The crypto market seems to be once again heating up, with Bitcoin (BTC) flirting with the $60,000 mark for almost a week now. However, despite its bullish outlook, the flagship crypto has failed to steer clear of the aforementioned price range with any sort of conviction, even though it did break through once, albeit for a brief period of time.
Regardless, analysts, such as Filbfilb, co-founder of trading suite DecenTrader, and Willy Woo believe that with the Coinbase IPO looming large on the horizon, Bitcoin seems primed for big things in the near term, especially as the premier crypto continues to exhibit seven-day gains of over 13%.
On the subject, Filbfilb recently stated: “We may see increased volatility around this time period of the 14th April. I do think that we are on the brink of a strong breakout.” He also later pointed out that the bears are still in play, hence the volatility may not just be to the upside.
Similarly, Woo is of the opinion that Bitcoin will continue to rise for at least some time before the old hodlers offload their assets to pocket some decent gains. Not only that, regardless of what may happen in the future, Woo believes that Bitcoin will not be closing below the $46,400 mark anytime soon.
So, where is the market heading then?
Recently, payments giant Visa announced that it will allow its users to settle their transactions in crypto, using the USD Coin (USDC) stablecoin, which is an ERC-20 token that runs atop the Ethereum blockchain. The news has been seen by many as being yet another indicator that crypto is now firmly in the crosshairs of many mainstream players.
Furthermore, just a few days ago, PayPal, too, announced that it was going to allow its customers to facilitate shopping transactions across its 30-million-strong merchant network using a host of different crypto assets including BTC, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Regarding whether the market seems to be heading price action-wise and where BTC may find support next, independent analyst CryptoYoda told Cointelegraph that he believes there will likely be a further acceleration and a more steep parabolic advance, which will most likely become visible in the near term, adding:
“I do not think that the 65K–73K mark will be of any meaningful significance. I am looking at the 100K–120K zone as the next interesting price area. It is a point of no return indeed. I don’t think crypto can be stopped from here — especially alts will appreciate a lot in the coming weeks and months, which will create lots of interest and awareness for this space.”
Similarly, providing his take on the matter, Antoni Trenchev, CEO of crypto financial platform Nexo, believes that Bitcoin is entering the growth-side of its four-year economic cycle, especially as the global economy starts to recover from the pandemic.
He added that the announcements of Visa and PayPal’s crypto integrations indicate that more upswings are incoming. Trehnchev opined: “Any bumps in the road in 2021 won’t send BTC down significantly — it will keep boomeranging its way back up to the next price stop, and I’d put that at about $75K.” He also anticipated to enter the six-figure range soon after that.
Lastly, Ben Zhou, CEO of cryptocurrency exchange Bybit, told Cointelegraph that $73,000 is the Fibonacci level to watch if BTC cleanly vaults above $60,000. That said, he believes just a few more announcements in the vein of the Visa, PayPal, Goldman Sachs and Teletubbies news could be the impetus that the market needs to make a clean transition above the aforementioned price threshold.
Is Bitcoin at a point of no return?
With so much institutional activity now happening within the space, many believe that the industry has matured so much that it has reached a point of no return, such that most people have now started to realize the technological proposition put forth by crypto rather than only recognizing its short-term profit potential.
For example, Todd Crossland, CEO of cryptocurrency exchange CoinZoom, believes that mass adoption of Bitcoin and other digital assets is only just starting, adding: “Every corporation in the world is either already embracing Bitcoin, or they are researching strategies for how they can join the movement.”
In his view, as more of the world’s largest companies purchase Bitcoin, as part of their treasuries, and also accept Bitcoin as part of their e-commerce solutions, there will be an increasing trend in the upward direction. “We see a very clear path for Bitcoin reaching $100,000 by the end of 2021,” Crossland opined.
On the subject of whether BTC can ever scale down to extremely low price levels ever again, Cointelegraph spoke with Luuk Strijers, chief commercial officer for futures and options trading platform Deribit, who pointed out that according to the options data available to him at the moment, the market seems to suggest sub-10K levels scenarios have a very slim probability of materializing. “A year-end expiry USD 12K is currently priced at a 6% probability,” he added, to further cement his point.
