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Crypto-Backed Lending Service Sees Massive Demand

Crypto-backed lending service CEX.IO LOAN, launched in October 2020, has been experiencing major demand, receiving over $100M worth of loan requests to date. Most of the requests came from institutional investors, despite the service’s popularity among retail clientele, as well.

According to CEX.IO LOAN, such an increase in demand can be attributed to the institutionalization of the crypto-industry. Institutional investors in possession of cryptocurrencies regard it as collateral for borrowing funds and use it as such.

They prefer the company’s service due to the convenience it offers to users. On the CEX.IO LOAN platform, customers can borrow cash against their cryptoassets in a quick and simple manner, without having to deal with credit checks or any unnecessary paperwork.

CEX.IO LOAN serves various cryptocurrency market participants, from retail investors and traders to startups and large enterprises. Users can borrow any amount between $500 and $100,000 at competitive interest rates starting at 8.75% per year and the loan duration ranging from seven days to one year.

The service has already experienced high demand from VIP clients, with 41% of all CEX.IO LOAN customers borrowing cash against Bitcoin, 53% – against Ethereum, and 6% – against decentralized finance (DeFi) tokens. 

While retail investors borrow $1,400 on average, VIP clients request larger-sized loans, with the typical amount being $1 million or higher. Institutional clients also need the funds for more extended periods (usually, 6-12 months), which indicates a long-term asset management strategy.

“As institutional investors find the digital asset industry increasingly attractive, it’s a pleasure to serve them with our enterprise-grade instant crypto-backed loan platform. Security, convenience, and compliance are key priorities for corporate clients, which are features that we have been providing to all our clients in the rapidly growing CEX.IO ecosystem,” Anton Chashchin, Commercial Director for the CEX.IO LOAN service, stated.

About CEX.IO LOAN

CEX.IO LOAN is a part of the CEX.IO Group. Founded in 2013, CEX.IO operates one of the largest international exchanges of the cryptocurrency market, which has been featured among Crypto Compare’s ten best exchange services. With offices in the UK, USA, Ukraine, Cyprus, and Gibraltar, CEX.IO serves over 3 million customers worldwide. From entry-level users to professional traders, as well as institutions and businesses, CEX.IO suits the needs of various crypto market participants with a reliable, high-security digital asset service.

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Altcoin Season 2021 – $151 Trillion Market Cap?

We’ve written frequently about the 4 year cycle in cryptocurrency prices. Cryptocurrency – this first of which was Bitcoin – was introduced in 2009. Four years later, in 2013, prices surged to a blowoff top. Exactly four years later, in 2017, prices again surged to another blowoff top.

Using this 4 year cycle as a guide, later this year, in 2021, the cryptocurrency market should again experience another blowoff top.

Using this 4 year price cycle in cryptocurrencies, we’ve made predictions on how high the price of Bitcoin could go. We’ve also made 2021 price predictions for altcoins such as Ethereum, Chainlink, EOS, Stellar Lumens and others.

But what about the entire altcoin market as a whole?

Let’s take a look at the previous altcoin season and use that price information to make an educated forecast of where the altcoin market is likely headed later this year.

Whereas Bitcoin was released in 2009, the first Altcoin wasn’t released until 2011. However, Bitcoin is the undisputed leader of the entire cryptocurrency market. The 4 year cycle in altcoins does not see a peak 4 years after the introduction of the first altcoin, but rather the altcoins follow the leader – Bitcoin – and rise and fall in tandem with it.

Here is the chart of the first blowoff top of the entire altcoin market cap:

You can see from the chart above that the total market cap of the entire altcoin market reached its peak of $2,004,339 billion on December 4, 2013.

Like Bitcoin, after reaching its blowoff top in 2013, the altcoins went into a bear market for the next 2 years.

It was not until June of 2016 that the altcoin market convincingly topped its previous all time high, and it wasn’t until more than 3 years later, on December 28, 2016 – exactly 1,120 days – that the altcoin market exceeded its previous all time high for good.

What did the altcoin market do after exceeding its old all time high for good?

The answer can be found in the following chart:

After permanently exceeding the 2013 all time high on December 28, 2016, altcoins then rose for the next 375 days to set a new all time high of $551,926,104 billion on January 5, 2018.

That’s a gain of 27,536%, or stated another way, 275-to-1.

Now let’s take a look at what has happened since then, and see if the altcoin market is following the same pattern, and if so where the 2021 altcoin season is heading.

The 4 Year Cycle In Action

Like what happened in 2013, after reaching its blowoff top in 2017, the altcoins went into a bear market for the next 2 years.

It wasn’t until more than 3 years later, on February 11, 2021 (4 days ago!) – exactly 1,133 days – that the altcoin market exceeded its previous all time high for good.

Wow.

The cycles are amazingly close. In the previous altcoin cycle it took exactly 1120 days for the altcoin market to convincingly exceed its previous record peak, and in the current altcoin cycle it has taken 1133 days to do the same.

The difference in timing is a mere 13 days, which is only one tenth of one percent!

So where to from here?

The Next Altcoin Blowoff Top

Using this cycle as guidance, it would indicate that the altcoin market will go up for the next 375 days and reach a top on February 20, 2022.

If the overall percentage gain is identical, that would place the total altcoin market cap at over $151 trillion.

Is that even possible?

Our opinion: one word, yes.

Let’s see where we are a year from now.

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The First U.S. Commercial Bank To Provide Access To Bitcoin

Blue Ridge Bank has announced that for the first time in U.S. history a commercial bank is providing access to Bitcoin at its branch locations. Cardholders can purchase and redeem Bitcoin at 19 Blue Ridge Bank ATM locations, consisting of both branch and off-site ATMs.

“Blue Ridge Bank is excited to continue its evolution to serve the growing needs of our current and future customers,” said Brian K. Plum, Chief Executive Officer of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), the parent company of Blue Ridge Bank. “The ATMs remain able to serve cash-based and inquiry activity, so this is simply layering on more services and reinforces our commitment to the future of banking for all customers.”

