructuring could have significant impacts on the broader commercial paper markets.

“Tons of Chinese businesses stand to get crushed by this fiasco, and they have Evergrande exposure, and that could spell real trouble,” said Cramer.

Marty Bent, a podcaster and the co-founder of Great American Mining, also sounded alarm bells in his Sept. 20 newsletter.

Bent suggested that an Evergrande default will unveil how “exposed the Western world is to China’s economy” via investments in the large real estate players, their debt instruments, and the debt issued by the Chinese Community Party (CCP).

“Evergrande is going under and it is dragging other large real estate developers in China down with it. The world is witnessing another Lehman moment,” he said.

Bent questioned the assertion that Evergrande is likely to be bailed out by the government, noting the party’s recent push to rein in Chinese capitalism and tighten regulations on the real estate market.

“The CCP has come out and stated that they do not plan on backstopping the real estate developers who are currently plummeting toward bankruptcy. It will be interesting to see if they keep this posturing as things get worse,” he said.

The podcaster also noted that while he unsure how the fallout from Evergrande will impact Bitcoin in the short to medium term, he is “thankful” he can hold Bitcoin as a hedge against the fiat-backed global financial system.

Related: ‘Extreme fear’ as Bitcoin falls below $40K … and then bounces

The share price of Evergrande has been steadily declining during 2021 as its credit woes have mounted. After opening the year at roughly $14, the price sits now at $2.20 — a loss of more than 84%.


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Source: https://cointelegraph.com/news/evergrande-buy-the-dip-or-bail-pundits-weigh-in

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