Kraken CEO Tells Bloomberg TV Bitcoin is 'Going To Infinity!"...
Video courtesy of Bloomberg Tech.
For some analysts, it was plausible to expect a correction after the new all-time high, and it did indeed occur last Monday.
If you've been in the crypto market for awhile, you likely slept like a baby, knowing it was business as usual. Occasionally, people like taking some of their profits, and the smart ones know they'll be back, and at a discount.
But there's a lot of new investors in crypto, now more than ever. The price of Bitcoin fell to $45,000 - a drop from $58,000 in a span of 3 days.
This can understandably scare some people off, and many were wondering if the new investors would be able to resist panic selling and selling everything. Like many would if stocks took a similar dip.
However, One Announcement After Another Kept Coming - Showing That The Dip Didn't Slow Things Down At All...
Square acquired an additional 3,380 BTC for $ 170 million, while MicroStrategy made its largest investment so far in bitcoin, at acquire almost 20,000 BTC for $ 1 billion.
The once anti-crypto JPMorgan now recommends investing in bitcoin. And in another sign of rapprochement between the world of cryptocurrencies and the regulatory environment.
SynBiotic SE's announcement of its investment in bitcoin as a hedge against inflation would reveal that interest in the first currency as a safe haven asset could extend to a wide segment of SMEs companies.
Institutional investment firm Stone Ridge, which had already invested $100 million in Bitcoin last October, filed a prospectus with the SEC to list bitcoin as an asset in its diversified investment fund.
I'll wrap this up with one that goes the other way - a company from the crypto world wanting to get in to Wall Street - Coinbase applied to the SEC to be listed on the stock market. It appears they'll be welcomed with open arms.
So, in short - the bull market continues, picking up right where we left off.
-------
Author: Mark Pippen
London News Desk / Breaking Crypto News
In Nigeria, each bitcoin costs more than $98,000, and its price continues to rise uncontrolled. While this could be the dream of many bitcoiners, the reality is that it has become a nightmare for Nigerian traders.
All this is the product of a government-imposed measure prohibiting the marketing of digital assets.
It's a financial blunder that has led to Bitcoin being 56% more expensive than the average value worldwide. While bitcoin has barely exceeded $57,000 in most countries worldwide, the price in Nigeria continues to rise to $100,000 dollars.
Before the ban on trading cryptocurrencies imposed by the Central Bank of Nigeria, the exchanges held cash in banks and had a steady stream of deposits." Before, there was a single source of liquidity," says The CEO of Naijacrypto Chiagozie Iwu, and therefore there was always cash to exchange bitcoins, and the price was stable.
Will The Nigerian Government Reverse Their Decision?
Iwu believes that there is a possibility that the Nigerian government will revoke the decree against cryptocurrencies in the future and allow trading again. However, this option is hard to believe when we consider that the state narrative is that Bitcoin is a threat to the economy.
Recently Nigerian Senator Mohammed Musa accused Bitcoin of turning the national currency into an "almost useless" asset. A speech that reinforces the idea that it is better that Bitcoin does not circulate within the country.
-------
Author: Adam Lee
Asia News Desk
![]() |
When an aggressor shops multiple deals, the customer gets the best one. |
Bitcoin's price topped $ 0,000 today for the first time in history and continued its rapid rally as several major corporations add cryptocurrencies to their assets.
It didn't hold long, but at the time of publishing it's still trading above $49k.
Bitcoin has received a series of boosts from big companies like Tesla and Mastercard showing support. Tesla announced last week that it had bought $ 1.5 billion worth of Bitcoin and plans to accept bitcoin as a payment method for its vehicles, while Mastercard said it will open it's network to crypto. PayPal and BNY Mellon are among other big names to jump so far in 2021.
There's also a lot of people on edge wondering if printing trillions of dollars in response to the coronavirus will impact traditional fiat currencies, which so far have somehow remained unscathed. Regardless, Bitcoin presents a safe-haven for those worried this will change.
Currently, the 'bullish' factors at play remain in play - we expect more companies to move in to the space, and expect government's to continue to provide the motivation.
-------
Author: Mark Pippen
London News Desk
The cryptocurrency market is growing at an incredible pace. Currently, with Bitcoin at around $48,000 and Ethereum above $1,700, their total market capitalization is over $ trillion dollars.
That's $1,000,000,000,000 USD between the two currencies.
Bitcoin is among the 10 most valuable assets in the world, already beating the total value of companies like Tesla, Facebook, Visa, Paypal and MasterCard.
