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What to Expect of Cryptocurrency and Bitcoin Trends in 2021

With Bitcoin rising to new heights, the cryptocurrency’s sustained price rally on the markets may be indicative of what may be in store for it next year.

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With Bitcoin rising to new heights, the cryptocurrency’s sustained price rally on the markets may be indicative of what may be in store for it next year.

Bitcoin surrounded by decorating lights

In just a year, Bitcoin’s gains went from levels of $4,000 to over $24,000. These phenomenal gains have been triggered by a series of events, notably the rise in inflation, the depreciation of the US dollar, and the increased institutional adoption of Bitcoin in the second half of the year, to name a few. Bitcoin’s achievements in 2020 have served the greater good of the whole cryptocurrency market, as its successful rallies and the amount of institutional support backing it can no longer be ignored.

Corporations and banks will deploy their own digital currencies

With Bitcoin becoming more and more mainstream, many have grasped the notion by now that digital dollars are here to stay and will become an eventuality. Facebook has certainly latched onto that idea, deploying their own stablecoin project, dubbed Diem. Not to be left behind and forgotten in the digital wave, central banks have also explored the idea of launching their very own central bank digital currency (CBDC), with China leading the pack for putting the final touches to its digital currency electronic payment.

Biden presidency may mean a new set of rules for crypto

With Donald Trump exiting and president-elect Biden to overlook US affairs, the cryptocurrency industry has also been hopeful that this may translate to increased adoption of crypto. It is no secret that Trump has not been very crypto-friendly during his presidential term, openly expressing that “he was not a fan of Bitcoin and other cryptocurrencies”. However, the fact that Biden taking the reins will translate to a more friendly environment for crypto to thrive in is all speculative, as Biden has not particularly sided with Bitcoin or cryptocurrencies during his electoral campaign.

In any case, one thing is for sure: with the upcoming digital wave propelled by the ongoing pandemic, cashless payments have been on the rise this year, and may partly be to thank for Bitcoin’s increased adoption.

Crypto industry to gain awareness through Bitcoin

Bitcoin’s evolution in 2020 has been key, as the cryptocurrency has now gained institutional investors’ attention. Bitcoin has gained the approval of seasoned investors such as Stan Druckenmiller and Raoul Pal. Institutions such as MicroStrategy, PayPal, Square, and Grayscale have also diversified their company’s treasury reserves through Bitcoin, sending its price surging for the skies.

2021 may be the year that Bitcoin will increasingly be adopted as a payment method, as PayPal has already made a move on that. Who knows, in order to remain competitive, other corporations may also roll out this option.

Additionally, as more spotlight is directed towards BTC, this may lead to the mainstream integration of other cryptocurrencies and the continuous growth of DeFi and all things blockchain.

Image source: Shutterstock

Biden presidency may mean a new set of rules for crypto

Source: https://blockchain.news/analysis/what-expect-cryptocurrency-bitcoin-trends-2021

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US Space Force Makes its Foray into the NFT Metaverse

The United States Space Force is launching an NFT series named after Neil Armstrong.

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The United States Space Force (USSF) has announced the launch of its Non-Fungible Token (NFT) series dubbed “Armstrong Satellite NFT Launch with Space Force.” The NFT series is named after Neil Armstrong, the first American and human to land on the moon, which is under production in partnership with Ethernity Chain and Star Atlas.

According to the official announcement, the NFT series will feature a limited edition digital twin NFT of the GPS III SV05 “ARMSTRONG” satellite and 3D NFTs depicting 30-plus satellites currently in orbit forming a GPS constellation around the Earth, among others. The Armstrong Satellite, named after the historic feat of Neil Armstrong, has its inherent significance in that it will provide “accurate global positioning and navigation systems to military and civilian users.”

The foray of a notable US agency into the NFT metaverse signals that the industry’s potential is fast approaching maturity with a broader public acceptance. The Ethernity Chain team particularly considers the partnership with USSF as a win for blockchain immutability.

“This is a historic opportunity for the NFT and blockchain space to push the medium forward and commemorate a moment both technologically and futuristically,” said Ethernity Chain CEO Nick Rose as a part of the announcement. “We can now put this launch and Neil Armstrong’s historic achievements on the immutable ledger and memorialise and tokenise it on an NFT that the public can participate in.”