Blue Ridge Bank has partnered with BluePoint ATM Solutions, a national ATM operator out of Woodstock, Va., and LibertyX, the leading U.S. bitcoin ATM software provider from Boston, Massachusetts.

BluePoint ATM Solutions CEO Wade Zirkle commented, “We are proud to partner with Blue Ridge Bank and LibertyX to provide ATM management services that are Bitcoin-capable. We predict that more community banks and credit unions will demand innovative fintech solutions like this at their branches, and we are excited to be a leader in this space.”

“We’re honored to work with Blue Ridge Bank and BluePoint. For years, consumers have been asking for the ability to buy bitcoin from their banks. We are proud that BRB is the first bank in the nation to offer bitcoin services on their ATMs,” said Chris Yim, LibertyX Co-Founder & CEO. “LibertyX provides consumers with the trust and ease of going to 8,500 ATMs at local convenience stores, pharmacies, and gas stations. Now they can also buy bitcoin at their local bank ATM.”

Blue Ridge Bank, N.A., is the wholly-owned banking subsidiary of Blue Ridge Bankshares, Inc. Through its subsidiaries and affiliates, Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina.

BluePoint ATM Solutions is one of the largest privately-held ATM management companies in the U.S., with offices in Virginia and Colorado. BluePoint ATM Solutions specializes in providing efficient, outsourced ATM services to Community Banks and Credit Unions across the U.S. and providing customized ATM services to the retail and hospitality industries.

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TruckPay to Accept Logistics Payments With Cryptocurrencies

In 2020, TruckPay introduced the first multi-currency, multi-lingual, and multi-metric fleet management logistics platform to serve the needs of the aggregates, asphalt, scrap metal, recycling, demolition, agricultural, and landfill industries. TruckPay has now announced that cryptocurrencies, such as Bitcoin, Ethereum, and Stellar Lumens will be able to be used to facilitate payments on both its TruckPay Fleet Management and MyTruckScales platforms.

Truck Pay’s CEO and President, Barry Honig said, “Given the growing acceptance of cryptocurrency, with companies like Tesla preparing to accept Bitcoin as payment, we feel that it is time to allow users of our platforms to pay their subcontractors and independent owner-operators in a variety of cryptocurrencies, if they so choose.”  Benjamin Honig, TruckPay’s CTO said, “I’ve been active in the crypto industry for the last 4 years and over that time, I have developed a deep knowledge of the space. I appreciate how cryptocurrencies can be used to help serve some of our underbanked drivers and contractor companies, especially ones in places like Latin-America and Africa, that have unstable fiat currencies.”  Benjamin went on to say, “I have also established an extensive network of resources in the crypto software development space that will allow TruckPay to not only initially allow crypto payments on the platform, but will also, eventually, allow us to offer other related value-added services. Barry Honig concluded by saying, “By offering our customers cryptocurrencies as an additional payment method, combined with our multi-lingual and multi-metric features, we will be able to fully realize TruckPay’s goal of making our products accessible to any job creating company, subcontractor, driver, and truck scale owner anywhere in the world.”

TruckPay provides highly secure, mobile and cloud-based, paperless, enterprise truck fleet and scale management platforms. The powerhouse father-son team and company co-founders are Barry and Benjamin Honig. Barry is blind and brings many years of technology and business experience, eliminating paper tickets from trading in the financial services industry to automating logistics. Barry’s son, Benjamin, is a two-time Apple WWDC Scholarship winner. Benjamin has a remarkable talent for creating very user-friendly apps.

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America’s Oldest Bank Embraces Cryptocurrency

The Wall Street Journal is reporting this morning that America’s oldest bank, Bank of New York Mellon Corp., is formally entering the cryptocurrency market:

The custody bank said Thursday it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients. In time, BNY Mellon will allow those digital assets to pass through the same plumbing used by managers’ other, more traditional holdings—from Treasurys to technology stocks—using a platform that is now in prototype. The bank is already discussing plans with clients to bring their digital currencies into the fold.

Digital assets are becoming part of the mainstream,” said Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses.

Wall Street Journal, February 11, 2021

It’s difficult to imagine a stronger signal that Bitcoin and cryptocurrencies are heading towards mainstream adoption.

HODL.

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Twitter CFO Says Company Thinking About Adding Bitcoin

The Chief Financial Officer of Twitter, Ned Segal, gave an interview to CNBC today and was asked about Bitcoin. In that interview he stated that Twitter has been doing a lot thinking on how to pay employees in Bitcoin, how to pay a vendor in Bitcoin, and even if Twitter should have Bitcoin on its balance sheet.

Auto company Tesla just revealed this week that it had used $1.5 billion of its cash to purchase Bitcoin. In response to the actions of Tesla, Mr. Segal stated that the company is continuing to study that possibility and that they haven’t bought any Bitcoin with the company’s cash… “Yet.”

It’s only a matter of time.

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Elon Musk Talks His Book While Tesla Buys $1.5 Billion In Bitcoin

It was announced within the past 24 hours that Tesla has used $1.5 Billion of its “cash that is not required to maintain adequate operating liquidity” to buy Bitcoin. The company stated it had done so in order to “maximize returns on our cash,” as stated in the company’s most recent 10-K filing with the SEC. The filing revealed that in addition to the massive purchase of Bitcoin, the company also expects to start accepting Bitcoin as payment for its automobiles “in the near future.”

Bitcoin quickly responded to the news and rose to a new all time high of $44,900 within an hour of the announcement.

We observe that Elon is guilty of “talking his book.”

What is “talking your book?”

An decade-plus old article from Abnormal Returns, titled “Everybody talks their book, everybody” explains it this way:

Talking your book is a phrase used to describe what portfolio managers are doing when they discuss their portfolio holdings. It is generally assumed that this discussion is to create interest (and buyers) of these securities.

