Latest Grayscale Report Shows Institutional Bitcoin Investment On The Rise

Grayscale Bitcoin

Grayscale recently released its Digital Asset Investment Report for the second quarter of 2019. The company marks a notable increase in the investment into its products, the majority of which are coming from institutional players. 


Institutions Are Here

According to the new Q2 report of Grayscale, the company’s assets under management nearly tripled from $926 million to $2.7 billion. The cause of this is the resurgence of the cryptocurrency market which has had a blast in 2019.

Per the report, the quarterly returns for industry benchmark products, namely the Grayscale Bitcoin Trust and the Grayscale Digital Large Cap Fund were 178.8% and 147.6% respectively.

Perhaps the most interesting bit of the report is the fact that the highest percentage of total demand for Grayscale’s products came from institutional investors. In the second quarter of 2019, they comprised 84% of the total demand, providing a clear sign that big players are already interested in the field.

Grayscale BTC Premium Speaks Of The Same

According to the report, the average weekly investment in all products amounted to $4.9 million. However, $4.1 million of those went into perhaps the most popular product of the company – the Grayscale Bitcoin Trust. Again, 80% of the investments came from institutions.

The Grayscale Bitcoin Trust (GBTC) offers shares which are the first publicly quoted securities solely invested in and deriving their value from the price of bitcoin.

In other words, they allow institutional investors a chance to gain exposure to the movement in Bitcoin’s price without having to worry about storing, owning, or managing private keys. One share of GBTC represents 0.00097834 BTC, which, at the time of this writing, equals $9.24. The public price of one share, however, is currently $12.61 which is around 36 percent more than its actual BTC value.

This means that institutions are happy to pay a 36 percent premium in order to receive exposure to BTC’s price instead of buying Bitcoin directly and having to store and manage it.

Institutional Interest Soars In 2019

Grayscale’s latest report further attests to the fact that institutional interest in Bitcoin is soaring in 2019.

Back in May, Bitcoinist reported on a Fidelity research which also highlighted the rising interest of institutional investors. What is more, the demand for CME Bitcoin Futures on behalf of big players also soared. In June, it was up 80 percent on a year-over-year basis.

What do you think of the rising institutional interest in Bitcoin during 2019? Will it continue or will the sudden pullback diminish it? Don’t hesitate to let us know in the comments below!


Images via Shutterstock

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US-China Trade War Could Catapult Bitcoin Price to $25K, Says Analyst

us china trade war bitcoin

Despite Bitcoin’s recent pullback, popular analyst and blockchain investor holds that its price could get to as much as $25,000 by year-end. Main catalysts include the ‘trade war’ between the United States and China. 


BTC/USD to $25,000 By Year End

This year has so far turned out to be stellar for Bitcoin 00. Despite the latest pullback, which saw its price sink below $8,000, the cryptocurrency is still marking an increase of around 112% since January 1st.

According to popular Bitcoin analyst and blockchain investor, Oliver Isaacs, the cryptocurrency has the potential to end the year at the $25,000 mark.

He sees quite a few drivers propelling a prominent price increase of the kind, including geopolitical, technological, and regulatory. Said Isaacs:

There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the US and China has led to the sudden interest in bitcoin as a hedge on investments.

According to him, a large number of investors are starting to look at Bitcoin as an “established safe haven.” Additionally, he has also pointed out that there are signs of increased adoption for the cryptocurrency.

Indeed, throughout the past few months, we saw an influx of retailers, including Whole Foods, Barnes and Noble, Gamestop, Bed Bath and Beyond, and many more, saying that they will begin accepting Bitcoin and other cryptocurrencies.

A Safe Haven Amid Tumbling Traditional Markets

Isaacs is not the first one to bring up the matter of Bitcoin being a hedge against the volatile stock market.

Speaking on CNBC’s “Futures Now”, Peter Boockvar, Chief Investment Officer at Bleakley Advisory Group, outlined that the increase in Bitcoin’s price this year coincided with a major tumble in the performance of the traditional market amid growing fears and pressure stemming from the US and China trade war.

This, according to him, hints that investors are considering Bitcoin to be a safe haven in the tumultuous market.

As Bitcoinist reported earlier in May, Bitcoin is already winning the trade war between the US and China. And, by all means, it definitely looks like this.

Perhaps a definitive sign of this is the fact that a simple position including 5 percent Bitcoin and 95 percent cash outperforms the prominent S&P 500 index substantially throughout the past nine years. Not only is it more profitable, but it’s also less risky.

Other 2019 Bitcoin Price Predictions

Isaacs is not the only one to think Bitcoin will increase in value prominently throughout 2019. Weiss Ratings recently published its outlook for Bitcoin and other cryptocurrencies in 2019, suggesting that BTC will surpass its former ATH this year.

Well-known Bitcoin permabull and chief analyst at Fundstrat Global Advisors, Thomas Lee, has also pointed out that BTC/USD will top $10,000 in 2019.

What do you think of Bitcoin’s price in 2019? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Facebook Talks ‘GlobalCoin’ With CFTC (While Bitcoin Never Had To)

Facebook is reportedly in talks with US Commodities and Futures Trading Commission regarding the future of its GlobalCoin ‘cryptocurrency.’


Facebook In Talks With The CFTC

The world’s largest social media website, Facebook, has reportedly entered into a conversation with the US Commodities and Futures Trading Commission (CFTC).

According to the reports, the Chairman of the CFTC, Christopher Giancarlo, said that the conversation is at a very early stage. He pointed out that the goal for these talks is to understand whether Facebook’s stable coin touted ‘Globalcoin’ will potentially fit within the CFTC’s regulatory remit.

We’re very interested in understanding it better. We can only act on an application, we don’t have anything in front of us. – Said Giancarlo.

As Bitcoinist reported, Facebook’s CEO, Mark Zuckerberg, has also been in talks with officials at the U.S. Treasury, as well as with the Governor of the Bank of England, Mark Carney. The company is also including existing money transfer networks such as Western Union in its talk in order to allow people without bank accounts to be able to send money faster.

Moreover, Zuckerberg has also gone so far to consult his old-time enemies Tyler and Cameron Winklevoss.

