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Altcoin Season!

Take Advantage Of Altcoin Price Trends Of 2021

The evidence is abundant that 2021 is the year that will bring a jaw-dropping Altcoin Season. Just as the sun rises in the East and sets in the West, Bitcoin is the first cryptocurrency to rise in price, and the Altcoins eventually follow.

Bitcoin Leads, The Altcoins Follow

There’s no questioning that Bitcoin is the definitive OG of the cryptoshere, as is most likely best highlighted by the point that the flagship digital asset has been in a position to pique the interest of many prominent legacy financial institutions – like Microstrategy, BlackRock, Grayscale – during the last year or thereabouts.

Not just that, in recent months, a selection of banks and venture capital funds as JP Morgan, Raiffeisen, Pantera Capital have projected BTC to scale past beyond the $100k mark with great ease (not to mention our own Bitcoin prediction exceeding $379,000 in 2021), indirectly indicating their growing confidence in this yet incipient asset class.

Even with all the sell offs and volatility which was witnessed during the last week, data available on the web definitely shows that the number of addresses with 1,000 or over Bitcoin (referred to as “whales” in the crypto world) has continued to increase. As is ALWAYS so with professional institutional money, the “buy-the-dip” strategy is employed with full force.

It’s called “talking your book” om Wall Street jargon.

While big institutional players plant news stories and give interviews that create fear, uncertainty and doubt (FUD) – thus driving the price down as nervous traders sell – at the same time they are accumulating for themselves at lower prices.

Like it or not, that’s standard operating procedure for traditional markets, and especially crypto.

Bottom line: whales continue to buy Bitcoin.

And where Bitcoin leads, the altcoins will follow.

Forecasting Altcoin Market Activity for the Coming Year

We’ve been pounding the table that 2021 is going to be another moonshot type of year due to the 4-year cycle. 2013 was the year of the first 4-year cycle top. 2017 was the second instance of a tremendous crypto bull run into the second top of the 4-year cycle.

2021 will be the year of the third top of the 4-year cycle.

In order to gain a better understanding of how the 4 year cycle top will play out, we’ll go back and examine the previous iteration of the cycle.

Looking At The Altcoin Season Of 2017

It’s been said that “History doesn’t repeat, but it sure does rhyme.” If you go back and look at historical prices of Bitcoin from previous years, it’s very obvious that Bitcoin isn’t following the 4-year cycle precisely 100% on a daily basis, but the correlation is over 90%.

In other words, Bitcoin price action rhymes with previous Bitcoin price action.

Let’s look closely at Bitcoin’s price action in 2017 as well as the leader of the altcoins, Ethereum.

Bitcoin Price Action In 2017

Bitcoin was priced at $1,003 on January 1, 2017.

It took 138 days for Bitcoin to double in price. (May 18)

It took 216 days for Bitcoin to triple in price. (August 4)

It took 226 days for Bitcoin to quadruple in price. (August 14)

It took 284 days for Bitcoin to quintuple in price. (October 11)

Ultimately, Bitcoin went up more than 19-fold into the 4-year cycle high on December 17, 2017.

Ethereum Price Action In 2017

Ethereum was priced at $8.20 on January 1, 2017.

It took 60 days for Ethereum to double in price. (March 1)

It took 72 days for Ethereum to triple in price. (March 13)

It took 74 days for Ethereum to quadruple in price. (March 15)

It took 75 days for Ethereum to quintuple in price. (March 16)

By the first day of summer, June 21, Ethereum had increased in price by a factor of 41 times over.

Ultimately, Ethereum went up more than 170-fold into the 4-year cycle high on January 10, 2018.

Altcoin Season Lessons

Looking at the above prices of both Bitcoin and Ethereum, we can gain insights into how the altcoin season of 2021 will unfold.

Here are some key takeaways:

  1. Once altcoin season starts to gain momentum, prices of meritable altcoins will rise faster than Bitcoin.
  2. March is likely to be a very good month for the leading altcoins.
  3. By the summer of 2021, a handful of the best altcoins should be as much as 40 times higher in price compared to where they started the year.
  4. The top altcoins could go up in price more than 150 times their value at the start of the year.
  5. Bitcoin will reach its 4-year cycle peak 3 to 4 weeks before the altcoins do, and will start its new bear market.
  6. The entire altcoin market will follow Bitcoin into its next bear market.

Specific Price Targets

There’s no question in our minds that 2021 is going to be a very, very exciting year for cryptocurrency investors.

You should, however, remember that prices don’t move in a straight line higher. Bitcoin Experienced several LARGE drops in 2017, even though the the overall trend was wildly bullish.

The same is likely to be the case this year.

If you’d like to see some of our specific 2021 price predictions for specific coins, simply head on over to this page.

Altcoin Season Basics

An altcoin season is also a term used for a season in which an altcoin is outperforming the price of the original: Bitcoin. There are three stages to an altcoin season. The first stage is when there is a profiting trend on an altcoin that is very new, or a trend that is new to a particular altcoin. The second stage is when the profiting trend dies down, and there is no longer any substantial profit potential from the altcoin in question.

In the third phase, after the profiting trend has died down, the altcoin season starts to see a new influx of traders who are looking to make a long position in the market. By this stage, the profitability potential in trading on any altcoin is significantly reduced. During the second phase, the price movement of all-time high prices of bitcoin continues on its upward trek.

One of the factors that makes the altcoin season so interesting to follow is the fact that there is considerable amount of volatility in the market. The large increase in volatility is what allows an investor to profit from the trading of ether and another high valued alternative currency. Volatility is usually considered a good thing for experienced traders because it increases the opportunities to profit from price movement – both UP and DOWN.

For investors and holders, however, the volatility can be nerve wracking.

lastly, it’s important to remember that the altcoin season doesn’t last forever. In fact, most (statistically it’s over 90%!) investors lose money during the bearish period. However, if you find several profitable altcoins during this time, it can be literally, life-changing.

Come the end of 2021, just remember one fact: trees don’t grow to the sky.

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Bitcoin News Cryptocurrency News

Crypto Fear And Greed Index Rebounds From 40

Two days ago, on January 22, the Crypto Fear and Greed index sharply dropped to a value of forty, moving the market sentiment from “Extreme Greed” to “Fear.” The index dropped to this level for the first time since October 3, 2020, when Bitcoin was trading at around $10,500. Today the index has recovered to a level of 70.

Before dropping to forty, the Crypto Fear and Greed Index topped at ninety five on January 6, demonstrating that investors turned extremely greedy amid Bitcoin hitting the all time highs about $42,000 on January 8. The Bitcoin price subsequently had a significant correction, dipping to as low as $28,750 three days ago, on January 21.

The Crypto Fear and Greed Index has been providing a reading of’ Extreme Greed’ for months now. Often considerable Bitcoin price pullbacks haven’t dampened the enthusiasm. For the whole month of December, as well as the outset of January, just about all readings had been above 90/100. Nevertheless, after the significant correction earlier this month, scores haven’t exceeded ninety.

Back in March of 2020, the index spent several weeks hovering around the extreme fear level of 10. This recent pullback to 40 is considered a healthy sign by market technicians who warn against overly bullish buying activity which can lead to a market becoming “overbought”.

Now that the excessive bullish sentiment has been cleared from the market, conditions are more favorable for Bitcoin to resume it’s climb.

How The Crypto Fear and Greed Index Works

Volatility is used by the indicator, social media engagement, market dominance, as well as Google Trends to assess investor sentiment towards the cryptocurrency.

Like the fear and greed indexes in the classic markets, the Crypto Fear and Greed index is actually a tool which measures 2 of the main emotions that affect just how much investors are actually ready to purchase cryptocurrencies such as Bitcoin.

The extreme fear level could be an indication that investors are very worried, which may suggest an excellent buying opportunity. In comparison, when investors are actually getting overly greedy, it might be an indication that the industry is actually ready for a correction.

The Crypto Fear and Greed Index is able to separate the bullish and bearish conditions of the market by measuring the levels of perceived demand and supply of the various buyers and sellers. When the sentiment of greed is prevalent, the index measures how high the prices are when compared to other times. When the sentiment of fear is prevalent, then the prices are lower than other times.

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Bitcoin News Cryptocurrency News

Clas Action Lawsuit Filed Against Bit Digital (BTBT)

Hagens Berman urges investors in Bit Digital, Inc. (NASDAQ: BTBTwith significant losses to submit their losses now.  A securities fraud class action has been filed and certain investors may have valuable claims.