This will ultimately benefit the price of the security and the manager’s portfolio. The more cynical out there might see any sort of stock rise as an opportunity to exit a position as well.

Even that might be too simple an explanation. A manager might take the opposite tack an bad mouth a position hoping for a drop in price to allow further accumulation.

To summarize and simplify the above quote, “talking your book” basically means that a money manager will talk glowingly about an asset he wants to sell (in order to get the highest price possible), and conversely will talk negatively about an asset he is in the process of buying (in order to drive the price down to provide a better entry price).

Did Elon do that?

It certainly seems that way to us. Have a look at his tweet from December 20, 2020:

Bitcoin is BS?

Yes, so says Elon when he is trying to buy.

And after his purchase is complete, then he adds Bitcoin to his twitter profile, his car company announces it has bought a gigantic amount of Bitcoin, and will be taking the cryptocurrency as payment for its autos in the near future.

It seems Bitcoin is only BS to the wealthy when they’re trying to buy it.

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CME Launches Ethereum Futures

CME Group, the world’s leading and most diverse derivatives marketplace, today launched Ethereum futures, further expanding its crypto derivatives offerings in this emerging asset class.

“As institutional demand for transparent, exchange-listed crypto derivatives continues to increase, we are pleased to launch our new Ether futures contract,” said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products. “The addition of Ether, along with our liquid Bitcoin futures and options, will create new opportunities for a broad array of clients, whether they are looking to hedge ether positions in the spot market or gain exposure to this cryptocurrency on a regulated derivatives marketplace.”

“Just like in other capital markets, derivatives have become the avenue of choice for institutions to access cryptocurrencies,” said Sui Chung, CEO of CF Benchmarks. “Our status as a U.K. FCA regulated benchmark provider, whose compliance is regularly audited by Deloitte, gives institutions further confidence to enter the cryptocurrency space via the CME Ether futures contact based on our CME CF Ether-Dollar Reference Rate. For the first time, investors can gain exposure to the second-largest cryptocurrency by market cap via a U.S.-regulated futures contract. Just as Bitcoin futures paved the way for institutions to enter the crypto market in 2017, so CME Ether futures will allow CME Group clients to gain even greater exposure to the asset class.”

“CME Group has been an integral participant in the continued institutionalization of this asset class, and the launch of Ether futures is yet another milestone,” said Michael Moro, CEO of Genesis Global Trading Inc. “Genesis is excited to continue to work closely with CME in this effort.” 

“The launch of CME Ether futures is an exciting addition to the digital assets ecosystem as it evidences the ongoing maturation of the asset class as a whole,” said Michael Sonnenshein, CEO of Grayscale Investments. “At Grayscale Investments, we’ve seen enormous growth in investor interest for Ethereum and we’re excited to see the growing list of financial product offerings expanding access to digital currencies.”

CME Ether futures are cash-settled, based on the CME CF Ether-Dollar Reference Rate, which serves as a once-a-day reference rate of the U.S. dollar price of Ether. Ether futures are listed on and subject to the rules of CME.

As the world’s leading and most diverse derivatives marketplace, CME Group enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

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Bitcoin News Cryptocurrency News

Be Expecting News Headlines Warning of “The Bitcoin Bubble”

The prices of Bitcoin and altcoins have been climbing in recent weeks. We’ve written a fair amount about the 4 year Bitcoin cycle and have pointed out that 2021 is the next iteration of a significant crypto bull run.

We want to give you a heads up regarding news stories that you are almost certainly going to be subjected to this year: In 2017, the higher the price of Bitcoin climbed, the more stories were published about the “Bitcoin bubble”.

A simple google news search for “Bitcoin bubble” with a date range of the entire year brings up hundreds and hundreds of articles. Here’s just a small sampling:

WBUR.org published, “The Bitcoin Bubble: Deciphering Digital Currency” on June 1, 2017. A quote from the article:

There are a couple of reasons why the bubble is sure to burst. The first is just that it’s a bubble, and any chart which looks like the one at the top of this post is bound to end in tears at some point. 

CNBC published “Mark Cuban calls bitcoin a bubble, price falls” on June 6, 2017. The article included this statement:

Bitcoin gave back most of its gains on Tuesday after billionaire entrepreneur Mark Cuban said in a series of tweets the digital currency is in a bubble. Cuban Tweet: I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble

The Economist published “What if the bitcoin bubble bursts?” on June 3, 2017. The news story proclaimed:

Is the latest frenzy like tulipmania, a gold rush or the dotcom boom? MARKETS frequently froth and bubble, but the boom in bitcoin, a digital currency, is extraordinary. Although its price is down from an all-time high of $2,420 on May 24th, it has more than doubled in just two months.

There are hundreds upon hundreds of news stories from 2017, all claiming that Bitcoin was in a bubble and implying that anyone holding Bitcoin was going to lose everything once the bubble popped.

These stories were published in every month of the year, however, the higher the Bitcoin price climbed, the more frequent the stories became.

We expect the same stories to be rolled out again en masse this year, as the price of cryptocurrencies soar in a major, breathtaking bull market.

There are bear markets, and there are bull markets. If our forecast is correct, the top of this bull market in cryptocurrencies will not be reached until mid to late December this year.

We are not going to let the coming onslaught of Bitcoin bubble stories frighten us into selling prematurely.

A word to the wise.

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World Economic Forum Releases Very Pro-Cryptocurrency Report

The World Economic Forum has recently released a report that suggests cryptocurrencies have a very prosperous future. The report, titled “Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases,” is rabidly optimistic about the future role of cryptocurrencies in the world’s economic and financial systems.

Here are some various quotes from the report:

Over a decade ago, a white paper by Satoshi Nakamoto was distributed to a cryptography mailing list outlining a novel proposal for a “peer-to-peer electronic cash system” called bitcoin. This innovation spurred a new, global industry and asset class that has created hundreds of billions of dollars in value, and inspired a generation of entrepreneurs and innovators.

