Connect with us

Cryptocurrencies

Crypto Titan Predicts Bitcoin (BTC) Wave to $500K – Plus Ripple and XRP, Ethereum, Tron, Litecoin, Stellar, IOTA

Published

on

From an exponential Bitcoin prediction to the future of Litecoin, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

The CEO of Morgan Creek Capital, Mark Yusko, says he believes Bitcoin is poised to rise to $500,000 in the long run.

The hedge fund, which has more than $1 billion in assets under management, created the subsidiary Morgan Creek Digital in August of last year to give accredited investors, endowments, pensions and other approved institutional investors a way to gain exposure to Bitcoin and cryptocurrency.

In a new interview with Bitcoin Magazine NL, Yusko explains why he believes Bitcoin is headed for more exponential growth.

“…just Bitcoin-gold equivalence would be $7.4 trillion with a ‘T’ of market cap, which would mean a Bitcoin price of $400,000 to $500,000 per unit. Now, people say, ‘Well that’s ridiculous to talk about that.’ I’m like, ‘No it’s not.’ All big things start small. And all technology evolves over time.

So when the internet started in the early 90’s, nobody thought it was going to be important. Paul Krugman said it would never be more important than a fax machine. It’s a little more important than a fax machine…

So here we are on this next evolution of technology, where the blockchain era becomes the operating system for the Internet of Things and hundreds of billions of connected devices. And yes, it’s only $150 billion today. But tomorrow it’ll be $300 billion, and the next day it’ll be a trillion. And years from now we’ll look back and say wow, how did it get so big all of a sudden? Well, it gets big because of the S-curve of adoption, and we start growing exponentially.”

When asked if he really believes Bitcoin can climb that high, Yusko expanded on why he’s so bullish.

“I absolutely do. Now, whether it’s a decade or two decades from now, I don’t know. And that’s not really as important to me. What’s important to me about Bitcoin is owning a piece of the network. Because the way networks work, is they grow in this exponential fashion. And once the price starts to rise and people start being drawn into it just because of price movement, then it moves to speculation. When it becomes more focused on investment and people are putting capital in because they want to own a piece of the network, that’s when it can get big in a hurry.

Because that’s when a sovereign wealth fund can come in and say, ‘I want to own a billion dollars or two billion dollars of this network. That will change the supply/demand imbalance from – you know, people speculating with $100 or $1,000 isn’t going to change the long-term value of the network. But when big users start to say, ‘Hey, I want a portion of my fiat exposure to be hedged against a calamity in the financial system,’ that’s when Bitcoin, for example, can get very exciting.”

In February, Morgan Creek Digital announced it has successfully started a new fund that’s raised $40 million from two public pensions, a university endowment, an insurance company, a hospital system and a private foundation.

Ethereum

The creators of the popular web-based Ethereum wallet MyCrypto just launched a new mobile app on iOS.

Ambo is designed to let users buy, sell and store crypto. The app supports Ethereum and more than 170 Ethereum-based ERC20 tokens.

Ripple and XRP

Ripple is looking for a new senior engineering manager.

In total, the San Francisco-based startup now has 61 open positions including three jobs at Xpring, the company’s development arm focused on boosting the XRP ecosystem.

Litecoin

Litecoin founder Charlie Lee just sat down for an interview with the Unchained podcast.

Lee talks about what led him to launch Litecoin, his vision for the future of the platform and the benefits of implementing private Litecoin transactions.

Stellar

The team at Stellar is resetting its testnet on Wednesday.

The reset clears all ledger transactions and gives coders a clean slate as they work to build the next version of the platform. You can learn all about Stellar’s testnet here.

IOTA

After focusing on Europe, the IOTA Foundation is now focused on expanding its presence in the US and Canada to get the word out and support developers who want to build on the technology.

“…we are now starting to tackle our lack of presence in other regions, and in particular North America. However, it’s important to note, that North America is the starting point, but not exclusive to this expansion.

Efforts are already underway for further developments to occur in Central and South America. The strategies there will align with the lessons learned from expansion in North America, and will create a cohesive push for developments throughout the Americas as a whole.”

Tron

Tron founder Justin Sun is hosting a live stream on Thursday. Sun will talk about the new Tron-based version of Tether (USDT), and how he believes the stablecoin will add value to the network.

News Source

Cryptocurrencies

Bakkt Set to Launch Futures and Custody Platform in the United States

Published

on

Bakkt has made it known that it has been granted approval by the necessary regulators and therefore will be launching its much-awaited platform for daily and monthly futures in the U.S. on the 23rd of September this year.

Since the firm announced the coming of physically delivered futures in August 2018, it has become a common subject of discussion.