Globalcoin Aiming For Regulation

Facebook’s push to have conversations with regulatory authorities is a clear sign that the company will seek to achieve maximum compliance. This is further highlighted by the fact that Zuckerberg has reached to the Winklevoss Twins who are the owners of cryptocurrency trading platform Gemini. The latter is known for being highly regulated.

The Chairman Of The CFTC Might Just Have Brought The Bitcoin Crash To An End

While we haven’t seen the CFTC give a clear stance on stable coins, the Commission’s Chairman, perhaps cleverly touted as the “Crypto Dad”, is well-known for his fairly positive approach to the industry. Last year, he said:

I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.

Moreover, Giancarlo has also clearly stated that “cryptocurrencies are here to stay,” and that two-thirds of fiat currency is “not worth the paper it’s written on.”

Does It Matter, Though?

Regardless of whether or not Facebook’s Globalcoin fits within the regulatory remit of the CFTC or any other authority, for that matter, worries still exist that the social media giant’s foray into cryptocurrencies might be fruitless.

As Bitcoinist recently reported, Facebook is a million miles away from some of the main concepts behind cryptocurrencies, including the fact that they are supposed to be a mathematically secure, disruptive, peer-to-peer technology acting as a decentralized form of finance.

Additional worries stem from the fact that the company’s user base is actually a wrong target group when it comes to cryptocurrency usage. As Diar points it out:

Educating 25% of the world’s population about current cryptocurrency infrastructure that requires private-key management and the glaring reminder of the possible ultimate loss of funds is also unlikely as it would result in the project’s near instant failure.

What do you think of Facebook’s Globalcoin? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Buy Failing Deutsche Bank With Bitcoin, Suggests Fund Manager

deutsche bank bitcoin

Frankfurt-based multinational investment bank Deutsche Bank has seen its stock price decline over the past five years with no signs of revival. Popular cryptocurrency fund manager Anthony Pompliano says that it would be interesting if people put their bitcoin together and bought it out. 


Deutsche Bank Stocks in a Free Fall

Deutsche Bank (DB) is a large multinational investment bank that’s based in Frankfurt, Germany. It currently has its stocks valued at $14.12 billion.

The stock price at the time of this writing is $6.76, which is a decline of around 5 percent during the last five days. This is also an all-time record low.

“The pin that pops the current bubble will probably be Deutsche Bank declaring insolvency,” Max Keiser told Bitcoinist last year.

This will be the falling domino that starts another Lehman-esque cascading down of markets.

If this doesn’t sound alarming a lot, looking at the bigger picture paints the complete story. And it’s alarming. Since the beginning of 2019, DB’s stock price has declined by about 17.5 percent.

Going back one year gives us losses of around 39 percent. In the past five years, DB has seen its stock plunge from $38.74 to their current levels, which is a devastating loss of about 82 percent.

What is even more alarming is that the overall trend in the bank’s stock price is more than obvious – over the past five years, it shows absolutely no signs of recovery.

What If… We Bought It With Bitcoin?

The poor performance of Deutsche Bank’s stock price didn’t go unnoticed. Commenting on the matter was long-term Bitcoin proponent and co-founder at cryptocurrency hedge fund Morgan Creek Digital, Anthony ‘Pomp’ Pompliano.

Today Deutsche Bank is valued at just over $14 billion and the stock price is in a free fall. If we could raise the capital, it would be interesting to purchase the failing bank and revive it by embracing Bitcoin. Crazier things have happened.

The $14 billion worth of BTC currently represents around 10 percent of the cryptocurrency’s market cap. Surely, raising that amount will be challenging enough. However, given that DB’s stock price and BTC are currently going in different directions, this may become affordable with time.

But even if it’s doable, however, the question is whether it’s even needed. Sure, it’s likely to send out an interesting message but apart from that, there doesn’t seem to be any point in that.

Interestingly enough, one of the comments under Pompliano’s tweet pretty much sums it all up:

“When designing a space rocket you don’t need the Wright Brothers plane.” – Answered Gimme Crypto (@Retire_Young_1)

To provide a bit of context, the Wright Flyer, designed and built by the Wright Brothers, was the very first heavier-than-air powered aircraft. It was built in 1903 and it was the first powered and heavier-than-air machine to achieve a sustained flight with a pilot aboard.

Deutsche Bank Wouldn’t Like It

The German banking giant isn’t a fan of Bitcoin, however. In 2017, DB chief strategist, Ulrich Stephan, called the cryptocurrency a risk due to its volatility and lack of regulation.

Ironically, the headquarters of the same bank was raided in 2018 due to suspicions that DB “may have helped clients in setting up offshore companies in tax havens.”

What do you think of buying out Deutsche Bank? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, Yahoo Finance

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Bitcoin Dominance Slips 5% as New ‘Altseason’ Taking Shape

altcoins altseason bitcoin

Altcoins are shooting up in value in the past couple of weeks as Bitcoin dominance has slipped 5 percent. During the past 90 days, almost all major altcoins are marking notable double and even triple-digit percentage increases hinting at a possible ‘altseason.’


BTC Dominance Down 5% 

Altcoin season is a period in the market cycle, where other cryptocurrencies outperform BTC even as bitcoin is increasing in price.

During this period, BTC dominance, which is measuring Bitcoin’s relative share in the entire cryptocurrency market, is traditionally lower. In the meantime, altcoins are gaining strength and further momentum.

At the time of this writing, BTC dominance stands at around 55 percent. This marks a decline of about 5 percent in the last two weeks.

Bitcoin dominance still maintaining above 50%

It’s also worth noting that this comes at a period during which Bitcoin’s price has actually increased. Since May 14th, BTC is up almost 10 percent. Yet, despite the increase, its overall share in the total market has declined.

At the same time, as Bitcoinist previously reported, the market dominance index does not always paint an accurate picture of the market. Other indices, for example, put BTC well over 80 percent.

Is ‘AltSeason’ Upon Us?

Nevertheless, the fact that BTC market cap is slipping is a sign that altcoins are starting to catch up. Moreover, during the past 90 days, it also appears that the value of many major altcoins against the USD has also increased significantly.

Therefore, traders are now asking whether so-called altseason is upon us.