From the foreword

Another pro-crypto statement:

The World Economic Forum Global Future Council on Cryptocurrencies represents a broad cross-section of experts working to make cryptocurrencies useful across a wide range of use cases.

From the foreword

And one more:

Cryptocurrencies have reached a point of inevitability. We have dedicated our careers to advancing the adoption and use of cryptocurrencies because we believe they represent an enormous opportunity to grow the global digital economy and benefit consumers and businesses across the world.

From the foreword

When on reads the report, it becomes very clear that the World Economic Forum clearly believes that cryptocurrency will permeate all economic and financial transactions globally.

These specific cryptocurrencies each have a dedicated segment in the report: Bitcoin, Ethereum, Ripple, Tezos, Celo, Litecoin, Zcash, Filecoin, and Arweave. These second layer protocols also have their own segments in the report: Bancor, Lightning, Compound Protocol, Uniswap, Etherisc, and OMG Network.

This report is more evidence that the world is heading towards mass adoption of blockchain.

Got crypto?

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Bitcoin New All Time High In February?

We’ve written extensively about the 4 year cycle in Bitcoin and Altcoins. Just two days ago we released our Bitcoin and Altcoin forecast for February and March.

We pointed out how closely 2021 price behavior is following 2017 price behavior:

This year, Bitcoin reached its high on January 8, only 3 days later than it did in 2017.

In 2017, the previous 4th year of the Bitcoin cycle (2021 is also a 4th year of the Bitcoin cycle), Bitcoin made an intermediate high on January 5 and an intermediate low on January 25.

This year, Bitcoin made an intermediate high on January 8, and made an intermediate low on January 28 – again, exactly 3 days later than it did in 2017.

The timing of these swing lows and highs is remarkable.

Using this data, we predict that February will not see a new all time high for the price of Bitcoin.

If the pattern continues to follow 2017 this precisely (at some point it will diverge, markets don’t repeat so precisely for extended periods of time), the new all time high for Bitcoin will not arrive in February, as the pattern in 2017 saw Bitcoin top its early January high on February 28th of that year.

Comparing 2021 to 2017, the cycle has been experiencing a 3 day delay, which would suggest a new all time high for Bitcoin will not be reached this year until March 3.

Of course, this forecast is not guaranteed. Highly charged positive crypto news events could cause Bitcoin to surge to new highs sooner, while the unexpected appearance of negative Bitcoin news sphere could delay the timing of a new all time high for Bitcoin.

We are quite certain, however, that a new all time high for Bitcoin is only a matter of time.

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Bitcoin News Cryptocurrency News

2021 Bitcoin Price Prediction: $250,000

If you’ve already read our Bitcoin price predictions, you are aware that we’re calling for Bitcoin to reach a price between $379,825 and $1,329,389 later this year. You may also be aware that Tim Draper is predicting the price of Bitcoin to reach $250,000 next year.

Tim Draper isn’t the only forecaster calling for the price of Bitcoin to reach a quarter of a million dollars. The Bitcoin Stock-to-Flow model is predicting the same price, by the end of this year.

PlanB, the creator of the model, a few moments ago tweeted that the model is predicting a 20% monthly increase in value of Bitcoin for the remainder of this year. That would put the price of Bitcoin at $250,000 each by December 31, 2021.

We would like to point out what should be obvious: the model predicts a steady 20% monthly increase in the “value” of Bitcoin. Theoretical value and market price can often be quite different. During periods of fear and negative press, market conditions can can cause the price to be substantially lower than value, and during periods of extreme bullishness and greed (as illustrated by the crypto fear and greed index), market conditions can cause the price to be bid to levels that are significantly higher than the value indicated by the model.

Nevertheless, there are strong indications from several factors – our favorite being the 4 year cycle – that the price of Bitcoin will be six digits later this year.

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Bitcoin News Cryptocurrency News

Bitwise Files For Approval To Have Its Bitcoin Fund Publicly Trade On OTCQX

Bitwise Asset Management, a leading crypto asset manager with over $700 million in assets under management, announced today that it has begun the regulatory process to allow shares of the Bitwise Bitcoin Fund to trade on OTCQX.

If approved, shares of the fund would be available for trading in traditional brokerage accounts and for custody with many traditional custodians.

The company has not yet announced a ticker for the fund.

“We are tremendously excited to take the Bitwise Bitcoin Fund down the path recently taken by the Bitwise 10 Crypto Index Fund (OTCQX: BITW),” said Bitwise President Teddy Fusaro. “We have been managing this fund since 2018, offering investors a cost-effective, convenient, and secure means of gaining investment exposure to bitcoin, and are excited to potentially see shares of the fund quoted on OTCQX.”

The Fund charges a 1.5% expense ratio, which includes costs related to custody, tax, accounting, and management fees, lower than competing products. The fund’s bitcoin is held with a regulated, insured, third-party custodian.

The Bitwise Bitcoin Fund opened for private placements by accredited investors in December 2018, and the private placement offering remains open via the Bitwise website.

“There is significant growth in interest from professional investors in accessing bitcoin as a tool to hedge their portfolios against rising inflationary risks,” added Matt Hougan, Bitwise chief investment officer. “Financial advisors in particular are taking note of the large allocations that hedge funds, institutions, insurance companies, and traditional asset managers are making to bitcoin, and based on our recent survey of nearly 1,000 financial advisors, many are deciding that now is the time to consider an allocation of their own.”

If cleared, the Bitwise Bitcoin Fund will be the second Bitwise fund cleared for public quotation: On December 9, shares of the Bitwise 10 Crypto Index Fund (OTCQX: BITW) became the first publicly traded crypto index fund in the United States, and began trading on the OTCQX Best Market.

