Connect with us

Blockchain news

How Bitcoin’s 2020 Record Price Run Past $18,000 Is Different From Its All-Time High in 2017

Bitcoin has once again soared to new heights, rallying above $18K and trading at $18,393.95 on CoinMarketCap at the time of writing….

Published

on

Bitcoin has once again soared to new heights, rallying above $18K and hitting a high of $18,393.95 on CoinMarketCap at the time of writing.

Raining Bitcoin

The mainstream cryptocurrency has seen exponential growth, and has exceeded all expectations, as it is the first time since 2017 that it has surpassed the $18K mark. Since its inception in 2009, Bitcoin’s price has only reached above $18,000 on four days. Speaking about Bitcoin’s surge past a crucial benchmark, MicroStrategy’s CEO Michael Saylor said:

“#Bitcoin is a monetary network that gets stronger as more individuals & corporations adopt it to protect their treasury reserve. The fire in cyberspace is spreading…”

Institutional investors touted Bitcoin early

In the past month, the digital asset’s price has increased by approximately 50%, led by many institutional investors endorsing Bitcoin.

MicroStrategy, Square, and Grayscale’s BTC investments have served to increase the market cap of Bitcoin and promote it as an ideal hedge. All three companies have diversified their treasury reserves with Bitcoin purchases, touting the cryptocurrency as a necessary investment in times of economic turmoil. Square jumped on the opportunity to purchase BTC when Bitcoin’s price was below $11,000.

With institutional investors turning to Bitcoin, the crypto asset has had an incredible run this year, as it was recorded around the $3K level only eight months ago. Bitcoin bull Cameron Winklevoss said:

“I’ve said this before but it bears repeating. There are 46.8 million millionaires in the world. There are only 21 million #Bitcoin – less than half will ever be able to own 1 bitcoin. Don’t miss the revolution.”

Needless to say, Bitcoin (BTC)’s rally has been greeted with much excitement by market traders, but market experts that have been closely monitoring the cryptocurrency had expected the digital asset to consolidate at the $17,500 level.

The difference with the 2017 Bitcoin rally

However, Bitcoin has broken the level cleanly with the support of Bitcoin bulls pushing the mainstream cryptocurrency’s price higher. Currently, analysts expect the cryptocurrency’s price to pull back slightly before surging past its all-time high of near $20K.

With new money pouring into BTC thanks to large-size institutional investments, a retracement of the cryptocurrency has been brought up, but market experts are still debating on when Bitcoin’s rally will end.

Compared to 2017, when Bitcoin reached its all-time high, the bull run is different this time, as money pouring into the crypto asset has largely been attributed to huge Bitcoin endorsements driven by institutional investors. In 2017, most BTC investments were reported to be driven by retail investors, meaning that endorsements were of a smaller sum. People also invested in Bitcoin because they had cases of FOMO (fear of missing out).

DeFi-ing all odds

Crypto analyst Qiao Wang explained that though Bitcoin will undoubtedly continue surging, the gains may not necessarily be as high as traders are hoping for. He said:

“As bullish as I am on #BTC, I’m not expecting this bull market to be as big as the last one %-wise. I’d be happy with 30k-40k TBH. It really takes lot of money (sic) to move BTC. On the other hand retail money can take the sexy new narratives like DeFi a higher than your wildest dream.”

The crypto analyst suggested that decentralized finance protocols were only going to continue their upward trend, and that the craze surrounding DeFi has not ended yet.

The crypto space has been greatly transformed this year, with decentralized finance becoming a game-changer and revolutionizing digital assets in 2020. With the emergence of crypto, Bitcoin is sure to gain even more in the long run, as institutional support has only served to tout it as a safe proof investment.

Source: https://blockchain.news/news/bitcoin-2020-record-price-run-past-18-000-is-different-all-time-high-2017

[ALT0]

Blockchain news

Ethereum’s Upside Appears Limitless as ETH Breaches $2,400 For the First Time Ever

On-chain metrics provider Santiment has delved deeper into Ethereum’s uptrend and noted that its rally to $3k and beyond looks set.

Published

on

Ethereum, the second-largest cryptocurrency, has breached the $2,400 mark and is currently hovering around $2,464 at the time of writing, according to CoinMarketCap.

Ethereum’s presence in the crypto space is continuously being felt based on its notable milestones. Santiment has delved deeper into Ethereum’s uptrend and noted that its rally to $3k and beyond looks set. The on-chain metrics provider explained:

Ethereum’s upside appears limitless currently. With diamond-fisted hodlers rejoicing at today’s $2,479 ATH, & early profit takers baffled, we’ve dropped free updates on what on-chain metrics could hint that $ETH is heading straight to $3k and beyond.”

Santiment added:

“Bitcoin and Ethereum being at record-high levels mean more opportunities for whales to make big moves.”