Bit Digital, Inc. (BTBT) Securities Fraud Class Action:

The complaint centers on whether Defendants misled crytpocurrency investors about Bit Digital’s business operations and prospects by concealing that the company exaggerated its bitcoin mining operation.

Investors began to learn the truth, according to the complaint, on Jan. 11, 2021, when market analyst J Capital Research issued a scathing report about the company, concluding that Bit Digital operates “a fake crypto currency business” “designed to steal funds from investors.”

According to J Capital, “[t]he company reported at end Q3 2020 that it was operating 22,869 bitcoin miners in China,” but that “is simply not possible” and “[w]e verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there.”

In response, the price of Bit Digital shares crashed lower.

“We’re focused on investor losses and proving Bit Digital faked its business by falsely portraying itself as a player in bitcoin mining,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

Class Period: Dec. 21, 2020 – Jan. 8, 2021
Lead Plaintiff Deadline: Mar. 22, 2021
Visit: www.hbsslaw.com/investor-fraud/BTBT 
Contact An Attorney Now: BTBT@hbsslaw.com 
844-916-0895

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Bitcoin News Cryptocurrency News

Huobi Global Reports Trading Volume Of $2.3 Trillion In 2020

Huobi futures has noted that in 2020 there has been an impressive $2.3 trillion traded with an average of 6.3 billion per day. Within two years since its launch, Huobi Futures is now the largest cryptocurrency derivatives exchange by trading volume.

The futures market on Huobi has proven to be a popular and robust trading platform at a time where this style of trading and investing in cryptocurrencies has become increasingly popular. Marching alongside a steadily increasing price in Bitcoin, and other altcoins, Huobi Futures has kept pace with the needs of the market.

According to the statistics of TokenInsight, BTC rose by 90% from September to October last year. The open interest of BTC/USD swaps has risen from $1.2 billion to $2.4 billion in the same period with a growth rate of 100%. 

Making the process better

Huobi Futures has looked to keep in touch with the wants and needs of traders in order to offer a service that is robust, flexible, and easy to use. This has seen a number of different products and trading innovations launched.

From Coin-margined swaps to USDT-quoted options and coin-margined bi-quarterly futures, Huobi Futures offered improved services that lead to a new all-time high in 24-hour volume of over $28 billion on Nov. 26th.

Coin-margined Futures was the first product of Huobi Futures. Launched in December 2018, its trading volume has sustainably ranked first in the derivative market in only eight months. At present, Huobi’s coin-margined futures trading has included 13 major crypto assets with a unilateral trading volume of $1.32 trillion in 2020.

Following the introduction of their first flagship product coin-margined futures, coin-margined swaps launched on Mar. 27, 2020 and exceeded BitMEX, the largest coin-margined swaps exchange at that time, in 45 days. Its annual trading volume reached $785.5 billion in 2020 and it has covered 57 mainstream currencies, including a wealth of DeFi currencies for users to choose from.

In September last year, Huobi launched USDT-quoted options whereby users could trade without worrying about the risk of liquidation. 

The fourth product USDT-margined swaps. Launched in Oct. 26, 2020 its trading volume has grown rapidly with its cumulative trading amount exceeding $177.8 billion in just two months. 

What Has Huobi Futures Done In 2020?

Robust risk-control system and zero clawback

Huobi Futures is the first digital asset derivatives exchange in the industry that supports a three-phase liquidation protection mechanism and no transaction fees will be charged in partial liquidation. Moreover, the platform uses Exponential Moving Average (EMA) as a second reference for forced liquidation.

Due to its strong risk control system, the platform holds a record of zero clawback for 752 days since its launch in December of 2018. In version V6.3.0., the system has a throughput of 10W+, the response speed of placing and canceling orders is within 6ms, and the link delay is within 25ms.

Innovative functions

Huobi Futures supports multiple order types including Limit Order, Trigger Order, IOC and FOK. To improve the asset utilization and to reduce trading cost, Huobi introduced lots of innovative features like locked margin mechanism, take-profit and stop-loss, real-time settlement, Follow a Maker & Taker, etc. 

Huobi Futures also designed the “Switchable Leverage When Holding Positions” function for its coin-margined positions. With no need to close positions first, users can switch leverage with positions holding as long as there is no open order. All these exciting functions empower both institutional and retail traders to fetch out maximum benefits in derivatives trading. 

VIP level evaluations based on USD amount

Due to the fact that most crypto exchanges require at least hundreds of BTC to be traded per month to reach their VIP standard, many traders have been rejected by these platforms to get a VIP when the annual increase in Bitcoin price has risen by 400%. 

On Huobi Futures, as long as you have assets worth of 30,000 USDT in Huobi Futures account, you will be qualified for VIP. In addition to that, Huobi introduced an upgraded VIP Sharing Program, that is, VIPs of any other exchanges are considered as Huobi Futures VIP+1. Users could provide certificates of VIP level on other platforms to apply for a VIP+1 level on Huobi Futures for coin-margined swaps and coin-margined futures trading.

Conclusion

As we head into 2021, it appears there has been a further shift towards the digitalization of most things, including money. 

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Bitcoin News Blockchain News Cryptocurrency News

With $5.3 Billion In Assets, Celsius Grows 10 Times In 2020

Celsius, the industry-leading cryptocurrency rewards-earning platform, announced today that it holds over $5.3 billion worth of cryptocurrency assets. In November 2020, Chainalysis was able to validate over $3.3b in total assets held by Celsius, making it the second-largest digital asset manager in the world.

Celsius continues to be one of the fastest-growing crypto platforms. Since the Chainalysis confirmation this past November, Celsius has gained over 125,000 new users totaling over 340,000 active users worldwide.

As Celsius gears up for another year of growth, other notable milestones for the company at this time include:

  • Over 340,000 active users worldwide
  • Over $200 million in crypto rewards distributed to the Celsius community
  • Over 52% of Celsius members choosing to earn weekly rewards in CEL token
  • Over 55,000 BTC held under management
  • 45 different tokens and coins supported and earning yield

“The crypto industry as a whole grew substantially in 2020. Celsius is proud to contribute to this growth and to provide many people with yield income on 45 assets they can not find anywhere else,” said Alex Mashinsky, CEO of Celsius. “As we see record numbers of institutions and retail users entering the space, they are looking for a store of value and yield to protect their assets from the debasement of the US Dollar. The record number of new dollars being printed by the FED is making the savviest investors in the world allocate assets to Bitcoin. Our results represent the growing need of savers to diversification and the lack of trust and transparency between financial institutions and the community. We have seen time and time again that customers choose Celsius for yield and loans because they trust us, and our goal is to always act in their best interests and consistently deliver industry-leading transparency.”

Through the Celsius platform, customers can earn weekly compounding rewards at rates up to 15% APY and borrow dollars against their digital assets at rates as low as 1% APR. Celsius created the yield-earning use case for crypto, and attributes its exponential growth to its community-driven mission and consistently distributing up to 80% of its revenues back to its community.

About Celsius
Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a high compounding reward income wallet and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interests of the customers and community, Celsius is a Blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. 

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Cryptocurrency News Ethereum News Ripple News

Stellar Lumens Price Prediction

Two weeks ago we released our Bitcoin price prediction for 2021. Two days ago we released our Ethereum price prediction for 2021. Today we’d like to present our Stellar Lumens price prediction for this year.

Several Popular XLM Predictions

As is our tradition, before we present our forecast for the price of a cryptocurrency, we always like to share a few predictions from others within the crypto industry.

PrimeXBT shares these Stellar Lumens predictions:

Crypto Rating – XLM $0.69
Crypto Rating, an esteemed authority and providing realistic price predictions on various cryptocurrency assets, has given XLM a price forecast of just $0.46 within a year, and in the next five years expects Stellar to reach a price target of $0.69. Given past performance, these estimates are modest.

The Economy Forecast Agency – XLM $0.64
The Economy Forecast Agency uses a long-term forecasting valuation model to predict prices of various assets, including cryptocurrencies, projects Stellar Lumens growth to reach just $0.64, matching the sentiment of many of the other experts and analysts listed.

CoinSwitch – XLM $1.00
CoinSwitch, another price prediction authority, points to an estimate of $1 per XLM token, with price action being driven by partnerships with IBM and various governments.

Trading Beasts – XLM $0.10
Trading Beasts provides yet another extremely modest expectation in the short-term, with XLM reaching $0.10 per token.

CryptoGround – XLM $0.74
Cryptoground.com expects the altcoin cryptocurrency to reach a price of $0.74, which is the strongest out of all price predictions for XLM by industry experts.