Bitwise Asset Management is a leading provider of index and beta crypto funds. Based in San Francisco, Bitwise’s team combines expertise in technology with decades of experience in traditional asset management and indexing—coming from firms including Facebook, Google, Wealthfront, BlackRock, Fidelity, Deutsche Bank, IndexIQ, and ETF.com. Bitwise is backed by leading institutional investors and asset management executives, and is a frequent commentator on crypto in the press. It has been profiled in Institutional Investor, CNBC, Barron’s, Bloomberg, The Wall Street Journal, The New York Times, and many other leading publications. The firm is a trusted partner to financial advisors, RIAs, multifamily offices, hedge funds, and other professional investors as they navigate the crypto space

Bitwise Asset Management
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Bitcoin (And Altcoin) Price Trends Expected In February And March

Several of our news articles this year – as well as several from last year – included details regarding the 4 year cycle in cryptocurrency prices. The editors at Top5Cryptos are strongly of the opinion that the entire cryptocurrency market is correlating to the previous 4 year cycle patterns in excess of 90%.

Our cryptocurrency price predictions for 2021 are base upon the correlation to the 4 year cycle, among other specific factors.

Using this year cycle pattern, we are going to predict the general price action of the crypto market for the months of February and March.

First, though, we will look at the crypto price behavior during the previous 4 year cycle top of 2017.

Bitcoin Price Performance In Early 2017

Bitcoin started the first day of 2017 at $1,003. It rose rapidly, gaining nearly 19% by January 5th.

Bitcoin then fell by 24% to reach a low on January 25.

From that date, Bitcoin basically bounced up and down in price without going much in either direction. Prices were choppy from January 25 until February 16.

From February 16 to February 24, Bitcoin had a sustained upward movement in price, reaching the same price that it had attained on January 5 of that year.

From February 24 until March 1, the price of Bitcoin remained near the high of January 5. However, on March 2, Bitcoin broke out above the high of January 5, rising about 8% above the peak price attained in early January.

Bitcoin then suffered a 20% correction into a low on March 19.

Bitcoin then again experienced choppy sideways price action until March 30.

April was the month that the climb in the Bitcoin price really kicked into high gear and Bitcoin left for good the trading range it had been in the first 3 months of the year.

Here is what the Bitcoin chart looked like for the above described time period in 2017:

Using this price behavior taken from the previous 4 year cycle time frame, we are going to compare it to the price behavior of Bitcoin this year.

This year, Bitcoin reached its high on January 8, only 3 days later than it did in 2017.

Since then it has been following the same type of price action that transpired in 2017.

We have no reason to believe that the price of Bitcoin will stray much from its previous price behavior.

Our Bitcoin Forecast For February and March

Using the data above, the price of Bitcoin should get back to the $42,000 range around February 23 – 26.

From there, it should make a new all time high around $45,000 to $47,000 the first week of March.

After reaching a new all time high in early march, Bitcoin will likely fall to the range of $30,000 around the 3rd week in March.

The the fun REALLY begins for crypto bulls.

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Bittrex Change In Terms Of Service Language Is Concering

Bittrex has long been one of our favorite crypto exchanges based in the U.S. However, a recent change to the language in their terms of service disclaimer is a cause for concern.

Of course, we are not lawyers, and this is not legal advice. As always, consult a legal professional for all legal matters and advice.

That being said, the changes to the Bittrex Terms of Service wording has us quite concerned. Here is a quote from the Terms of Service, Version 4, amended 1/21/2021:

RISK DISCLOSURE: BY ACCESSING OR USING ANY BITTREX SERVICES YOU ARE VOLUNTARILY CHOOSING TO ENGAGE IN SOPHISTICATED AND RISKY FINANCIAL TRANSACTIONS. YOU ARE FURTHER ACKNOWLEDGING THAT YOU ARE AWARE OF THE MANY RISKS ASSOCIATED WITH THE USE OF THESE SERVICES AND WITH ENGAGING IN TRANSACTIONS IN CRYPTOCURRENCIES, INCLUDING BUT NOT LIMITED TO, RISKS OF FINANCIAL LOSS, TECHNOLOGY GLITCHES (INCLUDING BUT NOT LIMITED TO PROBLEMS WITH THE BLOCKCHAIN TECHNOLOGY), AND HACKING. BITTREX WORKS HARD TO PROVIDE STATE-OF-THE-ART SYSTEMS AND SECURITY. NONETHELESS, CERTAIN ISSUES AND RISKS ARE UNAVOIDABLE, AND IF SUCH ISSUES OR PROBLEMS ARISE IN CONNECTION WITH YOUR USE OF BITTREX’S SERVICES, INCLUDING TECHNICAL DIFFICULTIES WITH DEPOSITING OR TRADING CRYPTOCURRENCIES, IT MAY TAKE DAYS, WEEKS, OR MONTHS TO RESOLVE, AND SOME ISSUES MAY NOT BE RESOLVED AT ALL. BY AGREEING TO THESE TERMS, YOU ACKNOWLEDGE THAT BITTREX IS NOT RESPONSIBLE FOR THE AFOREMENTIONED RISKS, AND YOU VOLUNTARILY ASSUME AND ACCEPT SUCH RISKS IN DECIDING TO ENGAGE IN CRYPTOCURRENCY TRANSACTIONS ON THE BITTREX PLATFORM.

Sometimes legal wording/disclaimers can be extra wordy and confusing. Often, this is done on purpose.

This updated terms of service can be broken down into 3 parts:

  1. There are risks in cryptocurrency transactions.
  2. Bittrex has told you about the risks.
  3. If you continue to use Bittrex knowing these risks, the responsibility for these risks are yours and not Bittrex.

While those 3 points seem sensible and realistic at first glance, but, as the saying goes, the devil is in the details.