Also, after the above-stated options expiry, as well as the Visa, PayPal and Goldman Sachs announcements, Strijers believes that the market will gradually move upward again. On a more technical note, he pointed out that according to Deribit’s implied volatility index, the amount of demand for crypto assets is rising at the moment.
Confidence seems to be locked in
According to Zhou, market participants all over the world have spoken and loudly affirmed that they view Bitcoin as a tangible long-term store of value. In fact, he believes that even when there will be an eventual downturn in the current supercycle, BTC’s price is unlikely to drop below the height of its 2017 bull run of $20,000.
This, in his opinion, is simply due to the fact that an increasing amount of institutional money is flowing into this space on a regular basis but also because fiat dilution has been happening all too rapidly. As a result, most currencies can no longer claim their prior values that they were able to hold back in 2017, or early 2020.
To put things into perspective, since the start of the coronavirus pandemic back in March 2020, the United States Federal Reserve has printed over $3.5 trillion, issuing the money in the form of stimulus packages to families as well as in an effort to pump capital into the economy.
That being said, even though the market looks to be in great shape right now, it is still anyone’s best guess as to what the future has in store for Bitcoin and other prominent altcoins. This is because this fledgling sector is still full of inherent risks — despite what the Winklevoss twins would like everyone to believe — with there still being little to no scope of accurately assessing the pitfalls involved with this space. Thus, it’s of utmost importance that users do their personal research before investing big in any project.
ShapeShift Launches Decentralized Trading Through THORChain, RUNE at ATH
In an announcement on April 13, the Switzerland-based non-custodial crypto company stated that it was now fully integrated with THORChain, enabling users to trade native Bitcoin with Litecoin and Ethereum for the first time.
The move is a big deal because it is the first time a decentralized exchange has enabled crypto asset swaps across different blockchains without the need for bridging technology or custodian controlled wrapped tokens.
Launch all the things! 🚀 🚀 🚀 pic.twitter.com/lgkUxl2QJ6
— ShapeShift 🦊 (@ShapeShift_io) April 13, 2021
THORchain Crossing the Chains
THORchain launched its long-awaited MCCN, ‘multi-chain chaos net’ platform on Tuesday, April 13 amid a great deal of hype from the crypto community including ShapeShift CEO Erik Voorhees.
Less than a day before the launch, Voorhees stated that it would be a huge deal for crypto.
“Native cross-chain decentralized exchange. Never been done before. Arguably the biggest event in crypto this week, though it may not be obvious for a year or two.”
THORchain uses its own native token RUNE as collateral and an intermediary, so those wanting to trade BTC for ETH, for example, will have the trade go via RUNE yet the end-user will not notice.
The revolutionary platform has been in development for three years and yesterday’s launch could bring big improvements to the rapidly evolving DEX space.
Voorhees continued to extol its virtues:
“We saw the power of this technology and wanted to bring it to our users immediately. This is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”
ShapeShift DEX users, including those making trades via the new THORChain integration, can also earn FOX Tokens with every trade which enables eligibility for other rewards on the platform.
FOX Pumps 45%, RUNE Hits ATH
ShapeShift’s FOX token exploded on the news, pumping 45% to reach an intraday high of $1.30. The exchange-based token has made 180% over the past month and hit an all-time high of $1.60 on April 6.
THORchain’s RUNE token has also been on fire, surging 19% on the day to hit an all-time high of $14.60 at the time of writing according to Coingecko.
RUNE has doubled in price over the past fortnight and pumped a monumental 1,150% since the beginning of the year.
AAX Exchange reveals: HKD, SDG, and GBP Top FIAT currencies deposited in April
[Press Release – Singapore, April 13, 2021 ]
After the 2021 easter holiday, AAX recorded the highest amount of fiat deposits into the exchange with a total over 10 million USD in 10 days. The top three currencies are Hong Kong Dollar, Singapore Dollar and Great Britain Pound.
AAX supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners, and direct bank transfer powered by First Digital Trust, the digital custody arm of Hong Kong-licensed and publicly registered trust company, Legacy Trust.