Ethereum is also starting to sneak up on the world's financial powers. Currently the 53rd most valueble asset in the world, its combined value exceeds AT&T, Pfizer and Pepsi.
Is It Ever REALLY Alt Season?
Understanding just how big the two giants of crypto are really puts things into perspective. They're 'bigger'...by a LOT.
Currently, Bitcoin and Ethereum together account for 75% of the total value of the entire cryptocurrency market.
Leaving only 25% of the market's net worth to be divided among countless of other coins.
-------
Author: Oliver Redding
Seattle Newsdesk
With striking changes in economic habits, countries are now looking towards secure cryptocurrencies to solve monetary problems. But they need look no further than Bitcoin.
For anyone that has been paying attention– and arguably those who haven’t– there has been a notable shift in the basic functionality of the global economy. What may have taken decades more to come to a tipping point, has been spurred into immediacy by the havoc wrought by the novel coronavirus.
More than just crashing economies, halting production, and fracturing supply chains, the virus had another peculiar effect on how money is moved. People began to stray away from using fiat; not just because they were staying home, but also for the propensity that cash has for harboring germs. This quickly translated into shortages of coins and paper, as well as increased pressure on central banking systems to move to digital systems.
While this posed some issues for the underprepared national treasuries, it also devastated those that were underbanked or unbanked. Rushing towards a system that lacked global accessibility and left many stranded. Which could easily explain why green investor focused platforms like Bitvavo saw a massive increase in retail interest of cryptocurrencies.
Specifically, as centralized digital currencies may solve some problems for institutions, but crypto supplies a solution for all.
What is a CBDC?
CBDCs, or central bank digital currencies, are essentially cryptocurrencies that are produced by central bank authorities, and often issued as an alternative to fiat. While the technology isn’t new– and countries like Ecuador have been issuing them since 2015 –there seems to be a renewed vigor throughout global economies to refocus on the digital currencies as embrace of cashless and digital societies becomes ever more relevant.
While these types of currencies were based on the principals and functionality of Bitcoin, they have taken quite a notable departure from the popular crypto. Perhaps the starkest difference between the two is that CBDCs are backed by national resources or fiat, as well as issued by the state. So many of the “pseudoanonymous” perks of investing in Bitcoin and similarly structured cryptocurrencies would not apply. They would also be unlikely to deploy the use of distributed ledgers, one of the defining factors of cryptos.
Another interesting twist to the evolution of centralized digital currencies is that some countries who have released beta versions of them, have also banned competing interests– such as cryptocurrencies– from being freely traded. Which may be a likely explanation to why countries like China have been slowly introducing harsher restrictions in the crypto space.
Why Countries are Rushing to Embrace the Newest Crypto Fad..
So what is it about centralized digital currencies that make them so enticing to traditional financial structures? For once, digital currencies are much less expensive to monitor and implement than our paper fiat systems– which is a benefit to both citizens and national economic systems. Renewing interest and accessibility to the under- and unbanked. Helping to not only ensure supply, but also stabilize growth rate. Which for smaller nations, or those still stuck in economic turmoil, a genuine chance at sovereignty.
So these types of digital currencies could be a godsend for smaller nations that are dependent upon economic powerhouses like the US and European Union. These types of digital currencies could also help smooth the gap between shortages and the natural progression to a cashless society that’s been spurred by declining cash usage in recent years. With the inherent security of digital funds, it could mean less expenditure by enforcement agencies as digital currencies are far less subjected to criminal activity and nearly impossible to duplicate or double spend.
Why Bitcoin will Always Be on Top While there are enticing reasons for central banking authorities to begin gearing towards a more digitized future– there are still many things that centralized digital currencies just can’t offer. In fact, the majority of the founding principles of Bitcoin were conceptualized in stark opposition to centralization at its core. Instead of leaving purchasing power to banks and other centralized authorities, it goes directly to anyone who invests in the token. Creating not only a decentralized paradigm– but a democratized one as well.
CBDCs will still be subject to quantitative easing practices as well as other inflationary practices. Something that Bitcoin, near exclusively, doesn’t bow to. Instead of being backed by a commodity that could run short, become obsolete, or oscillate in value, the token takes its gains from artificial scarcity and investor interest. Making it not only a more reliable source of value, but also a system that can be accessed by almost anyone. Which is something that centralized digital currencies will never be able to do.
-----
Guest Author
Via Submitted Guest Post