Let us quote directly from the above language, only we will take out much of the wordage – without changing any of it – just to make a point:

YOU ARE AWARE OF THE MANY RISKS ASSOCIATED WITH THE USE OF THESE SERVICES… INCLUDING …. HACKING. IT MAY TAKE DAYS, WEEKS, OR MONTHS TO RESOLVE, AND SOME ISSUES MAY NOT BE RESOLVED AT ALL. BY AGREEING TO THESE TERMS, YOU ACKNOWLEDGE THAT BITTREX IS NOT RESPONSIBLE FOR THE AFOREMENTIONED RISKS, AND YOU VOLUNTARILY ASSUME AND ACCEPT SUCH RISKS.

Again, we’re not lawyers and this is NOT legal advice. As non-lawyers, we read the above statement and conclude that Bittrex is telling you that if they get hacked, the losses “MAY NOT BE RESOLVED AT ALL,” and that “BITTREX IS NOT RESPONSIBLE,” and finally, you “ASSUME AND ACCEPT SUCH RISKS.”

If our understanding is correct, that means that if Bittrex loses any of your money in any type of “hacking,” you’re out and you cannot hold Bittrex accountable for the losses.

Would you deposit into a bank if the bank’s legal disclaimer told you that if the bank gets robbed, you’re money is gone and you cannot hold the bank responsible?

That sounds exceptionally risky.

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Bitcoin News Blockchain News Cryptocurrency News Ripple News

NordikCoin Expanding To Asian Markets

Leading Estonian high-tech cryptocurrency exchange service, NordikCoin, is announcing that it will start accepting customers from Asian markets. The company will first begin accepting customers in selected jurisdictions, while further expansion is expected to continue in 2021. Whilst expanding its global reach, the company itself and its day-to-day operations will continue to be domiciled in global cryptocurrency haven Tallinn, Estonia.

Bitcoin on the rise

Bitcoin has been in the limelight for over a decade now, rapidly expanding its scope of applications, and continuously rising in value. On January 8th 2021, Bitcoin hit a new milestone by surpassing $42,000 in value, proving that its popularity is steadily increasing.

To support the rise in demand, Estonian cryptocurrency exchange NordikCoin will apply its European KYC and AML rules to customers from new Asian jurisdictions, with the main focus on security and compliance. NordikCoin’s AML/KYC policy stands for Anti-Money Laundering and Know Your Customer and was designed to prevent and mitigate possible risks of money laundering and terrorism financing.

NordikCoin aims to be one of the fastest and most hassle-free ways of buying Bitcoin. The exchange supports all major credit cards, whilst crypto wallets are provided free of charge to its customers. Due to the innovative use of electronic ID solutions, users from supported jurisdictions can set up their accounts in under five minutes – after which they can start trading Bitcoin immediately. The company is known for bringing innovation into the cryptocurrency space, being one of the first Bitcoin exchanges with Lightning Network protocol support. 

Inevitably, one of NordikCoin’s main priorities has been to follow all the latest cybersecurity standards and best practices, ensuring that the cryptocurrency exchange environment is safe and reliable for all users across the globe. This is, in part, due to the fact that the team behind NordikCoin is comprised of experienced lawyers, auditors and technologists from around the world.

Japan next for rapid expansion

One jurisdiction which is being considered for NordikCoin’s Asian expansion is Japan. The country has witnessed a notable surge in Bitcoin holdings by 11%, suggesting that it’s the perfect launchpad. Several crypto exchanges are already present and thriving in the Japanese market, regardless of current COVID-19 restrictions and difficulties. Key exchanges include Okcoin, Bitflyer, Bitbank and Btcbox, among others.

David De Marco, CEO of Omni Matrix Ltd, the parent company of NordikCoin.com, shares his excitement for the Asian expansion plans:

– Our expansion into the Asian market marks a unique opportunity for the company to present its innovative cryptocurrency trading services globally. We are thrilled to announce that we will be expanding our customer onboarding processes to facilitate clients from Asian markets. We are confident that this is the perfect stepping stone for the new era of cryptocurrency exchange with NordikCoin leading the way.

Asia has been dominating the cryptocurrency market in the past couple of years, with financial giant SBI taking a lead. The company made a series of crypto moves recently including a planned 2022 launch of a digital exchange with Switzerland’s SIX, a partnership with Ripple and, most recently, the acquisition of U.K.-based cryptocurrency trading firm B2C2. Asia has been found to adopt blockchain technology much faster than many Western countries, incorporating innovations quickly and efficiently. NordikCoin’s expansion plans seem to be a great way for Europe and Asia to join forces and increase efforts of pushing Bitcoin and cryptocurrency into the limelight. 

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Bitcoin News Cryptocurrency News

Coinbase Reportedly Blocks Bitcoin Buys

Earlier we reported that Elon Musk had added Bitcoin to his twitter profile, and thus exposing his 49 million followers to the cryptocurrency.

The price of Bitcoin jumped by $4000 right after being added to Musk’s twitter profile.

Apparently, somebody was caught off guard, in what appears to be a response to the quick jump in the Bitcoin price, Coinbase has temporarily halted the buying of Bitcoin on its platform.

A screenshot from Coinbase was tweeted by Documenting Bitcoin.

Twitter user Prof. Dr. Benjamin F. Schaarschmidt replied to the tweet stating the Binance exchange had also temporarily halted Bitcoin buying.

Story developing…

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Bitcoin News Cryptocurrency News

Elon Musk Adds Bitcoin To His Twitter Profile

Elon Musk has just added Bitcoin to his twitter profile. We can’t help but think this is good news for both Bitcoin and the Altcoins. 😉

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Bitcoin News Blockchain News Cryptocurrency News Ethereum News

LiteLink Intends To Acquire A Stake In Leading Canandian Crypto Exchange

LiteLink Technologies Inc. (OTC: LLNKF), a company focused in emerging technologies across growth sectors including: cryptocurrencies, blockchain, AI and cloud technologies, has announced that it has signed a Letter of Intent to complete an equity investment in CatalX Exchange Inc. (“CatalX”), Canada’s premier cryptocurrency exchange with over 40+ Altcoins available for purchase on CatalX.io.

CatalX is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. CatalX has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real time and cutting-edge cyber security system CyberSmoat®, which is patent pending.