As seen on the above graph, some of the major gainers in the last three months include Bitcoin Cash (BCH), Binance Coin (BNB), EOS, Litecoin (LTC), DASH, and others.

The relatively short-term strength of altcoins, as well as the fading BTC dominance, could signal that an altcoin season is, indeed, taking shape.

Looking at the bigger picture, however, reveals a completely different story. During the last 12 months, most of the altcoins mark substantial losses in the range between 35 and 70 percent. Bitcoin, on the other hand, has posted impressive gains since its yearly lows of around $3,200 at the start of the year.

Moreover, altcoins tend to follow BTC’s performance and if Bitcoin sneezes – every altcoin catches a cold.

Bitcoin Still The Safest Play

While altcoins might be a good opportunity for some quick gains, the truth is that timing the market remains particularly challenging.

That’s perhaps best exemplified by Twitter user Marc de Koning (@Koning_Marc), who recently shared his experience of investing 1 BTC in 50 different altcoins each back in mid/late 2017.

“Out of 50 coins that each had 1 BTC put in, the overall current value is between 0.02 and 0.3 BTC per bag. Many coins delisted except for dexes which no one uses.”

The user didn’t share in which altcoins he had invested in per se, but the fact that out of 50 coins he had marked losses in the range of 70 to 99 percent speaks for itself.

Bitcoin, on the other hand, remains the best performing cryptocurrency. As Bitcoinist recently reported, it’s up 700 percent since January 1st, 2017. Furthermore, BTC is outperforming the stock market this year by an eye-popping 1000 percent.

What do you think of altcoins? Do you hold any? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, Messari.io

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Bitcoin ‘Not Like the Stock Market,’ Says McAfee as Stocks Hit 3-Month Low

stocks red bitcoin

Stocks continue to sink as the S&P 500 index today went under 2,800 points. Bitcoin, on the other hand, has marked a quick recovery demonstrating itself as the best performing alternative asset. 


U.S.-China Trade War Sees Stocks Suffer

Bitcoinist reported a couple of weeks ago that stocks are sinking as the pressure from the trade war raging between the US and China.

It now appears that the situation is going from bad to worse. The S&P 500 index is currently trading at around 2,769, recording losses of 32 points on the day or about 1.1 percent.

Stocks have hit a fresh 12-week low with the U.S.-China trade war showing no signs of improving anytime soon, according to Bloomberg.

Deutsche Bank also hit an all-time low which could spell trouble for the global economy in the coming months.

While Bitcoin Having a Stellar Year

Bitcoin, on the other hand, is holding strong. After the recent rally which saw its price surging to almost $9,000, the cryptocurrency experienced a 3 percent pullback overnight, testing levels at around $8,420.

Currently, Bitcoin has been outperforming the red-hot stock market by a whopping 10 times so far in 2019. BTC price 00 also managed to mark a sharp recovery back to $8,680.

As Bitcoinist reported, bitcoin is breaking through and then finding support at levels, which were previously a resistance throughout the bear market. This could suggest the bulls are in control as they are constantly breaking through prior resistance. The next target to break is an important psychological level of $10,000.

Yet, the breakout from the consolidation found in the lower range around $8,000 implies that a target for a bullish ascending triangle will be at around $11,500.

Meanwhile, Bitcoin is also seeing increasing interest from institutional traders with investors paying a premium to get in on the action.

It’s All Math According to McAfee

Yesterday, prominent cryptocurrency enthusiast John McAfee said that the cryptocurrency market “is not the stock market.”

He reiterated on the fact that cryptocurrencies are created “by hashing or other algorithms,” and that they are “moved under control of math logic.”

They’re fractionalized, stored, retrieved, exchanged under control of formulas. Coins are electronic elements of a vast system controlled by math.

And if math’s not enough to justify Bitcoin’s strength over traditional stocks, here are three reasons for which Bitcoin price might hit $30,000 by the end of this year.

What do you think of Bitcoin’s performance throughout the past month? Don’t hesitate to let us know in the comments below!


Images via Shutterstock

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Bitcoin Bull Market Sees South Korea Set Fresh Localbitcoins Trading Record

South Korean won

South Koreans exchanged almost 220 million won ($186,000) worth of Bitcoin on P2P trading platform Localbitcoins the week ending May 25.


KRW Third Most-Used Fiat to Buy Bitcoin

According to data from Coin Dance, weekly Localbitcoins volume set a new record as more than 217.5 million won ($183,500) worth of Bitcoin switched hands in the seven days to last Saturday.

Volumes on the platform had steadily increased throughout the month of May, perhaps somewhat expectedly given the price action throughout the period.

Since May 1, Bitcoin price has surged upwards of 66 percent, a price point we haven’t seen since early May 2018. Moreover, according to a trader who goes by the handle ‘CryptoFibonacci’, there is no major resistance until the mid $9000 range.

Meanwhile, statistics from Coinhills reveals that the Korean won is the third most-used fiat currency to buy BTC in the entire world. It accounts for 2.81 percent of trades.

Bitcoin Investors in South Korea Wake Up

According to a recent report cited by data firm Messari, the number of investors committing to the cryptocurrency market throughout last year has increased from 6.4 percent to 7.4 percent in South Korea.

The above study was conducted in six major cities in the country, with a target audience between 25 and 64 years of age.

What’s more interesting, however, is that, according to the report, people in South Korea have tended to invest as much as 64.2 percent more during the last 12 months. The average amount spent on cryptocurrencies by retail investors is about $6100. That’s almost twice what people spent back in 2018.

What’s Causing the Newfound Bitcoin Interest?

Of course, one of the most likely reasons for the spike in interest in investing in BTC and other cryptocurrencies is the recent increase in their price.

However, as Bitcoinist reported back in November 2018, South Korea approved its very first cryptocurrency exchange Upbit, providing it with an ISMS license, essentially showing that regulators were already slowly heading in the right direction.


What do you think of the recent surge in P2P trading for KRW? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; Coin.Dance. 

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‘Encrypto’ By Franck Muller Joins The Ranks of Bitcoin Luxury Watches

franck muller bitcoin watch

Popular Swiss watchmaker Franck Muller has teamed up with alternative investment company Regal Assets to release what’s touted as the first functional Bitcoin watch. 