ETH’s bull run has been boosted by booming decentralized finance (DeFi) and non-fungible token (NFT) sectors, as well as the launch of Ethereum 2.0 in December 2020.

ETH 2.0 is seen as a game-changer that seeks to transit the current proof-of-work consensus mechanism to a proof-of-stake framework, which is touted to be more environmentally friendly and cost-effective. Reportedly, the total value locked in Ethereum 2.0 recently surged past $9 billion.

Ethereum’s daily transactions surge past $12 billion

According to crypto data provider Documenting Ethereum:

“In one year, Ethereum has grown from settling ~$373m per day to over $12b per day.”

This can be attributed to the fact that the number of active ETH addresses has hit a 3-year high of 34,736, as alluded to by digital asset firm Glassnode.

As Ethereum Futures total open interest hit an ATH of $8 billion, time will tell whether ETH will continue with its record-breaking moves in 2021.

Image

Market analyst Michael van de Poppe believes that it is only a matter of time until Ethereum scales to a new higher high of above $4,000 as its market capitalization of $286.6 billion is a stone’s throw away from that of PayPal’s at $312.95 billion.

Image source: Shutterstock

Santiment added:

Source: https://blockchain.news/news/ethereum-upside-appears-limitless-eth-breaches-2-400-first-time-ever

ethereum’s-upside-appears-limitless-as-eth-breaches-$2,400-for-the-first-time-ever

Continue Reading

Blockchain news

HSBC Prohibits Clients from Trading Bitcoin-Backed MicroStrategy Stock

HSBC has ramped up its anti-crypto policy, banning its clients from trading MicroStrategy stock as the banking institution deems it to be “a virtual currency product.”

Published

on

HSBC has ramped up its anti-crypto policy, restricting its clients from trading MicroStrategy stock as the banking institution deems it to be “a virtual currency product.”

Although HSBC traders will be allowed to hold and sell their MicroStrategy shares, they will not be able to buy or trade new MicroStrategy stocks on HSBC’s investment platform, as MicroStrategy’s underlying valuation is closely tied with Bitcoin. Currently, Bitcoin makes up 80% of MicroStrategy’s reserve.

Per a statement from HSBC shared with Reuters:

“HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies).”

In a statement released on March 29, HSBC said that it had revised its policy on virtual currencies. Consequently, clients can no longer purchase or transfer digital assets, but they can continue to hold them or sell them.

HSBC’s announcement comes at a time when major institutions have changed their views regarding Bitcoin. MicroStrategy leads the pack of institutions expressing a growing interest in diversifying their treasury reserve with the mainstream cryptocurrency.

Demand for Bitcoin and Crypto Skyrockets

Other leading institutions have also begun to recognize Bitcoin’s worth as a store of value. Last month, Morgan Stanley announced that its customers will now have access to Bitcoin fund investments. Eligible clients will have access to three Bitcoin funds, two of which originates from Galaxy Digital and one from a joint fund established by FS Investments and NYDIG.

Institutional interest has been the underlying rocket fuel that has catapulted Bitcoin to new heights. From the beginning of 2020 to now, BTC has experienced an incredible growth, increasing by 781%. At the time of writing, Bitcoin is trading sideways at $60,610.90, according to data from CoinMarketCap. Currently, Bitcoin appears to be consolidating before moving higher.

With the entire crypto market hitting a valuation of over $2 trillion, market experts are anticipating that this is just the beginning of digital assets entering mainstream finance. Justin Shuh, a senior trader at Wave Financial asset investment management firm, predicts that more and more crypto portfolios will soon emerge, as demand for cryptocurrencies rises. In an email shared with Blockchain.news, Shuh said:

“Now that crypto-assets are becoming more mainstream, large cap coins and tokens are big magnets for investors with direct market access. Investment trusts and funds are announcing additions to their product line up or inclusion in their offerings. Now that the investable base is wider, the sophisticated investor will likely distribute new risk across several blockchain protocols and create diversified or fragmented crypto portfolios similar to equities in the traditional world.”

Image source: Shutterstock

“HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies).”

Source: https://blockchain.news/analysis/hsbc-prohibits-clients-trading-bitcoin-backed-microstrategy-shares

hsbc-prohibits-clients-from-trading-bitcoin-backed-microstrategy-stock

Continue Reading

Blockchain news

WWE Plans to Release the Undertaker NFTs Ahead of WrestleMania 37

The World Wrestling Entertainment (WWE) has announced that it will release non-fungible tokens (NFTs) featuring the Undertaker ahead of WrestleMania 37, which will run today and tomorrow at Raymond

Published

on

World Wrestling Entertainment, Inc. plans to release its first-ever non-fungible tokens (NFTs) to showcase great moments of legendary iconic fighter – Mark William Callaway, popularly known as by ring name the Undertaker.