Features of the CatalX platform include:

  1. Fully featured exchange order book
  2. $0 deposit fees and immediate funding (post-KYC)
  3. 0.15% trading fees
  4. Tightest buy and sell spreads in Canada under 0.1%
  5. Lowest rates to buy BTC in Canada

The proposed equity investment will be satisfied through the issuance of 37,500,000 common shares of LiteLink to CatalX and a cash payment to CatalX of C$500,000, and would result in LiteLink having ownership and control over 19% of the outstanding share capital of CatalX. In conjunction with closing of the investment, LiteLink will also pay a finder’s fee to an arm’s length party of 1,875,000 common shares of LiteLink. All securities issued in connection with the investment in CatalX will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

“We are very excited to make this investment into CatalX, Canada’s leading cryptocurrency exchange, and gaining a stake in the expanding cryptocurrency market,” said LiteLink CEO Peter Green. “CatalX has had an outstanding year and continues to grow. In January 2021 alone, the company experienced 80% growth in new registrations quarter-over-quarter and has already clocked in $1.05 million in deposits in the first 21 days of January.

“In the last five days, CatalX has seen $525,000 in deposits, signaling big things to come moving forward as more and more businesses and investors turn their attention towards the crypto market.”

“CatalX has also experienced significant growth in its trading volumes, with average monthly volume hitting $1.37 million in December 2020. In the first 3.5 weeks of January, the trading volume was sitting at $2.85 million and is projected to reach $5 million for January, a 590% increase from its October/November average of $725,000. In the last five days alone, the trading volume was $1.36 million. In short, this company is growing very quickly.

“It isn’t surprising when you look at the growth of the overall market. Bitcoin just closed out one of the biggest years in its history and is expected to continue rallying in 2021 thanks to a surge of new developments coming into the crypto space this year, including the launch of Facebook’s bitcoin-inspired cryptocurrency and the US cryptocurrency regulations.

“Despite recent price volatility, Bitcoin is still up over 290% in the last year and is expected to stay elevated thanks to growing adoption of crypto among payment giants like PayPal and Square and rising interest among institutional investors.

“At the same time, the world’s second-largest cryptocurrency Ethereum has skyrocketed 300% over the last 12 months amid a flurry of interest in decentralized finance (DeFi)—using crypto technology to recreate traditional financial instruments such as loans and insurance with many DeFi projects built on top of the Ethereum network.

“Cryptocurrency is clearly here to stay, so we are very excited about building a strong relationship with Canada’s leading cryptocurrency exchange.”

The Company is at arms-length from CatalX.  Completion of the investment in CatalX is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals. The proposed investment is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.

LiteLink would also like to announce that it has engaged North Equities to provide and manage a comprehensive six-month digital media marketing campaign for the Company for a total cost of $100,000. The Company has also engaged Djordje Kovic for a digital media and marketing campaign for four months for a total cost of $45,000.

LiteLink Technologies Inc. is a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.

CatalX.io is a Canadian-based is a digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. As a fully regulated Cryptocurrency exchange with FINTRAC, CatalX has the highest standards in security and compliance and is partnered with world-trusted names in Blockchain technologies, risk management and financial solutions including Bittrex, Prime Trust, Trulioo and Stably to provide their users with a trusted, secure platform.

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Bitcoin News Blockchain News Cryptocurrency News Ethereum News

EOS Price Prediction

It’s January and today we’re adding our EOS price prediction to the list of coins that we’ve already made a 2021 forecast for. Later on down the page we’ll explain more about EOS and our reasons for being so bullish on it, but you’re here for the price prediction and we’ll jump right to it.

As always, we like to review price forecasts made by others in the crypto industry before we provide our own. This gives you a reference for easy comparison.

Diverse EOS Price Forecasts For 2021

Capital.com shares these EOS price predictions:

According to TradingBeasts, the EOS price in December 2020 will reach a maximum of $3.4, after which the forecasting service expects it to drop back down to $2.7, on average.

In January 2021, its EOS crypto price prediction shows the coin remaining near this level, at around $2.7, later expecting it to experience a slow but steady rise throughout the year, with the coin having the potential to hit a high of $3.9 next December. The average price of EOS is predicted to reach $4.07 in December 2022, and then $5.03 in December 2023.

Wallet Investor also expects the currency’s price to rise in early 2021, although their EOS coin forecast says that the asset will see a price crash in the second half of the year. The event will potentially lead EOS down to $1.2 one year from now.

As for CryptoGround, they have a very bullish EOS prediction. In fact, their EOS forecast claims that the coin will simply keep climbing, with its value reaching $4.17 in six months, $4.7 in one year, and $21.4 by December 2025.

PrimeXBT reports its 2021 price prediction for EOS:

EOS doesn’t have much price history to analyze for repeating patterns, however, the symmetrical triangle the asset has been trading within for its entire lifecycle was preceded by a powerful rise.

After a breakout of resistance and signaling the end of the bear market, EOS could experience another extremely powerful burst upward, returning to prices near $15 per EOS in 2021 or 2022.

Capitalcoin lists these 2021 EOS price predictions:

CoinFan

Coinfan sees EOS reacing $47 in December of this year, after a string of months with constant gains.

TradingBeasts

Algorithm at Tradingbeasts.com has a much more conservative approach to EOS price, putting it at $7 at the end of the year which still represents more than double of its current price.

Cryptoground

EOS will be levitating around $4.70 according to the Cryptoground algorithm.

Lastly, Trading-education.com chimes in with these two EOS price predictions for 2021:

EOS price forecast for 2021

What are crypto experts forecasting for EOS in 2021?