Investor Place repeated 4 of the above XLM predictions, and added the following XLM forecast:

Coinliker – XLM $3.33
Coinliker takes a much more bullish stance on the cryptocurrency with an estimate of $3.33 in five years’ time .

Elevenews provided five more XLM predictions worth reporting:

Long Forecast Stellar Prediction – $0.30
Long Forecast gave an entirely conservative prediction, as their stellar price prediction forecasts that XLM might reach $0.30, which make sit look like it won’t grow much as compared to the current price.

Wallet Investor XLM Price Prediction – XLM $1.05
Wallet Investor updates prices and predictions every three minutes using the latest technical analysis. They have very conservatively made a 5-Year forecast of $1.005.

Mega Crypto Price – XLM $5.10
The price forecast at Mega Crypto Price has been very optimistic for all the cryptocurrencies and its the same for XLM price forecast, too, predicting that Stellar could be worth $5.10 by the end of 2020. The team says that this can be achieved as long as there are no major security flaws and the overall sector performs well.

Monetize Info – XLM $3.00
Monetize believes that Stellar’s major partnerships will be the major reason behind an upcoming price surge, which might result in XLM’s price reaching $2-$3 by 2020. Beyond IBM, Stellar’s partners include Stripe, Deloitte, etc.

For example, Stripe gave Stellar a 3-million-dollar capital injection a few years back which Stellar immediately returned in XLM.

The Economy Forecast Agency – XLM $0.64
This website features a long-range forecasting model to make market forecasts for corporate clients. The website has its own price prediction for 2020, which says XLM will see a high of $0.64 in 2020, which is by far the most conservative and pessimistic of XLM’s price predictions.

There are other popular websites that share predictions for the price of Stellar Lumens, however, the forecasts are rather outdated and have already proven inaccurate. For instance, cryptonewsz.com predicts:

The predicted high for 2021 might be around $0.089 and on the downside, the low might be around $0.065.

As of press time, January 20, 2021, and at last check the current price of XLM is just a tad under $0.29. Stellar Lumens has already tripled the yearly high predicted by cryptonewsz.com.

A Summary of Stellar Lumens Predictions

The above Stellar Lumens price predictions for 2021 range from a low of $0.10 to the highest XLM forecast price of $5.10.

Our Analysis suggests that all of the above 11 XLM predictions are too low.

It is our conviction that 2021 is the year in which the next 4 year cycle top is due. The first 4 year cycle top arrive in 2013, and the second 4 year cycle top arrived in 2017.

XLM To Surge For 4 Year Cycle High In 2021

Bitcoin is the only coin that we have data for both 4 year cycle tops. To calculate our Ethereum price prediction for 2021 we only had data from one 4 year cycle top. We reported that, “Ethereum went up by a factor between 89x and 173x during 2017 for the last 4 year cycle top.”

We use previous price performance as a guide to possible future price performance. Of course, it’s no guarantee, only a guide.

So what was Stellar Lumens’ price performance in 2017?

Stellar Lumens In The Previous 4 Year Cycle High

On January 1, 2017, XLM was priced at one-fourth of a cent, $0.0025. It ended the year at 36 cents, $0.36. However, it did reach an all time high 4 days later at over 93 cents.

Depending on whether you’re looking at the highest price reached on January 4, or whether you’re looking at the end of the year price 4 days prior, XLM went up in price between 144x and 372x.

We do not expect XLM to increase by the same amount. Bitcoin’s 2nd four year cycle saw gains much less than its first, and we expect Stellar Lumens to do the same.

All factors considered, including the macro financial climate, the new crypto-friendly administration in the U.S., and the 4 year cycle, we are expecting XLM to go up in price by a factor between 29x and 74x.

Stellar Lumens started this year at a price just shy of $0.13. Thus, are target high price for XLM at year end is between $3.77 and $10.01.

Stellar Lumens at $10.01 in 2021

We believe the conditions favor a very strong crypto bull run in 2021, and thus we are going to base our Stellar Lumens price prediction on the high side of the range and forecast an end of the year price target for XLM to be $10.01.

What Is Stellar?

Stellar is an open source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.

Stellar is an open-source protocol for exchanging money or tokens using the Stellar Consensus Protocol. The platform’s source code is hosted on GitHub.

Servers run a software implementation of the protocol, and use the Internet to connect to and communicate with other Stellar servers. Each server stores a ledger of all the accounts in the network. 3 nodes are operated by the Stellar Development Foundation, in conjunction with 21 other organizations, providing for a total of 66 validator nodes. Transactions among accounts occur not through mining but rather through a consensus process among accounts in quorum slice. The current network fee is 100 stroops, equivalent to 0.00001 XLM or 1/10,000th of a cent.

History of Stellar

In 2014, Jed McCaleb, founder of Mt. Gox and co-founder of Ripple, launched the network system Stellar with former lawyer Joyce Kim. Before the official launch, McCaleb formed a website called “Secret Bitcoin Project” seeking alpha testers. The nonprofit Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collison and the project officially launched that July. Stellar received $3 million in seed funding from Stripe. Stellar was released as a decentralized payment network and protocol with a native currency, stellar. At its launch, the network had 100 billion stellars. 25 percent of those would be given to other non-profits working toward financial inclusion. Stripe received 2 percent or 2 billion of the initial stellars in return for its seed investment. The cryptocurrency, originally known as stellar, was later called Lumens or XLM. In August 2014, Mercado Bitcoin, the first Brazilian bitcoin exchange, announced it would be using the Stellar network. By January 2015, Stellar had approximately 3 million registered user accounts on its platform and its market cap was almost $15 million.

The Stellar Development Foundation released an upgraded protocol with a new consensus algorithm in April 2015 which went live in November 2015. The new algorithm used SCP, a cryptocurrency protocol created by Stanford professor David Mazières.

Lightyear.io, a for-profit entity of Stellar, launched in May 2017 as the commercial arm of the company. In September 2017, Stellar announced a benefits program, part of its Stellar Partnership Grant Program, which would award partners up to $2 million worth of Lumens for project development. In September 2018, Lightyear Corporation acquired Chain, Inc and the combined company was named Interstellar.

Real-world Applications of Stellar

In 2015, it was announced that Stellar was releasing an integration into Vumi, the open-sourced messaging platform of the Praekelt Foundation. Vumi uses cellphone talk time as currency using the Stellar protocol. Stellar partnered with cloud-based banking software company Oradian in April 2015 to integrate Stellar into Oradian’s banking platform to add microfinance institutions (MFIs) in Nigeria.

Deloitte announced its integration with Stellar in 2016 to build a cross-border payments application, Deloitte Digital Bank. In December 2016, it was announced that Stellar’s payment network had expanded to include Coins.ph, a mobile payments startup in the Philippines, ICICI Bank in India, African mobile payments firm Flutterwave, and French remittances company Tempo Money Transfer.

In October 2017, Stellar partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific region. The cross-border payment system developed by IBM includes partnerships with banks in the area.

In December 2017, TechCrunch announced Stellar’s partnership with SureRemit, a Nigerian-based non-cash remittances platform.

On January 6, 2021, Ministry of Digital Transformation of Ukraine announced cooperation and partnership with Stellar in development of Ukraine digital infrastructure after which Stellar value increased by 40%.

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Bitcoin News Cryptocurrency News

Roger Ver Donates $2 Million To The Foundation For Economic Education

The Foundation for Economic Education (FEE.org) announced today that Bitcoin.com founder and early cryptocurrency investor Roger Ver has made two gifts totaling $2,000,000 in Bitcoin Cash (BCH) to support FEE’s work in advancing individual liberty and educating students around the world on the moral and economic foundations of a free society.

Bitcoin.com
Bitcoin.com

The first $1 million gift supports FEE’s marquee events in 2021-FEE’s 75th anniversary year-as well as additional student programs, including online educational content and books. The second $1M gift takes the form of an endowment, which will be a perpetual source of support for FEE’s educational activities.

Ver, who previously donated $1,000,000 in Bitcoin to FEE in 2013, said he owes an intellectual debt to FEE and is making this new donation at a time during which he believes FEE’s work is needed more than ever.

“I was a subscriber to FEE’s long-running magazine ‘The Freeman’ when I was in high school and I owe a lot of my success in Bitcoin to what I learned reading about the moral urgency of having a monetary system that exists separate from state force,”

said Roger Ver. He continued:

“I was looking around the world today and I saw global lockdowns, inflation, attacks on individual liberty, and I thought: ‘Who are the most important voices of freedom today?’ FEE is at the top of my list. I want to help FEE have the same impact on the lives of millions of young people that they did on mine.”