Enters “Encrypto”

Pioneer luxury watchmaker Franck Muller has partnered up with alternative investment company called Regal Assets to release a timepiece called “Encrypto.”

The watch itself was designed by Frank Muller and the dial features the QR code of Satoshi’s Genesis Block address.

More interestingly, the watch is intended to serve as a cold wallet for storing Bitcoin. According to the official release, each watch comes as a two piece set which includes a unique public address etched on the dial, as well as a sealed USB which contains the private key. It’s also important to note that users can check their balance directly through the dial.

Speaking on the matter was Erol Baliyan, regional director of Franck Muller, who said:

We always aim to impact the customer at an emotional level and create a bond between the customer and the timepiece. As a brand, we are a trend maker with a solid track record and are not shy when it comes to adopting innovation. Bitcoin is the millennial gold is the perfect marriage between innovation and personal choice.

The price for an Encrypto watch starts at $9,800 and it goes all the way up to $50,600. The latter price, however, will get you the diamond encrusted version. You can buy the watch with a credit card, bank transfer, and, of course, with Bitcoin.

The Swiss watchmaker is also reportedly exploring other crypto-themed models which will offer support for other top cryptocurrencies.

Other Bitcoin Watches

Franck Muller is not the only watchmaker to go down the Bitcoin road. Back in 2018, Bitcoinist reported that renowned company Hublot has released a limited edition timepiece called Big Bang. It was intended to commemorate Bitcoin’s 10th anniversary.

This one also came with a rather hefty price tag of $25,000. Unlike Encrypto, however, Hublot’s Big Bang could only be bought with Bitcoin and no other currency.

Cryptomatic ‘Hodler’ watch

Of course, there are other Bitcoin-themed watches such as Cryptomatic, which were the first mechanical time-pieces to sport the Bitcoin ‘B’ logo and at a much more affordable with a price point under $1,000 dollars.

What do you think of Franck Muller’s Encrypto Bitcoin watch? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; Franck Muller

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Bitcoin Futures: Institutions Went 100% Long as Price Soared to $8K

CME bitcoin futures

Data from the US CFTC reveals that institutions on the CME went 100 percent long on Bitcoin futures, potentially capitalizing on yet another impressive green candle in mid-May. 


CME: Institutions Went 100% Long on Bitcoin

According to information released by the US Commodity and Futures Trading Commission, institutional investors had opened 100 percent long Bitcoin futures contracts as of May 14th.

The total number of CME Bitcoin futures contract between May 7 and 14 was 199 and all of them were betting on Bitcoin going up. However, it’s also worth noting that the total number of opened positions was with 87 less compared to the week before that.

As Bitcoinist reported, smart money also went long on Bitcoin before April’s spectacular rally.  It appears that once again smart money rode the uptrend, as bitcoin price 00 soared with around 15 percent from May 13th to May 14th.

On the other hand, the information from the CFTC also reveals that the opened leveraged funds short positions are more than the long ones.

Short positions currently account for 55.2 percent of all leveraged positions on the platform with a total number of 2455 (1 position = 5 BTC). While long positions are less than that, their number has increased since the previous week, while short positions have decreased.

Looking at Retail

While institutions have gone entirely long as of May 14th, since then retail seems to be a bit more bearish.

Data from TradingView shows that the number of short positions on cryptocurrency exchange Bitfinex has increased by about 12 percent in the last five days.

The number of long positions on the exchange is also marking an increase but it’s less impressive compared to the surge in shorts. Long positions have increased by around 4 percent in the last five days.

Bitcoinist reported earlier today that the more Bitcoin price remained stuck at the resistance range at around $8,000, the more likely it was to correct. And while the cryptocurrency did, in fact, plunge 6.7 percent, some traders like Josh Rager remain unfazed:

$BTC still in this condensing formation and held by horizontal supports. Not a lot has changed which shows that you don’t have to stare at charts all day – waiting for that next massive candle.

Bitcoin price analysis meanwhile shows that BTC/USD is currently being supported by an ascending triangle pattern, a bullish sign.

Where do you think will Bitcoin go from here? Don’t hesitate to let us know in the comments below!


Images courtesy of TradingView, CFTC, Shutterstock.

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Winklevoss: Sitting on the Sidelines is Crazier Than Investing in Bitcoin

Winklevoss

Prominent Bitcoin investor and Gemini Exchange co-founder Cameron Winklevoss says that the future of money is currently being built with Bitcoin and crypto and that it’s ‘crazy’ to be sitting on the sidelines. 


‘The Future of Money is Literally Being Built’

Popular cryptocurrency commentator and a prominent Bitcoin investor Cameron Winklevoss has argued the craziness of investing in the crypto space. He said:

“Some people think it’s crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.”

The Winklevoss twins, in general, have been more than well-known in the space. Earlier in January, they said that Bitcoin will pass the $7 trillion gold market cap.

Mr. Wonderful Disagrees

One of those who seem to believe that investing in Bitcoin is more than crazy is popular TV personality and millionaire entrepreneur Kevin “Mr. Wonderful” O’Leary. Those of you who’ve watched the popular entrepreneur show “Shark Tank” surely know him.

Kevin O'Leary bitcoin

Just yesterday, in a rather heated debate with Anthony “Pomp” Pompliano of Morgan Creek Capital, on CNBC’s SquawkBox, O’Leary argued that there’s no value in owning bitcoin as an asset class. He said:

Where is the value in owning bitcoin as an asset class? Tell me why this, which is basically a digital game, has any intrinsic value. And where is the long-term value? Just this idea that they’re going to cut the number of units in half is just a scam. That’s just total BS.

Despite Pompliano’s arguments, the investor couldn’t seem to wrap his mind around the idea and denied all merits of Bitcoin and other cryptocurrencies as well.

Tom Lee Says Current Bitcoin Bull-Run Has Legs

Speaking on CNBC’s Markets Now, Fundstrat Global Advisors’ head analyst, Tom Lee, discussed the current case for Bitcoin. He outlined that the top ten days in any year account for all the gains for crypto.

tom lee Bitcoin price

However, Lee also said that there’s plenty of reasons to be optimistic. He reiterated on the narrative that Bitcoin “has proven to be digital gold” – something also expressed by the Winklevoss twins themselves.

