Showing posts with label bitcoin. Show all posts
Showing posts with label bitcoin. Show all posts

US Examines How To Regulate Crypto, And Top Companies In The Industry Are Making Sure Their Voice Is Heard...

A battle is brewing in Washington over how to regulate the cryptocurrency industry, and industry leaders want to make sure they have a say.

The top currency companies have hired lobbyists, lawyers and consultants in an effort to gain greater influence over how much, or how little the industry is regulated.

Eric Lipton, a reporter with the NY Times says the Biden administration knows they'll have to address the issue. 

Video courtesy of CBS News

The HYPER-BULLISH Effect: Huge Increase In Long-Term HODLing, Coins Moving To Secure Offline Storage - Leaves SHRINKING Available Supply On Exchanges...

Cryptocurrency holding study chart

When looking at the amount of Bitcoin or Ethereum that has been held for more than 6 months by the same person/entity, we immediately can conclude one clear fact - crypto investors believe the market is nowhere near the top.

When investors believe the top is approaching, we will see more short-term trading activity as well coins moving back on to exchanges, so they'll be ready to trade.

Instead, we're seeing the complete opposite - investors holding coins longer, and investors unconcerned with being able to sell their Bitcoin or Ethereum quickly.

Investors main concern:  security storing their crypto....

Which is why huge quantities have been taken off exchanges and placed into offline cold storage.

The study of how long coins were being held by the same investor was conducted by Glassnode, who says their long-term holding charts indicate "a strong HODL conviction" in the current market.

The Hyper-Bullish Effect...

We're talking about the most basic fundamentals behind supply and demand - and what we're seeing is a supply being accumulated and removed from the open market, while demand continues to grow. 

This is a combination of factors that sends prices (of anything) upwards fast, as new buyers entering the market are left in bidding wars over a dwindling supply. 

Until recently, crypto investors have overwhelmingly had one thing in common - thinking they may have to sell it all in a moments notice.  That's why this strong trend in the opposite direction is a true indicator of a new, different market, made up of investors confident in their investments. 

Author: Ross Davis 
E-Mail: Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

Crypto's New Wall Street Investors Completely Unbothered By This Past Week's $10,000+ Correction...

Bitcoin Markets

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

Bitcoin Selling For $98,000 ...In Nigeria!? Why Things Are So F*#@'d Up There...

Bitcoin prices in nigeria

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 

The Oncoming "Avalanche Of Companies" Buying Bitcoin...

Michael Saylor, the CEO of business intelligence software company MicroStrategy (MSTR), the first publicly traded company to add bitcoin to its balance sheet, sees an "avalanche" of corporations that will embrace the cryptocurrency.

"The pitch is bitcoin (BTC-USD) is digital gold, and it's sitting on the world's first digital monetary network," Saylor told Yahoo Finance Live on Wednesday, two days after electric car maker Tesla (TSLA) made headlines for buying $1.5 billion worth of bitcoin.

He also pointed to the digital currency's performance versus the U.S. dollar, making a case that "bitcoin has emerged as an institutional safe-haven asset. Cash is going to be a depreciating asset’

Video Courtesy Of Yahoo Finance

WHY Bitcoin Broke $50,000 Today, and Why It's Expected To Keep Going Up...

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