FEE – Anything Peaceful

Founded in 1946, FEE is the oldest libertarian think tank in the U.S. Fee is celebrating its milestone 75th anniversary with events throughout 2021, including FEEcon (in Atlanta from June 17-19) and the FEE 75th Anniversary Gala on June 19th. Each year, FEE reaches an audience of hundreds of millions online and nearly 20,000 students through classroom programs in colleges and high schools in both the United States and Latin America.

“Roger supercharged our online growth in 2013 when he gave an unprecedented $1M in Bitcoin to FEE,”

said FEE’s Executive Vice President Richard N. Lorenc, who went on to say:

“At the time, this was the largest-ever donation of cryptocurrency and helped us significantly along a path of growing educational impact ever since. With these new major gifts of Bitcoin Cash, Roger continues his transformational giving just as we begin to celebrate FEE’s 75th year and unveil our campaign to expose ever greater numbers of students to the ideas of liberty, both in their classrooms and online.”

Asked why he chose to make his gift in Bitcoin Cash, Ver remarked:

“Bitcoin Cash of all cryptocurrencies has the best chance at creating more economic freedom around the world. Unlike the legacy Bitcoin chain, Bitcoin Cash can be sent instantly around the world to anyone for a fraction of a penny without arbitrary government limitations. It has the kind of potential that got me so excited about first investing in Bitcoin and Bitcoin companies back in 2011, and that potential lines up perfectly with the work FEE is doing to realize a freer, more peaceful world.”

With the new gifts from Ver, FEE plans to quickly grow their capacity to continue producing powerful videos, writing compelling articles, and developing classroom materials all focused on advancing individual liberty, free enterprise, and limited government in the realms of economics, art, careers, culture, and more. 

“Roger’s pioneering work in the cryptocurrency space shows how ideas can and do change the world,” 

said FEE’s President Zilvinas Silenas

“Likewise, Roger’s continued investment in FEE emphasizes FEE’s vital role in the field of economic education. FEE is the premier player in introducing the ideas of liberty and individual empowerment to young audiences, and we are honored that Roger recognizes our groundbreaking work online and in the classrooms. With the support of farsighted philanthropists such as Roger Ver, FEE will succeed in making human liberty the most credible economic and political philosophy among the rising generation.”

To learn more about FEE’s online and classroom programs and online media, visit FEE.org. To learn how you can attend FEEcon 2021, visit FEEcon.org. To join FEE in their mission to advance the foundational ideas and principles of a free society -individual liberty, free enterprise, limited government, entrepreneurial value creation, and high moral character – for the rising generation, visit: FEE.org/donate.

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Cryptocurrency News Ethereum News

Ethereum Price Prediction

Earlier today we reported on the “unprecedented demand” for Bitcoin and cryptocurrencies. As we reported, this very strong demand is the driving force behind pushing the price of cryptocurrencies to all time highs and beyond.

Bitcoin has already more than doubled its previous all time high price of just under $20,000 back in 2017. On the other hand, Ethereum has only recently approached its all time high price from early 2018.

Our prediction for the price of Bitcoin this year is well into the 6 digit range. However, what is our prediction for the price of Ethereum this year?

Here are three Ethereum price predictions made by financial professionals, followed by our own prognostication.

Raoul Pal Ethereum Prediction For 2021 and Beyond

Raoul Pal is well known in financial circles. He is CEO & Co-Founder, Real Vision Group & Global Macro Investor. Raoul Pal leads Real Vision to provide unparalleled access to the very best insights and analysis from the brightest financial minds. He prides himself on being a Business Cycle Economist, Investment Strategist, and Economic Historian.

In a very recent video he states:

But it suggests that Ethereum could go to $20,000 on this cycle. Over time, I believe, and if you look at it, the adoption actually of market cap versus number of wallet addresses of Ethereum is ahead of, significantly ahead of where Bitcoin was.

And you see the distribution of returns – Again, I put some of that on twitter. I’ve written this whole piece. I will do a piece of Real Vision crypto in the next couple of weeks. It shows potentially that Ethereum is getting adopted faster and will potentially have a larger market cap than Bitcoin over time.

Again, I’m not putting a “flippening” happening immediately, blah, blah, bl;ah, I’m talking about platform versus asset. And the platform is often more valuable than an asset.

When Raoul states that Ethereum “could go to $20,000 on this cycle”, he is talking about this year, as in 2021. “This cycle” refers to the next 4 year cycle top, due around Christmas of 2021, or a few weeks later.

Longer term, meaning possibly a decade or so, Rauol believes that the price of Ethereum could be higher than the price of Bitcoin. You can see his full Ethereum prediction in this video:

Tyler Winklevoss 2021 Ethereum Prediction

Tyler Winklevoss recently gave an interview in which he predicted that Bitcoin would eventually be worth at least $500,000. In the same interview he also made some forecasts for Ethereum. he stated:

“So, you know, Ether’s got to upgrade. It’s moving to ETH 2.0. There’s some scalability things it’s got to work through. But, like, I’m an optimist and the smartest folks in the room are working on it. So if Ether’a the global computer in the future, what’s that worth? It’s gotta be a ton, and it’s gotta be worth as much as digital gold I would think, maybe more.”

Previously in the interview he stated that digital gold would be equivalent to a $9 trillion market cap. At the time of the interview a couple of weeks ago, the market cap of Ethereum was $84.56 billion. If the total market cap of Ethereum grows to $9 trillion, that would mean that each Ethereum token would be worth about $78,000 a piece, assuming that the growth of the number of new Ethereum tokens created each day continues at the same pace.

Tyler’s full interview can be viewed in this video:

Blocktown Capital’s James Todaro ETH Prediction For 2021

James Todaro, managing partner at Blocktown Capital, thinks that ETH has the potential to reach a $1 trillion market cap on the basis of the growing DeFi industry. According to his estimate, the value of Ethereum could surge to $9,000.

Our Own Ethereum Prediction For 2021

When looking at the fundamentals, we can clearly see that blockchain is a disruptive technology that will invade all of finance and the economy just as software has done in the past 50 years. Fundamentally speaking, crypto is the future.

That’s the basis for our forecast of the continued growth of the industry.

Fundamentals vs. Technicals

When it comes to price forecasting, we always want our technical price analysis to dovetail with our fundamental analysis. Our technical analysis looks at past price behavior, and our fundamental analysis sheds light on whether or not we feel it likely that previous price trends will continue or not.

In the case of Ethereum, like the 3 analysts above, we do feel confident that the positive price trends will continue.

The 4 Year Cycle In Crypto Prices

There is clearly a 4 year cycle in the cryptocurrency market. The next 4 year cycle peak is due around December of 2021.

Bitcoin has gone through 2 complete cycles, but Ethereum has not. With less of a track record, it makes it more difficult to predict where the price of Ethereum will be at the end of 2021.

Looking back at the previous year which was a 4 year cycle top, 2017, Bitcoin started the year on January 1, at $998.33. It ended the year on December 31, 2018 at $14,156.40, after climbing over $19,400 in mid December of that year. Depending on whether you’re looking at the highest price reached in mid December or whether you’re looking at the end of the year price, Bitcoin went up by a factor of between 14x and 19x during the last 4 year cycle top.

While this performance is still exceptional, it is quite a bit less than the gains from the previous 4 year cycle top that happened 4 years prior, in 2013.

Bitcoin started that year on January 1, at $13.30. It ended the year on December 31, at $805.90, after climbing over $1,237 in early December of that year. Again, depending on whether you’re looking at the highest price reached in early December or whether you’re looking at the end of the year price, Bitcoin went up by a factor of between 60x and 93x during the last 4 year cycle top.

The point of looking at Bitcoin’s first two cycles is to see that the first cycle saw larger percentage gain than the second.

Ethereum’s One Cycle Iteration

Ethereum wasn’t created/released until July 30, 2015, so there is no price data from 2013 – it didn’t exist back then.

So Ethereum’s price performance in 2017 was only it’s first 4 year cycle top.

We therefore anticipate that – just like had occurred with Bitcoin – the gains of the second 4 year cycle peak would be less than those of the first 4 year cycle top.

So, how did Ethereum fare in 2017, and what can we extrapolate for 2021?