Lee also mentioned the upcoming Bitcoin halving which is estimated to take place in less than a year from now.

As Bitcoinist reported yesterday, the overwhelming majority of people bullish regarding the effect it will have on the cryptocurrency’s price given historical trends.

What do you think of Bitcoin going forward? Let us know in the comments below!


Images via Shutterstock

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With Bitcoin Halving a Year Away, 60% Think Price Will Go Up From Here

bitcoin halving

Bitcoin halving, one of the most anticipated events throughout the entire cryptocurrency community is estimated to be 365 days from now. As it closes in, a new Twitter poll reveals that the overwhelming majority is entirely bullish on Bitcoin’s price going forward. 


Bitcoin Halving 365 Days From Now

Bitcoin halving, the event which will slash the mining block reward in half, is estimated to be exactly one year from today. At present, miners receive 12.5 BTC whenever a block is mined and by this time next year, this number will be reduced to 6.25 BTC.

As Bitcoinist has reported, there seems to be a direct correlation between Bitcoin halving and its price which is perhaps the thing everyone is mostly concerned with. Historical patterns show that Bitcoin prices tend to boom approximately one year after each previous halving.

There’s much sense to that, at least in theory – when the supply of Bitcoin is less than the demand for it, the price should rise. Hence, if the demand for bitcoin increases, or even more so – if it stays the same, while its supply declines, the price should go up.

‘Front Run, Up From Here’

2019 has so far turned out to be particularly good for Bitcoin. Year to date, its price has surged by more than 110 percent.

Bitcoin Price TV

It’s exactly this increase that has caused many industry proponents to believe that the bull market has returned with full force. Most recently, Arthur Hayes, CEO at popular Bitcoin margin trading exchange BitMEX, reaffirmed this, saying that the “bull market is real.”

It also appears that this positive sentiment has spread out throughout the community in general.

Now that Bitcoin block rewards are exactly one year away from the halving, though, people are once again beginning to voice their opinions on where the price will go from here.

According to a new Twitter poll with over 1,900 votes at the time of this writing, most believe that the market will surge prior to the halving. Moreover, 26 percent of the participants believe that the price will lag, but it will increase after the halving takes place.

And while there’s a whole year during which we’ll see how things will unfold, it’s also important to keep an eye on the price action right now. As Bitcoinist reported, the most recent pullback following Bitcoin’s rejection at $8,300 has a silver lining to it with a lot of promising signals supporting the breakout area of around $8,100.

Where will Bitcoin price in the next year? Let us know in the comments below!


Images courtesy of Shutterstock, Tradingview

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Stock Market Plunge, Bitcoin Up as US-China Trade War Escalates

us china trade war

Stocks are sinking and bitcoin is moving higher as the US-China trade war appears to be escalating.


Stocks Slide as Trade War Bites

On Friday, President Trump’s administration raised tariffs on $200 billion worth of annual Chinese imports from 10 to 25 percent. Now, however, the President has said that he’s ready to impose 25 percent on yet another $300 billion worth of Chinese goods.

As such, investors are currently waiting for retaliatory measures from Beijing. China’s Chief Negotiator, Vice Premier Liu He, however, has demanded that in order to strike a trade deal, tariffs on Chinese exports to the US should be lifted.

A Monday op-ed published in the official newspaper of the Central Committee of the Communist Party in China does seem to be a cause for concerns:

China has been pushing forward the bilateral talks with a high sense of responsibility and maximized sincerity, but it will never yield to the extreme pressure from the US, or compromise on matters of principle.

Consequently, the Dow Jones Industrial Average (DJI) has dropped by more than 590 points at the time of this writing. Other companies which are sensitive to the matter are also marking decreases. Apple Inc. is down 5 percent on the day, Intel Corp. is down about 2 percent, while Uber has decreased by more than 9 percent.

Bitcoin Sees Yet Another Leg Up

Meanwhile, Bitcoin has marked yet another leg up. Commenting on the matter was Max Keiser, who noted that,

Bitcoin attracts BIG safe haven money as China readies to lower the axe on USD.

After reaching a price point of around $7,500 yesterday, on May 12th, Bitcoin retraced to $7,000, marking a decrease of around 6.6 percent.

This now appears to have been a consolidating pullback as BTC/USD is on the move again.

As seen on the chart, BTC gained upwards of $200 or around 2 percent of its value almost instantly, shrinking the previous retrace substantially.

‘Bull Market is Here’

Monday also saw news of Bitfinex securing $1 billion from private investors in less than a month. This is one of, if not the quickest raise of a billion dollars to date.

“A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!!” proclaimed BitMEX CEO, Arthur Hayes, whose exchange just traded a record $10 billion in one day.

Bitcoin is up more than 43 percent in the last month alone and almost 100 percent YTD. It also means BTC is outperforming all stocks and commodities including oil and gold thus far in 2019.

Additionally, Hayes is not the only one who holds that the bull market is back. Mike Novogratz, former Goldman Sachs investment banker, and CEO at Galaxy Digital, shared the same position last week.

What do you think of Bitcoin’s price? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Bitcoin Headed to $400K in 10 Years, Predicts Morgan Creek Founder

BitMEX bitcoin price

As Bitcoin continues to mark significant gains throughout the entire 2019, it seems that the time has come once again for some bold predictions. 


Bitcoin Price At $400,000 in 10 Years

A bold prediction came by the Founder, CEO, and Chief Investment Officer at digital asset management firm Morgan Creek Capital, Mark Yusko.

According to Yusko, Bitcoin’s price will reach a high of $400,000 or even $500,000 within a decade as the digital currency will reach the market capitalization of Gold.

Morgan Creek Capital, Mark Yusko

Speaking on the matter, Yusko said:

Gold […] has been hard money for 5,000 years. […] It’s about 7.4 trillion dollars in value. The best thing about Bitcoin is it’s digital gold. It’s much easier to transport; it’s much easier to divide. […] It has all these essential qualities that I think are superior to gold. If we get the amount of value equal to gold, that would be about 7.4 trillion, divide that by 21 million coins, you get around $400,000 per coin, maybe $500,000 per coin. When does that happen? It might be a decade or more.