The publication states that:“As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearinghouse plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.

These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearinghouse plans to create a separate guarantee fund that will be funded by Bakkt.” it added.

Delayed Several

However, the initiative faced repeated delays due to compliance issues and it was difficult to meet up with the demands of the Commodity Futures Trading Commission (CFTC). The firm started carrying out tests on the 22nd of July.

Also, the press release stated that Bakkt has hosted several events both in Chicago and New York which are cities important to the U.S. futures market. The company is also said to have held meetings with regulators from CFTC as well as the Securities and Exchange Commission.

Furthermore, Bakkt has forged partnerships with Intercontinental Exchange Clear U.S. and Intercontinental Exchange Futures U.S. so as to provide its futures contracts.

In addition, Institutional services and custody have become a growing market in crypto as Coinbase, a major U.S. exchange has recently announced that it will be adding Xapo’s Institutions into its custodial operation.

After the announcement, Brian Armstrong, the Chief Executive Officer of Coinbase gave his thoughts regarding the major rise in institutional clients for crypto services.

News Source

Continue Reading

Cryptocurrencies

Crypto Tidbits: Bakkt’s Bitcoin Futures, Coinbase & Xapo, IRS Cryptocurrency Crackdown

Published

on

news

Another week, another of Crypto Tidbits. While this week was crazy bearish for the Bitcoin price, the fundamental developments seen made up for the market collapse. Bakkt revealed that it will be finally launching its Bitcoin futures product; Coinbase made a large acquisition of a facet of Xapo; and Binance revealed that it will be taking its formal step into the U.S. market in the coming months.

It wasn’t all sunshine and rainbows, however. A massive cryptocurrency scam trended on Crypto Twitter and a number of verdicts on Bitcoin exchange-traded funds (ETFs) were put off once again.

Related Reading: Crypto Tidbits: Bitcoin Mining by Blockstream, Ripple Investment Plans, Binance US Unveils Altcoin Lineup

Bitcoin & Crypto Tidbits

  • Bakkt Cleared by NDFS, Will Launch Bitcoin Futures in September: That’s right folks, Bakkt is finally ready to (fully) launch its Bitcoin futures contract to the world. Announced via a surprising blog post on Friday, the cryptocurrency exchange, which has been backed by players like the New York Stock Exchange, Microsoft Ventures, and Starbucks, has received NYDFS and CFTC — the two financial regulators involved in such cryptocurrency vehicles — clearance to offer its physically-deliverable Bitcoin futures to clients. The prominent startup is eyeing a September 23rd launch date. Analysts have stated that the product is likely to see mass adoption from the get-go, and might be the catalyst that slingshots the industry into its next round of rapid growth.
  • IRS Continues Crypto Crackdown… And It’s Not Done Yet: The Internal Revenue Service of the U.S. has continued its crackdown on American crypto investors, recently issuing yet another round of letters. The letters, according to CoinDesk, were sent to those that the IRS believes are skirting taxes on cryptocurrency trades. This comes shortly after the tax agency sent a preliminary warning to thousands of Coinbase users. A slide deck leaked on Twitter suggested that the IRS is likely to only expand its cryptocurrency-related collection efforts.
  • PlusToken Scam Trends on Twitter, Causes Mass Panic in Bitcoin Markets: This week, prominent cryptocurrency venture capitalist Dovey Wan issued dozens of tweets about a scam called “Plus Token”. As this scam originated and operated in Asia, it caught a large portion of Crypto Twitter by surprise, despite the fact that the scheme had been going on for just around a year. Wan claimed that while the ringleaders of the $3 billion scam had been caught, blockchain evidence suggested that PlusToken’s wallets, which contains hundreds of thousands of Bitcoin and Ethereum, was sending capital to exchanges. This result in fears that the market was going to dump.
  • Institutions Are Foraying Into Crypto: According to a recent tweet from Brian Armstrong, the chief executive of Coinbase, there is no question that institutions are starting to make bonafide forays into “crypto”. Citing data from his firm’s deposits, there is around $200 million to $400 million worth of cryptocurrencies deposited into Coinbase’s coffers each week from “institutional customers”.
  • Coinbase Picks up Xapo’s Institutional Custody Division: According to Fortune, Coinbase has acquired Xapo’s institutional custody business. for $55 million, outbidding Wall Street’s Fidelity Investments It isn’t clear if any of Xapo’s employees or executives will be jumping ship. But, it has been confirmed by a source that a “majority of Xapo’s largest clients” will be transferring their assets to Coinbase’s custody unit, which now owns over 514,000 BTC — wow. It is important to note that with this deal, Xapo isn’t leaving the crypto custodian business. Far from, in fact. Speaking with Fortune, Casares has stated that it will still have control over its famous Swiss vault, which he claims will be used to store Bitcoin on behalf of Xapo’s retail clients.
  • Binance to Launch U.S. Branch: Speaking to Cheddar, Binance’s Changpeng Zhao revealed that his company will likely be launching the U.S. branch of its service, which was launched to combat regulatory concerns, by November.
  • NBA’s Dallas Mavericks Now Accepts Bitcoin: Despite the fact that it may be just a PR stunt, the NBA’s Dallas Mavericks, owned by Mark Cuban, will now be accepting Bitcoin as a method of payment for game tickets and merchandise. Announced via a press release on August 13th, the Dallas Mavericks has become the second team in the NBA to directly accept Bitcoin. Per the release and tweets posted by those involved in this sudden move, BitPay will be the payment processor in this move.
  • Ciphertrace Finds Cryptocurrency Crime is Still a Massive Industry: According to a recent report from industry analytics firm Ciphertrace, bad actors online have managed to make billions through digital asset-related crime in 2019 alone. The report, which is titled “Q2 2019 Cryptocurrency Anti-Money Laundering Report”, found that aggregate losses incurred by investors and firms due to cryptocurrency crime has reached $4.3 billion in the first half of 2019. 5% of the sum was sourced from hacking. Around 20% of the illicit gains were a result of misappropriated funds. And these rest of the gains were stolen through exit scams, like the aforementioned Plus Token.
  • Bitcoin ETF Proposals Delayed… Again: The U.S. Securities and Exchange Commission (SEC) has delayed its verdict on proposals in this class for the umpteenth time. On Monday, it simultaneously issued a delay verdict on three Bitcoin-backed funds from Bitwise Asset Management, VanEck and SolidX, and Wilshire Phoenix.

