Connect with us

Blockchain

Polkadot Momentarily Flips XRP as Bullish Run Continues

Republished by Plato

Published

on

Popular smart contract protocol Polkadot (DOT) is on a significant roll this year as it anticipates growth in its core operations. DOT is also climbing the cryptocurrency charts steadily and is now poised to break into the top four cryptocurrencies by market value.

DOT Isn’t Here to Play

DOT officially flipped XRP for the first time to be the world’s fourth-largest cryptocurrency by market capitalization. Rankings on CoinMarketCap showed that the asset flipped XRP in the early hours of the day, although the latter still managed to regain its spot.

Current data shows that XRP holds a $13.08 billion market cap, while DOT is sitting at $12.43 billion.

With DOT posting a 26 percent gain between Wednesday and Thursday, it got enough juice to jump from $10 billion and flip XRP. All the asset needs to do is replicate its performance over the past week, and it should be clear of XRP soon enough.

Source: Coinmarketcap

DOT only managed to break into the top five this week, flipping Litecoin in the early hours of Thursday. Thanks to a 28 percent jump from Wednesday, DOT was able to add $2 billion to its market cap, reaching $10.68 billion and eclipsing Litecoin. As CoinMarketCap data shows, Litecoin remains stuck just shy of the $10 billion mark.

The performance underscored what has been an impressive month for DOT. The asset hit a new all-time high of $11 per token last month, and it has continued to ride that momentum since. Still, some believe that the asset still has some way to go. Michael van de Poppe, a Dutch trader who works on the Amsterdam Stok Exchange, explained on Wednesday that he believed DOT would continue to soar in the coming weeks.

As Poppe explained, DOT will most likely dip to the key support area of about $7.5 per token. Following that, the asset will gather enough momentum for a consolidation that could see it cross $20 in the near future.

SEC to Drag XRP Down?

DOT flipping XRP seems like an inevitable outcome. It doesn’t help the latter that it is now subject to a lawsuit from the Securities and Exchange Commission (SEC) that could jeopardize it.

The SEC sued Ripple Labs, XRP’s operator, last month on claims it violated the Securities Act of 1933 in its Initial Coin Offering (ICO) for the asset. The agency seems to be in a strong position to emerge from the battle as the victor, and success with this suit would see XRP classified as a security.

Many in the crypto space understand the threat and have been taking action. Several top exchanges – including Coinbase, Blockchain.com, and Bittrex, have announced that they would either delist the asset or suspend trading activities for the time being.

At the same time, investments in XRP have been dwindling as several investment firms – including Bitwise Asset Management, Bakkt, and Grayscale Investments, have cut ties with the embattled asset. With XRP’s fate in the balance, drops are expected.

The asset already fell by 45 percent since the SEC suit was published. Any more significant losses, and it could slip even lower than DOT.

Source: https://insidebitcoins.com/news/polkadot-momentarily-flips-xrp-as-bullish-run-continues

Blockchain

Bitcoin price hits $50K after bullish outlook from Citigroup and Goldman Sachs

Republished by Plato

Published

on

On March 1 cryptocurrency investors woke up to the sight of Bitcoin (BTC) rising from it weekend correction to $44,000 as the market found its bullish momentum and altcoins rebounded from their swing lows.

Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin increased 16.6% from its low of $43,504 on Feb. 28 to the $50,000 level which bulls are attempting to flip back to support.

BTC/USDT 4-hour chart. Source: TradingView

Earlier in the day, MicroStrategy CEO Michael Saylor tweeted that the firm had purchased another $15 million worth of Bitcoin, bringing its total holdings to 90,859 BTC and further demonstrating that institutional demand for the top cryptocurrency continues to grow as firms buy each dip’

Analysis of key BTC price indicators also shows that bulls were eager to buy the $43,000 retest which occurred over the weekend.

Not every analyst is bullish

Bitcoin’s surge above $49,000 has some calling for new all-time highs in the near future, but according to veteran analyst Peter Brandt, nothing is certain when it comes to the cryptocurrency market.