The prominent investor also commented on the recent Binance hack that resulted in the theft of around $40 million worth in BTC. While admitting that it was a “bad” thing, he also emphasized the positives. He said that “people don’t steal things that don’t have value” which confirms the “value thesis.”

Canaccord: $20,000 BTC in March 2021

Another prediction came from Canaccord Genuity Group – a financial advisory firm.

The report outlines that there is a serious similarity in the price action of Bitcoin in the periods 2011-2015 and 2015-2019. The document also reads that the cryptocurrency operates on a four-year cycle of sorts because of the Bitcoin halving event which takes place roughly every four years.

According to the advisory firm, if Bitcoin follows the same trend as in the last period, it will be climbing slowly to its all-time high value of around $20,000, reaching it in March 2021.

Novogratz Bitcoin

This prediction echoes that of another prominent investor and Bitcoin permabull, Mike Novogratz.

Meanwhile, everyone is wondering if a blow-off top is imminent or whether the surging price of Bitcoin could see retail investors FOMO like in late 2017.

As Bitcoinist reported, Fundstrat’s Thomas Lee shared a poll asking at what price the FOMO will settle in.

Out of 5,400 votes so far, 44 percent of the people seem to believe that the number is $10,000, while 24 percent think that FOMO is already underway.

Where do you see Bitcoin going from here? Let us know in the comments below!


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Max Keiser Now Eyes $10,000 Target as Bitcoin Price Surges Past $6,400

golf bitcoin

Bitcoin price has blasted through the $6,400 level as Max Keiser says that $10,000 now is “chip shot” from the current levels.


Bitcoin Price Back At $6,400

Bitcoin price 00 doesn’t seem to be showing any signs of slowing down. Its price continues to increase. Over the past 24 hours, BTC/USD has gained nearly 6 percent, blasting through the $6,400 level.

As Bitcoinist reported on May 9th, Bitcoin reclaimed the $6,000 price level for the first time in 6 months. However, the cryptocurrency doesn’t seem to be losing any steam, gaining yet another 5.6 percent after that.

In the last month alone, Bitcoin price 00 has gained over $1,000 to its value. Year-to-date, things are looking even better as the cryptocurrency managed to almost double up its price from January 1st when it was trading at around $3,750.

It’s not just Bitcoin’s price that’s increasing, however. We can also see that the BTC Dominance index which measures the cryptocurrency’s relative share in the entire market cap is also surging.

At the time of this writing, BTC Dominance is 58.4 percent, which is the highest it has been since the all-time high price of $20,000 back in late 2017.

‘$10,000’s a Chip Shot From Here’

Naturally, the positive development in Bitcoin’s price is also triggering positivity in the cryptocurrency community, as we’ve already seen a lot of people to turn rather bullish.

Mark Keiser, a long time Bitcoin bull commented quickly after the price hit $6,400 that “10,000’s a chip shot from here.”

Bitcoinist reported Houston-based economic analyst Jesse Colombo, popular for his warning about the US housing and credit bubble back in 2008, identified the $6,000 level as an important one to watch. He said that in order for the positive trend to be confirmed, Bitcoin needs to break through the $6,000 resistance in a “decisive manner.” Well, it’s safe to say that it has blasted through that resistance.

Riding on the bullish bandwagon is also the prominent investor and ex-Goldman Sachs investment banker Mike Novogratz. He’s recently said that BTC/USD is already in a bull market and that Bitcoin’s price “should” be $20,000 by 2021.

Elsewhere, Civic CEO Vinny Lingham stated that he’s becoming increasingly bullish on BTC if it maintains current levels for the next few days.

Is 10K now in the cards for bitcoin? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, TradingView

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Bitcoin’s Liquid Sidechain Makes a Splash on Bitfinex

bitcoin liquid sidechain

Embattled Bitfinex has announced the integration of Blockstream’s Bitcoin sidechain, the Liquid Network. The upgrade is already seeing users impressed with faster and more private transactions. 


Bitcoin Liquid Integrated At Bitfinex

One of the biggest cryptocurrency exchanges in the world, Bitfinex, has announced the integration of Blockstream’s Liquid Network.

The Liquid Network is an inter-exchange settlement network which links together cryptocurrency exchanges and institutions in order to enable quicker Bitcoin transactions, as well as the issuance of digital assets.

According to the official announcement, the integration will allow for tighter exchange spreads, faster trading, as well as improved confidentiality.

Speaking on the matter was Paolo Ardoino, CTO at Bitfinex, who outlined:

Issuing Bitcoin, stablecoins, and various other digital assets under one blockchain platform makes a lot of sense. […] It reduces the integration burden for an exchange like ourselves, and traders can manage all their assets from a single wallet application. We’re excited to be active on the Liquid Network, and we’re looking forward to watching it develop.

Results Are Already Showing

The integration of Liquid is already proving to be worthwhile, according to derivatives trader Federico (@Federico_Xmas), who noted:

Just tried transferring BTC from TheRockTrading to Bitfinex using Blockstream Liquid, the transaction was executed and confirmed in less than 5 minutes, and best of all the amount is confidential to outside observers. Congrats to both exchanges and all other people involved.

Unlike Bitcoin’s public blockchain, transactions carried out on liquid are private by default. This means that the amounts, as well as the types of assets transacted, are hidden from third parties.

Liquid Network Gaining Traction

Launched in October 2018, the Liquid Network is quickly gaining traction all throughout the space. According to a recent blog post, the network has added 14 new members, including Bluefire Capital, Huobi, OpenNode, Gate.io, and others.

liquid bitcoin

Moreover, the company has revealed that further integrations are also going to go live in the coming weeks. Perhaps one of the more interesting upcoming developments is the fact that BitMEX is also working with Blockstream to support L-BTC deposits and withdrawals.

Additionally, Tether (USDT), and Stably (USDS) have also revealed plans to launch on Liquid.

Back in March, Blockstream also released a user-geared wallet for its Liquid sidechain asset called Liquid Bitcoin (L-BTC).

Bitfinex meanwhile was recently served with a court order by the New York Attorney General, alleging a cover-up of $850 million in losses. While no charges are being sought at the time, the exchange says it’ll fight the ‘false assertions.’