Now that we’ve explained a bit more about EOS, let’s look forward to 2021 and see what some of the top crypto analysts believe could happen to EOS price. According to DigitalCoinPrice, the outlook for EOS is promising: 

As we can see from this chart, DigitalCoinPrice has forecast that the price of EOS will increase before the end of 2020. Its January 2021 predictions place the price at $6.07, which is more than double its current price of $2.64. The platform believes that the price will then rise to $7.49 in February before slipping down to its lowest point of 2021 in April when it could be worth just $5.47. However, this dip won’t last long. For the rest of the year, DigitalCoinPrice predicts that EOS will swing between $6.20 and $7.39, ending the year on a brief bullish trend. 

If you’re wondering ‘is EOS a good investment?’, this outlook is reasonably optimistic. It shows that the price of EOS will go up from 2020, but that its progress won’t be linear throughout the year. Those who like to make short-term trades could see the chart above as an opportunity to cash in on short-term fluctuations — for example, by selling in March, buying in April, and selling again in June.

Let’s move on to the platform WalletInvestor to see whether its predictions align with those given by DigitalCoinPrice. We can see its forecasts represented in this graph: 

At the start of the year, the pattern we can see on WalletInvestor’s graph is not unlike that on the graph from DigitalCoinPrice. Both feature a sharp rise at the start of the year followed by a dip around May, before climbing up again in June. They even give very similar values for its yearly ATH, suggesting that EOS will start to approach prices of just under $8. 

The key difference between these predictions is evident in the second half of the year. Whereas DigitalCoinPrice believes that the price of EOS will ultimately close 2021 on an upwards trend, WalletInvestor foresees a very pessimistic bearish run, with its price crashing down to below $1. This is undoubtedly bad news for any investors wondering ‘will EOS go up?’.

These EOS end of the year price forecasts range from about $1 to $47. That’s quite a range!

Our 2021 EOS Price Prediction

We’ve been repeating ourselves somewhat, but it needs to be said again: there is a 4-year price cycle in cryptocurrencies. This cycle is most likely – or at least partially – caused by the Bitcoin halving cycle, which itself is a four year cycle.

To date, no major studies have examined this cycle in detail.

This cycle has existed the entire life of the cryptocurrency market. While it certainly could disappear, we see no reason for this cycle to suddenly vanish.

This 4 year cycle, which has existed in the cryptocurrency market since day one, suggests that 2021 is going to be another roaring year for crypto prices.

Previous 4 Year Cycle Tops

The previous two topping patterns of the 4 year cycle were 2013 and 2017. The next cycle peak is due around Christmas time in 2021.

Bitcoin has been through two complete 4 year cycles. EOS was released in January of 2018, and thus we don’t have any previous cycle price patterns for reference. Price history only goes back to mid January of that year.

Instead, we are going to look at our projected multipliers for Bitcoin, Ethereum, and Stellar Lumens, and prognosticate that the multiplier for EOS will probably be similar.

What Multiple For EOS?

We are predicting bitcoin to go up in price by a factor of 15.4 times to reach its high at the end of this year.

We are predicting Stellar Lumens to go up in price by a factor of 20 to 74 times to reach its high at the end of this year.

We are predicting Ethereum to go up in price by a factor of 18 to 34 times to reach its high at the end of this year.

EOS started 2021 at a price of $2.64 on January 1.

EOS 30x This Year

We believe that the price performance of EOS this year will mirror that of XLM and ETH. As such, we are going to use a multiplier of 30x.

Using this multiplier, we predict a price high for EOS at the end of this year to be $79.20.

Our EOS 2021 Price Prediction: $79.20

That’s our EOS prediction. While it may seem unreasonably high, let us remind you that at that price the total Market Cap of EOS would only be about $79 billion. As of press time, Ethereum has a total market cap of $150 billion. We believe it is reasonable to forecast EOS could reach this size of a market cap.

An Introduction to EOS For Newbies

EOS is actually the indigenous cryptocurrency underpinning the EOS.IO blockchain protocol. EOS.IO is actually an intelligent contract platform for decentralized applications and protocol designed as an enterprise solution for scaling computer resources, emulating computer processing hardware, storage, and other things. EOS was developed, including several high cryptocurrency projects, to resolve the speed, flexibility, and high fees and scalability issues in both Ethereum and Bitcoin.

EOS is actually based on a white paper released in 2017, created by the Dan Larimer and Brendan Blumer lead Block.One. The EOS first coin offering launched in June 2017 and concluded in the following June in 2018. The ICO broke records for probably the largest length of capital raised in an ICO, pulling in more than $4.197 billion.

EOS is actually a blockchain based decentralized platform which allows the development, hosting, and also execution of decentralized applications (dApps). It’s existed for many years, and also like some other crypto project which focuses on development, rather compared to payments – it was influenced by Ethereum.

Nevertheless, EOS has an objective of being better, faster, more scalable and providing greater plus more complex services, making it Ethereum’s rival.

The project started the ICO of its back on June twenty six, 2017, and it ran until June one, 2018. Before, it was probably the longest ICO of all the time, as well as among probably the most successful. After the year long ICO was concluded, EOS emerged with the raised $4.1bn, which quickly attracted attention to the venture.

Like the majority of ICO projects, EOS was launched on Ethereum’s network, from which it later migrated upon creating its own blockchain of late. Sad to say, the project faced quite a great deal of problems if the time for the mainnet launch of its had arrived, receiving a large amount of criticism. After delays, the mainnet finally discovered the launch in mid June, just to purchase frozen 2 days later.

Nevertheless, despite the rocky start, EOS ultimately managed to pull itself collectively, launching rather a skilled blockchain.

EOS is actually among the more debatable crypto tokens across the crypto sector, but due to the disruptive technology of its might have among probably the largest long term profit potential. The blockchain technology behind the EOS.IO protocol has the potential to substantially alter the future of computer resources and applications and improve upon a number of companies and industries. Because of the effective impact EOS might have, it is long term value might increase exponentially.

Using important analysis to forecast the long term view of the crypto asset, and providing complex analysis from specialists from across the industry, long-term price predictions are able to assist an investor decide whether EOS is actually a great investment decision.