Ethereum’s Past Price Performance

Ethereum started 2017 on January 1, at $8.20. It ended the year on December 31, 2017 at $736.77, after climbing to $800 in mid December of that year. The Altcoins had a cycle peak that was a couple weeks after Bitcoin reached its ultimate peak. After closing out 2017 at $736.77, Ethereum reached its 4 year cycle peak 2 weeks later on January 13 at $1,423.20. Depending on whether you’re looking at the highest price reached in mid January or whether you’re looking at the end of the year price, Ethereum went up by a factor of between 89x and 173x during 2017 for the last 4 year cycle top.

To recap, Bitcoin went up by 60x and 93x during its first iteration of the 4 year cycle peak, and 14x and 19x during its second iteration.

Ethereum has only seen one 4 year cycle peak during its existence, going up between 89x and 173x.

Price History As A Guide

If Ethereum follows Bitcoin’s lead and the rate of increase slows by the same amount that Bitcoin’s did from the first iteration to the second, that would mean that this year Ethereum will “only” go up between 18x and 34x.

With Ethereum starting the year at $729.12, that equates to a predicted price high between $13,124 and $24,790.

That’s our Ethereum prediction.

As the saying goes, “past performance does not guarantee future results.”

Like all future predictions, at this point in time we don’t know if the forecast is accurate or not, but as of press time, we have a high degree of confidence in our forecast price range being reached.

Time will tell.

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News Ripple News

It’s Not Just Institutional Thirst, Retail Demand For Crypto Reaches ‘Unprecedented’ Levels

There’s just not enough Bitcoin to meet demand.

That’s not just some hopium-based fantasy by the leader of a fringe crypto cult.

No, it’s simple fact from tallying just a couple places where Bitcoin can be bought.

We’ve reported that institutional money is moving into cryptocurrency assets, and that institutional demand is higher than it has ever been.

Retail demand is also currently at “unprecedented levels.”

Unprecedented levels

Israeli trading and investing platform Etoro warned customers in Europe on Friday of possible limitations on crypto purchasing over the weekend. In an email, the exchange said: “The unprecedented demand for crypto, coupled with limited liquidity, presents challenges to our ability to support buy orders over the weekend. In light of this, it may be necessary for us to place limitations on crypto buy orders.”

eToro’s statement acknowledging unprecedented demand is just one of many that point to the fact that there isn’t enough Bitcoin available at today’s prices to meet demand.

Pantera Capital’s recent monthly letter to investors states that:

In last month’s investor letter we discussed that after 30 months of operation, Square’s Cash App is estimated to be buying around 40% of all newly-issued bitcoin.

PayPal just launched their new service that enables customers to buy, sell, and hold cryptocurrency directly from their PayPal accounts. It’s already having a huge impact.

The bitcoin community is proud to have grown to 100 million users over twelve years. PayPal has 300 million active users. As we’ve argued — and will argue more fully in our December investor letter — this rally is much more sustainable than 2017. One of the main differences is the ease of investing in bitcoin now — via PayPal, Cash App, Robinhood, etc.

Previously the friction to buy bitcoin was pretty onerous: take a selfie with your passport, wait days to a week to get activated, daily limits.

Three hundred million people just got instant access to Bitcoin, Ethereum, and other cryptocurrencies.

BOOM! The results are already apparent.

PayPal’s crypto infrastructure provider is Paxos. Prior to PayPal’s integration of crypto, itBit, the Paxos-run exchange, was doing a fairly constant amount of trading volume — the white line in the chart below.

When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins.

PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins.

Only 900 New Bitcoins Created Each Day

Bitcoin supply is growing daily. Literally, it’s growing by 6.25 newly created Bitcoins with each new block mined. By design, one Bitcoin block is mined every 10 minutes, resulting in an average of 144 new blocks every day. 144 x 6.25 equals 900 new Bitcoins created each day.

Genuine Bitcoin Investor Demand

As we reported above, just Paypal and Cash App are responsible for buying more than 900 Bitcoin per day.

Let’s look at another rather obscure place to buy Bitcoin: LocalBitcoins.com. This is a site outside of the massive mainstream crypto exchanges. It is sort of a peer-to-peer classified ad site that matches buyers with sellers on an individual level.

Compared to the big exchanges, such as Coinbase, this site is tiny. For instance, Binance alone had a Bitcoin trading volume in the past 24 hours of $2.77 billion at press time.

Contrast that to the average daily trading of Bitcoin at localbitcoins.com which is a mere $6 million. The difference in size is staggering. The point being, trading volume at localbitcoins.com is a tiny, extremely tiny, amount of Bitcoin being bought each day.

Now, be aware that most of the trading volume on Binance and other big exchanges is just that: trading, not investing. A trader can buy and sell multiple times per day with each of those trades adding into the cumulative total trading volume.

On localbitcoins.com it is definitely not “traders” doing the trading, it is mom and pop type of people buying Bitcoin to hold as an investment.

So let’s look at the numbers. $6 million worth of Bitcoin are being bought right now every day on localbitcoins.com.

How many Bitcoin is that?

$6,000,000/$37,000 each equals 162 Bitcoin.

Remember, there’s only 900 being created. And this tiniest little peer-to-peer exchange is responsible for its users buying up almost 1/5 of all newly created Bitcoin each and every day. This is purely Bitcoin volume, and does not include other cryptos such as XRP and Litecoin.

Paypal and Cash App are already buying more Bitcoin than are being created each day. This tiny little site is facilitating the buying of nearly 20% of all new Bitcoin being create. What about the customers of Binance? What about demand from the customers of Coinbase, Gemini, Kraken, Bittrex, Bitstamp, Huobi, Bitfinex, and hundreds of other exchanges are are many times lager than localbitcoins? Where will all the Bitcoin come from for those buyers to be able to purchase?

Only Existing Holders Can Supply Bitcoin To Match Soaring Demand

One thing is certain, there is no way to increase the supply of new Bitcoin being created each day and available on the market. With demand absolutely overwhelming new supply, that only leaves existing holders willing to sell in order to satiate buyer demand.

Which means only one thing: prices will continue to be bid higher.

There’s good reason for the crypto fear and greed index to be pegged on greed.

How high is high? Here’s our Bitcoin forecast for this year and beyond.

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Bitcoin News Blockchain News Cryptocurrency News Ripple News

Will Tether Quake The Crypto Market This Week?

A Big Nothing Burger Or The Pin That Pops The Bubble?

If the events in the crypto market of December 2020 teach us anything, it’s that the actions of the financial regulators can cause quakes that have a tremendous impact on crypto prices.

Think back to late November and early December. There was an abundance of enthusiasm towards XRP with the (back then) forthcoming airdrop of Spark tokens. In late November, the price of XRP stood at 26 cents.

Airdrop Of Spark Tokens

With the interest in holding XRP tokens so as to benefit from the Spark airdrop, crypto investors were rushing into XRP, and drove its price above 70 cents.

The upward momentum in price was invigorating.

Even after the airdrop, the price of XRP was hovering around 60 cents as late as December 20.

Enter The SEC

Then the news hit.

The SEC had filed a lawsuit against Ripple. The price immediately crashed to 20 cents, wiping out more than 2/3rds of XRP’s value in a matter of days.

The moral of the story: actions taken by financial regulators can have an overwhelming effect on price.

Fast-forward to today. An important deadline has arrived in the case of Attorney General of the State of New York v. iFinex Inc. (the parent company of both Bitfinex and Tether).

Tether vs. New York State

Some history of this case:

Back in April 2019, the New York Attorney General (NYAG) accused stablecoin operator Tether of covering Bifinex’s $850 million losses by sourcing its USDT to cover the shortfall. Nevertheless, Tether replied calling this accusation in “bad faith” and “riddled with false assertions”. Note NYAG has filed charges against iFinex, the parent company of Bitfinex and Tether.

During the preliminary injunction in May 2019, Judge Joel Cohen extended the deadline to ninety more days. By August 2019, NYAG presented another proof and evidence in the case highlighting how Bitfinex and Tether were allegedly involved in covering up the $850 million losses. Later, the NYAG also called out iFinex’s motion “an improper attempt to impede a lawful investigation”.

The case took an interesting turn last year in September 2020 when Judge Cohen ruled that both Tether and Bitfinex should produce documents disclosing their financial relationship. In addition, he also passed an injunction barring Tether to issue loans to Bitfinex by ninety more days.

Deadline Extended

Last month, on December 9th, 2020, Attorney General Letitia James filed a document requesting Judge Cohen to extend the timeline to January 15. The Attorney General said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production might be finalized in the coming weeks.”