What do you think of Bitfinex integrating Liquid? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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‘We Are in a Bull Market’ – Novogratz Says Bitcoin Price ‘Should’ Be $20K by 2021

Novogratz Sets Next Target Price for Bitcoin at $40,000

Michael Novogratz, former Wall-Street hedge fund manager and CEO of Galaxy Digital, is no stranger to bitcoin price prediction. He believes that BTC ‘should’ reclaim its previous $20,000 all-time in next 18 months. 


Bitcoin to $20,000 in 18 Months

Bitcoin price 00 managed to reclaim the level of $6,000 for the first time in 6 months. Naturally, the cryptocurrency’s latest spike triggered quite a bit of interest from various industry proponents.

Among them, Mike Novogratz has once again spoken up, saying that Bitcoin at $6,000 “probably is a stall point.”

I think $6,000 probably is a stall point.We take out $6,000, the next one is $10,000. Would I be happy if we end the year at $10,000? Certainly I would.

However, the former Goldman Sachs investment banker also said that “probably we should go back to the old highs sometime in the next 18 months which is $20,000.”

Not Like The Last Time

Novogratz adds that the next bull run won’t be like the previous one we saw in 2017. He said that we won’t see “all the other coins go up as quickly.”

Naming Ethereum, Ripple, and pretty much everything that’s not Bitcoin, the investor said that they’d have to “prove use-case.”

Novogratz referred to the elements on the periodic table, reaffirming his previous position that Bitcoin is going to be “digital gold.”

114 elements on the periodic table, maybe 118, only one is gold… has store of value just because. Copper brings value for its usage. So they have to prove use case. That means getting people in their communities, developers, and being worthy of something.

Newfound Confidence Hard to Be Shaken

Furthermore, the investor doesn’t seem to believe that Bitcoin will return to its $3K lows of last December.

Commenting on the recent heist to the tune of $41 million in bitcoin from the world’s leading cryptocurrency exchange, Binance, the investor said that it’s not good for the space and that it’s a point of concern.

What he thinks is that events of the kind will make regulators “push.” When asked about why the news of the hack failed to negatively impact Bitcoin’s price, Novogratz said:

In bull markets, markets can digest bad news. We are in a bull market.

Meanwhile, Bitcoin’s fundamentals appear to be stronger than ever with record highs across a variety of key metrics, including on-chain transactions, hash rate, and block size.

What do you think of Novogratz’ new prediction? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Bitcoin is Beating Apple Stock (APPL) Price in 2019

Apple Apple stock bitcoin price

Tech mogul and one of the largest corporations in the world, Apple Inc., has so far had a great start to 2019. The company’s shares are up 27 percent since January 1st but are still measurably lower than Bitcoin’s price increase throughout the same period. 


APPL Stock Rises in 2019

It’s safe to say that Apple is seeing a good year so far in 2019. Since January 1st, the company’s shares price has increased by around 27 percent, currently trading at $200.67 per share.

Most recently, Apple’s CEO has shared his take on the company’s results for Q2 of 2019. According to the executive, one of Apple’s core strengths throughout the quarter were its services as the revenue reached $11.5 billion, representing the “best quarter ever.”

Additionally, the popular iPad product has also seen a growth in its revenue which is up 22 percent from a year ago. Wearable devices have also surged with almost 50%.

It’s not all good news, however. Apple’s iPhone, which is perhaps the company’s flagship and most popular product, has seen a decrease in revenue with 17 percent compared to a year ago.

Since Cook shared this information, however, Apple’s stock has taken a slight beating, decreasing with about 2 percent on the day, at the time of this writing.

Bitcoin Betters Apple in 2019

Comparatively, the performance of Bitcoin’s price 00 throughout 2019 so far has been notably more impressive than this of Apple stock.

Year to date, Bitcoin is up 43 percent with the majority of the gains made throughout April’s rally.

What is more, the cryptocurrency has managed to retain those gains following the surge, which, according to cryptocurrency hedge funds manager BitBullCapital is a very positive sign that could lead to further increases throughout the year.

That’s also the position of the chief analyst at Fundstrat Global Advisors, Tom Lee, who has outlined that a number of fundamental and technical factors are improving, which can be a potential signal that the prolonged bear market is over.

Nasdaq Increases Exchange Customers and Looks to Police Crypto

Apple is not the only corporation the performance of which has been shadowed by Bitcoin’s price in 2019. Bitcoinist reported earlier in April that Bitcoin is also outperforming NASDAQ 100 (NDX), the S&P 500, Oil, Gold, and other commodities.

What do you think of Bitcoin’s price in 2019 and the fact that it’s outperforming shares of Apple Inc.? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; TradingView.

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Bitcoin At $6,000: Key Level to Watch, Analyst Says

A Houston-based economic analyst outlined that it’s very important to watch how Bitcoin behaves at the major resistance level at $6,000. Meanwhile, Fundstrat’s Thomas Lee has said that the cryptocurrency is “likely” to reach new all-time highs “around” 2020. 


Bitcoin at $6,000: Important Level to Watch

Houston-based economic analyst Jesse Colombo, popular for his warning about the U.S. housing and credit bubble back in 2008, has shared his take on the current performance of Bitcoin.

According to him, Bitcoin’s performance throughout 2019 has shaken the bears and has started to develop more of a bullish trend.

However, in order for the positive trend to be confirmed, the analyst believes that Bitcoin needs to break through the $6,000 resistance level in a “decisive manner.” Should it manage to do so, it would also increase the probability of further gains.

He explains that $6,000 is an important resistance because that’s where Bitcoin found serious support for much of 2018 until November when the cryptocurrency dropped with about 50 percent in a couple of months.

Bitcoinist recently reported that Bitcoin’s price consolidation above $5,000 is a positive sign, according to a cryptocurrency hedge fund.

On the other hand, however, Colombo has also pointed out that if Bitcoin price 00 fails to close above $6,000, it may fall further back down and re-test the lows in the range between $3,000 and $4,000.

Tom Lee Says Bitcoin Price New ATH ‘Likely’ in 2020

On another note, popular bitcoin permabull and chief analyst at Fundstrat Global Advisors, Thomas Lee, has once again called for a major improvement in Bitcoin’s price somewhere “around” 2020, saying that various catalysts are “likely” to drive it to a new all-time high.