American agencies are known to be huge supporters and investors in blockchain technologies. The move into NFTs is a testament to the trust in the potential of the tech to recreate experiences for users and keep pieces of history. While NASA is funding a blockchain-based space communication project, the agency’s dive into blockchain has been attached to the probable launch of a cryptocurrency as the agency was once in search of a data scientist.

Image source: Shutterstock

Source: https://blockchain.news/news/us-space-force-makes-its-foray-the-nft-metaverse

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Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

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Bitcoin (BTC) has spent the last two months ranging between $30,000 and $40,000.

It, therefore, shows that bulls and bears have been embroidered in a tussle, and William Clemente III acknowledged this fact. The on-chain analyst explained:

“Long Term Holders keep stacking: +20,969 BTC to their holdings today, +145,021 BTC to their holdings in the last week, and +397,487 BTC to their holdings in the last month.”

He added:

“Short Term Holders keep selling: -15,085 BTC from their holdings today, -112,950 BTC from their holdings in the last week, and -428,749 BTC from their holdings in the last month.”

These statistics show that as long-term holders continue buying more Bitcoin, their short-term counterparts are offloading their holdings.

Crypto data provider Dilution-proof recently disclosed that short-term holders were selling at a net loss since May 13.

Total fees paid on the Bitcoin network hit an 11-month low

According to on-chain metrics provider Glassnode, the BTC total fees reached an 11-month low of 1.488 BTC.

This is related to recent the market crash, which drove Bitcoin price from an all-time high (ATH) of $64.8k to lows of $30k on May 19.

Google searches for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, acknowledged that google searches for “legal tender” had gone through the roof. He stated:

“The World is paying attention. Google searches for “legal tender” hit a new high following El Salvador’s Bitcoin Law.”

El Salvador recently became the first country to adopt Bitcoin as legal tender. This move is expected to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.

Furthermore, it is anticipated to be a way that offers access to investment, savings, credit, and secure transactions.

Image source: Shutterstock

Source: https://blockchain.news/analysis/long-term-bitcoin-holders-keep-stacking-while-short-term-holders-keep-selling

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13.38% of Bitcoin’s Money Supply Has Now Moved Between $31K and $40K

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31k and $40k range.

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Bitcoin’s consolidation between the $30,000 and $40,000 area continues, while the leading cryptocurrency was hovering around $36.8K during intraday trading, according to CoinMarketCap.

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31K and $40K range. He explained:

“13.38% of Bitcoin’s money supply has now moved between $31K-$40K. A lot of distribution at 35K-36K, wouldn’t want to flip that into resistance.”

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The analyst, however, cautioned about this significant supply flipping to resistance, which could jeopardise Bitcoin’s upward rally.

Chris Weston, the head of research at Melbourne-based broker Pepperstone Financial Pty, recently asserted that BTC should trade above $40K for bulls to feel that they are out of vulnerability.

The percent of Bitcoin supply in profit hit a 13-month low

According to on-chain metrics provider Glassnode:

“The percent of Bitcoin supply in profit (7d MA) just reached a 13-month low of 72.140%.”

The recent market crash, which saw BTC nosedive from a record-high of $64.8K to lows of $30K, wiped profits of many investors, and miners were not spared either.

Reportedly, Bitcoin miners’ wallet net flows were increasingly turning negative.

This downtrend in the BTC market is also set to make the Q2 of 2021 record a negative, as acknowledged by Skew. The crypto data provider noted:

“Bitcoin is on track for its first down quarter since Q1 2020.”

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Meanwhile, US institutional Bitcoin demand had dried up because American-based crypto exchange Coinbase was experiencing more inflows.

According to a recent weekly report by digital asset firm CoinShares, institutional investors continued to reduce their long positions in BTC. The net outflow reached a record of $141.4 million in the past week.

Furthermore, that whale holdings of more than 1,000 BTC had been dropping since February. It, therefore, remains to be seen whether BTC will attract more institutional investors to spur an upward move.

Image source: Shutterstock

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Source: https://blockchain.news/analysis/13.38-percent-bitcoin-money-supply-has-now-moved-between-31k-and-40k

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