Today Goldman Sachs announced that it would restart its crypto trading desk and Brandt was quick to tweet the following chart and point out that its launch didn’t work out so well for the cryptocurrency market in December 2017. 

BTC/USD 1-week chart. Source: Twitter

According to David Lifchitz, Chief Investment Officer of ExoAlpha, it’s still “too early to tell” if the pullback in Bitcoin is over but $44,500 appears to have provided strong support.

In terms of whether the top cryptocurrency could breakout to new highs in March, Lifchitz said he’s uncertain on exactly what might happen as March is historically a bearish trading month for BTC.

According to Lifchitz, tax season in the U.S. could put bearish pressures on the market as investors may need to “sell some of their holdings to pay for earlier realized capital gains.”

From a bullish perspective, the 20% correction during the second half of February may have signaled an “early start” to the usual March weakness, with the worst of the downturn already transpiring.

Lifchitz said:

“Despite the 20% pullback, we’re still in an upward sloping trend since the October $10K breakout. The big unknown is what the miners will do as they are net sellers. They are the real short-term risk.”

Analysis of Glassnode’s Net Unrealized Profit and Loss (NUPL) metric shows that while both 20% corrections experienced during this cycle have created the “signature sideways and choppy” price action typically seen during bull markets, buyers have been stepping in sooner than they had in previous bull cycles and fewer long-term holders are willing to sell their BTC. 

Bitcoin Entity-adjusted NUPL. Source: glassnode

Steadying yields help to stabilize traditional markets

The traditional financial markets also rallied on Monday as Treasury yields stabilized and optimism related to the COVID-19 vaccine rollout boosted investor sentiment about the future of the global economy.

The S&P 500, Dow and NASDAQ all closed the day in the black, finishing up 2.38%, 1.95% and 3.01% respectively. The strong performance from each index occurred as global central banks world continue to reaffirm commitments to accommodative policies that will support the global economic recovery.

Altcoins also recovered their recent losses as Bitcoin price broke out to $50,000.

Daily cryptocurrency market performance. Source: Coin360

Binance Coin (BNB) was the best performer in the top 10, increasing 21% to $248, while Ethereum (ETH) saw its price rise 9.46% to $1,525. PancakeSwap (CAKE) and Fantom (FTM) both rallied price 36% and currently trade for $12.30 and $0.558 respectively.

The overall cryptocurrency market cap now stands at $1.52 trillion and Bitcoin’s dominance rate is 61%.

Source: https://cointelegraph.com/news/bitcoin-price-hits-50k-after-bullish-outlook-from-citigroup-and-goldman-sachs

Continue Reading

Blockchain

Goldman Sachs Plans to Relaunch Its Cryptocurrency Trading Desk

Republished by Plato

Published

on

Reports on Reuters today revealed that American multinational investment bank, Goldman Sachs, will offer bitcoin futures and non-deliverable forwards on behalf of its clients starting next week.

According to sources familiar with the matter, the move is part of the bank’s effort to take advantage of the fast-growing crypto space, which is gradually becoming an investment of choice for institutional players. 

Notably, the bank is also considering developing a Bitcoin Exchange-Traded Fund (ETF) soon as part of its commitment to fully venture into the industry. 

Based on this regard, the unnamed source noted that Goldman Sachs had already “issued a request for information to explore digital asset custody.” 

Goldman’s First Shot At Crypto

In late 2017, Goldman Sachs became the first Wall Street biggest firm to ever consider offering crypto-related products, as the bank was planning to open a cryptocurrency desk.

At the time, the Wall Street financial institution was working on how to address security challenges associated with the business, as well as how it would custody the assets.

Plans were on the way for the launch slated for late 2018 when reports emerged in September that same year that the bank has chosen not to offer crypto-related investments. 

Sources said that the bank dropped its crypto plans due to the regulatory concerns associated with the industry, with regulators breathing down the neck of most projects. 

