Connect with us

Cryptocurrency

Bitcoin (BTC) Inches Closer to $19,000 Today Moving Past $350B Market Cap

Published

on


It looks like Bitcoin bulls are preparing to take the BTC price above its all-time high of $20,000. While the BTC market rally has been overwhelming, several Bitcoin proponents thin that there’s a lot more to come in 2021.

Today Bitcoin (BTC) continues with its bullish rally further as the world’s largest cryptocurrency is just $1000 short of its all-time high. On Friday, November 20, the BTC price surged closer to $19,000 hitting its new 2020-high of $18,394. This is for the first time in nearly three years that Bitcoin has attained these levels.

Bitcoin’s growth has been phenomenal this year surging nearly 160% year-to-date. Keeping up with the historical trends, the BTC price has surged much faster after its halving in May 2020. In the last 50 days only, BTC price has surged nearly 74% hitting its new 2020-high on Friday.

In his recent interviews, Tom Lee, co-founder of Fundstrat Global Advisors, told his views about the latest rally. Lee said that he is more than ever before and expects an even bigger BTC rally in 2021. He added:

“The halvening happened this year, which of course historically is good for price, bit history also says that the year following the halvenings is much more important. Bitcoin was the best performing asset last year, 2019. It’s killing it this year; it’s just crushing all other hedges and asset classes this year, 2020. But in 2021 I think Bitcoin could be the year of the fireworks, so if people are interested, they really should realize that the best is probably yet to come.”

Interestingly, Bitcoin has hugely outperformed all other macro alternatives. While BTC price is up 160%, Gold has jumped nearly 25%. On the other hand, the stock indices like Nasdaq and S&P 500 have gained merely around 10%.

Today Institutional Demand for Bitcoin (BTC) Is Rising

One thing that makes this Bitcoin rally different from that of 2017 is the rising institutional demand. This is not just a FOMO triggered price surge but rather due to institutional participation. The hedge fund managers, veteran investors, and other institutional players are here to stay for a long time.

Digital asset manager Grayscale which runs the popular Grayscale Bitcoin Trust (GBTC) has seen massive institutional money inflow. In November itself, GBTC’s total assets under management (AUM) surged nearly 50% with more than $3 billion coming to the trust. At present, GBTChas more than $9 billion of total AUM.

Also, the data from Glassnode shows that the Bitcoin (BTC) balance on exchanges will drop by 18%. This on-chain market analyst says that the BTC liquidity is on a continuous downward trajectory.

This gives a strong indication that the BTC sell orders are drying up and investors are willing to hold longer. Bitcoin has been increasingly positioning itself as a potential hedge against inflation. Even some of the market veterans and institutions have accepted that millennials prefer Bitcoin over Gold. BlackRock CIO Rick Rider recently spoke the same in an interview with CNBC. Here’s what Mike Novogratz has to say about it.

With all that being said, the latest BTC supply crunch from Chinese Bitcoin miners have also fueled the rally. Today, at press time, Bitcoin (BTC) is trading at $18,694 (+3.17%) with a market cap of $346.8 billion.

next Bitcoin News, Blockchain News, Cryptocurrency news, News

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





Source link

Cryptocurrency

Bitcoin Tuesday to Raise $1M Today and Give to Charities

Published

on

By


As the holiday season approaches, charities are getting ready to receive donations of various cryptocurrencies. One such worldwide crypto-focused charity event started on December 1.

Started from December 1, the crypto-based charity event, dubbed Bitcoin Tuesday, looks to raise donations amounting to at least $1 million beginning today and through the month of December. The Giving Block, a crypto donations platform, spearhead the donation drive again this year, only that the fundraising target this month places it as one of the largest crypto-based charity events ever.

To make the charity drive successful, the donations platform has attracted 30 blockchain companies and over 120 nonprofits to partner with it. Gemini, Flexa, Ledger, Celsius Network, Blockfolio, 0x, and Maker are a couple of the biggest names featuring in the crypto donation drive. The companies, alongside several other blockchain companies, will help step up Bitcoin (BTC) and other cryptocurrency collection efforts during the holiday season.

Last year, at the time when The Giving Block was one month old, around $100,000 was raised from 12 charities.

Bitcoin Tuesday: Donations Help Participating Charities to Fund Various Activities

After collecting the donations, Bitcoin Tuesday will distribute it to various charities, including; Save The Children, No Kid Hungry, American Cancer Society, Center for Policing Equity, Foundation for Economic Education, WaterAid America, and Stack Up. Besides disrupting the financial system, Bitcoiners are focused on contributing to the social good whenever an opportunity to make a practical difference arises. Whether for promotion of justice via the Center for Policing Equity or helping Save The Children.

Diane Clifford, No Kid Hungry’s constituency development managing director, explained how his organization would participate in the Bitcoin Tuesday campaign. He said that the organization would swap gifted crypto, like the way non-profit Hope for Haiti does, into U.S. dollars fiat currency immediately upon receipt and channel it to child hunger tackling efforts.

President & Founder of The Water Project Peter Chasse also praised the noble causes that crypto donation goes towards. The leader of the non-profit that facilitates clean water to disadvantaged sub-Saharan African communities had this to say:

“Cryptocurrency donations have played an absolutely pivotal role this year in The Water Project’s response to the pandemic in Kenya, Sierra Leone, and Uganda.”

From the over 100 charities participating, some are just working to help find homes for pets or even merely to provide meals for senior citizens residing in rural America.

Donate, if You Want to Support

The Giving Block encourages nonprofits themselves to offer users the opportunity to donate through various cryptocurrencies. They called for Nonprofits to add crypto donation options across their various website platforms to allow their mainstream audiences to participate fully in the crypto scene.