Two days ago, Friday, January 15, was the d-day for iFinex to produce necessary info and the documents so that NYAG is able to continue the investigation further. iFinex had to produce documents detailing the issuance and redemptions of Tether’s USDT stablecoins, and also disclose the trading activity on Bitfinex concerning Bitcoin and USDT.

We’re currently at the crossroads of the most crucial cases in the crypto space. Tether’s market cap has grown to $25 billion, and the token currently sits at #3 on coinmarketcap’s list of the largest cryptocurrencies in existence.

Will Tether Drag The Entire Crypto Market Lower?

Some market analysts believe that the issuance of Tether is being used to prop up the price of Bitcoin, and by extension the entire crypto market. Others, such as Ganesh Viswanath-Natraj, Assistant Professor of Finance at Warwick Business School, stated on a recent podcast, “Based on our evidence there, there’s no effect of tether issuance on crypto asset prices.”

While there were no new statements from the NY Supreme Court on deadline day, a statement is likely to be forthcoming this week.

If and when the statement unfolds, the BIG question for the entire crypto market is “Will it be a nothing-burger, or will it be the pin that pops the crypto bubble?”

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Blockchain News Cryptocurrency News

DeFi Crypto Assets Start 2021 By Thundering Higher

Although we’re just beyond 2 weeks in, 2021 has started off with a burst for the cryptocurrency world.

Amid political chaos in the United States, the value of cryptocurrencies have risen significantly and so far this year. Bitcoin started 2021 around $29,000; and in two weeks time is has already soared above $40,000. More than a few analysts are predicting a 6-digit Bitcoin price this year.

Nevertheless, it’s not only about Bitcoin; beyond BTC, there has been an explosion in coin prices across the board, as cryptocurrency funds see record inflows. This is especially true with DeFi coins and tokens. At press time, we took a look at five major DeFi assets listed on coinmarketcap. In no particular order:

  1. Chainlink (LINK) Chainlink started the year around $12 and has gained as much as 83%, reaching a high above $22.00. LINK is a decentralized oracle network which aims to connect smart contracts with data from the real world. Chainlink was developed by Sergey Nazarov, with Steve Ellis as the other co-founder. It held an ICO in September 2017, raising $32 million, with a total supply of 1 billion LINK tokens. LINK, the cryptocurrency native to the Chainlink decentralized oracle network, is used to pay node operators.
  2. Ren (REN) Ren started the year around 34 cents and has gained as much as 85%, reaching a high above 63 cents. Ren (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms. Formerly known as Republic Protocol, Ren launched RenVM, its virtual machine mainnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes. Ren aims to expand the interoperability, and hence accessibility, of decentralized finance (DeFi) by removing hurdles involved in liquidity between blockchains.
  3. Sushiswap (SUSHI) Sushiswap started the year around $3 and has gained as much as 153%, reaching a high above $7.60. SushiSwap (SUSHI) is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges which use smart contracts to create markets for any given pair of tokens. SushiSwap launched in September 2020 as a fork of Uniswap, the AMM which has become synonymous with the decentralized finance (DeFi) movement and associated trading boom in DeFi tokens. SushiSwap aims to diversify the AMM market and also add additional features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
  4. Aave (AAVE) Aave started the year around $90 and has gained as much as 114%, reaching a high above $203.00. Aave is a decentralized finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. Aave (which means “ghost” in Finnish) was originally known as ETHLend when it launched in November 2017, but the rebranding to Aave happened in September 2018. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token — giving owners a say in the future development of the protocol.
  5. Uniswap (UNI) Uniswap started the year at just about $5 and has gained as much as 80%, reaching a high of $9.00. Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges. In September 2020, Uniswap went a step further by creating and awarding its own governance token, UNI, to past users of the protocol. This added both profitability potential and the ability for users to shape its future — an attractive aspect of decentralized entities.
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Bitcoin News Cryptocurrency News Ethereum News Litecoin News

Gemini Unveils Plans For Credit Card With Crypto Rewards

Gemini, a crypto exchange and custodian, today announced that it will launch the Gemini Credit Card, a credit card with cryptocurrency rewards. This effort has been accelerated by the acquisition of Blockrize, a fintech startup that has been building a credit card with cryptocurrency rewards. In preparation for launch later this year, Gemini has opened the Gemini Credit Card waitlist — providing Gemini customers, and those already on the Blockrize waitlist, with early access.

By combining Gemini’s simple, reliable, and safe platform with Blockrize’s rewards program, card holders will be able to seamlessly earn up to 3 percent back in bitcoin, or other cryptos, on every purchase they make with the Gemini Credit Card.

“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior, ” said Tyler Winklevoss, CEO of Gemini. “Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We’re excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.”

Those who join the waitlist, and the more than 10,000 people already on the Blockrize waitlist, will get early access. The Gemini Credit Card will work like a traditional credit card. It will be available to U.S. residents in every state and will be widely accepted wherever major cards are accepted. Rewards will be automatically deposited into a cardholder’s Gemini account.

For Gemini users or others interested in signing up to the waitlist, please visit: https://gemini.com/credit-card/waitlist. To sign up for a Gemini account visit: https://exchange.gemini.com/register.

This is Gemini’s second acquisition, following its acquisition of Nifty Gateway in November of 2019. Gemini continues to look for companies that align with its values and mission to empower the individual through crypto.

About Gemini

Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store more than 30 cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin, and Zcash. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss to empower the individual through crypto.

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Bitcoin News Cryptocurrency News

Bitcoin ATM Market Forecasted To Grow By 52.7% Per Year

Researchandmarkets.com has released a new report, “Crypto ATM – Global Market Outlook (2019-2027)” 

Global Crypto ATM Market accounted for $18.35 million in 2019 and is expected to reach $542.52 million by 2027, growing at a compound annual growth rate of 52.7% during the forecast period.

Some of the key factors propelling the growth of the market are fluctuations in monetary regulations, increasing fund transfers in developing economies, and rise in the number of installations of crypto ATMs. However, stringent government regulations that prohibit the usage of cryptocurrency in various countries are the restraining factor for the growth of the market.

Cryptocurrency is the digital or virtual money in the form of tokens or coins. An Internet-connected kiosk allows customers to purchase bitcoins with deposited cash. A crypto ATM is not the same as an ATM backed by a traditional financial institution or bank. Cryptocurrencies are designed to decentralized and provide peer-to-peer transactions.

By type, the two-way segment is expected to grow at a significant market share during the forecast period owing to its provision of both, buying and selling functions with additional security and user-friendliness. Based on geography, North America is anticipated to hold considerable market share during the forecast period which is attributed to the lesser legal barriers and the presence of software & hardware providers and integrators.

Some of the key players in Crypto ATM Market include General bytes S.R.O., Covault, Mainstreet Automaten GmbH (Orderbob), bitaccess Inc.Genesis Coin, Coinme, RusBit Ltd., bitxatm, Coinsource, and Lamassu.

What Are the Advantages of Using a Bitcoin ATM Machine?

A Bitcoin ATM is basically a kiosk that enables a user to buy or sell currency by using either a debit card or credit card. These ATM’s are capable of all major brands of debit and credit cards. Some companies like MoneyGram and FXCM have launched their own ATMs which accept both debit and credit cards. These ATMs provide all the functionalities of any traditional ATM machine like a teller, a key pad or an LCD screen but with the added capabilities of accepting major currencies.

There are also some companies that have launched their own version of a bitcoin ATM called a bitcoin ATM station. This is basically an upgrade of the existing ATM which enables users to make transactions in a more convenient manner and usually operates with the support of the manufacturer.

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News Ripple News

World’s Oldest Operating Crypto Exchange Forecasts Trends For 2021

At the beginning of 2021, the world’s oldest cryptocurrency, Bitcoin, has seen an all-time high of over $40,000 on 8 January 2021, which is not surprising, since institutional investors as well as high-net-worth individuals consider BTC as a hedge against extraordinary fiscal stimulus programs. Here is an AMA summary from Chief Research Officer, Dan at BTCC.

ETH Price Prediction in 2021

The world’s largest financial derivatives exchange, CME Group, announces its ETH derivative product will go live on February 2021, following the launch of Bitcoin derivative product. It means Ethereum will be considered as a financial product, and will be regulated by the Commodity Futures Trading Commission (CFTC). We expect that the launch of ETH derivative product next year will bring more institutional funds into the market, thus the price of ETH is very likely to see a massive rise.