The goal behind the launch of these NFTs is to celebrate the Undertaker’s legacy and increase fan engagements. Of course, the Undertaker is recognized as the best WWE superstar of all time who won several titles during his wrestling career, including three-time World Heavyweight Champion and maintaining the longest unmatched winning streak at WrestleMania, with twenty-one wins and zero losses. The Undertaker retired from professional wrestling in November 2020, after 33 years of engaging in wrestling activities.

The WWE – the New York stock exchange-listed firm – has partnered with cryptocurrency wallet provider Bitski to roll out the initiative.

The WWE will drop the NFTs on Bitski’s website today April 10 at 10:30 AM Eastern time. The NFTs would be available for auction purchases in two instalments between April 10 and April 11. Participants would need to have a Bitski account, and winners will get NFTs in their wallets.

The Undertaker NFTs will be offered in four tiers – Platinum, Gold, Silver, and Bronze. The Platinum tier has an opening bid of $10,000 while the Gold one has an opening bid of $5,000.

Silver and Bronze tiers have fixed prices of $1,000 and $100 respectively, with some limited offerings.

The higher bidder for the platinum tier will get two front-row tickets for WrestleMania 38 in 2022 and WrestleMania 39 in 2023, and also get VIP access, hotel accommodation, and a personalized video from the Undertaker himself.

In the recent past, Triple H, a retired professional wrestler and the current WWE executive vice president talked about the integration of NFTs into the sports during an interview with fight author and podcast creator Jeremy Lambert. However, he was unsure when such integration into wrestling sports would happen.

NFTs Attracting Investors’ Interest

Non-fungible tokens (NFTs) are digital blockchain tokens that represent ownership of unique items (such as music, art, real estate or even casks of whiskey), whether physical or digital. They are something with units (value) which can be bought and sold like any other piece of property, but they have no tangible form of their own.

NFTs have become the latest craze in the digital and crypto asset world and the hype around such tokens has currently resulted in an explosion of digital art being sold via blockchain technology. Currently, there is a significant growing interest among investors in these tokens.

For example, Twitter founder Jack Dorsey recently sold his first NFT tweet for $2.9 million. A blockchain company recently bought a Banksy art piece worth $95,000. Millions of people across the globe have seen Beeple’s art sold for $69 million and the image has been copied and shared countless times.

Image source: Shutterstock

The WWE will drop the NFTs on Bitski’s website today April 10 at 10:30 AM Eastern time. The NFTs would be available for auction purchases in two instalments between April 10 and April 11. Participants would need to have a Bitski account, and winners will get NFTs in their wallets.

Source: https://blockchain.news/news/wwe-plans-release-undertaker-nfts-ahead-wrestlemania-37

wwe-plans-to-release-the-undertaker-nfts-ahead-of-wrestlemania-37

Continue Reading

Title

Entrepreneur4 hours ago

Penny Stocks To Buy For Under $1 On Robinhood

Are Penny Stocks Under $1 on Robinhood Worth It?

Crunchbase17 hours ago

C2i Genomics Secures $100M Note To Detect Tiny Traces of Cancer

C2i’s cancer diagnostics service uses AI pattern recognition and whole-genome analysis to spot trace amounts of cancer much quicker.

Blockchain news20 hours ago

Ethereum’s Upside Appears Limitless as ETH Breaches $2,400 For the First Time Ever

On-chain metrics provider Santiment has delved deeper into Ethereum’s uptrend and noted that its rally to $3k and beyond looks...

CNBC1 day ago

JPMorgan Chase beats profit estimates on strong trading, $5.2 billion release of loan-loss reserves

JPMorgan posted first-quarter profit of $4.50 a share, much higher than the $3.10 per share expected by analysts surveyed by...

CNBC2 days ago

Coinbase drops below debut price

Coinbase held its direct listing on the Nasdaq on Wednesday, luring public market investors who've been waiting to get into...

Ventureburn2 days ago

Joburg healthtech startup secures undisclosed seven-figure funding –

Quro Medical has secured an undisclosed seven-figure USD amount of funding in a seed round led by Enza Capital and...

ZDNET2 days ago

Is there a market for an Apple TV/HomePod Frankenstein?

Rumors are circulating that Apple is planning to take two devices that aren't selling all that well, and smash them...

Reuters2 days ago

Biden set to withdraw U.S. troops from Afghanistan by Sept. 11

President Joe Biden plans to withdraw the remaining 2,500 U.S. troops from Afghanistan by Sept. 11, 2021, 20 years to...

Business insider2 days ago

Annual Report and Sustainability Report 2021: New Wave Group AB

KUNGÄLV, Sweden, April 14, 2021 /PRNewswire/ -- New Wave Group AB today published the Annual Report and Sustainability Report for...

CNBC3 days ago

States rush to replace J&J vaccine appointments after FDA recommends pause

The FDA and CDC recommended a pause in the use of J&J's vaccine after six women developed a rare blood...

Review

    Select language

    Trending