If you are willing to donate crypto to any of your favorite charities, you can visit The Giving Block website, choose the desired organization to support, and make your crypto pledge.

“All our charities accept more than just Bitcoin. Bitcoin is front and center, but you can donate every crypto currently supported on Gemini,” The Giving Block stated while alluding that non-profits can also accept donations in Ether (ETH) and Litecoin (LTC), and others.

Alex Wilson, the Giving Block co-founder, explained that a lot more donations are collected when the price of digital assets, especially BTC, goes up. According to him, at that time, people are looking to offset their tax liability amid rising crypto assets prices as it is considered a ‘more tax-efficient’ of making donations. Some tax experts also noted that users are able to avoid some capital gains taxes.

next



Source link

Continue Reading

Cryptocurrency

BlackRock CEO Backs Bitcoin to Become Global Asset

Published

on

By


The BlackRock CEO in the interview revealed that the global possession of Bitcoin affects the US dollar in real-time.

The CEO of BlackRock Larry Fink in an interview with Mark Carney, the former governor of the Bank of England declared that Bitcoin may evolve to become a global market asset. Fink made it clear in a statement that the Bitcoin market is relatively smaller compared to the others, and the fact that it moves almost everyday places it in a key position to be globally recognized as such.

Fink stated:

“Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets.”

The leading cryptocurrency defied all odds to bounce back to trade near its all-time high in the last few weeks.

BlackRock is currently the leading asset manager in the world controlling about $7 trillion. Recently, its Chief Investment Officer in fixed income, Rick Rieder in a statement claimed that the position of Bitcoin could make it a bit uncomfortable for gold by overshadowing it. He believes that Bitcoin may in the long run be the popular choice as a store of value and hedge against inflation, something gold has been known for all these years.

The BlackRock CEO in the interview revealed that the global possession of Bitcoin affects the US dollar in real-time. On the global scale for the international holders of dollar-based assets, the USD becomes less relevant. Fink has not always supported the adoption and global acceptance of Bitcoin. 

It is on record that in 2017, he criticized the digital asset by labeling it “an index of money laundering.” He said in an interview that the demand for Bitcoin shows the extent of demand for money laundering in the world. Though his statement relatively contributed to the largest perception that the regulation of Bitcoin makes room for crime, he has in the past couple of years announced his belief in the potential of Bitcoin. 

Bitcoin is currently getting the attention it deserves. Recently, it found its way on the front page of the Wall Street Journal. Considering that Bitcoin has a lot of space ahead in terms of the number of investors and market, it can take the world by storm despite its crime concerns. 

The adoption of Bitcoin is spreading like wildfire with nearly 20 institutions investing in Grayscale Bitcoin Trust as of June 2020 according to an article published by Forbes. The likes of Ark Invest and Horizon Kinetic all having over $4 billion assets under management have invested in the digital asset. 

Bitcoin is currently on the verge of breaking its all-time high and setting a new record price height, and just like the situation about three years ago, its run could expand its attention among the mainstream media and get more retail and institutional investors on board as it marches to become a global market asset as predicted by the BlackRock CEO. 

next Bitcoin News, Cryptocurrency news, News

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



Source link

Continue Reading

Cryptocurrency

Libra Association Rebrands to Diem Ahead of 2021 Launch

Published

on

By


Before now, the Diem association already selected some of its members to serve in different positions.

The Libra Association has announced a name change to the Diem Association in a press release. As noted by Cointelegraph, the association hopes that the restructuring will help the newly-named Diem Association separate itself from Libra’s original vision led by Facebook Inc (NASDAQ: FB).

Libra Rebrands to Diem Association

The association announced the rebranding to Diem, the Latin word for ‘day,’ on the 1st of December. In the announcement, the Diem Association said:

“Now transitioning to the name ‘Diem,’ which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.”

Also, the association has revealed the new logo for Diem. The purple-themed Diem logo with ‘diem’ in the lower case has similar features with the original Libra logo.

In addition, the 27-member group has elected new members to lead the Diem Association. The newly-elected members are additions to the other executives that were already appointed.

According to a CoinDesk report, the new leaders include Dahlia Malkhi as chief technology officer and Steve Bunnell as the chief legal officer. Also, Christy Clark was appointed as the chief of staff and Kiran Raj will serve as the deputy general counsel. Raj was also appointed as the executive vice president.

Before now, the Diem association had selected some of its members to serve in different positions. The leaders include Stuart Levey as the association CEO, Ian Jenkins as the chief financial officer, James Emmett as the managing director, and Saumya Bhavsar as the general counsel. Bhavsar was formerly the managing director, global head of regulatory affairs at the Credit Suisse Group.

The Diem Association CEO commented on the change of name. He said:

“We like the connotation of it kind of being a new say for the project. We wanted a new start.”

The Diem Association Plans to Roll Out Coin In 2021

The association is planning a “new start” ahead of the launch of its single-dollar backed stablecoin in 2021. According to a report by Financial Times, three familiar sources revealed the launch plan. Initially, the association planned to peg the stablecoin to multiple fiat currencies.

The new plan to back the coin with a 1:1 US dollar came after the initial plan faced legal criticisms within and outside the US. The major regulatory scrutiny led to the departure of some of the project’s founding members. Some of the original members that left the initiative are PayPal Holdings Inc (NASDAQ: PYPL), MasterCard Inc (NYSE: MA), eBay Inc (NASDAQ: EBAY), and Vodafone Group Plc (NASDAQ: VOD).

Also, the association hopes to add more fiat currencies to back the coin in the future. Originally, the Libra association planned to be back the stablecoin by a basket of fiat currencies like the pound, Singapore dollar, yen, and the US dollar.

next Altcoin News, Business News, Cryptocurrency news, News

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



Source link

Continue Reading

Trending