Growing Number of Institutional Players Entering the Crypto Market

The year of 2020 also has seen numerous examples of institutional investors turning their attention to the world’s most popular cryptocurrency. For example, one of the largest insurance firms, MassMutual, has purchased $100 million of Bitcoin on December 2020.

We expected to see the crypto market to rise from the end of 2020 to 2021. The difference between the bull run this year to the one in 2017 is that previous bull was driven by individual investors and some whales. However, the bull run this year is mainly driven by institutional investors pushing the price up.

Top 10 Cryptocurrencies to Look Out for in 2021

The major theme of crypto market next year will be around DeFi, Polkadot, and ETH 2.0, therefore we will expect ETH remain unchanged at the top 2. While XRP, BCH, LTC and EOS are not what the market needs for next year, we expect to see these coins fall out of their current ranking.

Here is a prediction of crypto ranking in 2021 by Dan: BTC, ETH, USDT, LTC, XRP, BNB, LINK, UNI, DOT, BCH.

BTCC currently offer 9 major cryptocurrency trading pairs including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Ripple (XRP), Stellar (XLM), Dash (DASH), and Cardano (ADA). Users can trade Bitcoin with leverage.

About BTCC

Founded in 2011, BTCC is the world’s longest-running crypto exchange and currently headquartered in the UK. With nearly 10 years of operating history, BTCC is known for its safe and stable, top-end market depth, and as well as faster transaction speed. 

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Bitcoin News Blockchain News Cryptocurrency News

One Of The Nations Largest Independent PR Firms Creates Specialty Branch For Cryptocurrency PR

5W Public Relations, one of the largest independently-owned PR firms in the U.S., announces today the creation of a specialty division focused on PR for the crypto industry. The new specialty focus is a formalization of the agency’s experience representing dozens of global leaders in the cryptocurrency and blockchain sectors.

The agency has a history of working with established and emerging cryptocurrency platforms including blockchain and cryptocurrency driven marketplaces, trading platforms, crypto real estate companies, and more. Last year 5W guided Nasdaq-listed business intelligence firm, MicroStrategy, through the announcement of its hugely consequential purchase of $250M in Bitcoin.

“5WPR has traditionally been an early adapter of emerging industries, and as an agency has been working with cryptocurrency clients for over five years. In this time we’ve come to understand the nuances of the cryptocurrency community and have developed tried and true strategies to build up successful campaigns and brands,” said Ronn Torossian, Founder and CEO of 5WPR. “With the continued success of cryptocurrency platforms and Bitcoin’s recent rise to an all-time high, we’re thrilled to launch our dedicated crypto pr division.”

Services offered to cryptocurrency public relations clients include media relations, targeted outreach to crypto industry publications, content creation, digital media campaigns, speaking opportunities and celebrity relations.

About 5W Public Relations

5W Public Relations is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues and ideas. With more than 175 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and digital strategy. 5W brings leading businesses a resourceful, bold and results-driven approach to communication. 5W was awarded 2020 PR Agency of The Year and CEO Ronn Torossian, was named 2020 Entrepreneur of the Year by the American Business Awards.

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News

Cryptocurrency Market Cap Blows Through $1 Trillion

A wave of recent institutional buying has propelled the total market cap of all cryptocurrencies to exceed the $1 Trillion level for the first time ever.

The price of bitcoin hit another all-time high Wednesday. Bitcoin (BTC) was trading around $36,868 as of 7 p.m. ET, Gaining 6.5% over the previous 24 hours, and easily surpassing Jan. 2’s previous record high of $34,366.

According to the latest data, the $1 trillion cryptocurrency economy has gained significant value in the last 24 hours. The world’s largest cryptocurrency, Bitcoin, is topping the list with a market cap exceeding $680 billion.

Best Performing Cryptocurrency Assets

Ethereum is the best performing asset among major cryptocurrencies, the total market cap of Ethereum jumped nearly 60% in the last 7 days to reach a market cap of $137 billion. As of writing, the price of Ethereum is hovering around $1,211, within striking distance of its all time high.

The world’s top cryptocurrencies have gained the limelight in recent days due to a significant increase in market value, but other crypto-assets like Cardano and Stellar have actually performed better than Bitcoin and Ethereum in the last few weeks in terms of percentage gain. Stellar (XLM) has gained more than 60% in the last 24 hours, and 159% in the last 7 days as the total market cap of the cryptocurrency reached $7.4 billion. Further, XLM posted strong gains after an announcement by the Ukrainian Ministry of Digital Transformation to work with Stellar Development Foundation to introduce virtual assets in the country.

Furthermore, Litecoin, Polkadot, Chainlink and Bitcoin Cash posted strong gains in the last few days as all the mentioned cryptocurrency assets gained more than 30% in the last 7 days. Institutional adoption is pushing the cryptocurrency economy beyond the $1 trillion market cap much quicker than most observers had anticipated.

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Blockchain News

Future FinTech To Acquire 60% of Blocknance

Future FinTech Group Inc. (NASDAQ: FTFT) a leading blockchain e-commerce company and a service provider for financial technology, today announced it has signed a term sheet with Blocknance Financial International SRL (“Blocknance”), a company incorporated in the Dominican Republic and the selling shareholders of Blocknance on December 30, 2020. Pursuant to the Term Sheet, the Company plans to acquire 60% of the total issued and outstanding shares of Blocknance.

Blocknance provides services for transactions between Bitcoin and other cryptocurrencies and fiat currencies, such as Dominican Peso, US dollar, Euro and Russian Ruble for customers through Bitcoin ATM machines and physical offices. All ATMs and physical offices are currently located in Santo Domingo, Punta Cana, La Romana, and Santiago de los Caballeros in the Dominican Republic.

Blocknance is headquartered in the Dominican Republic. Its subsidiary Cryptocana SRL works with financial consulting companies to help clients buy, rent and sell residential, commercial, local and international real estate using cryptocurrencies; another subsidiary Blockchain Finance International Inc. is registered in Wyoming, US and officially registered as a Money Service Business (MSB) which is regulated and administered by the Financial Crimes Enforcement Network (FinCEN). According to the framework agreement, the current total valuation of Blocknance is $1.6 million. Future FinTech or its wholly-owned subsidiary plans to acquire 60% of Blocknance through cash and shares with a purchase price of US $960,000. Future FinTech reserves the right to purchase additional shares from the seller.

Emmy Jude Fortune, the General Manager of Blocknance, stated, “Blocknance is one of the most advanced, semi-decentralized cryptocurrency exchange platforms on the market today. It provides a safe way to exchange Bitcoin and cryptocurrency with fiat currencies for individuals who want to use them to buy and sell goods or services and is the largest Bitcoin transaction service provider in the Caribbean. With the help of our new ATMs, more and more people use cryptocurrency for transactions. Our Punta Cana and Santiago office provides services to more than 10,000 tourists every year, because most tourists do not have local bank accounts. Our physical offices or ATMs provide convenient two-way exchange services of Bitcoin and other cryptocurrency to fiat currencies for tourists. Blocknance plans to increase the number of Bitcoin ATMs and expand them to Europe, Asia and other regions pursuant to local regulatory requirements in 2021. FTFT has a great management team in financial services and blockchain technology. The union with FTFT can rapidly expand our operations, continuously improve customer experience and satisfaction, increase service scenarios, and meet the needs of more and diversified customers. “

Shanchun Huang, Chief Executive Officer of Future FinTech said, “Blockchain technology and its application is an important strategic segment and business component of FTFT. Building a complete blockchain financial service system is an important development plan of FTFT. We have been looking for valuable blockchain technology companies to dock with our existing resources. When Bitcoin holders could convert Bitcoin into cash at ATM as Blocknance does in Dominican Republic, cryptocurrency will be gradually accepted by more and more people. We believe that the investment in Blocknance can further expand our business, bring additional income to the Company, and we hope to eventually create a channel that can connect Bitcoin and other cryptocurrencies with the services of mainstream financial institutions under applicable laws and regulations. “

About Future FinTech Group Inc.

Future FinTech Group Inc. is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology.

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News

More Signs That Institutional Money Is Flowing Into Cryptocurrency

Bitwise Asset Management, a leading provider of crypto index funds, became the most recent example of the influx of institutional money into cryptocurrency by announcing today that it recently surpassed $500 million in assets under management (AUM), up $400 million from its previous report of $100 million in AUM on October 28, 2020.

The Bitwise 10 Crypto Index Fund (OTCQX: BITW), which seeks to track an index of the 10 largest cryptoassets—including Bitcoin, Ethereum, and Litecoin—has seen the strongest demand, recently crossing over $400M in AUM.

