This has resulted in the renewal of six-figure price predictions for this market cycle, with some suggesting a top of $300,000 this time around.
At the time of writing, Bitcoin was trading at $37,900 after reaching an intraday high of $40,000 according to Tradingview.com. The asset had started to fall back during the Asian trading session on Friday and had failed to break its previous high of $42,000 but the sentiment is still very bullish.
Total crypto market capitalization has topped a trillion dollars again as some of the altcoins, such as Polkadot, make monumental 24-hour gains.
When Will Bitcoin Top $100K?
Popular traders and analysts are back in the game of predicting prices and they’re largely in agreement that this market cycle will result in six figure Bitcoin prices.
Josh Rager said that he thinks Bitcoin will see a six-figure price by early 2022;
I knew six-figure Bitcoin was eventually coming but thought it would be next cycle high
After the recent price action, hitting $40k this quickly, I have to say that I think Bitcoin sees a six-figure price by early 2022
And that $BTC will continue to catch fire across the globe
— Josh Rager 📈 (@Josh_Rager) January 15, 2021
He added that at this peak, the name of ‘Bitcoin’ will be mentioned on every TV, phone, and tablet around the world.
“This could certainly be the cycle that leads to Bitcoin becoming a household name along with serious adoption from those who once mocked peer-to-peer digital money,”
Fellow trader ‘TraderKoz’, who has 28k followers on twitter added that at a guess he would say that this cycle takes us to $250k to $350k.
“From there, we have 3 years of accumulation in the $60-90k range before Bitcoin takes over the entire financial system. That bull run will take us to over $1,000,000,”
Michael Saylor, who’s institutional investment firm MicroStrategy has been buying up large swathes of Bitcoin, continues to post bullish tweets about the asset to his 330k followers;
#Bitcoin is a feat of monetary engineering, and more closely described by the math, science, & technique of aerospace engineering than the models of financial or software engineering.
— Michael Saylor (@michael_saylor) January 14, 2021
The Institutional Effect
Aggregated derivative exchange data provider Bybit reported that Bitcoin institutional inflows are showing no signs of slowing down, adding that there may be a new round of buying by Grayscale.
Grayscale itself reported an assets under management (AUM) figure of $27.7 billion in its most recent update. The company has also just released its fourth-quarter report revealing that there was record investor demand in the period, with approximately $3.3 billion in inflows.
4Q REPORT: Last year’s investment into the Grayscale family of products surpassed $5.7 billion, more than four times the $1.2 billion cumulative inflow into our products from 2013-2019. Read more. https://t.co/T4sMVQhcDe pic.twitter.com/yuh5qj0GyT
— Grayscale (@Grayscale) January 15, 2021
The story made such an impact that even Reuters picked it up.
Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February
In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.
The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.
Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.
Second ‘Lower Low’ For Bitcoin
This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.
Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.
$BTC Weekly Chart.
— CryptoFibonacci (@CryptoFib) May 15, 2021
The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.
Market Cap Shrinks by $150B
As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.
The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.
Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.
Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.
Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.
North Dakota City to Accept Cryptocurrencies for Utility Bill Payments
Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets.
According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto to fiat in real-time.
Paying Bills with Crypto
The city council would first monitor how citizens respond to crypto payments. Utility bill payments are the only bills available to be paid with crypto.
However, if volume and interest are significant, the city will expand the options by allowing landfills, permits, and licenses to be paid with crypto.
Individuals willing to do so only have to visit the official website of the city of Williston, enter their account information to receive an emailed BitPay invoice, and choose their digital wallet and the crypto in which they want to pay.
Citizens can benefit from cost savings when using crypto as well. Exchanges only charge 1% for every transaction, unlike other payment services, which can charge up to 3%.
North Dakota Embracing Technological Change
Cummings outlined that his city is only responding to a growing trend and technological changes. He added that cryptocurrencies represent innovation for the city’s finance department and a significant step to take the lead in the state and nationwide.
“We are pioneers in the state. This is just one of many, many things that’s going to be rolling out of the finance department. We’ve got a lot of exciting things to unveil later on to be the first of many. Our goal is to be industry leaders, not industry laggers.” Said Cummings.
Williston is the third government entity in the U.S. to embrace cryptocurrencies as adoption takes a fast pace in the country. Wyoming is one of those states, which registered Ripple as an entity and has several crypto-friendly laws.
Featured image courtesy of US News.
Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement
It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.
The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.
Carbon Neutral Bitcoin Mining
After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.
The company is committed to the cause, and it plans to invest in US-based renewable energy projects.
According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.
Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:
“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”
Musk’s Message Resonates
Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.
Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.
The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.
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