The issue of regulatory uncertainty has been the major stumbling block that hindered several institutional players from getting involved with cryptocurrencies. 

Interestingly, there have been clearer regulations in recent times luring institutional investors like Microstrategy and Tesla. 

The entrance of these large corporations has given other institutional investors the greenlight that crypto is safe compared to how it was viewed in 2018. 

Thus it could be the reason Goldman Sach is making plans to restart its cryptocurrency trading desk in earnest.

A Change Of Heart? 

However, Goldman Sachs’ second shot at launching a cryptocurrency trading desk comes less than a year after the bank told its clients during a conference call that bitcoin and cryptocurrencies are not an asset class.

Reports at the time suggested that part of the reason for the call was to discourage its customers from including bitcoin and cryptocurrencies in their portfolio.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/goldman-sachs-plans-to-relaunch-its-cryptocurrency-trading-desk/

Continue Reading

Blockchain

Bitcoin Still Has an Uncertain Future: Citibank Analysts

Republished by Plato

Published

on

In a 100-page deep-dive report dubbed “Bitcoin, at the Tipping Point,” Citibank’s global perspectives and solutions team noted that the cryptocurrency could potentially “become the currency of choice for international trade.”

The analysts acknowledged that the massive interest shown by several large institutional investors like Tesla, Microstrategy, and PayPal is one of the major propellants for the digital asset gaining mainstream adoption.

The team further noted that several other factors, including a wide range of digital payment options like stablecoins and Central Bank Digital Currency (CBDC), could also increase the chances of bitcoin adoption for cross-border settlements.

An Uncertain Future

The report also pointed out that a side-by-side comparison of the risks associated with bitcoin and the opportunities it presents makes it very easy to conclude that the digital asset is at a tipping point.

They wrote:

 “There are a host of risks and obstacles that stand in the way of Bitcoin progress… Weighing the potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point… Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.”

Bitcoin Going Mainstream Already 

The concluding part of the report quoted the famous philosopher, Schopenhauer, who said,

“All Truths pass through three stages, first it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”

The team states that the positive change in stance on issues about bitcoin by several financial institutions very well prove these words of Schopenhauer, which he said more than 150 years before the bitcoin idea was born.

Several banks had actively shunned bitcoin in the past, arguing that it has no intrinsic value as it is allegedly backed by mere speculations from its proponents.

However, bitcoin’s immense growth has forced its former critics to re-evaluate their stance and join the bitcoin adoption trend. Some of the biggest banks in the world have started offering bitcoin services to their clients.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/bitcoin-still-has-an-uncertain-future-citibank-analysts/

Continue Reading
Blockchain4 days ago

Gemini collaborates with The Giving Block and others, adds donations option

Blockchain4 days ago

NextGen Blockchain Platforms Self-Organize to Win Government Contracts

Blockchain1 day ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain4 days ago

What Coinbase Going Public Could Do For Crypto

Blockchain4 days ago

Crypto Investment Fund to Sell $750M in Bitcoin for Cardano and Polkadot

Blockchain3 days ago

This was avoidable – The lost Bitcoin fortunes

Blockchain5 days ago

Tezos, IOTA, Dash Price Analysis: 25 February

Blockchain2 days ago

Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Blockchain5 days ago

Coinbase public listing filing details 2020 revenue, major a16z stake

Blockchain2 days ago

XRP, STEEM, Enjin Price Analysis: 27 February

Blockchain2 days ago

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Blockchain1 day ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain1 day ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain3 days ago

‘Bitcoin could reach $1 million or $1, and may do both of those’

Blockchain2 days ago

Here are 6 DEX tokens that have seen exponential growth in 2021

Blockchain2 days ago

6 Questions for Kain Warwick of Synthetix

Blockchain2 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Blockchain5 days ago

Litecoin Price Analysis: 25 February

Blockchain3 days ago

What are the risks of trading cryptocurrencies?

Blockchain2 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Trending