The Bitwise Bitcoin Fund and Bitwise Ethereum Fund—which provide low-cost, professionally managed exposure to Bitcoin and Ethereum, respectively—have seen increased demand as well.

“The speed at which professional investors are moving into crypto right now is remarkable,” said Hunter Horsley, cofounder and Chief Executive Officer of Bitwise. “While adoption of crypto as an asset class and conviction around its role in portfolios rapidly expands, we continue to urge all investors to consider the risks associated with investing in cryptocurrencies in general and the Bitwise Funds in particular.”

Bitwise saw record inflows into its funds during Q4 2020, surpassing the total cumulative inflows of 2018 and 2019 combined. The increased demand came primarily from Bitwise’s core audience, investment professionals, including financial advisors, hedge funds, corporate balance sheets, and other institutional investors.

Bitwise specializes in educating and supporting professional investors, with a senior team and staff from firms like BlackRock, Fidelity, Eaton Vance, Wealthfront, Facebook, J.P. Morgan, and iCapital. The Bitwise Funds offer ongoing private placements to accredited investors via www.bitwiseinvestments.com.

About Bitwise Asset Management

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

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Bitcoin News

Happy Birthday Bitcoin!

Fun Facts For Bitcoin’s 12th Birthday

It was 12 years ago today, January 3, 2009, that the first cryptocurrency – Bitcoin – was “born,” the result of the very first block being mined by Satoshi Nakamoto.

Here is the price of Bitcoin on its birthday every year, going back to the beginning:
2009 $0
2010 $0.01
2011 $0.29
2012 $5
2013 $13
2014 $797
2015 $302
2016 $429
2017 $1,021
2018 $14,944
2019 $3,827
2020 $7,238
2021 $34,200

Next year Bitcoin enters its “terrible teens” attaining teenager status by reaching the ripe old age of 13. Will Bitcoin be acting up like a typical teenager?

Time will tell…

12 Facts For Bitcoin’s 12th Birthday

1. Bitcoin creator, Satoshi Nakamoto, is still a mystery figure.

2. The late Hal Finney, a software engineer and one of the first PGP coders, was the first person to receive a Bitcoin transaction.

3. Pizza was the first thing (good) purchased using 10,000 Bitcoin (worth more than $330 million today!).

4. May 22 is known as “Bitcoin Pizza Day.”

5. Bitcoin has been sent into outer space.

6. A bitcoin transfer is irreversible.

7. The domain name “Bitcoin.org” was registered on August 8, 2008.

8. A man named James Howells threw away a hard drive containing 7,500 bitcoins, now worth more than $247 million dollars.

9. Roughly 10% of Bitcoin’s supply has been untouched for over a decade. 

10. The first Bitcoin faucet was created by Gavin Andresen in June of 2010, and visitors to that faucet were given 5 full Bitcoins each (worth more than $165,000 today).

11. The gold bug Peter Schiff predicts that Bitcoin will never top $50,000.

12. We think he’s wrong.

Categories
Blockchain News

Global Investment Summit In Dubai Considers Blockchain To “Build A Better World”

Dubai is on center stage once again as 250 prestigious family offices, private investors, Sheikhs, Royal Families and leading businesses from 30+ countries gathered for the 13th Global Family Office Investment Summit hosted by Sir Anthony Ritossa under the High Patronage of H.H. Sheikh Saqer Bin Mohamed Al Qasimi, a member of the Ruling Family of Sharjah and Ras Al Khaimah from the United Arab Emirates who has dedicated $70 million to fund new start-ups.

Sir Anthony Ritossa

CEO & Advisor to Sheikh Ahmed Al Maktoum International Investments Enterprise Mohamed Al Ali served as Distinguished Grand Ambassador for the event, which focused on the theme Family Offices Uniting Together to Build a Better World.

Representing more than $4 trillion in wealth, the family office delegation discussed and debated timely topics of interest to the world’s leading families during this challenging year, including how family offices should invest for a brighter future; how to grow and preserve wealth; social responsibility; education; healthcare; emerging technologies; family legacy and philanthropy.

“It is an honour to host such an esteemed group of investors in Dubai and to act as a bridge between Middle East families and their counterparts in  Europe, the United States, Asia, Africa and Latin America. It was wonderful to gather one-again in person to continue our journey of discovery between like-minded peers in a safe-harbour environment. As at our past events, the Summit featured notable world experts addressing actionable investment strategies and ways to set the foundation for a lifelong family legacy,” said Anthony Ritossa, Chairman of Ritossa Family Office, a family business dating back 600 years to the Venetian Empire in Europe.

Hussein Sayed, CNBC Arabia Anchor & Chief Market Strategist at FXTM, UAE, began the Summit by noting that there are many questions regarding sectors poised to benefit from the coronavirus vaccine. Investor concerns focus on how much money to keep in cash, how best to rebalance portfolios, and what changes are likely now that the light is at the end of the tunnel. This year has been a challenge to embrace – in addition to a crisis – that has forced us to adapt and emerge stronger than ever. The UAE, for example, has plans for the next 50 years that are based on new strategies and solid research on how best to move forward.

Summit discussion topics included:

The Bright Future of the UAE

International businesses are increasingly interested in the UAE due to numerous benefits including quality education, infrastructure, technology, healthcare, taxation and government support of SMEs. Dubai’s Smart City 2021 initiative is transforming the city, revolutionising the way government services are delivered, promoting private sector partnerships, increasing happiness, and attracting more interest in the region. Expo Dubai 2021 is another exciting milestone for the UAE that will draw worldwide acclaim as well as boost domestic travel which already expanded during COVID. With 180 nationalities in the UAE, its position as a global melting pot is admirable.

Broad Reaching Implications of Mind + Machine

Companies continue to use machine learning and artificial intelligence at unprecedented levels across the spectrum. According to the experts, it is not mind vs. machine, it is mind and machine. Although people may expect quick results from AI and ML, one cannot apply it generically and it is essential to expand technology to more applications. For example, plant architecture and the green revolution is producing food and gene editing plants may compensate for drought conditions. AI and ML also have broad reaching implications in areas such as online learning, healthcare, construction, sports, media  and entertainment.

Better Data for a Better World

Data is all around us and everything generates data, often on a large and extreme scale. Indeed, data is one of our most valuable commodities in the 21st Century’s digital economy and better data leads to a better world. Investors should support bitcoin as a way to solve problems and meet tomorrow’s challenges. Data keeps the world honest, transparent and accountable since records of dates and times are auditable and difficult to change. Bitcoin represents a fusion of data and money – a vision of connecting, re-inventing, and reducing the role of intermediaries. It’s one system for making smarter, healthier communities around the world. While some tend to put blockchain in a box, it is a fact that blockchain allows us to redefine the box.

Healthcare + Blockchain Present New Possibilities

Sharing and optimizing data to power healthcare solutions is of vital importance post-pandemic as new businesses continue to emerge and meet the needs of global citizens. A blockchain powered COVID management system, for example, provides aid and support via technology in support of frontline workers who cannot do everything on their own. Another blockchain company is helping to solve the opioid crisis by tracking prescription drugs.  Traditionally, data science has been underutilized in healthcare.

Future of Education

Online learning is skyrocketing in popularity and while some wonder if traditional universities may eventually become obsolete others yearn for a return to normalcy when physical classes are 100% back in business. Regardless, it is clear that technology plays an ever-important role in bringing about positive disruption to the educational sector. Good teachers and  role models have the capability to change lives and when individuals are blessed with those who believe in them and support them the result is a healthier community overall. Education also comes into play when family businesses seek to last over multiple generations as family members must understand the family’s goals and seek guidance while continuing to evolve and prosper.

Co-Investment Opportunities

There are many companies based in the United States, Israel and elsewhere that seek strategic ventures in the UAE in areas such as ESG and disruptive sustainable technology. While it is a fact that many deals are spearheaded by families who already know each other, most are open and willing to consider new partnerships with those who are like-minded. Some families have limited domain expertise and therefore prefer to outsource and/or seek co-investments when investing outside their comfort zone in order to diversify. Distressed companies, Cleantech, FinTech, Biotech, healthcare, renewable energy and electric vehicles are some of the areas of paramount importance.

“The 13th Global Family Office Summit event was a significant opportunity for us to host new friends and old friends in Dubai. By bringing together leading global families and private investors at our Summits we continue to change the course of history,” said Mohamed Al Ali, CEO & Advisor, Sheikh Ahmed Al Maktoum International Investments Enterprise, UAE.