It’s worth noting, however, that Lee is undoubtedly more cautious with his wording and hasn’t provided a precise target price nor a specific date.

Tom Lee Futures Bitcoin price

However, the analyst has outlined that fundamental and technical factors are improving.

I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto hodlers.

These are just three of the 11 signs that, according to Fundstrat, are characteristic of a bull market, potentially signaling that the crypto winter has come to its end.

Additionally, Lee also outlined that Bitcoin’s standard deviation from the S&P 500 which is about 2.5 this year, could also help push the cryptocurrency’s price further.

One thing to keep in mind is whenever the S&P has made a big move, … it’s almost always led to a big move in crypto later in the year. […] So I think … a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying that’s where it’s going to go, but that’s the magnitude of move that would be a catch-up.

What do you think of the current Bitcoin price performance? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, Forbes. 

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Nike Files Patent to Launch ‘Cryptokicks’ Cryptocurrency

nike cryptokicks

Nike has filed a trademark and service mark application with the United States Patent and Trademark Office for protection over the brand ‘Cryptokicks.’ The document reveals the company’s intention to launch its own cryptocurrency and associated services. 


Nike Intends to Launch Own Cryptocurrency

Nike Inc., one of the leading and most popular manufacturers of shoes in the entire world, has filed a trademark and service application seeking protection over the “Cryptokicks” brand on April 19th.

The document’s filing basis falls within section 1B, which means that it’s filed based on the company’s bona fide intention to use the trademark in commerce.

As the identification of some of the services Nike intends to work on, the document outlines “financial services, namely, providing a digital currency or digital token for use by members of an online community via a global computer network.”

nike

Commenting on the matter was trademark attorney Josh Gerben, who said:

There has to be somewhat of a business idea behind it. If you submit things just for the purpose of submitting things, it will tie up the trademark system unnecessarily. Nike does not have a history of filings that are speculative.

Reportedly, the attorney has also said that there’s a 30-day period to appeal the application. If approved, however, Nike would have reserved the “Cryptokicks” name for a period of four years, during which it would need to launch a commercial product with that name.

Gerben added:

There’s a requirement that you commercially use a trademark to get the rights to it.

Shoes On The Blockchain?

At this point, it’s questionable how Nike intends to use the cryptocurrency and what its purpose would be. However, looking at the items that seek protection, we can see that the company has more than once stressed on the fact that the cryptocurrency will be put up for use “by members of an online community.”

This could mean that Nike intends to use the Cryptokicks cryptocurrency as part of some closed community incentive program.

Interestingly enough, earlier this year, Nike also unveiled its self-lacing HyperAdapt trainers model, which is also rechargeable. Perhaps the patent hints at some sort of incentive system for people wearing these trainers. The cryptocurrency could serve as some kind of rewards mechanism, though it’s too early to tell. One can also easily see how a cryptocurrency wallet fits in that plan as well.

Besides launching its own cryptocurrency, Nike also intends to create a lot of associated products and services. In one of the sections, we come across the following:

Online marketplace services, namely, providing a marketplace for buyers and sellers of digital currency assets; Operating an online marketplace featuring footwear and clothing; on-line retail store services.

The company also intends to create cryptocurrency software and hardware wallets, mobile apps for “providing access to crypto-collectibles, crypto-art, and application tokens,” and so forth.

What do you think Nike will do with the Cryptokicks trademark? Don’t hesitate to let us know in the comments below!


Images via Shutterstock

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Binance Coin (BNB) Falters Pushing Bitcoin Dominance Index to 2019 High

binance chain

Binance Coin (BNB), the best performing cryptocurrency in 2019, is having hard times maintaining its recent gains despite major developments. Meanwhile, the Bitcoin dominance index has hit its highest so far in 2019. 


Binance Coin Struggles

As Bitcoinist reported last week, Binance Coin (BNB) 00 is amongst the best performing cryptocurrencies in 2019 so far. Year-to-date, the altcoin has gained around 260 percent. Moreover, a few days ago, BNB became the first to surpass its all-time high value of January 2018.

On a shorter term, however, the cryptocurrency doesn’t seem to be able to maintain its gains.

Since its price surged towards its newly-found ATH on April 20th, BNB has pulled back, experiencing a notable decrease of around 11 percent against the USD.

Against Bitcoin, BNB is down even more with a 16 percent decline.

‘Binance Effect’ Fizzles… For Now

Controversially, the sudden pull-back comes at times when there’s a lot going on for Binance and BNB.

Earlier in this month, Binance launched the mainnet for their decentralized exchange Binance Chain. Touted as a “new chapter” in the history of the company, the event also set the stage for an important development for the currently existing ERC20-based BNB coins – their swap to Binance Chain.

Moreover, Bitcoinist reported that every project which migrates to Binance Chain sees its token’s price skyrocket on the news. Since our last report, two more projects have migrated to Binance Chain, namely Gifto (GTO), and the Blockmason Credit Protocol (BCPT). Their prices, unsurprisingly, marked notable increases following the move.

On another note, Binance Launchpad – the Initial Exchange Offering (IEO) structure of the cryptocurrency exchange, is having its fourth sale today with a brand new lottery system in place. According to the official website, the ticket claim process is already in progress.

Ironically, Binance Coin seems to be the only cryptocurrency that fails to capitalize on the so-called “Binance Effect.”

…Nor Does BTC Price Pump

Another thing to consider is Bitcoin’s price performance throughout the same period BNB has been declining.

Since April 22nd, BTC has marked yet another notable leg up, jumping from around $5,300 to $5,630 – an increase of about 6.3 percent.

Bitcoin price 00 has experienced a slight pullback since its recent peak, losing about 1.5 percent on the day.

However, looking at the overall cryptocurrency market reveals that BTC is actually holding relatively strong compared to other altcoins, most of which are bleeding notably.

In result, the Bitcoin Dominance Index, which measures Bitcoin’s relative market share by capitalization, has risen to 54.7 percent, the highest in 2019 so far.

What do you think of the recent drop in the price of Binance Coin? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, TradingView, Coinmarketcap.com

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