Author: Staff Writer
After a glorious rally in October, Bitcoin has pulled back below $60,000. Still, Ark Invest’s Cathie Wood remains optimistic about the world’s largest cryptocurrency. In fact, she’s even more bullish than before. Last week, Wood told Barron’s that if “institutional investors move into Bitcoin and allocate 5% of their portfolios,” the price of the cryptocurrency would soar to about $560,000 by 2026. Her latest projection implies an upside of over 800%. That might seem far-fetched, but remember Wood was right on the money when she predicted a 1,200% upside in Tesla. So here’s a look at a couple of ways…
A new, fast-spreading Covid-19 variant dubbed omicron has sent bitcoin, cryptocurrency and traditional markets into meltdown this week, with investors being warned to “be on guard.” The bitcoin price lost more than 5% in a matter of hours this week, taking its decline from all-time highs of around $69,000 per bitcoin to 20% and plunging bitcoin into a technical bear market that’s wiped billions of dollars from the combined cryptocurrency market capitalization. However, the price of one tiny cryptocurrency, coincidently named omicron, is suddenly soaring, adding around 500% in the days since the World Health Organization named the new Covid-19 variant—recalling the sudden rise…
Crypto trader Michaël Van de Poppe says even though Bitcoin is experiencing a price drop, he does not believe the crypto market is entering a bear market, and anticipates a lengthening post-halving cycle. During a recent strategy session, Van de Poppe told his 148,000 Youtube subscribers that there are larger market factors causing the price of the apex cryptocurrency to drop. “I really believe the reason why Bitcoin is dropping right now is because of the macroeconomics taking place,” Van de Poppe said. “But regardless of that, I’m still very sure that the markets are not going to have a bear market at this stage.“…
Bitcoin (BTC) hovered around $54,000 on Nov. 28 as the upcoming weekly close showed signs of hitting two-month lows. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Buyers keen at $53,000 Data from Cointelegraph Markets Pro and TradingView followed a quiet 24 hours for BTC/USD after Friday’s $6,000 red candle. Although quiet into Sunday, the pair nonetheless dipped below a major zone of support on weekly timeframes, opening up the potential for its lowest end-of-week levels since late September. For trader and analyst Rekt Capital, $55,800 should be reclaimed to reverse this, something which could still “easily” occur. https://twitter.com/rektcapital/status/1464693553972584454?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1464693553972584454%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbitcoin-risks-lowest-weekly-close-in-2-months-but-btc-buyers-stock-up-at-53k Such price action was still not…
Bitcoin exchanges have been dragged into the Treasury’s tech tax after HMRC said they would not qualify for an exemption granted to financial services companies. The tax office has informed online cryptocurrency exchanges that they are subject to the levy, which is designed to ensure tech firms such as Google, Facebook and Amazon pay more to the Exchequer. HMRC said crypto assets “are not financial instruments” and do not qualify as commodities or money, meaning online exchanges that sell cryptocurrencies such as Bitcoin and ethereum are not able to claim an exemption for financial marketplaces. The digital services tax, which…
The discovery of a new coronavirus variant, B.1.1.529, may have weighed on Bitcoin, the world’s largest digital currency, but financial experts expect its value to “double over the next 12 months.” The fall in Bitcoin value should be seen as a major buying opportunity, said Nigel Green, chief executive and founder of deVere Group. Bitcoin tumbled over 9 percent on Friday, dragging smaller tokens down. Bitcoin hit an all-time high of $69,000 earlier this month as more large investors embraced cryptocurrencies, with many drawn to its purported inflation-resistant qualities. Others have piled into the digital token on the promise of…
Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies. Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion, its management said. “With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” Charles Tan, head of marketing at Coinstore told Reuters. Asked why Coinstore was launching India despite the pending clampdown on cryptocurrencies,…
Grayscale, a leading cryptocurrency asset manager, seems to have set its gaze on the metaverse as a business opportunity. Yesterday the company released a report where it examined the feasibility of this interconnected virtual world and how these economies can provide a profitable entry for investors, considering this area could grow to be a $1 trillion business in the near future. Grayscale Metaverse Report Paints a Bullish Picture Grayscale stated that the metaverse, a concept of an interconnected alternate virtual world, could be a $1 trillion business opportunity for the future. This conclusion is derived from a report titled “The Metaverse. Web…
Nigerian artist Davido has launched a fan token, the Echoke Social Token, that he says gives “power” to his millions of fans, eliminating the middlemen. A Nigerian pop artist and celebrity, Davido, recently announced the launch of his fan token, the Echoke Social Token, via his Instagram account. According to Davido’s Instagram post, this token not only eliminates unnecessary third parties, but also allows him to directly connect with fans. Davido explained: “Happy to finally announce this thing we’ve been working on for a while. It’s the ‘Echoke Social Token’. Everyday, millions of fans create value that is captured by a…
Thirty days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL. While the total value locked in decentralized finance (defi) is $258 billion, the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), terra (LUNA), Tron (TRON), Fantom (FTM), and Polygon (MATIC). Today,…