News Source

Continue Reading

Cryptocurrencies

Bitcoin, Bitcoin Cash, and Binance Coin Price Prediction and Analysis for August 17th: BTC, BCH, and BNB

Published

on

On an intraday chart, the price of BTC/USD pair has further dipped from the previous price of 10473.00 and is currently changing hands at $9917.57 that translated to an intraday dip of 5.3%.  The bulls seemed to have lacked the means or strategy to pull up the market momentum. This was reflected by the 21 day MA that hovered above the 7 day MA over the last 24hrs.

The RSI was also seen trading below the oversold territory that signaled a buy sign.  This also confirmed sellers have the upper hand.  At around 06:00 traders brought the momentum back up as reflected by the RSI indicator that is currently heading north indicating an increase in buyouts.

bitcoin price chart august 17th

BITCOIN PRICE PREDICTION (BTC/USD)

Currently, most indicators signal price recovery shortly.  The parabolic indicator is presently below the pair’s price that indicates a buy signal.  The RSI indicator has also gained momentum and is tending Northway that signal a bullish outlook.  New target should be set at $10400.0

BITCOIN CASH PRICE ANALYSIS (BCH/USD)

BCH/USD has also exhibited a bearish momentum over the last 24hrs.  BCH has down surged by 14.4% where it sharply faced a price fall from yesterday’s price of $342.6 to currently changing hands at $293.1.  The downward move has been bolstered by the 21 day MA that gravitated above the 7 day MA throughout the intraday, which also signaled an increase in sell-offs.

The RSI indicator was also seen below the oversold territory that gives traders a negative sign.  The downwards pressure has led to $5.581 billion by market capitalization with a circulating supply of 17.95 million coins.

bitcoin cash price chart august 17th

BITCOIN CASH PRICE PREDICTION (BCH/USD)

A further downtrend is likely since the parabolic SAR is currently above the price and the price is above the moving averages.  Conversely, if the price breaches the moving averages, it can shift up to 340.00 level.

BINANCE COIN PRICE ANALYSIS (BNB/USD)

BNB/USD pair has also lost by 7.2% in the last 24hrs; the pair’s price started the sell-off trading at $28.5126 and is now trading at $26.4404.  The bears seemed to have the upper hand since both moving averages are sloping downwards. 

However, the traders seemed to remain on the sidelines since they are waiting for a reliable sell setup to form.  The RSI indicator that is currently heading north confirmed this. An upsurge above $27.4103 is likely to be seen.

binance coin price chart august 17th

BINANCE COIN PRICE PREDICTION (BNB/USD)

At the moment, all the indicators point at a more bearish outlook since the 21 day MA is still above the 7 day MA.  Parabolic SAR is also above the candles that is a sell sign. However, if the price breaks above the 21 day MA, traders should go long and take profit at $28.0000.+

News Source

Continue Reading
Open

Close