“For many years, the on and off-ramps between crypto and fiat have acted as a bottleneck,” said AAX’s CEO, Thor Chan. “Now that the infrastructure is in place, we’re seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.”
“While our peer-to-peer and Fast Buy platforms are effective in serving most retail traders, with First Digital Trust we’re also able to serve high net worth investors as well as traders that are looking for cross-currency arbitrage opportunities.”
AAX, a member of the London Stock Exchange Group’s institutional partner platform, gives its investors the same tools and market infrastructure as what institutional investors generally expect to see on traditional exchanges.
Investors of all levels will find that AAX’s platform caters to their every need. Its newly created fiat deposit services provided through First Digital Trust adds an extra layer of trust to ease any concerns new investors in crypto might have when entering the crypto space.
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
Stellar-based gaming and collectibles platform Litemint to integrate DigitalBits
Non-fungible tokens or NFTs have stolen headlines the world over, plastered across both crypto and mainstream media. And, it’s no surprise. Beeple’s “Everyday’s – The First 5000 Days” sold at Christie’s for an astounding $69,346,250, asserting Beeple as one of the top three most valuable living artists. This sale established two historical landmarks: the first sale of a wholly digital piece of art with a unique NFT, and the acceptance of cryptocurrency (ETH) as the form of payment.
Paris Hilton recently released a comprehensive article on NFTs and their potential to empower creators. She also hinted at releasing her own. And this is only the tip of the iceberg, with musicians such as 3LAU and the King of Leons, as well as sports superstars like Tom Brady and Rob Gronkowski getting in on the action.
The DigitalBits Project, first launched in 2017 with an initial focus on consumer digital assets, has since expanded to include branded stablecoins as well as the rapidly growing world of esports and gaming. The XDB Foundation, the primary contributor to the DigitalBits Project, is now looking to enter the NFT space, having recently sealed a partnership with leading NFT and Collectibles Marketplace, Litemint, a technology company specializing in the creation of unique experiences for crypto enthusiasts, collectors, and gamers.
The introduction of NFT functionality to the DigitalBits blockchain introduces a wholly new vertical to the platform. As scalability issues continue to plague Ethereum, DigitalBits provides a welcome alternative to creators and users alike, allowing for significantly reduced gas fees and wait times.
Built on Stellar since its inception in 2018, Litemint recently unveiled its NFT and Collectibles marketplace, expanding beyond its initial gaming value proposition. Litemint brings NFTs and digital collectibles to the online gaming experience, introducing unique elements such as true asset ownership and seamless transfer and tradeability not available within today’s leading online gaming environments.
DigitalBits’ origins as a Stellar fork make it highly compatible with Litemint’s existing technology and allows for the activation of a number of potential synergies between the XDB Foundation and Litemint.
“With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform,” stated Frederic Rezeau, Founder and CEO of Litemint. “I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market.”
Other organizations are also looking to DigitalBits as an alternative for their NFT initiatives. The network is highly scalable, capable of processing upwards of 10 000 transactions per second, with transaction fees as low as 0.00001 XDB (less than a penny at today’s prices), and confirmation times ranging between 2-5 seconds. Although Ethereum is the current market leader for NFTs, the network’s inability to scale has resulted in exorbitant fees when minting and transferring NFTs, creating a huge barrier to entry. The integration of the DigitalBits network with platforms such as Litemint now provides an agile, low-cost alternative for creators and users, streamlining the issuance, transfer, and trade of NFTs.
“I’m very excited to see the upcoming integration of the DigitalBits network into Litemint’s NFT and collectibles marketplace,” said Michael Gord, Managing Director of the XDB Foundation. “NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs.”
Litemint acquired Stellarport, a leading decentralized exchange, and service platform within the Stellar ecosystem, in January 2020, citing the massive opportunity created by bringing together crypto users and gamers, bringing unmatched dynamism to both platforms. The DigitalBits Project is an open-source protocol layer blockchain specializing in consumer digital assets, the development of which is led by the XDB Foundation. The XDB Foundation is a non-profit organization focused on driving growth and adoption of the DigitalBits blockchain and ecosystem.
Disclaimer: This is a paid post and should not be treated as news/advice
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